<p><em>中国领先矿业公司之一的国际黄金分拆公司报告称，2025 年上半年其收入增长了 43%，利润激增了 143%</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>紫金黄金国际已启动其香港 IPO，报告称 2025 年上半年收入和利润强劲增长</li>
<li>作为中国领先矿业公司之一的国际黄金分拆公司，旨在通过上市筹集 32 亿美元，凭借其强劲的增长和改善的利润率吸引全球投资者</li>
</ul>
<p>即将登陆香港证券交易所：中国首家国际黄金矿业公司。</p>
<p>在几乎所有产品类别中交付世界级制造商后，这个常被称为 “世界工厂” 的国家正准备向投资者推出其在有利可图的矿产资源领域的首家公司。该公司是 <strong>紫金黄金国际有限公司</strong>，最近从中国领先的矿业公司之一分拆出来，并已申请在香港进行单独上市。</p>
<p>通过分拆其国际黄金采矿部门，紫金矿业（2899.HK；601899.SH）旨在为全球投资者创造一家纯粹的黄金公司，将其与 <strong>纽蒙特</strong>（NEM.US）和 <strong>巴里克</strong>（B.US）等行业领导者并列。它希望通过近年来的快速扩张吸引这些投资者，包括 2025 年上半年收入增长 43% 和利润在此期间翻倍。</p>
<p>这一增长故事的一部分来自于黄金价格的飙升，过去 52 周上涨了 37%，在过去四年中也有类似的增长。但紫金黄金还希望展示其通过提高运营效率来超越市场，因为它磨练采矿技能并利用母公司的丰富资源和经验。</p>
<p>同样重要的是，该公司希望展示其能够遵循高标准的全球环境、社会和治理（ESG）标准，这些标准受到许多投资者的密切关注。遵循这些标准不仅对环境保护至关重要，还表明公司能够惠及其采矿地区和社区，而不仅仅是挖掘自然资源以便在其他地方加工和销售。</p>
<p>紫金黄金于 9 月 19 日 <strong>正式启动</strong> 其 IPO，披露计划以每股 71.59 港元出售约 3.49 亿股，预计筹集约 250 亿港元（32 亿美元）。该股票计划于 9 月底首次交易。</p>
<p>在香港上市将使紫金黄金能够更好地与纽蒙特和巴里克等公司进行基准比较，为投资者提供全球黄金矿业公司中的新选择。这也将加速公司的国际化，并增强其离岸融资能力，以资助未来的项目开发以及并购。</p>
<p>公司的母公司紫金矿业在全球资源、储备和产量方面是全球前五大矿业公司之一。黄金几乎占其收入的一半，尽管母公司还在 17 个国家的 30 个项目中生产铜、锂和锌。它首次披露分拆国际黄金资产的意图是在 4 月底，并于 6 月提交了紫金黄金国际的首次正式上市申请。</p>
<p>9 月 19 日提交的 <strong>更新招股说明书</strong> 显示，紫金黄金在上半年的收入和利润增长加速，较过去三年的强劲增长进一步提升。该公司 2025 年上半年收入同比增长 43%，达到 20 亿美元，较 2024 年全年 32% 的增长有所加速。而其利润在此期间增长 143%，达到 5.2 亿美元，也较 2024 年 109% 的增长大幅加速。</p>
<p>紫金黄金及其同行希望不仅能从个人消费者对黄金的强劲需求中受益，作为对经济不确定性的对冲，还能从越来越多的中央银行将黄金作为其资产储备的重要组成部分中获益。它指出，去年底新兴经济体的中央银行仅将约 8.9% 的资产储备存放在黄金中，远低于发达经济体 25.2% 的平均水平。“这种差异突显了新兴国家增加黄金战略储备的重大潜力，” 它表示。</p>
<h4><strong>改善利润率</strong></h4>
<p>紫金黄金在全球黄金采矿领域相对较晚进入，直到 2007 年才通过收购塔吉克斯坦的吉劳/塔罗尔金矿进入该领域。此后，它在全球又收购了七个项目的股份，包括在吉尔吉斯斯坦的其他中亚资产；在哥伦比亚、苏里南和圭亚那的南美项目；在加纳的非洲项目；以及在澳大利亚和巴布亚新几内亚的海洋国家的矿山。除了巴布亚新几内亚外，该公司在所有项目中均拥有控股权，包括今年在加纳的最新收购。</p>
<p>截至 6 月 30 日，它估计其黄金储量为 1176.2 公吨，全球排名第九。根据招股说明书中的第三方市场数据，它也是去年全球第 11 大黄金生产商。</p>
<p>该公司指出，其在全球黄金采矿领域的晚到意味着世界上大多数最佳资源已经被购买并投入生产，留下的主要是次优资产供新买家选择。它表示，许多收购的矿山表现不佳，存在 “运营管理不善或资源禀赋未完全识别” 的问题，导致许多在收购时亏损。</p>
<p>凭借自身的专业知识和母公司的专业知识，该公司能够提高这些表现不佳矿山的效率，使其更具盈利能力。因此，它表示，2020 年收购的圭亚那奥罗拉金矿和 2023 年收购的苏里南罗斯贝尔金矿在收购后一年内均实现盈利。</p>
<p>随着新项目的获得和效率的提高，该公司的黄金产量在 2022 年至 2024 年的三年间平均增长率为 21.4%。其每吨采矿成本从 2022 年的 38.70 美元逐渐下降至今年上半年的 32.70 美元，而每吨加工成本也在此期间从 20.60 美元降至 17.20 美元。</p>
<p>随着运营的改善，该公司的毛利率在过去三年中显著上升，从 2022 年的 34.1% 上升至今年上半年的 46.5%。这一最新数据使该公司与纽蒙特和巴里克处于同一水平，后者最新的年毛利率分别为 44.9% 和 44.2%。</p>
<p>虽然运营效率很重要，但紫金矿业在其招股说明书中也花费了相当大的篇幅讨论其 ESG（环境、社会和治理）努力，旨在表明其将遵循全球标准。中国矿业公司过去常常因进入外国提取矿产资源而受到批评，但在此之后却很少为当地居民和环境保护做出贡献。</p>
<p>&#34;我们非常重视 ESG，优先考虑矿山安全和绿色采矿倡议，充分融入当地社区，并遵循 ‘与当地利益相关者分享项目开发收益’ 的原则，&#34;该公司在招股说明书中表示。为了满足如此严格的条件，公司表示遵循国际标准，如联合国可持续发展目标，并&#34;将 ESG 理念深度融入整个企业发展过程，包括生态恢复和环境保护。&#34;</p>
<p><strong><em>Benzinga 免责声明：本文来自未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>

紫金矿业

<p>紫金黄金国际，作为紫金矿业的分拆公司，已启动其香港 IPO，目标筹集 32 亿美元。该公司报告称，2025 年上半年收入增长 43%，利润激增 143%。此次上市使紫金黄金与纽蒙特和巴里克等主要参与者并肩，旨在凭借其强劲的增长和对高环境、社会及治理（ESG）标准的承诺吸引全球投资者。该股票预计将在九月底首次亮相，增强其国际影响力和融资能力</p>

