CHIFENG GOLD(SH:600988) Huaxin Securities·2025-09-01 02:08Investment Rating - The report maintains a "Buy" investment rating for the company [2][11] Core Insights - The company reported a significant increase in H1 2025 performance, with a revenue of 5.272 billion yuan, up 25.64% year-on-year, and a net profit of 1.107 billion yuan, up 55.79% year-on-year [5][11] - The company successfully listed on the Hong Kong Stock Exchange, raising approximately 3.1 billion HKD, which enhances its capital structure and supports future exploration and expansion [8][10] Financial Performance Summary - In H1 2025, the company produced 6.75 tons of gold, a decrease of 10.56% year-on-year, with sales of 6.76 tons, down 10.91% year-on-year. The sales price increased by 41.42% to 699.95 yuan per gram [6] - The sales cost for gold in H1 2025 was 319.06 yuan per gram, up 11.78% year-on-year, while the all-in sustaining cost was 355.41 yuan per gram, up 34.28% year-on-year [6] - The company’s copper production in H1 2025 was 2,798.45 tons, an increase of 4.65% year-on-year, with a sales price of 69,718.53 yuan per ton, up 9.38% year-on-year [6] - The company’s net cash inflow from operating activities in H1 2025 was 1.613 billion yuan, up 12.39% year-on-year, primarily due to increased sales from rising gold prices [10] Future Earnings Forecast - The company is projected to achieve revenues of 11.105 billion yuan in 2025, 11.585 billion yuan in 2026, and 11.905 billion yuan in 2027, with corresponding net profits of 2.852 billion yuan, 3.225 billion yuan, and 3.463 billion yuan respectively [11][13]