Zijin Mining Reports 57.5 Billion Yuan Net Profit for First Three Quarters, Up 52% YoY
nashnova research
Zijin Mining (601899) reported 57.5 billion yuan in net profit for the first nine months of 2026, up 52% year-on-year. Profit growth far outpaced revenue growth, but Q3 momentum slowed — making sustainability the market's key question.
How much did Zijin earn in the first three quarters?
Revenue reached 283.5 billion yuan, up 11.51% year-on-year.
Net profit attributable to shareholders hit 57.53 billion yuan, up 51.93%; non-recurring-adjusted net profit was 55.84 billion yuan, up 63.63%.
This means → revenue rose roughly one-tenth, but profit rose by half — each yuan of revenue converted into far more profit.
Revenue up 11%, profit up 52% — where does the leverage come from?
Profit growth dramatically outpaced revenue growth, pointing to a strong earnings leverage effect — a small revenue gain amplified into a much larger profit gain.
Two drivers: rising commodity prices lifted selling prices, while cost discipline kept expenses in check.
In plain terms = ore prices climbed, costs barely moved, and nearly all the extra margin dropped straight to the bottom line.
Why is Q3 raising questions?
Q3 revenue was 89.27 billion yuan, up only 3.22% — well below the nine-month pace of 11.51%.
Q3 net profit was 18.36 billion yuan, up 25.97%; non-recurring-adjusted net profit was 17.81 billion yuan, up 42.43%.
This means → both revenue and profit growth decelerated sharply in Q3; the first two quarters drove most of the year-to-date gains.
This reflects a core market concern: whether Zijin can sustain this earnings momentum in the quarters ahead.
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