紫金矿业-2025 年全年业绩稳健；宣布 15-25 亿元人民币股份回购计划

March 20, 2026 05:24 PM GMT Zijin Mining Group | Asia Pacific Robust full-year 2025 results; Rmb1.5-2.5bn buyback announced Reaction to earnings Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Unit cost for copper grew 11% YoY, to Rmb25.5k/t in 2025; for gold, it rose 19% YoY,, to Rmb275/g, owing to lower grade, higher loyalty, and higher cost of newly acquired mines during transition period. These factors were well managed ...