2026 04 / 27 2026 / 04 / 27 2025 Annual Report pdf

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# 2026 04 / 27 2026 / 04 / 27 2025 Annual Report pdf

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# 2026 04 / 27 2026 / 04 / 27 2025 Annual Report pdf
ZIJIN MINING GROUP COMPANY LIMITED*
(a joint stock limited company incorporated in the People’s Republic of China with limited liability)
(A Share Stock Code : 601899 H Share Stock Code : 2899)
2025 Annual Report Providing the Materials that Improve
Standards of Living in a Low Carbon Future
Annual Report 2025
Mining for a Better Society
Annual Report 2025
For more details, please visit our official website
Chinese : www.zjky.cn
English : www.zijinmining.com
Spanish : es.zijinmining.com
French : fr.zijinmining.com
Russian : ru.zijinmining.com
Official Website WeChat Facebook
Akyem Gold Mine in Ghana
* For identification purpose only
Our Purpose
Mining for a Better Society
Our Goal
To Be a Green, High-tech,
Leading Global Mining Company
Zijin Spirit
Perseverance,
Entrepreneurship, Innovation
Lakkor Tso Salar in Tibet
CONTENTS
2 Corporate Information
5 Financial Highlights
7 Chairman’s Statement
10 Executive Summary
16 Brief Biography of Directors, Senior Management
and Company Secretaries
24 Resources and Reserves
34 Operations
45 Management Discussion and Analysis
87 Report of the Directors
126 Sustainability
133 Corporate Governance Report
169 Auditor’s Report
174 Consolidated Statement of Financial Position
177 Consolidated Statement of Profit or Loss
179 Consolidated Statement of Changes in Equity
181 Consolidated Statement of Cash Flows
183 Company Statement of Financial Position
185 Company Statement of Profit or Loss
186 Company Statement of Changes in Equity
188 Company Statement of Cash Flows
190 Notes to the Financial Statements
407 Definitions
Bor Copper Mine in Serbia
2 ZIJIN MINING GROUP CO., LTD. ANNUAL REPORT 2025
Corporate Information
(English translation is for reference only. In the case of any discrepancies, the Chinese version shall prevail.)
EXECUTIVE DIRECTORS NOMINATION AND REMUNERATION
COMMITTEE
Zou Laichang (Chairman (appointed as the chairman on
31 December 2025, previously the vice-chairman and Wu Xiaomin (Chief officer (appointed as a member on
president)) 10 January 2025 and as the chief officer on
Lin Hongfu (Vice-chairman and president (appointed as the 31 December 2025))
vice-chairman and president on 31 December 2025))
Lin Shoukang (Deputy officer (appointed on 31 December
Xie Xionghui
Wu Jianhui 2025))
Shen Shaoyang (appointed on 31 December 2025) Bo Shao Chuan
Zheng Youcheng (appointed on 31 December 2025) Hong Bo (appointed on 31 December 2025)
Wu Honghui (appointed on 31 December 2025) Li Jian
Chen Jinghe (resigned on 31 December 2025, previously the Zou Laichang (appointed on 31 December 2025)
chairman) He Fulong (resigned on 31 December 2025, previously the
Lin Hongying (resigned on 31 December 2025) chief officer)
Suen Man Tak (resigned on 31 December 2025)
NON-EXECUTIVE DIRECTOR Chen Jinghe (resigned on 31 December 2025)
Li Jian STRATEGIC AND SUSTAINABLE
DEVELOPMENT (ESG) COMMITTEE
INDEPENDENT NON-EXECUTIVE
DIRECTORS Zou Laichang (Chief officer (appointed as the chief officer
on 31 December 2025, previously the deputy officer))
Wu Xiaomin (Lead independent Director (appointed as the
Lin Hongfu (Deputy officer (appointed as the deputy officer
lead independent Director on 31 December 2025))
Bo Shao Chuan on 31 December 2025, previously a member))
Lin Shoukang (appointed on 31 December 2025) Wang Anjian (Deputy officer (appointed on 31 December
Qu Xiaohui (appointed on 31 December 2025) 2025))
Hong Bo (appointed on 31 December 2025) Bo Shao Chuan
Wang Anjian (appointed on 31 December 2025) Lin Shoukang (appointed on 31 December 2025)
