Zhongjin Gold Corp.,Ltd
600489.SS · SHH
Company research
Zhongjin Gold Corp., Ltd. (600489.SS) is a Beijing-based Chinese state-owned enterprise founded in 2000 and listed on the Shanghai Stock Exchange since August 2003, primarily engaged in the geological exploration, mining, smelting, and sale of gold and other non-ferrous metals. The company's core product portfolio includes gold concentrates, alloyed gold, and standard gold bars, alongside copper, silver, molybdenum, sulfuric acid, and various by-products of gold production. Operating through three key segments — Mining, Smelting, and Other — Zhongjin Gold conducts the majority of its business in the domestic Chinese market, with smelting accounting for approximately 90% of annual revenue. With a workforce of approximately 22,801 employees and a market capitalization of around CNY 98.6 billion, the company stands as one of China's leading gold producers under the broader China National Gold Group umbrella, led by CEO Xiaoqing He.
Research reports
Company Q1 2026 revenue reached 225.9 billion yuan and net profit 23.8 billion yuan, driven by higher gold and copper prices and stable production, with 2025 full-year revenue at 790.7 billion yuan and net profit 49.3 billion yuan. The report forecasts 2026–2028 net profit of 95/112/133 billion yuan, maintains a “buy” rating, highlights the upcoming纱岭金矿 ramp-up and planned acquisition of additional group gold assets, and flags gold/copper price downside as the main risk.
华鑫证券有限责任公司（华鑫证券研究所） · March 20, 2026央企控股，左手金矿右手铜矿 — 中金黄金（600489.SH）公司深度报告This deep-dive profiles Zhongjin Gold as the only centrally controlled A-share gold miner, with 894.55 tonnes of gold, 2.2816 million tonnes of copper and 0.5946 million tonnes of molybdenum resources, integrated mining–smelting operations, and 28 self-owned mines. It emphasizes纱岭金矿 (design capacity ~10 tonnes gold per year) and Inner Mongolia copper–moly assets as core growth drivers, projects 2025–2027 revenue of 826.45/1015.55/1065.55 billion yuan and net profit of 51.80/83.78/100.83 billion yuan, assigns a “buy” rating, and notes risks from mine project delays and sharp gold/copper price declines.
AppleTree Fund（独立研究平台） · January 13, 2026中金黄金 - 好研报This independent valuation note argues that Zhongjin Gold’s core opportunity is high-margin mining profits in a structural gold bull market, but warns that earnings and valuation are highly sensitive to gold prices and capital intensity. Using three cash-flow scenarios, it estimates operating asset values of roughly 233–432 billion yuan and a probability-weighted equity value around 294.1 billion yuan versus a then-current market cap of 1.24 trillion yuan, implying the stock is priced well above intrinsic value and suggesting limited upside with meaningful downside risk despite strong cash generation.