bingodabber| Zijin Mining: Net profit increased by 15.05% in the first quarter, reduced by multiple shareholders

Newsletter summary

Zijin Mining's revenue fell slightly by 0% in the first quarter of 2024.Bingodabber.22%BingodabberNet profit increased by 15%Bingodabber.05%; gross profit margin rose year-on-yearBingodabberInvestment income has increased; shareholders have reduced their holdings, and share prices have risen 43% year-to-date.

Text of news flash

Zijin Mining's net profit in the first quarter of 2024 increased by 15.05% compared with the same period last year, and the gross profit level significantly increased. Zijin Mining achieved operating income of about 74.78 billion yuan in the first quarter of 2024, down 0.22% from the same period last year, but its net profit was 6.26 billion yuan, an increase of about 15.05% over the same period last year. In the first quarter of 2024, the gross profit level of Zijin Mining increased significantly, and the gross profit margin increased compared with the same period last year. In the first quarter, Zijin Mining's gold ingot sales unit price rose, mineral gold output decreased by 5% month-on-month, while mineral copper output increased by 4%. The company improves quality and efficiency, effectively curbs the rise in costs, and the overall operating costs are lower than the previous month, especially for overseas projects. At the same time, the investment income of Zijin Mining increased, about 790 million yuan in the first quarter, an increase of about 260 million yuan over the same period last year. Despite the company's strong performance, a number of shareholders reduced their holdings, including Hong Kong Securities Clearing, two funds owned by Gao Yi assets and the Abu Dhabi Investment Authority. Gao Yi assets of the two funds reduced their holdings by about 88 million shares in the first quarter, and UBSAG withdrew from the top 10 shareholders. Zijin Mining shares have risen about 43% since the beginning of the year, but CITIC Construction Investment (601066) Futures reminded investors to pay attention to the risk of two-way fluctuations in copper prices and advised enterprises to actively take hedging measures.