Goldman Sachs has issued a research report maintaining its "Buy" rating on Zijin Mining (02899, 601899.SH), with an unchanged 12-month target price of HK$52 for its H-shares and RMB 50 for its A-shares. The investment bank raised its profit forecasts for Zijin Mining by 3% to 7% for the current and next fiscal years, primarily reflecting the global commodities team's updated copper price projections and the company's 2025 performance. Goldman Sachs anticipates that rising gold and copper prices, combined with production growth, will drive a 55% increase in Zijin's recurring net profit to RMB 78.9 billion in 2026.

The report noted that Zijin Mining achieved a net profit of RMB 51.8 billion for the 2025 fiscal year, with earnings per share (EPS) of RMB 1.95, representing year-on-year growth of 62% and 60%, respectively, in line with prior profit alerts. Excluding one-time items such as fair value gains and exchange losses, recurring net profit was RMB 50.9 billion, up 56% year-on-year, meeting both the bank's and market expectations. The company declared a full-year dividend of RMB 0.6 per share, with a payout ratio of approximately 31%, remaining broadly stable compared to the previous year.

Goldman Sachs also raised its gross profit forecasts for mined gold by 2% to 3% for the current and next years, reflecting lower sales costs reported in the 2025 results. The bank projects Zijin's mined gold production to increase by 12% in 2026, while unit sales costs for mined gold are expected to rise by 6% year-on-year. Additionally, gross profit forecasts for mined copper were adjusted upward by 0% to 15% for the current and next years, accounting for the global commodities team's revised higher copper price assumptions, partially offset by higher sales costs indicated in the 2025 performance. Zijin's copper production is forecast to grow by 7% in 2026, with unit sales costs for mined copper anticipated to increase by 4% year-on-year.