Zijin Mining Group (2899) Q2 2026 earnings summary

Executive summary

• Achieved record financial and operational results in H1 2026, with operating income of RMB194.18 billion (up 15.78% YoY) and net profit attributable to owners of RMB39.17 billion (up 68.17% YoY), despite volatile commodity prices and geopolitical risks.

• Net cash flows from operating activities rose 92% to RMB55.47 billion, and profit before tax surged 84.05% to RMB63.49 billion.

• Advanced global expansion and resource acquisition, including major deals in gold, copper, lithium, and tungsten.

• Enhanced ESG practices, corporate governance, and employee incentive mechanisms, with increased focus on sustainability and social responsibility.

• Total assets reached RMB541.35 billion, and the debt-to-asset ratio improved to 49.55%.

Financial highlights

• Operating income reached RMB194.18 billion, up 15.78% year-over-year.

• Net profit was RMB49.81 billion, up 74% year-over-year; net profit attributable to owners of the parent was RMB39.17 billion, up 68%.

• Net cash flows from operating activities were RMB55.47 billion, up 92% year-over-year.

• Gross profit margin rose to 37.75% (up 14 percentage points), with mining gross margin at 69.34%.

• Interim dividend of RMB11.1 billion declared, with total dividends for the year surpassing RMB20 billion.

Outlook and guidance

• Expects continued volatility in metal prices due to geopolitical and macroeconomic factors.

• Maintains focus on gold, copper, and lithium as core growth drivers, with ongoing expansion in strategic metals.

• Targets further production increases and cost optimization, leveraging digital transformation and technological innovation.

• Advancing major projects in gold, copper, lithium, and molybdenum, with several expansions and new mines expected online by end-2026.

• New policy to raise payout ratio to 35% of profits over three years.