Mei Ri Jing Ji Xin Wen·2025-12-31 09:53Core Viewpoint - Zijin Mining is expected to achieve a net profit attributable to shareholders of approximately RMB 510 billion to 520 billion in 2025, marking a year-on-year increase of about 60% compared to RMB 320.51 billion in 2024, setting a historical record for the company [3][4]. Group 1: Financial Performance - The projected net profit for 2025 represents an increase of approximately RMB 189 billion to 199 billion, with a growth rate of about 59% to 62% year-on-year [3]. - The company's net profit per day in 2025 is estimated to be nearly RMB 1.4 million [3]. - The expected net profit excluding non-recurring items is projected to be around RMB 475 billion to 485 billion, reflecting a year-on-year increase of approximately RMB 158 billion to 168 billion, or a growth rate of 50% to 53% [3]. Group 2: Production Growth - The significant increase in net profit is attributed to a rise in the production of key mineral products, with gold production expected to reach approximately 90 tons in 2025, up from 73 tons in 2024 [3][4]. - The production of copper and other major products also saw growth during the reporting period [3]. - The equivalent lithium carbonate production is projected to be about 25,000 tons in 2025, a substantial increase from 261 tons in 2024 [4]. Group 3: Future Outlook - For 2026, Zijin Mining has set production targets of 105 tons of gold, 1.2 million tons of copper, 120,000 tons of equivalent lithium carbonate, and 520 tons of silver, although these figures are subject to change based on market conditions [5]. - Research institutions remain optimistic about the gold market in 2026, with expectations of continued price increases driven by factors such as declining real interest rates and central bank purchasing behavior [6][7].