Core Insights - The company reported significant growth in revenue and net profit for the second quarter of 2025, with revenue reaching 4.035 billion RMB, a year-on-year increase of 30.94% and a quarter-on-quarter increase of 37.35% [1] - The company achieved a gold production of 10.24 tons in the first half of 2025, a year-on-year increase of approximately 13.77%, while the smelting and processing gold production decreased by about 3.08% [2] - The average gold price in the first half of 2025 was approximately 3,077 USD per ounce, reflecting a year-on-year increase of 39.8% [2] - The company faced asset impairment losses of approximately 740 million RMB in the first half of 2025, a year-on-year increase of about 240% due to the closure of a gold mine and the impairment of a copper smelting plant [2] - The company is expanding its resource base through exploration and acquisitions, with significant breakthroughs in gold resource quantities [3] Financial Performance - The net profit for the second quarter of 2025 was 781 million RMB, a year-on-year increase of 135.51% and a quarter-on-quarter increase of 18.41% [1] - The gross profit for the first half of 2025 was approximately 3.05 billion RMB, a year-on-year increase of about 54.31%, with the gross margin rising from 42.72% to 43.74% [2] - Other income and gains for the first half of 2025 were approximately 1.134 billion RMB, a year-on-year increase of about 195.36% [2] Strategic Developments - The company is accelerating its internationalization by investing in overseas projects, including the acquisition of Delarob and Sierra Leone West Gold [3] - The company has made significant investments in exploration, resulting in an additional gold resource of 261.16 tons in 2024 and 25 tons in the first half of 2025 [3] - The company holds a 70% stake in a marine gold mine, which is progressing towards industrial production capacity, with an expected annual gold output of 15-20 tons [3] Investment Outlook - The company is expected to see steady growth in production and increased profitability due to rising gold prices, with projected net profits of 3.289 billion RMB, 3.733 billion RMB, and 4.844 billion RMB for 2025-2027 [3]

Core Viewpoint - CICC maintains an "outperform" rating for Zhaojin Mining (01818) and keeps the profit forecast for 2025/2026 at 3.25 billion/3.88 billion yuan, with a target price of 27 HKD, indicating a potential upside of 24.5% from the current stock price [1] Group 1: Performance Highlights - In 1H25, the company's revenue reached 6.973 billion yuan, a year-on-year increase of 50.7%, and the net profit attributable to shareholders was 1.44 billion yuan, up 160.4% year-on-year [1] - In 2Q25, revenue was 3.9 billion yuan, reflecting a year-on-year growth of 48.6% and a quarter-on-quarter increase of 29.3%, with net profit at 780 million yuan, up 135.5% year-on-year and 18.4% quarter-on-quarter, aligning with CICC's expectations [1] Group 2: Price and Production Metrics - The average gold price in Shanghai for 1H25 was 720.9 yuan/gram, a 38.4% increase year-on-year, while the average for 2Q25 was 770.5 yuan/gram, up 14.8% quarter-on-quarter and 39.4% year-on-year [2] - The company's gold production in 1H25 was 14.29 tons, a year-on-year increase of 8.42%, with mined gold at 10.24 tons, up 13.77% year-on-year [2] - The comprehensive cost per gram of gold was approximately 216.2 yuan, a year-on-year increase of 2.96%, leading to a gross profit of 3.05 billion yuan, up 54.31% year-on-year, and a gross margin increase from 42.72% in 1H24 to 43.74% in 1H25 [2] Group 3: Cost Management - Management expenses for 1H25 were approximately 700 million yuan, a 12.9% year-on-year increase from 620 million yuan in 1H24, with a management expense ratio of 10%, down 3 percentage points year-on-year [3] - In 2Q25, management expenses were about 336 million yuan, with a management expense ratio of 9%, showing a decline both year-on-year and quarter-on-quarter, indicating effective cost control [3] Group 4: Growth Initiatives - The Ruihai project is accelerating infrastructure development, with a successful trial run of a 12,000 tons/day ore processing system, indicating initial industrial production capacity [4] - The company holds a 70% stake in the offshore gold mine, which is expected to reach an annual production of 15-20 tons of gold, with attributable production of approximately 10.5-14 tons, potentially becoming one of the largest operating gold mines in China [4] - The company is enhancing production capacity through key projects like the deep exploration of the Xiadian gold mine and has established a special exploration fund exceeding 100 million yuan to focus on global mineral-rich areas, adding 25 tons of new gold metal [4] - The company plans to improve the efficiency of the Abidjan project and increase contributions from its overseas operations, aiming for a "dual H" development strategy with equal focus on domestic and international markets [4]

