ZHAOJIN MINING (01818) announced its interim results for the six months ended June 30, 2025. The group reported revenue of approximately RMB 6.973 billion, representing an increase of about 50.69% compared to the same period last year. Net profit reached approximately RMB 1.777 billion, up about 144.58% year-on-year. Profit attributable to shareholders of the parent company was approximately RMB 1.44 billion, an increase of about 160.44% compared to the same period last year. Basic and diluted earnings per ordinary share attributable to shareholders of the parent company were approximately RMB 0.38, up about 216.67% year-on-year.

During the first half of the year, facing both opportunities and challenges from high gold prices and accelerated industry consolidation, the group focused on its core business and concentrated efforts on key areas including safety production, project construction, investment and acquisitions, and capital operations, achieving more than half of annual targets by mid-year. Since the beginning of the year, the company's market capitalization has repeatedly reached new highs, with cumulative gains exceeding 80%. The stock price peaked at HK$22.2 per share, significantly outperforming industry market performance, further demonstrating the company's value.

**Strengthening Production Operations with Comprehensive Breakthrough in Core Indicators**

In the first half of the year, guided by "optimizing production, increasing output, and improving efficiency," the group optimized resource allocation and accelerated capacity release. Driven by high gold prices, the group's domestic operating mines achieved full production capacity, with major operating indicators comprehensively achieving "over half" targets. During the period, the group completed gold production of 10,235.63 kilograms (approximately 329,082.51 ounces), with total profit of approximately RMB 2.249 billion, achieving substantial growth in key indicators.

**Focusing on Project Development to Activate New Growth Engines**

In the first half of the year, the Ruihai project accelerated infrastructure construction, with the 12,000 tons/day mineral processing system successfully completing water commissioning tests in one attempt, initially achieving industrial production capability. Meanwhile, key projects including deep development at Xiadian Gold Mine and capacity enhancement projects at backbone mines progressed simultaneously in phases, providing strong support for the group's continued capacity release.

**Deepening Exploration and Development to Strengthen Resource Foundation**

During the first half of the year, the group adhered to its core "resources first" strategy, establishing a dedicated exploration fund exceeding RMB 100 million. Focusing on multiple key exploration areas in global important metallogenic belts, exploration activities added 25 tons of new gold metal reserves. The group successfully secured multiple key mining rights, seizing opportunities in resource allocation and opening broad space for expanding resource reserves.

**Refining Operational Management to Strengthen Development Fundamentals**

In the first half of the year, the group strengthened operational control and scientifically planned medium and long-term strategies. Through implementing "one enterprise, one research topic," a series of research projects led to innovation achievements, with 4 newly recognized provincial-level innovative small and medium enterprises, and 25 technological innovation awards from the China Gold Association. Internal management was upgraded with refined cost control. The group successfully completed a placement of 140 million shares, providing solid financial support for business expansion.

**Strictly Adhering to Compliance Standards and Building a Strong Safety Network**

During the first half of the year, the group invested RMB 88 million in safety and environmental protection initiatives, conducting comprehensive safety and environmental governance actions. The company successfully passed audit-style safety inspections and environmental supervision with high standards. Company-wide compliance awareness and management levels achieved qualitative improvement, establishing a solid foundation for the enterprise's long-term stable development.