Sichuan Gold’s Production Volume Increases, Prices Rise, Revenue First Exceeds 1 Billion, Cumulative Dividends Total 546 Million—1.28 Times the Financing Amount

Yangtze Business Daily reports ●Yangtze Business Daily reporter Xu Yang

Sichuan Gold (001337.SZ) has achieved record-high operating performance.

According to the 2025 annual report, in 2025, Sichuan Gold’s operating revenue first surpassed 1 billion yuan. Net profit attributable to shareholders of the listed company (hereinafter referred to as “net profit attributable to parent”) and net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses (hereinafter referred to as “net profit after non-recurring items”) were 466 million yuan and 473 million yuan, respectively. The year-over-year growth rates were 87.69% and 96.3%, respectively. The gross margin increased by 6.2 percentage points year over year to 62.81%; the net profit margin increased by 6.61 percentage points year over year to 45.40%. Both set annual highs for the year.

Sichuan Gold said that in 2025, the company continued to maintain steady operations. The increase in net profit attributable to parent year over year was mainly due to a year-over-year increase in the sales volume of gold concentrate ore and higher gold prices.

Yangtze Business Daily reporter noted that against the backdrop of improving operations, Sichuan Gold has been actively distributing dividends to reward shareholders. The company plans to distribute a cash dividend of 5 yuan for every 10 shares to all shareholders (including tax). The total expected distribution amount is 210 million yuan, accounting for 45.08% of net profit attributable to parent. If the 2025 dividend is implemented, the cumulative dividends to shareholders of the company’s A shares will reach 546 million yuan, which is 1.28 times the financing amount.

2025 net profit after non-recurring items up 96.3%

Sichuan Gold was established in 2006. The company is engaged in the mining, processing, and sales of gold mines. Its main products are gold concentrate ore and refined gold. After smelting or refining, gold concentrate ore and refined gold become standard gold products that can be traded on the Shanghai Gold Exchange. Standard gold is mainly used in areas such as gold jewelry, gold for industrial use, investment products, government reserve gold, and so on.

According to the latest disclosed 2025 annual report of Sichuan Gold, in 2025 the company achieved operating revenue of 1.03B yuan, up 60.38% year over year; net profit attributable to parent was 466 million yuan, up 87.69% year over year; and net profit after non-recurring items was 473 million yuan, up 96.3% year over year.

Judging by previous years, in 2025 Sichuan Gold’s performance reached a historical peak. Among them, the company’s revenue scale first stood at the threshold of 1 billion yuan.

In 2025, Sichuan Gold’s gross margin increased by 6.2 percentage points year over year to 62.81%, and the net profit margin increased by 6.61 percentage points year over year to 45.40%. Both the gross margin and net profit margin levels set annual highs for the year.

Sichuan Gold said that in 2025, the company continued to maintain steady operations. The year-over-year increase in net profit attributable to parent was mainly attributable to a year-over-year increase in the sales volume of gold concentrate ore and higher gold prices.

In 2025, with multiple factors converging—such as strong strategic demand for gold by global central banks—gold prices domestically and abroad showed a one-way upward trend and a strong bull market with repeated record highs. At the end of the year, the Shanghai Gold Exchange Au9999 gold closing price was 974.90 yuan per gram, up sharply from the opening price at the beginning of the year of 614.00 yuan per gram, a jump of 58.78%. The full-year increase was significantly higher than the level in the same period of 2024.

Riding on the high-cycle prosperity of the gold industry, in 2025 Sichuan Gold anchored its business objectives and did everything possible to boost production. The company produced 32.6 thousand tons of gold concentrate ore during the year, compared with 27.5 thousand tons in 2024, an increase of 18.83%; it sold 28.5 thousand tons of gold concentrate ore, compared with 26.3 thousand tons in 2024, an increase of 8.58%. All operating indicators met the expected targets.

Dividend 210 million yuan; dividend payout ratio 45.08%

To implement the “strengthening foundations through resources” strategy, Sichuan Gold in 2025 strengthened its development base with the approach of “increasing capacity internally while expanding externally.” In 2025, it invested 58.1305 million yuan in exploration funds, including capitalized investments of 28.4256 million yuan and expensed investments of 29.7049 million yuan. These funds were used for production exploration at the Suoluo Gou gold mine, geological prospecting within the scope of exploration and mining rights in the Suoluo Gou—Wajingou gold mine exploration area, and verification of resource reserves of the Suoluo Gou gold mine, and the company achieved relatively good exploration results.

In 2025, Sichuan Gold also won bids to obtain the exploration rights for the Kugizi—Juebei gold mine prospecting area in Xinchang District, Xinjiang.

According to its operating plan, in 2026 Sichuan Gold plans to produce 1.7 tons of gold metal. In 2026, the company will accelerate the progress of key projects. These include advancing smart transformation for the Suoluo Gou gold mine and ecological restoration projects, orderly advancing the preparatory work for the continuation project of the Suoluo Gou east-west mining areas, and accelerating the conversion of exploration achievements and the effective connection with mining; accelerating the processing of licenses and permits within the mine area, completing procedures such as the environmental impact assessment and design of safety facilities prior to the exploitation of the Wajingou mine segment in the Suoluo Gou mining area, accelerating the preparatory work for the Kugizi—Juebei gold mine area in Xinjiang, and accelerating the transition from exploration to mining for the first mining section.

The annual report shows that as of the end of 2025, Sichuan Gold’s total assets were approximately 32.6k yuan, up 49.66% from the end of the previous year. Net assets attributable to shareholders of the listed company were approximately 27.5k yuan, up 25.38% from the end of the previous year. At period end, the company’s asset-liability ratio was 39.01%, and its monetary funds were 844 million yuan.

Sichuan Gold actively shares the company’s development achievements with shareholders. The company’s 2025 profit distribution plan indicates that it intends to pay cash dividends of 5.00 yuan (including tax) for every 10 shares to all shareholders, totaling 210 million yuan (including tax). The dividend amount has set a new high for the company since its listing in 2023. The dividend amount accounts for 45.08% of the company’s net profit attributable to parent for the current year.

Public data shows that Sichuan Gold has maintained annual dividend payments since 2022. From 2022 to 2024, the dividend amounts were 84 million yuan, 105 million yuan, and 147 million yuan, respectively. They accounted for 42.28%, 49.78%, and 59.23% of the net profit attributable to parent for the respective periods. If the 2025 dividend is implemented, the company’s cumulative dividends on A shares will be 546 million yuan, while the company’s amount raised from its initial public offering financing was only about 425 million yuan. The cash distribution-to-financing ratio would reach 128%.

Editors: ZB

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