Core Viewpoint - Long Resources (01712) has seen a significant stock price increase, reaching a historical high of 6.31 HKD, with a current rise of 17.9% to 6.19 HKD, driven by strong interim performance results [1] Financial Performance - The company reported a customer revenue of 5,446 million AUD for the first half of the year, representing a year-on-year increase of 77.52% [1] - Net profit reached 1,269.2 million AUD, marking a substantial year-on-year growth of 543.94% [1] - Basic and diluted earnings per share were reported at 8.03 AUD cents [1] Production and Operations - The increase in net profit is attributed to higher gold grades and recovery rates, with the Vammala plant producing 13,475 ounces of gold compared to 8,164 ounces in the same period last year [1] - The average gold price during the period also saw an increase, contributing positively to the financial results [1] - The company has announced the successful completion of initial underground diamond drilling activities at the Jokisivu gold mine in southern Finland, which has identified several high-quality samples [1] Future Prospects - The drilling activities provide additional information regarding the scope and geological structure of the Arpola and Basin areas, laying the groundwork for future mining studies [1]

Core Viewpoint - Long Resources (01712) has seen a significant stock price increase, reaching a historical high of 6.31 HKD, with a current rise of 17.9% to 6.19 HKD, driven by strong interim performance results [1] Financial Performance - The company reported a customer revenue of 5,446 million AUD for the first half of the year, representing a year-on-year increase of 77.52% [1] - Net profit reached 1,269.2 million AUD, marking a substantial year-on-year growth of 543.94% [1] - Basic and diluted earnings per share were reported at 8.03 AUD cents [1] Production and Operations - The increase in net profit is attributed to higher gold grades and recovery rates, with the Vammala plant producing 13,475 ounces of gold compared to 8,164 ounces in the same period last year [1] - The average gold price during the period also saw an increase, contributing positively to the financial results [1] - The company has announced the commencement of three underground diamond drilling activities at the Jokisivu gold mine in southern Finland for 2025, which have identified several high-quality samples [1] Future Prospects - The drilling activities provide additional information regarding the scope and geological structure of the Arpola and Basin areas, laying the groundwork for future mining studies [1]

Core Viewpoint - Zhao Jin Mining (1818.HK) reported significant growth in its interim results for the period ending June 30, 2025, with substantial increases in revenue and profit metrics compared to the previous year [1]. Financial Performance - Revenue reached 6.973 billion yuan, reflecting a year-on-year increase of 50.69% [4]. - Net profit amounted to 1.777 billion yuan, showing a remarkable year-on-year growth of 144.58% [4]. - The attributable net profit to shareholders was 1.440 billion yuan, with a year-on-year increase of 160.44% [4]. - Earnings per share surged by 216.67% to 0.38 yuan per share [5]. Production Highlights - Gold production increased from 329,100 ounces to 459,400 ounces, representing a growth of 39.5% [5]. - The company achieved a steady growth in self-produced gold, with an increase of 21.83% in production [5]. Resource Reserves - As of December 31, 2024, the gold resource amount was 46.4951 million ounces, with a recoverable reserve of 16.6392 million ounces [7]. - The company established a special exploration fund exceeding 100 million yuan to enhance resource reserves [7]. Project Development - Key projects are advancing rapidly, with all five vertical shafts now operational [9]. - The company reported a significant increase in tunneling progress, with two TBMs achieving over 350% monthly advancement [12]. - A successful water trial run was conducted at the processing plant, achieving a capacity of 12,000 tons per day [13]. Future Outlook and Strategy - The company aims to focus on increasing production capacity, enhancing operational efficiency, and solidifying its performance support [19]. - The annual operational targets include a total gold production of 26.92 tons, mine gold production of 18.82 tons, and an increase in gold resource reserves of 88 tons [19].

Group 1 - The Hong Kong stock market is experiencing a "slow bull" market, with the Hang Seng Index up 26.32% year-to-date as of August 22, 2025, entering a technical bull market [1] - New consumption, innovative pharmaceuticals, and hard technology sectors are leading the market, showcasing a revival of vitality and prosperity [1] - Zhaojin Mining has seen its stock price nearly double this year, with a year-to-date increase of close to 100%, making it a notable highlight in the resource sector [1] Group 2 - Zhaojin Mining reported a revenue of 6.973 billion yuan for the first half of 2025, a significant increase of 50.69% year-on-year, and a net profit attributable to shareholders of 1.44 billion yuan, soaring 160.44% year-on-year [1] - The core driver of Zhaojin Mining's strong performance is linked to the price of gold, which influences industry prosperity and the company's competitive edge [1][4] Group 3 - The supply of gold is facing challenges due to the scarcity of new gold mines and limitations in recycling, while demand is bolstered by its use in jewelry, technology, and as a safe-haven asset during economic instability [2] - Geopolitical tensions and central banks increasing their gold reserves are further driving demand for gold [2] Group 4 - The expectation of rising gold prices is supported by various financial institutions, with predictions of gold reaching $3,500 per ounce in the near term and potentially $4,000 per ounce by mid-2026 [3] - Zhaojin Mining's resource reserves, calculated at 1,446.16 tons of gold, provide a solid competitive advantage, with a significant increase in production [4] Group 5 - Zhaojin Mining's production of gold reached 288,000 ounces in the first half of 2025, a 21.83% increase from the same period in 2024, with total gold production rising to 459,400 ounces [4] - The company has completed 22 high-grade project acquisitions since 2023, significantly expanding its mining rights [4] Group 6 - The Haiyu gold mine, with a resource of 562.37 tons, is expected to be a key growth driver, potentially contributing 6.3 billion yuan in net profit if gold prices rise to 850 yuan per gram [5] - Zhaojin Mining has initiated a "gold resource doubling plan" with a dedicated fund to enhance resource expansion and production growth [5] Group 7 - The true value in the gold mining sector lies in the control of scarce resources rather than short-term price fluctuations, with Zhaojin Mining focusing on strategic expansion to redefine long-term value [6]

