Ge Long Hui·2025-10-22 07:21Core Viewpoint - Zijin Mining achieved a net profit attributable to shareholders of 37.864 billion yuan in Q1-Q3 2025, representing a year-on-year increase of 55.45% [1] - The company is benefiting from rising copper and gold prices, which are expected to continue driving performance growth [1] Financial Performance - In Q3 2025, Zijin Mining reported a net profit attributable to shareholders of 14.572 billion yuan, up 57.14% year-on-year and 11.02% quarter-on-quarter [1] - The average gross profit per ton of copper increased by 6% to 38,000 yuan/ton in Q1-Q3 [1] - The average gross profit per gram of gold surged by 64% to 448 yuan/gram in Q1-Q3 [1] Project Development - The lithium carbonate project is progressing steadily and is expected to contribute to performance growth [1] - The company is expanding its resource endowment through both internal growth and external acquisitions, which is likely to enhance copper and gold production [1] Future Outlook - The net profit forecasts for Zijin Mining for 2025-2027 are adjusted to 51.1 billion, 62.1 billion, and 72.9 billion yuan, respectively [1] - The earnings per share (EPS) estimates for the same period are set at 1.92, 2.34, and 2.74 yuan per share, with corresponding price-to-earnings (PE) ratios of 15.5, 12.7, and 10.9 times [1] - The company maintains a "buy" rating based on these projections [1]