Core Viewpoint - The gold market is experiencing a significant surge, with gold prices expected to continue rising in 2025, driven by various factors including increased demand from central banks and geopolitical tensions [1][3][4]. Group 1: Gold Price Trends - In 2024, international gold prices rose over 27%, with COMEX gold contracts reaching 3,300 to $4,200 per ounce by the end of 2025 [4][5]. Group 2: Factors Driving Demand - The demand for gold has surged due to multiple factors, including central banks' increased purchases and geopolitical uncertainties, particularly following the U.S. freezing of Russian dollar assets [3]. - The U.S. tariff policies have heightened global supply chain risks, leading to increased inflation expectations and a shift towards gold as a safe-haven asset [3]. - The current gold market is characterized by a complex interplay of monetary system restructuring, geopolitical shifts, and supply chain transformations [3]. Group 3: Company Performance - Zhaojin Mining's Q1 2025 report showed a revenue of 3.041 billion RMB, a 53.5% increase year-on-year, and a net profit of approximately 830 million RMB, reflecting a 197.9% growth [2]. - The company is well-positioned to benefit from the rising gold prices due to its significant production potential and strategic acquisitions [6][9]. - Zhaojin Mining's flagship Haiyu Gold Mine is expected to contribute significantly to its production capacity, with an annual output of 15-20 tons anticipated post-2025 [7][8]. Group 4: Growth Potential - The global gold supply is growing slowly, with annual production remaining between 3,400 to 3,600 tons, creating a widening supply-demand gap that benefits companies with substantial production capabilities [6][9]. - Zhaojin Mining's international strategy includes acquisitions that will enhance its production capacity, such as the acquisition of Iron Ridge Mining and the exploration of new mining opportunities [8][9]. - The company's innovative deep mining technology and international resource integration are expected to drive its growth trajectory in the evolving gold market [10].
净利润增长近2倍，招金矿业(1818.HK)进入业绩加速释放期