Core Viewpoint - Zijin Mining is facing challenges in its copper business due to recent seismic events at its Kamoa-Kakula copper mine, while simultaneously planning to spin off its gold subsidiary, Zijin Gold International, to enhance international financing capabilities [3][10]. Group 1: Copper Business - As of the end of 2024, Zijin Mining's copper resources amount to 110 million tons, ranking second globally [2]. - The Kamoa-Kakula copper mine has experienced multiple seismic events, which are expected to negatively impact the annual production targets [3][11]. - The mine's operations have been temporarily suspended in affected areas, with a focus on processing surface stockpiles [11]. - The estimated contribution of the Kamoa-Kakula copper mine to Zijin Mining's net profit for 2024 is approximately RMB 1.72 billion, accounting for 5.37% of the total [11][12]. Group 2: Gold Business and Spin-off - Zijin Mining plans to spin off its wholly-owned subsidiary, Zijin Gold International, for listing on the Hong Kong Stock Exchange [4][5]. - The subsidiary, established in 2007, focuses on gold exploration, mining, processing, and sales, with projected net profits of RMB 1.371 billion, RMB 1.67 billion, and RMB 3.318 billion for 2022, 2023, and 2024, respectively [4][5]. - The spin-off aims to create an independent platform for financing and enhance Zijin Gold International's competitiveness in international capital markets [8]. Group 3: Financial Position and Debt - As of the end of 2024, Zijin Mining's current assets are RMB 98.939 billion, while current liabilities are RMB 99.784 billion, indicating a current asset deficit [8]. - The company has issued various debt instruments totaling over RMB 50 billion from 2020 to 2024 [8]. - Despite a significant increase in net profit of 62.39% year-on-year in Q1 2024, the company faces pressure from its aggressive acquisition strategy [9].

摘要 借由港股市场，中国锂电产业链企业有望借由国际融资的助力，走出更开阔的全球化道路。 从2024年底开始，锂电池产业链上下游多家企业扎堆港股。 不只是锂电产业链企业，包括蜜雪冰城、恒瑞医药、三花智控，包括消费品、医疗保健、工业科 技、休闲用品、商业银行等领域的企业，近期已经或筹备在港股上市。其中，蜜雪冰城港股IPO认 购倍数高达5125倍，申购冻结资金超过1.77万亿港元（折合约1.65万亿元），创下2025年港股融 资新纪录。 锂电企业赴港上市掀起高潮。而锂电企业选择港股上市，主要是看中港股透明高效的上市流程以及 其国际融资的便利性便于锂电企业更好地发力全球化布局。 港股上市的高包容性 上市的锂电企业中，既有将首次IPO选在港股的企业，例如正力新能、海辰储能、金晟新能源，也 有已在A股上市的企业准备冲刺A+H上市，如宁德时代、龙蟠科技、中伟股份、格林美、先导智 能。 这首先体现出港股对于企业更高的开放性与包容性。 电池企业包括宁德时代、海辰储能、正力新能； 材料企业包括龙蟠科技、中伟股份、格林美； 电池回收企业有金晟新能源； 设备企业有先导智能； 终端还有车企奇瑞、工程机械企业三一重工。 现阶段，锂电企业 ...