Dong Wu Securities: Maintains Longnet Environmental Protection's "buy" rating, with both green electricity and new energy mining cards driving growth.

Dongwu Securities research report pointed out that Longjing Environmental Protection Mine microgrid & mining card electrification and unmanned, to build a comprehensive solution for green energy in mines. By 2025, operating income will reach 11.872 billion yuan, an increase of 18.49%; net profit attributable to mother will reach 1.112 billion yuan, an increase of 33.95%. Performance is steadily growing, environmental protection equipment is steadily improving, and green electricity storage is accelerating. In 2025, the company broke through the technical barriers of large-tonnage pure electric mining dump truck, and delivered the first LK220E electric mining card, and signed the first batch of purchase and sales contracts with Tibet Jiulong Copper Industry. Promote the development of larger-tonnage LK350E electric mining card and unmanned driving LK110EI electric mining card, among which LK110EI has signed a purchase order with Zijinshan Gold-Copper Mine, promoting the construction of green mines and intelligent transformation, and accelerating the formation of strategic growth poles. The company's atmospheric environmental protection is sound, with abundant orders. In October 2025, the company initiated a new financing, and Zijin Mining cash fully subscribed to increase its shareholding ratio. Zijin Mining continues to empower, with dual driving forces of green electricity in mines and new energy mining cards, helping the mining industry to continue to grow and transform towards green. Maintain "buy" rating.