Guotai Junan Securities: Maintain China Gold International's "Outperform" Rating in the Market.

Guosen Securities released a research report stating that China Gold International had strong performance in the first three quarters of 2025, with significant growth in revenue and net profit, leading to a turnaround from losses. The company benefited mainly from the rise in gold and copper prices and cost optimization. The company's gold and copper production and sales have steadily increased, with full-year production expected to exceed guidance. With the gradual resumption of production at the Jiamagou mine and future capacity expansion, growth prospects are promising. The current stock price corresponds to a PE ratio of 13.9/10.5/9.4X, considering the company's gold and copper product portfolio, rich resource reserves, and strong future growth prospects. The rating of "outperforming the market" is maintained.