# Zijin Mining Group (601899.SHG)

Canonical: https://gigainvestors.com/s/601899.SHG

Analysis as of: 2026-10-16T07:33:38.483Z. Financial observations: FY2003–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 29.38 per share; close as of 2026-10-15.

Estimated value: low CNY 17.16 per share, central CNY 23.24 per share, high CNY 26.78 per share. Buy at or below the central value CNY 23.24 per share. Valuation as of 2026-10-16T07:33:38.483Z; scenarios are not confidence intervals.

Expected annual return: 8.4% at the stated quote. About 8.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.56×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.05×

- FY2018: 0.06×

- FY2019: 0.05×

- FY2020: 0.07×

- FY2021: 0.11×

- FY2022: 0.11×

- FY2023: 0.11×

- FY2024: 0.16×

- FY2025: 0.22×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 10.7%

- ROIC, second-lowest year: 6.3%

- Typical minus recent gross margin: -5.7 pp

- Typical gross margin (annual median): 14.6%

- Recent gross margin (lower of latest and 3-year median): 20.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.5%

- ROIC including acquisitions, ten-year median: 6.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.4%

- FY2017: 6.6%

- FY2018: 7.1%

- FY2019: 6.3%

- FY2020: 8.2%

- FY2021: 16.3%

- FY2022: 14.3%

- FY2023: 13.2%

- FY2024: 17.4%

- FY2025: 21.3%

### economics: pass

- Owner earnings / net income, 5-yr: 0.87×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 122B

- Net income, five-year total: CNY 141B

- Return on incremental invested capital: 48.3%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -2.3 pp

- Working capital / revenue, final three-year average: 10.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.54×

- FY2024: 0.72×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.6% vs 17.4%

- Per-share earnings: 0.09 to 1.20 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.9%

- Ordinary dilution, 5-year annual growth: 1.0%

- Market cap gain: CNY 843B

- Cumulative retained earnings: CNY 113B

- Diluted shares, 10-year annual growth: 1.9%

- Diluted shares, 5-year annual growth: 1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 39.2%

- Per-share value change: CNY 1.11

- Per-share value, starting three-year median: CNY 0.09

- Per-share value, ending three-year median: CNY 1.20

- Buybacks concentrated in cheaper years (correlation): -0.30

- Average buyback yield: 0.1%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 79B

- Cumulative net income, 10 years: CNY 161B

- ROIC, first three-year median: 6.6%

- ROIC, last three-year median: 17.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.09

- FY2017: CNY 0.15

- FY2018: CNY 0.18

- FY2019: CNY 0.19

- FY2020: CNY 0.26

- FY2021: CNY 0.62

- FY2022: CNY 0.76

- FY2023: CNY 0.80

- FY2024: CNY 1.20

- FY2025: CNY 1.95

### accounting: pass

- Sloan accruals: -4.8%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.48×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.48×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.6%

- FY2017: -7.0%

- FY2018: -5.4%

- FY2019: -5.2%

- FY2020: -4.3%

- FY2021: -5.0%

- FY2022: -2.8%

- FY2023: -4.6%

- FY2024: -4.2%

- FY2025: -4.8%

## Holders

## Price story

Down 27% since Jan 2026 · sales +14.8%

Story as of 2026-10-16T09:59:57.008Z; price observation 2026-10-15.

Price needs cash profits to grow 9.8% a year for ten years

### Sales · FY2024–2025

sales +14.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 79B 

- FY2017: CNY 95B 

- FY2018: CNY 106B 

- FY2019: CNY 136B 

- FY2020: CNY 172B 

- FY2021: CNY 225B 

- FY2022: CNY 270B 

- FY2023: CNY 293B 

- FY2024: CNY 304B 

- FY2025: CNY 349B 

### Gross margin · FY2025

gross margin 27.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 11.4% 

- FY2017: 13.8% 

- FY2018: 12.6% 

- FY2019: 11.4% 

- FY2020: 11.9% 

- FY2021: 15.4% 

- FY2022: 15.7% 

- FY2023: 15.8% 

- FY2024: 20.3% 

- FY2025: 27.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in gold; annual sales are CNY 348.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.483Z); FY2025: revenue 348563175000; grossProfit 94848775000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601899.SHG: Zijin Mining Group Company Limited, together with its subsidiaries, engages in exploration and extraction of metals in Mainland China and internationally. The company offers copper, gold, zinc concentrate, lead concentrate, silver, lithium, iron concentrate, tungsten concentrate, and molybdenum concentrate; smelted copper, smelted and processed gold and silver, smelted zinc ingots, sulfuric acid, and battery -grade lithium carbonate; and copper pipes, copper plates and strips, potassium gold cyanide, and other products. It is also involved in mineral resource exploration; gold and copper mining and beneficiation; gold and copper smelting ; sales of jewelry and mineral products; investment in the mining industry; foreign trade; open-pit mining of copper and gold mines and underground mining of copper mines; manufacturing of special equipment for environmental protection; air pollution control; water pollution control; solid waste treatment; waste incineration power generation and hazardous waste disposal; and other services. The company holds 100% interest in the Shapinggou Molybdenum mine in Jinzhai County, Anhui Province. The company was formerly known as Fujian Zijin Mining Industry Company Limited and changed its name to Zijin Mining Group Company Limited in June 2004. Zijin Mining Group Company Limited was founded in 1986 and is headquartered in Longyan, the People's Republic of China.

