Core Viewpoint - Zijin Mining reported strong financial results for Q1 2025, with significant increases in revenue and net profit, driven by improved production management and rising metal prices [1][2]. Financial Performance - Zijin Mining achieved operating revenue of 78.928 billion yuan, a year-on-year increase of 5.55% [1] - The net profit attributable to shareholders was 10.167 billion yuan, up 62.39% year-on-year [1] - The net profit after deducting non-recurring items was 9.881 billion yuan, reflecting a 58.76% increase year-on-year, marking a historical high for a single quarter [1] Production and Pricing - Gold production reached 19 tons, a 13% increase year-on-year, while copper production was 288,000 tons, up 9% [1] - The gross margin for gold was 60.86%, an increase of 9.54% year-on-year, and for copper, it was 61.14%, up 3.3% [1] - The price of gold was 641.51 yuan per gram, a 40.07% increase year-on-year, and copper was priced at 62,000 yuan per ton, a 16.69% increase [2] Market Trends - Gold prices surged to a historical high of $3,245.73 per ounce, up over 60% from $1,992.82 per ounce at the beginning of 2024 [2] - Copper prices also rose significantly, driven by potential U.S. tariffs and global supply chain effects, with prices exceeding $10,000 per ton [2] Investment Activity - Abu Dhabi Investment Authority increased its stake in Zijin Mining by 2.2263 million shares, becoming one of the top ten shareholders [2] - Gao Yi Asset Management also increased its holdings in Zijin Mining, adding 9 million shares and 7.6 million shares through two funds [3] - Zijin Mining's stock price has risen over 16% since the beginning of 2025, with a total market capitalization of 468.6 billion yuan as of April 14 [3]

Investment Rating - The report maintains a "Buy" rating for Zijin Mining [1] Core Views - The company achieved significant growth in Q1 2025, with revenue of 789.3 billion yuan, a year-on-year increase of 5.6% and a quarter-on-quarter increase of 7.8% [3][16] - The net profit attributable to shareholders reached 101.7 billion yuan, up 62.4% year-on-year and 32.2% quarter-on-quarter [3][16] - The company is expected to benefit from the rising prices of copper and gold, with a strong outlook for both commodities [5][38] Summary by Sections Q1 2025 Performance - The company reported a revenue of 789.3 billion yuan, with a net profit of 101.7 billion yuan and a net profit margin of 12.88% [3][16] - The gross profit margin was 22.89%, reflecting a year-on-year increase of 6.28 percentage points [3][16] Production Growth - In Q1 2025, copper production was 288,000 tons, a year-on-year increase of 9.5%, while gold production was 19.1 tons, up 13.4% year-on-year [4][23] - The company is on track to meet its annual production targets for copper and gold, achieving 25% and 22% of the targets respectively in Q1 [4][23] Price and Cost Analysis - The average LME copper price in Q1 2025 was 9,352 USD/ton, a year-on-year increase of 10.8% [5][37] - The average Comex gold price was 2,868 USD/ounce, up 38.5% year-on-year [5][38] - The company maintained low production costs, with significant improvements in gross margins across its key products [6][50] Financial Health - The company's asset-liability ratio decreased to 54.89%, down 3.71 percentage points year-on-year [8][58] - The return on equity (ROE) improved to 7.0%, reflecting a year-on-year increase of 1.60 percentage points [8][58] Profit Forecast and Investment Recommendation - The report forecasts net profits of 390 billion yuan, 430 billion yuan, and 467 billion yuan for 2025, 2026, and 2027 respectively [64] - The company is positioned as a leading player in the global mining industry, with strong growth potential and effective cost control [64]

