SD GOLD (Shandong Gold Mining Co., Ltd.) reported a sharp earnings rebound for 2025, buoyed by higher gold prices and stronger overseas contributions.

• Financial highlights – Revenue rose 26.38% year-on-year to RMB104.29 billion. – Profit before tax surged 59.95% to RMB9.09 billion. – Net profit attributable to shareholders climbed 60.57% to RMB4.74 billion; basic EPS increased 64.91% to RMB0.94. – Operating cash flow expanded 61.12% to RMB21.49 billion. – Total assets grew 6.05% to RMB170.37 billion, while net assets attributable to shareholders advanced 18.79% to RMB44.90 billion.

• Dividend The Board recommends a final cash dividend of RMB1.80 per 10 shares (tax inclusive). Including the interim payout of RMB1.7467, full-year cash dividends total RMB3.5467 per 10 shares, representing a 38.63% payout of 2025 ordinary net profit after perpetual-bond interest.

• Production profile Annual mined-gold output reached 48.89 tonnes, up 5.89%. Domestic mines contributed 36.31 tonnes, essentially flat, while overseas mines delivered 12.58 tonnes, a 60.20% jump driven by the Veladero (Argentina) and Namdini (Ghana) operations. Thirteen mines exceeded 1 tonne of annual production; Sanshandao, Jiaojia, Xincheng and Qinghai Dachaidan remained the top contributors.

• Cost and investment trends Operating costs rose 20.39% to RMB82.95 billion, lagging revenue growth. R&D spending increased 28.88% to RMB992.89 million. Exploration investment totalled RMB810 million, adding 81 tonnes of gold resources. Capital work-in-progress declined 37.36% to RMB6.64 billion as several shafts and processing facilities moved into operation.

• Balance-sheet metrics Total liabilities stood at RMB105.99 billion; the gearing ratio was 164.64%. Cash and equivalents jumped 57.90% to RMB17.49 billion after the September 2025 HK$3.89 billion H-share placing.

• Outlook actions Management targets at least 49 tonnes of mined gold in 2026 and plans to accelerate construction of deep-shaft projects in Shandong and the Twin Hills project in Namibia, while continuing cost-reduction and digital-mine initiatives.

The proposed dividend and the 2025 results are subject to shareholder approval at the upcoming annual general meeting.