Xin Lang Cai Jing·2025-10-24 09:06Core Viewpoint - The report from First Shanghai maintains a "Buy" rating for Zijin Mining (02899) with a target price of HKD 43.29, highlighting the company's clear long-term growth logic and strong financial performance in Q3 2025 [1] Financial Performance - In Q3 2025, the company's revenue reached CNY 86.489 billion, a year-on-year increase of 8.14%, while the net profit attributable to shareholders was CNY 14.572 billion, up 57.14% [1] - For the first three quarters of 2025, total revenue amounted to CNY 254.2 billion, reflecting a year-on-year growth of 10.33%, with a net profit of CNY 37.864 billion [1] Gold Production and Copper Mining - The company's gold production in the first three quarters of 2025 reached 65 tons, representing a 20% year-on-year increase, primarily driven by projects in Ghana, Shanxi, Guizhou, and Serbia [1] - The gross margins for gold concentrate and gold ingots were 55.8% and 72.8%, respectively, showing year-on-year increases of 11.22 and 4.71 percentage points [1] Global Diversification and Risk Management - The company has implemented a global strategy covering key minerals such as copper, gold, and lithium, demonstrating strong capabilities in resource acquisition and integration [1] - Recent acquisitions of RGGold Mine and Raygorodok gold mine have not only increased the company's gold resource reserves but also expanded its global influence [1] - The company has strategically entered the new energy metal sector, particularly in lithium resources, although the lithium business currently contributes less to overall revenue [1]