<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>

紫金礦業

<p>紫金礦業作為全球領先的黃金、銅和鋅生產商，報告顯示其收入增長 10.3%，達到 2542 億元人民幣，淨利潤激增 55.5%，達到 379 億元人民幣，這得益於礦產產量的提高和戰略收購。該公司計劃到 2028 年將銅產量提升至 160 萬噸。其股價在一年內上漲了 108.2%，分析師給予其 “買入” 評級，目標上漲幅度為 12.8%。儘管面臨金屬價格波動和地緣政治風險等挑戰，紫金礦業在綠色轉型的核心位置上</p>

紫金礦業如何將岩石轉化為豐厚的回報