Company Overview - Zijin Gold International is a leading global gold mining company, integrating all gold mines owned by Zijin Mining outside of China, primarily engaged in gold exploration, mining, processing, smelting, refining, and sales[1] - As of the last feasible date, the company holds interests in 8 gold mines located in resource-rich areas across Central Asia, South America, Oceania, and Africa[6] Industry Status and Growth - Global gold demand is expected to grow steadily, with a compound annual growth rate (CAGR) of 5.8% from 2020 to 2024, driven by increased central bank reserves and investment demand[28] - Global gold production is projected to experience moderate growth, with a 2024 output of 116.3 million ounces, reflecting a CAGR of 1%[30] Financial Performance - The company reported revenues of $1,818.0 million, $2,262.4 million, and $2,989.9 million for the years 2022, 2023, and 2024, respectively, with a CAGR of 28.2%[25] - Net profit attributable to shareholders for the same years was $183.7 million, $230.4 million, and $481.4 million, achieving a CAGR of 61.9%[25] Production and Cost Efficiency - The company ranks first among the top fifteen global gold producers in terms of production growth rate, with a CAGR of 21.4% from 2022 to 2024[6] - The all-in sustaining cost (AISC) for gold production is approximately $1,458 per ounce, placing the company in the lower tier among its peers[19] IPO and Capital Utilization - The IPO is set for September 29, 2025, with a total issuance amount of approximately HKD 249.84 billion, and net proceeds expected to be HKD 244.70 billion[5] - Approximately 33.4% of the net proceeds will be used to acquire the Raygorodok gold mine in Kazakhstan, while 50.1% will fund upgrades and construction projects for existing mines[8] Strategic Advantages - The company possesses strong geological exploration capabilities and cost-effective expansion construction, driving sustainable organic growth[3] - A visionary management team with extensive expertise and global insights supports the company's strategic direction and operational excellence[3] Risks and Challenges - Fluctuations in gold prices may adversely affect the company's performance, alongside geopolitical and operational risks associated with operating in multiple countries[4] - The company faces uncertainties related to exploration results and potential illegal mining activities[4]

机构：民生证券 研究员：邱祖学/袁浩 产量：公司2022 年以来的矿产金产量维持稳定，每年产量5-5.5 吨，2025 年上半年公司黄金产量大幅增 长59.8%至2.9 吨。公司旗下拥有五大矿山生产基地，内生潜能强劲。（1）南山分公司：拥有5 个金矿 权，100%权益，合计开采规模42.2 万吨/年，总采矿面积51.4173 平方公里，资源量占公司比例31.7%， 当前产量贡献最高，旗下多个矿权正在开展勘探工作，未来资源量有望增加；（2）桐柏兴源公司：旗 下金矿主要是老湾金矿，现有资源量31.6 吨，其深部成矿潜力巨大，资源量有望大幅增长；（3）新疆 哈巴河华泰：目前有2 个采矿证、4 个探矿证，合计采证面积4.8361 平方公里，总生产规模31 万吨/ 年，探矿面积25.02 平方公里，勘探持续进行，未来具备增储潜力；（4）吉国富金：唯一的海外项目， 吉国矿区采矿收入占比较低，经营逐步改善，2025 年上半年实现利润6246.7 万元；（5）赤峰金蟾：收 入占比最小，目前处理规模500 吨/日，但探证面积大，接近30 平方公里，具备较大的增储潜力。此 外，公司冶炼分部整体经营稳健，可以贡献微利，近5 年也仅 ...

