$ZIJIN GOLD INTL(02259.HK)1. The company's core profits rely on international gold and copper prices. Under the global high interest rate and recession expectations, commodity prices face trend downward pressure.

2. Its aggressive overseas mining acquisitions expose it to uncontrollable risks such as policy changes in resource countries, geopolitical conflicts, and soaring operating costs.

3. Mining is a capital-intensive industry. At the end of the industry expansion cycle, high capital expenditures and debt may trigger severe cash flow and debt repayment pressures due to weakening metal prices.