SJI(SZ:000975) Xin Lang Cai Jing·2025-08-26 12:33Core Insights - The company reported a revenue of 9.246 billion yuan for the first half of 2025, representing a year-on-year increase of 42.14% [1] - The net profit attributable to shareholders reached 1.596 billion yuan, up 48.43% year-on-year [1] - The company maintains a leading position in cost control within the industry [1] Financial Performance - In Q2 2025, the company achieved a revenue of 4.924 billion yuan, a year-on-year increase of 31.95% and a quarter-on-quarter increase of 13.95% [1] - The net profit for Q2 was 902 million yuan, reflecting a year-on-year growth of 57.67% and a quarter-on-quarter growth of 29.99% [1] - The company's overall gross margin for the first half of 2025 was 29.98%, a decrease of 0.55 percentage points year-on-year [3] Production and Costs - The production of gold, silver, lead concentrate, and zinc concentrate for the first half of 2025 was 3.72 tons, 61.83 tons, 4,354 tons, and 7,917 tons respectively, with year-on-year changes of -10.58%, -24.82%, -14.00%, and +40.90% [1] - The production cost for gold and silver in the first half of 2025 was 150.96 yuan/gram and 2.83 yuan/gram, showing year-on-year increases of 3.02% and 4.81% respectively [1] Growth Potential - The company has significant resource endowments, with projects in Namibia expected to contribute an annual gold production of 5 tons starting in mid-2027 [2] - The company aims to achieve a total gold production target of 8 tons for the year [1] Profitability Metrics - The net profit margin for the first half of 2025 was 19.00%, an increase of 0.61 percentage points year-on-year [3] - The return on equity (ROE) as of mid-2025 was 11.76%, up 2.69 percentage points year-on-year [4] Investment Outlook - The company has revised its net profit forecasts for 2025-2027 to 3.361 billion yuan, 4.131 billion yuan, and 5.129 billion yuan respectively, maintaining a "buy" rating [4]