SJI(SZ:000975) Xin Hua Cai Jing·2025-10-29 09:05Core Insights - The company reported strong growth in key operating metrics for the first three quarters of 2025, with revenue reaching 14.996 billion yuan, a year-on-year increase of 24.23%, and net profit attributable to shareholders at 2.460 billion yuan, up 42.39% [1] - The company's cash flow from operating activities also showed a positive trend, amounting to 3.692 billion yuan, reflecting a 22.93% increase year-on-year [1] Financial Performance - Revenue for the first three quarters of 2025 was 14.996 billion yuan, representing a 24.23% year-on-year growth [1] - Net profit attributable to shareholders was 2.460 billion yuan, marking a 42.39% increase compared to the previous year [1] - Net cash flow from operating activities reached 3.692 billion yuan, up 22.93% year-on-year [1] Institutional Analysis - Multiple institutions, including Guosheng Securities, Minsheng Securities, and Galaxy Securities, have positively evaluated the company's cost control, resource reserves, and strategic advancement, maintaining "recommend" or "buy" ratings [1] - Minsheng Securities highlighted the company's strong cost control, noting that the unit cost of mined gold was 132.4 yuan per gram in Q3 2025, a 14% decrease quarter-on-quarter [1] - Guoxin Securities emphasized that the company's fully allocated cost for mined gold was 145.19 yuan per gram, showcasing superior cost control compared to other mining companies [1] Resource and Project Development - The company has a strong continuity in gold mining resources, with clear long-term increases in gold reserves, particularly following the acquisition of exploration rights in Yunnan [2] - The company acquired exploration rights for gold mines in the Dagangba area and the Mengwen area in Yunnan, covering 35.6 square kilometers and 20.38 square kilometers, respectively [2] - The Osino project in Namibia is expected to significantly support future production growth, with plant construction set to begin in Q4 2025 and production anticipated in the first half of 2027, targeting an annual gold output of 5 tons [2] International Strategy - The company submitted an H-share listing application to the Hong Kong Stock Exchange in September 2025, which is expected to enhance its global strategic layout and optimize its capital structure [2] - Minsheng Securities noted that the H-share listing plan will facilitate the acceleration of overseas business development and strengthen the company's industry position [2] - Lianhe Securities believes that this move will improve corporate governance and core competitiveness [2] Market Outlook - Despite recent fluctuations in gold prices, Haitong Securities maintains that gold remains the most suitable safe-haven asset amid global order restructuring, with short-term declines not affecting long-term trends [2] - Lianhe Securities projects a high-level oscillation in gold prices for Q4, indicating a continued bullish outlook in the medium to long term [2]