Zijin Mining Group (2899) Q4 2025 earnings summary

Executive summary

• Operating income reached RMB349.08 billion, up 14.96% year-over-year, with net profit attributable to owners at RMB51.78 billion, up 61.55% year-over-year.

• Record output in gold, copper, and lithium; major acquisitions included Zangge Mining, Akyem Gold Mine, and Raygorodok Gold Mine.

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

• Total assets rose to RMB512.0 billion, net assets attributable to owners increased to RMB185.54 billion.

Financial highlights

• EBITDA reached RMB101.36 billion, up 60.27% year-over-year.

• Profit before tax was RMB80.75 billion, up 67.96% year-over-year.

• Net cash flows from operating activities were RMB75.43 billion, up 54% year-over-year.

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

• Final cash dividend proposed at RMB3.8 per 10 shares; total cash dividends for the year reached RMB15.95 billion.

Outlook and guidance

• 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 focus on increasing production, cost control, and digital transformation.

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