证券研究报告 | 2025年08月25日 25H1 公司矿产银产量同比增加 13%。2025 年上半年，公司矿产银产量同比增 加 13.06%，铅金属产量同比下降 1.08%，锌金属产量同比增加 4.63%。价格 方面，2025 年上半年白银现货均价 8193 元/千克，同比+21%；黄金均价 722 元/克，同比+39%；铅均价 1.70 万元/吨，同比持平；锌均价 2.33 万元/吨， 同比+6%。在银、锌等主要产品量价齐升的情况下，公司 25H1 毛利润为 3.99 亿元，较 2024H1 的 3.01 亿元同比提升 33%，但归母净利润却同比下滑，主 要由于：1）权益金及税费同比增加，2）全资子公司金山矿业的选厂由于天 气原因开工时间晚于往年，产品在三季度销售，3）镍价下跌导致子公司金 业环保亏损 3097 万元。 下半年公司将有序推进相关矿山建设。公司下属七家矿业子公司，截至 2024 年底具备矿产资源量：白银 7,156 吨、黄金 26.4 吨。子公司中，银都矿业 正在推进外围拜仁达坝多金属矿的矿权整合工作，金山矿业在 25 年 1 月进 行了增储，鸿林矿业已进行了选厂联动试车。下半年公司将控制矿 ...

公司报告 | 半年报点评 山金国际（000975） 证券研究报告 业绩稳健增长，增量项目高效推进 业绩：25H1，公司实现营收 92.46 亿元，同比+42.14%；实现归母净利润 15.96 亿元，同比+48.43%。其中，25Q2 实现营收 49.24 亿元，同比+31.95%， 环比+13.95%；实现归母净利润 9.02 亿元，同比+57.67%，环比+29.99%。 库存释放弥补产量小幅下滑，Q2 矿产金产销环比增长 产量端：25H1，公司实现矿产金产量 3.72 吨，同比-10.58%，其中 Q1/Q2 产量分别为 1.77/1.95 吨；实现矿产银 61.83 吨，同比-24.82%，其中 Q1/2 分别为 22.05/39.78 吨；实现铅精粉产量 4354 吨，同比-14%；实现锌精粉 产量 7917 吨，同比+40.9%。 销量端：25H1，公司实现矿产金销量 4.12 吨，同比-6.58%，Q1/Q2 销量分 别为 2.03/2.09 吨；实现矿产银销量 81.49 吨，同比+9.93%，其中 Q1/2 分 别为 23.39/58.1 吨；实现铅精粉销量 5393 吨，同比+21.6%； ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the price trend of precious metals is on the rise, which provides the company with earnings elasticity. The company achieved significant year-on-year growth in revenue and net profit for the first half of 2025, with revenue reaching 9.246 billion yuan (up 42.14%) and net profit at 1.596 billion yuan (up 48.43%) [7] - The company has demonstrated excellent cost control and benefits from the stable upward trend in precious metal prices. The report notes that the production of gold, silver, zinc, and lead has been affected by seasonal factors and declining ore grades, with respective production figures of 3.72 tons of gold, 61.83 tons of silver, 7,916.57 tons of zinc, and 4,354.42 tons of lead, showing year-on-year changes of -11%, -25%, +41%, and -14% [7] - The average selling prices for gold and silver increased significantly, with gold priced at 724.83 yuan per gram (up 39%) and silver at 6.33 yuan per gram (up 19%) [7] - The company is progressing well with overseas mining projects, including the Osino gold mine in Namibia, which is expected to start production in the first half of 2027 [7] - The company is also increasing its resource reserves, with significant exploration results in Qinghai province, adding 3.85 tons of gold metal [7] - The report anticipates a favorable environment for gold investments due to expected rapid declines in real interest rates in the U.S. [7] Financial Projections - The company’s total revenue is projected to grow from 13.585 billion yuan in 2024 to 22.311 billion yuan in 2027, with a compound annual growth rate (CAGR) of 18.99% [1] - Net profit is expected to increase from 2.173 billion yuan in 2024 to 6.352 billion yuan in 2027, reflecting a CAGR of 41.57% [1] - The report adjusts the company's net profit forecasts for 2025-2027 to 3.483 billion yuan, 4.487 billion yuan, and 6.352 billion yuan respectively, with corresponding P/E ratios of 15.62, 12.12, and 8.56 [7][8]

