有色金属：海外季报：Anglo Gold 2025Q3 黄金总产量/销量分别环比减少 4.5%/4.6%至 23.89 吨/24.91 吨，归母净利润环比持平至 6.69 亿美元

Investment Rating - Industry rating: Recommended [4] Core Insights - In Q3 2025, the total gold production of the company decreased by 4.5% quarter-on-quarter to 768,000 ounces (23.89 tons), while it increased by 16.9% year-on-year. The total gold sales also decreased by 4.6% quarter-on-quarter to 764,000 ounces (24.91 tons), with a year-on-year increase of 14.5% [1][3] - The average gold price achieved in Q3 2025 was $3,490 per ounce (807.9 yuan per gram), reflecting a quarter-on-quarter increase of 6.2% and a year-on-year increase of 40.4% [1][3] - The total cash cost per ounce in Q3 2025 was $1,225 (283.6 yuan per gram), showing a slight decrease of 0.1% quarter-on-quarter but an increase of 4.5% year-on-year [2] - The all-in sustaining cost (AISC) per ounce was $1,720 (398.2 yuan per gram), which represents a quarter-on-quarter increase of 3.2% and a year-on-year increase of 6.4% [2] - The company's revenue from gold in Q3 2025 was $2.373 billion, a decrease of 1.4% quarter-on-quarter but an increase of 61.9% year-on-year [3] - The gross profit for Q3 2025 was $1.192 billion, down 0.4% quarter-on-quarter but up 120.3% year-on-year [3] - The net profit attributable to shareholders was $669 million, remaining flat quarter-on-quarter but showing a significant year-on-year increase of 200.0% [3] - Adjusted EBITDA for Q3 2025 was $1.556 billion, reflecting a quarter-on-quarter growth of 7.8% and a year-on-year growth of 108.6% [5] - The net cash inflow from operating activities was $1.419 billion, with a quarter-on-quarter increase of 39.4% and a year-on-year increase of 134.2% [6] - Capital expenditure in Q3 2025 was $388 million, which is a quarter-on-quarter increase of 1.8% and a year-on-year increase of 31.5% [6] Summary by Sections Production and Sales - Total gold production in Q3 2025 was 768,000 ounces (23.89 tons), down 4.5% quarter-on-quarter and up 16.9% year-on-year [1] - Total gold sales were 764,000 ounces (24.91 tons), down 4.6% quarter-on-quarter and up 14.5% year-on-year [1] Financial Performance - Revenue from gold was $2.373 billion, down 1.4% quarter-on-quarter and up 61.9% year-on-year [3] - Gross profit was $1.192 billion, down 0.4% quarter-on-quarter and up 120.3% year-on-year [3] - Net profit attributable to shareholders was $669 million, flat quarter-on-quarter and up 200.0% year-on-year [3] - Adjusted EBITDA was $1.556 billion, up 7.8% quarter-on-quarter and up 108.6% year-on-year [5] Cost Analysis - Total cash cost per ounce was $1,225, down 0.1% quarter-on-quarter and up 4.5% year-on-year [2] - AISC per ounce was $1,720, up 3.2% quarter-on-quarter and up 6.4% year-on-year [2] Cash Flow and Capital Expenditure - Net cash inflow from operating activities was $1.419 billion, up 39.4% quarter-on-quarter and up 134.2% year-on-year [6] - Capital expenditure was $388 million, up 1.8% quarter-on-quarter and up 31.5% year-on-year [6]