Core Viewpoint - CICC maintains an "outperform" rating for Zhaojin Mining (01818) and forecasts profits of 3.25 billion and 3.88 billion yuan for 2025 and 2026 respectively, with a target price of 27 HKD, indicating a potential upside of 24.5% from the current stock price [1] Group 1: Performance Metrics - In 1H25, Zhaojin Mining reported revenue of 6.973 billion yuan, a year-on-year increase of 50.7%, and a net profit attributable to shareholders of 1.44 billion yuan, up 160.4% [1] - In 2Q25, revenue reached 3.9 billion yuan, reflecting a year-on-year growth of 48.6% and a quarter-on-quarter increase of 29.3%, with a net profit of 780 million yuan, up 135.5% year-on-year and 18.4% quarter-on-quarter [1] - The average gold price in Shanghai for 1H25 was 720.9 yuan per gram, a year-on-year increase of 38.4%, while the average for 2Q25 was 770.5 yuan per gram, up 14.8% quarter-on-quarter and 39.4% year-on-year [2] Group 2: Cost and Profitability - The comprehensive cost of gold production in 1H25 was approximately 216.2 yuan per gram, a year-on-year increase of 2.96%, with a gross profit of 3.05 billion yuan, up 54.31% year-on-year, and a gross margin increase from 42.72% in 1H24 to 43.74% in 1H25 [2] Group 3: Management Efficiency - Management expenses for 1H25 were around 700 million yuan, a year-on-year increase of 12.9% from 620 million yuan in 1H24, with a management expense ratio of 10%, down 3 percentage points year-on-year [3] - In 2Q25, management expenses were approximately 336 million yuan, with a management expense ratio of 9%, showing a decline both year-on-year and quarter-on-quarter [3] Group 4: Growth Initiatives - The Ruihai project is accelerating infrastructure development, with a successful trial run of a 12,000 tons/day ore selection system, indicating initial industrial production capacity [4] - The company holds a 70% stake in the offshore gold mine, which is expected to produce 15-20 tons of gold annually, contributing approximately 10.5-14 tons to the company's output, potentially making it one of the largest operating gold mines in China [4] - The company has established a special exploration fund exceeding 100 million yuan in 1H25, focusing on key mineralization areas globally, resulting in an additional 25 tons of gold metal [4] - The company aims to enhance the efficiency of the Abidjan project and increase contributions from its overseas operations, with plans for further international expansion [4]

Core Insights - The report from Huatai Securities indicates that Zhaojin Mining achieved a revenue of 6.973 billion yuan in the first half of the year, representing a year-on-year increase of 50.69% [1] - The net profit for the same period was 1.777 billion yuan, marking a year-on-year growth of 144.58% [1] - The attributable net profit reached 1.440 billion yuan, with a year-on-year increase of 160.44% [1] - The strong performance is primarily attributed to the rise in gold prices, which averaged 724.29 yuan per gram in the first half of the year, reflecting a year-on-year increase of 38.9% [1] Investment Outlook - The report suggests that if the Federal Reserve implements interest rate cuts, it could lead to a decline in real interest rates in the U.S., which would be favorable for gold [1] - The medium to long-term outlook indicates a continued upward trend for gold prices, supported by ongoing project developments within the company [1] - The target price for Zhaojin Mining has been raised from 23.44 HKD to 24.54 HKD, maintaining a "buy" rating [1]

