Investment Rating - The report maintains a "Recommended" rating for the company, with expected price-to-earnings (PE) ratios of 32, 24, and 19 for the years 2025, 2026, and 2027 respectively [4][6]. Core Insights - The company reported a revenue of 12.052 billion yuan for the first three quarters of 2025, a year-on-year increase of 54.10%, and a net profit of 2.117 billion yuan, up 140.43% year-on-year. However, the Q3 performance was below expectations [1][2]. - The average gold price for the first three quarters of 2025 was 3,203 USD/ounce, a 39.64% increase year-on-year, with Q3's average price at 3,459 USD/ounce, reflecting a 39.88% year-on-year increase [2]. - The company faced challenges due to impairment losses and other factors, including a significant impairment loss of approximately 720 million yuan, which was a 73.6% increase year-on-year [2][3]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a gross margin of 38.58%, a decrease of 4.36 percentage points year-on-year, while the net profit margin increased by 7.40 percentage points to 23.11% [2]. - The company’s operating expenses for the first three quarters were 0.22 billion yuan in sales expenses, 1.068 billion yuan in management expenses, and 0.273 billion yuan in financial expenses, with year-on-year changes of +0.01 billion, +1.01 billion, and -0.65 billion respectively [2]. - The company is expected to see steady growth in production and profitability due to rising gold prices, with projected net profits of 3.267 billion, 4.347 billion, and 5.654 billion yuan for 2025, 2026, and 2027 respectively [4][5]. Strategic Developments - The company is expanding its resource base through exploration and acquisitions, including investments in overseas projects such as Delarob and Sierra Leone West Gold, and has formed a partnership to hold a 20% stake in Zhongrun Resources [3]. - The company’s Haiyu Gold Mine, in which it holds a 70% stake, is progressing well, with an expected annual gold production of 15-20 tons once fully operational [3].

Core Viewpoint - The company, Zhaojin Mining, is a leading state-owned and international gold mining enterprise in China, focusing on the entire gold industry chain from exploration to sales, with significant growth in both domestic and international markets [1][2][4]. Group 1: Company Overview - Zhaojin Mining was established in April 2004 and listed on the Hong Kong Stock Exchange in December 2006, becoming the first gold company listed in Hong Kong [1]. - The company operates in major gold-producing regions in China and has expanded internationally through acquisitions in Africa, including gold mines in Côte d'Ivoire and Sierra Leone [1][4]. Group 2: Resource and Production - By 2024, the company is projected to have gold resources of 1,446.16 tons, reserves of 517.54 tons, and an annual production of 26.4 tons, ranking among the top gold enterprises in China [1][4]. - The company has established three major gold production bases in Shandong, Gansu, and Xinjiang, with a total of 34 mines across the country [4]. Group 3: Strategic Development Phases - The company has undergone three key phases: resource integration and rapid expansion (2004-2012), domestic resource deepening (2013-2019), and international expansion (2020-present) [2][4]. - The acquisition of the Haiyu Gold Mine in 2015 was a significant move that added 470 tons of new gold resources [4]. Group 4: Financial Performance - From 2021 to 2024, the company experienced a compound annual growth rate of 18.97% in revenue and 250.49% in net profit [8]. - In 2024, the company achieved a revenue of 11.551 billion yuan, a year-on-year increase of 35.72%, and a net profit of 1.451 billion yuan, up 111.35% from the previous year [8]. Group 5: Strategic Partnerships - The company has a significant stake held by Zhaojin Group (35.6%) and Zijin Mining (19.0%), enhancing resource integration and strategic collaboration [6]. - The partnership with Zijin Mining is expected to leverage international experience in overseas acquisitions and cost control, supporting Zhaojin Mining's global expansion strategy [6]. Group 6: Resource Advantages - Zhaojin Mining possesses a large scale of resources with high grades, concentrated in four core mines, which account for nearly 70% of its total resources [7]. - The Haiyu Gold Mine is noted for its rich resources and high-grade ore, with a potential annual production of 15-20 tons, positioning it as one of China's largest gold mines [9].

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 部 分 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） 公 告 持續關連交易 金精礦銷售框架協議 茲 提 述 本 公 司 日 期 為 二 零 二 三 年 八 月 二 十 五 日 之 公 告，內 容 有 關 與 原 金 精 礦 銷 售 框 架 協 議 有 關 的 持 續 關 連 交 易。本 公 司 與 山 東 招 金 於 二 零 二 五 年 十 月 十 日 訂 立 金 精 礦 銷 售 框 架 協 議，以 續 訂 原 金 精 礦 銷 售 框 架 協 議，據 此，本 集 團 同 意 向 山 東 招 金 及╱或 其 附 屬 公 司 銷 售 金 精 礦，期 限 為 由 二 零 二 五 年 ...