He Fulong (resigned on 31 December 2025, previously the Li Jian
convener of independent Directors) Xie Xionghui
Li Changqing (resigned on 31 December 2025) Wu Jianhui
Suen Man Tak (resigned on 31 December 2025) Shen Shaoyang (appointed on 31 December 2025)
Mao Jingwen (resigned on 31 March 2025)
Zheng Youcheng (appointed on 31 December 2025)
Wu Honghui (appointed on 31 December 2025)
SUPERVISORS Chen Jinghe (resigned on 31 December 2025, previously the
chief officer)
Lin Shuiqing (resigned on 31 December 2025)
He Fulong (resigned on 31 December 2025)
Liu Wenhong (resigned on 31 December 2025)
Cao Sanxing (resigned on 31 December 2025) Mao Jingwen (resigned on 31 March 2025)
Qiu Shujin (resigned on 31 December 2025)
Lin Yan (resigned on 31 December 2025)
EXECUTION AND INVESTMENT
COMMITTEE
Zou Laichang (Chief officer (appointed as the chief officer
on 31 December 2025, previously the deputy officer))
Lin Hongfu (Deputy officer (appointed as the deputy officer
on 31 December 2025, previously a member))
Xie Xionghui
Wu Jianhui
Shen Shaoyang (appointed on 31 December 2025)
Zheng Youcheng (appointed on 31 December 2025)
Wu Honghui (appointed on 31 December 2025)
Chen Jinghe (resigned on 31 December 2025, previously the
chief officer)
Lin Hongying (resigned on 31 December 2025)
ZIJIN MINING GROUP CO., LTD. ANNUAL REPORT 2025 3
Corporate Information (continued)
(English translation is for reference only. In the case of any discrepancies, the Chinese version shall prevail.)
AUDIT AND SUPERVISION COMMITTEE AUDITOR
(Audit and Internal Control Committee prior to
31 December 2025) PRC Auditor:
Deloitte Touche Tohmatsu Certified Public Accountants LLP
Qu Xiaohui (Chief officer (appointed on
31 December 2025))
Zheng Youcheng (Joint chief officer (appointed on HONG KONG H SHARE REGISTRAR AND
31 December 2025)) TRANSFER OFFICE
Wu Xiaomin (previously the deputy officer prior to
31 December 2025) Computershare Hong Kong Investor Services Limited
Bo Shao Chuan Shops 1712–1716, 17th Floor, Hopewell Centre
Lin Shoukang (appointed on 31 December 2025) 183 Queen’s Road East, Wanchai, Hong Kong
Hong Bo (appointed on 31 December 2025)
Li Changqing (resigned on 31 December 2025, previously
the chief officer) WEBSITE
He Fulong (resigned on 31 December 2025)
Suen Man Tak (resigned on 31 December 2025) www.zjky.cn
AUTHORISED REPRESENTATIVES STOCK CODE
Zou Laichang (appointed on 8 January 2026) Hong Kong Stock Exchange: 02899
Xie Xionghui Shanghai Stock Exchange: 601899
Chen Jinghe (resigned on 31 December 2025)
JOINT COMPANY SECRETARIES
(HONG KONG)
Zhang Yan
Ho Kin Wai
LEGAL ADDRESS AND PRINCIPAL PLACE
OF BUSINESS IN THE PRC
1 Zijin Road, Shanghang County, Fujian Province, the PRC
PRINCIPAL PLACE OF BUSINESS
IN HONG KONG
Unit 7503A, Level 75, International Commerce Centre
1 Austin Road West, Kowloon, Hong Kong
LEGAL CONSULTANT OF THE COMPANY
(HONG KONG LAWS)
DeHeng Law Offices (Hong Kong) LLP
4 ZIJIN MINING GROUP CO., LTD. ANNUAL REPORT 2025
Corporate Information (continued)
(English translation is for reference only. In the case of any discrepancies, the Chinese version shall prevail.)
GENERAL
Zijin Mining Group Company Limited* (formerly known as Fujian Zijin Mining Industry Company Limited*) was incorporated
on 6 September 2000 with the approval of the People’s Government of Fujian Province as a joint stock limited company in
the PRC by Minxi Xinghang State-owned Assets Investment Company Limited, Shanghang County Jinshan Trading Company
Limited, Xinhuadu Industrial Group Company Limited, Fujian Xinhuadu Engineering Company Limited, Xiamen Hengxing
Group Company Limited, Fujian Xinhuadu Department Store Company Limited, Fujian Gold Group Company Limited and
Fujian Minxi Geologist as its promoters.
