Core Viewpoint - Zijin Mining's Q3 2025 financial results exceeded market expectations, with a net profit of 37.864 billion yuan for the first three quarters, a year-on-year increase of 55.45%, significantly surpassing last year's total [2][3] Financial Performance - For the first three quarters of 2025, Zijin Mining achieved an operating income of 254.2 billion yuan, a year-on-year increase of 10.33% [3] - The gross profit margin for mining enterprises was 60.62%, up 2.91 percentage points year-on-year, while the comprehensive gross profit margin was 24.93%, an increase of 5.40 percentage points [3] - In Q3 alone, the company reported an operating income of 86.489 billion yuan and a net profit of 14.572 billion yuan, reflecting a year-on-year increase of 57.14% and a quarter-on-quarter growth of over 10% [3] Production and Sales - Zijin Mining's gold production reached 65 tons from January to September, a year-on-year increase of 20%, significantly outpacing the industry average [3] - The average selling price of gold concentrate was 685.21 yuan per gram, up 41% year-on-year, while the average selling price of gold ingots was 746.43 yuan per gram, up 44% year-on-year [3] - Copper production for the first three quarters was 830,000 tons, a year-on-year increase of 5% [4] New Projects and Investments - Zijin Mining announced an internal project for the Shapinggou molybdenum mine with an estimated total investment of approximately 7.206 billion yuan, targeting an annual production capacity of 10 million tons [5] - The Shapinggou molybdenum mine has a metal resource of 2.1 million tons, with a design annual production capacity of 22,100 tons of molybdenum [5][6] Strategic Outlook - The development of the Shapinggou molybdenum mine aligns with the company's strategic planning, positioning it to become one of the largest molybdenum producers globally [6]

Investment Rating - The report maintains a "Buy" rating for the company [5][10] Core Views - The company reported a revenue of 6.32 billion yuan for H1 2025, representing a year-on-year increase of 47.8%, and a net profit attributable to shareholders of 1.11 billion yuan, up 81.3% year-on-year [1][5] - The copper mining business showed significant growth, with a production of 21,900 tons in Q2 2025, a quarter-on-quarter increase of 25.4% [2] - The mining services segment is expected to continue its growth trajectory, supported by new large contracts [3] Resource Business Summary - The resource business achieved a revenue of 2.91 billion yuan in H1 2025, a year-on-year increase of 238.0%, with a gross profit of 1.39 billion yuan, up 276.8% [2] - The gross margin for the resource business was 47.7% [2] - Future growth is anticipated from projects like the Lubanbi copper mine and the San Matias project in Colombia [2] Mining Services Business Summary - The mining services revenue for H1 2025 was 3.32 billion yuan, a slight increase of 0.6% year-on-year, but the gross profit decreased by 17.3% to 770 million yuan [3] - The decline in gross profit was attributed to the transition of the Lubanbi mining project to internal management and the early-stage operations of Terra Mining [3] - A significant contract worth approximately 805 million USD is expected to bolster future performance in the mining services segment [3] Profit Forecast - The company is projected to have EPS of 3.71, 4.28, and 4.99 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 16, 14, and 12 [3][4]

Group 1: General Information - The research object is Wanli Stone, belonging to the decoration and building materials industry, and the reception time was May 15, 2025 [17] - The listed company's reception staff included the company's chairman Hu Jingpei, the deputy general manager and financial controller Zhu Zhuxiang, the company's board secretary Yin Yilun, and the independent director Chen Zeyi [17] Group 2: Research Institutions - The research institutions included investors' online questions and others [20] Group 3: Main Content - Wanli Stone participated in the "2024 Annual Report Performance Briefing and Online Collective Reception Day for Investors in Xiamen Listed Companies" to communicate with investors [24] - According to the "Cooperation Framework Agreement" signed between Wanli Stone Hong Kong and Hafu Mining in August 2024, Hafu Mining will inject relevant uranium assets into the listed company after fulfilling necessary procedures, and the acquisition in Namibia is still in the due - diligence stage [24] - The salt lake lithium extraction business of Wanli New Energy is advancing steadily; the natural uranium acquisition projects in Kazakhstan and Namibia by Wanli Stone Hong Kong are progressing normally; and Wanli Stone Mining Resources Recycling Company has signed a strategic cooperation agreement with China National Uranium Corporation (Namibia) Mining Co., Ltd. for the extraction experiment of low - grade natural uranium tailings [24]