Executive Summary
Zhaojin Mining reported QQ1 2025 results with a robust top-line and notable margin expansion. Revenue totaled 3,041,060,802 CNY, up 53.5% year over year, while quarter-over-quarter revenue declined 12.15% to 3.04B CNY from 3.46B CNY in Q4 2024. The quarter delivered a record gross margin of 50.34% (vs. 36.58% in Q4 2024), supported by strong price realization and favorable product mix. EBITDA stood at 1,385,161,810 CNY, producing an EBITDA margin of 45.56%, and operating income reached 1,003,211,883 CNY (operating margin 32.99%). Net income was 659,179,213 CNY, yielding a net margin of 21.68% and basic EPS of 0.17 CNY. The YoY improvements across revenue, gross profit, operating income, and net income point to meaningful operating leverage and cost discipline, while the QoQ revenue decline suggests seasonality or near-term production/mix shifts.
Given the absence of explicit cash flow and balance sheet metrics in the provided data, the assessment emphasizes profitability and margin dynamics as the principal near-term indicators of financial health. Zhaojin appears better positioned than several regional peers on margin profitability, but the overall investment thesis should be tempered by the lack of liquidity and cash flow detail in this dataset. Investors should monitor commodity price trajectories, ore grade evolution, sustaining capex intensity, and debt maturity profiles as key drivers of sustained performance.
Key Performance Indicators
QoQ: -12.15% | YoY:53.50%
QoQ: 22.51% | YoY:114.61%
QoQ: 46.81% | YoY:197.76%
QoQ: 13.33% | YoY:142.86%
Key Insights
Revenue: 3,041,060,802 CNY; YoY +53.50%; QoQ -12.15%
Gross Profit: 1,530,752,507 CNY; Gross Margin: 50.34%; YoY +83.54%; QoQ +20.89%
EBITDA: 1,385,161,810 CNY; EBITDA Margin: 45.56%
Operating Income: 1,003,211,883 CNY; Operating Margin: 32.99%; YoY +114.61%; QoQ +22.51%
Total Other Income/Expenses: -13,952,425 CNY (net)
Income Before Tax: 989,259,458 CNY; Tax: 159,068,444 CNY; Tax Rate: ~16.07%
Net Income: 659,179,213 CNY; Net Margin: 21.68%; YoY +197.76%; QoQ +46.81%
EPS (basic/diluted): 0.17 C...
Financial Highlights
Revenue: 3,041,060,802 CNY; YoY +53.50%; QoQ -12.15%
Gross Profit: 1,530,752,507 CNY; Gross Margin: 50.34%; YoY +83.54%; QoQ +20.89%
EBITDA: 1,385,161,810 CNY; EBITDA Margin: 45.56%
Operating Income: 1,003,211,883 CNY; Operating Margin: 32.99%; YoY +114.61%; QoQ +22.51%
Total Other Income/Expenses: -13,952,425 CNY (net)
Income Before Tax: 989,259,458 CNY; Tax: 159,068,444 CNY; Tax Rate: ~16.07%
Net Income: 659,179,213 CNY; Net Margin: 21.68%; YoY +197.76%; QoQ +46.81%
EPS (basic/diluted): 0.17 CNY; YoY +142.86%; QoQ +13.33%
Cost of Revenue: 1,510,308,295 CNY; Cost as % of Revenue: 49.66%
Depreciation & Amortization: 322,992,250 CNY
Weighted Average Shares (basic/diluted): 3,877,524,782
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
3.04B |
53.50% |
-12.15% |
| Gross Profit |
1.53B |
83.54% |
20.89% |
| Operating Income |
1.00B |
114.61% |
22.51% |
| Net Income |
659.18M |
197.76% |
46.81% |
| EPS |
0.17 |
142.86% |
13.33% |
Management Commentary
Notes on transcript: The provided data set does not include an earnings call transcript or management quotes. As a result, there are no verbatim management insights to quote within this report. Recommendation: when the transcript is available, extract themes by category (strategy, operations, market conditions, guidance) and quantify any stated targets or risk factors to enhance the forward-looking view.
Transcript not provided in the data.
— N/A
Transcript not provided in the data.
— N/A
Forward Guidance
No formal forward guidance was disclosed in the provided materials. Based on QQ1 2025 performance and the broader gold mining environment, the following factors are likely to influence future results: gold price and realized pricing, ore grade evolution, production volumes, and cost control (including depreciation-driven capex efficiency). Investors should monitor: (1) gold price trends and currency effects on Chinese operations, (2) sustaining and expansion capex cadence and its impact on unit costs, (3) mine optimization and production mix shifts between Gold Operations and Cu/Others, (4) working capital dynamics and any debt refinancing needs. Depending on these variables, potential outcomes range from continued margin resilience to volatility driven by external price shocks.