<div id="readability-page-1"><div><p>From its roots in China’s mining heartlands, Zijin Mining rises as a global titan in metals, reigning among the world's top producers of gold, copper, and zinc with over 30 major operations spanning 19 countries across five continents. Harnessing in-house R&amp;D, the company drives peak efficiency and rock-bottom costs in acquisitions and ops, fueling unmatched value creation.</p><p> True to its roots, Zijin Mining's global engine roared into November with breakthroughs: Zijin Hydrogen Power unveiled China's grandest ammonia-to-hydrogen refueling station in Foshan, churning out 1,000 kg of clean fuel daily while slashing costs by 40%. Mid-month, Serbia Zijin Copper transformed 4 million sqm of desolate tailings into lush greenery for USD 37m, curbing erosion and reviving biodiversity.</p><p> The finale? Zijin christened Golden Voyage No.1, a mighty 70-meter, 2,000-tonne vessel on Lake Tanganyika, supercharging African logistics and prosperity.</p><h2> Ore-spiring growth</h2><p> Integrating data into the story, over 9M 25, revenue climbed to RMB 254.2bn, up 10.3% y/y, powered by higher mine output: gold, copper, and silver volumes rose 20%, 5%, and 1% to 65 tonnes, 830,000 tonnes, and 335 tonnes, respectively, versus a year earlier. Backed by this strong top-line, net profit surged to RMB 37.9bn, a 55.5% y/y jump, driven by a 540bp rise in gross margin to 24.9%.</p><p> These gains crown a year of relentless execution. Since early 2025, the company has closed four major acquisitions, the Akyem Gold Mine in Ghana, control of Zangge Mining, the Shapingou Molybdenum Mine in Anhui, and the Raygorodok Gold Mine in Kazakhstan, lifting gold, copper, lithium, and molybdenum reserves to new highs and adding strategic potassium resources, with the two gold mines already feeding production and profit.</p><p> Over the same period, construction on flagship growth engines, the Julong and Zhunuo copper mines and the Manono lithium project advanced steadily, with Phase 2 of Julong on track to be completed and onstream by end-2025.</p><p> Zijin Mining is forging an epic growth path. By 2028, copper output is targeted to rocket from 1 million tonnes in 2023 to 1.6 million tonnes, locking in its 65% dominance of China's supply. Gold production is expected to be 100-110 tonnes, lithium is set to rise from 3,000 to 300,000 tonnes, with silver and molybdenum steadily rising to over 700 tonnes, propelling Zijin to rule core metals and energize the green transition.</p><h2> Double or nothing? done.</h2><p> This stellar run and upbeat outlook have nearly doubled the share price: up 108.2% over the year and lifted market capitalization to RMB 819bn. The stock now trades at 13.8x P/E based on estimated 2026 earnings, just below its five-year average of 14.8x, signalling that, despite the rally, it is not expensive versus its own history. The modest discount reflects powerful earnings growth, with price still lagging the strengthened fundamentals.</p><p> At the same time, the company has kept shareholder rewards flowing, delivering a roughly 2% dividend yield and aiming to hold payouts above that level in the years ahead. Analyst sentiment has swung decisively bullish: all 20 covering analysts rate the stock a “Buy,” pinning a target price of RMB 35 and implying a further 12.8% upside.</p><h2> Profit oredeal, risks lurk</h2><p>Zijin Mining’s story is still being written in bold strokes. A 55% profit surge, near-doubling share price, and bulging copper and lithium pipeline place it at the heart of the green transition. Yet no titan marches unchallenged: volatile metal prices, geopolitical flashpoints from Africa to Central Asia, environmental scrutiny, and execution risk on mega-projects could all test its mettle. If Zijin can navigate these fault lines, its next chapter may be its most powerful yet.</p></div></div>

紫金矿业

<p>紫金矿业作为全球领先的黄金、铜和锌生产商，报告显示其收入增长 10.3%，达到 2542 亿元人民币，净利润激增 55.5%，达到 379 亿元人民币，这得益于矿产产量的提高和战略收购。该公司计划到 2028 年将铜产量提升至 160 万吨。其股价在一年内上涨了 108.2%，分析师给予其 “买入” 评级，目标上涨幅度为 12.8%。尽管面临金属价格波动和地缘政治风险等挑战，紫金矿业在绿色转型的核心位置上</p>

紫金矿业如何将岩石转化为丰厚的回报