长江商报消息 ●长江商报记者 徐阳 金价飞涨之际，中国最大的民营黄金生产商赤峰黄金（600988.SH）赚翻了。 7月14日晚，赤峰黄金发布2025年半年度业绩预告，预计归母净利润为10.8亿至11.3亿元，同比增长 52.01%至59.04%，创历史同期最佳。 半年赚超10亿元，这将是赤峰黄金历史首次。赤峰黄金表示，报告期黄金销售价格同比上升约 41.76%，且成本费用得到有效控制，推动公司归母净利润同比大幅增长。 据了解，赤峰黄金的发展愿景是"成为全球欢迎的主要黄金生产商"。公司在聚焦黄金主业的同时，积极 推动资源全球化布局，实现高质量发展。 值得注意的是，赤峰黄金业绩"含金量"不断提升。2021年，公司矿产金收入占比为78.48%，利润比例达 69.08%。到2024年，矿产金收入占比已攀升至88.40%，利润比例达94.68%。 多家黄金企业业绩预喜 资料显示，赤峰黄金于2005年成立，于2012年完成重大资产重组，并实现上交所A股上市。2025年3 月，公司在港交所上市，实现A、H两地上市。 据此计算，2025年二季度，赤峰黄金实现归母净利润5.97亿至6.47亿元，同比增长16.98%至26.78 ...

山金国际黄金股份有限公司的主营业务是贵金属和有色金属矿采选及金属贸易。公司的主要产品是合质 金(含银)、铅精粉(含银)、锌精粉(含银)。公司在资本市场的影响力和重要性进一步提升。2024年，公司 入选沪深300和深证100指数样本。同时，公司荣获"第十八届主板上市公司价值百强奖"和"最具人气上 市公司TOP100"，彰显了公司在行业内的领先地位和良好的企业形象。 6月3日，山金国际今日收盘20.38元，上涨3.50%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到23.94倍，总市值565.90亿元。 从行业市盈率排名来看，公司所处的贵金属行业市盈率平均33.59倍，行业中值32.65倍，山金国际排名 第4位。 资金流向方面，6月3日，山金国际主力资金净流入3744.03万元，近5日总体呈流出状态，5日共流出 7383.44万元。 最新一期业绩显示，2025年一季报，公司实现营业收入43.21亿元，同比55.84%；净利润6.94亿元，同 比37.91%，销售毛利率28.20%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)4山金国际23.9426.044.14565.90亿行业平均 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][13]. Core Insights - The company reported a revenue of 2.013 billion yuan in 2024, a year-on-year decrease of 10.66%, while the net profit attributable to shareholders reached 390 million yuan, reflecting a significant increase of 163.56% [4][9]. - In Q1 2025, the company achieved a revenue of 353 million yuan, with net profit attributable to shareholders at 8 million yuan, marking year-on-year growth of 33.92% and 194.37% respectively [4][9]. - The growth in performance is primarily attributed to rising metal prices, completion of technical upgrades at the Jingshan mine, and compensation received from litigation [4][5]. - The average spot prices for silver, gold, lead, and zinc increased by 30.94%, 23.87%, 9.67%, and 8.18% respectively in 2024 [4][5]. Financial Performance Summary - The company’s production figures for silver, gold, lead, and zinc were 138,590 tons, 125 tons, 13,406 tons, and 24,368 tons respectively, showing a decline of 4.48%, 15.38%, 0.42%, and 1.84% year-on-year [5]. - The gross profit for 2024 was 986 million yuan, an increase of 35.53% year-on-year, with contributions from lead concentrate, zinc concentrate, and silver ingots [5][9]. - The company has been actively acquiring quality asset stakes, including the remaining 47% stake in Honglin Mining and 33% in its subsidiary Jingshan Mining, with a profit commitment of no less than 470 million yuan from 2025 to 2027 [5][6]. Growth Outlook - The Jingshan Mining subsidiary is expected to resume normal production in 2025, with an annual mining capacity of 480,000 tons, while Honglin Mining is projected to begin trial production in the second half of 2025 [6]. - Revenue projections for 2025, 2026, and 2027 are 2.749 billion yuan, 3.214 billion yuan, and 3.704 billion yuan respectively, with year-on-year growth rates of 36.56%, 16.91%, and 15.24% [6][9]. - The net profit attributable to shareholders is forecasted to be 601 million yuan, 778 million yuan, and 901 million yuan for the same years, reflecting growth rates of 54.05%, 29.41%, and 15.93% respectively [6][9].