Core Viewpoint - Zijin Mining has reported record-high performance in the first half of 2025, driven by increased production and prices of mineral products, achieving revenue of 167.7 billion yuan and a net profit of 23.3 billion yuan, representing year-on-year growth of 11.5% and 54.4% respectively [1] Group 1: Operational Performance - The company has seen a significant increase in copper production, reaching 570,000 tons, a year-on-year growth of over 9%, with major projects like the Tibet Jilong Copper Mine and the Kamoa Copper Mine nearing completion [1] - Gold production also increased by 16% year-on-year to 41 tons, with ongoing enhancements in mining efficiency at various international projects [1] Group 2: Financial Metrics - The overall gross margin for mineral products increased by 3 percentage points to 60.23%, with gold contributing 38.6% and copper 38.5% to the company's gross profit [2] - The company has made strategic acquisitions, including the completion of the Ghana Akim Gold Mine and the signing of an acquisition agreement for the Kazakhstan Raygorodok Gold Mine, enhancing its presence in West Africa and Central Asia [2] Group 3: Shareholder Returns - Zijin Mining has committed to returning value to shareholders, with a planned dividend of 0.22 yuan per share for the 2025 interim period, totaling 5.85 billion yuan, marking a significant increase in dividend payouts [3]

Core Viewpoint - The company reported a mixed performance for 1H25, with a decline in revenue but a significant increase in net profit, driven by rising production and prices of key mineral products [1] Group 1: Financial Performance - In 1H25, the company achieved revenue of 94.8 billion yuan, a year-on-year decrease of 7.8%, while net profit attributable to shareholders was 8.67 billion yuan, a year-on-year increase of 60% [1] - For 2Q25, revenue was 48.8 billion yuan, down 14% year-on-year but up 6% quarter-on-quarter; net profit was 4.73 billion yuan, up 41% year-on-year and 20% quarter-on-quarter [1] - The record high profit in 1H25 was mainly due to the increase in both volume and price of the company's main mineral products [1] Group 2: Production and Sales - In 1H25, the company produced 354,000 tons of copper and 61,000 tons of cobalt, both up 13% year-on-year, achieving 56% of the 2025 guidance midpoint for both metals [1] - Cobalt sales were impacted by an export ban from the Democratic Republic of Congo, resulting in a sales volume of 46,000 tons, down 9% year-on-year, with a production-to-sales ratio of only 76% [1] - Sales volumes for molybdenum, tungsten, niobium, and phosphate fertilizer increased by 1%, 7%, 5%, and 9% year-on-year, respectively [1] Group 3: Price Trends - Average market prices for copper, cobalt, molybdenum, APT, niobium, and monoammonium phosphate increased by 4%, 8%, 1%, 12%, -0.2%, and 19% year-on-year, respectively [1] - The discount coefficient for cobalt hydroxide increased by 13 percentage points year-on-year [1] Group 4: Future Development Trends - The copper and cobalt, gold, and tungsten-molybdenum businesses are expected to experience upward momentum [2] - The company plans to achieve an annual copper production capacity of 800,000 to 1 million tons by 2028, representing a 23% to 54% increase from 2024 production levels [2] - The company has appointed new executives to enhance its management capabilities and aims to become a world-class mining enterprise [2] Group 5: Profit Forecast and Valuation - Due to rising prices of key mineral products, the company's net profit forecasts for 2025 and 2026 have been raised by 7% and 21% to 16.3 billion yuan and 20.6 billion yuan, respectively [3] - The current A-share price corresponds to a price-to-earnings ratio of 14.6 and 11.5 for 2025 and 2026, while the H-share price corresponds to 13.1 and 10.2 [3] - The target price for A-shares has been increased by 31% to 14.5 yuan, indicating a potential upside of 30.5% from the current price [3]

彼时，对于业绩增长，紫金矿业称主要是由于生产运营管理能力稳步提升，主要矿产品产量实现增长； 同时公司对金属市场的研判能力进一步提升，充分享受了金属价格上涨带来的收益。 此外，紫金矿业正加速推进全球化进程。6月30日，紫金矿业公告，拟以12亿美元收购Cantech持有的哈 萨克斯坦RG金矿项目100%权益。 对于此次收购的必要性，紫金矿业阐述，RG金矿资源量较大，为大型在产露天矿山，服务期限长，基 础设施完善；项目选矿工艺成熟，综合成本较低，盈利能力较强，且在生产运营方面仍有进一步提升空 间，并购当年即可为公司贡献产量和利润；预期投资回报期短，经济效益良好。 紫金矿业（601899）7月13日晚间披露业绩预增公告，公司预计2025年上半年归属于上市公司股东的净 利润约232亿元，同比增长约54%。 具体看，紫金矿业公告称，经财务部门初步测算，预计2025年半年度净利润约232亿元，与上年同期151 亿元相比，将增加约81亿元，同比增长约54%。其中，2025年第二季度预计实现净利润约130亿元，与 2025年第一季度102亿元相比，将增加约28亿元，环比增加约27%。 另外，紫金矿业预计2025年半年度实现归属 ...

Core Viewpoint - The company reported strong financial performance for Q1 2025, with significant year-on-year and quarter-on-quarter growth in revenue and net profit, driven by increased production and favorable metal prices [1][2][3]. Financial Performance - In Q1 2025, the company achieved operating revenue of 16.542 billion yuan, a year-on-year increase of 50.74% and a quarter-on-quarter increase of 24.37% [1]. - The net profit attributable to shareholders was 808 million yuan, up 9.61% year-on-year and up 305.62% quarter-on-quarter [1]. - The net profit excluding non-recurring items was 781 million yuan, reflecting a year-on-year growth of 9.17% and a quarter-on-quarter growth of 331.23% [1]. Production and Pricing - The company's copper production reached 44,100 metric tons in Q1 2025, marking a year-on-year increase of 14.35% and a quarter-on-quarter increase of 5.81% [2]. - The production of zinc, lead, and molybdenum was 30,000, 16,700, and 1,200 metric tons respectively, with year-on-year growth rates of 18.17%, 38.38%, and 43.64% [2]. - Average prices for copper, lead, and zinc increased by 11.4%, 5.8%, and 14.1% year-on-year, while molybdenum concentrate prices rose by 5.1% [2]. Smelting Capacity and Cash Flow - The company has enhanced its smelting capacity, achieving annual capacities of 350,000 tons for copper, 200,000 tons for zinc, and 200,000 tons for lead [3]. - In Q1 2025, copper smelting production was 90,100 tons, up 54.83% year-on-year, while lead smelting production surged by 1,752.30% [3]. - Operating cash flow reached 2.615 billion yuan, a significant year-on-year increase of 423.69% [3]. Cost Management - The company effectively managed its expenses, with a period expense ratio of 3.75%, down 0.87 percentage points year-on-year [3]. - The breakdown of expense ratios included sales at 0.06%, management at 1.56%, R&D at 1.26%, and financial expenses at 0.87% [3]. Profit Forecast and Valuation - The company forecasts net profits of 3.226 billion, 3.969 billion, and 4.723 billion yuan for 2025-2027, with respective year-on-year growth rates of 10.06%, 23.03%, and 18.98% [4]. - Earnings per share (EPS) are projected to be 1.35, 1.67, and 1.98 yuan, with corresponding price-to-earnings (P/E) ratios of 11.4, 9.3, and 7.8 [4].