Investment Rating - The report maintains a "Recommended" rating for Zijin Mining (stock code: 601899.SH) [1] Core Views - Zijin Mining is expected to achieve a net profit attributable to shareholders of 32 billion yuan in 2024, representing a year-on-year increase of 52%, with a non-recurring profit of 31.4 billion yuan, up 45% year-on-year [5] - The company has a strong production performance with copper production of 1.07 million tons and gold production of 73 tons in 2024, achieving completion rates of 96% and 99% respectively for its production targets [5] - The company is actively expanding its resource portfolio through acquisitions, including the Akyem gold mine and the La Arena gold mine in Peru, which are expected to significantly increase gold production [5] Financial Performance Summary - The projected financial metrics for Zijin Mining are as follows: - Revenue is expected to grow from 293.4 billion yuan in 2023 to 373.8 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 9.13% [6] - Net profit attributable to shareholders is forecasted to increase from 21.1 billion yuan in 2023 to 43.3 billion yuan in 2026, reflecting a strong growth trajectory [6] - The earnings per share (EPS) is projected to rise from 0.79 yuan in 2023 to 1.63 yuan in 2026, indicating a positive outlook for shareholder returns [6] Production and Cost Management - The company plans to produce 1.15 million tons of copper and 85 tons of gold in 2025, with adjustments made due to power supply issues in the Democratic Republic of Congo [5] - Cost control measures are expected to continue, with a focus on maintaining a downward trend in production costs for key minerals [5] Resource Acquisition Strategy - Zijin Mining is expanding its resource base through strategic acquisitions, including: - The Akyem gold mine, which has an average annual gold production of 11.4 tons [5] - The La Arena gold mine in Peru, which is expected to produce approximately 3.8 tons of gold annually after expansion [5] - Control over Zangge Mining, which will enhance its copper and lithium production capabilities [5]

Core Viewpoint - Zijin Mining Group Co., Ltd. expects a significant increase in net profit for 2024, projecting approximately 32 billion yuan, which represents a year-on-year increase of about 51.5% compared to 2023 [1] Group 1: Performance Forecast - The main reasons for the profit increase include rising prices and production volumes of metal products, effective cost control, and enhanced operational capabilities [1] - The company anticipates a total net profit increase of approximately 10.881 billion yuan compared to the previous year [1] Group 2: Production Capacity and Resource Expansion - In 2024, Zijin Mining's production of major minerals is expected to rise, with copper production reaching 1.07 million tons, gold at 73 tons, zinc (lead) at 450,000 tons, and silver at 436 tons, compared to 2023 figures of 1.01 million tons, 68 tons, 470,000 tons, and 412 tons respectively [2] - The company is actively seizing market opportunities to enhance production capacity, with new projects like the Savaiyalton gold mine and expansions at existing sites contributing to increased gold output [2] - Zijin Mining's resource reserves have significantly increased through self-exploration and acquisitions, including a new copper resource of 14.726 million tons at the Julong Copper Mine [2] Group 3: Strategic Acquisitions - The company has made strategic acquisitions, including the purchase of the Akyem gold mine in Ghana and the La Arena copper mine in Peru, which will enhance its gold production capabilities [3] - The acquisition of a controlling stake in Zangge Mining will significantly boost Zijin Mining's copper and lithium resource reserves, with a total investment of 13.729 billion yuan for a 24.82% stake [5][6] Group 4: Future Production Plans - For 2025, Zijin Mining plans to produce 1.15 million tons of copper, 85 tons of gold, 440,000 tons of zinc (lead), 40,000 tons of lithium carbonate equivalent, 450 tons of silver, and 10,000 tons of molybdenum [4] - The company has slightly adjusted its production targets for copper and lithium due to challenges in lithium extraction technology and market price fluctuations [5]

