Core Viewpoint - The growth path of Zhaojin Mining (01818) is being continuously validated, with the release of its 2025 interim report showcasing strong fundamentals and growth momentum [1] Financial Performance - In the first half of the year, Zhaojin Mining achieved revenue of 6.973 billion yuan, a year-on-year increase of 50.69%, and net profit attributable to shareholders surged by 160.44% to 1.44 billion yuan [1] - The company completed gold production of 10,235.63 kilograms, representing a year-on-year growth of approximately 13.77% [2] - The gold mining segment generated revenue of 6.164 billion yuan, up 44.4% year-on-year, while copper mining revenue reached 224 million yuan, an increase of 31.6% [3] Market Environment - The gold market has seen significant inflows due to factors such as U.S. tariff policies, geopolitical conflicts, and central bank gold purchases, with gold prices reaching historical highs [2] - As of June 30, the London spot gold closing price was $3,302.96 per ounce, up 25.8% from the beginning of the year [2] Growth Drivers - Zhaojin Mining is focusing on "optimal production, increased production, and enhanced efficiency" to strengthen production operations and accelerate capacity release [2] - The company is advancing multiple projects, including the Haiyu Gold Mine, which is expected to produce over 15 tons of gold annually upon full production [8] - The company has also expanded its global resource network through acquisitions in Africa, which will contribute positively to its performance [8] Future Outlook - The long-term upward trend in gold prices is expected to continue, driven by factors such as the ongoing geopolitical tensions and the shift in global asset allocation away from the U.S. dollar [5] - Zhaojin Mining's strong performance and optimistic outlook have attracted investor interest, with its market value increasing by over 100% since the beginning of the year [9]
黄金大时代的弹性标的：招金矿业中报核心指标全面突破 新增长引擎蓄势待发