Sou Hu Cai Jing·2025-10-20 07:19Core Viewpoint - Zijin Mining has reported significant revenue and profit growth for the first three quarters of 2025, driven by soaring gold and silver prices, as well as moderate copper sales growth [2][4]. Financial Performance - For the first three quarters of 2025, Zijin Mining's revenue increased by 10.33% year-on-year to 254.2 billion RMB, while the net profit attributable to shareholders grew by 43.71% to 34.1 billion RMB [2]. - In Q3 2025, revenue rose by 8.14% year-on-year to 86.5 billion RMB, and the net profit attributable to shareholders surged by 50.37% to 12.5 billion RMB [6]. Gold and Silver Business - Gold production increased by 19.68% year-on-year to 64.95 tons, exceeding the annual target, with significant contributions from newly acquired and commissioned mines [3]. - The sales volume of gold bars rose by 19.88% to 34.43 tons, and the sales price increased by 44.42%, leading to a gross margin improvement of 11.22 percentage points to 55.79% [3]. - Silver production grew by 2.16% to 327.58 tons, with a sales price increase of 31.81%, resulting in a gross margin rise of 6.34 percentage points to 66.08% [4]. Copper Business - Copper concentrate sales increased by 5.78% to 496,800 tons, but the gross margin slightly declined by 1.81 percentage points to 64.77% due to rising costs [5]. International Operations - Zijin Gold International, a subsidiary, was listed on the Hong Kong Stock Exchange, achieving a market capitalization of approximately 381.4 billion HKD, which is 43.88% of Zijin Mining's H-share market value [8]. - For the first three quarters, Zijin Gold International reported revenue of 3.415 billion USD (approximately 243.31 billion RMB) and a net profit of 905 million USD (approximately 64.48 billion RMB) [8]. Market Reaction - Despite strong financial results, the stock prices of Zijin Mining and Zijin Gold International fell, attributed to a recent decline in gold prices [9][11]. - The overall market for gold stocks experienced a downturn, with other companies like Chifeng Jilong Gold and Lingbao Gold also seeing significant declines [12]. Conclusion - Zijin Mining demonstrated robust operational capabilities with over 250 billion RMB in revenue and over 50% net profit growth, while Zijin Gold International showcased its investment value with a doubling market cap and superior profit margins [13].