Investment Rating - The report maintains an "Accumulate" rating for the company, with a current price of 16.25 CNY per share [6]. Core Views - The company is expected to achieve a net profit of approximately 32 billion CNY in 2024, representing a year-on-year increase of about 51.5% [1]. - The production plan for 2025 includes a year-on-year increase of 7.5% in copper and 16.4% in gold output, along with the addition of 40,000 tons of lithium carbonate production [3]. - The company plans to acquire a 24.82% stake in Zangge Mining for 13.7 billion CNY, which will enhance its copper, lithium, and potassium resource reserves [4]. - The outlook for copper and gold prices is positive, with expectations of price increases due to stable demand and macroeconomic factors [4]. Summary by Sections Performance - In Q4 2024, the company's net profit is estimated at 7.6 billion CNY, a year-on-year increase of 54% but a quarter-on-quarter decrease of 17.6% [2]. - The copper production for 2024 is projected at 1.07 million tons, while gold production is expected to reach 73 tons [2]. Production Planning - The company plans to produce 1.15 million tons of copper and 85 tons of gold in 2025, with slight adjustments from previous targets [3]. Acquisition - The acquisition of Zangge Mining is expected to bolster the company's resource base and leverage synergies in lithium extraction technology [4]. Industry Outlook - The report expresses optimism regarding the upward trend in copper and gold prices, driven by stable demand and favorable economic conditions [4]. Profit Forecast and Valuation - The projected net profits for 2024, 2025, and 2026 are 32 billion CNY, 40 billion CNY, and 47.8 billion CNY, respectively, with corresponding year-on-year growth rates of 51.5%, 25.3%, and 19.4% [4].

Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 32 billion yuan in 2024, representing a year-on-year growth of approximately 51.5% [1]. - The company has adjusted its production targets for copper and lithium due to various operational challenges, including power shortages in the Democratic Republic of Congo [3]. - The report anticipates net profits of 32 billion, 37.9 billion, and 42.9 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 13, 11, and 10 times [3]. Summary by Sections Performance Forecast - The company forecasts a net profit of 32 billion yuan for 2024, with a growth rate of 51.5% compared to the previous year [1]. - For Q4 2024, the expected net profit is 76.4 billion yuan, a year-on-year increase of 54.3% but a quarter-on-quarter decrease of 17.6% [1][2]. Production and Pricing - The company plans to produce 1.07 million tons of copper in 2024, with a target of 1.11 million tons, but has faced challenges that may prevent meeting this target [2]. - The average copper price in Q4 was 75,500 yuan per ton, remaining stable, while gold prices increased by 8% to 616 yuan per gram [2]. Financial Projections - The projected revenue for 2024 is 307.4 billion yuan, with a growth rate of 4.8% [5]. - The report includes detailed financial metrics, such as a projected net profit margin of 10.41% for 2024 [9]. Production Plans - The company has set a production target for 2025 of 1.15 million tons of copper and 85 tons of gold, with adjustments made due to operational constraints [3]. - The lithium carbonate production target has been reduced to 40,000 tons due to low lithium prices and project delays [3].

Investment Rating - The investment rating for the company is "Buy" [7][17]. Core Insights - The company is expected to achieve a net profit of approximately 32 billion yuan in 2024, representing a year-on-year growth of about 51.5%. The non-recurring net profit is projected to be around 31.4 billion yuan, with a year-on-year increase of approximately 45.3% [4][13]. - The production targets for 2024 include 1.07 million tons of copper, 73 tons of gold, 436 tons of silver, and 450,000 tons of zinc (lead) [4][14]. - For 2025, the company plans to increase its copper production to 1.15 million tons and gold production to 85 tons, among other targets [4][15]. - The company is also acquiring a 24.82% stake in Zangge Mining for 13.7 billion yuan, which will enhance its control over the Jilong Copper Mine and improve operational efficiency [4][16]. Summary by Sections Financial Performance - The company forecasts net profits of 32.04 billion yuan, 38.81 billion yuan, and 45.91 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 51.72%, 21.11%, and 18.30% [4][17]. - Earnings per share (EPS) are expected to be 1.21 yuan, 1.46 yuan, and 1.73 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 13.5, 11.1, and 9.4 [4][17]. Production and Capacity - The company aims to fully release its production capacity in 2024, with stable and high production levels in its main metals [4][14]. - The production forecast for 2025 includes significant increases in gold and lithium carbonate equivalent production, indicating a focus on expanding its resource base [4][15]. Strategic Acquisitions - The acquisition of Zangge Mining is expected to strengthen the company's position in the lithium market and enhance its operational capabilities in the region [4][16].

证券代码：601899 证券简称：紫金矿业 编号：临 2025-014 紫金矿业集团股份有限公司 关于 2020 年限制性股票激励计划首次授予部分 第三个解除限售期解除限售暨上市的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 30,902,804 股。 本次股票上市流通总数为 30,902,804 股。 本次股票上市流通日期为 2025 年 2 月 5 日。 紫金矿业集团股份有限公司（以下简称"公司"）于 2025 年 1 月 10 日召开第 八届董事会 2025 年第 2 次临时会议、第八届监事会 2025 年第 1 次临时会议，审 议通过了《关于 2020 年限制性股票激励计划首次授予部分第三个解除限售期解除 限售条件成就的议案》，同意为 645 名激励对象办理相关限制性股票解除限售事宜。 本次解除限售的限制性股票数量为 30,902,804 股，占公司目前总股份的 0.12%。 现将有关事项说明如下： 一、2020 年限制性股票激 ...

