China Post Securities: Giving Jin Huang Gold a "buy" rating, waiting for performance release after the technical reform of Wa Mining.

The research report of China Post Securities pointed out that Zha Jin Gold realized a net profit attributable to the parent company of 0.82 billion yuan in the first three quarters of 2025, a year-on-year increase of 191%; among them, the net profit attributable to the parent company in the third quarter of 2025 was 0.37 billion yuan, a year-on-year increase of +207%. The performance in Q3 improved compared to the previous quarter, and the performance is expected to be released after the technical transformation of the mine. As the technical transformation work progresses as scheduled, and related equipment such as drainage is gradually updated and upgraded, the drainage capacity has been improved to a certain extent, and restoration work is currently underway in some mining areas in the middle section of 19-21. In terms of the technical transformation of the mine, with the continuous increase in investment, the company has carried out maintenance and upgrades in underground ore mining, ore processing technology optimization, tailings reprocessing capacity enhancement, tailings dam expansion, and power plant facilities maintenance. In addition, the company actively explores and adds reserves. Regarding the special exploration permit for Mount Kasi in North Island, Fiji, the Vatukoula gold mine was officially granted permission to enter the area for geological exploration work on September 17, 2025. Currently, preparations for the entry are progressing orderly. With the steady upward movement of the gold price center, the production will gradually increase after the completion of the mine technical transformation. It is expected that the net profit attributable to the parent company will be 1.22/3.03/12.91 billion yuan, with year-on-year growth rates of 196%, 148%, and 326% respectively, corresponding to PEs of 90.01/36.34/8.53. The rating given is "hold".