Zijin Mining Group (2899) Q4 2025 earnings summary

Executive summary

• Achieved strong growth in 2025 with revenue up 15% year-over-year and net profit up 62% year-over-year, driven by higher production and prices in key minerals.

• Operating income reached RMB349.08 billion, with net profit attributable to owners at RMB51.78 billion.

• Maintained top global positions in gold, copper, and zinc production, with significant expansion in lithium and other minerals.

• Zijin Gold International was spun off and listed, raising HKD28.7 billion, marking the largest IPO in global gold mining.

• Continued strategic investments, project ramp-ups, and major acquisitions in gold, copper, and lithium, supporting future growth.

Financial highlights

• Revenue increased 15% year-over-year; EBITDA reached RMB101.36 billion, up 60% year-over-year; profit before tax up 68% year-over-year.

• Net profit attributable to owners grew 62% year-over-year; EPS up 61% year-over-year.

• Operating cash flow and total assets both showed robust year-over-year growth; net cash flows from operating activities were RMB75.43 billion, up 54%.

• Cash dividend increased 58% year-over-year; total cash dividends for the year reached RMB15.95 billion.

• Debt-to-asset ratio improved to 51.56% from 55.19% last year.

Outlook and guidance

• Production guidance for 2026–2028 targets continued double-digit CAGR in gold, copper, silver, and lithium.

• 2026 production targets: 105 tonnes gold, 1.2 million tonnes copper, 120,000 tonnes lithium carbonate equivalent, 400,000 tonnes zinc (lead), 15,000 tonnes molybdenum.

• Strategic plan aims for leapfrog growth by 2035, focusing on green, high-tech, and global leadership.

• By 2028, aims to rank top 3 globally in mine-produced copper and gold output.

• Key work measures for 2026 include strengthening resource base, expanding lithium, and digital transformation.