<div id="readability-page-1"><div><p>Huatai Securities said in a research report that Zhaojin Mining (01818.HK)<span> </span><span> -0.200 (-0.681%)  </span> <span> Short selling $25.90M; Ratio 10.208%  </span>  recorded revenue of RMB18.056 billion in 2025, up 56.32% YoY, while net profit attributable to shareholders reached RMB3.614 billion, up 149.1% YoY. In 4Q25, revenue was RMB6.004 billion, up 60.96% YoY and 18.21% QoQ, and net profit attributable to shareholders was RMB1.497 billion, up 162.63% YoY and 120.8% QoQ. The companys 2025 net profit attributable to shareholders exceeded the brokers previous forecast of RMB2.847 billion.</p><p>The broker noted that sustained high gold prices, coupled with steady growth in production and sales volume, drove strong YoY profit growth. It maintains a long-term bullish view on gold prices, believing that if the allocation to investable gold rises above the 2011 peak of 3.6% to reach 4.3% to 4.8% during 20262028, gold prices could climb to USD5,400USD6,800 per ounce.</p><p>The broker raised its forecasts for net profit attributable to shareholders for 20262028 to RMB5.973 billion, RMB8.511 billion and RMB9.585 billion, respectively, corresponding to EPS of RMB1.69, RMB2.4 and RMB2.71. The upward revision mainly reflects the significant rise in gold prices in 2H25. Considering golds continued allocation value amid deglobalization, the broker believes gold prices still have upside potential and therefore lifted its gold price assumptions.</p><p>The broker also considered that upon reaching full production, the Haiyu project may contribute an additional 1015 tonnes of mined gold, representing a significant increment and enhancing the companys growth prospects. It assigned a 20x 2026 price-to-earnings ratio, raised the TP from HKD24.54 to HKD38.85, and maintained a Buy rating. (hc/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-24 16:25.)</p></div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p></div>

01818

600489

GOEX

SGDM

NUGT

82824

02824

JNUG

09824

<p>Huatai Securities has raised the target price for Zhaojin Miningto HKD38.85, citing strong earnings growth driven by high gold prices. The company reported a revenue of RMB18.056 billion in 2025, a 56.32% increase YoY, with net profit reaching RMB3.614 billion, up 149.1% YoY. The broker maintains a bullish outlook on gold prices, predicting potential increases to USD5,400-USD6,800 per ounce. The target price revision reflects anticipated profit growth and the impact of the Haiyu project, which may add significant gold production.</p>

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Huatai Securities Raises Zhaojin Mining  TP to HKD38.85, Gold Prices Drive Strong Earnings Growth