1. Financial Performance and Operational Recovery

• Revenue: The Group reported annual revenue of US\$482 million for 2025.
• Profitability: Net profit soared to US\$32.7 million, marking a year-on-year increase of 143%.
• Production: Annual production reached 61,867 tonnes of copper and 1,085 tonnes of cobalt.
• Adjusted EBITDA: Rose significantly to US\$202.6 million in 2025 from US\$132.4 million in 2024, reflecting improved core business performance and operational efficiency.
• Dividends: The Board recommended a 2025 final dividend of HK\$0.002 per share and a special dividend of HK\$0.002 per share (to substitute for the 2024 final dividend due to delayed results), totaling approximately HK\$52.53 million, pending AGM approval and expected to be paid around 31 July 2026.

2. Market Environment and Strategic Metals Outlook

• The global economic environment in 2025 showed recovery, with easing geopolitical tensions, accommodative monetary policies, and improved liquidity.
• The Hong Kong stock market rebounded from prolonged lows, benefiting valuation recovery.
• Copper and cobalt markets strengthened, driven by global supply constraints and robust demand from new energy and power infrastructure. Copper prices remained high, while cobalt prices rebounded from previous lows.
• The scarcity and investment value of copper and cobalt as core strategic metals in the new energy sector became increasingly prominent, supporting a favorable environment for the Group’s business development.

3. Compliance Risks and Trading Suspension

• Trading Suspension: In March 2025, the Company’s shares were suspended from trading on the Hong Kong Stock Exchange due to delayed publication of 2024 audited results, primarily related to additional compliance work required at a DRC subsidiary (Ruashi SAS) and allegations over certain historical payments.
• Independent Forensic Investigation: An independent forensic accountant was appointed in April 2025. The Board has reviewed the forensic findings, sought professional legal/compliance advice, and committed to full disclosures and transparency. No further financial adjustments were required as per the investigation’s outcome. All relevant findings have been reflected in the financial statements or previously disclosed.
• Resumption Progress: The Company is actively preparing for trading resumption, including comprehensive internal control reviews and rectifications, ongoing communication with the Stock Exchange, and a formal resumption plan in progress. The Chairman and CEO have committed to completing rectification and risk resolution, aiming for timely resumption and return to the capital market.
• Investor Impact: The investigation and trading suspension substantially affected the Company’s reputation, financing environment, and shareholder interests. Resumption is price sensitive and critical for share value recovery.

4. Corporate Governance, Remedial Measures, and Internal Controls

• The Board and management have prioritized compliance, risk resolution, and operational stability, implementing all regulatory requirements and comprehensive internal control rectifications (especially for Metorex and Ruashi Mines).
• Remedial measures and improvements have been ongoing, with further details to be announced upon completion of the forensic and internal control reviews. The risk management and internal control systems at certain subsidiaries were identified as needing major improvement.
• No material non-compliance with the Cayman Islands law, Hong Kong Listing Rules, or SFO was identified during the year.

5. Capital Actions and Shareholder Structure

• Share Placement: In March 2025, the Company completed a top-up placing and subscription of 630 million shares at HK\$0.628 per share, raising net proceeds of HK\$388 million. These funds are allocated to the deep processing stage of the Musonoi Project.
• The controlling shareholder, Jinchuan Group (Hong Kong) Resources Holdings Limited, remains the majority holder, with shareholdings and convertible securities disclosed in the annual report.

6. Other Noteworthy Events

• Takeover Offer: After the reporting period, on 4 March 2026, an offeror notified the Company of an unconditional voluntary cash partial offer to acquire up to 700 million shares (about 5.3% of issued capital) at HK\$0.01 per share. As of the approval date of the financial statements, this offer was ongoing and may impact the share price upon further developments.
• Auditor Change: Crowe (HK) CPA Limited was appointed as the new auditor in December 2025, replacing Deloitte. There was no change of auditor in the previous three years.

7. Risk Factors and Future Outlook

• Key risks include commodity price volatility, compliance and regulatory risks (especially in the DRC), and execution risks regarding internal control improvements and trading resumption.
• The Group remains optimistic about market prospects, focusing on resource integration, capacity upgrading, and operational improvements. The Board is committed to delivering value and restoring investor confidence through robust performance and transparent operations.

