Zhi Tong Cai Jing·2026-02-02 07:04Core Viewpoint - Shandong Gold's stock price has dropped over 12% amid declining spot gold prices and a disappointing profit forecast for 2025, which is below market expectations [1] Company Summary - Shandong Gold's stock price fell by 11.48%, trading at 39.18 HKD with a transaction volume of 1.505 billion HKD [1] - The company expects a net profit attributable to shareholders of 4.6 billion to 4.9 billion RMB for the fiscal year 2025, representing a year-on-year increase of 56% to 66% [1] - Morgan Stanley's report indicates that Shandong Gold's profit forecast is below the market's expectation of approximately 6 billion RMB [1] Industry Summary - Spot gold prices have continued to decline, breaking below 4,550 USD per ounce for the first time since January 16, with a drop of over 330 USD from the daily high [1] - Despite an increase in gold prices during the last quarter, Shandong Gold's net profit is expected to be between 644 million to 944 million RMB, which is lower than the previous quarter's net profit of 1.15 billion RMB [1] - The decline in net profit may be attributed to several factors, including fair value changes and losses from gold futures trading [1]