Zijin Mining Group (2899) Q2 2026 earnings summary

Executive summary

• Operating income for H1 2026 reached RMB194.18 billion, up 15.78% year-over-year, with net profit attributable to owners at RMB39.17 billion, up 68.17% year-over-year.

• Profit before tax surged 84.05% to RMB63.49 billion, and net cash flows from operating activities rose 92% to RMB55.47 billion.

• Total assets grew to RMB541.35 billion, and net assets attributable to owners increased to RMB205.87 billion.

• The debt-to-asset ratio improved to 49.55%, falling below 50% for the first time since 2012.

Financial highlights

• Operating costs decreased by 5.47% year-over-year, while taxes and surcharges rose 67.48%.

• Gross profit margin increased to 37.75% (up 14 percentage points), with mining enterprises' margin at 69.34%.

• Basic EPS was RMB1.473, up from RMB0.877 in H1 2025.

• EBITDA to total debts ratio improved to 0.275, and interest coverage ratio rose to 26.95.

Outlook and guidance

• The company aims for leaping growth in major indicators by 2035, with a focus on gold, copper, and lithium.

• Interim dividend of RMB4.20 per 10 shares was declared, with a cumulative annual dividend exceeding RMB20 billion for the first time.

• The company is advancing major projects in gold, copper, lithium, and molybdenum, with several expansions and new mines expected online by end-2026.