<p><em>The international gold spinoff from one of China's leading miners reported its revenue rose 43% in the first half of 2025, while its profit shot up 143%</em></p>
<div class="lb-trans"><p><em>中国领先矿业公司之一的国际黄金分拆公司报告称，2025 年上半年其收入增长了 43%，利润激增了 143%</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Zijin Gold International has launched its Hong Kong IPO, reporting strong revenue and profit growth in the first half of 2025</li>
<li>The international gold spinoff of one of China's leading miners aims to raise $3.2 billion from the listing, luring global investors with its strong growth and improving margins</li>
</ul>
<div class="lb-trans"><ul>
<li>紫金黄金国际已启动其香港 IPO，报告称 2025 年上半年收入和利润强劲增长</li>
<li>作为中国领先矿业公司之一的国际黄金分拆公司，旨在通过上市筹集 32 亿美元，凭借其强劲的增长和改善的利润率吸引全球投资者</li>
</ul>
</div><p>Coming soon to the Hong Kong Stock Exchange: The first international gold miner minted in China.</p>
<div class="lb-trans"><p>即将登陆香港证券交易所：中国首家国际黄金矿业公司。</p>
</div><p>After delivering world-class manufacturers in nearly every product class, the country often called the &#34;workshop to the world&#34; is getting ready to serve up its first such company to investors in the lucrative mineral resource sector. That company comes in the form of <strong>Zijin Gold International Co. Ltd.</strong>, which was recently spun off from one of China's leading miners and has filed for a separate listing in Hong Kong.</p>
<div class="lb-trans"><p>在几乎所有产品类别中交付世界级制造商后，这个常被称为 “世界工厂” 的国家正准备向投资者推出其在有利可图的矿产资源领域的首家公司。该公司是 <strong>紫金黄金国际有限公司</strong>，最近从中国领先的矿业公司之一分拆出来，并已申请在香港进行单独上市。</p>
</div><p>By spinning off its international gold mining arm, Zijin Mining (2899.HK; 601899.SH) seeks to create a pure-play gold company for global investors, positioning it alongside industry leaders such as <strong>Newmont</strong> (NEM.US) and <strong>Barrick</strong> (B.US). It hopes to lure those investors with its rapid expansion in recent years, including 43% revenue growth in the first half of 2025 and profits that more than doubled during that time.</p>
<div class="lb-trans"><p>通过分拆其国际黄金采矿部门，紫金矿业（2899.HK；601899.SH）旨在为全球投资者创造一家纯粹的黄金公司，将其与 <strong>纽蒙特</strong>（NEM.US）和 <strong>巴里克</strong>（B.US）等行业领导者并列。它希望通过近年来的快速扩张吸引这些投资者，包括 2025 年上半年收入增长 43% 和利润在此期间翻倍。</p>
</div><p>Part of that growth story is coming from booming gold prices, which are up 37% over the last 52 weeks and have risen by similar amounts over the last four years. But Zijin Gold also wants to show that it's outperforming the market through improving operational efficiencies as it hones its mining skills and takes advantage of its parent's rich resources and experience.</p>
<div class="lb-trans"><p>这一增长故事的一部分来自于黄金价格的飙升，过去 52 周上涨了 37%，在过去四年中也有类似的增长。但紫金黄金还希望展示其通过提高运营效率来超越市场，因为它磨练采矿技能并利用母公司的丰富资源和经验。</p>
