Sou Hu Cai Jing·2025-10-20 15:16Group 1 - The core viewpoint of the article highlights that Zijin Mining's net profit attributable to shareholders increased by 55.5% year-on-year for the first three quarters of 2025, with a 57.1% increase in Q3 alone, driven by rising gold prices and production [1] - The gold segment has become the largest profit contributor, with Q3 gold gross profit accounting for 45.7%, surpassing the copper segment's 36.2% [1] - Zijin Mining's gold production reached 65 tons in the first three quarters of 2025, a 20% increase year-on-year, while copper production was 830,000 tons, up 5% year-on-year [1] Group 2 - The company is focusing on exploration and mergers & acquisitions as dual growth drivers, alongside plans to list Zijin Gold International and reassess overseas gold assets [1] - Due to the growth in copper and gold production and rising prices, the profit forecasts for 2025 to 2027 have been revised upwards to 51.9 billion, 66.3 billion, and 70.8 billion yuan, respectively, with corresponding PE ratios of 15x, 12x, and 11x based on the closing price on October 17 [1] - The article maintains a "recommended" rating for Zijin Mining [1]