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Minxi Xinghang is Zijin's largest single shareholder (22.88% at 2025 FY-end per the same FY2025 annual report already cited for named_counterparties/counterparty_concentration) and is 100%-owned by the Shanghang County government finance bureau, making Shanghang County state assets Zijin's actual controller (实际控制人) — consistent with this dossier's existing 'partly state-owned' framing in ## What they do. Second-largest holder is HKSCC Nominees (~22.48%, i.e. HKEX-traded free float via Hong Kong Central Clearing, not a controlling entity in its own right). GLEIF has an LEI on file for the parent company (529900ABI5CBFXD01Q05) but the record is flagged status=DUPLICATE in the registry and reports no parent/relationship data — GLEIF was not usable as the primary ownership source here, so this falls back to the annual report + corroborating secondary aggregation (eastmoney.com, citing the same FY2025 filing) per Step 3's manual-research path. No parent_slug set — Minxi Xinghang is a county government investment vehicle, not a corporate parent with its own dossier in this corpus.
Named counterparties identified by open-source research and written only where a primary source states the relationship — never inferred from sector or co-mention. 17 suppliers, 26 customer-side. This is a partial view: it covers the relationships we could evidence, not the company's full supply base.
福建紫金锂元材料科技有限公司紫金矿业固态电池锂电新材料建设工程 EIA report (Fujian provincial 生态环境厅, 公示本, page 54): 'the project's main raw material is lithium chloride... externally-purchased anhydrous lithium chloride is mainly sourced from Anhui Tiantie Lithium Battery New Energy Co. (incl. its Jiangsu Changjili plant), Sichuan Ausheng New Materials Co., and Jiangxi Ganfeng Lithium Co. Ltd, among other suppliers' — Ganfeng verbatim-quoted and live-verified on this VPS 2026-09-10 (PDF fetched fresh, not recalled from memory). No share_pct disclosed — EIA reports name suppliers, never volumes or percentages. This is the supplier-side counterpart to Ganfeng's own dossier (002460), which carries no reciprocal customer row for Zijin — EIA filings are one-directional disclosure (name the supplier, not the buyer).
Same EIA report, page 54, same anhydrous-lithium-chloride supplier list as the Ganfeng row above (incl. its Jiangsu Changjili production base). No dossier exists for this company in the corpus — recorded for disclosure completeness; does not resolve to a MACRO∩MICRO pair.
Same EIA report, page 54, same anhydrous-lithium-chloride supplier list as the Ganfeng row above. No dossier exists for this company in the corpus — recorded for disclosure completeness; does not resolve to a MACRO∩MICRO pair.
Disclosed as the Group's joint venture (合营企业) and subsidiaries. Purchases of copper concentrate, market price: RMB 11,396,472,842 in FY2025 — the single largest related-party line in the filing. Kamoa Holding is the joint vehicle through which Zijin holds its ~39.6% stake in Kamoa-Kakula (DRC), already carried in this dossier's production_footprint — this transaction is the JV mine's concentrate flowing to Zijin's own smelting capacity, i.e. captive intra-group supply, not arm's-length procurement.
FY2024 comparative from the same FY2025 filing: RMB 10,028,058,500 in copper concentrate purchases from Kamoa and subsidiaries (+13.6% to FY2025).
Reciprocal flow: Zijin sells materials and mine-construction services to the Kamoa JV, market price. RMB 663,834,730 in FY2025 — Zijin supplying its own JV's build-out, not a separate commercial customer relationship.
FY2024 comparative: RMB 776,864,667 in materials/mine-construction sales to Kamoa and subsidiaries (-14.5% to FY2025).
Disclosed as the Group's associate (联营企业) and subsidiaries. Purchases of raw materials, market price: RMB 580,306,937 in FY2025 (down from RMB 1,282,137,925 in FY2024, -54.7%).
FY2024 comparative: RMB 1,282,137,925 in raw-material purchases from Zisen (Xiamen) and subsidiaries.
Reciprocal flow: sale of zinc concentrate and cathode copper, market price. RMB 516,224,858 in FY2025 (down from RMB 723,473,406 in FY2024, -28.6%) — directly copper-chain-relevant (cathode copper is Zijin's refined product).
FY2024 comparative: RMB 723,473,406 in zinc concentrate / cathode copper sales to Zisen (Xiamen) and subsidiaries.
