Anglo Gold 2025Q1 黄金总产量/销量分别环比减少 4.0%/增长1.7%至22.39 吨/22.92 吨，归母净利润环比减少5.7%至4.43 亿美元

Investment Rating - Industry rating: Recommended [4] Core Insights - The company's total gold production in Q1 2025 was 720,000 ounces (22.39 tons), a decrease of 4.0% quarter-on-quarter but an increase of 21.8% year-on-year [1][2] - Total gold sales for Q1 2025 were 737,000 ounces (22.92 tons), reflecting a quarter-on-quarter increase of 1.7% and a year-on-year increase of 17.9% [1][2] - The average gold price achieved in Q1 2025 was $2,874 per ounce (674.53 yuan per gram), up 8.3% quarter-on-quarter and 39.3% year-on-year [1][2] Production and Operational Performance - The unit total cash cost for Q1 2025 was $1,223 per ounce (287.04 yuan per gram), an increase of 6.9% quarter-on-quarter and 3.6% year-on-year [2] - The all-in sustaining cost (AISC) for Q1 2025 was $1,640 per ounce (384.91 yuan per gram), a decrease of 0.4% quarter-on-quarter and an increase of 1.2% year-on-year [2] - The company reaffirmed its 2025 production guidance, expecting total gold production to be between 2.9 million ounces and 3.225 million ounces [6] Financial Performance - Revenue for Q1 2025 was $1.927 billion, a quarter-on-quarter increase of 12.3% and a year-on-year increase of 69.3% [3][5] - Gross profit for Q1 2025 was $839 million, reflecting a quarter-on-quarter increase of 18.7% and a year-on-year increase of 177.8% [3][5] - Net profit attributable to shareholders for Q1 2025 was $443 million, a decrease of 5.7% quarter-on-quarter but an increase of 663.8% year-on-year [3][5] - Adjusted EBITDA for Q1 2025 was $1.120 billion, a quarter-on-quarter increase of 26.7% and a year-on-year increase of 158.1% [5]