### Why customers stay

Margins ranged from 15.8% to 27.2% during 2023–25; it earns 10.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.483Z); FY2023: grossProfit / revenue = 15.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.483Z); FY2024: grossProfit / revenue = 20.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.483Z); FY2025: grossProfit / revenue = 27.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.483Z); 10-year return on capital observations [[2016,0.033957659058378775],[2017,0.06612167084759452],[2018,0.07106562160551184],[2019,0.06256996843335598],[2020,0.08211969591169947],[2021,0.1633601516632703],[2022,0.14322220988792944],[2023,0.13161512057185307],[2024,0.17381258308769404],[2025,0.21348380700962938]]; median 0.10686740824177626. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 16% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.483Z); Gross margin observations: [[2021,0.15408047309507983],[2022,0.1574518912691712],[2023,0.157756460108384]]; range within 2 percentage points.

### Where the cash goes

Spends 27.7% of cash earnings on expansion; earns 48.3% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.483Z); FY2016: growth capex 1571595768; upkeep 3949573000; owner earnings 1839799000. Growth capex / owner earnings = 0.854221449190917.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.483Z); FY2017: growth capex 638964000; upkeep 4398521000; owner earnings 3507718000. Growth capex / owner earnings = 0.18215945523556912.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.483Z); FY2018: growth capex 2871891000; upkeep 4936971000; owner earnings 4093774000. Growth capex / owner earnings = 0.7015265131880754.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.483Z); FY2019: growth capex 6266962000; upkeep 5629039000; owner earnings 4283957000. Growth capex / owner earnings = 1.4628909673929966.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.483Z); FY2020: growth capex 6987427000; upkeep 6898980000; owner earnings 6508554000. Growth capex / owner earnings = 1.0735759432894003.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.483Z); FY2021: growth capex 12353023000; upkeep 7795545000; owner earnings 15636031969. Growth capex / owner earnings = 0.7900356704623721.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.483Z); FY2022: growth capex 15067034000; upkeep 9727319000; owner earnings 20006021887.318188. Growth capex / owner earnings = 0.7531249383242448.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.483Z); FY2023: growth capex 8405483480.645683; upkeep 22023180519.354317; owner earnings 11374985056.008375. Growth capex / owner earnings = 0.7389445734881056.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.483Z); FY2024: growth capex 3959206988.714226; upkeep 20838575011.285774; owner earnings 23117813524.957787. Growth capex / owner earnings = 0.1712621734075284.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.483Z); FY2025: growth capex 14304570000; upkeep 16677728000; owner earnings 51731905070.5152. Growth capex / owner earnings = 0.27651349743454445.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.483Z); Incremental return on capital 0.48289047544807895, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.483Z); Dividend observations: [[2016,2741967964],[2017,2961768000],[2018,3745280000],[2019,4653584000],[2020,4701997000],[2021,5121415000],[2022,8605106000],[2023,12093349000],[2024,13369076000],[2025,13270763000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.483Z); FY2025: cash repurchases 999983000 CNY.

### Are managers owners

Insiders own 30.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601899.SHG SharesStats.PercentInsiders = 30.493 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.8% yearly over ten years; actual growth was 38.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.483Z); Ten-year compound average after fade. Initial solved rate 0.12838062527807603. Price 29.38; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.07549646982176947 → FY2025 1.947971058219378. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 3.28 per share