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [4] Core Views - Copper prices rebounded after a significant drop, with attention on the ongoing US-China trade dynamics and recession expectations in the US. The weekly performance showed US copper up 3.75%, London copper up 2.97%, and Shanghai copper down 4.6%. The decline in copper prices led to increased downstream activity and accelerated inventory depletion, with copper rod operating rates at 74.76%, up 0.21 percentage points week-on-week. Social inventory of electrolytic copper decreased by 14.80% to 267,200 tons, while Shanghai copper inventory fell by 18.96% to 182,900 tons. Short-term price rebounds may be limited by US recession expectations, with key focus areas being US-China trade developments, US economic and inflation data, and Federal Reserve interest rate expectations. Recommended stocks include Zijin Mining, Luoyang Molybdenum, Jincheng Mining, and Tongling Nonferrous Metals [4] - Aluminum prices fell due to tariff impacts, with signs of weakening demand in the peak season and continued inventory depletion. The alumina market remains oversupplied, with prices dropping 5.12% to 2,870 RMB/ton. The operating capacity of alumina plants decreased by 1.91 million tons to 84.82 million tons/year. Electrolytic aluminum prices fell 3.72% to 19,675 RMB/ton, with profit margins down 15.54% to 3,650 RMB/ton. Overall, the supply side of electrolytic aluminum shows no increase in capacity, leading to a potential shortage this year, which could drive aluminum prices up significantly. Recommended stocks include Hongchuang Holdings, Yun Aluminum, Tianshan Aluminum, Shenhuo Co., and China Aluminum [4] - Lithium prices continued to decline, with carbonate lithium down 3.11% to 71,600 RMB/ton. The supply side remains oversupplied, with inventory increasing by 1.3% to 131,000 tons. Demand growth is hindered by tariff impacts on downstream exports, with expectations for a narrowing of the oversupply throughout the year. Recommended stocks include Yahua Group, Zhongjin Lingnan, Yongxing Materials, and Ganfeng Lithium [4] Summary by Sections 1. Industry Overview - The US March CPI was lower than expected at 2.4%, with initial jobless claims matching expectations at 223,000 [8] 2. Industrial Metals 2.1. Copper - London copper rose 2.97%, while Shanghai copper fell 4.60%. Inventory levels decreased significantly, with Shanghai copper inventory down 18.96% [21][24] 2.2. Aluminum - London aluminum increased by 0.50%, while Shanghai aluminum decreased by 3.72%. The operating profit for aluminum companies fell by 15.54% [33] 2.3. Lead and Zinc - London lead prices fell 0.57%, while Shanghai lead prices decreased by 2.44%. London zinc prices rose 0.34%, but Shanghai zinc prices fell 2.36% [48] 2.4. Tin and Nickel - London tin prices dropped 12.17%, and Shanghai tin prices fell 13.22%. Nickel prices also saw a decline [61] 3. Energy Metals 3.1. Lithium - Lithium carbonate prices fell 3.11% to 71,600 RMB/ton, with continued oversupply in the market [77] 3.2. Cobalt - Overseas MB cobalt prices increased by 0.16% to 15.88 USD/pound, while domestic cobalt prices fell [88]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a record high net profit in Q1 2025, driven by increased copper and gold prices and production [12][16] - The company is expected to see continuous growth in copper and gold production, with projected net profits of 41.81 billion, 46.13 billion, and 48.16 billion for 2025, 2026, and 2027 respectively [4][47] Summary by Sections Q1 2025 Financial Performance - In Q1 2025, the company reported revenue of 789.3 billion, a year-on-year increase of 5.55% and a quarter-on-quarter increase of 7.76% [12] - The net profit attributable to shareholders was 101.7 billion, representing a year-on-year growth of 62.39% and a quarter-on-quarter growth of 32.15% [12][16] Revenue and Profit Breakdown - The year-on-year increase in net profit was primarily due to a gross profit increase of 56.5 billion, attributed to rising copper and gold prices [16] - The gross profit margin for Q1 2025 was 22.9%, up 6.3 percentage points year-on-year [21] Production and Sales - Copper and gold production saw significant growth, with copper production increasing by 7.33% and gold production by 6.92% quarter-on-quarter [31] - The company benefited from the ramp-up of production at various projects, including the La Arena project in Peru [31] Cost and Pricing - The average prices for copper and gold increased by 5.05% and 11.98% respectively in Q1 2025 [31] - The cost of production for copper and gold increased slightly, with gold costs rising by 6.82% [32] Future Outlook - The company is expected to continue benefiting from rising copper and gold prices, with projected net profits of 418 billion, 461 billion, and 482 billion for 2025, 2026, and 2027 respectively [4][47] - The company has initiated a share buyback program, purchasing 64.32 million shares at an average price of 15.55 per share, reflecting confidence in its market value [14]

Core Viewpoint - The investment capability of Zijin Mining has become the most important driving factor for its development, combining technology, management, and investment ability, enhanced by its private mechanism and state-owned enterprise credibility [3]. Group 1: Acquisitions Overview - Since 2020, Zijin Mining has made significant acquisitions in the mining sector, including: - In 2020, Zijin acquired 100% of Guyana Goldfields for CAD 323 million (approximately RMB 1.699 billion), with a resource reserve of about 178 tons of gold [5]. - In 2020, Zijin acquired 50.1% of Jilong Copper for approximately RMB 3.883 billion, with a recorded copper metal amount of 10.72 million tons [5]. - In 2021, Zijin acquired Canadian Lithium Company for CAD 960 million, focusing on the 3Q salt lake project in Argentina [6]. - In 2022, Zijin invested RMB 4 billion to acquire 30% of Ruihai Mining, which holds 100% of the Haiyu Gold Mine, the largest single gold mine in China [7]. - In 2023, Zijin completed the acquisition of the Rosebel Gold Mine, one of the largest and most cost-effective gold mines globally [11]. Group 2: Future Investment Plans - For 2024, Zijin plans to invest USD 1 billion (approximately RMB 707.1 million) to acquire 100% of the Akyem Gold Mine in Ghana, which has a gold resource of 54.4 tons [13]. - Zijin also plans to acquire 100% of La Arena Copper Mine in Peru for USD 245 million, with additional payments contingent on future production [13]. - In 2025, Zijin intends to acquire control of Zangge Mining for RMB 13.7 billion, enhancing its domestic mineral resource portfolio [14]. Group 3: Capital Raising Activities - In 2024, Zijin's subsidiary signed a share subscription agreement to invest approximately CAD 129.6 million (about RMB 690 million) in Solaris Resources, becoming the second-largest shareholder [15]. - Zijin also participated in private placements, including an investment of CAD 57.3 million (approximately RMB 300 million) in Montage Gold, acquiring 9.9% of the company [15]. - In September 2024, Zijin agreed to subscribe for shares in Wan Guo Gold Group for a total consideration of HKD 1.3794 billion (approximately RMB 1.249 billion) [16].

