Core Viewpoint - The report maintains a "Buy" rating for Zijin Mining (02899) with a target price of HKD 43.29, highlighting the company's clear long-term growth logic supported by the expansion of world-class mines [1] Financial Performance - In Q3 2025, the company achieved a revenue of CNY 86.489 billion, a year-on-year increase of 8.14%, and a net profit attributable to shareholders of CNY 14.572 billion, up 57.14% [1] - For the first three quarters of 2025, total revenue reached CNY 254.2 billion, growing by 10.33%, while net profit attributable to shareholders was CNY 37.864 billion, reflecting a 55.45% increase [1] - The weighted average return on equity (ROE) was 25.45%, an increase of 5.23 percentage points year-on-year, and net cash flow from operating activities was CNY 52.107 billion, up 44.31% [1] Gold Production - In the first three quarters of 2025, the company's gold production reached 65 tons, a 20% year-on-year increase, primarily driven by projects in Ghana, Shanxi, Guizhou, and Serbia [2] - The gross margins for gold concentrate and gold ingots were 55.8% and 72.8%, respectively, reflecting increases of 11.22 and 4.71 percentage points year-on-year [2] - The company's main gold-producing mines contributed a total of 52 tons, with Zijin Gold International contributing 32 tons and domestic mines along with Bogala contributing 20 tons [2] Copper Production - The copper production for the first three quarters was 830,000 tons, a 5.1% year-on-year increase, although there was a slight decline due to flooding incidents at the Kamoa-Kakula copper mine in the Democratic Republic of Congo [2] - The second phase of the company's Julong copper mine has completed the construction of the tailings dam drainage tunnel, allowing for clean water testing, with production expected to commence by the end of 2025, adding 150,000 to 200,000 tons of copper [2] Global Diversification - The company has implemented a global strategy covering key minerals such as copper, gold, and lithium, showcasing strong capabilities in resource acquisition and integration [3] - Recent acquisitions of RGGold Mine and Raygorodok gold mine have increased the company's gold resource reserves and expanded its global influence [3] - The strategic entry into the lithium sector, although currently contributing limited revenue, is seen as a future growth driver and will attract market attention [3]