Core Viewpoint - The report highlights the strong financial performance and operational stability of Zhongjin Gold in the first half of 2025, driven by increased production, resource expansion, and technological innovation [2][3][5]. Financial Performance - Zhongjin Gold achieved operating revenue of 35.067 billion yuan, a year-on-year increase of 22.90% [2] - The total profit reached 4.081 billion yuan, up 57.32% year-on-year [2] - The net profit attributable to shareholders was 2.695 billion yuan, reflecting a 54.64% increase compared to the previous year [2] - As of June 30, total assets amounted to 61.582 billion yuan, a 10.68% increase from the same period last year [2] - The net cash flow from operating activities turned positive to 102 million yuan [2] Production and Sales - Domestic gold production remained stable compared to the previous year, with a significant increase in gold ETF scale by 173.73% due to rising investment demand [3] - The London spot gold price increased by 39.21% year-on-year, driven by geopolitical tensions [3] - Zhongjin Gold produced 9.13 tons of mined gold and 19.32 tons of refined gold, with sales of 8.87 tons and 18.10 tons respectively [3] - The company also produced 3.81 million tons of copper and 20.39 million tons of electrolytic copper, with sales of 4.00 million tons and 19.06 million tons respectively [3] Resource Expansion - Zhongjin Gold increased its investment in resource expansion, completing 32,200 meters of pit exploration and 147,700 meters of drilling, adding 13.82 tons of new gold reserves [4] - The company optimized its mining rights structure, completing 10 mining rights changes and acquiring 4 exploration rights, covering an area of 21.90 square kilometers [4] Technological Innovation - The company invested 168 million yuan in research and development, receiving 16 provincial and industry awards and applying for 106 new patents [5] - Zhongjin Gold established a new materials company to advance the development of high-purity products, achieving quality standards [5] - The company is enhancing production capacity and supply chain efficiency through process optimization and equipment upgrades [5]

Group 1: Military Industry New Materials - The price of electrolytic cobalt is 237,000 CNY/ton, with a week-on-week change of -0.4% [2] - The price of carbon fiber remains at 83.8 CNY/kg, with a gross profit of -8.78 CNY/kg [2] - The price of beryllium remains stable [2] Group 2: New Energy Vehicle Materials - The price of Li2O 5% lithium concentrate has reached 535 USD/ton, with a week-on-week change of -1.83% [3] - The prices of battery-grade lithium hydroxide, industrial-grade lithium carbonate, and electrolytic-grade lithium carbonate are 61,800 CNY/ton, 60,000 CNY/ton, and 62,600 CNY/ton, with week-on-week changes of -1.0%, -0.96%, and -1.9% respectively [3] - The price of iron phosphate lithium and 523-type cathode materials are 303,000 CNY/ton and 1,059,000 CNY/ton, with week-on-week changes of -3.81% and +0% respectively [3] Group 3: Photovoltaic New Materials - The price of photovoltaic-grade polysilicon is 4.28 USD/kg, with no change week-on-week [4] - The price of EVA is 10,500 CNY/ton, with a week-on-week change of -0.9% [4] - The price of 3.2mm photovoltaic glass coating is 24.0 CNY/square meter, with no change week-on-week [4] Group 4: Nuclear Power New Materials - The prices of zirconium-related materials such as zirconium oxychloride and sponge zirconium remain stable, while uranium price is 52.17 USD/pound, with a week-on-week change of +0.6% [5] Group 5: Consumer Electronics New Materials - The price of cobalt tetroxide is 186,500 CNY/ton, with a week-on-week change of -0.27% [6] - The price of silicon carbide is 5,600 CNY/ton, with no change week-on-week [6] - The prices of high-purity gallium, crude indium, and refined indium are 1,875 CNY/kg, 2,425 CNY/kg, and 2,525 CNY/kg, all remaining unchanged [6] Group 6: Other Materials - The prices of platinum, rhodium, and iridium are 278.00 CNY/g, 1,480.00 CNY/g, and 1,015.00 CNY/g, with week-on-week changes of +8.2%, +1.7%, and -2.9% respectively [7]