Zhi Tong Cai Jing·2025-10-23 05:50Core Viewpoint - The report from Jefferies indicates that Zijin Mining's (601899) (02899) net profit after tax for Q3 reached 14.6 billion RMB, reflecting a quarter-on-quarter increase of 11% and a year-on-year increase of 57%, slightly exceeding expectations [1] Financial Performance - The recurring net profit after tax was 12.5 billion RMB, with a quarter-on-quarter increase of 6% and a year-on-year increase of 50%, aligning with expectations [1] - The target price for Zijin's H-shares has been raised from 29.6 HKD to 38.1 HKD, while the A-shares target price has increased from 27.3 RMB to 35.2 RMB, both maintaining a "Buy" rating [1] Production Metrics - Gold production for the period was 23.8 tons, showing a quarter-on-quarter increase of 7% and a year-on-year increase of 26%, with a cumulative year-to-date increase of 20% [1] - Following the acquisition of the Raygorodok gold mine in Kazakhstan, the company expects total gold production to exceed the guidance of 85 tons, now estimated at approximately 89 tons for the year [1] - Copper production guidance has been revised down from 1.15 million tons to 1.10 million tons for the year, with a further reduction to 1.07 million tons anticipated for 2024; however, the impact on profitability is expected to be limited due to rising copper prices offsetting the production decline [1]