</div><p>Equally important, the company wants to show it can adhere to high global standards for environment, social and governance, or ESG, which are closely followed by many investors. Following such standards is not only important for environmental protection, but also to show that companies can benefit the regions and communities where they mine, instead of simply digging out natural resources for processing and sale somewhere else.</p>
<div class="lb-trans"><p>同样重要的是，该公司希望展示其能够遵循高标准的全球环境、社会和治理（ESG）标准，这些标准受到许多投资者的密切关注。遵循这些标准不仅对环境保护至关重要，还表明公司能够惠及其采矿地区和社区，而不仅仅是挖掘自然资源以便在其他地方加工和销售。</p>
</div><p>Zijin Gold <strong>formally launched</strong> its IPO on Sept. 19, when it disclosed it plans to sell about 349 million shares for HK$71.59 apiece, which would raise roughly HK$25 billion ($3.21 billion). The stock is scheduled to make its trading debut at the end of September.</p>
<div class="lb-trans"><p>紫金黄金于 9 月 19 日 <strong>正式启动</strong> 其 IPO，披露计划以每股 71.59 港元出售约 3.49 亿股，预计筹集约 250 亿港元（32 亿美元）。该股票计划于 9 月底首次交易。</p>
</div><p>A Hong Kong listing would allow Zijin Gold to better benchmark itself against the likes of Newmont and Barrick, providing a new choice for investors among such global gold miners. It would also accelerate the company's internationalization, and boost its offshore financing capabilities to fund future project development as well as M&amp;A.</p>
<div class="lb-trans"><p>在香港上市将使紫金黄金能够更好地与纽蒙特和巴里克等公司进行基准比较，为投资者提供全球黄金矿业公司中的新选择。这也将加速公司的国际化，并增强其离岸融资能力，以资助未来的项目开发以及并购。</p>
</div><p>The company's parent, Zijin Mining, is one of world's top five miners globally in terms of resources, reserves and output. Gold accounts for nearly half of its revenue, though the parent company also produces copper, lithium and zinc at 30 projects across 17 countries. It first disclosed its intent to spin off its international gold assets in late April, and submitted its first formal listing application for Zijin Gold International in June.</p>
<div class="lb-trans"><p>公司的母公司紫金矿业在全球资源、储备和产量方面是全球前五大矿业公司之一。黄金几乎占其收入的一半，尽管母公司还在 17 个国家的 30 个项目中生产铜、锂和锌。它首次披露分拆国际黄金资产的意图是在 4 月底，并于 6 月提交了紫金黄金国际的首次正式上市申请。</p>
</div><p>An <strong>updated prospectus</strong>, submitted on Sept. 19, shows that Zijin Gold's revenue and profit growth in the first half of the year accelerated from gains that were already quite strong in the last three years. The company's 43% year-on-year revenue growth to $2 billion in the first half of 2025 marked an acceleration from the 32% growth for all of 2024. And its 143% profit growth to $520 million over that time also marked a big acceleration from its 109% growth for 2024.</p>
<div class="lb-trans"><p>9 月 19 日提交的 <strong>更新招股说明书</strong> 显示，紫金黄金在上半年的收入和利润增长加速，较过去三年的强劲增长进一步提升。该公司 2025 年上半年收入同比增长 43%，达到 20 亿美元，较 2024 年全年 32% 的增长有所加速。而其利润在此期间增长 143%，达到 5.2 亿美元，也较 2024 年 109% 的增长大幅加速。</p>
