CHIFENG GOLD(SH:600988) Ge Long Hui A P P·2025-08-25 07:47Core Viewpoint - Minsheng Securities report indicates that Chifeng Gold achieved a net profit attributable to shareholders of 1.107 billion yuan in the first half of 2025, representing a year-on-year increase of 55.79% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 623 million yuan, showing a year-on-year growth of 22.25% and a quarter-on-quarter increase of 28.97% [1] - The performance was slightly below expectations due to lower production and rising costs being the core reasons affecting the results [1] Project Development - Key projects are advancing, driving capacity enhancement [1] - Wulong Mining completed the plant renovation, increasing processing capacity to 3,000 tons per day [1] - Jilong Mining's No. 27 skip hoist upgrade has been completed, with other projects progressing as planned [1] - Huatai Mining's first mining area (third mining division) has completed the feasibility study report, and the mining rights renewal is on schedule [1] - The expansion project of the fifth mining area is progressing smoothly [1] - Jintai Mining's first phase is advancing well, expected to complete recovery by the end of the year, while the second phase has completed project exploration and transition work [1] - Hanfeng Mining's Dongfeng Molybdenum Mine's existing plant expansion project has started design [1] - Jinxing Vasa is accelerating the development of the main mining area, with four new open-pit mines added in the Benso area, and the filling system is recovering smoothly, expected to operate at full capacity in Q3 [1] Mineral Discovery - The company has discovered a new ore body in Laos, which is a porphyry-type gold-copper mine, larger in scale and with a relatively easier processing flow, leading to higher recovery rates [1] - Future plans include further exploration of this new ore body [1] Rating - The report maintains a "recommend" rating for the company [1]