Zijin Mining Group Co., Ltd.

Name: Zijin Mining Group Co., Ltd. financial statements and ratios
Creator: Annalist

2899 · HKEX · Materials, metals and mining · Hong Kong · CAS · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, its statements approved by the board on 20 March 2026. Snapshot FY2025_c29d35d4.

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Overview

Revenue, fiscal year

+15.0% year on year

Profit before tax, fiscal year

+68.0% year on year

Net income, fiscal year

+61.5% year on year

Diluted EPS, fiscal year

+59.2% year on year

Pre-tax margin, fiscal year

+7.3pp year on year

Return on equity, fiscal year

+5.9pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was RMB349.1 billion, 15.0% higher than in the previous fiscal year.
Strengthenedin FY2025 · stated since FY202315.0% from 3.5% in FY2024
Rule: Revenue against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedRevenue for the fiscal year ended 31 December 2025 was RMB349.1 billion, 15.0% higher than in the previous fiscal year.Recorded from FY2025_c29d35d4 · data update
2. FY2024 WeakenedRevenue for the fiscal year ended 31 December 2024 was RMB303.6 billion, 3.5% higher than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was RMB293.4 billion, 8.5% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was RMB51.8 billion, 61.5% higher than in the previous fiscal year.
Strengthenedin FY2025 · stated since FY202361.5% from 51.8% in FY2024
Rule: Net income against the previous fiscal year · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedNet income attributable to the company for fiscal 2025 was RMB51.8 billion, 61.5% higher than in the previous fiscal year.Recorded from FY2025_c29d35d4 · data update
2. FY2024 StrengthenedNet income attributable to the company for fiscal 2024 was RMB32.1 billion, 51.8% higher than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewNet income attributable to the company for fiscal 2023 was RMB21.1 billion, 5.4% higher than in the previous fiscal year.Reconstructed · initial
Return on equity for fiscal 2025 was 31.8%, against 25.9% a year earlier.
Strengthenedin FY2025 · stated since FY2024
Rule: Return on equity against a year earlier · Sources Annual report 2025-12, Annual report 2024-12
History of this finding, 4 records
1. FY2025 StrengthenedReturn on equity for fiscal 2025 was 31.8%, against 25.9% a year earlier.Recorded from FY2025_c29d35d4 · data update
2. FY2024 NewReturn on equity for fiscal 2024 was 25.9%, against 21.5% a year earlier.Reconstructed · data update
3. FY2024 RetiredThe finding changed to higher than a year earlier.Reconstructed · data update
4. FY2023 NewReturn on equity for fiscal 2023 was 21.5%, against 25.1% a year earlier.Reconstructed · initial
Free cash flow for fiscal 2025 was RMB44.4 billion, and operating cash flow was 1.5 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Strengthenedin FY2025 · stated since FY2023
Rule: Free cash flow · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedFree cash flow for fiscal 2025 was RMB44.4 billion, and operating cash flow was 1.5 times net income attributable to the company.Recorded from FY2025_c29d35d4 · data update
2. FY2024 StrengthenedFree cash flow for fiscal 2024 was RMB24.1 billion, and operating cash flow was 1.5 times net income attributable to the company.Reconstructed · data update
3. FY2023 NewFree cash flow for fiscal 2023 was RMB6.4 billion, and operating cash flow was 1.7 times net income attributable to the company.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents5 documents, latest Annual report for the year to 31 December 2025List

DownloadsExcel workbook · JSON

SnapshotFY2025_c29d35d4

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, renminbi

Profit Before Tax

By fiscal year, renminbi

Profit Attributable to Owners of the Parent

By fiscal year, renminbi

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, renminbi

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

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Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

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Analysis

Credit update

FY2025

Annual report for the year to 31 December 2025. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsDebt to EBITDA 1.62x, FFO to debt 49.0% · FY2025

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Lease-adjusted debt was 1.6 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 49.0% of that debt. Both ratios are within the modest band of the S&P standard volatility table.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the modest band is number 2 of 6, and a higher number means more debt against earnings.
Newin FY2025 · first stated
Rule: Debt against the S&P benchmark bands · Sources Annual report 2025-12
History of this finding, 5 records
1. FY2025 NewLease-adjusted debt was 1.6 times adjusted EBITDA for fiscal 2025, and funds from operations equalled 49.0% of that debt. Both ratios are within the modest band of the S&P standard volatility table.Recorded from FY2025_c29d35d4 · data update
2. FY2025 RetiredThe finding changed to the modest band.Recorded from FY2025_c29d35d4 · data update
3. FY2024 NewLease-adjusted debt was 2.4 times adjusted EBITDA for fiscal 2024, and funds from operations equalled 33.6% of that debt. Both ratios are within the intermediate band of the S&P standard volatility table.Reconstructed · data update
4. FY2024 RetiredThe finding changed to the intermediate band.Reconstructed · data update
5. FY2023 NewLease-adjusted debt was 3.1 times adjusted EBITDA for fiscal 2023, and funds from operations equalled 25.9% of that debt. Both ratios are within the significant band of the S&P standard volatility table.Reconstructed · initial

Position in the S&P Standard Volatility Table, Fiscal 2025

S&P sorts companies into 6 bands by debt against earnings and cash flow, from the least debt to the most.

