Q1 net profit expected to increase by up to 2261%. Western Gold initiates plan to list in Hong Kong.

Securities Times reporter Kang Yin

With gold product volume increasing while prices rise, West Gold (601069) expects net profit of 450 million to 560 million yuan in the first quarter of this year, a year-on-year increase of 1,797.16%—2,260.91%.

On April 7, West Gold disclosed its 2025 annual report. In 2025, it recorded total operating revenue of 13.567 billion yuan, up 93.8%; and net profit of 472 million yuan, up 86.09%. The increase in performance is mainly because the sales volume of gold products produced from the company’s own mines increased compared with the same period last year, and the sales price of the products increased compared with the same period last year.

In addition, through its profit distribution proposal, West Gold plans to distribute cash dividends of 1.56 yuan per 10 shares to all shareholders (including tax), for a total distribution amount of 142 million yuan.

It is understood that West Gold’s principal business includes gold mining, ore beneficiation and smelting, as well as manganese ore mining and electrolytic manganese production, processing, and sales. As gold mining, ore beneficiation and smelting are one of the company’s main businesses, West Gold has a complete industrial chain integrating mine exploration, mining, beneficiation, smelting, refining, and sales. Gold is the company’s main product and main source of revenue. The company’s products are mainly sold externally in the form of standard gold, and all standard gold products are sold on the Shanghai Gold Exchange.

West Gold has three wholly owned subsidiaries in the manganese industry: Kebo Manganese, Baiyuanfeng, and Mengxin Tianba. The company has a complete industrial chain for the mining of manganese ore, the production, processing, and sales of electrolytic manganese and ferrosilicon manganese alloy. Using its own manganese ore as the primary raw material, the company produces products such as electrolytic manganese, which it sells to customers in industries such as steelmaking to be used as important additives in the metallurgical industry.

West Gold said that, affected by multiple factors including elevated gold prices and the implementation of new tax policies, market demand is showing a diversified development trend. The company offers gold products positioned differently, such as high-end, lightweight, and high value-for-money, allowing it to precisely match the differentiated needs and preferences of various consumer groups. At the same time, consumers’ understanding of gold’s investment attributes continues to deepen. In 2025, China’s consumption volume of gold bars and gold coins for the first time surpassed that of gold jewelry consumption, indicating that the gold market’s consumption structure has entered a stage of phased transition. In addition, with the rapid iteration and development of emerging industries such as electronics and new energy, demand for gold in the industrial sector is being steadily released.

It is worth noting that, disclosed on the same day as the annual report, there is also a plan for a listing in Hong Kong. West Gold stated that on April 7, the company held the 24th meeting of the 24th board of directors of the fifth session, and deliberated and approved the proposal on authorizing the company’s management to initiate preparatory work related to the company’s offshore issuance of shares (H shares) and listing on the Hong Kong Exchanges and Clearing Limited.

To advance its internationalization strategy and meet business development needs, West Gold plans to issue H shares overseas and have them listed on the Hong Kong Stock Exchange. The board authorizes management to initiate the preliminary preparatory work and to discuss specific advancement matters with intermediary institutions; currently, listing details have not yet been determined.