Group 1 - The core point of the article is that Gansu Cooperation Zaozigou Gold Mine Co., Ltd., a subsidiary of Zhaojin Mining, announced a procurement project for an underground waste rock sorting machine with a budget of 5.2 million yuan [1] - The procurement announcement was made on August 26, 2025, indicating the company's ongoing investment in mining infrastructure [1] - Zhaojin Mining holds a 52% stake in Gansu Cooperation Zaozigou Gold Mine Co., Ltd., reflecting its significant involvement in the project [1]

Market Overview - US stock indices experienced adjustments, with European markets also facing challenges, particularly in France where the CAC 40 index fell over 2% [1] - Hong Kong stocks corrected after a strong rally, closing down 1.18% [1] - Optimism regarding potential Fed rate cuts was tempered by concerns over Trump's threats to dismiss Fed Governor Lisa Cook, which could undermine confidence in USD assets [1] Gold and Mining Sector - Gold stocks surged, with China Gold International reporting a turnaround in its mid-year results, showing strong growth and significant capacity expansion potential [1] - Other gold stocks like Lingbao Gold and Zhaojin Mining also saw substantial gains, reflecting a broader trend in the sector [1] Trade and Tariff Implications - Trump threatened to impose approximately 200% tariffs on rare earth magnets from China and additional tariffs on countries implementing digital taxes, impacting major US tech companies [2] - The US government proposed adding copper, silicon, and silver to a list of critical minerals, indicating a shift in tariff strategy to protect domestic industries [2] Automotive Industry Dynamics - The automotive sector is undergoing rapid changes, with Chinese electric vehicle companies and Tesla significantly shortening the development cycle for new models to about two years [3] - Traditional players like Puma are exploring strategic options, including potential sales, indicating a shift in competitive dynamics within the industry [3] AI and Technology Sector - The Chinese government announced plans to integrate AI with six key sectors by 2027, which will drive capital expenditure towards AI-related technologies [6] - Companies like SMIC and SenseTime are positioned to benefit from increased investment in AI and related technologies [6] Company Performance Highlights - Angelalign reported a 33.1% increase in revenue to $161.4 million, with a significant rise in net profit, indicating strong performance in the orthodontics market [4] - Meituan was included in the MSCI China Index, leading to an 8% increase in its stock price [5] Individual Stock Insights - SenseTime is expected to report improved financial results, with projected revenue growth and a potential narrowing of losses, reflecting a positive outlook for the company [7] - The company has a strong competitive position in AI technology, with significant advancements in model capabilities and market share in various applications [8]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 ZHAOJIN MINING INDUSTRY COMPANY LIMITED* 招金礦業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1818） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 而 作 出。 茲載列招金礦業股份有限公司於2025年8月26日在上海證券交易所網站(www.sse.com.cn) 所 刊 登 的《招 金 礦 業 股 份 有 限 公 司 公 司 債 券 中 期 報 告（2025年）》，僅 供 參 考。 特 此 公 告。 承董事會命 招金礦業股份有限公司 姜桂鵬 董事長 中 國 招 遠，2025年8月26日 截 至 本 公 告 日 期，董 事 會 成 員 包 括： 執 行 董 事： 姜 桂 鵬 先 生、段 磊 先 生、王 立 剛 先 生 及 王 培 武 先 生 非 執 ...

