Zijin Mining Group Co Ltd Reports Strong Q3 Performance Amid Bullish Gold Outlook

Zijin Mining Group Co Ltd (02899.HK) released its third‑quarter earnings on 22 October 2025, posting a significant uptick in both revenue and net profit. According to a research note from CICC, the company’s 1‑3Q25 revenue rose 10.33 % year‑over‑year to RMB 254.2 billion, while net profit attributable to shareholders surged 55.45 % to RMB 37.864 billion. These figures exceed market expectations and reinforce the company’s momentum in the metals and mining sector.

Market Reaction and Analyst Adjustments

The market responded positively, with the stock trading around HKD 31.76 on the Hong Kong Stock Exchange—close to the 52‑week high of HKD 36.92 observed earlier in October. Following the earnings release, CICC lifted its target price to HKD 40, citing the company’s robust cash flow generation and its ability to sustain higher gross margins in a cost‑controlled environment. Similarly, Jefferies upgraded its target to HKD 38.1, projecting that Zijin will deliver guidance‑beating gold production across the full year.

HSBC Research has also issued a bullish stance on the broader Chinese gold industry, forecasting a surge in gold prices through the first half of 2026. In its outlook, HSBC highlighted Zijin’s superior cost‑control capabilities compared with peers such as Zijin Gold International (02259.HK), underscoring the company’s competitive edge in a tightening cost environment.

Operational Highlights

Zijin Mining remains a diversified metals producer, with significant operations in gold, copper, zinc, and iron. The company’s recent financials illustrate that its mining and trading activities are performing well, with a clear focus on maintaining operational efficiency. While the news release does not disclose specific mine‑level data, the overall revenue growth indicates that both upstream exploration and downstream trading are contributing positively to the bottom line.

Governance and Corporate Actions

On 24 October 2025, Zijin Mining’s Board of Directors passed a resolution, details of which were filed with the Hong Kong Exchange. Although the resolution’s content was not elaborated upon in the press release, such board actions typically signal strategic initiatives or capital allocation decisions that could influence the company’s future trajectory.

Forward‑Looking Perspective

With the global gold market expected to rally and Zijin’s cost structure appearing resilient, the company is positioned to capitalize on price upside while maintaining healthy profitability. Analysts anticipate that Zijin’s guidance‑beating production figures will further support the upward revision of its share price, as reflected in the recent target price adjustments by CICC and Jefferies.

Investors should monitor the company’s upcoming guidance for 2025, particularly any updates on mine development timelines and capital expenditures, as these factors will be critical in sustaining the current earnings momentum.