Disclosed as the Group's associate (联营企业). Purchases of doré gold (合质金), market price: RMB 245,549,111 in FY2025 (down from RMB 364,904,877 in FY2024, -32.7%). Gold is not on this platform's scored critical-mineral list (per this dossier's own material_exposures note), so this row is disclosure context, not a scored exposure.
FY2024 comparative: RMB 364,904,877 in doré-gold purchases from Southwest Zijin Gold.
Confirmed the Group's associate (联营公司) in a separate financing note (十二.5(D) note 5: Zijin subsidiaries Zijin International Capital and Jinshan Hong Kong have provided USD shareholder loans to Lualaba since 2019, extended to 2028-09-01). Sale of spare parts, market price: RMB 180,849,028 in FY2025 (down from RMB 182,075,249 in FY2024, roughly flat). DRC-domiciled — same jurisdiction as the Kamoa-Kakula and COMMUS copper-cobalt operations in this dossier's production_footprint; full corporate identity (Lualaba is likely a copper smelter/refinery JV given the province name and the equipment/spare-parts trade) not resolved from the pages read.
FY2024 comparative: RMB 182,075,249 in spare-parts sales to Lualaba.
Relationship confirmed as the Group's associate (联营企业) in the bank-guarantee note (page 301: 紫金矿业 provided a RMB 1,022,791,278 joint-liability guarantee to 西藏翔龙矿业有限公司, 2025-05-06 to 2037-05-05, 关联关系: 联营企业). Sale of mine-construction services, market price: RMB 296,457,256 in FY2025 (up from RMB 40,752,265 in FY2024, +627%). Tibet (Xizang)-domiciled — same province as Zijin's flagship Julong copper mine; the specific project this construction spend supports is not stated in the pages read.
FY2024 comparative: RMB 40,752,265 in mine-construction sales to Xianglong Mining.
Sale of sulfuric acid, market price: RMB 154,521,582 in FY2025 (up from RMB 76,698,004 in FY2024, +101%). Sulfuric acid is a byproduct of Zijin's copper smelting; the counterparty name pattern (Wengfu Group, a major Chinese phosphate-fertiliser producer, + Zijin) is consistent with a fertiliser JV consuming smelter-byproduct acid, but the exact corporate relationship subtype was not confirmed in the associate/JV list captured from page 302 — flagged as inferred, not textually confirmed.
FY2024 comparative: RMB 76,698,004 in sulfuric-acid sales to Wengfu Zijin.
Entity-wide major-customer disclosure (>=10% of consolidated revenue), first time this counterparty is quantified in this dossier — the FY2025 annual report named it only in unquantified prose (see counterparty_concentration note above). Revenue from SGE: RMB 45,311,670,887 of RMB 194,178,458,630 total H1-2026 revenue. SGE is China's national physical-gold trading/settlement exchange, not an end-consumer — sales 'to' SGE are exchange-settled bullion sales, structurally different from a corporate offtake customer; do not read this as a single buyer concentration risk in the ordinary sense.
H1-2025 comparative from the same H1-2026 filing: RMB 52,464,687,342 of RMB 167,710,853,231 total H1-2025 revenue (-13.6% absolute, -7.94 pts of revenue share vs H1-2026 — SGE-settled sales grew slower than the Group's 15.78% overall H1-2026 revenue growth).
UNQUANTIFIED — named only as a prose example in the FY2025 annual report's MD&A ('主要客户包括上海黄金交易所、托克等'), not in the top-5 table or the related-party note, so no share_pct exists to record. `share_pct` deliberately OMITTED rather than set to null: lib/intelligence.ts's parser only validates the field when the key is present at all, so an explicit `null` value fails validation while an absent key parses cleanly to the same internal null. Backfilled 2026-08-30 (previously left as prose-only per this dossier's own counterparty_concentration note) because a named relationship to a top-3 global metals trader is worth recording even unquantified — absence of a percentage is not absence of the fact.
UNQUANTIFIED — named only as a prose example in the FY2025 annual report's MD&A ('主要供应商包括上海黄金交易所、金川集团等'), not in the top-5 table or the related-party note. Backfilled 2026-08-30, same rationale as the Trafigura row above. Jinchuan Group is itself tracked in this corpus (jinchuan-group-international) as China's largest primary nickel producer.
