Core Viewpoint - Morgan Stanley reports that Zijin Mining International's preliminary net profit for 2025 is projected to be between $1.5 billion and $1.6 billion, representing a year-on-year increase of 212% to 233%, exceeding market expectations of $1.35 billion [1] Group 1 - The implied profit for Q4 2025 is estimated to be between $595 million and $695 million, which is higher than Q3's $385 million, with the quarterly growth attributed to the integration of the RG project in October and rising gold prices in Q4 2025 [1] - The company's gold production for 2025 is expected to reach 46.5 tons, an increase from 38.9 tons in 2024 (excluding the Porgera project), aligning with management's target of approximately 47 tons [1] - The production target for 2026 is set at 57 tons of gold, with market expectations at 56.7 tons [1]
大行评级｜大摩：紫金黄金国际2025年初步净利润高于市场预期