Core Viewpoint - Zhao Jin Mining (1818.HK) reported significant growth in its interim results for the period ending June 30, 2025, with substantial increases in revenue and profit metrics compared to the previous year [1]. Financial Performance - Revenue reached 6.973 billion yuan, reflecting a year-on-year increase of 50.69% [4]. - Net profit amounted to 1.777 billion yuan, showing a remarkable year-on-year growth of 144.58% [4]. - The attributable net profit to shareholders was 1.440 billion yuan, with a year-on-year increase of 160.44% [4]. - Earnings per share surged by 216.67% to 0.38 yuan per share [5]. Production Highlights - Gold production increased from 329,100 ounces to 459,400 ounces, representing a growth of 39.5% [5]. - The company achieved a steady growth in self-produced gold, with an increase of 21.83% in production [5]. Resource Reserves - As of December 31, 2024, the gold resource amount was 46.4951 million ounces, with a recoverable reserve of 16.6392 million ounces [7]. - The company established a special exploration fund exceeding 100 million yuan to enhance resource reserves [7]. Project Development - Key projects are advancing rapidly, with all five vertical shafts now operational [9]. - The company reported a significant increase in tunneling progress, with two TBMs achieving over 350% monthly advancement [12]. - A successful water trial run was conducted at the processing plant, achieving a capacity of 12,000 tons per day [13]. Future Outlook and Strategy - The company aims to focus on increasing production capacity, enhancing operational efficiency, and solidifying its performance support [19]. - The annual operational targets include a total gold production of 26.92 tons, mine gold production of 18.82 tons, and an increase in gold resource reserves of 88 tons [19].

证券研究报告 | 2025年08月24日 公司发布半年报：上半年实现营收 52.72 亿元，同比+25.64%；实现归母净 利润11.07亿元，同比+55.79%。公司25Q2实现营收28.65亿元，同比+22.31%， 环比+19.01%；实现归母净利润 6.23 亿元，同比+22.25%，环比+28.97%。 产销量数据方面：上半年，公司实现黄金产量 6.75 吨，同比-10.56%，实现 黄金销量 6.76 吨，同比-10.91%。其中 25Q1/Q2 分别实现产量 3.34/3.41 吨， Q2 环比+2.10%，25Q1/Q2 分别实现销量 3.33/3.43 吨，Q2 环比+3.00%。公司 调整了全年黄金产量目标为 16.0 吨(+5.54%)，上半年完成了全年产量指引 42%，意味着下半年将加大生产力度，争取追回全年产量目标。公司下半年 黄金业务有望迎来量价齐增，业绩值得期待。 售价和成本方面：上半年，公司黄金售价为 699.95 元/克，同比+41.42%。 成本方面，上半年，公司黄金单位营业成本 319.06 元/克，同比+11.88%， 单位全维持成本 355.41 元/克，同比+34. ...

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [3][5][34]. Core Views - The company achieved a revenue of approximately 1.24 billion RMB in the first half of 2025, representing a year-on-year increase of 33.7%. The net profit attributable to shareholders was about 601 million RMB, up 136.3% year-on-year [1][9]. - The company is set to launch a new project with a capacity of 10 million tons per year at the Gold Ridge Mine, which is expected to significantly boost gold production [2][25]. - The report forecasts revenues for 2025-2027 to be 3.404 billion, 4.832 billion, and 5.546 billion RMB, with year-on-year growth rates of 81.5%, 41.9%, and 14.8% respectively [3][34]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a gross profit of approximately 868 million RMB, with a gross margin of about 70% and a net profit margin of 53.6% [9]. - The unit sales cost for copper equivalent from the Yifeng Xinzhang Mine was approximately 31,700 RMB per ton, nearly unchanged year-on-year, while the unit sales cost for gold from the Gold Ridge Mine was about 178.77 RMB per gram, down 16.11% year-on-year, indicating significant cost optimization [12][1]. Production Capacity and Projects - The Yifeng Xinzhang Mine currently has an annual processing capacity exceeding 1 million tons, with a copper equivalent annual production capacity of about 10,000 tons and a remaining mine life of over 20 years [2][20]. - The Gold Ridge Mine, which began production in November 2022, achieved gold metal sales of approximately 1,337 tons in the first half of 2025, a 29.7% increase year-on-year, driven by improved processing volume and recovery rates [2][10]. Valuation and Market Potential - The report sets a valuation target for the company at 28-30 times earnings for 2025, translating to a stock value between 41.03 and 43.96 HKD, indicating a potential upside of approximately 17%-25% from the current stock price of 35.00 HKD [3][34]. - The projected diluted EPS for 2025-2027 is 1.34, 1.91, and 2.19 RMB, with corresponding PE ratios of 24, 17, and 15 [3][34].