Investment Rating - The report maintains a "Recommended" rating for the company, considering the current upward trend in precious metal prices [4][6]. Core Insights - The company's revenue for the first half of 2025 reached 5.272 billion yuan, a year-on-year increase of 25.64%, with a net profit attributable to shareholders of 1.107 billion yuan, up 55.79% year-on-year [1]. - The decline in production and rising costs are the main factors affecting performance, with gold production in the first half of 2025 at 6.75 tons, down 10.56% year-on-year [2]. - The average gold price in the first half of 2025 was $3,077 per ounce, a 39.8% increase year-on-year, while the overall net profit margin for the company was 24.32%, up 5.49 percentage points year-on-year [2]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 2.865 billion yuan, a year-on-year increase of 22.31% and a quarter-on-quarter increase of 19.01% [1]. - The company's gross profit margin for the gold segment was 54.52%, an increase of 12.14 percentage points year-on-year [2]. Production and Cost Analysis - The company has adjusted its annual gold production target to 16 tons due to lower-than-expected production in the first half of the year [2]. - The total cost of domestic mining operations was 271.42 yuan per gram, a year-on-year increase of 19.06% [2]. Project Development - Key projects are progressing, including the completion of upgrades at Wulong Mining, which increased processing capacity to 3,000 tons per day [3]. - The company has discovered new mineral resources in Laos, with a reported increase of 27.4% in gold equivalent metal resources [3]. Profit Forecast - The projected net profits for 2025, 2026, and 2027 are 3.103 billion yuan, 3.608 billion yuan, and 4.231 billion yuan, respectively, with corresponding PE ratios of 15, 13, and 11 [5][4].

Core Viewpoint - The company reported significant growth in its mid-year performance for 2025, showcasing strong revenue and profit increases compared to the previous year [1] Financial Performance - The company's revenue for the first half of 2025 was approximately RMB 6.973 billion, representing a year-on-year increase of 50.69% [1] - Net profit reached approximately RMB 1.777 billion, marking a year-on-year growth of 144.58% [1] - Profit attributable to shareholders amounted to about RMB 1.44 billion, reflecting a year-on-year increase of 160.44% [1] Production and Projects - The group's gold production totaled 10,235.63 kilograms [1] - The successful trial operation of the 12,000 tons/day beneficiation system at the Ruihai project was reported [1] - Key projects such as the deep development of the Xiadian gold mine are progressing steadily [1]

Group 1 - The core viewpoint of the article highlights that Zhaojin Mining (1818HK) reported a significant increase in mid-year revenue and profit, indicating strong financial performance [1] - For the six months ending in June, the company achieved a revenue of 6.973 billion yuan, representing a year-on-year increase of 50.69% [1] - The net profit attributable to shareholders reached 1.44 billion yuan, which is a remarkable increase of 160% year-on-year [1] - Earnings per share stood at 0.38 yuan, with no interim dividend declared [1]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by high gold prices and strategic operational improvements [1][2]. Financial Performance - The company's revenue reached approximately RMB 6.973 billion, a year-on-year increase of about 50.69% [1] - Net profit was approximately RMB 1.778 billion, reflecting a year-on-year growth of about 144.58% [1] - Profit attributable to equity holders was around RMB 1.44 billion, up approximately 160.44% from the previous year [1] - Basic and diluted earnings per share for ordinary shareholders were approximately RMB 0.38, marking a year-on-year increase of about 216.67% [1] Operational Highlights - The company focused on core operations, enhancing safety production, project construction, investment mergers, and capital operations [1] - The company achieved a total gold production of 10,235.63 kg (approximately 329,082.51 ounces) in the first half of the year [1] - Total profit reached approximately RMB 2.249 billion, with major operational indicators showing significant growth [1] Project Development - The company accelerated infrastructure development for the Ruihai project, achieving successful trial runs for a 12,000 tons/day ore selection system [2] - Key projects like the deep exploration of the Xiadian gold mine are progressing, providing strong support for continuous capacity release [2] Resource Exploration - The company established a special exploration fund exceeding RMB 100 million, focusing on key mineralization belts globally [2] - An additional 25 tons of gold metal was discovered through exploration efforts [2] - The company successfully acquired multiple key mining rights, expanding its resource reserves [2] Management and Compliance - The company enhanced operational management and long-term planning, implementing innovative research projects [2] - It completed a placement of 140 million shares, securing solid financial support for business expansion [2] - The company invested RMB 0.088 billion in safety and environmental protection, improving compliance awareness and management levels [2]

