紫金矿业- 业绩回顾：2025 年全年业绩符合预期；实现售价提升被成本上涨抵消；维持买入评级（估值具吸引力、销量增长可期）

Zijin Mining (2899.HK) Earnings Review: 2025A inline; Higher realized ASP offset by higher cost; Maintain Buy on attractive valuation and continued volume growth delivery ahead | 2899.HK | 12m Price Target: HK$52.00 | Price: HK$34.22 | Upside: 52.0% | | --- | --- | --- | --- | | 601899.SS | 12m Price Target: Rmb50.00 | Price: Rmb31.65 | Upside: 58.0% | Zijin reported 2025A NP of Rmb51.8bn and EPS of Rmb1.95/sh, up 62% and 60% yoy respectively, in line with the previous profit alert. Excluding one-offs, incl ...