According to CMOC’s official WeChat account: On March 27, CMOC released its 2025 annual results report, which showed that the company’s operating revenue reached 206.684 billion yuan, standing firmly above the 200 billion yuan mark for the second consecutive year; net profit attributable to shareholders came in at 20.339 billion yuan, up 50.30% YoY and setting a new record for the fifth consecutive year; net operating cash flow reached the second-highest level in its history at 20.843 billion yuan; and total assets exceeded 200 billion yuan for the first time, reaching 200.932 billion yuan, up 18.03% YoY. In particular, in Q4, the company recorded operating revenue of 61.198 billion yuan, net profit attributable to shareholders of 6.059 billion yuan, and copper production of nearly 200,000 mt, all setting record highs for a single quarter. In 2025, with organisational upgrading as its main focus, the company built a “specialised, internationalised, and younger” team, refined its operations, and, together with rising prices for major products and strong production and sales, pushed its performance to a new peak. Specifically— Operating quality continued to improve. Revenue from the mining segment reached 77.713 billion yuan, accounting for 38% of total operating revenue, with the “mining” share up about 7 percentage points from 2024. Among this, revenue from copper products was 55.096 billion yuan, accounting for 27% of total operating revenue and 71% of mining-segment revenue. Both “copper” share indicators increased by about 7 percentage points YoY. This was attributable to the continued debottlenecking of two world-class copper mines, TFM and KFM, based on their existing six production lines. During the reporting period, the company’s copper production reached 741,100 mt, setting another record high and consolidating its position among the world’s top 10 copper producers. Based on the midpoint of production guidance, the completion rate was 118%, while maintaining double-digit growth of 13.99% YoY. Sales were 730,200 mt, up 5.90% YoY. Together with higher prices, copper revenue increased 31.63% YoY. Production of other products also exceeded expectations: niobium production hit a record high of 10,348 mt, with a completion rate of 103%; phosphate fertiliser production was 1.2135 million mt, with a completion rate of 106%; cobalt production was 117,500 mt, with a completion rate of 107%; molybdenum production was 13,906 mt, with a completion rate of 103%; and tungsten production was 7,114 mt, with a completion rate of 102%. In addition, the company recorded physical trading volume of 4.71 million mt, with a completion rate of 111%; IXM’s gross margin under IFRS was 2.11%, a recent high. The results of “cost reduction and efficiency improvement” became even more evident. Full-year operating costs were 157.229 billion yuan, down 11.56% YoY. In 2025, mining areas worldwide focused on key words such as innovation, technological transformation, and process optimisation, putting the concept of “refined operations” into practice. In Q4, TFM’s overall copper beneficiation and smelting recovery rate, equipment operating rate, and raw ore throughput all exceeded the calendar schedule; KFM established an ore characteristics database and ore blending model, lifting grinding efficiency by more than 30% YoY; at CMOC Brazil’s niobium segment, the recovery rates of two beneficiation plants rose by about 2 percentage points from the previous year, setting record highs; in China, recovery rates at Shangfanggou molybdenum and Sandaozhuang molybdenum and tungsten increased by 3.24 and 2.65, and 3.17 percentage points YoY, respectively, also reaching record highs. Centered on “multiple products, multiple countries, and multiple stages,” the company built a “copper + gold” dual-pole structure in 2025, adding gold resources last year. Together with the greenfield gold mine in Ecuador and four operating gold mines in Brazil, the company will have gold production capacity of 20 mt in South America by 2029. The Ecuador gold mine is expected to start production in 2029, with land acquisition and power supply assurance advancing rapidly; the Brazil gold mines achieved output above target in the first two months, and are expected to produce 6-8 mt of gold this year. Targeting copper production of 800,000-1 million mt in 2028, the company is building Phase II of the KFM project, which is expected to add annual copper capacity of 100,000 mt after coming into operation in 2027; TFM identified resource potential in relevant deposits, and preliminary preparations for Phase III construction are accelerating. In addition, the company completed the issuance of a $1.2 billion one-year zero-coupon convertible bond, broadening financing channels to support the implementation of its strategy. Alongside earnings growth, the company consistently practiced high-standard ESG principles. During the reporting period, ESG governance was further improved and digitalisation advanced; environmental performance led globally: the carbon emission intensity of its copper products was lower than that of 70% of mining companies worldwide, while the shares of renewable energy and water recycling increased further from 2024 to 38% and 89%, respectively; total global economic contribution reached 182.42 billion yuan, and global community investment was 488 million yuan. 2026 is a critical year for the company to fully implement its new development strategy and deepen platform-based operations and refined management. The company will further build a platform-based organisation: with the global supply chain centre as the pioneer, it will enhance synergies and cost competitiveness; relying on the “622” model, supplemented by multinational mine management experience and standardised business processes, it will improve its global control system. Centered on the “copper-gold dual poles,” the company will further transform its resource advantages into capacity and production advantages, while continuing to seek high-quality targets. With the goal of becoming a “globally leading, distinctive world-class mining company,” the company will continue to forge ahead in the mining industry.

