纽蒙特2025Q2黄金产量环比减少3.9%至46.03吨，调整后净利润环比增长13.5%至15.94亿美元

Investment Rating - Industry Rating: Recommended [5] Core Insights - In Q2 2025, Newmont's attributable gold production was 1.48 million ounces (approximately 46.03 tons), a decrease of 3.9% quarter-over-quarter and 8.1% year-over-year, primarily due to the completion of non-core asset sales [2] - The average realized gold price in Q2 2025 was $3,320 per ounce, reflecting a quarter-over-quarter increase of 12.8% and a year-over-year increase of 41.5% [2] - The adjusted net income for Q2 2025 was $1.594 billion, representing a quarter-over-quarter growth of 13.5% and a year-over-year growth of 91.1% [6] Production and Operational Performance - Q2 2025 gold unit sales cost (CAS) excluding by-product revenue was $1,215 per ounce, a decrease of 1.0% quarter-over-quarter but an increase of 5.5% year-over-year [3] - The all-in sustaining cost (AISC) excluding by-product revenue was $1,593 per ounce, down 3.5% quarter-over-quarter but up 2.0% year-over-year [3] - The company expects approximately 50% of its gold production for 2025 to come from the second half of the year, with anticipated increases from Nevada and Yanacocha mines [8] Financial Performance - Newmont's sales revenue for Q2 2025 was $5.317 billion, a quarter-over-quarter increase of 6.1% and a year-over-year increase of 20.8% [4] - The adjusted EBITDA for Q2 2025 was $2.997 billion, reflecting a quarter-over-quarter increase of 14.0% and a year-over-year increase of 52.4% [6] - Free cash flow for Q2 2025 was $1.710 billion, a quarter-over-quarter increase of 41.9% and a year-over-year increase of 187.9% [7] Asset Divestiture and Guidance - Newmont has completed the sale of all non-core businesses and expects total proceeds from announced transactions to reach up to $4.3 billion, with $2.5 billion in net cash received so far in 2025 [12] - The company maintains its production guidance for 2025, with total attributable gold production expected to be 5.9 million ounces [15]