Investment Rating - The report maintains a "Recommended" rating for the company [2][14]. Core Views - The company achieved a record high in revenue and net profit during the first half of 2025, with revenue reaching 9.246 billion yuan, a year-on-year increase of 42.14%, and net profit attributable to shareholders at 1.596 billion yuan, up 48.43% [3]. - The company's gold reserves have increased significantly, with an additional 3.85 tons of gold metal discovered, and the exploration area has expanded by 2.7% [4]. - The company is focusing on optimizing production processes and enhancing profitability, with a notable increase in gold gross margin from 71.89% to 79.15% [6]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a gold production of 3.72 tons, with a sales volume of 4.12 tons, achieving a sales rate of 111% [5]. - The gross margin for gold production improved significantly, reflecting the company's effective cost control and the rising global gold prices [6]. Resource Expansion - The company has made substantial progress in resource exploration, with a total exploration area of 5,984 square kilometers, and plans to continue increasing its resource reserves through exploration and potential acquisitions [4]. - The company is advancing its projects in Namibia and China, with expected production increases in the coming years [5]. Industry Outlook - The report indicates a favorable industry outlook, with gold prices expected to rise due to supply-demand dynamics and market conditions [14]. - The company is well-positioned within the industry, maintaining a low debt ratio of 20.09%, which provides financial flexibility [13]. Future Projections - Revenue projections for the company are optimistic, with expected revenues of 17.75 billion yuan in 2025, 20.23 billion yuan in 2026, and 22.12 billion yuan in 2027 [15]. - The company anticipates a significant increase in gold production capacity, potentially exceeding 15 tons annually by 2027 [5].

Investment Rating - The report maintains a "Recommended" rating for the company, considering the current upward trend in metal prices [4][6]. Core Insights - The company reported a revenue of 9.246 billion yuan for the first half of 2025, representing a year-on-year growth of 42.14%, and a net profit attributable to shareholders of 1.596 billion yuan, up 48.43% year-on-year [1]. - The production of gold, silver, lead concentrate, and zinc concentrate in the first half of 2025 was 3.7 tons, 61.8 tons, 4,354 tons, and 7,917 tons respectively, with gold and silver production slightly down but overall sales exceeding production [2]. - The company plans to list on the Hong Kong Stock Exchange to enhance its global strategy and optimize its capital structure [3]. Financial Performance - The average gold price in Q2 2025 was 3,281 USD/ounce, a 40.3% increase year-on-year, while the average silver price was 33.68 USD/ounce, up 16.8% year-on-year [2]. - The gross profit margin for the gold and silver segments was 79.15% and 55.20% respectively, reflecting an increase of 7.26 and 6.03 percentage points year-on-year [2]. - The company forecasts net profits of 3.646 billion yuan, 4.173 billion yuan, and 5.502 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 14, 12, and 9 [4][5].

Core Viewpoint - The company is expected to achieve significant profit growth in the first half of 2025, driven by increased production and favorable commodity prices, alongside strategic moves such as the planned spin-off of a subsidiary for listing in Hong Kong [1][3][5]. Group 1: Financial Performance - The company forecasts a net profit attributable to shareholders of approximately 232 billion yuan for the first half of 2025, an increase of about 54% compared to 151 billion yuan in the same period last year [1]. - For Q2 2025, the expected net profit is around 130 billion yuan, up 27% from 102 billion yuan in Q1 2025 [1]. - The net profit excluding non-recurring items is projected to be about 215 billion yuan, reflecting a 40% year-on-year increase from 154 billion yuan [1]. Group 2: Production and Commodity Prices - The company reported production figures for H1 2025: copper at 570,000 tons (+10% YoY), gold at 41 tons (+17% YoY), silver at 223 tons (+6% YoY), and zinc (lead) at 200,000 tons (-9% YoY) [2]. - The average price of gold in Q2 was 770.46 yuan/g, a 15% increase from the previous quarter and a 39% increase year-on-year, while the average copper price was 78,102 yuan/ton, up 0.86% quarter-on-quarter [2]. Group 3: Strategic Initiatives - The company plans to spin off its subsidiary, Zijin Gold International, for a listing on the Hong Kong Stock Exchange, which includes eight world-class gold mines with a total gold reserve of 697 tons and a resource amount of 1,800 tons [3]. - The acquisition of the RG gold mine project for 1.2 billion USD is expected to enhance the asset scale and profitability of Zijin Gold International, further solidifying its position in the global market [4]. Group 4: Profit Forecast - The company anticipates net profits of 452 billion yuan, 505 billion yuan, and 568 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 41%, 12%, and 12% [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the benchmark index within six months [9][14]. Core Views - The company is projected to achieve a net profit of approximately 232 billion yuan for the first half of 2025, representing a year-on-year increase of about 54% from 151 billion yuan in the same period last year [3][4]. - The increase in copper and gold prices, along with higher production volumes, is expected to support significant growth in the company's performance [4][9]. - The planned spin-off of the subsidiary, Zijin Gold International, for a listing on the Hong Kong Stock Exchange is anticipated to enhance the company's valuation [5][9]. - The acquisition of the RG Gold Mine project for 1.2 billion USD is expected to further strengthen the company's global presence and asset scale [6][9]. Company Overview - The latest closing price of the company's stock is 19.14 yuan, with a total market capitalization of 508.7 billion yuan [2]. - The company has a total share capital of 26.578 billion shares, with 20.588 billion shares in circulation [2]. - The company’s debt-to-asset ratio stands at 55.2%, and its price-to-earnings ratio is 15.82 [2]. Financial Projections - For the years 2025 to 2027, the company is expected to see net profits of 452 billion yuan, 505 billion yuan, and 568 billion yuan respectively, with year-on-year growth rates of 41%, 12%, and 12% [9][11]. - The projected earnings per share (EPS) for 2025 is 1.70 yuan, with a price-to-earnings ratio (P/E) of 11.24 [11][13].

