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Zijin Mining USD

At a glance: strengths & risks
✓Revenue growing (+14% y/y, Q2 2026)✓Profit growing (+54% y/y, Q2 2026)✓Margins improving (23%→34%, Q2 2026)✓Low leverage (0.7x EBITDA)✓Cheaper than own history (EV/EBITDA 2.1 vs avg 3.5)

Sector: Copper & gold mining

COMM_ZIJIN

Price chart

32.24 HKDDay 0.94%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
32.24 HKD · 0.94%
Market cap
24.6 bn USD

Growth

Δ revenue y/y
14.0%
Δ EBITDA y/y
66.7%

Multiples

P/E (LTM)
3.0x
3y avg: 3.3x
P/B (FY)
0.9x
P/E (ann.)
2.2x
EV/EBITDA (LTM)
2.1x
3y avg: 3.5x
EV/EBITDA (ann.)
1.6x

Cash return

Dividend yield
2.9%
FCF yield (LTM)
13.4%

Value creation

to target market cap (spot commodity model)
Upside (potential)

Liquidity

Daily turnover (listing)
660.7 mln HKD

Shares: connector/market_inputs

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)PARTIAL14.0
y/y 14.0%
4.6
y/y 89.5%
0.2
y/y -50.9%
4.8
y/y 66.7%
2.8
y/y 53.9%
—-0.879.8
y/y 30.0%
30.3
y/y 53.0%
37.7%6.9Yahoo Finance
2026-03-31Q1 2026 (3M)PARTIAL14.2
y/y 30.8%
4.2
y/y 124.0%
0.5
y/y 75.5%
4.7
y/y 118.2%
2.9
y/y 107.0%
—-1.979.7
y/y 40.4%
29.0
y/y 44.4%
41.7%8.0Yahoo Finance
2025-12-31Q4 2025 (3M)OK13.4
y/y —
3.8
y/y —
—
y/y 61.5%
3.7
y/y —
2.0
y/y —
—-1.373.1
y/y 34.6%
26.5
y/y 38.4%
31.2%10.4Yahoo Finance
2025-06-30Q2 2025 (3M)PARTIAL12.3
y/y —
2.4
y/y —
0.5
y/y —
2.9
y/y —
1.8
y/y —
—-3.061.4
y/y —
19.8
y/y —
36.5%15.5Yahoo Finance
2025-03-31Q1 2025 (3M)PARTIAL10.9
y/y —
1.9
y/y —
0.3
y/y —
2.2
y/y —
1.4
y/y —
—-1.156.8
y/y —
20.1
y/y —
28.5%12.7Yahoo Finance
2024-12-31FY 2024 (12M)OK42.2
y/y 1.8%
6.5
y/y 42.3%
1.4
y/y 0.2%
7.9
y/y 32.4%
4.5
y/y 49.3%
6.8-4.554.3
y/y 12.5%
19.2
y/y 26.6%
26.0%13.4Yahoo Finance
2023-12-31FY 2023 (12M)OK41.4
y/y —
4.5
y/y —
1.4
y/y —
5.9
y/y —
3.0
y/y —
5.2-4.848.3
y/y —
15.1
y/y —
—14.7Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)4 882
Long-term debt (incl. LT leases)15 505
− Cash & equivalents13 458
Net debt6 930

Net debt / LTM EBITDA: 0.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

010 00020 00030 00040 0002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Year-over-year change

0%50%100%2023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Cash flow

FCF ($ mln)

05001 0001 5002 0002 5002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Net debt / cash ($ mln)

05 00010 00015 0002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodCopper production
kt
Lithium production
kt
Zinc production
kt
Lead production
kt
Molybdenum production
kt
Tungsten production
kt
H1 2026-06534.41
−5.7%
43.60
+496.0%
183.76
−10.0%
21.64
+5.5%
6.30
+7.2%
2.57
+20.1%
H1 2025-06566.857.32204.1320.505.882.14