RMB 4,777,434,875 in anode copper etc. purchased from the Kamoa JV (交易内容 购买阳极铜等, market price); H1-2025 comparative RMB 6,401,171,672 (-25.4%). Kamoa is the Group's joint venture (合营企业) per the note's relationship table. Source: 财务报表附注 十二.5(A) 关联方商品和劳务交易 (interim financial-statement note; the interim carries no top-5 table, so no share_pct).
H1-2025 comparative from the same H1-2026 filing: RMB 6,401,171,672 in anode copper etc. purchased from the Kamoa JV (交易内容 购买阳极铜等, market price). Source: 财务报表附注 十二.5(A) 关联方商品和劳务交易 (interim financial-statement note; the interim carries no top-5 table, so no share_pct).
RMB 168,007,456 in materials and mine-construction sales to the Kamoa JV (销售物资、矿山建设, market price); H1-2025 comparative RMB 315,653,806 (-46.8%). Reciprocal build-out flow to the Group's own JV. Source: 财务报表附注 十二.5(A) 关联方商品和劳务交易 (interim financial-statement note; the interim carries no top-5 table, so no share_pct).
H1-2025 comparative from the same H1-2026 filing: RMB 315,653,806 in materials and mine-construction sales to the Kamoa JV (销售物资、矿山建设, market price). Source: 财务报表附注 十二.5(A) 关联方商品和劳务交易 (interim financial-statement note; the interim carries no top-5 table, so no share_pct).
RMB 337,519,792 in copper and zinc concentrate purchases (购买铜精矿与锌精矿, market price); H1-2025 comparative RMB 650,041,193 (-48.1%). Zisen is an associate (联营企业) per the relationship table. Source: 财务报表附注 十二.5(A) 关联方商品和劳务交易 (interim financial-statement note; the interim carries no top-5 table, so no share_pct).
H1-2025 comparative from the same H1-2026 filing: RMB 650,041,193 in copper and zinc concentrate purchases (购买铜精矿与锌精矿, market price). Source: 财务报表附注 十二.5(A) 关联方商品和劳务交易 (interim financial-statement note; the interim carries no top-5 table, so no share_pct).
RMB 250,192,822 in zinc concentrate and cathode copper sales (销售锌精矿与阴极铜, market price); H1-2025 comparative RMB 620,308,481 (-59.7%). Zisen is an associate (联营企业). Source: 财务报表附注 十二.5(A) 关联方商品和劳务交易 (interim financial-statement note; the interim carries no top-5 table, so no share_pct).
H1-2025 comparative from the same H1-2026 filing: RMB 620,308,481 in zinc concentrate and cathode copper sales (销售锌精矿与阴极铜, market price). Source: 财务报表附注 十二.5(A) 关联方商品和劳务交易 (interim financial-statement note; the interim carries no top-5 table, so no share_pct).
RMB 120,531,347 in doré gold purchases (购买合质金, market price); H1-2025 comparative RMB 196,447,100 (-38.6%). Associate (联营企业). Source: 财务报表附注 十二.5(A) 关联方商品和劳务交易 (interim financial-statement note; the interim carries no top-5 table, so no share_pct).
H1-2025 comparative from the same H1-2026 filing: RMB 196,447,100 in doré gold purchases (购买合质金, market price). Source: 财务报表附注 十二.5(A) 关联方商品和劳务交易 (interim financial-statement note; the interim carries no top-5 table, so no share_pct).
RMB 141,519,572 in spare-parts sales (销售备品备件, market price); H1-2025 comparative RMB 72,673,033 (+94.7%). Short name as printed in the note; relationship not itemized in the H1-2026 relationship table. Source: 财务报表附注 十二.5(A) 关联方商品和劳务交易 (interim financial-statement note; the interim carries no top-5 table, so no share_pct).
H1-2025 comparative from the same H1-2026 filing: RMB 72,673,033 in spare-parts sales (销售备品备件, market price). Source: 财务报表附注 十二.5(A) 关联方商品和劳务交易 (interim financial-statement note; the interim carries no top-5 table, so no share_pct).
RMB 197,583,755 in mine-construction services (矿山建设, market price); H1-2025 comparative RMB 54,777,141 (+260.7%). Also a guaranteed borrower in the same note (RMB 2.30bn guarantee at 2026-06-30 vs 1.02bn at FY-end). Source: 财务报表附注 十二.5(A) 关联方商品和劳务交易 (interim financial-statement note; the interim carries no top-5 table, so no share_pct).
