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

Gold product volume increases and prices rise; Western Gold (601069)(601069) expects to achieve net profit of RMB 450 million to RMB 560 million in the first quarter of this year, representing a year-over-year increase of 1,797.16%–2,260.91%.

On April 7, Western Gold disclosed its 2025 annual report. In 2025, the company achieved total operating revenue of RMB 13.57B, up 93.8% year over year; net profit was RMB 472 million, up 86.09% year over year. The growth in performance is mainly due to an increase in the sales volume of gold products produced by the company’s own mines compared with the same period last year, and higher sales prices compared with the same period last year.

In addition, Western Gold, through its profit distribution proposal, plans to distribute a cash dividend of RMB 1.56 per 10 shares to all shareholders (tax included), for a total distribution amount of RMB 142 million.

It is reported that Western Gold’s principal businesses include gold mining, concentrating, smelting, and manganese ore mining and electrolytic manganese production and processing sales. Gold mining and smelting are one of the company’s core businesses. Western 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 standard gold products are all sold on the Shanghai Gold Exchange.

Western Gold has three wholly owned subsidiaries in the manganese industry: Kebang Manganese Industry, Baiyuanfeng, and Mengxin Tianba. The company has a complete industrial chain for manganese ore mining, electrolytic manganese and ferrosilicon manganese alloy production, processing, and sales. Using its own manganese ore as the primary raw material, it produces products such as electrolytic manganese and sells them to customers in industries such as steelmaking, where they are used as an important additive for metallurgy and industrial processing.

Western Gold said that, affected by multiple factors such as elevated gold prices and the implementation of new tax policies, the market demand is showing a diversified development trend. The company covers different positioning of gold products such as high-end, lightweight, and high value-for-money, enabling it to precisely match the differentiated demand preferences of various consumer groups. Meanwhile, consumers’ understanding of gold’s investment attributes continues to deepen. In 2025, China’s consumption volume of gold bars and coins first surpassed that of gold jewelry, indicating that the consumption structure in the gold market is entering a 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 continues to be released steadily.

It is worth noting that, disclosed on the same day as the annual report, there is also a plan to list in Hong Kong. Western Gold said that on April 7, the company held the 24th meeting of the fifth session of the board of directors, which deliberated and approved the proposal on “authorizing the company’s management to initiate the preparations 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, Western Gold plans to issue H shares offshore and seek a listing on the Hong Kong Stock Exchange. The board has authorized management to begin the preliminary preparation work and to discuss the specific implementation details with intermediary institutions. At present, listing details have not yet been determined.

（责任编辑：张岩 ）

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