Zijin Mining Group (2899) Q4 2025 earnings summary

Executive summary

• Achieved record highs in gold, copper, and lithium output, with revenue of ¥349.1B, up 15% year-over-year, and net profit attributable to shareholders of ¥51.8B, up 62%.

• Major acquisitions included Akyem Gold Mine (Ghana), Raygorodok Gold Mine (Kazakhstan), and control of Tibet Zangge Mining, expanding global resource base.

• Completed the largest-ever IPO in the global gold mining sector with the spin-off of Zijin Gold International in Hong Kong, raising HK$28.7B.

Financial highlights

• Revenue: ¥349.1B (+15% YoY); EBITDA: ¥101.4B (+60% YoY); Net profit: ¥63.8B (+62% YoY); Net profit attributable to shareholders: ¥51.8B (+62% YoY).

• Total assets: ¥512.0B (+29% YoY); Net assets attributable to shareholders: ¥185.5B (+33% YoY).

• Operating cash flow: ¥75.4B (+54% YoY); EPS: ¥1.95 (+61% YoY); Dividend payout: ¥16.0B (including interim and proposed final dividend).

• Gross margin: 27.7% (up 7.4pp YoY); Mining product margin: 61.6%.

Outlook and guidance

• 2026 production targets: 105t gold, 1.2Mt copper, 520t silver, 120kt LCE lithium, 400kt zinc/lead, 15kt molybdenum.

• Strategic focus on scaling up gold, copper, and lithium output, with major projects in Serbia, Congo, Tibet, and Argentina to drive growth.

• By 2028, aim for top 3 global ranking in copper and gold output; by 2035, target global leadership in key metrics.