The Company’s H Shares were listed on the Hong Kong Stock Exchange on 23 December 2003. The Company was the
first Mainland gold production enterprise listed overseas. The Company’s A Shares were listed on the Shanghai Stock
Exchange on 25 April 2008. The nominal value of the Company’s shares is RMB0.1 each. As at 31 December 2025, the
share capital of the Company was RMB2,658,973,314; the number of issued shares was 26,589,733,140, comprising
20,600,893,140 A Shares, representing about 77.48% of the total issued shares, and 5,988,840,000 H Shares,
representing about 22.52% of the total issued shares.
Zijin Mining is a sizeable multinational mining group with A+H Shares listed, dedicated to exploration and development of
copper, gold, lithium, zinc, silver, molybdenum and other metallic mineral resources globally. The Company adheres to the
purpose of “mining for a better society”, committed to providing the materials that improve standards of living in a low
carbon future.
The future operation and financial figures (if any) in this report are goals of the Company and shall not
constitute profit forecasts of the Company. There is no guarantee that the Company will achieve such goals. In
light of the risks and uncertainties, the inclusion of forward-looking statements in this report should not be
regarded as or constitute any representations or actual commitments by the Board or the Company to investors
that the plans and objectives outlined in this report will be achieved, and investors should not place undue
reliance on such statements. The Company does not undertake any obligations to publicly update or revise any
forward-looking statements or information in this report, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws and regulations.
This report is written in both Chinese and English. In the case of any discrepancies, the Chinese version shall
prevail.
Any discrepancies between the last digits of the total number and those of the sum of individual items in this
report are mainly due to rounding.
The contents in the notes to financial statements with “*” are disclosed in accordance with the Hong Kong
Companies Ordinance or the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong
Limited for additional or more detailed disclosures.
ZIJIN MINING GROUP CO., LTD. ANNUAL REPORT 2025 5
Financial Highlights
(English translation is for reference only. In the case of any discrepancies, the Chinese version shall prevail.)
In this annual report, unless otherwise stated, monetary units are denominated in Renminbi (“RMB”).
2021 TO 2025 FINANCIAL INFORMATION AS PREPARED IN ACCORDANCE WITH CHINA
ACCOUNTING STANDARDS FOR BUSINESS ENTERPRISES (“CAS”) AND THE RELATED
LAWS AND REGULATIONS:
For the year ended 31 December
RMB
2025 2024 2023 2022 2021
OPERATING INCOME 349,079,082,852 303,639,957,153 293,403,242,878 270,328,998,459 225,102,488,592
Less: Operating costs 252,288,843,039 241,776,168,937 247,024,066,519 227,784,282,577 190,351,121,555
Taxes and surcharges 7,914,816,911 5,818,762,976 4,850,142,201 4,267,630,167 3,459,679,898
Selling expenses 849,939,455 737,709,965 766,391,252 619,893,797 412,272,620
Administrative expenses 11,159,456,237 7,728,809,892 7,522,988,740 6,264,990,220 5,308,536,279
Research and development expenses 1,714,881,582 1,582,329,420 1,566,908,894 1,231,551,616 770,661,326
Finance costs 2,083,031,280 2,029,304,105 3,268,491,732 1,904,994,525 1,496,475,674
Add: Other income 563,179,942 616,494,825 541,738,816 484,638,917 350,771,492
Investment income 5,977,156,089 4,020,138,083 3,490,901,336 2,874,143,505 1,691,601,136
Including: Share of profits of associates and
joint ventures 5,416,634,763 4,237,623,075 3,697,642,136 3,743,044,810 1,627,111,396
Gains/(Losses) on changes in fair value 2,944,467,665 948,447,567 (18,623,744) (255,492,467) (231,864,044)
(Credit impairment losses)/Reversal of credit
impairment losses (130,664,256) (25,463,499) (133,716,566) (329,409,918) 578,093,599
Impairment losses on assets (296,564,573) (727,191,774) (385,330,847) (78,711,813) (598,022,432)
(Losses)/Gains on disposal of non-current
assets (15,553,693) 27,348,123 37,310,469 (5,217,763) (7,815,800)
OPERATING PROFIT 82,110,135,522 48,826,645,183 31,936,533,004 30,945,606,018 25,086,505,191
Add: Non-operating income 207,046,147 1

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