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://static.cninfo.com.cn/finalpage/2026-04-28/1225201092.PDF; https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0322/2026032200055.pdf; https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0823/2026082300141.pdf

Key-commodity price — Gold

Current 4 154spot vs LTM -2%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -4.4% ▼ -1.1 pp 1d

Main driver: Gold -2% vs LTM; revenue ×1.06 vs costs ×1.11; EBITDA 16 017→11 975; at 9.3× EV/EBITDA → -4%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+40%4 154.464 242.243 346.28-2%-21%
Copper (rev)+32%14 619.9712 225.5911 150.96+20%-9%
US Diesel Index (cost) (input cost) (cost)-10%6.384.214.19+51%-1%
Zinc (rev)+5%3 826.503 149.593 062.03+21%-3%
Electricity Spot (input cost) (cost)-5%117.4077.9262.56+51%-20%
Silver (rev)+2%60.3462.3044.22-3%-29%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue53 967
LTM EBITDA16 017
LTM cash costs (revenue − EBITDA)37 950
2 · Revenue projection
Revenue multiplier — spot×1.065 (+6%)
= Spot revenue57 449
Revenue multiplier — 3y price×0.880 (-12%)
= 3-year-price revenue47 502
3 · Costs projection
Cost multiplier — spot×1.111 (+11%)
= Spot cash costs42 154
Cost multiplier — 3y price×1.024 (+2%)
= 3-year-price cash costs38 845
4 · EBITDA projection (revenue − costs)
= Spot EBITDA15 295
= 3-year-price EBITDA8 656
Conservative EBITDA = min(spot, avg)11 975
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)9.3x
Target EV = EV/EBITDA × conservative EBITDA111 372
Net debt6 930
Target market cap = EV − net debt104 442
Current market cap109 281

Upside = target market cap ÷ current − 1 = -4.4%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY41 42740 563+2.1%6 4757 112-9.0%
2024 FY42 16646 849-10.0%8 67410 936-20.7%
2025 FY48 69651 991-6.3%14 04516 734-16.1%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 7.1x · target 75th pct (3y) 9.3x · LTM avg 11.0x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-07-230.484 HKDEx-dividend: 0.484 HKD per sharePaidYahoo Finance (ex-div)
2026-06-090.4367 HKDEx-dividend: 0.4367 HKD per sharePaidYahoo Finance (ex-div)
2025-09-100.2411 HKDEx-dividend: 0.2411 HKD per sharePaidYahoo Finance (ex-div)
2025-05-210.3033 HKDEx-dividend: 0.3033 HKD per sharePaidYahoo Finance (ex-div)
2024-08-010.1095 HKDEx-dividend: 0.1095 HKD per sharePaidYahoo Finance (ex-div)
2024-05-210.2199 HKDEx-dividend: 0.2199 HKD per sharePaidYahoo Finance (ex-div)
2023-12-120.0549 HKDEx-dividend: 0.0549 HKD per sharePaidYahoo Finance (ex-div)
2023-05-300.2227 HKDEx-dividend: 0.2227 HKD per sharePaidYahoo Finance (ex-div)
2022-05-190.2326 HKDEx-dividend: 0.2326 HKD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Zijin Mining — from primary filings.

Frequently asked questions

What is Zijin Mining's P/E ratio?
Zijin Mining trades at a P/E of 3.0x (price to trailing 12-month earnings).
What is Zijin Mining's EV/EBITDA?
Zijin Mining trades at 2.1x EV/EBITDA.
What is Zijin Mining's P/B ratio?
Zijin Mining trades at a P/B of 0.9x.
What is Zijin Mining's dividend yield?
Zijin Mining's trailing 12-month dividend yield is 2.9%.
What is Zijin Mining's return on equity (ROE)?
Zijin Mining's ROE is 37.7%.
What is Zijin Mining's market capitalization?
Zijin Mining's market cap is 24.6 bn USD.

See also: Gold Mining Stocks: The Cheapest Gold Miners by Valuation (2026) · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map