Zijin Mining 2025 Annual Report Review: Gold, Copper, and Lithium Drive the Triple Horsepower, Long-Standing Mineral Resources Continue to Achieve New Successes | Tianfeng Metal Materials Liu Yichang Team

MaticHoleFiller · 2026-04-12T03:32:33+00:00

The company's revenue and net profit are expected to reach new highs in 2025, with strong profitability. Mineral gold and copper production have significantly increased, and overseas resource deployment continues to improve. Despite rising costs, the increase in sales prices has fully offset the cost growth. We are optimistic about the long-term development of the copper, gold, and lithium markets and maintain a "Buy" rating.

MaticHoleFiller

2026-04-12 03:32:33

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(Source: Town Talk Metals and New Materials)

Company Review

Performance: The company’s profits have surged year-over-year, with key economic indicators reaching new highs

In 2025, the company achieved revenue of 349.08B yuan, a 14.96% increase YoY; net profit attributable to parent company was 51.78B yuan, a 61.55% increase YoY. Benefiting from rising prices and volumes of gold and copper products, major economic indicators hit new records, demonstrating strong profitability.

Volume: Significant increase in gold production, continuous improvement in domestic and overseas resource layout

Gold production: 1.09 million tons of mineral copper in 2025, up 1.87% YoY; 90 tons of mineral gold, up 23.29% YoY; 439 tons of mineral silver, up 0.69% YoY; 400k tons of mineral zinc, down 11.11% YoY; an additional 25.5k tons of equivalent lithium carbonate. The increase in mineral gold mainly benefits from the company’s recent years of intensive mergers and acquisitions—completion of the Akim Gold Mine in Ghana and Requado Gold Mine in Kazakhstan, with continued contributions expected in 2026.

Resource expansion: Steady expansion of resource map. Overseas layout: Completed acquisitions and deliveries of two large operating gold mines—Akim Gold Mine in Ghana and Requado Gold Mine in Kazakhstan; domestic layout: completed delivery of the Shapingou Molybdenum Mine in Anhui and acquisition of control rights of Zangge Mining, adding strategic potassium mineral reserves. The second phase of Longlong Mine was commissioned at the beginning of the year, contributing incremental output; the Juno Copper Mine is planned to be completed and put into operation by the end of 2026. The first phase of the Salt Lake Lithium Mine was put into operation in Q3, with the construction of the 40k-ton second phase progressing in an orderly manner.

Cost: Rising costs, but fully covered by price increases

In 2025, the company’s operating costs were 400k yuan, up 4.35% YoY, lower than the revenue growth of 14.96%. In 2025, prices of gold and copper, as well as costs, all increased; the unit prices of copper concentrate and gold concentrate sold rose 12.91% and 44.95% YoY, respectively; unit costs increased 16.84% and 20.66%. The simultaneous rise in volume and price led to record-high operating performance. Cost increase reasons: (1) decline in ore grades at some mines, increased transportation distances, and higher stripping ratios at some open-pit mines; (2) increased employee wages and benefits; (3) significant rise in gold prices, leading to a substantial increase in rights-based gold calculations; (4) high transitional costs for newly acquired companies, resulting in higher depreciation and amortization costs.

Expenses: Increase in financial and management expenses

In 2025, the company’s financial expenses were 25.5k yuan, up 2.65% YoY, mainly due to exchange losses in 2025, compared to exchange gains in 2024; management expenses reached 40k yuan, up 44.39% YoY, mainly driven by company scale and profit growth, along with rising labor costs.

Investment Recommendations: Optimistic about long-term growth of copper, gold, and lithium; resource reserves growth provides room for expansion

Volume growth consolidates the foundation. The company’s internal production capacity expansion and external M&A continue to leverage advantages; resource reserves are rapidly expanding, with a clear growth path by 2028.
Price increases provide flexibility. Looking ahead to 2026, gold allocation value remains highly regarded; supply constraints for copper are strengthening; lithium prices are starting to reverse; long-term prices for gold, copper, and lithium are promising.

Revised projections for attributable net profits to parent company: 83.1/101.1/121.5 billion yuan for 2026/2027/2028 (previously 67.1/80.9 billion yuan for 2026/2027), corresponding to P/E ratios of 11/9/7x, maintaining a “Buy” rating.

Risk warnings: Geopolitical risks; natural disaster risks; rising investment costs; declining ore grades; environmental regulation risks.

Tianfeng Metals Team Members

Note: The report excerpt is from Tianfeng Securities Research Institute’s publicly released research report. For detailed content and related risk warnings, see the full report.

Securities Research Report: “Zijin Mining 2025 Annual Report Review: Gold, Copper, and Lithium Drive Growth, Long-term Prosperity Continues”

Release Date: April 6, 2026

Issuing Organization: Tianfeng Securities Co., Ltd. (Licensed by China Securities Regulatory Commission for securities investment consulting)

Author of this report:

Analyst: Liu Yiting Email: liuyiting@tfzq.com

SAC Practice Certificate No.: S1110523050001

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