有色金属：海外季报：Gold Field 2025Q4 黄金产量环比增加 9.6%至 21.74 吨，AISC 环比上涨 18.7%至 1673 美元/盎司

Investment Rating - Industry rating: Recommended [8] Core Insights - In Q4 2025, the company's gold production increased by 9.6% quarter-on-quarter to 21.74 tons, with a year-on-year increase of 5.0% [1] - The company's all-in sustaining cost (AISC) rose by 18.7% year-on-year to $1,673 per ounce in Q4 2025 [1] - The average gold price in Q4 2025 was $4,184 per ounce, reflecting a year-on-year increase of 57.4% [2] - The company's revenue for 2025 was $8.7513 billion, a year-on-year growth of 68% [3] Production and Sales Data - In Q4 2025, gold sales reached 69.4 million ounces (21.59 tons), up 4.4% year-on-year and 1.6% quarter-on-quarter [1] - The total gold production for 2025 was 250.8 million ounces (78.01 tons), representing a year-on-year increase of 16.7% [1] - The total gold sales for 2025 were 250.3 million ounces (77.85 tons), with a year-on-year increase of 16.4% [1] Financial Performance - The company's pre-tax profit for 2025 was $5.2946 billion, a year-on-year increase of 166% [5] - The net profit for 2025 was $3.6454 billion, reflecting a year-on-year growth of 182% [6] - The operating cash flow for 2025 was $896 million, up 2.1% year-on-year [4] 2026 Guidance - The company expects gold equivalent production in 2026 to be between 2.4 million and 2.6 million ounces [11] - The AISC for 2026 is projected to be in the range of $1,800 to $2,000 per ounce [11] - Total capital expenditure for 2026 is expected to be between $1.9 billion and $2.1 billion [12]