Investment Rating - The report maintains a "Recommended" rating for the company, considering the current upward trend in metal prices [4][6]. Core Insights - The company reported a revenue of 9.246 billion yuan for the first half of 2025, representing a year-on-year growth of 42.14%, and a net profit attributable to shareholders of 1.596 billion yuan, up 48.43% year-on-year [1]. - The production of gold, silver, lead concentrate, and zinc concentrate in the first half of 2025 was 3.7 tons, 61.8 tons, 4,354 tons, and 7,917 tons respectively, with gold and silver production slightly down but overall sales exceeding production [2]. - The company plans to list on the Hong Kong Stock Exchange to enhance its global strategy and optimize its capital structure [3]. Financial Performance - The average gold price in Q2 2025 was 3,281 USD/ounce, a 40.3% increase year-on-year, while the average silver price was 33.68 USD/ounce, up 16.8% year-on-year [2]. - The gross profit margin for the gold and silver segments was 79.15% and 55.20% respectively, reflecting an increase of 7.26 and 6.03 percentage points year-on-year [2]. - The company forecasts net profits of 3.646 billion yuan, 4.173 billion yuan, and 5.502 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 14, 12, and 9 [4][5].