H1-2025 comparative from the same H1-2026 filing: RMB 54,777,141 in mine-construction services (矿山建设, market price). Source: 财务报表附注 十二.5(A) 关联方商品和劳务交易 (interim financial-statement note; the interim carries no top-5 table, so no share_pct).
RMB 41,624,836 in sulfuric acid sales (销售硫酸, market price); H1-2025 comparative RMB 81,476,581 (-48.9%). Short name as printed. Source: 财务报表附注 十二.5(A) 关联方商品和劳务交易 (interim financial-statement note; the interim carries no top-5 table, so no share_pct).
H1-2025 comparative from the same H1-2026 filing: RMB 81,476,581 in sulfuric acid sales (销售硫酸, market price). Source: 财务报表附注 十二.5(A) 关联方商品和劳务交易 (interim financial-statement note; the interim carries no top-5 table, so no share_pct).
RMB 135,588,708 in silver ingot sales (销售银锭, market price) — the silver line of the related-party sales table; H1-2025 comparative RMB 1,269,194 (+10583.1%). Short name as printed; relationship not itemized in the H1-2026 relationship table. Source: 财务报表附注 十二.5(A) 关联方商品和劳务交易 (interim financial-statement note; the interim carries no top-5 table, so no share_pct).
H1-2025 comparative from the same H1-2026 filing: RMB 1,269,194 in silver ingot sales (销售银锭, market price) — the silver line of the related-party sales table. Source: 财务报表附注 十二.5(A) 关联方商品和劳务交易 (interim financial-statement note; the interim carries no top-5 table, so no share_pct).
RMB 115,374,274 of refined-gold sales (销售精炼金, market price) in H1-2026; the H1-2025 column is blank ('-'), so this is a new line with no comparative. Associate (联营企业) per the relationship table. Source: 财务报表附注 十二.5(A).
Ivanhoe Q1 2025 results: 'CITIC Metal (HK) Limited and Gold Mountains International Mining Company Limited, a subsidiary of Zijin Mining, have each signed an offtake agreement with Kamoa Copper for a combined 80% of the smelter's anode production' (three-year term); Gold Mountains 'provided an advance payment facility of $250 million' received January 2025 (1-month SOFR + 3.75%). Copper anodes, not concentrate — distinct from the A-share related-party concentrate lines above. Receiving smelter/country not stated.
Scope. Absence of a counterparty here is not evidence that none exists — most commercial sourcing is confidential and never becomes public. Rows without a share figure mean no share was disclosed, not that the relationship is small.
2 other tracked dossiers name this company as a counterparty in its own sourced disclosure — this platform never wrote these rows on this company's own page, they are read here inverted from the dossier that disclosed them. This is a partial view: 982 additional named-counterparty rows across the corpus could not be matched to a tracked dossier by name at all (mostly non-Latin legal names), so the true count is higher than what renders here.
Via Gold Mountains International Mining Company Limited, 'a subsidiary of Zijin Mining': one of two offtakers for 'a combined 80% of the smelter's anode production', three-year term; Gold Mountains provided a US$250m advance payment facility received January 2025. Zijin is a 39.6% Kamoa-Kakula JV partner, so related-party. Destination country not stated.
Zijin discloses Zisen (Xiamen) and subsidiaries as its associate. H1-2026: Zijin bought copper and zinc concentrate from them for RMB 337.5m (H1-2025 RMB 650.0m) and sold them zinc concentrate and cathode copper for RMB 250.2m (RMB 620.3m), at market price; RMB 1.916bn notes payable to them at 30 Jun 2026. Zisen's other customers and suppliers are not disclosed.
Scope. This section is inverted evidence: each linked dossier wrote the original row about itself, describing its own relationship to this company. It is never a claim this company itself disclosed. Absence here is not evidence of no relationship — most of the corpus has no named-counterparty block at all yet.
This company sits on the supply side for 4 of its 4 materials — a restriction on those is a tailwind, not a headwind.
As a producer, policy pressure across its produced materials is coverage-limited.
Descriptive trend in official policy actions on this company’s materials — a policy-pressure trend, not a price or trading signal. No forward probability is implied. Direction is measured on actions we have discovered, and discovery lags events: where the recent window is too thin to support a calm reading, the row says coverage-limited instead of easing.
No actions in the register have named or swept this company in the last 24 months.