</div><p>Zijin Gold and its peers hope to benefit not only from booming demand for gold from individual consumers as a hedge against economic uncertainty, but also from the increasing use of gold as an important part of many central banks' asset reserves. It pointed out that central banks in emerging economies kept only about 8.9% of their asset reserves in gold at the end of last year – well below the 25.2% average for developed economies. &#34;This disparity highlights significant potential for increasing strategic reserves of gold among emerging countries,&#34; it said.</p>
<div class="lb-trans"><p>紫金黄金及其同行希望不仅能从个人消费者对黄金的强劲需求中受益，作为对经济不确定性的对冲，还能从越来越多的中央银行将黄金作为其资产储备的重要组成部分中获益。它指出，去年底新兴经济体的中央银行仅将约 8.9% 的资产储备存放在黄金中，远低于发达经济体 25.2% 的平均水平。“这种差异突显了新兴国家增加黄金战略储备的重大潜力，” 它表示。</p>
</div><h4><strong>Improving margins</strong></h4>
<div class="lb-trans"><h4><strong>改善利润率</strong></h4>
</div><p>Zijin Gold was a relatively late arrival to the global gold mining scene, only entering the arena in 2007 with its purchase of its Jilau/Taror gold mines in the Central Asian nation of Tajikistan. After that, it purchased stakes in another seven projects globally, including additional Central Asian assets in the nation of Kyrgyzstan; South American ones in Colombia, Suriname and Guyana; an African project in Ghana; and mines in the Oceania nations of Australia and Papua New Guinea. With the exception of Papua New Guinea, the company owns controlling stakes in all the projects, including its most recent acquisition in Ghana this year.</p>
<div class="lb-trans"><p>紫金黄金在全球黄金采矿领域相对较晚进入，直到 2007 年才通过收购塔吉克斯坦的吉劳/塔罗尔金矿进入该领域。此后，它在全球又收购了七个项目的股份，包括在吉尔吉斯斯坦的其他中亚资产；在哥伦比亚、苏里南和圭亚那的南美项目；在加纳的非洲项目；以及在澳大利亚和巴布亚新几内亚的海洋国家的矿山。除了巴布亚新几内亚外，该公司在所有项目中均拥有控股权，包括今年在加纳的最新收购。</p>
</div><p>It estimated its gold reserves at 1,176.2 metric tons as of June 30, ranking it ninth globally. It was also the world's 11th largest player in terms of gold production last year, according to third-party market data in the prospectus.</p>
<div class="lb-trans"><p>截至 6 月 30 日，它估计其黄金储量为 1176.2 公吨，全球排名第九。根据招股说明书中的第三方市场数据，它也是去年全球第 11 大黄金生产商。</p>
</div><p>The company pointed out that its late arrival to global gold mining meant that most of the world's best resources were already purchased and producing, leaving mostly subpar assets for new buyers. It said many of its acquisitions were underperforming mines with &#34;poor operational management or resource endowments not fully identified,&#34; with the result that many were losing money at the time of their purchase.</p>
<div class="lb-trans"><p>该公司指出，其在全球黄金采矿领域的晚到意味着世界上大多数最佳资源已经被购买并投入生产，留下的主要是次优资产供新买家选择。它表示，许多收购的矿山表现不佳，存在 “运营管理不善或资源禀赋未完全识别” 的问题，导致许多在收购时亏损。</p>
