---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/40320573.md"
description: "$ZIJIN GOLD INTL(02259.HK) This quarter's earnings report is truly explosive.On April 22 (Beijing time), the Q1 2026 report was released, showing revenue of 98.498 billion, a YoY increase of 24.79%; net profit attributable to the parent company of 20.079 billion, a YoY increase of 97.5%; non-GAAP net profit of 18.459 billion, a YoY increase of 86.81%; and operating cash flow of 27.832 billion, a YoY increase of 122.15%. This marks the first time since the company's listing that its quarterly net profit has exceeded the 20 billion mark, setting a new historical high.The driver is not a single commodity; it's the simultaneous strength of the gold, copper, and lithium segments, with gold being the most powerful: Q1 gold production was 23.50 tons, a YoY increase of +23.25%. This is against the backdrop of the Ghana Akyem gold mine and Kazakhstan's Ridge gold mine, acquired in 2025, starting to contribute to output in Q1. Coupled with the Q1 international gold price surging from $2700 at the beginning of the year to above $3300, the combination of volume and price increase directly led to a doubling of net profit.Copper production slightly dragged, with Q1 output at 259.2 thousand tons, a YoY decrease of -9.86%, mainly due to reduced output at the Kamoa-Kakula copper mine. However, the second phase of the Julong copper mine commenced production at the end of January, contributing an incremental 60 thousand tons in Q1, and will start making positive contributions after capacity ramps up in Q2. Therefore, copper hit a low point in Q1 and is on an upward trajectory going forward. My judgment: The current buying point is not optimal. The explosive Q1 earnings data has already been priced in during the significant net inflows from institutional investors on April 21-22 (a single-day net purchase of 1.344 billion on April 21). Starting April 27, there have been outflows with a net institutional sell-off of 1.251 billion. This is a typical "good news realized → profit-taking → short-term pullback" pattern. However, I am bullish on the medium-term direction for three reasons: Gold prices still have room to rise amid geopolitical risks and the long-term weakening trend of the US dollar; the positive catalyst of increased copper output in Q2 is largely confirmed; and the company's lithium segment is starting to scale up, representing a third hidden growth curve.Trading suggestion: Watch for support around HKD 50. A pullback to that zone accompanied by shrinking volume would be a medium-term entry window. Chasing highs is not cost-effective.View: A good stock, but not a good entry point."
datetime: "2026-04-30T10:13:20.000Z"
locales:
  - [en](https://longbridge.com/en/topics/40320573.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/40320573.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/40320573.md)
author: "[日富一日](https://longbridge.com/en/profiles/27514703.md)"
---

# $ZIJIN GOLD INTL(02259.HK) This quarter's earnings…


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