Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Insights - The company reported a significant year-on-year revenue increase of 178.36% in H1 2025, achieving revenue of 4.155 billion yuan and a net profit of 1.434 billion yuan, which is a staggering increase of 732.36% [1] - The production and sales of gold exceeded expectations, with H1 2025 gold production at 1.43 tons and sales at 1.7 tons, aligning with the company's guidance for the year [2] - The average selling price of gold was reported at 3,094 USD/ounce, closely matching the Comex gold average price of 3,088.6 USD/ounce [2] - The company has adjusted its profit forecasts for 2025, 2026, and 2027 to 2.72 billion yuan, 3.09 billion yuan, and 4.06 billion yuan respectively, reflecting the upward trend in gold and copper prices and declining production costs [4] Summary by Sections Production and Sales - Longshan Mine produced 1.43 tons of gold in H1 2025, with quarterly production of 0.74 tons in Q1 and 0.69 tons in Q2 [2] - Jiama Mine produced 1.36 tons of gold and 35,000 tons of copper in H1 2025, with quarterly production of 0.7 tons and 0.66 tons of gold respectively [3] Pricing - The average Comex gold price for H1 2025 was 3,088.6 USD/ounce, with quarterly averages of 2,870 USD/ounce in Q1 and 3,298 USD/ounce in Q2 [2] - The average realized price for copper in Q1 and Q2 was 2.54 USD/pound and 2.86 USD/pound respectively, with a discount factor increasing in Q2 [3] Cost Management - The cash cost for gold in H1 2025 was reported at 1,619 USD/ounce, with a slight increase in Q2 due to a one-time land use tax payment [2] - The copper sales cost decreased to 2.88 USD/pound in H1 2025, down from 3.01 USD/pound in Q1 [3] Future Guidance - The company has set production guidance for Longshan Mine at 2.4-2.6 tons of gold for 2025, and for Jiama Mine at 2.15-2.3 tons of gold and 63,000-67,000 tons of copper [4]
中国黄金国际（02099）：产量超预期，成本持续优化，业绩同比高增