Western Securities: Chifeng Gold's performance meets expectations, maintains "buy" rating.

The research report of West Securities pointed out that Chifeng Gold is expected to achieve a net profit attributable to the parent of 10.80-11.30 billion yuan in the first half of 2025, an increase of 52.01%-59.04% year-on-year; with the rise in gold prices and effective cost control, the performance in the first half of 2025 is in line with expectations. From 2020 to 2024, the company's gold production was 4.59 tons, 8.10 tons, 13.57 tons, 14.35 tons, and 15.16 tons respectively, achieving consecutive growth. From 2021 to 2023, the company's gold production grew the fastest among the top five gold producers in China. Compared with most major gold mining companies, the company has a broader overseas business coverage. Since the fourth quarter of 2024, the company has increased exploration efforts in all mines, and launched a three-year plan to increase exploration and reserves for the entire company as a key focus, aiming to accelerate the increase in the level and quantity of resources while increasing investment in risk exploration, fully tapping into the potential resources in the company's mining areas. The "buy" rating is maintained.