According to precious metals and refinery services provider Heraeus, the gold price continues to show a consolidation phase. Following record highs at the end of December, the market is currently moving sideways within a clearly defined trading range rather than forming a pronounced upward or downward trend.

According to CMOC's official WeChat: Recently, after CMOC completed the acquisition of the Brazilian gold mine project, four gold mines located in Maranhão, Bahia, and Minas Gerais states immediately entered full operation. In January this year, except for the RDM gold mine which had its crusher maintenance, originally scheduled for February, moved up to January, affecting production, the Aurizona, Santa Luz, and Fazenda gold mines all exceeded their monthly production targets. Previously, to smoothly take over the Brazilian gold mine project, CMOC Brazil promptly initiated preparations, working with the project team to systematically review comprehensive, technical, operational, and financial aspects, advancing work handover, process integration, and system alignment according to a list, while simultaneously conducting cultural promotion and ideological communication for front-line employees. The handover was not simply about "changing the sign." Through the niobium and phosphate sector employees, CMOC Brazil conveyed the company's corporate culture, management philosophy and model, and strategic development vision to the original team, allowing them to familiarize themselves and integrate into the new work environment early, enhancing understanding and trust, and welcoming the new phase with a more positive and composed mindset. This approach of "preparing in advance and stabilizing hearts first" helped the gold mine project employees maintain a stable mindset and normal work pace during the transition period. Their quick recognition of the company's management philosophy naturally followed. After completing the handover, the company's management and technical teams conducted a two-week systematic survey of the four gold mines, thoroughly understanding the current status of each production and operation link. The four gold mines taken over span three major states in Brazil, with the farthest mine being over 2,100 kilometers apart in a straight line, geographically dispersed, with inconvenient transportation and significant climate differences. Facing these objective challenges, the company, through on-site surveys, discussions, and specialized seminars, quickly grasped the frontline demands and critical issues needing urgent resolution. Based on this, five main tasks for 2026 were identified: in production organization, ensuring safe and stable operations at all mines to meet monthly and annual plans, while also preparing for resource succession; in exploration and reserve increase, scientifically and reasonably arranging geological exploration, seizing opportunities to expand and upgrade, providing technical support for extending the service life and expanding the scale of the mines, and systematically exploring greenfield projects to lay the foundation for long-term development; in capital expenditure, systematically planning and prioritizing key projects such as tailings dam safety upgrades; additionally, strengthening financial and asset management to ensure compliant operations; optimizing contract and service procurement management systems, initiating tenders for key projects, and achieving a smooth transition in management processes. Through comprehensive takeover and stable production and operation in January, the Brazilian gold mines have entered a new phase of autonomous operation. In the future, based on the development philosophy of safety, greenness, harmony, and sharing, Brazil's gold mines will continue to optimize management in addressing local challenges, laying a solid foundation for sustainable development.

The Madagascan government recently announced the lifting of a 16-year moratorium on the issuance of new mining permits that has been in place since 2010. The ban was originally imposed to allow a review of the country’s mining governance and legal framework. Mining is a key pillar of Madagascar’s economy, with major export products including nickel, cobalt, graphite, and ilmenite. As of 2023, around 1,650 applications were still awaiting approval. However, due to major discrepancies between officially reported gold production figures and the scale of artisanal gold mining nationwide, as well as insufficient regulatory and monitoring capacity, the government has decided to maintain the moratorium on gold mining.

