Recently, listed companies in the gold industry chain have successively released their performance reports for 2025. Against the backdrop of continuously rising gold prices, the performance of related listed companies has generally improved, although some companies have experienced a decline in performance. Industry insiders believe that as gold prices fluctuate, the performance differentiation among listed companies in the industry chain may intensify.
Specifically, gold mining companies in the upstream of the industry chain have become the biggest beneficiaries of rising gold prices. The performance announcement of Zijin Mining Group Co., Ltd. for 2025 shows that the company achieved an operating income of 349.079 billion yuan for the year, a year-on-year increase of 14.96%; the net profit attributable to shareholders reached 51.777 billion yuan, a year-on-year increase of 61.55%.
Chifeng Jilong Gold Mining Co., Ltd. also reported impressive performance, achieving an operating income of 12.639 billion yuan for 2025, a year-on-year increase of 40.03%; the net profit attributable to shareholders was 3.082 billion yuan, a year-on-year increase of 74.70%.
Shandong Gold Mining Co., Ltd. expects to achieve a net profit attributable to shareholders of 4.6 billion to 4.9 billion yuan for 2025, a year-on-year increase of 56% to 66%; the net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be 4.8 billion to 5.1 billion yuan, a year-on-year increase of 60% to 71%.
Qu Fang, an investment advisor at WanLian Securities, stated in an interview with Securities Daily that upstream gold mining companies have typical resource attributes, with relatively rigid mining costs. The high gold prices directly translate into significant increases in gross margins and net profits, combined with leading companies continuously expanding production and reserves, achieving a high growth pattern of both volume and price. The industry's concentration is further increasing, and leading companies with resource reserves and cost advantages have significantly superior profit elasticity and risk resistance capabilities.
In stark contrast to upstream mining companies, downstream gold jewelry retail performance shows significant differentiation. The performance report of the traditional gold jewelry leader Lao Feng Xiang Co., Ltd. indicates that the company achieved revenue of 52.823 billion yuan in 2025, a year-on-year decrease of 6.99%; the net profit attributable to shareholders was 1.755 billion yuan, a year-on-year decline of 9.99%. Additionally, Shenyang Cuihua Gold and Silver Jewelry Co., Ltd. and Zhejiang Mingpai Jewelry Co., Ltd. expect to see a year-on-year decline or losses in their 2025 performance.
However, some companies that focus on brand premium and product differentiation generally report growth. Guangdong Chao Hong Ji Industrial Co., Ltd. expects to achieve a net profit of 436 million to 533 million yuan in 2025, a year-on-year increase of 125% to 175%. Lao Pu Gold Co., Ltd. expects to achieve sales performance of approximately 31 billion to 32 billion yuan in 2025, a year-on-year increase of approximately 216% to 227%; the adjusted net profit is expected to be around 5 billion to 5.1 billion yuan, a year-on-year increase of 233% to 240%.
Qu Fang further analyzed that the downstream retail industry is significantly differentiated under the impact of high gold prices, with traditional gold jewelry companies facing performance pressure, while companies with branding and differentiation strategies are breaking through against the trend. The industry is accelerating its transformation towards premiumization and branding
It is worth noting that recently, international gold prices have experienced significant fluctuations. Yang Delong, chief economist of Qianhai Kaiyuan Fund, told the Securities Daily reporter that the current round of geopolitical conflicts has triggered a chain reaction in the market, and rising inflation expectations have forced the Federal Reserve to delay interest rate cuts. Additionally, the profit-taking accumulated from the previous significant rise in gold prices has led to a short-term price correction.
Looking ahead, institutions remain optimistic about the long-term trend of gold. Shenwan Hongyuan Futures believes that concerns about the sustainability of U.S. fiscal policy are still intensifying, coupled with the restructuring of the global political and economic order and the diversification of global central bank reserve assets, gold is expected to maintain a long-term upward trend

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In 2025, the performance of listed companies in the gold industry chain showed divergence. Upstream gold mining companies such as Zijin Mining and CHIFENG GOLD performed strongly, with significant increases in both operating revenue and net profit, benefiting from high gold prices. In contrast, downstream gold jewelry retailers such as Lao Feng Xiang and Shenyang Cuihua faced performance declines. Nevertheless, companies that focus on brand and product differentiation, such as Chao Hong Ji, still achieved significant growth. Industry insiders believe that as gold prices fluctuate, performance divergence will further intensify

腾讯新闻 - 财经

SD-GOLD

Gold.com

ZHONGJIN GOLD

EFUND GOLD MI-U

VanEck Gold Miners ETF

CHIFENG GOLD

iShares MSCI Global Gold Miners

Roundhill Gold Miners Weeklypay ETF

Direxion Daily Jr Gold Miners Bull 2X

Kinross Gold

Direxion Daily Gold Miners Bull 2X

iShares Gold Trust

Direxion Daily Jr Gold Miners Bear 2X

EFUND GOLD MI ETF

SPDR Gold Shares

Sprott GLD Miners Etf

Newmont

EFUND GOLD MI-R

YieldMax Gold Miners Opt Inc Strgy ETF

Zijin Mining

VanEck Junior Gold Miners ETF

Sprott JR Gold Miners ETF

ChinaAMC CSI SH-SZ-HK Gold Industry Equity ETF

ZIJIN MINING

ChinaAMC Gold ETF

Agnico Eagle Mines

The performance differentiation of listed companies in the gold industry chain may intensify