Zijin Mining

Zijin Mining 2025 revenue ¥349.079B, parent NI ¥51.777B (+61.55%), ROE 33%; H1'26 guide parent NI ~¥39.1B (+68%). A-share ~¥32.2 / mkt ~¥856B, ~40% off the ~¥44.94 year high—classic cyclical divergence of rising earnings vs falling price. Sector context: nonferrous metals deep-dive.

Structural bull with divergence: copper/aluminum benefit from tight supply and electrification; lithium/cobalt move toward balance. Focus on self-sufficiency and volume. See copper brief.