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a clear growth trajectory in the short, medium, and long term, with potential for both volume and price increases in gold and silver [5][9]. Core Views - The dual catalysts of "interest rate cuts" and "Trump 2.0" are expected to sustain upward momentum in gold and silver prices. In the medium term, "Trump 2.0" may become the primary driver in the gold market during a 90-day tariff pause, with expectations of tariff increases, extended tax cuts, and "stagflation" providing strong support for rising gold prices. In the long term, these dual catalysts will continue to drive prices through 2025, supported by central bank reserves amid a backdrop of protectionism and great power competition [5][57][65]. - The company is a domestic leader in silver mining, having acquired several gold mining assets, which positions it well for future growth. As of the end of 2024, the company has identified approximately 12,000 tons of silver and 34 tons of gold, with an annual mining capacity nearing 2 million tons [6][15]. Summary by Sections Market Performance - The company's closing price is 13.45 yuan, with a total market capitalization of approximately 9.28 billion yuan and a circulating market value of about 8.97 billion yuan. The debt-to-asset ratio stands at 45.60%, and the net asset value per share is 4.40 yuan [3]. Financial Projections - The company is projected to achieve revenues of 2.498 billion yuan in 2025, with a year-on-year growth rate of 24.10%. The net profit attributable to shareholders is expected to be 576 million yuan, reflecting a 47.74% increase. Earnings per share (EPS) are forecasted at 0.84 yuan [7][9]. Growth Drivers - The company has a clear growth path for production from its upcoming mines, with several projects expected to come online between 2025 and 2027. Key projects include the Honglin Mining and Yindu Mining, which are anticipated to start production in 2025 and 2026, respectively [6][36][40]. - The company is actively pursuing resource acquisitions to enhance its growth potential, with plans to complete at least one acquisition project by 2025 [11][41]. Profitability and Performance Recovery - The company experienced a significant recovery in 2024, with a net profit of 390 million yuan, a 163.56% increase year-on-year, driven by the completion of technical upgrades at its subsidiaries and rising base metal prices. The first quarter of 2025 showed a revenue increase of 33.92% year-on-year [43][44]. Resource and Production Capacity - The company has a robust resource base with high-grade deposits, particularly in the Daxinganling region, which supports its strong profitability. The ongoing construction of new mines is expected to further enhance production capacity [27][30][33].

Core Viewpoint - The company, Xingye Silver Tin, has shown strong performance with significant growth in revenue and net profit, driven by increased product prices and sales volume in the non-ferrous metal sector [1][2][3]. Financial Performance - In Q1 2025, the company achieved revenue of 1.149 billion yuan, a year-on-year increase of 50.37%, and net profit of 374 million yuan, up 63.22% [1][2]. - For the full year 2024, the company reported revenue of 4.270 billion yuan, a 15.23% increase, and net profit of 1.53 billion yuan, which is a 57.82% rise [2][3]. - The operating cash flow for 2024 and Q1 2025 was 1.815 billion yuan and 1.198 billion yuan, respectively, reflecting increases of 3.75% and 783.78% [3]. Asset Growth - The total assets of the company reached 15.214 billion yuan by the end of Q1 2025, marking a 25.06% increase from the previous year, with a debt-to-asset ratio of 42.34% [1][7]. Resource Expansion - The company has expanded its mineral resource reserves through acquisitions, including the purchase of 70% of Bosheng Mining and 85% of Yubang Mining, enhancing its operational capabilities [5][6]. - Xingye Silver Tin now owns 11 mining subsidiaries, with significant production capacities in silver and tin [5][6]. R&D Investment - In 2024, the company invested 140 million yuan in R&D, a 30.56% increase, representing 3.27% of its revenue [7]. - The number of R&D personnel increased by 46.75% to 226, with R&D staff now making up 18.64% of the workforce [7].