Debt equals 1.6 years of adjusted EBITDA; a year of funds from operations equals 49.0% of it.

Band	Minimal	Modest	Intermediate	Significant	Aggressive	Highly leveraged
Debt to EBITDA	below 1.5x	1.62x1.5x to 2x	2x to 3x	3x to 4x	4x to 5x	5x and above
FFO to debt	60% and above	49.0%45% to 60%	30% to 45%	20% to 30%	12% to 20%	below 12%

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities
Adjusted EBITDAOperating profit before depreciation, amortisation, goodwill impairment, pay in shares and lease costs: the earnings that credit analysts set against lease-adjusted debt.EBIT + depreciation and amortisation + goodwill impairment + share-based compensation + operating lease cost
Funds from operationsAdjusted EBITDA less interest and tax paid in cash: the cash the business produces each year for investment, dividends and debt repayment.Adjusted EBITDA - cash interest - lease interest - cash taxes
Debt to EBITDALease-adjusted debt measured in years of adjusted EBITDA. A figure of 3 means debt equals 3 years of those earnings; a lower figure means less debt against earnings.Lease-adjusted debt / adjusted EBITDA	intermediate	intermediate	significant	intermediate	modest
FFO to debtFunds from operations as a share of lease-adjusted debt. A figure of 25% means a year of those funds equals a quarter of the debt; a higher figure means less debt.Funds from operations / lease-adjusted debt	intermediate	significant	significant	intermediate	modest
Operating cash flow to debtOperating cash flow, with lease costs added back, as a share of lease-adjusted debt. A higher share means the debt could be repaid sooner from operating cash.Lease-adjusted operating cash flow / lease-adjusted debt
Free operating cash flow to debtOperating cash flow less capital spending, as a share of lease-adjusted debt: the cash left for the debt after the company maintains and expands its assets.(Lease-adjusted operating cash flow - capital expenditure) / lease-adjusted debt
Discretionary cash flow to debtCash left after capital spending, dividends and share repurchases, as a share of lease-adjusted debt. A negative figure means the company paid out more than it generated.(Lease-adjusted operating cash flow - capital expenditure - dividends - repurchases of common stock) / lease-adjusted debt
FFO cash interest coverThe number of times cash earnings cover cash interest, lease interest included.(FFO + cash interest + lease interest) / (cash interest + lease interest)
EBITDA interest coverThe number of times adjusted EBITDA covers interest, lease interest included.Adjusted EBITDA / (interest expense + lease interest)
EBITA interest coverOperating profit before the amortisation of acquired intangible assets and goodwill impairment, divided by interest expense.(EBIT + amortisation of intangible assets + goodwill impairment) / interest expense

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Total debt	RMB78.1bn	RMB124bn	RMB142bn	RMB149bn	RMB164bn
Operating lease liabilities	RMB0	RMB0	RMB0	RMB0	RMB0
Lease-adjusted debt	RMB78.1bn	RMB124bn	RMB142bn	RMB149bn	RMB164bn
EBIT	RMB26.9bn	RMB33.4bn	RMB36.2bn	RMB52.6bn	RMB84.7bn
Depreciation and amortisation	RMB8.2bn	RMB10.2bn	RMB10.3bn	RMB10.6bn	RMB16.7bn
Goodwill impairment	RMB0	RMB0	RMB0	RMB0	RMB0
Share-based compensation	RMB0	RMB0	RMB0	RMB0	RMB0
Operating lease cost	RMB0	RMB0	RMB0	RMB0	RMB0
Adjusted EBITDA	RMB35.1bn	RMB43.6bn	RMB46.5bn	RMB63.2bn	RMB101bn
Cash interest	−RMB2.1bn	−RMB3.4bn	−RMB4.9bn	−RMB4.5bn	−RMB3.9bn
Lease interest	RMB0	RMB0	RMB0	RMB0	RMB0
Cash taxes	−RMB5.2bn	−RMB5.2bn	−RMB4.7bn	−RMB8.7bn	−RMB16.9bn
Funds from operations	RMB27.8bn	RMB34.9bn	RMB36.8bn	RMB50.0bn	RMB80.5bn

Method

Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.

