Core Viewpoint - The financial performance of Shanjin International demonstrates high profitability in the gold mining sector, with significant contributions from its core product, refined gold, amidst a rising global gold market [1][3]. Group 1: Financial Performance - Shanjin International reported a gold production cost of 150.96 CNY per gram, with a gross margin of 79.15% for refined gold products and 80.44% for refined silver-containing gold products [1][4]. - The company's gross profit reached 2.772 billion CNY in the first half of the year, with refined gold contributing 2.364 billion CNY, accounting for 85% of total gross profit [3][4]. - Revenue from refined gold products increased by 29.85%, while operating costs decreased by 3.69%, leading to a 7.26 percentage point increase in gross margin [4]. Group 2: Market Dynamics - The international gold price rose significantly, with Au9999 closing at 764.43 CNY per gram by the end of June, a 24.5% increase from the beginning of the year [3]. - The price increase in gold has positively impacted the sales prices and profit margins for Shanjin International, as the company primarily sells to refining enterprises [3][4]. Group 3: Institutional Investment - Despite strong financial performance, Shanjin International's stock price has not seen significant upward movement, with a 4.65% decline since July, underperforming the broader market [7][8]. - Institutional investors have shown mixed behavior, with some increasing their holdings while others, like Huaxia Fund, have reduced their positions [8][9]. - As of August 19, the total number of shares held by funds decreased to approximately 218 million, down from 239 million at the end of the first quarter [9].