Guan Cha Zhe Wang·2026-01-06 05:46Core Viewpoint - The rising gold prices have significantly boosted the stock price of Zijin Mining, which reached a historical high, with its market capitalization surpassing 1 trillion yuan for the first time [1][3]. Group 1: Stock Performance - As of January 6, Zijin Mining's stock price increased by 5.65%, reaching 37.4 yuan per share, with an intraday high of 37.68 yuan [1]. - This marks the fourth consecutive trading day of gains for Zijin Mining [1]. Group 2: Stock Option Incentive Plan - On January 5, Zijin Mining announced the results of the first exercise period of its 2023 stock option incentive plan, with 12.2 million shares exercised, raising 136 million yuan, which will be used to supplement the company's liquidity [3]. Group 3: Earnings Forecast - Zijin Mining expects a net profit attributable to shareholders of approximately 51-52 billion yuan for the year 2025, a year-on-year increase of about 59%-62% from 32.05 billion yuan in the previous year [3][4]. - The company also anticipates a net profit of about 47.5-48.5 billion yuan after deducting non-recurring gains and losses, representing a year-on-year increase of approximately 50%-53% from 31.69 billion yuan [3][4]. Group 4: Production and Sales Growth - The increase in expected earnings is attributed to a rise in production of key mineral products, including approximately 90 tons of gold, 1.09 million tons of copper, 437 tons of silver, and 25,000 tons of lithium carbonate equivalent [4]. - Zijin Mining plans to increase its production targets for 2026 to 105 tons of gold, 120 tons of copper, 12,000 tons of lithium carbonate equivalent, and 520 tons of silver [4]. Group 5: Leadership Changes - On December 31, 2025, Zijin Mining announced a leadership change, electing Zou Laichang as the new chairman and Lin Hongfu as the vice chairman, both serving a three-year term [5]. - Zou Laichang has been with the company since 1996 and has held various positions, including chief engineer and vice chairman [7]. - Lin Hongfu has also been with Zijin Mining since 1997, holding multiple leadership roles, including executive director and vice president [9]. Group 6: Company Positioning - Zijin Mining is recognized as the largest enterprise in China controlling metal mineral resources, with significant reserves of copper, gold, and lithium [7]. - The company ranks first among global gold enterprises and fourth among global metal mining companies in the 2025 Forbes Global 2000 list [7].