Liquidity and MaturitiesCash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends.

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −5.2% · FY2025

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 5.2% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Strengthenedin FY2025 · stated since FY2023−5.2% from −4.5% in FY2024
Rule: Cash backing of earnings · Sources Annual report 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 5.2% of average total assets.Recorded from FY2025_c29d35d4 · data update
2. FY2024 ConfirmedOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 4.5% of average total assets.Reconstructed · data update
3. FY2023 NewOperating cash flow for fiscal 2023 exceeded net income attributable to the company by an amount equal to 4.9% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 3.18 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 3.18, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Newin FY2025 · first stated
Rule: Altman Z'' zone · Sources Annual report 2025-12
History of this finding, 4 records
1. FY2025 NewThe Altman Z'' score for fiscal 2025 was 3.18, above the safe threshold of 2.60.Recorded from FY2025_c29d35d4 · data update
2. FY2025 RetiredThe finding changed to the safe zone.Recorded from FY2025_c29d35d4 · data update
3. FY2024 ConfirmedThe Altman Z'' score for fiscal 2024 was 2.50, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · data update
4. FY2023 NewThe Altman Z'' score for fiscal 2023 was 1.95, between the distress threshold of 1.10 and the safe threshold of 2.60.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	grey zone	grey zone	grey zone	grey zone	safe zone

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

3.18Safe zone, above 2.60

The score of 3.18 is in the safe zone of the model, above 2.60. The largest part is operating profit, at 1.11.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.037	6.560	0.240
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.257	3.260	0.838
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.165	6.720	1.111
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.940	1.050	0.987
Score			3.176

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Source Documents

Documents of this snapshot, latest first. A report that states no date of publication carries the date on which its board approved the statements.

Document	Date	Id	SHA-256
Annual report for the year to 31 December 2025	20 Mar 2026, the date on which the board approved the statements	AR:zijin-mining-2025-12-31	ed4ff5ef424f
Annual report for the year to 31 December 2024	21 Mar 2025, the date on which the board approved the statements	AR:zijin-mining-2024-12-31	79e6bf3d4421
Annual report for the year to 31 December 2023	22 Mar 2024, the date on which the board approved the statements	AR:zijin-mining-2023-12-31	5481a5f62364
Annual report for the year to 31 December 2022	24 Mar 2023, the date on which the board approved the statements	AR:zijin-mining-2022-12-31	f659130fd76c
Annual report for the year to 31 December 2021	18 Mar 2022, the date on which the board approved the statements	AR:zijin-mining-2021-12-31	39ff06792909

Checks

441429 of 441 checks passed, 12 warnings

Statement arithmetic252 passedIn every annual report used, the lines of each statement add up to the totals printed under them, profit before tax less income tax gives the profit, the balance sheet balances, and the cash at the end of each year is the cash at its start with its change. A report that fails one is not used. Checked at error level.

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet identity6 passedTotal assets equal total liabilities and equity at each balance sheet date. Checked at error level.

Earnings per share6 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Agreement between annual reports152 passedA value of a year that the annual report of the year and that of the next year give in the same amount. A value that the later report gives differently is listed as a restatement, and the later value is used. Checked at warning level.

Withheld values12 values withheldA value that contradicts the definition of its item, or that documents report in contradiction, is withheld. Checked at warning level.

Cost of sales, FY2020: withheld, the company presents no gross profit, so nothing proves it to be the whole cost of the revenue

Cost of sales, FY2021: withheld, the company presents no gross profit, so nothing proves it to be the whole cost of the revenue

Cost of sales, FY2022: withheld, the company presents no gross profit, so nothing proves it to be the whole cost of the revenue

Cost of sales, FY2023: withheld, the company presents no gross profit, so nothing proves it to be the whole cost of the revenue

Cost of sales, FY2024: withheld, the company presents no gross profit, so nothing proves it to be the whole cost of the revenue

Cost of sales, FY2025: withheld, the company presents no gross profit, so nothing proves it to be the whole cost of the revenue

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	234
Confirmed by other figures	67.5%, 158 values
Confirmed by a second document	65.0%, 152 values
Derived from reported figures	2.6%, 6 values
Values withheld	12
Restated figures tracked	0
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, Zijin Mining Group Co., Ltd., snapshot zijin-mining/FY2025_c29d35d4 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_c29d35d4 · dataset SHA-256 c29d35d47fa5a99a3cbc2526366ad3ad28da572702dde5491b6aaa51b6ce0459 · findings rules 0.4

Data: info.json · dataset.json · validation.json · documents.json