Group 1 - Federal Reserve Chairman Powell indicated a potential monetary policy easing in September if inflation continues to decline, marking a significant shift in policy direction [2][3] - The market reacted strongly, with gold prices surging 3.2% to over $2500 per ounce, Brent crude oil surpassing $95, and the offshore RMB appreciating over 500 basis points in a single day [2][4] - The probability of a rate cut in September jumped from 32% to 78%, with expectations for cumulative cuts in 2023 increasing from 75 basis points to 125 basis points [3] Group 2 - Powell acknowledged a clear trend of declining inflation, with the core PCE price index remaining between 2.3% and 2.5% for five consecutive months [3] - The current interest rate of 5.25%-5.5% may exceed the neutral rate, raising concerns about the risks of over-tightening [3] - The U.S. economy is showing signs of slowing, with non-farm payrolls adding only 185,000 jobs in July, below the expected 220,000 [3] Group 3 - Global asset prices began a "repricing" phase, with gold and oil markets experiencing significant gains due to expectations of lower real interest rates and geopolitical risks [4] - The oil market is supported by expectations of a weaker dollar, with UBS estimating that a 1% drop in the dollar index typically leads to a 1.5%-2% increase in oil prices [4] - The stock market showed mixed results, with the Nasdaq reaching a record high while the Dow Jones faced slight declines due to banking sector pressures [4] Group 4 - Central banks worldwide are adjusting their policies in response to the Fed's shift, with the European Central Bank and Swiss National Bank signaling potential rate cuts [5] - Emerging markets are also accelerating their easing measures, with Brazil and India taking notable actions [5] - The trend towards "de-dollarization" is evident, with countries like Russia increasing their yuan reserves and Argentina replacing the dollar in trade settlements [5] Group 5 - Investment strategies may need recalibration, with gold mining stocks and industrial metals being favored due to their benefits from a weaker dollar and increased demand for new energy [6] - Long-term U.S. Treasury bonds are seen as an attractive option, with the 10-year yield potentially dropping to 3.8% [6] - Technology growth stocks, particularly in AI and quantum computing, remain preferred investments in a loosening monetary environment [6]

Core Viewpoint - The company has achieved significant financial growth in the first half of 2025, driven by rising gold prices and effective cost control measures [2][3]. Financial Performance - The company reported a revenue of 5.272 billion yuan, a year-on-year increase of 25.64% [2]. - The net profit attributable to shareholders reached 1.107 billion yuan, up 55.79% compared to the same period last year [2]. - The net cash flow from operating activities was 1.613 billion yuan, reflecting a 12.39% increase year-on-year [2]. - The asset-liability ratio decreased to 37.19%, down 10.06 percentage points from the beginning of the year [2]. Market and Strategic Developments - The company successfully listed on the Hong Kong Stock Exchange on March 10, 2025, marking a significant milestone in its international capital market expansion [5]. - The global offering raised approximately 3.1 billion HKD, with 90% of the shares allocated to institutional investors from Asia, Europe, and Australia [5]. - The listing is expected to enhance the company's financing channels and optimize its equity structure, supporting future exploration and expansion efforts [5]. Resource Exploration and Capacity Enhancement - The company is focused on increasing resource reserves and production capacity through intensified exploration and development efforts [6]. - Significant progress was made in overseas projects, with the SND project discovering a large-scale gold-copper deposit with an estimated resource of 131.5 million tons [6]. - Domestic mining subsidiaries have also reported successful exploration results, contributing to resource security for future development [7]. Technological and Operational Improvements - The company is advancing key construction and technological transformation projects across its mining operations [8]. - Various projects aimed at improving mining efficiency and safety are underway, including the renovation of existing facilities and the introduction of new technologies [9]. Safety and Sustainability Initiatives - The company emphasizes safety and green development, achieving a notable improvement in its ESG rating from "CCC" to "B" [10]. - Initiatives include enhancing safety training, implementing a comprehensive risk management system, and promoting sustainable practices across operations [10][11]. Future Outlook - The company has updated its gold production target for 2025 to 16.0 tons, focusing on safety, efficiency, and resource expansion [13]. - Plans include strengthening research and development efforts, enhancing digital transformation, and expanding resource reserves through strategic acquisitions [15][16].