</div><p>Using its own expertise and expertise of its parent, the company was able to improve efficiency at those underperforming mines and make them operate more profitably. As a result, its Guyana Aurora Gold Mine, acquired in 2020, and Suriname Rosebel Gold Mine, acquired in 2023, both turned profitable within a year of being acquired, it said.</p>
<div class="lb-trans"><p>凭借自身的专业知识和母公司的专业知识，该公司能够提高这些表现不佳矿山的效率，使其更具盈利能力。因此，它表示，2020 年收购的圭亚那奥罗拉金矿和 2023 年收购的苏里南罗斯贝尔金矿在收购后一年内均实现盈利。</p>
</div><p>As it acquired new projects and its efficiency improved, the company's gold production rose at an average rate of 21.4% in the three years from 2022 to 2024. Its mining cost per ton has generally been falling from $38.70 in 2022 to $32.70 in the first half of this year, while its processing cost per ton has also fallen from $20.60 to $17.20 over that period.</p>
<div class="lb-trans"><p>随着新项目的获得和效率的提高，该公司的黄金产量在 2022 年至 2024 年的三年间平均增长率为 21.4%。其每吨采矿成本从 2022 年的 38.70 美元逐渐下降至今年上半年的 32.70 美元，而每吨加工成本也在此期间从 20.60 美元降至 17.20 美元。</p>
</div><p>As its operations improved, the company's gross margin has risen considerably over the last three years from 34.1% in 2022 to 46.5% in the first half of this year. That latest figure puts the company in a similar league with Newmont and Barrick, whose latest annual gross margins came in at 44.9% and 44.2%, respectively.</p>
<div class="lb-trans"><p>随着运营的改善，该公司的毛利率在过去三年中显著上升，从 2022 年的 34.1% 上升至今年上半年的 46.5%。这一最新数据使该公司与纽蒙特和巴里克处于同一水平，后者最新的年毛利率分别为 44.9% 和 44.2%。</p>
</div><p>While operational efficiency is important, Zijin Gold also spent considerable space in its prospectus discussing its ESG efforts, aiming to show it will adhere to global standards. Chinese mining companies have often been criticized in the past for going into foreign countries to extract their mineral wealth, but then doing very little otherwise to benefit local populations and protect the environment.</p>
<div class="lb-trans"><p>虽然运营效率很重要，但紫金矿业在其招股说明书中也花费了相当大的篇幅讨论其 ESG（环境、社会和治理）努力，旨在表明其将遵循全球标准。中国矿业公司过去常常因进入外国提取矿产资源而受到批评，但在此之后却很少为当地居民和环境保护做出贡献。</p>
</div><p>&#34;We place significant emphasis on ESG by prioritizing mine safety and green mining initiative, fully integrating into local communities, (and) adhering to the principle of ‘sharing project development benefits with local stakeholders'&#34; it said in the prospectus. To meet such strict conditions, the company said it complies with international standards such as United Nations Sustainable Development Goals, and &#34;deeply integrates ESG concepts into the entire corporate development process,&#34; including ecological restoration and environmental protection.</p>
<div class="lb-trans"><p>&#34;我们非常重视 ESG，优先考虑矿山安全和绿色采矿倡议，充分融入当地社区，并遵循 ‘与当地利益相关者分享项目开发收益’ 的原则，&#34;该公司在招股说明书中表示。为了满足如此严格的条件，公司表示遵循国际标准，如联合国可持续发展目标，并&#34;将 ESG 理念深度融入整个企业发展过程，包括生态恢复和环境保护。&#34;</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>
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紫金矿业为全球黄金投资者带来新的投资亮点