Zheng Quan Shi Bao Wang·2025-12-30 12:40Core Viewpoint - Zijin Mining is expected to achieve a net profit of 51 billion to 52 billion yuan in 2025, representing a year-on-year increase of 59% to 62% due to rising core mineral product prices and a significant breakthrough in lithium carbonate business [1] Group 1: Financial Performance - The company anticipates a net profit increase of 18.9 billion to 19.9 billion yuan compared to the previous year's profit of 32.051 billion yuan [1] - The production of major mineral products is expected to increase steadily, with gold production around 90 tons (up from 73 tons in 2024), copper production approximately 1.09 million tons, and silver production around 437 tons [1] Group 2: Lithium Business Growth - The explosive growth in lithium carbonate business is attributed to the global layout of the "Two Lakes and Two Mines" lithium resource projects entering a concentrated production phase [2] - By the end of 2024, the company will hold lithium carbonate equivalent (LCE) resources of 17.88 million tons, ranking among the top ten globally [2] - The successful launch of the Argentinian 3Q lithium salt lake and the Tibet Lagocuo lithium salt lake projects in 2025, with the latter utilizing low-cost lithium extraction technology [2] Group 3: Future Production Plans - For 2026, the company has set production targets of 105 tons of gold, 120 tons of copper, 520 tons of silver, and 120,000 tons of lithium carbonate equivalent, representing a 380% increase from the expected 2025 output [3] - New projects, including the Manono lithium mine in the Democratic Republic of Congo, are set to commence production, with a goal of achieving an annual capacity of 250,000 to 300,000 tons of LCE by 2028 [3] Group 4: Strategic Partnerships and Innovations - The company has established a long-term supply agreement with CATL to secure downstream demand and mitigate market risks associated with lithium price fluctuations [2] - The implementation of a "Five Rings Integration" management model and self-developed collaborative processes have improved the recovery of by-product metals, enhancing overall project efficiency [2]