Huaxin Securities·2025-10-22 09:05Investment Rating - The report maintains a "Buy" investment rating for Zijin Mining [10] Core Views - The strong growth in gold business is primarily driven by rising gold prices, while copper production has been affected by the Kamoa Copper Mine [2][9] - The company has achieved significant revenue and profit growth in Q3 2025, with total revenue of 864.89 billion yuan, up 8.14% year-on-year, and net profit of 145.72 billion yuan, up 57.14% year-on-year [1][10] Summary by Sections Financial Performance - In Q3 2025, Zijin Mining reported operating revenue of 864.89 billion yuan, a year-on-year increase of 8.14%, and a net profit of 145.72 billion yuan, reflecting a year-on-year growth of 57.14% [1] - For the first three quarters of 2025, the company achieved total revenue of 2542.00 billion yuan, up 10.33% year-on-year, and a net profit of 378.64 billion yuan, up 55.45% year-on-year [1] Mineral Production - In Q3 2025, the company produced 263,100 tons of copper, a decrease of 2.89% year-on-year, while gold production reached 23.76 tons, an increase of 25.98% year-on-year [2] - The total revenue from copper business was 141.69 billion yuan, up 19.12% year-on-year, with a total gross profit of 85.24 billion yuan, reflecting a gross profit margin of 60.16% [3] Gold Business - The gold business generated total revenue of 169.34 billion yuan in Q3 2025, a significant increase of 81.81% year-on-year, with a gross profit of 107.70 billion yuan, up 104.46% year-on-year [4][8] - The company successfully completed the IPO of its subsidiary, Zijin Gold International, raising 287 billion HKD, marking it as the largest IPO in the global gold mining industry [9] Profit Forecast - The report adjusts profit forecasts upward due to rising gold and copper prices, predicting revenues of 3526.83 billion yuan, 3879.77 billion yuan, and 4066.42 billion yuan for 2025-2027, with corresponding net profits of 534.41 billion yuan, 632.85 billion yuan, and 710.34 billion yuan [10][12]