Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company has shown significant growth in both revenue and net profit, with a 34% year-on-year increase in revenue to 1.24 billion RMB and a 136% increase in net profit to 600 million RMB in the first half of 2025 [1]. - The substantial profit growth is attributed to increased sales and prices of gold products [1]. - The company is expected to benefit from the commissioning of a new processing plant, which will enhance production capacity and contribute to revenue growth in the coming years [5]. Summary by Sections Production and Sales - In the first half of 2025, the company achieved a mining volume of 1.98 million tons, a 347% increase year-on-year, and a processing volume of 1.27 million tons, a 12% increase year-on-year [2]. - Gold ingot production reached 1,046 kg, up 40% year-on-year, while gold concentrate production was 26,300 tons, down 0.3% year-on-year [2]. Financial Performance - The company reported a revenue of 963 million RMB in the first half of 2025, a 72% increase year-on-year, and a net profit of 621 million RMB, a 141% increase year-on-year [3]. - The unit cost of production decreased to 240 RMB per gram, a reduction of 52 RMB per gram compared to the full year of 2024, while the profit per gram of gold increased to 436 RMB, up 227 RMB per gram year-on-year [3]. Future Outlook - The company plans to further enhance its mining capacity at the Xinzhang mine, aiming to increase it to 1 million tons per year [4]. - Revenue projections for 2025-2027 are estimated at 3.49 billion RMB, 4.77 billion RMB, and 5.36 billion RMB, respectively, with net profits expected to be 1.41 billion RMB, 1.87 billion RMB, and 2.18 billion RMB [5][6].