有色金属海外季报：Harmony2025H2黄金产量同比减少9%至22.522吨，全维持成本同比下降25%至2115美元/盎司

Investment Rating - Industry rating: Recommended [8] Core Insights - In H2 2025, the company's gold production decreased by 9% year-on-year to 22.522 tons, primarily due to lower recovery rates and operational issues at Hidden Valley, along with supply shortages caused by an uncontrollable event affecting cyanide supply in South Africa [1][3] - Despite these challenges, the company is expected to meet its annual guidance targets [1] - The average gold price received increased by 40% year-on-year to $3,421 per ounce, contributing to a revenue increase of 24% to $2.457 billion [2][3] - The company's all-in sustaining costs (AISC) decreased by 25% year-on-year to $2,115 per ounce, while total costs (AIC) fell by 30% to $2,354 per ounce [2][4] Production and Cost Summary - H2 2025 gold cash costs were $1,764 per ounce, down 25% year-on-year [2] - The company's operating costs rose by 10% year-on-year to $1.257 billion [4] - Production profit for H2 2025 was $1.2 billion, reflecting a 43% increase year-on-year [5] - Capital expenditures for H2 2025 increased by 34% year-on-year to $352 million [6] Fiscal Year 2026 Guidance - The gold production guidance for FY 2026 remains unchanged at 1.4 million to 1.5 million ounces [7] - The AISC guidance for FY 2026 is also maintained at R1,150,000 to R1,220,000 per kilogram [7]