According to a report by Mining Weekly, citing Reuters, Mali's Minister of Finance revealed that the country would collaborate with Russia's Yadran to construct a state-owned gold refinery. As gold prices rise, this West African nation hopes to secure greater revenue from its resources. Alousseni Sanou, Mali's Minister of Economy and Finance, stated that the government would hold a 62% stake in the enterprise, named SOROMA-SA, with the remaining shares held by Yadran. Sanou disclosed that the gold smelter would be built near Bamako Airport, spanning 5 hectares, and would have an annual gold production capacity of 200 mt, four times the current 50 mt gold production in Mali. Sanou said that Mali's National Transitional Council approved the equity plan on the 12th, and the company would assist miners in complying with the revised mining code. Mali, Africa's second-largest gold producer, has amended its mining code to increase the state's equity in mining companies, raise gold royalties, and mandate domestic processing. This move follows the examples of Burkina Faso, Niger, and Guinea. Mali's Ministry of Mines stated that the country's two gold smelters have not obtained certification from the London Bullion Market Association (LBMA), forcing its miners to process gold overseas. A senior official from the Ministry of Mines, who wished to remain anonymous, said that Yadran would help obtain the certification, as this obstacle has compelled the country's existing smelters to seek overseas markets. A spokesperson for the Ministry of Mines revealed that at month-end, Assimi Goita, the leader of Mali's military government, would attend the groundbreaking ceremony for the smelter.

According to Mining Weekly, data from Statistics South Africa (Stats SA) showed that the country's mining production fell by 7.7% YoY in April, mainly due to declines in platinum group metals and gold production, although the growth in iron ore production partially mitigated the decline. Seasonally adjusted production increased by 0.6% MoM in April, compared to changes of 3.6% and -3.9% in March and February, respectively. Stats SA found that seasonally adjusted mining production decreased by 2.7% QoQ from February to April. The largest negative impact came from platinum group metals, while the largest contribution was from iron ore. Meanwhile, Stats SA also found that the sales value of mineral products increased by 0.7% YoY at current prices in April. The largest contributor was gold, with sales increasing by 57.6%, contributing 9.4 percentage points, followed by manganese ore, with sales increasing by 66.6%, contributing 3.3 percentage points. The largest drag was from platinum group metals, which fell by 20.1%, pulling down the index by 4.7 percentage points, followed by iron ore, which fell by 25.9%, pulling down the index by 3.5 percentage points. Seasonally adjusted sales value of mineral products at current prices increased by 6.7% MoM in April. It increased by 1.6% in March and decreased by 8.6% in February. Seasonally adjusted sales value of mineral products decreased by 8.5% QoQ from February to April.

According to a report on Mining.com, Dateline Resources (DR) has gained further political support. With the public endorsement of Interior Secretary Doug Burgum, the company will develop the second rare earth mine in the US. On the 8th, Burgum stated in an interview with Fox News that the resumption of production at Colosseum, California, is a "critical link" in expanding the US's critical minerals supply chain. The project owner, DR, said that this endorsement "highlights the strategic significance of Colosseum in reducing the US's reliance on overseas rare earths." Previously, the Interior Department had already approved the company's mining plan. Shortly after Burgum publicly expressed his support, the management team, led by company manager Stephen Baghdadi, met with Burgum at the Interior Department headquarters in Washington, D.C., to discuss the next steps for the project. In a press release, DR stated that the discussion affirmed the significance of the mine to the US's rare earth supply chain, which is crucial for advanced technologies and national security, and that it is a known deposit in the US with the potential for "faster development." The Australian miner said that with the support of high-level officials from the US Department of Energy (DOE) and the proposed National Energy Dominance Council by Trump, Burgum "reiterated his commitment to accelerating rare earth production in the US, reflecting his special concern for the Colosseum rare earth mine." The Colosseum project is located along the WLT (Walker Lane Trend) in California, 10 kilometers north of Mountain Pass, the only operating rare earth mine in the US. The project has a long history, having been mined as early as the California Gold Rush. In the late 1980s, LAC Minerals conducted large-scale gold mining activities here, producing a total of 344,000 ounces of gold from two pits. The mine was closed in 1993. Subsequently, Barrick Gold acquired the project but only carried out minimal work over the next 20 years. In 2021, DR purchased the Colosseum project, reviewed the work of the U.S. Geological Survey (USGS), and attempted to identify radioactive indications within the Colosseum-Mountain Pass corridor. Based on the evaluation results, the company's team believes that its geological setting is similar to that of Mountain Pass. The Mountain Pass rare earth mine commenced production in 1952 and was a significant global rare earth producer from the 1960s to the 1990s. Technical evaluations indicate that rare earth-bearing ore is present within the boundaries of Colosseum. However, due to its proximity to the Mojave National Preserve, the mine has been on hold in recent years. Currently, Colossus has no rare earth resources, only gold resources compliant with the JORC 2012 standard, with two-thirds being measured and indicated resources. A 2024 scoping study indicates that the project has a mine life of over 8 years, with an annual gold production capacity of 75,000 ounces.

