Net profit increased by nearly 88%, with proposed dividends exceeding 200 million yuan! Sichuan Gold's 2025 performance hits a new high, but two major fundraising projects face delays or reductions, and the South China region reports "zero revenue."

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Source: The Economic Daily (每经网)

Reporter: Cai Ding

Sichuan Gold (SZ001337, share price 47.82 yuan, market cap 20.08B yuan) has turned in a scorecard with both revenue and net profit rising sharply.

On the evening of April 2, Sichuan Gold disclosed its 2025 annual report. For the full year, the company achieved revenue of approximately 1.03B yuan, up 60.38% year over year; net profit attributable to shareholders of listed companies was approximately 466 million yuan, up 87.69%.

Sichuan Gold plans to use 420 million shares as the base to distribute a cash dividend of 5 yuan for every 10 shares to all shareholders (including tax), with no bonus shares and no capital reserve fund transferred to share capital. The total expected dividend amount is 210 million yuan, accounting for 45.08% of net profit attributable to the parent.

Image source: Sichuan Gold’s 2025 annual report

A reporter from The Daily Economic News (hereinafter “the Economic News reporter”) noted that, in addition to growth in performance, the net cash flow from operating activities in Sichuan Gold’s reporting period increased significantly year over year by 93.94% to approximately 645 million yuan. The company said this was mainly due to an increase in prepayments for sales proceeds and sales revenue during the current period.

Revenue hits a new annual high, and revenue in the South China region is “zero”

Looking at it vertically, this is the first time since Sichuan Gold has had publicly available financial data that its revenue has crossed the 1 billion yuan mark in a single fiscal year; the 466 million yuan net profit attributable to the parent also set an annual high.

However, when broken down by quarter, Sichuan Gold’s net profit attributable to the parent in the 2025 fourth quarter was about 97 million yuan, up 88.97% year over year, but down 39.74% quarter over quarter.

Image source: Sichuan Gold’s 2025 annual report

The annual report shows that, as of the end of 2025, Sichuan Gold’s total assets reached approximately 3B yuan, up 49.66% from the end of the prior year; net assets attributable to shareholders of listed companies reached approximately 1.83B yuan, up 25.38% from the end of the prior year.

The Economic News reporter’s review found that although operating cash flow rose sharply year over year, Sichuan Gold’s net cash outflow from investing activities in 2025 expanded year over year from approximately 207 million yuan in 2024 to approximately 801 million yuan. The company said this was mainly due to increases in payments this year for items such as the transaction consideration for Xinjiang Juebei gold mine exploration rights, underground mining at the Suoluogou gold mine and its related works and projects, the 35 kV line supply project, and technical upgrades at the Suoluogou gold mine beneficiation plant, among others.

Image source: Sichuan Gold’s 2025 annual report

By product, Sichuan Gold’s core gold-bearing ore concentrate in 2025 achieved revenue of approximately 1.03B yuan, up 60.53% year over year; revenue from tailings slag was approximately 442.5 thousand yuan, down 50% year over year.

Image source: Sichuan Gold’s 2025 annual report

By region, Sichuan Gold’s revenue in South China in 2025 was zero (last year was 69.5986 million yuan); revenue in East China reached 294 million yuan, up 283.85% year over year; and revenue in Northwest China reached 518 million yuan, up 210.88% year over year.

Mining costs climb, and pressure shows up on inventory and expense lines

The Economic News reporter noted that although 2025 performance grew significantly, Sichuan Gold’s direct mining costs rose markedly. Against the backdrop of a 60.38% year-over-year increase in revenue, in 2025 the company’s “direct mining costs” in the nonferrous metal mining and ore selection business reached 125 million yuan, up 120.61% from 56.8548 million yuan in 2024.

In its annual report, Sichuan Gold cautioned: “Affected by factors including lower ore grades, increased mining depth and difficulty, stricter safety and environmental protection regulatory oversight, and rising energy and labor costs, the cost center for gold mining enterprises shows a continuing upward trend.”

Image source: Sichuan Gold’s 2025 annual report

With revenue surging, the company’s expense side also faced pressure. For example, Sichuan Gold’s 2025 management expenses were approximately 76.0668 million yuan, up 29.65% year over year. Within this, “consulting fees” alone reached approximately 14.1125 million yuan, up 132.05% from about 6.0816 million yuan last year (more than doubled).

Meanwhile, as of the end of 2025, Sichuan Gold’s inventory’s book value was approximately 206 million yuan, up 120.50% from about 93.3789 million yuan at the beginning of the period. Within inventory, the balance of “goods sent” increased from about 43.0374 million yuan to about 79.3169 million yuan, and “finished goods” increased from about 22.4469 million yuan to about 58.9481 million yuan. This indicates that while production and sales volumes expanded, inventory and goods sent also increasingly tied up funds.

Image source: Sichuan Gold’s 2025 annual report

The annual report also shows that, due to the gold price rising far more than expected in 2025, Sichuan Gold’s actual sales revenue to its related party, “Guizhou Zijin Mining Co., Ltd.,” was approximately 214 million yuan—exceeding the transaction quota approved at the beginning of the year (200 million yuan). The company made a retrospective confirmation of the portion exceeding the quota in March 2026.

The Economic News reporter also noted that, according to the annual report, at a meeting of Sichuan Gold’s board of directors held on April 2, 2026, the board reviewed and approved the “Proposal on Delaying Part of the Fund-Raised Investment Projects,” adjusting the planned available-for-use status of the “Suoluogou gold mine green mine construction project” (to be extended) to June 30, 2027. As of the end of the reporting period, the project’s cumulative investment progress was 55.46%, still not reaching the planned progress.

In addition, another fund-raised project of Sichuan Gold, “Suoluogou gold mine smart mine construction,” had a cumulative investment progress of only 26.81%. The annual report disclosed that, because the originally planned technical solutions are gradually becoming unable to meet future long-term development needs, the company plans to reduce the project’s total investment amount from 76.0428 million yuan to 52.9855 million yuan (the amount of funds raised invested remains unchanged) and adjust its internal investment structure and implementation plan.

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责任编辑：张乔松