Core Viewpoint - The non-ferrous metal sector has emerged as a standout performer in the A-share market for the first half of 2025, with a significant cumulative increase of 18.12% in stock prices, reflecting strong market sentiment and positive earnings forecasts from many companies in the sector [1][2]. Group 1: Performance Highlights - As of July 14, 2025, 61 non-ferrous metal companies have released their mid-year earnings forecasts, with 42 companies expecting positive performance, significantly above the overall A-share market level [1][4]. - Northern Rare Earth is leading the sector with an expected net profit increase of 1882.54% to 2014.71%, projecting a net profit of 900 million to 960 million RMB for the first half of 2025 [4]. - Zijin Mining anticipates a net profit of approximately 23.2 billion RMB for the first half of 2025, representing a year-on-year increase of about 54% [2]. Group 2: Company-Specific Developments - Ningbo Fubang expects to achieve a net profit of 800,000 to 1.2 million RMB, marking a turnaround from losses in the previous year, driven by the acquisition of Electric Alloy and rising silver prices [3]. - 27 companies in the non-ferrous metal sector are forecasting a net profit increase of over 100%, with significant contributions from companies like Suotong Development and Guocheng Mining, which expect net profit increases of 1335.37% to 1622.45% and 1046.75% to 1174.69%, respectively [4][5]. Group 3: Market Trends and Future Outlook - The non-ferrous metal sector is experiencing a robust demand driven by rising prices of gold and copper, with gold prices increasing nearly 30% this year, leading to substantial profit growth for gold mining companies [7]. - The industry is entering a potentially sustained boom period of 3 to 5 years, supported by both short-term recovery in demand post-pandemic and long-term structural changes due to the energy transition [7]. - Institutional interest in the sector is rising, with companies like Northern Rare Earth being closely monitored by 44 institutions, focusing on product structure optimization and enhancing high-value product offerings [8].

Core Viewpoint - Zijin Mining's operating performance has reached a new high, with significant year-on-year growth in net profit and operating cash flow for the first half of 2025 [1][5][9]. Financial Performance - The company expects to achieve a net profit attributable to shareholders of approximately 232 billion yuan for the first half of 2025, representing a year-on-year increase of about 54% [1][5]. - The expected non-net profit is around 215 billion yuan, reflecting a year-on-year growth of approximately 40% [1][5]. - In Q2 2025, the company anticipates a net profit of about 130 billion yuan, up 27% from Q1 [5][6]. Production and Sales - Zijin Mining's production of key minerals such as copper, gold, and silver has increased, with production levels reaching about 50% of the annual targets [2][7]. - The company reported a significant increase in lithium carbonate production, reaching 7,315 tons, a year-on-year growth of nearly 30 times [3][7]. Strategic Acquisitions - The company's strong performance is attributed to strategic acquisitions, including a 137.29 billion yuan acquisition of a 24.82% stake in Zangge Mining, which provided control over additional resources [3][10]. - Zijin Mining continues to pursue acquisitions, including a recent plan to acquire 100% of the Raygorodok gold mine project in Kazakhstan for 1.2 billion USD [11]. Resource Base - As of the end of 2024, Zijin Mining's total resource base includes over 110 million tons of copper, 4,000 tons of gold, and significant amounts of lithium and silver, positioning the company as a key player in the energy transition metals market [10][12]. - The company has shown consistent growth in its resource base, with increases in copper, gold, and silver reserves reported [10][12].

Group 1 - The core viewpoint of the articles highlights that 269 stocks have reported a significant increase in net profit for the first half of 2025, with a year-on-year growth rate exceeding 30% [1] - Among these, 141 stocks have shown a net profit growth rate of over 100%, with Huayin Power leading the way, expecting a net profit of between 180 million to 220 million yuan, representing a year-on-year increase of over 36 times [1] - The substantial growth in performance is attributed to factors such as improved industry conditions, product price increases, asset restructuring, growth in investment income, and cost reduction efforts by companies [1] Group 2 - In terms of market performance, the average stock price of the 269 companies with significant profit growth has increased by 30.96% year-to-date, outperforming the Shanghai Composite Index [2] - There are 10 stocks that have doubled in cumulative gains, including Huayin Power, Limin Co., Xinda Co., Leidi Ke, and Huayang New Materials [1] - Regarding valuation levels, many high-performing stocks have low price-to-earnings (P/E) and price-to-book (P/B) ratios, with 34 stocks having a rolling P/E ratio below 20 times, and some like Aonong Biological, New Hecheng, and Muyuan Foods below 11 times [2] Group 3 - On the funding side, several high-performing stocks have seen significant increases in financing, with 18 stocks having net financing purchases exceeding 100 million yuan since July [2] - Zijin Mining has the highest net financing purchase amount since July, reaching 620 million yuan, with an expected net profit of approximately 23.2 billion yuan for the first half of 2025, reflecting a year-on-year growth of about 54% [2] - The sales prices of the company's main products, including gold, copper, zinc, and silver, have increased year-on-year [2]