Western Gold (601069.SH) plans to invest 1.655 billion yuan to acquire 100% equity in Xinjiang Meisheng Mining Co., Ltd. (hereinafter referred to as "Xinjiang Meisheng"), a subsidiary of its controlling shareholder. Upon completion of the transaction, the company will increase its gold ore resources in mines by nearly 2.5 times, and the mine is expected to commence production in the second half of this year. Western Gold issued an announcement this evening, stating that the company and its controlling shareholder, Xinjiang Nonferrous Metal Industry (Group) Co., Ltd. (hereinafter referred to as "Xinjiang Nonferrous Metal"), had signed the "Cash Purchase of Assets Agreement" on May 7. Today, the two parties signed the "Supplemental Agreement (I) to the Cash Purchase of Assets Agreement" to acquire 100% equity in Xinjiang Meisheng held by Xinjiang Nonferrous Metal using its own funds and loans, with a transaction consideration of approximately 1.655 billion yuan, representing a premium of 1,421.66% compared to the book value. The company stated that Xinjiang Meisheng is currently expected to commence production in the second half of 2025. To fulfill the commitments made by Xinjiang Nonferrous Metal earlier, properly address potential horizontal competition issues, and given Western Gold's optimistic outlook on the development prospects of the mine project, both parties agreed that Western Gold would acquire 100% equity in Xinjiang Meisheng held by Xinjiang Nonferrous Metal in cash. Financial data shows that Xinjiang Meisheng achieved operating revenues of 276,700 yuan and 0 yuan in 2024 (audited) and Q1 2025 (unaudited), respectively, with net losses of 35.943 million yuan and 14.1621 million yuan. The announcement revealed that after Xinjiang Nonferrous Metal acquired 100% equity in Xinjiang Meisheng in 2021, Xinjiang Meisheng obtained ownership of the Katebaasu Gold-Copper Polymetallic Mine Project in Xinyuan County. Since the completion of the acquisition by Xinjiang Nonferrous Metal, Xinjiang Meisheng has not engaged in production or business activities, and thus has not generated any operating revenue from such activities. In terms of asset valuation, the asset-based approach was adopted for this transaction. As of December 31, 2024, the book value of Xinjiang Meisheng's net assets was 109 million yuan, with an assessed value of 1.655 billion yuan, resulting in an appreciation of 1.546 billion yuan. The appreciation primarily originated from intangible assets, with a book value of 1.397 billion yuan and an assessed value of 2.946 billion yuan, representing an appreciation rate of 110.89%. Based on the asset valuation report for this transaction, the book value of the mining rights included in the valuation scope and recorded as intangible assets was 1.165 billion yuan, involving a total of two mining rights, including the mining right for the Xinjiang Meisheng Katebaasu Gold-Copper Mine and the exploration right for the Xinjiang Xinyuan County Katebaasu Gold-Copper Polymetallic Mine. In terms of ore reserves, the Xinjiang Meisheng Katebaasu Gold-Copper Mine has proven total ore reserves of 25.67 million mt (including 78.7 mt of gold resources). Upon completion and reaching full production, the project will achieve a production scale of 4,000 mt/day, with an annual output of 1.2 million mt of ore and approximately 3.3 mt of gold metal. In addition to gold resources, there are 48,800 mt of copper metal content, 125,544.92 kg of associated silver, and 1.6624 million mt of associated sulfur element. As of the end of 2024, the resource volume of captive mines of Westgold Resources Co., Ltd. was approximately 32 mt, with reserves of about 12 mt, and annual gold production from mines was approximately 1 mt.

