China A-share · SSE · 601899
Zijin Mining (601899) stock analysis: valuation and financials
有色金属矿采选业
¥29.98 -1.4% Price as of Oct 14, 2026
Low-cost multi-metal miner compounding: FY2025 ROIC 23.7%, net debt/EBITDA 0.61x, TTM FCF margin 18.2%, 11.8x PE, base-case IRR 15.0% — but metal prices drive everything.
- Market cap
- ¥797.2B
- P/E
- 11.8x
- EV/Sales
- 2.3x
- FCF yield
- 8.6%
- 52-week range
- ¥24.79 – ¥42.29
Research as of Oct 15, 2026
Business quality scorecard
- Growth64
- Profitability63
- Cash flow86
- Balance sheet76
- Capital allocation84
- Innovation18
- Valuation98
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Zijin mines, smelts and trades gold, copper, zinc and silver for smelters, commodity traders and industrial buyers, and the fast-growing mine-produced metal lines (gold bullion +95.7% yoy, copper concentrate +21.2% yoy) are the profit engine behind FY2025 net income of CNY51.8B on a 23.5% operating margin.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥225.1B | ¥270.3B | ¥293.4B | ¥303.6B | ¥349.1B |
| Revenue growth | +31.3% | +20.1% | +8.5% | +3.5% | +15.0% |
| Gross margin | 15.4% | 15.7% | 15.8% | 20.4% | 27.7% |
| Operating margin | 11.1% | 11.4% | 10.9% | 16.1% | 23.5% |
| Net income | ¥15.7B | ¥20.0B | ¥21.1B | ¥32.1B | ¥51.8B |
| Free cash flow | ¥5.9B | ¥3.9B | ¥6.4B | ¥24.1B | ¥44.4B |
| FCF margin | 2.6% | 1.4% | 2.2% | 7.9% | 12.7% |
Amounts in CNY · What is free cash flow?
Margins Gross margin rose to 27.7% in FY2025 from 20.4% FY2024 (+7.4pp), with operating margin 23.5% vs 16.1%; TTM gross margin 34.7% and Q2 FY2026 39.2%. Main reason: revenue +15.0% to CNY349.1B while cost of revenue grew only 4.3% to CNY252.3B.
- Cash flow HealthyCash conversion is strong and consistent: TTM operating cash flow CNY102.1B versus net income CNY67.7B (1.54x), with FY2025 OCF CNY75.4B against net income CNY51.8B; D&A of CNY16.68B supports the gap.
- Debt LowNet debt CNY60.6B, only 0.61x EBITDA of CNY98.8B; interest coverage 28.4x on TTM EBIT of CNY110.8B versus interest expense CNY3.90B. Leverage level is low.
Balance sheet Leverage · Low
- Cash & short-term investments
- ¥104.8B
- Total debt
- ¥165.4B
- Net debt
- ¥60.6B
- Net debt / EBITDA
- 0.6x
- Interest coverage
- 28.4x
- Current ratio
- 1.3x
As of Jun 30, 2026 · Amounts in CNY · How to read a balance sheet
Management and track record
- Management StrongExecution: ROIC 23.67% in FY2025 versus 11.99% in FY2023, a 10.05pp gain; FY2025 net margin 14.83% and FCF margin 12.73%, with five-year revenue CAGR of 15.27%.
Valuation range
Implied value per share · Price when researched: ¥29.98
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
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