Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company announced the investment in the Ma Mi Cuo integrated energy station project and the Congo (Kinshasa) Kalan Geng hydropower station project, with expected operational contributions starting from Q2 2026 [2][4] - The Ma Mi Cuo project is projected to generate an annual net profit of 130 million yuan, while the Congo project is expected to yield 358 million yuan annually, indicating a strong growth potential for the company [2][4] - The green electricity logic of the company continues to be validated, and the long-term development outlook remains positive [2] Summary by Sections Project Announcements - On September 12, 2025, the company announced the investment in the Ma Mi Cuo energy station and the Congo hydropower station projects [4] - The Ma Mi Cuo project is expected to be operational by Q2 2026, with a projected electricity price of 0.7 yuan/KWh (including tax) and an estimated annual net profit of 130 million yuan [2][4] - The Congo project is anticipated to be operational by 2029, with a supply electricity price of approximately 0.16 USD/KWh (excluding tax) and an estimated annual net profit of 358 million yuan [2][4] Financial Projections - The company is expected to achieve net profits of 1.103 billion yuan in 2025, 1.402 billion yuan in 2026, and 1.701 billion yuan in 2027, representing year-on-year growth rates of 32.8%, 27.1%, and 21.4% respectively [2] - The projected PE ratios for 2025, 2026, and 2027 are 15.1x, 11.9x, and 9.8x respectively, indicating a favorable valuation outlook [2] Operational Insights - The company has successfully operated the first phase of the La Guo Cuo project at full capacity and has seen stable operations in various overseas projects [2] - The green electricity projects are expected to contribute significantly to the company's profits, with a projected profit elasticity of 59% compared to the company's 2024 net profit [2]

Group 1 - The company announced the investment in the Kalan Geng hydropower project in the Democratic Republic of the Congo [2] - The project involves the acquisition of 80% of GML company's shares by the company's wholly-owned subsidiary, Zijin Longjing International [2] - The total investment for the project is approximately $399 million, which will be funded by the company itself [2]

Core Viewpoint - The company has acquired an 80% stake in GML through its wholly-owned subsidiary, achieving development rights for the 140MW hydropower project in the Democratic Republic of the Congo [1] Group 1: Acquisition Details - The total investment amount for the project is approximately $399 million, which will be self-funded by the company [1] - The project is located on the Lualaba River in the Lualaba Province, 200 km from the company's mining operations in Kolwezi [1] Group 2: Project Specifications - The expected construction period for the project is 3.5 years [1] - The anticipated annual utilization hours are 5,100 hours, with an expected annual electricity generation of 714 million kWh [1] - Upon completion, 90% of the generated electricity will be supplied to the company's mining operations in the Democratic Republic of the Congo, while 10% will be provided to local communities [1]