Zijin Gold International Company (2259) H2 2025 earnings summary

Executive summary

• Achieved record revenue of US$5.38 billion in 2025, up 80% year-over-year, driven by higher gold prices, increased production, and new acquisitions.

• Net profit surged 202% to US$1.87 billion, with net profit attributable to owners up 233% to US$1.6 billion.

• Completed successful listing on the Hong Kong Stock Exchange, raising HK$28.3 billion and enhancing liquidity.

• Integrated Akyem (Ghana) and Raygorodok (Kazakhstan) mines, contributing significant new production and earnings.

Financial highlights

• Mine-produced gold output reached 46.9 tonnes, up 20% year-over-year; controlled mines contributed 45.4 tonnes.

• All-in sustaining cost (AISC) rose 3% to US$1,501/oz.

• Net cash inflow from operating activities was US$2.4 billion (+174%), and free cash flow was US$1.79 billion (+359%).

• Gross profit margin improved to 52.7% from 37.9% in 2024.

• Proposed final dividend of HK$1.5 per share, subject to shareholder approval.

Outlook and guidance

• 2026 gold production guidance set at 59.2 tonnes, with a target of 70–75 tonnes by 2028.

• Major expansion and technological upgrade projects underway at Akyem, Raygorodok, Rosebel, Aurora, and Norton mines to boost future output.

• Gold market expected to remain robust, supported by central bank demand and financial allocations.