中金黄金：25年前三季度净利润36.79亿，维持买入评级

Core Viewpoint - Huazhong pointed out that Zhongjin Gold's net profit attributable to shareholders reached 3.679 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 39.18% [1] Financial Performance - In Q3 2025, the net profit attributable to shareholders was 984 million yuan, showing a year-on-year growth of 9.28% [1] - The increase in metal prices has driven the company's profit growth, with domestic gold and copper prices on October 30, 2025, at 906.89 yuan per gram and 88,000 yuan per ton, respectively [1] Resource Expansion - The company has continued to expand its resource base, with 10 mining rights renewed in the first half of the year, covering an area of 27.21 square kilometers [1] - Additionally, the company integrated one mining right covering 6.71 square kilometers and acquired four exploration rights, adding 21.90 square kilometers [1] Project Development - The company is focusing on advancing the construction of the Saling Gold Mine, with expectations for continuous growth in gold production once the new projects are operational [1] - The investment rating for the company remains at "Buy" [1]