Single-Quarter Performance Hits Record High, High Copper and Gold Ore Production and Prices Rise Together, Zijin Mining Group's Q1 Net Profit Exceeds 10 Billion Yuan

Benefiting from factors such as the simultaneous increase in the volume and price of gold, copper, and other mineral products, Zijin Mining Group (601899.SH) achieved a net profit exceeding 10 billion yuan in Q1 2025, marking the company's best quarterly performance in history.

On the evening of the 11th, Zijin Mining released its Q1 report, showing that the company's revenue reached 78.928 billion yuan, up 5.55% YoY; net profit attributable to the parent company was 10.167 billion yuan, up 62.39% YoY; and non-GAAP net profit was 9.881 billion yuan, up 58.76% YoY.

Notably, this is the first time in the company's history that its quarterly net profit has exceeded 10 billion yuan, accounting for approximately one-third of the full-year net profit of about 32 billion yuan in the previous year.

Regarding the reasons for the Q1 performance changes, Zijin Mining stated that it was mainly due to the steady improvement in the company's production and operation management capabilities, leading to increased production of major mineral products. Additionally, the company's ability to analyze the metal market has further improved, allowing it to fully benefit from the rising metal prices.

In terms of production, from January to March 2025, the company's gold production increased by 13% YoY to 19,065 kg, silver production from mines remained basically flat YoY at 104,209 kg, copper production increased by 9% YoY to 287,571 mt, and zinc production decreased by 10% YoY to 88,215 mt. The gross profit margin of mining enterprises was 59.94%, up 5.44 percentage points YoY.

The strong performance of non-ferrous metals, represented by gold and copper, was one of the key factors contributing to the company's impressive Q1 results. According to Choice data, the average price of Au9999 on the Shanghai Gold Exchange from January to March 2025 was 671.26 yuan per gram, up 37.22% YoY.

Notably, in the gold sector, according to the company's 2025 plan, gold production is expected to increase from 73 mt last year to 85 mt. The company believes that this target is supported by mature production projects such as the Rosebel and Aurora gold mines, which are undergoing technological transformation to enhance capacity, as well as the Akyem gold mine in Ghana, which is accelerating its handover, and the Haixia gold mine, which is under rapid construction.

It is worth mentioning that on the evening of the previous day, Zijin Mining announced that as of April 10, 2025, the company had completed its share repurchase plan, with a total of 64.316 million shares repurchased, accounting for 0.24% of the total shares. The highest repurchase price was 16.70 yuan per share, the lowest was 15.20 yuan per share, and the average repurchase price was 15.55 yuan per share, with a total repurchase amount of 999.89 million yuan. The company announced on the morning of April 8 that it plans to repurchase shares worth 600 million to 1 billion yuan.