Financial Data and Key Metrics Changes - The company's revenue increased by 3.5% to RMB 303.6 billion, with profits rising by 53.7% to RMB 48.1 billion and net attributable profit up by 51.8% to RMB 32.1 billion [10] - Operating net cash flow rose by 32.6% to RMB 48.9 billion, while total assets increased by 15.6% year on year [11] - The share of net debt to EBITDA decreased by 28.6%, and the debt ratio dropped by 4.47% [11] - Earnings per share (EPS) increased by 51.3% year on year, and cash dividend payout rose by 53.5% [11] Business Line Data and Key Metrics Changes - Copper production reached 1,070,000 tonnes, contributing 45% to revenue, while gold output was 73 tonnes, contributing 30% [10][14] - Zinc production was 410,000 tonnes, with a gross profit margin of 41%, despite a 3.5% drop in output due to lower feed grades [15] - The gross profit margin for gold concentrate was nearly 68%, reflecting a significant increase over the previous year [15] Market Data and Key Metrics Changes - The company is ranked number four globally in copper output and number six in gold output, with significant growth in both resources and reserves [13][14] - The company faced rising costs in overseas operations but managed to reduce copper concentrate costs by 4.3% [13][14] Company Strategy and Development Direction - The company aims to enhance its international operations management and consolidate global competitiveness while focusing on ESG initiatives [7][8] - Plans include accelerating the construction of copper, gold, and lithium projects to strengthen output growth foundations [7][8] - The strategic focus for 2025 includes achieving production targets of 1,150,000 tonnes of copper and 85 tonnes of gold [32][56] Management's Comments on Operating Environment and Future Outlook - Management acknowledged complex challenges in the operating environment but emphasized the importance of cost control and profitability [4][9] - The company is optimistic about future growth, driven by strategic acquisitions and resource expansion [49][56] - Management highlighted the need for continuous improvement in ESG practices to support sustainable growth [34][36] Other Important Information - The company reported a significant increase in social contributions, reaching RMB 7.5 billion, and dividend payments of RMB 9.7 billion [6][7] - The company is committed to responsible mining practices and aims to produce cleaner, more sustainable copper [12] Q&A Session All Questions and Answers Question: How does the company participate in decision-making and supervision activities? - The independent director outlined participation through board meetings, site visits, and daily communications, emphasizing the importance of internal control and risk management [62][63] Question: What are the prospects for costs and expenses in 2025? - The CFO discussed the challenges of rising costs but expressed confidence in maintaining cost competitiveness through optimization and technological innovation [72][76] Question: What is the company's investment and acquisition strategy? - The chairman explained that the company will continue to pursue M&A opportunities while being prudent in selecting projects based on cost-effectiveness and resource potential [89][92] Question: What are the prospects for the lithium sector given the current market downturn? - Management confirmed that the adjustment in production guidance does not indicate a withdrawal from the sector, emphasizing ongoing commitment to improving technology and cost management [106][108] Question: What are the main achievements in resource expansion and future plans? - The company highlighted successful resource expansion efforts and outlined priorities for future growth, focusing on producing projects that can deliver profits [113]

高增长的逻辑：量价齐升。 （2024年业绩预告） 这个产量比2023年定下2024年的目标略低，当时预计矿产铜产量为111万吨，矿产金73.5吨，不过整 体上相差不大。 （资料来源：2023年年报） 从主要产品价格来看，黄金价格比铜价格涨幅更多： 作者 | 木盒 编辑 | 小白 1月22日，国内沪金再创历史新高，盘中一度最高触及648.86元/克，与此同时，紫金矿业公布了2024 年业绩预告：预计2024年归母净利润320亿，大增51.5%！ 核心原因是量价齐升，即主要的金属矿（金、铜等）价格在上涨，产量也在增加。比如2024年矿产铜 107万吨，比2023年101万吨增长6%；矿产金73吨，比2023年68万吨增长7.4%。 （1）伦敦黄金现货的价格大幅上涨，年度涨幅约28%，国内黄金现货价格也水涨船高，Au99.99全年 涨幅达30%左右，国内上期所黄金价格已经创新高； （伦铜期货价格，wind） （SHFE期货价格，wind） （2）2024年伦铜上涨2.6%，相对涨幅较小。 （LME铜价格，wind） 紫金矿业2025年计划的产量还继续增加：矿产铜115万吨，矿产金85吨，矿产锌（铅）44万吨，当量 ...