HK Stock Market Move | Zijin Mining Group (02899) defies the trend and rises by nearly 3%, with net profit last year increasing by over 50% year-on-year. The full-year dividend payout ratio reaches 32%.

Zijin Mining Group (02899) rose nearly 3% against the trend, reaching a high of HK$18.68, the highest since October last year. At the time of reporting, it rose by 2.87%, to HK$18.66, with a turnover of HK$18.28 billion. In terms of news, Zijin Mining Group recently announced its performance for 2024, with operating income of about RMB 303.64 billion, a year-on-year increase of 3.49%; net profit attributable to shareholders of listed companies was about RMB 32.051 billion, a year-on-year increase of 51.76%; basic earnings per share was RMB 1.21, and a cash dividend of RMB 2.8 (tax inclusive) per 10 shares was declared. During the reporting period, the company's copper, gold, and silver production all increased year-on-year. Among them, gold production had the highest year-on-year growth rate, reaching 8%, with a production of 73 tons; copper production was 1.07 million tons, a year-on-year increase of 6%; silver production was 436 tons, a year-on-year increase of 6%. In 2025, the company plans to produce 1.15 million tons of copper and 85 tons of gold. According to a Citigroup research report, Zijin Mining Group's net profit last year rose by 52% year-on-year to RMB 32.1 billion, in line with previous profit expectations. Excluding one-time items, recurrent net profit rose by 47% year-on-year to RMB 31.7 billion, indicating a 55% year-on-year increase in fourth-quarter profits to RMB 7.7 billion. A final dividend of RMB 0.28 per share was declared, with a total annual dividend of RMB 0.38 per share, resulting in a dividend payout ratio of 32%. The bank has raised its forecast for Zijin's net profit this year by 2% to RMB 39.4 billion, while lowering it by 11% to RMB 44.9 billion for next year, and estimating it to reach RMB 52.4 billion in 2027.