Multiple publicly listed gold companies saw significant increases in their performance last year

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Recently, Sichuan Gold Co., Ltd. (hereinafter referred to as “Sichuan Gold”) disclosed an impressive 2025 annual report. During the reporting period, the company achieved operating revenue of 1.03B yuan, and net profit attributable to shareholders of listed companies of 466 million yuan, with year-on-year growth of 60.38% and 87.69%, respectively.

In 2025, gold prices kept hitting new highs. Against this backdrop, the performance of gold-related listed companies has shown a collective growth trend. As of the press time on April 6, all 10 A-share gold industry listed companies (Shenwan Level 3 industry) have already released their 2025 annual reports or performance forecasts. Among them, more than half of the companies’ net profit year-on-year growth (or the upper limit of the expected year-on-year growth) reached 50% or above.

Huang Ting, a precious metals analyst at Shanghai Steel Link’s lead and zinc business unit, believes that this year’s gold price may shift from “one-way blowout rallies” to a “structural slow bull market.”

Under optimistic expectations for gold price trends, the industry’s fundamentals have been widely favored by the market. In its annual report, Sichuan Gold said that the core factors supporting the gold price are unlikely to undergo a fundamental reversal in the short term, providing a solid long-term floor support for gold prices, and that the operating environment for the gold industry is “overall maintaining a favorable trend.”

In its annual report, Sichuan Gold stated that China’s gold industry policy framework continues to improve, and the industry’s development has entered a new stage of strategic upgrading. At the national level, the country for the first time issued the “Implementation Plan for High-Quality Development of the Gold Industry (2025—2027),” which clearly sets development directions such as expanding resources reserves and production, green and intelligent transformation, and breakthroughs in high-end materials. At the same time, it released the “Guidelines for Intelligent Construction of Metal and Non-Metal Mines (2025 Edition),” to promote safe and efficient development across the industry. Follow-up measures are being implemented in major local production areas, deepening the construction of green mines and the recycling and utilization of resources. Overall, the policy guidance focuses on enhancing resource security capacity, accelerating the digital and green transformation, and cultivating high-quality market players, so as to move the gold industry toward high-quality and sustainable development and create a favorable policy environment for the development of gold companies.

Looking ahead to 2026, “green transformation and intelligent transformation” and “differentiated development” have become key keywords for the gold industry’s development.

“China’s gold industry chain is undergoing profound structural adjustments.” Huang Ting believes that at the upstream resource end, more attention will be paid to green and intelligent development. The core of competition has shifted from scale expansion to resource reserves and cost control. ESG has gradually become a hard policy constraint, and leading companies are accelerating their transformation toward “zero tailings, no waste” and intelligent mines. Small and medium-sized mines that cannot meet ESG standards will face elimination or consolidation.

In an interview with Securities Daily reporter, Gao Chengyuan, Chairman and CEO of Zhuliang Consulting, said: “Looking to the future, the gold industry chain will show a trend of ‘upstream consolidation, midstream stability, and downstream differentiation.’ At the upstream resource end, leading mining enterprises will dominate supply, with green and intelligent extraction and overseas resource mergers and acquisitions becoming the core of competition. Chinese mining companies are accelerating their global layout. In the midstream smelting and processing stage, China’s production capacity will remain at the leading level, and technological innovation and cost control will be key to development. At the downstream demand side, structural changes are emerging: central bank reserves and investment demand surpassing jewelry consumption have become the main drivers of growth, while industrial gold demand remains relatively stable. Overall, the entire gold chain is transforming toward resource security, technological self-reliance, and green low-carbon direction. Companies that have advantages in resource reserves and global operating capabilities will gain more room for growth.”

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