[Zhenzhuo HK Stock Experts] US stock market indices plunged in early trading, Zhaojin Mining (01818.HK) announced its first three quarters results
Hong Kong Market Trends and Analysis
U.S. stocks showed mixed performance on Tuesday, with the market initially weighed down by trade war concerns, leading to a sharp decline. Later, the Federal Reserve Chairman indicated that the job market was under pressure and the Fed might halt the reduction of its balance sheet, which helped the market recover from its lows. The three major indices closed with mixed results. The U.S. dollar weakened, and the yield on the 10-year Treasury note fell to 4.03%. Gold prices continued to hit new highs, while oil prices stabilized at lower levels. Hong Kong-listed depositary receipts generally performed well, and the market is expected to open higher in early trading. Mainland stocks fell yesterday, with the Shanghai Composite Index opening higher but closing down 0.6%, while trading volume in both Shanghai and Shenzhen markets increased. Hong Kong stocks declined, failing to hold gains after opening higher, with selling pressure gradually intensifying and the decline accelerating towards the close. Overall trading remained active. The market continues to focus on trade war developments, which are affecting short-term sentiment. The market may test support at 25,000 points, with resistance near 26,200 points.
Industry News
Zhaojin Mining (01818.HK) reported its results for the first three quarters, with net profit reaching RMB 2.117 billion, up 140% year-on-year. Revenue rose 53.7% year-on-year to RMB 12.43 billion. In the third quarter alone, revenue grew 25.7% quarter-on-quarter to RMB 5.079 billion, while net profit fell 13.2% quarter-on-quarter to RMB 678 million. The average gold price in the first three quarters of 2025 was $3,203 per ounce, up 39.6% year-on-year. The average price in the third quarter was $3,459 per ounce, up 5.4% quarter-on-quarter. The company's domestic gold production cost in the first half was RMB 216.20 per gram, up 2.96% from RMB 209.99 per gram in the first half of 2024. Gross margin for the first three quarters was 38.58%, down 4.36 percentage points year-on-year, while net margin rose 7.40 percentage points to 23.11%. The company has been actively expanding its resources, acquiring two overseas projects in 2024—Delaro Mining and Sierra Leone West Gold—to accelerate its internationalization. Additionally, on October 9, 2024, it partnered with Zijin Mining and Ningbo Ransheng Shengtong to establish Zhaojin Ruining, further acquiring a 20% stake in Zhongrun Resources to expand its business. Exploration efforts have also intensified, with significant breakthroughs in gold reserves—261.16 tons added in 2024 and another 25 tons in the first half of 2025. With steady production growth and rising gold prices, the company is well-positioned to further improve profitability, and its outlook remains positive.
Harbour Family Office Business Development Director, Kwok Ka Yiu, CFA
Date: Wednesday, October 15, 2025
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