Di Yi Cai Jing Zi Xun·2025-10-15 07:40Core Viewpoint - Despite the continuous rise in gold prices, Shandong Gold's third-quarter performance showed a significant quarter-on-quarter decline in profits, raising concerns among investors about the company's profitability and operational efficiency [1][2]. Company Performance - Shandong Gold expects a net profit of 3.8 billion to 4.1 billion yuan for the first three quarters, representing a year-on-year increase of 83.9% to 98.5% [1]. - The estimated net profit for the third quarter is around 1.1 billion yuan, which, while showing over 60% year-on-year growth, reflects a nearly 40% decline compared to the second quarter [1]. - The company's stock price fell over 6% during trading on October 15, with a closing price of 41.7 yuan, indicating investor concerns about the disappointing profit performance [1]. Industry Context - Shandong Gold is not alone in experiencing a quarter-on-quarter decline; other gold mining companies, such as Zhaojin Mining, also reported similar trends in their quarterly earnings [2]. - Zhaojin Mining reported a net profit of 2.117 billion yuan for the first three quarters, a year-on-year increase of 140.43%, but a quarter-on-quarter decrease of 13.18% in the third quarter [2]. - The performance of gold ETFs is highlighted as a more stable investment option compared to gold mining stocks, appealing to conservative investors due to lower risk and more consistent returns [2]. Market Influences - The optimistic outlook for gold prices is influenced by multiple factors, including the potential U.S. government shutdown and escalating U.S.-China trade tensions, which have heightened market risk aversion [3].