紫金矿业 - 2025 年第三季度基本符合预期；在铜和黄金价格上涨下利润强劲增长；买入评级

Equity Research 19 October 2025 | 11:42AM HKT Zijin Mining (2899.HK) Earnings Review: 3Q25 mostly inline; Strong profit growth under rising copper and gold prices; Buy | 2899.HK | 12m Price Target: HK$37.50 | Price: HK$32.60 | Upside: 15.0% | | --- | --- | --- | --- | | 601899.SS | 12m Price Target: Rmb37.50 | Price: Rmb30.17 | Upside: 24.3% | Zijin reported 3Q25 NP of Rmb14.6bn (PRC GAAP) and EPS of Rmb0.548/sh, up 57% yoy. 9M25 recurring NP was at Rmb34.7bn (PRC GAAP) or 69% of our full-year 2025 estimate ...