On the evening of August 27, Zhongjin Gold Corp., Ltd. (600489.SH) released its semi-annual report for 2026. During the first half of the year, the company achieved operating revenue of 42.982 billion yuan, a year-on-year increase of 22.57%. Net profit attributable to shareholders reached 4.357 billion yuan, soaring 61.67% year-on-year, while non-GAAP net profit climbed 45.97% to 4.316 billion yuan. Compared with the net profit of approximately 2.695 billion yuan in the same period last year, the company earned roughly 1.66 billion yuan more in the first six months of this year.

Zhongjin Gold serves as the gold mining listing platform under China National Gold Group and ranks among the country's leading gold producers, with operations spanning exploration, mining, processing, smelting, and sales of gold and non-ferrous metals. In 2024, the company's mined gold output stood at approximately 18.35 tons.

In its earlier earnings forecast, Zhongjin Gold attributed the strong performance to significantly higher year-on-year prices for major metals such as gold and copper, along with increased revenue from by-products like sulfuric acid. Meanwhile, the company continued its cost-reduction and efficiency-boosting initiatives, which lifted gross margins in core businesses like mined gold. Data shows that first-half revenue grew 22.57% year-on-year, while net profit attributable to shareholders surged 61.67%, with profit growth outpacing revenue growth considerably.

However, a quarterly breakdown reveals that second-quarter profit eased from the first quarter. In Q1, Zhongjin Gold posted net profit attributable to shareholders of 2.381 billion yuan, up 129.23% year-on-year. Based on the semi-annual report, Q2 net profit came in at roughly 1.976 billion yuan, a sequential decline of approximately 17%. During the first half, the Central Smelter underwent systematic maintenance, resulting in a 15.16% year-on-year drop in smelted gold output and a 2.22% decline in electrolytic copper production. At the same time, gold prices retreated from their highs in the second quarter.

Beyond gold prices, resource reserves and new production capacity are pivotal to future performance for gold miners. In the first half, Zhongjin Gold added 14.38 tons of new gold metal reserves. Construction of the key Shaling Gold Mine continued to advance, with the concentrator completing water testing and the tailings facility essentially finished. Once operational, the production ramp-up at Shaling is expected to become a major driver of future mined gold output growth.

In the secondary market, Zhongjin Gold currently boasts a market capitalization exceeding 100 billion yuan. On August 27, its shares closed at 26.69 yuan, up 0.98%, with a total market value of approximately 129.4 billion yuan.