Core Viewpoint - The company announced its 2025 H1 earnings forecast, which aligns with expectations, showing significant year-on-year growth in net profit and non-recurring net profit due to lean production and rising gold prices [1][2]. Financial Performance - For 2025 H1, the company expects a net profit attributable to shareholders of 2.55-3.05 billion yuan, representing a year-on-year increase of 84.3%-120.5%. The non-recurring net profit is also projected to be in the same range, with a year-on-year increase of 80.3%-115.6% [1]. - In Q2 2025, the net profit is anticipated to be 1.52-2.02 billion yuan, reflecting a quarter-on-quarter increase of 48.5%-97.3%, with non-recurring net profit expected to follow a similar trend [1]. Gold Price Trends - The average gold price for H1 2025 is projected at 723 yuan per gram, a year-on-year increase of 38.3%, while Q2 2025 is expected to see a price of 773 yuan per gram, a quarter-on-quarter increase of 15.2% [2]. - The upward trend in precious metal prices is expected to continue, driven by gold's attributes as a financial product, particularly its safety and liquidity in the context of global economic uncertainties [2]. Project Developments - The company has multiple ongoing projects that are expected to enhance its resource advantages and economic benefits, including the Cardino project, which is set to begin trial production in November 2024, with an expected annual gold output of 8.4 tons [2]. - Other projects, such as the Jiao Jia Mine and New Town Gold Mine, are also in development, with anticipated annual outputs of 18.854 tons and 7.77 tons, respectively [2]. Investment Outlook - The company maintains a buy rating and forecasts net profits of 6.87 billion yuan, 8.50 billion yuan, and 9.48 billion yuan for 2025-2027, corresponding to price-to-earnings ratios of 20x, 17x, and 15x [3]. - As the three major mining projects gradually come online, the company is expected to benefit significantly from the rising gold price cycle, translating resource advantages into economic benefits [3].