Chifeng Jilong Gold Mining (600988) Q2 2024 earnings summary

Executive summary

• Operating income for H1 2024 reached RMB 4.20 billion, up 24.45% year-over-year, with net profit attributable to shareholders at RMB 710 million, a 127.75% increase year-over-year.

• Gold production rose 9.72% year-over-year to 7.55 tons, supported by higher gold prices and effective cost control.

• Net cash flow from operating activities increased 64.46% year-over-year to RMB 1.44 billion.

• Asset-liability ratio decreased to 51.68%, down 2.68 percentage points from the start of the year.

Financial highlights

• Basic and diluted EPS for H1 2024 were RMB 0.43, up 126.32% year-over-year.

• Weighted average ROE was 10.96%, up 2.64 percentage points year-over-year.

• Non-recurring gains and losses totaled RMB 71.41 million, mainly from disposal of Tietto Mineral equity.

• Net assets attributable to shareholders stood at RMB 6.81 billion at period end.

Outlook and guidance

• The company plans to continue expanding production capacity, pursue aggressive exploration, and seek global M&A opportunities.

• Application for H-share listing in Hong Kong is underway to support further domestic and international expansion.