黄金企业“闷声发大财”

Core Viewpoint - The recent fluctuations in gold prices have not hindered the profitability of gold companies, which are reporting significant revenue and profit increases in their third-quarter results. Company Performance - Zijin Mining reported a revenue of 254.2 billion yuan for the first three quarters of 2025, a year-on-year increase of 10.33%, and a net profit of 37.86 billion yuan, up 55.45% year-on-year. Gold production reached 65 tons, a 20% increase year-on-year, with Q3 production at 24 tons, up 7% from Q2 [1][5]. - Shandong Gold expects a net profit of 3.8 billion to 4.1 billion yuan for the first three quarters of 2025, representing an increase of 83.9% to 98.5% year-on-year [5]. - Zhaojin Mining reported approximately 12.43 billion yuan in revenue, a 53.73% increase year-on-year, and a net profit of about 2.12 billion yuan, up 140.43% year-on-year [5]. - Zhaojin Gold achieved revenue of 340 million yuan, a 119.51% increase year-on-year, and a net profit of 82.16 million yuan, compared to a loss of 90.08 million yuan in the previous year [5]. - Chifeng Jilong Gold Mining announced a revenue of 8.64 billion yuan, a 38.91% increase year-on-year, and a net profit of 2.06 billion yuan, up 86.21% year-on-year [5]. Market Outlook - Goldman Sachs maintains a forecast for gold prices to reach $4,900 per ounce by the end of 2026, while JPMorgan views gold as a top long-term investment, predicting prices to hit $5,055 per ounce by Q4 2026 and $6,000 by 2028 [5]. Cost Factors - Zijin Mining noted that factors such as declining ore grades, increased transportation distances, and higher stripping ratios at open-pit mines have led to an increase in unit sales costs [7]. - Zhaojin Gold attributed its profitability to product structure adjustments, increased sales prices, and reduced production costs, resulting in a gross profit margin increase of 38.12% year-on-year [7]. Stock Performance - As of October 24, 2023, Zijin Mining's A-shares have risen over 100% year-to-date, Chifeng Jilong Gold's A-shares have increased over 85%, Shandong Gold's A-shares have risen over 60%, and Zhongjin Gold's A-shares have increased over 90% [9].