The international gold price has reached a new high. According to Wind data, on September 3rd Beijing time, the highest intraday prices of London spot gold and COMEX gold futures both broke records, surpassing $3561/ounce and $3627/ounce respectively, with an increase of over 30% compared to the beginning of the year. The domestic gold price also rose sharply, with the highest prices of spot gold (Au99.99) and Shanghai Gold's main contract on the Shanghai Gold Exchange exceeding 810 yuan/gram at the close of the day. Experts believe that the recent fluctuations in gold prices are mainly influenced by factors such as expectations of interest rate cuts by the Federal Reserve and market concerns about the Fed's independence. Gold prices may fluctuate in the short term, but the long-term trend remains positive. Looking at the 2025 semi annual reports released by A-share gold mining companies, multiple companies have seen significant year-on-year growth in revenue and profit in the first half of the year, with the rise in gold prices being one of the important driving factors. Looking ahead to the second half of the year, several listed gold mining companies have revealed their emphasis on strengthening production management, increasing investment in project infrastructure and technological transformation, and other "internal strengths" in order to continue to "polish" their performance. The sharp rise in gold prices has driven the semi annual performance of gold mining companies. In fact, the increase in gold prices in the first half of this year is close to the full year of 2024. Data shows that in the first half of the year, London spot gold rose by nearly 26%, while Shanghai Gold Exchange spot gold (Au99.99) rose by over 24%. During the same period, the revenue and net profit of 10 A-share gold mining companies increased significantly. Among them, Zijin Mining maintained its leading position during the reporting period with a revenue of 167.711 billion yuan and a net profit attributable to shareholders of 23.292 billion yuan, and its net profit attributable to shareholders growth rate (54.41%) was significantly higher than the revenue growth rate (11.50%). Following closely in terms of revenue scale are Shandong Gold and CICC Gold. Among them, Shandong Gold achieved a revenue of 56.766 billion yuan in the first half of the year, a year-on-year increase of 24.01%; The net profit attributable to the parent company was 2.808 billion yuan, a year-on-year increase of 102.98%. Zhongjin Gold achieved a main operating revenue of 35.067 billion yuan, a year-on-year increase of 22.9%; The net profit attributable to the parent company was 2.695 billion yuan, a year-on-year increase of 54.64%. Several listed gold mining companies have mentioned the upward trend in gold prices as a reason for their impressive performance. For example, Chifeng Gold stated that its performance growth was mainly due to the year-on-year increase in gold product prices. At the same time, facing the trend of continuously rising production costs in the entire industry, the company continues to deeply promote cost reduction and control expenses, strictly control non productive expenditures, and effectively control production costs. Hunan Gold's gold sales revenue accounted for 94.68% of its operating revenue in the first half of the year, an increase of 2.9 percentage points from 91.78% in the same period last year. The company stated that the main reason for this is the increase in product prices and the year-on-year increase in revenue from purchasing non-standard gold business. Further strengthen the "moat". According to the latest statistics from the China Gold Association, in the first half of the year, domestic raw material gold production was 179.083 tons, a year-on-year decrease of 0.551 tons or 0.31%. Among them, 139.413 tons of gold mineral gold were produced, and 39.67 tons of non-ferrous by-product gold were produced. In addition, imported raw materials produced 76.678 tons of gold in the first half of the year, a year-on-year increase of 2.29%. If this part of imported raw materials is added for gold production, a total of 255.761 tons of gold were produced nationwide, a year-on-year increase of 0.44%. At the same time, large gold conglomerates' overseas mines achieved a mineral gold production of 39.608 tons, a year-on-year increase of 16.17%. In order to build a strong "moat", gold mining companies actively promoted exploration and storage, resource integration, and international capital layout in the first half of the year. Zijin Mining stated that the company adheres to the dual wheel drive of mineral resource exploration and mergers and acquisitions. In the first half of the year, the company's equity caliber resources increased by 2.049 million tons of copper resources and 1.322 million tons of reserves compared to the beginning of the year; 88.8 tons of newly added gold resources and 34.5 tons of gold reserves; The newly added equivalent lithium carbonate resources amount to 834000 tons, with a reserve of 358000 tons. Zhongjin Gold stated that in the first half of the year, the company invested a total of 133.38 million yuan in geological exploration, completed 32200 meters of pit exploration projects and 147700 meters of drilling projects, and accumulated 13.82 tons of gold reserves. Resource expansion continues to advance, with 10 mining rights renewed in the first half of the year, covering an area of 27.21 square kilometers; Integrate one mining right with an area of 6.71 square kilometers; Four exploration rights were obtained through bidding, with an additional area of 21.9 square kilometers. In terms of international capital layout, Chifeng Gold, Shanjin International, Zijin Mining, and others have also made frequent moves. In March of this year, Chifeng Gold was listed on the Hong Kong Stock Exchange. Chifeng Gold stated that listing in Hong Kong is the most important strategic task for the company in the first half of the year. It not only expands the financing channels in the international capital market, but also optimizes the company's equity structure, injecting strong momentum into the subsequent exploration and expansion of domestic and foreign mines, and ushering the company into a new strategic stage of development. Shanjin International officially announced in June the preliminary preparations for the H-share issuance. The company stated that this move aims to further deepen its global strategic layout, accelerate the development of overseas business, consolidate its leading position in the industry, optimize its capital structure, expand diversified financing channels, and enhance its corporate governance level and core competitiveness. Zijin Mining will restructure the assets of 8 overseas gold mines to Zijin Gold International and officially submit a listing application to the Hong Kong Stock Exchange in June. Zijin Mining stated that this reflects the company's confidence in increasing investment in its gold business, which is of great strategic significance for achieving mineral gold production of 100 to 110 tons by 2028. Regarding the second half of the year, several listed gold mining companies have revealed their emphasis on strengthening production management, increasing investment in project infrastructure and technological transformation, and other internal strengths. Xiaocheng Technology stated that the company will continue to strengthen production management, optimize mining processes, and promote the upgrade of intelligent mining and selection systems to ensure the smooth operation of gold mining business; Focus on ore grade, energy consumption and other dimensions to strictly control costs and improve production efficiency. At the same time, seize the opportunity of gold prices, dynamically track the fluctuation trend of gold prices, optimize sales strategies, actively promote the construction of new selection plants, and steadily improve mining efficiency to ensure the normal and efficient operation of the company. Chifeng Gold stated that listing on the Hong Kong Stock Exchange lays the foundation for future overseas resource allocation, international cooperation, and implementation of globalization strategies. The company will continue to use the capital market as a "booster" to accelerate the expansion, technological transformation, and resource storage projects of domestic and foreign mines, gradually achieving a virtuous cycle of resource reserve growth, capacity improvement, and operational efficiency optimization. Sichuan Gold stated that the company's production costs remained stable in the first half of the year. However, as the company gradually shifts to underground mining, the production cost of underground mining is relatively high. At the same time, due to the increasing safety and environmental protection standards, the company will increase investment in safety and environmental protection. It is expected that the production cost will show an upward trend in the second half of the year, which may have a certain impact on the company's business performance. The relevant policies have also clarified the direction for the high-quality development of the gold industry. In June, the Ministry of Industry and Information Technology and nine other departments jointly released the "Implementation Plan for High Quality Development of the Gold Industry (2025-2027)", which clarified the goals of improving resource guarantee capabilities, industrial chain innovation levels, breakthroughs in a number of key common technologies and equipment, and proposed nine key tasks, including promoting domestic resource accumulation and production, guiding enterprises to become stronger, better, and larger, and deepening overseas investment cooperation. (New Society)