MS-Shandong Gold Mining Co. Ltd 2Q25 Preliminary Results Generally In Line-20250714
这篇研报讲什么？
摘要原文摘录2Q25 details: Shandong Gold expects 1H25 net profit to be Rmb2.55-3.05bn, up 84-12% YoY. This implies 2Q25 profit uf Rmb1.52-2.02bn, up 123-196% YoY, and up 49-97% QoQ, which is g…
机构观点归属摩根士丹利，研报雷达仅作摘要整理与机构观点聚合。以下为研报摘要原文摘录，内容以原始报告为准。
研报摘要
2Q25 details: Shandong Gold expects 1H25 net profit to be Rmb2.55-3.05bn, up 84-12% YoY. This implies 2Q25 profit uf Rmb1.52-2.02bn, up 123-196% YoY, and up 49-97% QoQ, which is generally in line with our expectation.Management attributed the profit increase to:
• The rise in gold prices – ~15% QoQ on average in RMB terms;
• Improvement in operating efficiency.
Gold price tailwind may continue to help in 3Q25, but at a milder pace: July'saverage gold price is ~2% higher than the 2Q25 average.
Higher volume ahead: The ramp of Namdini and commencement of Twin Hill Goldprojects (operated under Shanjin International, to start production in late 2025)should bring volume growth and support Shandong Gold's earnings.
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