西部黄金：2025年上半年净利润1.54亿元 同比增长131.94%

Financial Performance - For the first half of 2025, the company's operating revenue was approximately 5.03 billion, an increase from 2.98 billion in the same period last year [1] - The net profit attributable to shareholders was approximately 153.57 million, up from 66.21 million year-on-year [1] - The net profit after deducting non-recurring gains and losses was approximately 183.51 million, compared to 87.40 million in the previous year [1] - The net cash flow from operating activities was -1.31 billion, a decrease from -235.22 million in the same period last year [1] Asset and Liability Changes - As of the end of the first half of 2025, the company's net assets attributable to shareholders were approximately 4.74 billion, an increase from 4.64 billion at the end of the previous year [1] - Inventory increased by 168.39%, accounting for a 13.5 percentage point rise in total assets [38] - Long-term borrowings increased by 141.89%, contributing to a 10.27 percentage point rise in total assets [41] Cash Flow Analysis - The net cash flow from financing activities was 1.50 billion, an increase of 10.95 million year-on-year [25] - The net cash flow from investment activities was -147 million, compared to -109 million in the previous year [25] Shareholder Structure - New shareholders include the National Social Security Fund 107 Portfolio and Morgan Stanley & Co. International PLC, replacing previous shareholders [53] - The largest shareholder remains Xinjiang Nonferrous Metals Industry Group Co., Ltd., holding 39.37% of the total shares [54] Valuation Metrics - As of August 27, the company's price-to-earnings ratio (TTM) was approximately 45.73, the price-to-book ratio (LF) was about 3.64, and the price-to-sales ratio (TTM) was around 1.9 [1]