Zijin Gold International (02259.HK) Hot Stock Analysis

Zijin Gold International (02259.HK) is an international gold business platform spun off from Zijin Mining (02899.HK). It completed the largest IPO in the global gold mining industry in September 2025, raising approximately HK$28.7 billion [1]. This event occurred on January 1, 2026, at the year-end and year-beginning market node. The company became a hot stock driven by three main catalysts:

1. Sharp fluctuations in gold prices
   : Gold futures closed down 4.5% on December 30, 2025, while silver reversed from a 6% daily gain to an 8% drop. As a gold mining stock, Zijin Gold International was directly affected, with its share price falling 5.41% that day [2].
2. Earnings preview
   : The company announced that its net profit attributable to parent company shareholders for 2025 was approximately US$1.5-1.6 billion, an increase of about 212-233% YoY, significantly exceeding market expectations [3].
3. Industry position and market attention
   : As a leading enterprise in the gold mining industry, the company has maintained high market attention since its IPO, and the industry position of its parent company Zijin Mining also provides indirect support [1].

1. Correlation between gold price and stock price
   : The company’s stock price trend is highly correlated with gold prices. Sharp fluctuations in gold prices have become the main driver of short-term stock price changes, showing the cyclical characteristics of gold mining stocks [2].
2. Sustained impact of spin-off effect
   : As an international business platform spun off from Zijin Mining, the company inherits the parent company’s resource advantages and industry experience while having the flexibility for independent development. This spin-off effect may continue to drive market attention in the future [1].
3. Balance between performance growth and valuation
   : The company’s 2025 performance increased significantly, but the high valuation levels (TTM P/E ratio 63.09, P/B ratio 7.29) may trigger investor concerns about valuation corrections. It is necessary to pay attention to whether performance growth can support high valuations [1].

1. Gold price volatility risk
   : The company’s performance is highly correlated with gold prices. If gold prices continue to fall, it will directly affect profitability and stock price performance [0].
2. Overvaluation risk
   : The current valuation is at a high level, with correction pressure [1].
3. Market liquidity risk
   : Market liquidity usually tightens at the end and beginning of the year, which may exacerbate stock price volatility [0].
4. Integration risk
   : The company expands its gold resource reserves through mergers and acquisitions. If the integration effect is not good, it may affect performance expectations [0].

1. Performance growth potential
   : The significant growth in 2025 performance shows the company’s good profitability and development prospects [3].
2. Industry position advantage
   : As an international business platform spun off from Zijin Mining, it has strong industry competitiveness and resource advantages [1].

Zijin Gold International (02259.HK) became a hot stock mainly driven by sharp fluctuations in gold prices, earnings preview, and high market attention. On December 30, 2025, the stock price fell 5.41% to close at HK$145.2, with a trading volume of 3.0079 million shares and a turnover of HK$445 million [1]. Investors need to pay attention to risks such as gold price volatility, overvaluation, and market liquidity, while seizing opportunities brought by the company’s performance growth and industry position.