Investment Rating - The investment rating for Zijin Mining is "Buy" (maintained) [1] Core Views - The company reported a strong performance in the first half of 2025, with a net profit attributable to shareholders of approximately 23.2 billion yuan, representing a year-on-year increase of 54%. The growth was driven by increased production and rising prices [6] - The company is expected to benefit from ongoing construction projects, which will enhance copper and gold production [6] - The planned spin-off of its overseas gold mining assets for a Hong Kong listing is anticipated to improve the company's overall valuation [6] - The profit forecasts for 2025-2027 have been raised due to the significant increase in gold prices, with projected net profits of 43.83 billion yuan, 48.19 billion yuan, and 52.33 billion yuan respectively [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 350.215 billion yuan, with a year-on-year growth rate of 15.3% [5] - The net profit attributable to shareholders for 2025 is projected to be 43.827 billion yuan, reflecting a year-on-year growth rate of 36.7% [5] - Earnings per share for 2025 is expected to be 1.65 yuan [5] - The gross profit margin is forecasted to be 22.6% for 2025, with a return on equity (ROE) of 25.5% [5] - The price-to-earnings (PE) ratio is projected to be 12 for 2025 [5]