Morgan Stanley: Zijin Gold International (02259) Full-year Net Profit Exceeds Expectations

Morgan Stanley released a research report stating that Zijin Gold International (02259) announced that its preliminary net profit for 2025 is expected to be between $1.5 billion and $1.6 billion, a year-on-year increase of 212% to 233%, higher than the market's expectation of $1.35 billion. The implied profit for the fourth quarter of 2025 is between $595 million and $695 million, higher than the $385 million in the third quarter of 2025. The main reason for the quarterly growth is the integration of the RG project in October and the rise in gold prices in the fourth quarter of 2025. The report indicates that the company's gold production in 2025 is expected to reach 46.5 metric tons, an increase from 38.9 metric tons in 2024 (excluding the Porgera project), in line with management's expectation of around 47 metric tons. The production target for 2026 is set at 57 metric tons of gold, slightly higher than the market's expectation of 56.7 metric tons.