China National Gold (SH:600916) Sou Hu Cai Jing·2025-10-31 22:35Core Insights - The core viewpoint of the article highlights the disappointing financial performance of China Gold (600916) for the third quarter of 2025, with significant declines in both revenue and net profit compared to the previous year [1]. Financial Performance Summary - The total revenue for the third quarter of 2025 was 45.764 billion yuan, a decrease of 1.74% year-on-year [1]. - The net profit attributable to shareholders was 335 million yuan, down 55.08% year-on-year [1]. - In the third quarter alone, revenue was 14.666 billion yuan, reflecting a year-on-year increase of 28.43, while net profit was 16.0885 million yuan, a decline of 89.37% [1]. - The gross profit margin was 3.75%, a decrease of 10.85% year-on-year, and the net profit margin was 0.74%, down 53.90% [1]. - Total expenses (selling, administrative, and financial) amounted to 413 million yuan, accounting for 0.9% of revenue, a decrease of 10.39% year-on-year [1]. - Earnings per share were 0.2 yuan, down 54.55% year-on-year, and operating cash flow per share was -0.54 yuan, a significant decline of 307.98% [1]. Asset and Liability Analysis - The company had a significant amount of accounts receivable, with accounts receivable accounting for 150.08% of the latest annual net profit [1]. - Cash and cash equivalents were reported at 5.2947 billion yuan, a decrease of 6.27% year-on-year [1]. - Interest-bearing liabilities increased by 148.91%, reaching 63.8504 million yuan [1]. Historical Performance Context - The company's return on invested capital (ROIC) was 6.96%, indicating average capital returns [4]. - The historical median ROIC since the company went public is 7.52%, suggesting generally average investment returns [4]. - The company's net profit margin last year was 1.37%, indicating low added value for its products or services [4].