Huaan Securities: Maintains Buy Rating on Chifeng Gold, Performance Benefits from Gold Price Increase

Huaxin Securities research report pointed out that Chifeng Gold's performance benefited from the rising gold price and the gradual release of gold mining projects. The company achieved revenue of 12.639 billion yuan in 2025, an increase of 40.03% year-on-year; achieving a net profit attributable to shareholders of 3.082 billion yuan, an increase of 74.70% year-on-year. The tailings pond project of Wulong Mining started in October 2025 and is expected to be completed in the fourth quarter of 2026, while the technical transformation projects of Sanfen Mining are expected to be completed in 2026. Jilong Mining's new 60,000 tons/year open-pit mining project has obtained a mining license and is undergoing preliminary design; Jintai Phase II has completed exploration and is proceeding with related procedures in an orderly manner. The Yunnan Jintai Mine Phase II expansion project in 2026 will increase gold production; the medium to long-term technical transformation projects of Wulong, Jilong, etc. will release production capacity, and the company's gold mine increment is clear. Maintain a "buy" rating.