Market Overview - The Hong Kong stock market failed to maintain its strong performance from the previous day, with all three major indices experiencing a collective adjustment. The Hang Seng Index fell by 1.18% or 304.99 points, closing at 25,524.92 points, with a total trading volume of HKD 31.78 billion. The Hang Seng China Enterprises Index decreased by 1.07% to 9,148.66 points, while the Hang Seng Tech Index dropped by 0.74% to 5,782.24 points [1] Blue-Chip Stocks Performance - CSPC Pharmaceutical Group (01093) led the decline among blue-chip stocks, falling by 4.33% to HKD 10.38, with a trading volume of HKD 1.797 billion, contributing a loss of 6.04 points to the Hang Seng Index. Bank of America Securities reported a 14.3% year-on-year decline in total revenue for CSPC in Q2, with attributable net profit down 24% to RMB 1.1 billion. The firm revised its revenue forecasts for 2025 to 2027 down by 25%, 2%, and 11% respectively [2] Sector Highlights - Large technology stocks mostly declined, with Alibaba down 2.57% and Tencent down 0.81%. Gold stocks surged, with China Gold International rising over 10%. Apple is expected to initiate a three-year innovation cycle, boosting related stocks like Lens Technology, which rose over 5%. Gaming stocks and some new consumption concepts performed well, with Melco International Development up over 9% [3][5] Federal Reserve Insights - Federal Reserve Chairman Jerome Powell indicated rising downside risks in the U.S. labor market, suggesting a potential policy adjustment could be appropriate. This statement is seen as a strong signal for a possible interest rate cut as early as September. The market reacted positively, particularly for precious metals, with expectations for further increases in gold prices [4] Gaming Sector Performance - The gaming sector continued its upward trend, with Melco International Development rising 9.27% to HKD 5.54. According to JPMorgan, Macau's gaming revenue for the first 24 days of August reached MOP 17.65 billion, with a daily average of MOP 735 million, reflecting a 9% increase from the previous week [6] Pharmaceutical Sector Challenges - The pharmaceutical sector faced pressure, with several stocks declining. Notably, CStone Pharmaceuticals (09966) fell 6.74% to HKD 10.24. U.S. President Trump's announcement to drastically reduce drug prices could create significant challenges for the global pharmaceutical industry, presenting both opportunities and risks for Chinese biotech stocks [6] Notable Stock Movements - Double Ended Co. (06960) debuted with a 31.29% increase, closing at HKD 19.05. The company focuses on energy storage solutions in the data and communication sectors, with a projected market share of 11.1% by 2024 [7] - Kingsoft Holdings (03918) reached a new high, rising 17.94% to HKD 5.72, reporting a 16.76% year-on-year revenue increase to USD 342 million [8] - Angelalign Technology (06699) saw a 10.28% increase to HKD 75.1, with a 33.1% year-on-year revenue growth reported [9] - Meitu Inc. (01357) rose 7.9% to HKD 11.47 after being included in the MSCI China Index, with Morgan Stanley expressing confidence in its long-term growth potential [10] - Xintai Medical (02291) experienced a significant drop of 12.75% to HKD 23.96 following a major shareholder's sale of shares [11]

Core Viewpoint - Macquarie's report indicates that Zhaojin Mining (01818) benefits from strong gold prices, with core earnings reaching approximately 1.4 billion RMB [1] Group 1: Company Performance - The company is expected to achieve a production capacity increase of 2 to 3 tons in 2026 and 2027 [1] - Macquarie is optimistic about the company's low-cost advantage and potential for production growth [1] Group 2: Financial Projections - The target price for Zhaojin Mining has been raised from 25 HKD to 26 HKD [1] - Earnings per share estimates for 2025 and 2026 have been increased by 5%, 0.8%, and 0.8% respectively [1]

Core Viewpoint - Macquarie's report indicates that Zhaojin Mining benefited from strong gold prices, achieving a core profit of approximately 1.4 billion yuan in the first half of the year, with expectations of a capacity increase of 2 to 3 tons in 2026 and 2027 [1] Group 1 - The company is expected to leverage its low-cost advantage and production growth potential [1] - Macquarie maintains an "outperform" rating for the company, raising the target price from 25 HKD to 26 HKD [1] - Earnings per share estimates for 2025 and 2026 have been increased by 5%, 0.8%, and 0.8% respectively [1]