Chifeng Gold reported record results for FY-2025, with revenue climbing 40.03% year-on-year to RMB 12.64 billion. Net profit attributable to shareholders jumped 74.70% to RMB 3.08 billion, lifting basic EPS to RMB 1.69 from RMB 1.07.

Dividend proposal • 2025 cash dividend: RMB 0.32 per share (tax inclusive), subject to approval at the 2025 AGM.

Balance-sheet highlights • Total assets: RMB 24.98 billion, up 22.89% from the start of the year. • Net assets attributable to shareholders: RMB 13.42 billion, up 69.45%. • Cash and bank balances: RMB 6.82 billion. • Interest-bearing liabilities: RMB 0.88 billion, down 67.45%; gearing ratio fell to 33.91% (-13.34 pp). • Current ratio improved to 275.29% (2024: 158.09%).

Cash flow and capital • Net operating cash flow rose 69.97% to RMB 5.56 billion. • Net cash used in investing reached RMB 2.31 billion, reflecting higher capex and the absence of prior-year disposal gains. • Net cash inflow from financing totalled RMB 0.97 billion, aided by the March 2025 Hong Kong IPO that raised about HKD 3.10 billion.

Segment performance • Overseas mining contributed 71% of group revenue (RMB 8.99 billion) and RMB 2.98 billion of segment profit. • Domestic mining generated RMB 3.43 billion revenue and RMB 2.06 billion of segment profit. • All-in sustaining cost (AISC) for mined gold rose 32.52% to RMB 372.63/gram; domestic mines maintained a lower AISC of RMB 277.83/gram.

Production • Gold output: 14.51 tonnes (-4.27% YoY). • Copper cathode output: 6.75 thousand tonnes (+9.07% YoY).

Cost structure • Mining segment cost up 20.07% to RMB 5.76 billion; materials and depreciation accounted for 55.41% of the total. • Overall gross margin widened to 52.46% (2024: 43.84%), buoyed by stronger gold prices.

Resource expansion & capex • Key projects advanced, including Wulong tailings facility, Jilong underground expansion and Sepon grinding upgrade. • Exploration and development absorbed HKD 140.0 million of Hong Kong IPO proceeds by year-end; 68% of total IPO funds remain unutilised for future projects and acquisitions.

Post-balance-sheet event • The Board reconfirmed the proposed 2025 cash dividend on 20 March 2026; no other material events occurred after year-end.

Outlook Management targets 2026 production of 14.7 tonnes of gold and 11,000 tonnes of electrolytic copper, with priority on reserve growth, capacity expansion and cost control.