On July 20, Zijin Gold International fell 3.01% in regular trading, trading at HK$94.65/share, with turnover of HK$71.50 million. The stock declined against the broader gold sector, which saw most peers advance, with Zijin Mining up 1.57% and Shandong Gold up 1.34%.

The continued weakness stems from the company's earlier profit alert projecting H1 net profit of approximately US$1.4 billion, up 169% year-over-year. However, this figure represents only 38% of the market's full-year consensus, raising concerns about an earnings miss. Bank of America Securities cut its target price from HK$158 to HK$140 and lowered full-year profit forecasts by 6% to US$3.0 billion, citing higher-than-expected unit costs. BOCI maintained a Hold rating, noting Q2 earnings declined 27% quarter-over-quarter to US$593 million despite gold prices falling only 7% QoQ and production rising 1% QoQ, implying a meaningful sequential increase in unit costs driven by energy expenses and one-off charges at the RG mine.

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