- 2016-11: CNY 3.56 per share

- 2016-12: CNY 3.34 per share

- 2017-01: CNY 3.58 per share

- 2017-02: CNY 3.57 per share

- 2017-03: CNY 3.38 per share

- 2017-04: CNY 3.38 per share

- 2017-05: CNY 3.28 per share

- 2017-06: CNY 3.43 per share

- 2017-07: CNY 3.73 per share

- 2017-08: CNY 3.75 per share

- 2017-09: CNY 3.87 per share

- 2017-10: CNY 3.69 per share

- 2017-11: CNY 3.95 per share

- 2017-12: CNY 4.59 per share

- 2018-01: CNY 5.14 per share

- 2018-02: CNY 4.60 per share

- 2018-03: CNY 4.35 per share

- 2018-04: CNY 4.12 per share

- 2018-05: CNY 3.75 per share

- 2018-06: CNY 3.61 per share

- 2018-07: CNY 3.54 per share

- 2018-08: CNY 3.40 per share

- 2018-09: CNY 3.57 per share

- 2018-10: CNY 3.42 per share

- 2018-11: CNY 3.39 per share

- 2018-12: CNY 3.34 per share

- 2019-01: CNY 2.98 per share

- 2019-02: CNY 3.58 per share

- 2019-03: CNY 3.51 per share

- 2019-04: CNY 3.33 per share

- 2019-05: CNY 3.25 per share

- 2019-06: CNY 3.77 per share

- 2019-07: CNY 3.66 per share

- 2019-08: CNY 3.66 per share

- 2019-09: CNY 3.27 per share

- 2019-10: CNY 3.38 per share

- 2019-11: CNY 3.56 per share

- 2019-12: CNY 4.59 per share

- 2020-01: CNY 4.29 per share

- 2020-02: CNY 4.16 per share

- 2020-03: CNY 3.69 per share

- 2020-04: CNY 3.91 per share

- 2020-05: CNY 3.78 per share

- 2020-06: CNY 4.40 per share

- 2020-07: CNY 5.85 per share

- 2020-08: CNY 7.19 per share

- 2020-09: CNY 6.15 per share

- 2020-10: CNY 6.99 per share

- 2020-11: CNY 9.29 per share

- 2020-12: CNY 9.29 per share

- 2021-01: CNY 9.60 per share

- 2021-02: CNY 12.19 per share

- 2021-03: CNY 9.62 per share

- 2021-04: CNY 11.03 per share

- 2021-05: CNY 11.23 per share

- 2021-06: CNY 9.69 per share

- 2021-07: CNY 10.25 per share

- 2021-08: CNY 11.11 per share

- 2021-09: CNY 10.09 per share

- 2021-10: CNY 10.46 per share

- 2021-11: CNY 10.15 per share

- 2021-12: CNY 9.70 per share

- 2022-01: CNY 9.76 per share

- 2022-02: CNY 11.22 per share

- 2022-03: CNY 11.34 per share

- 2022-04: CNY 11.07 per share

- 2022-05: CNY 10.06 per share

- 2022-06: CNY 9.33 per share

- 2022-07: CNY 8.93 per share

- 2022-08: CNY 8.80 per share

- 2022-09: CNY 7.84 per share

- 2022-10: CNY 7.92 per share

- 2022-11: CNY 9.83 per share

- 2022-12: CNY 10.00 per share

- 2023-01: CNY 11.79 per share

- 2023-02: CNY 11.41 per share

- 2023-03: CNY 12.39 per share

- 2023-04: CNY 12.83 per share

- 2023-05: CNY 10.69 per share

- 2023-06: CNY 11.37 per share

- 2023-07: CNY 13.01 per share

- 2023-08: CNY 12.36 per share

- 2023-09: CNY 12.13 per share

- 2023-10: CNY 12.44 per share

- 2023-11: CNY 12.18 per share

- 2023-12: CNY 12.46 per share

- 2024-01: CNY 12.04 per share

- 2024-02: CNY 13.11 per share

- 2024-03: CNY 16.82 per share

- 2024-04: CNY 17.61 per share

- 2024-05: CNY 17.41 per share

- 2024-06: CNY 17.57 per share

- 2024-07: CNY 16.58 per share

- 2024-08: CNY 16.00 per share

- 2024-09: CNY 18.14 per share

- 2024-10: CNY 16.82 per share

- 2024-11: CNY 15.70 per share

- 2024-12: CNY 15.12 per share

- 2025-01: CNY 16.24 per share

- 2025-02: CNY 15.35 per share

- 2025-03: CNY 18.12 per share

- 2025-04: CNY 17.46 per share

- 2025-05: CNY 17.73 per share

- 2025-06: CNY 19.50 per share

- 2025-07: CNY 19.15 per share

- 2025-08: CNY 23.08 per share

- 2025-09: CNY 29.44 per share

- 2025-10: CNY 30.50 per share

- 2025-11: CNY 28.58 per share

- 2025-12: CNY 34.47 per share

- 2026-01: CNY 40.14 per share

- 2026-02: CNY 39.55 per share

- 2026-03: CNY 32.72 per share

- 2026-04: CNY 33.30 per share

- 2026-05: CNY 30.44 per share

- 2026-06: CNY 25.14 per share

- 2026-07: CNY 32.95 per share

- 2026-08: CNY 33.67 per share

- 2026-09: CNY 29.79 per share

- 2026-10: CNY 30.40 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 1.21 per share, central CNY 1.34 per share, high CNY 1.51 per share

- FY2017: low CNY 1.45 per share, central CNY 1.59 per share, high CNY 1.79 per share

- FY2018: low CNY 2.35 per share, central CNY 2.72 per share, high CNY 3.10 per share

- FY2019: low CNY 2.45 per share, central CNY 2.98 per share, high CNY 3.44 per share

- FY2020: low CNY 3.40 per share, central CNY 4.09 per share, high CNY 4.69 per share

- FY2021: low CNY 5.08 per share, central CNY 7.04 per share, high CNY 8.18 per share

- FY2022: low CNY 6.03 per share, central CNY 8.34 per share, high CNY 9.70 per share

- FY2023: low CNY 6.43 per share, central CNY 8.96 per share, high CNY 10.42 per share

- FY2024: low CNY 11.74 per share, central CNY 16.34 per share, high CNY 19.02 per share

- FY2025: low CNY 15.30 per share, central CNY 20.96 per share, high CNY 24.26 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:24.337Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.