格隆汇10月10日丨招金矿业(01818.HK)公布，2025年1-9月，公司营业收入为人民币124.30亿元，同比增 长53.73%；归属于母公司所有者权益的净利润为人民币21.17亿元，同比增长140.43%，基本每股收益为 为人民币0.55元。 ...

智通财经APP讯，招金矿业(01818)公布2025年前三季度业绩，营业收入约124.3亿元，同比增长53.73%; 归属于母公司所有者权益的净利润约21.17亿元，同比增长140.43%;基本每股收益0.55元。 ...

Financial Performance - The company's operating revenue for the first nine months of 2025 reached RMB 12,429,805,077.03, a significant increase of 53.5% compared to RMB 8,085,655,612.48 in the same period of 2024[12]. - Net profit attributable to the parent company's shareholders for the first nine months of 2025 was RMB 2,117,325,631.98, up 140.4% from RMB 880,640,882.68 in the first nine months of 2024[12]. - The operating profit for the first nine months of 2025 was RMB 3,603,460,346.56, which is a 117.9% increase from RMB 1,658,939,261.16 in the same period of 2024[12]. - The company reported a total comprehensive income of RMB 2,784,663,890.77 for the first nine months of 2025, compared to RMB 1,228,931,313.69 in the same period of 2024, marking a growth of 126.3%[12]. - The basic earnings per share for the first nine months of 2025 was RMB 0.55, compared to RMB 0.26 in the same period of 2024, representing a growth of 111.5%[12]. Asset and Liability Management - As of September 30, 2025, the total assets of Zhaojin Mining Industry Company Limited increased to RMB 58.24 billion, up from RMB 53.43 billion as of December 31, 2024, representing an increase of approximately 8.5%[6]. - Current assets rose from RMB 13.89 billion to RMB 17.31 billion, reflecting a growth of about 24.4%[6]. - The company's inventory also saw an increase from RMB 6.25 billion to RMB 6.70 billion, which is an increase of about 7.3%[6]. - Total liabilities decreased from CNY 29.66 billion to CNY 28.33 billion, a reduction of approximately 4.5%[7]. - The total liabilities increased from RMB 18,783,200,754.12 as of December 31, 2024, to RMB 19,345,143,820.14 as of September 30, 2025, reflecting a growth of 3.0%[10]. - The company's total equity attributable to shareholders rose from RMB 24,592,417,561.94 at the end of 2024 to RMB 26,439,047,226.76 by September 30, 2025, indicating an increase of 7.5%[10]. Cash Flow Analysis - For the period from January to September 2025, the net cash flow from operating activities was CNY 3,800,329,931.98, an increase of 145.0% compared to CNY 1,544,790,680.06 in the same period of 2024[16]. - Total cash inflow from operating activities reached CNY 33,503,055,059.21, up from CNY 28,416,130,852.39 in the previous year, reflecting a growth of 18.5%[16]. - The cash outflow for purchasing goods and services was CNY 5,622,730,252.64, which increased from CNY 3,994,661,679.03, indicating a rise of 40.7%[16]. - The net cash flow from investing activities was negative at CNY -2,910,475,749.86, compared to CNY -5,500,974,305.73 in the same period of 2024, showing an improvement of 47.2%[17]. - Cash inflow from financing activities totaled CNY 59,000,524,905.09, a decrease of 51.5% from CNY 121,588,256,264.04 in the previous year[17]. Investment and R&D - The company issued its fifth phase of technology innovation bonds on September 25, 2025, indicating a focus on financing for technological advancements[3]. - Research and development expenses for the first nine months of 2025 amounted to RMB 214,362,674.22, which is an increase of 8.6% from RMB 197,657,687.57 in the previous year[12]. - The company’s long-term equity investments decreased from RMB 412.17 million to RMB 335.67 million, indicating a potential shift in investment strategy[6]. - Long-term equity investments increased from CNY 15.88 billion to CNY 17.77 billion, representing a growth of about 11.9%[9]. Compliance and Transparency - The company continues to comply with the Hong Kong Stock Exchange listing rules, ensuring adherence to regulatory requirements[3]. - The company is required to publish its unaudited quarterly performance on the China Money website and Shanghai Clearing House during the bond's duration, ensuring transparency[3].

Group 1 - The core viewpoint is that the recent surge in gold prices, which reached a historic high of over $4000 per ounce, will significantly enhance the profitability of Chinese gold producers [1][4]. - HSBC's research indicates that a 1% change in gold prices will lead to approximately a 2% change in the earnings of pure gold mining stocks, suggesting that the potential stock price increase for gold producers will exceed the rise in gold prices themselves [1]. - HSBC has raised the target prices for Zijin Mining, Shandong Gold, and Zhaojin Mining based on the expectation of sustained high gold prices [1]. Group 2 - The gold price has increased by 54% year-to-date, driven by multiple global risk factors [4]. - Key drivers for the rise in gold prices include geopolitical risks, economic policy uncertainties, concerns over the independence of the Federal Reserve, and a weakening dollar [6]. - The U.S. government shutdown crisis and doubts about the Federal Reserve's independence have further heightened risk aversion, contributing to the demand for gold [6]. Group 3 - In September, global gold ETFs recorded the largest single-month inflow in history, with the third quarter also seeing record high cumulative inflows [7]. - Strong demand from off-exchange trading and physical funds, along with high speculative long positions on the CME, indicate robust market interest [7]. - The People's Bank of China has increased its gold reserves for the 11th consecutive month, although the pace has slowed, suggesting significant growth potential as China's gold reserves currently account for only 7.7% of total reserves, compared to the global average of 15% [7].

