Huaxin Securities: Maintain a "buy" rating on Zhongjin Gold, with the release of performance growth in both gold and copper, and progress in new projects.

Huaxi Securities report pointed out that Zhongjin Gold achieved a net profit attributable to the mother of 3.679 billion yuan in the first three quarters of 2025, a year-on-year increase of +39.18%. In Q3 2025 alone, the net profit attributable to the mother was 984 million yuan, a year-on-year increase of +9.28%. The increase in metal prices has driven the company's profit growth. As of October 30, 2025, domestic gold and copper prices were 906.89 yuan/gram and 88,000 yuan/ton respectively. The performance is expected to continue to improve. The company continues to expand its resource base, with 10 mining rights extended in the first half of the year covering an area of 27.21 square kilometers, integrated mining rights of 6.71 square kilometers, and 4 exploration rights acquired through bidding, adding 21.90 square kilometers of new areas. The company is focusing on advancing the construction of the Shaling Gold Mine project, and after the incremental projects are put into production, the gold production is expected to continue to increase. The "buy" rating is maintained.