According to Mining Weekly, precious metals consultancy Metals Focus (MF) stated in its latest report, Gold Focus 2025, that growth in gold production will drive a 1% increase in global gold supply this year. The annual report, released last week, provides in-depth analysis of the global gold market, including historical supply and demand data from 2016 to 2024, as well as detailed forecasts for the current year. The report projects a 9% decline in total demand this year, primarily due to a double-digit drop in jewelry consumption. Gold prices are expected to reach new all-time highs later this year, driven by economic uncertainty stemming from US policies and geopolitical tensions, portfolio diversification, growing concerns about US debt, and robust central bank demand for gold. The average gold price in 2025 is expected to surge by 35% to a record level of $3,210 per ounce. According to MF's data, official net purchases of gold reached 1,086 mt in 2024, a historic high. This trend is attributed to "de-dollarization," prompting central banks to increase their gold reserves. Total sales also declined significantly last year, partly due to the absence of large-scale disposals like those seen in Turkey in 2023. MF found that macroeconomic uncertainty will keep central bank gold purchases at elevated levels, with net purchases projected at 1,000 mt in 2025. Mine production is also a key factor in supply changes. Global gold production from mines reached 3,661 mt in 2024, a 0.6% increase and a new record high. Growth was primarily driven by Mexico, Canada, and Ghana. The increase in production was accompanied by rising costs, with global all-in sustaining costs (AISC) increasing by 8% to $1,399 per ounce. This is attributed to inflationary pressures from rising gold prices and increased royalty fees. This year, mine gold production is expected to grow by 1% to 3,694 mt, thanks to the commissioning of new mining projects. Gold recycling surged to 1,368 mt in 2024, an 11% increase and a 12-year high. The vast majority of this growth came from China, which saw a 26% increase. Most regions experienced double-digit growth, driven by rising prices. However, India saw a decline in gold scrap production due to increased gold credit availability. In other regions, limited near-market stocks, widespread risk aversion, and persistent bullish price expectations constrained growth. MF expects gold recycling volumes to remain flat in 2025, as the factors that limited growth in 2024 are expected to persist despite rising gold prices. Jewelry demand is expected to decline significantly, with global manufacturing gold use falling by 9% in 2024. This is mainly due to weak demand in China. Excluding China, demand only fell by 1%, indicating resilience in other regions despite the increase in average prices. Net demand for gold in the jewelry industry dropped significantly by 34%, primarily due to an 11% increase in recycling volume. In 2025, it is expected that the decline in manufacturing usage will widen to 16% as rising gold prices exert severe pressure on price-sensitive markets such as India. In terms of investment, institutional demand continued to grow in 2024. This was driven by expectations of interest rate cuts and actual interest rate reductions, while heightened geopolitical instability, concerns over US debt, and the strong performance of the US stock market all supported continued portfolio diversification into gold. Overall, retail investment remained stable, with growth in demand from Asian investors offsetting significant declines in Western markets, as rising prices led to reduced consumption. Industrial gold demand showed mixed results, with gold demand in electronics increasing by 9% in 2024, mainly due to a rebound in electronic goods deliveries, manufacturing expansion, and growing demand for AI-related technologies. MF forecasts a further 3% increase in gold demand for electronics this year, despite facing tariff challenges. In 2024, demand for decorative and other industrial uses contracted by 1%, with declines observed in major markets such as India and Italy. Affected by structural adjustments in the industry, dental gold demand continued its long-term downward trend, declining by 5%. MF concludes that the fundamentals of gold were robust in 2024. This was supported by strong central bank gold-buying intentions, growth in mine production, increased recycling, and the resilience of Asian retail investment. Although jewelry demand declined, after adjusting for the extent of price increases, it still indicated ongoing consumer interest. Meanwhile, manufacturing gold demand continued to grow, driven by the electronics sector. Looking ahead, MF analyzed the risk factors and trends supporting gold prices in 2025. These include the trade policies of the current US administration, concerns over trade wars, fiscal uncertainty in the US, and expectations of further monetary easing by the US Fed. MF forecasts that gold prices will reach new highs this year, supported by investor caution and rising interest from government sectors. Company manager Philip Newman emphasized that central banks are turning to gold to hedge against geopolitical and currency risks. He also highlighted regional differences in bar and coin investment, the resilience of Asian retail demand, and the overall potential of gold as a non-yielding safe-haven asset. Newman stated that despite potential market volatility and corrections, the outlook remains generally optimistic, with an average price forecast of $3,210 per ounce this year, a level that will surpass the inflation-adjusted peak of 1980.

