Shandong Gold's annual revenue exceeds 100 billion for the first time, with profits increasing by 60%. Overseas mineral gold surges by 60%, entering the capacity release phase.

Yangtze Business Daily report ●By Jiang Chuyu, Yangtze Business Daily

With the twofold tailwinds of international gold prices continuing to rise and overseas production capacity accelerating its release, Shandong Gold has delivered its best-ever annual performance results.

On the evening of March 26, Shandong Gold (600547.SH) disclosed its 2025 annual performance report. For the full year, it achieved operating revenue of RMB 104.287 billion, breaking through the RMB 100 billion mark for the first time, up 26.38% year over year; profit attributable to shareholders reached RMB 4.739 billion, surging 60.57% year over year.

Steady growth on the production side is the core support for the rise in performance. In 2025, the company’s output of mine-produced gold reached 48.89 tons, up 5.89% year over year. Of this, domestic mines produced a total of 36.31 tons of gold, continuing to hold the No. 1 spot on the domestic gold mining listed companies’ ranking for gold output from mines; overseas mines became the biggest highlight of earnings growth. Full-year gold output from overseas mines was 12.58 tons, up a substantial 60.20% year over year. The company’s overseas deployment has officially entered a phase of concentrated capacity release.

While delivering rapid earnings growth, Shandong Gold has also been generous with dividends. In 2025, its total cumulative cash dividends are expected to reach RMB 1.635 billion, increasing by more than 60% compared with 2024, with the dividend amount accounting for 38.63% of the company’s attributable net profit for the year.

Revenue surpasses RMB 100 billion; performance hits a historic high

In 2025, the global precious metals market brought historic opportunities. With multiple factors converging—heightened geopolitical risks and continued gold purchases by global central banks—international gold prices rose by more than 60% over the year, and domestic gold prices also repeatedly set record highs.

Shandong Gold precisely seized market windows and, relying on both the dual benefits of efficient capacity release and rising prices, achieved a simultaneous and substantial increase in both revenue and profit, with multiple key indicators refreshing historical records.

Judging from core financial data, in 2025 the company successfully crossed the RMB 100 billion revenue threshold, increasing by RMB 21.769 billion from RMB 82.518 billion in 2024 to RMB 104.287 billion; the year-over-year growth rate was 26.38%. Profit attributable to shareholders was RMB 4.739 billion, far exceeding RMB 2.952 billion in 2024, up 60.57% year over year; the profit growth rate significantly outpaced the revenue growth rate. Non-recurring items excluded net profit was RMB 4.993 billion, up 66.91%.

At the same time, the company’s net cash flow from operating activities was as high as RMB 21.493 billion, up 61.12% year over year. Strong cash generation capacity provides solid assurance for the company’s production and operations, resource expansion, and shareholder returns. Weighted average return on net assets (ROE) reached 15.59%, up 4.74 percentage points year over year. Capital operation efficiency and asset profitability improved in parallel.

By quarter, the company’s overall performance remained at a high level throughout the year; however, in the fourth quarter, due to factors including fluctuations in gold market prices and adjustments to production schedules, performance declined sequentially. Fourth-quarter operating revenue was RMB 20.504 billion, down 24.11% quarter over quarter; profit attributable to shareholders was RMB 783 million, down 31.77% quarter over quarter.

Steady growth on the production side is the core support for the rise in performance. In 2025, the company’s mine-produced gold output was 48.89 tons, up 2.72 tons year over year, with an increase of 5.89%. The number of domestic and overseas mines with annual gold output of more than 1 ton increased to 13, further highlighting the advantages of scaled production. Among them, domestic mines produced a total of 36.31 tons of gold, essentially flat year over year. The company continued to rank No. 1 among domestic mines of gold mining listed companies, firmly maintaining the leading position in the domestic market base; overseas mines became the biggest highlight of earnings growth. Full-year overseas gold output was 12.58 tons, up 60.20% year over year. This accounted for 13.98% of the total overseas mine-produced gold output of large-scale domestic gold groups. The overseas deployment has officially entered a phase of concentrated capacity release, becoming the core engine for the company’s production growth.

