Zhaojin Mining Industry Company (1818) Q4 2025 earnings summary

Executive summary

• Revenue rose 56.32% year-over-year to RMB18.06 billion, driven by higher gold prices and sales volume.

• Net profit surged 139.81% year-over-year to RMB4.44 billion, with EPS up 173.56% to RMB0.96.

• Gold output reached 27,225.68 kg, up 2.93%, with mine-produced gold up 7.93%.

• Board proposed a cash dividend of RMB0.1 per share, double the prior year.

Financial highlights

• Gross profit increased 67.41% to RMB7.57 billion; gross margin improved to 41.93%.

• Other income and gains rose 290.73% to RMB2.28 billion, mainly from fair value gains on financial instruments.

• Administrative and other expenses rose 62.83% to RMB3.73 billion, mainly due to higher impairment provisions.

• Finance costs decreased 7.81% to RMB502 million.

• Effective tax rate increased to 20.28% from 16.94%.

Outlook and guidance

• Plans to invest RMB2.018 billion in infrastructure and RMB221 million in geological exploration in 2026.

• Annual gold production target set at no less than 25.91 tons.

• Focus on capacity expansion, innovation, and ESG initiatives, with RMB299 million earmarked for safety and environmental protection.