Zhaoyuan in Shandong Province, China's county with the highest "gold content," saw its total output value of the gold industry exceed 100 billion yuan last year, ranking first among all county-level cities nationwide. The region has established an entire gold industry chain, spanning from upstream exploration and mining, midstream smelting and processing, to downstream design and retailing. Amidst the current scenario where gold prices have repeatedly hit new historical highs, the city exudes an air of opulence. Recently, a reporter from Cailian Press visited this small city and engaged in discussions with numerous individuals involved in the local gold industry chain to understand their perspectives on gold price trends, the situation of upstream reserve and production increases, the recent developments in midstream smelting and processing, as well as the new trends emerging in the "time-honored" downstream gold jewelry sector. Upstream: Reserve and Production Increases in Progress The Jiaodong region, where Zhaoyuan is located, is China's largest gold ore concentration area, with proven gold resources exceeding 5,800 mt, accounting for 35% of the country's total reserves. Notable ore-controlling faults in the region include the Sanshandao Fault, Jiaojia Fault, Zhaoping Fault, and Jinniushan Fault. Among them, Zhaoyuan's gold resources are mainly distributed within the fault structures of the Zhaoping Fault Zone, with the Linglong ore field in the north being a world-class ore field with reserves exceeding 1,000 mt. Currently, Zhaoyuan boasts two gold mines under active exploitation that rank among China's top ten gold mines. One of them, the Linglong Gold Mine, belongs to Shandong Gold Group, while the other, the Xiadian Gold Mine, belongs to Zhaojin Group. In addition, enterprises such as China National Gold Group Corporation and Jindu State Investment also possess abundant resources in the local area. With the soaring international gold prices—which surged by 26.8% throughout last year and even exceeded $3,500 per ounce at one point this year—the topic of gold prices has begun to attract increasing discussions. Industry insiders in Zhaoyuan told Cailian Press, "The pricing mechanism of gold is based on credit, influenced by supply and demand dynamics, and underpinned by mining costs. From a medium and long-term perspective, the upward trend is evident." The sustained increase in gold prices has profound implications for gold mining enterprises. On one hand, the production cost per gram of gold for major domestic publicly listed gold firms mostly fell within the 200-300 yuan range last year, and the rise in gold prices directly boosted their profits. On the other hand, the increase in gold prices has made it economically viable to mine ore deposits with lower grades or higher costs, leading to significant reserve and production increases for gold mining enterprises. According to the 2025 Zhaoyuan Government Work Report, key local enterprises in Zhaoyuan "achieved remarkable results in reserve and production increases last year," implementing a total of 17 in-region exploration projects and 2 out-of-region M&A projects. The annual new gold reserves reached 178.2 mt, and self-produced gold output amounted to 28.1 mt, representing increases of 10.5% and 16.1%, respectively. The local target for 2025 is to strive for gold production to exceed 31.25 mt and to increase proven reserves by 33.3 mt. Midstream: Gold Bars in Undersupply Zhaoyuan is not only rich in gold ore resources but also serves as the country's largest base for gold intensive and deep processing. Zhaojin Refining, a subsidiary of Zhaojin Group, is the leading enterprise in the local deep-processing industry chain. It holds certifications from the Shanghai Gold Exchange, Shanghai Futures Exchange, and London Bullion Market Association as a "qualified refiner capable of producing standard gold and silver ingots." With an annual refining capacity of 200 mt of gold and 1,000 mt of silver, it ranks first in the industry in terms of gold refining production. Local industry insiders told Cailian Press that gold refining has become fully marketized, with thin profit margins. Core competitiveness depends on production and management efficiency. However, as gold prices doubled over the past two years, processing fees