While delivering rapid earnings growth, Shandong Gold has always adhered to an active shareholder-return strategy. In 2025, the company rolled out an annual profit distribution plan, proposing to distribute cash dividends of RMB 1.80 per 10 shares to all shareholders (including tax). Combined with the interim dividend already implemented in the first half of the year, the total cumulative cash dividends for the full year are expected to reach RMB 1.635 billion, increasing by more than 60% compared with 2024. The dividend amount accounts for 38.63% of attributable net profit for the year.

Advancing resource M&A and deployment with greater intelligence

Resources are the survival foundation and core competitiveness of gold mining enterprises. In 2025, Shandong Gold adhered to a dual-track approach of independent exploration and resource M&A, continuously increasing investment in prospecting and efforts to integrate resources, and steadily building a moat for resource reserves.

In terms of independent exploration, the company invested RMB 810 million in prospecting funds throughout the year, completed 717,000 meters of prospecting work, and achieved newly added gold resource quantity of 81 tons from prospecting, with the newly added resource amount in the year significantly exceeding the resources consumed in production, resulting in positive growth in resource reserves. Specifically, the Sanshandao gold mine, Jiaojia gold mine, and Qinghai Dachaidan gold mine added 8.3 tons, 7.5 tons, and 17.6 tons of gold metal, respectively, becoming the core mainstay of reserve additions from prospecting. By the end of 2025, the company’s gold resource reserves held, calculated by its equity interest, totaled 1,979.33 tons. Strong resource reserves provide ample assurance for subsequent stable growth in production.

In the field of resource M&A, the company also achieved breakthrough progress. It continued to refine its domestic gold resource layout. In 2025, it successfully won the detailed exploration and prospecting rights of the Yinmahe gold mine in Xihe County, Gansu Province. Its controlling subsidiary, Shanjin International, completed the acquisition of 52.07% equity interest in Yunnan Western Mining Co., Ltd. The Mangshi Huasheng gold mine also successfully acquired a nearby prospecting right, further expanding its resource footprint. At present, among the six gold mining enterprises nationwide that have cumulative gold output exceeding 100 tons, Shandong Gold holds four seats. Leveraging its scaled resource advantages and efficient mining capability, it has built a solid cost moat, taking the initiative in industry competition.

In terms of technological innovation and engineering construction, Shandong Gold continued to lead the industry. In 2025, it won one provincial-level award for progress in science and technology; it also spearheaded or participated in formulating 9 industry standards, with its research and development strength continuously strengthening. Major engineering construction achieved milestone breakthroughs. The Sanshandao No. 2 shaft project has proceeded smoothly to reach the bottom of excavation and lining. This vertical shaft is the first deepest large-diameter vertical shaft in Asia, with depth exceeding 2000 meters. This marks the official entry of China’s mining industry into the “deep-earth era” at the 2000-meter level, greatly enhancing the company’s ability to develop deep resources. At the same time, the resource integration and development projects for the Jiaojia gold mine and the Xincheng gold mine advanced efficiently. The pace of building a world-class gold production base in the Jiaodong region continued to accelerate. Overseas projects such as the Zibizi (Osino) gold mine project at the Osino company in Namibia, the Katinonamutilin gold mine, and Changtai Mining also steadily advanced to reach production capacity. The overseas and domestic capacity layout has become increasingly complete.

Looking ahead to 2026, Shandong Gold has set clear operational targets. It plans to produce no less than 49 tons of gold for the full year. It plans a total investment of RMB 9.4 billion, including RMB 5.2 billion for construction projects, RMB 4.1 billion for intangible asset investment, and RMB 0.1 billion for long-term equity investments. The company said it will stay closely aligned with the strategic goal of building a “world-class gold mining enterprise,” focusing on stable production and capacity expansion, value creation, and reform-driven innovation; it will accelerate the construction of key projects and deepen cost reduction and efficiency improvements across the entire value chain. At the same time, it will speed up the implementation of the “Artificial Intelligence+” initiative, comprehensively advancing intelligent upgrades to mine production processes, and further converting advantages in resource endowment into sustainable profitability. While strengthening the national gold resource security barrier, it will continue to create long-term stable value for investors and steadily move to higher ground in global competition within the gold industry.

Editor’s note: ZB

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