有色金属海外季报：Kinross2025Q1黄金产销量分别同比减少2.90%/3.03%至15.93/15.76吨，归属于普通股股东的净利润同比增长243.93%至3.68亿美元

Investment Rating - Industry rating: Recommended [5] Core Insights - In Q1 2025, Kinross reported a gold production of 529,861 ounces (15.93 tons), a year-on-year decrease of 2.90%, but a quarter-on-quarter increase of 2.17% [2] - The average realized gold price in Q1 2025 was $2,857 per ounce, reflecting a year-on-year increase of 38.02% and a quarter-on-quarter increase of 7.29% [2] - The net profit attributable to common shareholders in Q1 2025 was $368 million, a significant year-on-year increase of 243.93% [4] Production and Sales Performance - Gold equivalent production in Q1 2025 was 512,088 ounces, while sales reached 506,564 ounces [7] - The production cost of sales per equivalent ounce sold was $1,043, which is a year-on-year increase of 6.21% [3][7] - The unit all-in sustaining cost per equivalent ounce sold was $1,355, reflecting a year-on-year increase of 3.44% [3][7] Financial Performance - Q1 2025 sales revenue increased to $1.4975 billion, a year-on-year growth of 38.47% [4] - Operating earnings for Q1 2025 were $570.4 million, a year-on-year increase of 195.24% [4][7] - The net cash flow from operating activities was $597.1 million, a year-on-year increase of 59.48% [6] Capital Expenditures and Debt Management - Capital expenditures in Q1 2025 were $204.1 million, a year-on-year decrease of 12.06% [6] - Kinross improved its debt metrics, repaying $200 million in term loans, with cash and cash equivalents increasing to $694.6 million [6] Shareholder Returns - The board declared a quarterly dividend of $0.03 per share, payable on June 12, 2025 [6] - Kinross has restarted its stock buyback program, with a target of at least $500 million for the year [6]