ZHAOJIN MINING (01818) reported its 2025 financial results, achieving revenue of RMB 18.06 billion, a year-on-year increase of 56%, and a net profit attributable to shareholders of RMB 3.61 billion, up 149.1% compared to the previous year. In the fourth quarter of 2025, revenue reached RMB 6.36 billion, rising 59% year-on-year, while net profit attributable to shareholders surged 168% to RMB 1.48 billion, driven by higher-than-expected gold prices. Due to the upward trend in gold prices, the company's 2026 profit forecast has been raised by 13% to RMB 4.37 billion, with a newly introduced 2027 profit estimate of RMB 5.96 billion. The "Outperform" rating has been maintained. Reflecting the stronger gold price outlook, the target price has been increased by 24% to HK$33.45, implying a 2026 P/E ratio of 24.1x and a 2027 P/E ratio of 17.5x, suggesting a 14% upside from the current share price.