【环球网财经综合报道】2025年4月12日，紫金矿业（股票代码：601899.SH）发布2025年第一季度业 绩报告。数据显示，公司多项核心财务指标实现显著突破，营收、净利润、现金流等关键数据均创同期 历史新高。 报告期内，公司实现营业总收入789.28亿元，较去年同期增加41.52亿元，同比增长5.55%；归母净利润 达101.67亿元，同比大幅增长62.39%，连续两年保持上升趋势。摊薄每股收益0.38元，同比增幅 60.92%，盈利能力持续增强。 公司经营活动现金净流入125.28亿元，同比激增53.31%，连续五年实现正增长，凸显主营业务造血能 力。资产负债率进一步降至54.89%，同比降低3.41个百分点，环比下降0.30个百分点，财务结构更趋稳 健。 本季度公司毛利率达22.89%，同比提升6.28个百分点，连续七个季度环比增长，反映成本管控及高附加 值业务占比提升成效显著。净资产收益率（ROE）同比增加1.60个百分点至6.97%，资产周转效率持续 优化。此外，总资产周转率0.20次、存货周转率1.76次，均显示资产运营效率稳中向好。 市场分析人士指出，紫金矿业凭借资源储备优势与全球化运营能力， ...

核心看点：①铜金产量内生性增长。铜板块，塞尔维亚Timok+Bor、刚果金卡莫阿、西藏的巨龙、朱 诺、雄村，三大世界级铜矿业集群2025-2028 年均将持续贡献增量；金板块，多项目齐头并进，波格拉 复产、海域金矿、Rosebel、萨瓦亚尔顿构成新生增量，黄金产量持续增长。②外延并购硕果累累。 2024 年以来，公司接连并购多项资产。其中有以较小的代价参股项目的，例如参股SolarisResources、 蒙太奇黄金、万国黄金集团，也有收购控股权，例如收购La Arena铜金矿、Akyem 金矿（还未完成交 割）。③估值历史最低位附近，短期超跌，公司真金白银斥资10 亿底部闪电回购6432 万股。 事件：公司发布2025 年一季报。2025Q1 公司实现营业收入789.3 亿元，同比增长5.55%，环比增长 7.76%，归母净利润101.7 亿元，同比增长62.39%，环比增长32.15%，实现扣非归母净利润98.81 亿元， 同比增长58.76%，环比增长24.37%。业绩符合我们预期。 同比来看，公司Q1 归母净利润同比增长39.06 亿元。主要是由于毛利同比增长56.5 亿元，主要是得益于 铜金量价齐升 ...

Financial Performance - In the first quarter of 2025, the company's net profit attributable to shareholders reached 10.17 billion yuan, a year-on-year increase of 62.39% [4][9] - The company's operating income for the same period was approximately 78.93 billion yuan, reflecting a growth of 5.55% compared to the previous year [5] - The net cash flow from operating activities was 12.53 billion yuan, up 53.31% year-on-year [5] Production and Market Performance - The company reported a 13% year-on-year increase in gold production and a 9% increase in copper production in the first quarter of 2025 [10] - The average price of gold was 641.51 yuan per gram, up 40.07% year-on-year, while the average price of copper was 62,030 yuan per ton, an increase of 16.69% [12][13] Shareholder Activity - Abu Dhabi Investment Authority and two investment platforms managed by Deng Xiaofeng increased their holdings in the company during the first quarter [15][20] - As of the end of the first quarter of 2025, Abu Dhabi Investment Authority became one of the top ten shareholders, holding approximately 163 million shares [17][21] - The company’s stock price was reported at 17.15 yuan, with a market capitalization exceeding 440 billion yuan [22]

Group 1 - The core viewpoint emphasizes the importance of ecological environment protection and the need for strict oversight and rectification of heavy metal environmental risks in Guangxi [1][2][3] - The local mining company, Tingfeng Mining Co., was ordered to suspend operations for rectification due to violations in ecological environment protection [2] - The government is committed to a thorough investigation and remediation of environmental risks, particularly in the heavy metal sector, to ensure sustainable development without compromising ecological integrity [3] Group 2 - The region has abundant non-ferrous metal resources, but most industries are at a low end of the value chain, posing significant environmental risks [3] - The government aims to balance high-level ecological protection with high-quality development, promoting green transformation in the non-ferrous metal industry [3] - There is a call for precise measures and comprehensive strategies to address ecological issues, ensuring that environmental safety is prioritized in industrial development [2][3]

紫金矿业（601899）公告，2025年第一季度实现营业收入789.28亿元，较上年同期增长5.55%。利润总 额为146.88亿元，与上年同期相比增长66.37%。净利润达到124.65亿元，同比增长62.96%。归母净利润 101.67亿元，同比增长58.76%。 ...