According to a research report published by Goldman Sachs, Zijin Mining's net profit for the third quarter was 18.4 billion yuan, or 0.69 yuan per share, up 26% year on year; after excluding one-time income, recurring net profit was 18 billion yuan, up 42% year on year. Recurring net profit for the first nine months was $56.8 billion, equivalent to 70% to 71% of the bank's full-year forecast and market expectations, which was roughly in line with expectations. The gross profit of the gold mining business fell short of expectations, mainly hampered by lower production than expected, weak gold prices and higher unit costs; the gross profit of the copper mining business was better than expected, benefiting from stronger than expected copper prices and lower unit costs. Goldman Sachs expects Zijin Mining's compound recurring profit growth rate to reach 22% from 2026 to 2028, driven by rising gold and copper prices and production growth, and expects the year-on-year increase in copper production to accelerate again to 9% in 2027. The bank lowered its 2026-2028 profit forecast by 2%, 1% and 5%, respectively, to maintain a “buy” rating, put it on the confidence list, and lowered the target price from HK$51 to HK$48.

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