Potential Price-Sensitive Information

• Trading Suspension and Pending Resumption: The status and timing of share trading resumption are highly price sensitive.
• Takeover Offer: The ongoing unconditional partial offer at a low price (HK\$0.01) could affect market sentiment and valuation.
• Dividend Announcement: Resumption of dividend payments after a gap year may positively influence investor sentiment.
• Operational Performance: Significant profit recovery and improved EBITDA highlight operational turnaround and could be catalysts for a rerating upon resumption.

Disclaimer

This article is a summary and analysis based on the 2025 annual report of Jinchuan Group International Resources Co. Ltd. It is provided for informational purposes only and does not constitute investment advice. Investors should refer to official disclosures and consult their financial advisors before making any investment decisions. The information may be subject to change based on further updates and announcements by the Company.

1. 財務表現及業務恢復

• 收入： 2025年全年收入達4.82億美元。
• 盈利： 年內純利3,270萬美元，同比增長143%。
• 產量： 全年產出銅61,867噸、鈷1,085噸。
• 調整後EBITDA： 2025年為2.026億美元，較2024年增長顯著（2024年1.324億美元）。
• 派息： 建議2025年末期股息每股0.2港仙，另加特別股息每股0.2港仙（取代2024年末期股息），合共約5,253萬港元，待股東大會通過，預計2026年7月底或前後派付。

2. 市場環境與戰略金屬展望

• 2025年全球經濟逐步復甦，地緣政治緩和，貨幣政策寬鬆，流動性改善。
• 港股擺脫低迷，估值回升。
• 銅、鈷受全球供應受限及新能源需求帶動，價格高企，市場看好。
• 銅鈷作為新能源產業鏈核心金屬，稀缺性與投資價值更突出，為公司業務帶來良好環境。

3. 合規風險及停牌情況

• 停牌： 2025年3月因剛果（金）子公司（Ruashi SAS）歷史付款合規風險及審計需時，導致2024年業績延遲公布，公司股份停牌。
• 獨立法證調查： 2025年4月委聘獨立法證會計師調查，董事會已審閱報告及尋求法律意見，並承諾全程信息透明。調查結果無需對財務報表作進一步調整，所有相關事項已妥善反映。
• 復牌進展： 公司正積極推進復牌工作，包括全面內控整改，與聯交所溝通，制定復牌計劃。管理層承諾全力完成整改及風險化解，爭取盡快恢復上市。
• 投資者影響： 合規風險及停牌嚴重影響公司聲譽、融資環境及股東利益，復牌進展高度敏感，對股價影響重大。

4. 企業管治、整改及內控措施

• 公司全力以合規、整改及穩經營為核心目標，推動港交所要求及內控整改（尤其針對Metorex及Ruashi礦場）。
• 針對法證調查建議持續完善內控及管治，後續詳情將於調查完成後公布。
• 年內無重大違規或不合規事件。

5. 資本動作及股東結構

• 配股集資： 2025年3月完成配售及認購6.3億股，每股0.628港元，淨集資3.88億港元，用於Musonoi項目深加工階段。
• 控股股東金川集團（香港）資源控股有限公司仍為大股東，持股及可換股證券詳見年報。

6. 其他重要事件

• 收購要約： 2026年3月4日有收購方提出無條件現金部分要約，以每股0.01港元收購最多7億股（佔已發行股本約5.3%），目前尚在進行中，結果或影響股價。
• 核數師變更： 2025年12月委任國富浩華（香港）會計師事務所為新核數師，替代德勤。

7. 風險因素與未來展望

• 主要風險包括商品價格波動、合規及地緣政治風險（特別是剛果（金））、內控整改及復牌執行風險等。
• 公司對市場前景持審慎樂觀態度，將持續資源整合、產能升級及經營改善，致力為股東創造價值，恢復市場信心。

具股價敏感的資訊

• 停牌及復牌進展： 復牌狀態及時間表直接影響股價。
• 收購要約： 低價（0.01港元）部分要約或影響市場氛圍及估值。
• 恢復派息： 一年後恢復派息或帶動投資者情緒。
• 業績顯著改善： 盈利及EBITDA大幅回升，若復牌將有望帶動估值重估。

免責聲明

本文僅根據金川集團國際資源有限公司2025年年報資料編寫，內容僅供參考，並不構成任何投資建議。投資者應留意公司後續公告及官方信息，並諮詢專業財務顧問，作出獨立判斷。公司動態或有變化，請密切關注。