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by increased gold production and operational efficiency [1][2]. Financial Performance - The company achieved a revenue of 1.24 billion yuan in H1 2025, representing a year-on-year increase of 33.67% [1]. - The net profit attributable to shareholders reached 601 million yuan, marking a substantial year-on-year increase of 136.27% [1]. - The company declared an interim dividend of 0.185 yuan per share, totaling approximately 201 million yuan, with a payout ratio of 33.4% [1]. Product Revenue Breakdown - Gold revenue accounted for 77.7% of total revenue, while copper contributed 8.6% [1]. Mining Operations - The company significantly increased its mining volume to 1.9759 million tons in H1 2025, a more than threefold increase year-on-year [1]. - The increase in mining volume was attributed to enhanced equipment and improved road conditions, which boosted transportation efficiency [1]. - The company expects further growth in mining volume in the second half of the year due to favorable dry season conditions [1]. Processing Capacity and Costs - The company completed a processing volume of 1.272 million tons in H1 2025, with a processing capacity reaching 10,000 tons per day and a stable recovery rate of 80% [1][2]. - The company plans to install a new flotation unit by the end of the year, increasing daily processing capacity to 12,000-13,000 tons [2]. - Sales costs in H1 2025 were reported at 168 g/t, with total costs at 240 g/t, indicating a decline in operational costs [2]. Exploration and Expansion - Continuous exploration efforts led to the drilling of 367 holes, totaling 42,555.7 meters, discovering high-grade layers that may enhance resource availability [2]. - The company has signed a feasibility study contract for a 10 million tons per year expansion project, which is expected to position the mine as a globally influential gold producer [2]. Other Mining Operations - The Xinzhang Yifeng mine experienced a decline in processing volume to 450,500 tons, a 14.1% decrease year-on-year, due to a 67-day production halt for technical upgrades [3]. - Revenue from the Xinzhang mine was 277 million yuan, with a gross margin of 51.8% [3]. - The unit cost of ore for the Xinzhang mine was maintained at 296.1 yuan per ton, with stable profit margins [3]. Investment Outlook - The company is expected to experience significant growth in gold production, driven by capacity ramp-up and favorable gold prices, with projected net profits of 1.263 billion yuan, 1.593 billion yuan, and 1.945 billion yuan for 2025-2027 [3].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The revival of the Jinling Gold Mine significantly boosts the company's performance, with expected net profit growth of 71.56% year-on-year in 2024 and a forecasted increase of 134.99% in the first half of 2025 [1][24]. - The Jinling Gold Mine has excellent geological endowments and substantial potential for resource expansion, with resources increasing from 103 tons to 232 tons, a growth of 121.2% [2][38]. - The company is set to expand the Jinling Gold Mine's capacity to 14 million tons per year, potentially achieving an annual gold production of 15 tons, which will enhance profitability [3][41]. Summary by Sections Jinling Gold Mine Revival - The Jinling Gold Mine, located in the Solomon Islands, has resumed operations under the management of the company, achieving rapid production growth with gold output expected to reach 2.06 tons in 2024, a 26.7% increase from 2023 [1][21]. - The total sales cost for 2024 is projected at 227 g/t, with a complete cost of 273 g/t, indicating a significant cost advantage [1][22]. Resource Potential - The Jinling Gold Mine is situated in a renowned mineral-rich area, with ongoing exploration confirming substantial resource potential [2][27]. - As of the end of 2024, the mine's resource volume has been updated to 232 tons, with an average grade of 1.17 g/t, indicating further growth potential as production plans are revised [2][38]. Expansion Plans - The company has signed a feasibility study contract for a 10 million ton per year expansion with Zijin Mining, aiming to enhance the mine's capacity to 14 million tons annually [3][41]. - The expansion is expected to lower production costs and increase profitability, with projected net profits ranging from 32.5 billion to 44 billion RMB under favorable gold price scenarios [3][43]. Financial Forecast and Investment Recommendations - The company is anticipated to achieve net profits of 12.63 billion, 15.94 billion, and 19.45 billion RMB from 2025 to 2027, with corresponding EPS of 1.17, 1.47, and 1.80 RMB [4][44]. - The report emphasizes the company's growth potential and recommends a "Buy" rating based on expected increases in gold production and favorable market conditions [4][44].

