中金黄金前三季度归母净利润同比增长39.18%，经营业绩持续向好

Core Viewpoint - The report indicates that Zhongjin Gold has shown significant growth in revenue and profit for the first three quarters of 2025, driven by favorable market conditions and effective operational management [1][2]. Financial Performance - Zhongjin Gold achieved operating revenue of 53.976 billion yuan, a year-on-year increase of 17.23% [1] - The net profit attributable to shareholders reached 3.679 billion yuan, up 39.18% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 4.214 billion yuan, reflecting a 60.92% increase [1] - Basic earnings per share were 0.76 yuan, an increase of 38.18% [1] - The weighted average return on equity was 12.86%, up 2.93 percentage points year-on-year [1] - Total assets amounted to 63.459 billion yuan, a growth of approximately 14.06% compared to the end of the previous year [1] - Shareholders' equity was 29.196 billion yuan, an increase of about 6.58% from the previous year [1] Production and Market Conditions - In the first three quarters, Zhongjin Gold produced 13.75 tons of mined gold, 27.87 tons of refined gold, 50,000 tons of mined copper, and 304,300 tons of electrolytic copper [2] - The company attributed its performance growth to capitalizing on rising product prices and effective operational organization [2] Industry Outlook - The global non-ferrous metals market remains robust, with gold prices surpassing 4,000 USD per ounce, marking a historical high [2] - The economic recovery and monetary policy shifts in major economies are expected to support metal prices [2] - The anticipated easing of the Federal Reserve's interest rates is likely to enhance liquidity, boosting demand for gold and copper [2] - Increased recovery momentum in domestic manufacturing and sustained growth in fixed asset investment are expected to further drive non-ferrous metal consumption [2] - Zhongjin Gold is positioned to leverage its operational strengths to continue releasing performance potential amid favorable industry conditions [2]