Zijin Mining Group Co Ltd

Latest Results (19.03.2026):

Zijin Mining Group Co Ltd — Third quarter of 2025: The company reported strong Q3 2025 and nine-month results (unaudited). For Q3 2025 it recorded operating income of RMB86.49 billion and net profit of RMB17.06 billion; for January–September 2025 operating income was RMB254.20 billion and net profit RMB45.70 billion. Earnings were supported by higher metal prices, increased gold production and contributions from recent acquisitions and the Zijin Gold International spin-off/IPO.

Key financials

Q3 2025 operating income: RMB86.489 billion (Q3); Jan–Sep 2025: RMB254.200 billion (+10.33% YoY). Q3 profit before tax: RMB21.149 billion; Jan–Sep profit before tax: RMB55.646 billion (+57.52% YoY). Q3 net profit: RMB17.056 billion; Jan–Sep net profit: RMB45.701 billion (+53.99% YoY). Net profit attributable to owners: Q3 RMB14.572 billion; Jan–Sep RMB37.864 billion (+55.45% YoY).

Earnings per share & returns

Basic EPS Q3 2025: RMB0.548; Jan–Sep 2025: RMB1.425. Weighted average return on net assets rose to 9.80% for the period and increased by 5.23 percentage points year-to-date vs prior year.

Cash flow and balance sheet

Net cash from operating activities Q3: RMB23.278 billion; Jan–Sep: RMB52.107 billion (+44.31% YoY). Total assets as at 30 Sep 2025: RMB483.008 billion (+21.78% vs 31 Dec 2024). Equity attributable to owners: RMB169.312 billion (+21.12%). Debt-to-asset ratio improved to 53.01% from 55.19% year‑end 2024.

Production volumes

Jan–Sep 2025 production: mine-produced gold 65 t (+20% YoY), copper 829.9 kt (+5% YoY), silver 335 t (+1% YoY), zinc 271.1 kt (-12% YoY). Q3 2025 production: gold 24 t (Q3), copper 263.05 kt (Q3), silver 111.8 t (Q3), zinc 91.48 kt (Q3). Gold output rose vs both prior year and Q2; Q3 copper was impacted by flooding at Kamoa‑Kakula (DRC).

Margins, costs and drivers of profit growth

Overall gross profit margin Jan–Sep 2025: 24.93% (vs 19.53% prior year). Gross margin of mining enterprises Jan–Sep: 60.62% (vs 57.71% prior year). Profit growth attributed to stronger metal prices, production increases (notably gold), capacity releases from M&A and operational optimisation. Unit costs rose in places due to lower ore grades, longer transport/stripping, higher gold royalties and transitional depreciation at newly acquired mines (e.g., Akyem).

Non-recurring items

Non-recurring items contributed positive amounts: Q3 non-recurring total RMB2.069 billion; Jan–Sep total RMB3.737 billion. Key components included fair value and disposal gains, government grants and investment income (net of tax and non‑controlling interests).

Major corporate actions & projects

Zijin completed the spin-off and HK listing of Zijin Gold International on 30 Sep 2025, raising ~HKD28.7 billion; the IPO outperformed the offer price and market cap rose sharply. Acquisitions closed in 2025 include Akyem (Ghana), Zangge Mining (controlling), Shapingou (molybdenum, Anhui) and Raygorodok (Kazakhstan). Key project progress: Tres Quebradas (Argentina) commenced production by end‑Q3 (20 ktpa lithium carbonate capacity); Xiangyuan lithium mine trial production expected in Q4; Julong phase 2 expected to start production by end‑2025.

Dividend and investor returns

Profit distribution for H1 2025: cash dividend RMB2.2 per 10 shares (tax included), total ~RMB5.847 billion distributed.