Harmony 2025Q3 黄金产量/销量分别环比增加 6%/6%至 12.128 吨/11.927 吨，全维持成本环比上涨 1%至 1954 美元/盎司

Investment Rating - Industry rating: Recommended [4] Core Insights - In Q3 2025, the company's gold production increased by 6% quarter-on-quarter to 12.128 tons, while sales also rose by 6% to 11.927 tons. However, production decreased by 8% year-on-year [1] - The total cash cost for gold in Q3 2025 was $1,638 per ounce, up 16% year-on-year and 5% quarter-on-quarter. The all-in sustaining cost (AISC) was $1,954 per ounce, reflecting a 17% year-on-year increase and a 1% quarter-on-quarter increase [2] - The company achieved revenues of $1.23 billion in Q3 2025, representing a 21.90% year-on-year growth and a 13.47% quarter-on-quarter increase, driven by a 34% increase in average gold price received [3] Production and Operational Performance - Q3 2025 gold production was 12.128 tons (389,923 ounces), with a 6% increase from the previous quarter but an 8% decrease from the same quarter last year. The production issues at Doornkop and Moab Khotsong mines were addressed, contributing to the quarter-on-quarter increase [1] - The average gold price received in Q3 2025 was $3,209 per ounce, a 36% increase year-on-year and a 7% increase quarter-on-quarter [2][3] - The company’s total cash costs and AISC increased due to a combination of lower planned production, rising royalties, contractor costs, and annual electricity price hikes [2] Financial Performance - The company reported a production profit of $611 million in Q3 2025, which is a 47.94% increase year-on-year and a 20.51% increase quarter-on-quarter [3] - Capital expenditures in Q3 2025 were $163 million, a decrease of 11.41% quarter-on-quarter but an increase of 33.61% year-on-year, reflecting investments in high-return projects [5] Future Guidance - For FY 2026, the company aims for total production of 1.4 to 1.5 million ounces, with AISC maintained between R1,150,000 and R1,220,000 per kilogram [7]