Core Viewpoint - Recent significant increases in gold and silver prices, with spot gold briefly surpassing $4050 per ounce [1] Group 1: Market Analysis - Guosen Securities indicates that the support system for the gold market remains solid, driven by long-term factors such as global monetary credit system restructuring, de-dollarization trends, continuous central bank gold purchases, and structural supply-demand imbalances [1] - The long-term bullish trend for gold is expected to continue over the next 2-3 years due to the stability of the support system [1] Group 2: Investment Recommendations - Minsheng Securities highlights the central bank's gold purchases and weakening dollar credit as key themes, maintaining a positive outlook on gold prices and suggesting opportunities for right-side positioning in the gold sector [1] - Recommended stocks include Western Gold, Shandong Gold, Zhaojin Mining, Zhongjin Gold, Chifeng Gold, Tongguan Gold, Wanguo Gold Group, Shanjin International, and Hunan Gold, with additional attention to China National Gold International and Lingbao Gold [1] - Silver stocks recommended include Xingye Silver Tin and Shengda Resources [1]

Core Viewpoint - The recent surge in gold prices has attracted significant attention from investors, with gold reaching a historic high of over $4000 per ounce, reflecting a year-to-date increase of over 52% [6][15][14]. Market Activity - On October 9, the price of investment gold bars at Beijing Caishikou Department Store was quoted at 911.5 yuan per gram, with prices fluctuating rapidly due to high demand [4][5]. - Despite the high prices, many investors are still purchasing gold bars, indicating a strong ongoing interest in gold as an investment [7][10]. Investment Trends - Gold ETFs have seen substantial inflows, with seven ETFs linked to SGE gold 9999 attracting a total of 72.829 billion yuan, and six ETFs linked to SSH gold stocks growing by 7.25 billion yuan [13]. - The performance of gold ETFs has been robust, with significant year-to-date gains, including a 47.25% increase for one ETF and over 60% for several others [11][12]. Economic Factors - The rise in gold prices is attributed to several macroeconomic factors, including a deteriorating U.S. labor market, expectations of continued monetary easing by the Federal Reserve, and increased central bank gold purchases [17][18]. - Analysts suggest that the current economic environment, characterized by persistent inflation and recession risks, supports the ongoing increase in gold prices [18][21]. Investor Sentiment - There is a prevailing optimistic sentiment among investors regarding gold prices, leading to a "chase the rise" effect, where both institutions and retail investors are buying into the market [20]. - However, experts caution that while the long-term outlook for gold remains positive, investors should be wary of potential short-term volatility and avoid blindly chasing prices [23][24].

Market Overview - The A-share market experienced a strong opening on the first trading day after the National Day and Mid-Autumn Festival holidays, with all three major indices rising. The Shanghai Composite Index increased by 0.65%, surpassing 3900 points, marking a new 10-year high [1][2] - The Shenzhen Component Index and the ChiNext Index both rose over 1% [1] Sector Performance - The opening saw a collective surge in the non-ferrous metals and gold sectors, with notable stocks such as Shandong Gold and Sichuan Gold reaching new highs. The gold stock ETFs also saw significant gains, with one ETF rising by 7.43% and another by 9.64% [7][8] - Other sectors such as media and entertainment, transportation services, and tourism experienced pullbacks [2] Monetary Policy - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 612 billion yuan, maintaining the operation rate at 1.40% [3] Hong Kong Market - The Hong Kong market opened high but saw a decline, with the Hang Seng Index and Hang Seng Tech Index both experiencing a drop of over 1%. The innovative drug sector faced significant pullbacks, with several companies dropping more than 5% [5] Gold Market Insights - The spot gold price surpassed $4000 per ounce, reaching a historical high, while COMEX gold futures rose by 1.42% to $3862.9 per ounce. The gold market is believed to be entering a "third wave" of price increases, driven by various geopolitical and economic factors [9][8] Nuclear Fusion Sector - The controlled nuclear fusion concept saw a strong rally, with several companies experiencing significant stock price increases. Recent advancements in fusion energy projects in China are contributing to positive market sentiment [11] Future Market Outlook - Several brokerages are optimistic about the overall market performance in the fourth quarter, highlighting a focus on technology sectors and specific cyclical stocks. The report suggests that technology growth will continue to be a key driver, with particular attention to AI applications and semiconductor manufacturing [12]