Financial Performance - The company expects a net profit attributable to shareholders of approximately RMB 32 billion for 2024, an increase of about RMB 10.881 billion or 51.5% compared to the previous year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be around RMB 31.4 billion, an increase of approximately RMB 9.783 billion or 45.3% year-on-year[4]. - The previous year's net profit attributable to shareholders was RMB 21.119 billion, with a net profit of RMB 21.617 billion after deducting non-recurring gains and losses[6]. - The earnings per share for 2023 was RMB 0.8[7]. - The company has not identified any significant uncertainties that could affect the accuracy of the earnings forecast[10]. - The earnings forecast has not been audited by an accounting firm[5]. Production and Operations - The company produced 1.07 million tons of copper in 2024, up from 1.01 million tons in 2023; gold production increased to 73 tons from 68 tons; zinc and lead production decreased to 450,000 tons from 470,000 tons; silver production rose to 436 tons from 412 tons[8]. - The company plans to produce 1.15 million tons of copper, 85 tons of gold, 440,000 tons of zinc and lead, 40,000 tons of lithium carbonate equivalent, 450 tons of silver, and 10,000 tons of molybdenum in 2025[9]. - The increase in production and profitability is attributed to rising prices of metal products and improved operational capabilities of overseas subsidiaries[8]. - The company emphasizes that the 2025 production targets are indicative and subject to change based on market conditions[10].

Core Viewpoint - Zijin Mining (601899) is expected to achieve a net profit attributable to shareholders of approximately 32 billion yuan in 2024, representing a year-on-year increase of about 51.5% compared to 21.119 billion yuan in the previous year [1] Group 1: Financial Performance - The company's main metal mining products are experiencing both volume and price increases, while the rising cost trend has been effectively curbed [1] - The operational capabilities of overseas subsidiaries have improved, leading to enhanced profitability [1] Group 2: Production Plans - The company has outlined its production targets for major mineral products in 2025, which include: - Copper: 1.15 million tons - Gold: 85 tons - Zinc (Lead): 440,000 tons - Lithium Carbonate Equivalent: 40,000 tons - Silver: 450 tons - Molybdenum: 10,000 tons [1]

Core Viewpoint - The collaboration between Cangge Mining and Zijin Mining is expected to enhance the economic benefits in the potassium and lithium sectors through combined strengths in cost control and technological capabilities [1] Group 1: Project Performance - Cangge Mining's current production at the Chahar Khan Salt Lake project shows low costs for potassium chloride and lithium carbonate, resulting in high gross margins and strong profitability [1] - The ongoing Mami Cuo Salt Lake project is rich in lithium resources with high lithium concentration, which is anticipated to yield favorable economic outcomes due to its low-cost advantages [1] Group 2: Strategic Synergies - The completion of the transaction will combine Cangge Mining's leading cost control capabilities in potassium and lithium with Zijin Mining's comprehensive autonomous technology and large-scale engineering development capabilities [1] - This partnership aims to accelerate the release of resource potential in the potassium and lithium sectors and facilitate the transformation of resource advantages into economic benefits [1]

证券代码：601899 证券简称：紫金矿业 编号：临 2025-012 紫金矿业集团股份有限公司 关于收购藏格矿业股份有限公司控制权的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、交易概述 重要内容提示： 公司全资子公司紫金国际控股于 2025 年 1 月 16 日与藏格创投、四川永鸿、 林吉芳、新沙鸿运签署《关于藏格矿业股份有限公司的控制权转让协议》，紫金国 际控股拟以 35 元/股的对价收购上述主体合计持有的藏格矿业 392,249,869 股股 份，对应股权比例为 24.82%，交易金额共计 13,728,745,415 元。本次交易前，公 司已通过全资子公司持有藏格矿业 2,858,900 股股份，持股比例为 0.18%。本次交 易完成后，公司整体持股比例将达 25%。 紫金矿业集团股份有限公司（以下简称"公司"或"紫金矿业"）全资子公 司紫金国际控股有限公司（以下简称"紫金国际控股"）于 2025 年 1 月 16 日与西 藏藏格创业投资集团有限公司（以下简称"藏格创投"）、四川省永鸿实业有限公司 （以下 ...