HK Stock Market Move | LINGBAO GOLD (03330) opened nearly 14% higher after a profit surge, with an expected year-on-year net profit growth of around 110% to 140%.

LINGBAO GOLD (03330) opened nearly 14% higher after the positive earnings announcement, reaching a 13.92% increase as of the press release, trading at HK$4.5 with a turnover of HK$41.49 million. On the news front, LINGBAO GOLD reported positive earnings, forecasting revenue of approximately RMB 11.587 billion to RMB 11.903 billion for the year ending December 31, 2024, representing a year-on-year increase of about 10% to 13%; and a net profit of approximately RMB 617 million to RMB 706 million, representing a year-on-year increase of about 110% to 140%. The announcement stated that the increase in net profit was mainly attributed to the Group's efforts to overcome the impact of policies and infrastructure upgrades in the first half of the year, as well as the strong production push in the second half of the year, technological optimization and improvement in mining practices, significant results from fine management reform, and a noticeable increase in overall operational efficiency, also benefiting from the rising price of the Group's primary product, gold.