Zijin Mining Group (2899) Q3 2025 earnings summary

Executive summary

• Operating income for Jan–Sep 2025 reached RMB254.2 billion, up 10.33% year-over-year; net profit attributable to owners was RMB37.86 billion, up 55.45% year-over-year.

• Significant growth driven by increased production of gold (+20%) and copper (+5%), successful acquisitions, and higher metal prices.

• Gross profit margin of mining enterprises rose to 60.62% (+2.91pp), and overall gross margin to 24.93% (+5.40pp) year-over-year.

Financial highlights

• Q3 2025 operating income was RMB86.49 billion, up 8.14% year-over-year but down 2.58% sequentially.

• Q3 net profit attributable to owners was RMB14.57 billion, up 57.14% year-over-year and up 11.02% sequentially.

• Net cash flows from operating activities for Jan–Sep 2025 were RMB52.11 billion, up 44.31% year-over-year.

• Basic EPS for Jan–Sep 2025 was RMB1.425, up 54.39% year-over-year.

Outlook and guidance

• Gold production exceeded annual plan, with new contributions from Akyem (Ghana), Sawaya'erdun (Xinjiang), and other mines.

• Copper production impacted by flooding at Kamoa-Kakula (DR Congo), with recovery efforts underway.

• Lithium segment ramping up, with Tres Quebradas (Argentina) starting production and Xiangyuan (Hunan) to begin trial in Q4.