JPMorgan has released a research report, noting that the financial performance of Zijin Mining (HKG: 2899) and Zijin Gold Intl (HKG: 2259) fell short of expectations. This underperformance is primarily attributed to declining gold prices, a gold and copper production achievement rate below 50% of targets, and more pronounced impacts from cost inflation. The report anticipates a mild to negative near-term stock price reaction, believing investor focus will remain on commodity price trends and interest rate decisions. The firm maintains an "Overweight" rating, setting a target price of HK$50 for Zijin Mining and HK$170 for Zijin Gold Intl, and continues to list Zijin Mining as its preferred sector pick.

Zijin Mining issued an interim profit alert, forecasting second-quarter core profit attributable, excluding non-recurring items, of approximately RMB 19.4 billion, representing a sequential increase of 5%. This figure is below the bank's expectation of RMB 21.5 billion. First-half core profit is estimated at around RMB 37.9 billion, reaching about 48% of the market's full-year forecast and slightly below the bank's projections. Separately, Zijin Gold Intl's interim profit alert indicated a forecasted second-quarter profit increase of 67% year-on-year to approximately US$590 million, which also fell short of the bank's US$830 million expectation.