Dongxing Securities·2026-03-13 02:52Core Insights - The report highlights the continuous improvement in the multi-metal reserves of the company, with a significant increase in gold, silver, lead, zinc, and copper reserves, indicating a stable upward cycle in performance [6][7][9] - The company achieved a revenue of 171 billion yuan in 2025, representing a year-on-year growth of 25.9%, and a net profit of 29.7 billion yuan, up 36.7% from the previous year [6][8] - The production cost advantage for gold has been further strengthened, with the company maintaining a position among the top 10 globally in terms of all-in sustaining costs [9][10] Company Performance - The company reported a basic earnings per share (EPS) of 1.1 yuan for 2025, reflecting a growth of 36.8% year-on-year [6] - The total gold resources held by the company reached 280.94 tons by the end of 2025, with a year-on-year increase of 1.3% [7] - The company’s cash dividend distribution plan for 2025 includes a payout of 4.8 yuan per 10 shares, totaling 1.332 billion yuan, with a dividend payout ratio of 44.82% [10] Industry Outlook - The multi-metal revenue growth is driven by rising prices of gold, silver, and lead, despite a decrease in production volumes for some metals [8][9] - The company anticipates a significant increase in gold production capacity by 2028, projecting an output of over 18 tons, which is a 137% increase compared to 2025 [9] - The report indicates a favorable outlook for the multi-metal industry, with expectations of continued demand and price increases due to global economic conditions [11]