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Group 1: Overall Market Performance - As of January 5, 2026, over 280 Hong Kong-listed companies have released annual performance forecasts for the fiscal year ending December 31, 2025, with more than 10 companies providing specific earnings outlooks [1] - The precious metals prices have been rising, leading to generally positive performance in the non-ferrous metals industry, while innovative pharmaceutical companies have also seen significant growth due to increased demand in biopharmaceutical research [1] Group 2: Non-Ferrous Metals Industry - The non-ferrous metals industry is expected to be a major contributor to profits in the Hong Kong market for 2025, benefiting from rising global commodity prices and optimized production capacity [2] - Zijin Mining Group forecasts a net profit of 51 billion to 52 billion yuan for 2025, representing a year-on-year increase of approximately 59% to 62%, with a non-recurring net profit of 47.5 billion to 48.5 billion yuan, up about 50% to 53% [2] - Zijin Mining anticipates production of approximately 90 tons of gold, 1.09 million tons of copper, and 437 tons of silver in 2025, with significant increases in sales prices for these minerals [2] Group 3: Other Non-Ferrous Metals Companies - Zijin Gold International expects a net profit of approximately 1.5 billion to 1.6 billion USD for 2025, an increase of about 212% to 233% compared to the previous year, driven by increased gold production and favorable market conditions [3] - Chifeng Jilong Gold Mining anticipates a net profit of 3 billion to 3.2 billion yuan for 2025, reflecting a year-on-year increase of approximately 70% to 81%, attributed to higher gold production and sales prices [3] Group 4: Innovative Pharmaceuticals and Smart Driving - Innovative pharmaceutical company Baiaosaitu expects a net profit of 135 million yuan for 2025, a year-on-year increase of 303.57%, driven by successful overseas market expansion and growing domestic biopharmaceutical research demand [4][5] - Hesai Technology projects revenue of 3 billion to 3.5 billion yuan for 2025, with GAAP profits of 200 million to 350 million yuan, and Non-GAAP profits expected to rise to 350 million to 500 million yuan, alongside a significant increase in lidar shipments [5] Group 5: Traditional Industries Facing Challenges - Citic Resources anticipates a net profit of approximately 170 million to 230 million HKD for 2025, representing a decline of 60% to 70% year-on-year, primarily due to a significant drop in average selling prices of crude oil and rising raw material costs [6] - New Iron Ore Resources expects a net loss of approximately 2.2 million USD for 2025, attributed to decreased iron ore supply from major suppliers and weakened demand [7]