As of the time of reporting on August 26, a total of 10 gold industry listed companies, classified under the Shenwan industry standard across A-shares and H-shares, have released their 2026 interim reports. All 10 companies achieved year-on-year growth in both revenue and net profit, with five of them recording net profit growth exceeding 100%.
Looking at the fundamental aspects of the sector, gold prices experienced significant volatility during the first half of the year, characterized by an initial surge followed by a sharp decline. According to the 2026 Mid-Year Outlook for the Global Gold Market released by the World Gold Council, gold prices set new historical records more than ten times in early 2026, reaching a peak of $5,405 per ounce before undergoing a substantial pullback. By June, prices had fallen to a low of $4,002 per ounce. Gold production also contracted during this period, with data from the China Gold Association indicating that domestic mine production of gold totaled 152.908 tonnes in the first half of 2026, a decrease of 14.62% year-on-year.
Against this backdrop, the interim results delivered by gold producers have drawn considerable market attention. Zhaojin Mining Industry Company Limited reported first-half revenue of 363 million yuan, up 85.13% year-on-year, while net profit attributable to shareholders reached 227 million yuan, a surge of 407.44% compared to the same period last year. The company completed a total gold output of 458.10 kilograms during the period, representing a 56.69% increase year-on-year.
Sichuan Gold Co., Ltd. achieved revenue of 827 million yuan in the first half, marking an 87.03% year-on-year increase, with net profit attributable to shareholders rising to 432.57 million yuan, a 107.34% gain. The company capitalized on high gold price levels by actively organizing sales while optimizing its mining structure, which significantly enhanced its profitability.
Western Region Gold Co., Ltd. posted revenue of 11.04 billion yuan for the first half, a 119.62% year-on-year surge, while net profit attributable to shareholders reached 547 million yuan, up 315.67%. The company produced 9.66 tonnes of gold products (including gold concentrate and calcine metal content) during the period, completing 87.74% of its annual plan and representing an increase of 3.76 tonnes compared to 5.90 tonnes in the same period of the previous year.
Regarding the reasons for the robust performance, several companies cited rising gold prices in their financial reports. For instance, the interim report of Zijin Gold International Co., Ltd. indicated that the group seized the upward window for gold prices during the first half of 2026, continuously deepening refined management of its overseas core mines, accelerating the integration of newly acquired projects, and boosting production capacity release, thereby achieving simultaneous gains in operating efficiency, cash generation, and core capacity.
Qu Fang, an investment advisor at Wanlian Securities, told reporters that upstream mining companies are directly linked to international gold price fluctuations and are the primary beneficiaries of this round of profit growth. In addition, some gold enterprises possess associated resources such as copper mines, and the rise in copper prices during the first half provided extra support to their performance, further amplifying profit flexibility.
In August, gold prices regained their upward momentum, providing support for continued sector prosperity in the second half of the year. Yang Delong, chief economist and fund manager at Qianhai Kaiyuan Fund, commented that the recent gold price rally is broadly in line with market expectations, and from a medium-to-long-term perspective, the core logic underpinning the upward trend in international gold prices remains unchanged. In the second half of the year, with gold prices returning to an upward channel, the profit elasticity of upstream mining companies is expected to continue unfolding, laying the groundwork for sustained earnings growth. In contrast, downstream jewelry retail companies may still face short-term pressure from high gold prices suppressing gram-based consumption, but once gold price trends stabilize, the recovery in end-user demand will gradually transmit to profit margins.