also rose significantly, leading to a substantial improvement in profitability and keeping the entire industry at a high prosperity level this year. Additionally, Zhaojin Refining collaborates extensively with major domestic banks in the field of gold deep-processing, offering comprehensive services including design, processing, distribution, repurchase, customization, and warehousing logistics for precious metal products. Since last year, there has been an "explosive" surge in public demand for investment gold bars, with orders pouring in continuously. Zhaojin Refining's gold bar production workshop once had its production schedule booked a month in advance, forcing workers to work overtime. Due to its heavy involvement in physical gold trading, upstream and midstream gold mining companies need to use "futures + options" combinations for risk hedging and price protection to mitigate market risks caused by gold price fluctuations. Seizing this opportunity, Zhaojin Group entered the futures market, and its subsidiary Shandong Zhaojin Investment Co., Ltd. became one of the largest gold traders on the Shanghai Gold Exchange, consistently ranking among the top three comprehensive members. This serves as a model for the integration of industry and finance in the gold sector. Downstream: Repositioning of Gold Jewelry The rapid rise in gold prices has not been universally welcomed in the gold industry chain, with some benefiting while others suffer—particularly downstream gold jewelry retailers. This is because when gold prices rise from low levels, the increase stimulates jewelry consumption. However, once prices reach a psychological high, further increases tend to suppress jewelry demand. Consequently, since H2 last year, typical gold jewelry stocks such as Lao Feng Xiang, Caibai Co., Ltd., and China Gold have generally faced declining performance and stock prices, starkly contrasting with the continuous climb in gold prices. However, against the backdrop of persistently high gold prices, will gold jewelry consumption inevitably continue to shrink? In Zhaoyuan, industry insiders hold differing views. "If you look at the three newly emerging jewelry brands—Laopu, Linchao, and Junpei—they remain completely unaffected by the surge in gold prices." The professional attributes this to the core strategy of brands like Laopu, which emphasize ancient-style gold jewelry with a focus on design, craftsmanship, and artistic value. These brands align with the current trend of Chinese aesthetic revival and psychologically "capture" consumers, making them view their purchases as luxury or collectible items, thereby desensitizing them to the relationship between product pricing and real-time gold prices. "This brings us a profound insight: the competition in the gold jewelry industry is increasingly focused on product strength and design. The new generation of consumers, including young people, place greater emphasis on the self-pleasing and collectible attributes of gold jewelry. Only by continuously exerting efforts in this dimension can we break through in an environment of high gold prices." Currently, Zhaojin Group is focusing on building its brand "Zhaojin Silver House" (formerly known as Zhaoyuan Silver Workshop, established in 1908). It has launched product series such as "Contemporary Treasure" and "Dunhuang Splendid Ornaments," attempting to secure a place in the fiercely competitive gold retail market through innovative designs that integrate traditional culture. In Zhaoyuan, beyond the traditional business models of gold mining, smelting, and retail, efforts are being made to explore more economic growth points centered around gold themes. Today, Zhaoyuan is promoting the deep integration of "gold + culture + tourism" offline, attempting to leverage the Gold Town to delve into the millennium-old gold culture and experience the intangible cultural heritage of the Song Dynasty. It is constructing a new pattern of integrated development of industry, culture, and tourism that encompasses "mining gold, making gold, playing with gold, buying gold, and exchanging gold," further cultivating a characteristic cultural tourism IP of "China's Gold Capital." Locals in Zhaoyuan say that the charm of gold lies in its heritage from antiquity, yet it always manages to remain fresh and relevant.