Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2]. Core Insights - The company achieved a significant revenue increase of approximately 69.0% year-on-year in H1 2025, with a total revenue of 50.30 billion yuan and a net profit attributable to shareholders of 1.54 billion yuan, reflecting a year-on-year growth of about 131.9% [5]. - The production of gold in H1 2025 reached 5.90 tons, a 30% increase from 4.54 tons in the same period last year, supported by rising international gold prices [6]. - The acquisition of Xinjiang Meisheng is expected to significantly enhance the company's profitability, with the project projected to produce approximately 3.3 tons of gold annually once fully operational [7]. - The company has made notable progress in resource exploration and integration, significantly increasing drilling activities and securing mining rights for new projects [8]. Financial Performance - The company forecasts net profits of 5.99 billion yuan, 14.83 billion yuan, and 26.20 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 107%, 148%, and 77% [10]. - The projected earnings per share (EPS) are expected to rise from 0.32 yuan in 2024 to 2.88 yuan in 2027, indicating strong growth potential [12]. - The company's financial ratios show an increase in net profit margin from 4.1% in 2024 to 21.8% in 2027, reflecting improved profitability [15].