On the evening of March 20, Zijin Mining Group officially released its 2025 financial results. The report indicates the company achieved operating revenue of 349.079 billion yuan, a 15% increase compared to the previous year. Net profit attributable to shareholders of the listed company reached 51.777 billion yuan, surging 62% year-on-year, marking the best performance in the company's history and equivalent to the total net profit of the preceding two years combined. The company ranked first nationally in both gold and copper production output.
In the annual report, Zijin Mining's new Chairman, Zou Laichang, stated that amidst a complex and volatile global situation, with supply chains and industrial chains facing multiple risks and challenges, the fundamental importance of the mining industry is being recognized anew. Disorder in the global governance system has driven a significant rise in gold prices, while expectations of worsening supply-demand imbalances support high copper prices. The energy transition is fueling demand expansion for critical metals such as lithium.
He emphasized that Zijin Mining adheres to a "resources-first" strategy. By combining targeted acquisitions with independent exploration, the company has built a rich portfolio of world-class mineral resources. It currently holds total resources exceeding 4,600 tons of gold, approximately 110 million tons of copper, over 12 million tons of zinc (lead), and over 18 million tons of lithium carbonate equivalent, solidifying a strong foundation for sustainable development.
This impressive performance was underpinned by a powerful combination of increased volume and higher prices. Gold and copper, the core businesses of Zijin Mining, experienced a "golden era" in the market during 2025. Data shows that Zijin Mining's gold production reached 90 tons in 2025, a substantial increase of 23.5% year-on-year, ranking among the top growth rates globally for mining companies. Copper production stabilized above the one-million-ton mark for the third consecutive year, reaching 1.09 million tons, exceeding the annual target and growing 2% year-on-year. The company ranked first nationally for both production volumes.
In terms of contribution to performance, gold and copper, the two main products, accounted for over 70% of Zijin Mining's total revenue last year. Specifically, gold business sales revenue constituted 44.43% of the reporting period's operating revenue (post-elimination), contributing 40.89% to the group's gross profit. Copper business sales revenue constituted 27.62% of the reporting period's operating revenue (post-elimination), contributing 34.49% to the group's gross profit.
Beyond the traditional pillars of gold and copper, Zijin Mining's lithium segment has begun to take shape. To strengthen this segment, the company acquired Zangge Mining for over 13.7 billion yuan that year, marking the first major M&A deal on the A-share market in 2025. By the end of the reporting period, Zangge Mining's stock price had reached 241% of the acquisition price. During the reporting period, Zijin Mining produced 25,500 tons of lithium carbonate equivalent.
In September last year, Zijin Gold International Limited, a subsidiary of Zijin Mining, was officially listed on the Main Board of The Stock Exchange of Hong Kong Limited. It issued 401 million shares at HK$71.59 per share, raising a total of approximately HK$28.7 billion. This set records for the largest IPO globally in the gold mining industry to date, the largest overseas IPO by a Chinese mining enterprise, and the world's second-largest IPO in 2025.
It is noteworthy that following the voluntary handover by Chen Jinghe, often referred to as the "Gold King of China," Zijin Mining has entered a new phase of development and has formally initiated a new cycle of global expansion.
Chairman Zou Laichang pointed out that Zijin Mining has added a "production ramp-up" dimension to its overall work guidelines. This means fully leveraging the current opportunity of high metal prices to accelerate the efficient conversion of resource advantages into economic and social benefits. The company aims to "exceed expectations" in completing, commissioning, and achieving designed capacity and efficiency for major incremental projects, speed up the release of production capacity for key minerals, and cultivate a new batch of significant growth drivers.