Xin Lang Cai Jing·2025-08-28 12:29Core Viewpoint - The company reported strong financial performance in H1 2025, driven by rising gold prices and operational optimizations, with a positive outlook for future growth in gold production and profitability [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 56.766 billion yuan, a year-on-year increase of 24.0%, and a net profit attributable to shareholders of 2.808 billion yuan, up 103.0% year-on-year [1]. - In Q2 2025, revenue reached 30.830 billion yuan, reflecting a year-on-year growth of 15.0% and a quarter-on-quarter increase of 18.9%. The net profit for Q2 was 1.782 billion yuan, showing a year-on-year increase of 160.7% and a quarter-on-quarter rise of 73.6% [1]. Gold Price Impact - The significant rise in gold prices has notably contributed to the company's net profit growth, with the spot price of gold closing at 770.2 yuan per gram in Q2 2025, marking a year-on-year increase of 39.4% and a quarter-on-quarter increase of 14.8% [2]. - Factors such as de-dollarization and geopolitical tensions are expected to drive gold prices upward, with central banks increasing gold reserves, indicating a new bullish cycle for gold [2]. Operational Optimization and Production Growth - The company is focusing on optimizing its production system and enhancing mechanization, information technology, automation, and intelligence, leading to a 29.36% year-on-year increase in total mining volume and a 23.36% increase in ore processing volume in H1 2025 [3]. - As of the end of 2024, the company holds gold reserves of 2,058.46 tons (based on equity), with plans to increase production through resource integration and acquisitions [3]. - The company’s new mine in Ghana is expected to start production in November 2024, with an anticipated annual output of 8.5 tons, contributing significantly to performance growth in 2025 [3]. Profit Forecast - The company forecasts net profits attributable to shareholders of 6.926 billion yuan, 8.534 billion yuan, and 9.678 billion yuan for the years 2025 to 2027, with price-to-book ratios of 3.3, 2.8, and 2.4 respectively, maintaining a "buy" rating [3].