Wanguo Gold Group (3939) H1 2026 earnings summary

Executive summary

• Revenue rose 50.2% year-over-year to RMB1,863.3 million, driven by higher sales from Gold Ridge Mine and increased gold prices.

• Gross profit surged 66.0% to RMB1,440.7 million, with gross margin improving to 77.3% from 70.0% last year.

• Net profit attributable to owners increased 50.7% to RMB905.3 million; EPS was RMB20.47 cents, up from RMB13.86 cents.

• Interim dividend declared at HK$6.00 cents per share, totaling RMB229.4 million.

Financial highlights

• EBITDA increased 68.3% to RMB1,360.1 million year-over-year.

• Net profit margin remained strong at 53.3%, nearly unchanged from 53.6% last year.

• Operating cash flow was RMB708.7 million, up from RMB438.2 million in the prior year.

• Capital expenditure reached RMB780.2 million, mainly for Gold Ridge Mine expansion.

• Gearing ratio decreased to 2.2% from 2.8% at year-end 2025.

Outlook and guidance

• Gold prices expected to remain volatile but supported by geopolitical risks and central bank demand.

• Plans to upgrade Xinzhuang Mine capacity to 900,000 tpa and further to 1,000,000 tpa.

• Focus on horizontal expansion through prudent acquisitions of new mines.