According to a research report published by Goldman Sachs, Zijin Mining (02899.HK)'s first-quarter results were in line with expectations. Net profit increased 15% to 6.3 billion yuan year-on-year, reaching 51% and 22% of the bank's mid-term and full-year profit forecasts. The cost control situation improved during the period, operating cash flow increased 4% to 8.2 billion yuan, and the net debt ratio fell to 110% from 117% at the end of last year. The bank kept its profit forecast unchanged. Recurring net profit is estimated to grow from RMB 22.4 billion last year to RMB 35.1 billion in 2026, or a compound annual growth rate of 16%. Goldman Sachs maintains its buying rating for Zijin, with a target price of HK$19.