Core Viewpoint - The company is expected to benefit from rising gold prices and increased production and sales, leading to significant revenue and profit growth in 2024 and beyond [1][2][6]. Financial Performance - In 2024, the company's revenue reached 82.5 billion yuan, a year-on-year increase of 39%, with a net profit attributable to shareholders of 2.95 billion yuan, up 27% year-on-year [1]. - For Q1 2025, the company reported revenue of 25.9 billion yuan, a 37% year-on-year increase and a 67% quarter-on-quarter increase, with a net profit of 1.03 billion yuan, up 47% year-on-year and 16% quarter-on-quarter [1]. Gold Price and Cost Trends - As of June 16, 2025, the average gold price for Q2 was 770 yuan per gram, a 39% year-on-year increase and a 15% quarter-on-quarter increase, indicating a continued upward trend [2]. - The company's net profit growth in Q1 2025 outpaced the increase in gold prices, suggesting that cost pressures may be stabilizing [2]. Production and Inventory - The company plans to produce no less than 50 tons of gold in 2025, an 8% increase year-on-year, with significant contributions expected from the Cardino-Namuti gold mine project [2]. - As of March 2025, the company held 5.3 tons of gold inventory, which may be released to enhance performance [2]. Project Development - The Cardino-Namuti gold mine is in the trial production phase, with expected annual production of 8.4 tons once fully operational [3]. - The New City gold mine project has a total budget of 395 million yuan, with an expected annual production of 7.77 tons upon completion, representing an increase of 2.12 tons compared to 2024 [3]. - The Jiao Jia mining area project has a total budget of 8.273 billion yuan, with an expected annual production of 18.85 tons, an increase of 12.85 tons compared to 2024 [3][4]. Future Growth Potential - The company has a visible potential gold increment of over 40 tons, indicating significant growth potential [5]. - The company is expected to achieve net profits of 6.428 billion yuan, 7.816 billion yuan, and 9.779 billion yuan from 2025 to 2027, with corresponding year-on-year growth rates of 117.78%, 21.59%, and 25.12% [6].

Core Viewpoint - The company has demonstrated significant growth in revenue and profit due to rising gold prices and strict cost control measures, with a notable increase in gold production and sales efficiency [1][10]. Financial Performance - The company reported a revenue of 9 billion yuan in 2024, a year-on-year increase of 25%, and a net profit attributable to shareholders of 1.76 billion yuan, up 119% year-on-year [1]. - The gold mining business generated 8 billion yuan in revenue, accounting for 88% of total revenue, with a gross profit margin of 47%, an increase of 11 percentage points year-on-year [1]. - The average selling price of gold was 524 yuan per gram, a 20% increase year-on-year, while the cost of gold sales decreased by 1% to 278 yuan per gram [3]. Production and Sales - The company produced 15.2 tons of gold in 2024, a 6% increase year-on-year, with sales also reaching 15.2 tons, up 5% year-on-year [2]. - In Q1 2025, the company reported a revenue of 2.4 billion yuan, a 30% increase year-on-year, with a net profit of 480 million yuan, up 141% year-on-year [4]. Cost Management - The company successfully reduced gold sales costs despite rising operational costs in Q1 2025, with expectations of a return to normal cost levels in subsequent quarters [4][10]. - The cost of gold sales in Q1 2025 increased by 11.5% year-on-year, primarily due to increased mining efforts and lower ore grades [4]. Expansion and Exploration - The company is actively expanding production capacity and exploring new mining opportunities, with several key projects underway to enhance output [5][9]. - The company has initiated a three-year exploration plan to increase resource reserves across all mining sites, focusing on both internal exploration and potential acquisitions [9]. Future Outlook - The company is expected to benefit from rising gold prices and has significant potential for gold production growth, with projected net profits of 3.037 billion yuan, 3.791 billion yuan, and 4.246 billion yuan for 2025-2027, representing year-on-year growth rates of 72.11%, 24.86%, and 11.98% respectively [10].