Investment Rating - The investment rating for the company is set at ★★★★☆ [4] Core Insights - The company is a leading global gold mining company formed by integrating all gold mines of Zijin Mining outside mainland China, leveraging management advantages in low-grade resource exploration, development, and operation [1] - The company has experienced rapid growth, with a compound annual growth rate (CAGR) of 21.4% in gold production from 2022 to 2024, significantly outpacing other large companies, and a CAGR of 61.9% in net profit attributable to shareholders [2] - Emerging market central banks hold only 8.9% of their asset reserves in gold, compared to 25.2% for developed countries, indicating significant potential for increasing gold reserves in these regions [3] - The average annual gold price has increased by approximately 35% from 2020 to 2024, with further long-term support expected due to declining ore grades and rising extraction costs [3] Financial Data Summary - Revenue for the fiscal year ending December 31, 2023, is projected at $2.262 billion, increasing to $2.990 billion in 2024, with a half-year revenue of $1.997 billion for 2025 [4] - Profit for the fiscal year ending December 31, 2023, is estimated at $230 million, rising to $481 million in 2024, and $520 million for the first half of 2025 [4] - The company plans to issue 3.49 billion shares, with a maximum fundraising amount of HKD 24.984 billion [4]