Core Insights - South Africa's gold production in May increased by 1.5% year-on-year [1] Industry Summary - The increase in gold production indicates a positive trend in the mining sector, potentially benefiting related industries and investors [1]

Core Viewpoint - The company is expected to benefit from rising gold prices and increased production and sales, leading to significant revenue and profit growth in 2024 and beyond [1][2][6]. Financial Performance - In 2024, the company's revenue reached 82.5 billion yuan, a year-on-year increase of 39%, with a net profit attributable to shareholders of 2.95 billion yuan, up 27% year-on-year [1]. - For Q1 2025, the company reported revenue of 25.9 billion yuan, a 37% year-on-year increase and a 67% quarter-on-quarter increase, with a net profit of 1.03 billion yuan, up 47% year-on-year and 16% quarter-on-quarter [1]. Gold Price and Cost Trends - As of June 16, 2025, the average gold price for Q2 was 770 yuan per gram, a 39% year-on-year increase and a 15% quarter-on-quarter increase, indicating a continued upward trend [2]. - The company's net profit growth in Q1 2025 outpaced the increase in gold prices, suggesting that cost pressures may be stabilizing [2]. Production and Inventory - The company plans to produce no less than 50 tons of gold in 2025, an 8% increase year-on-year, with significant contributions expected from the Cardino-Namuti gold mine project [2]. - As of March 2025, the company held 5.3 tons of gold inventory, which may be released to enhance performance [2]. Project Development - The Cardino-Namuti gold mine is in the trial production phase, with expected annual production of 8.4 tons once fully operational [3]. - The New City gold mine project has a total budget of 395 million yuan, with an expected annual production of 7.77 tons upon completion, representing an increase of 2.12 tons compared to 2024 [3]. - The Jiao Jia mining area project has a total budget of 8.273 billion yuan, with an expected annual production of 18.85 tons, an increase of 12.85 tons compared to 2024 [3][4]. Future Growth Potential - The company has a visible potential gold increment of over 40 tons, indicating significant growth potential [5]. - The company is expected to achieve net profits of 6.428 billion yuan, 7.816 billion yuan, and 9.779 billion yuan from 2025 to 2027, with corresponding year-on-year growth rates of 117.78%, 21.59%, and 25.12% [6].

Core Viewpoint - The company has demonstrated significant growth in revenue and profit due to rising gold prices and strict cost control measures, with a notable increase in gold production and sales efficiency [1][10]. Financial Performance - The company reported a revenue of 9 billion yuan in 2024, a year-on-year increase of 25%, and a net profit attributable to shareholders of 1.76 billion yuan, up 119% year-on-year [1]. - The gold mining business generated 8 billion yuan in revenue, accounting for 88% of total revenue, with a gross profit margin of 47%, an increase of 11 percentage points year-on-year [1]. - The average selling price of gold was 524 yuan per gram, a 20% increase year-on-year, while the cost of gold sales decreased by 1% to 278 yuan per gram [3]. Production and Sales - The company produced 15.2 tons of gold in 2024, a 6% increase year-on-year, with sales also reaching 15.2 tons, up 5% year-on-year [2]. - In Q1 2025, the company reported a revenue of 2.4 billion yuan, a 30% increase year-on-year, with a net profit of 480 million yuan, up 141% year-on-year [4]. Cost Management - The company successfully reduced gold sales costs despite rising operational costs in Q1 2025, with expectations of a return to normal cost levels in subsequent quarters [4][10]. - The cost of gold sales in Q1 2025 increased by 11.5% year-on-year, primarily due to increased mining efforts and lower ore grades [4]. Expansion and Exploration - The company is actively expanding production capacity and exploring new mining opportunities, with several key projects underway to enhance output [5][9]. - The company has initiated a three-year exploration plan to increase resource reserves across all mining sites, focusing on both internal exploration and potential acquisitions [9]. Future Outlook - The company is expected to benefit from rising gold prices and has significant potential for gold production growth, with projected net profits of 3.037 billion yuan, 3.791 billion yuan, and 4.246 billion yuan for 2025-2027, representing year-on-year growth rates of 72.11%, 24.86%, and 11.98% respectively [10].