Zhichun Finance APP reports that First Shanghai has released a research report maintaining its "Buy" rating for Zhaojin Mining (01818) with a target price of HKD 43.72. The firm believes that as the timeline for the marine gold mine's production becomes clear and capacity is gradually released, the market is expected to revise its profit forecasts for the company upward, thus driving the valuation higher. The firm predicts the company's net profit attributable to the parent company for 2025-2027 to be RMB 3.16 billion, 4.43 billion, and 7.20 billion, respectively. Key points from First Shanghai are as follows: Strong year-on-year growth in Q3 performance: In the first three quarters of 2025, the company achieved operating revenue of RMB 12.43 billion, representing a significant year-on-year increase of 53.73%; it recorded a net profit attributable to the parent company's shareholders of approximately RMB 2.12 billion, up 140.43% year-on-year. The company’s quarterly operating revenue reached around RMB 5.08 billion, up 59.03% year-on-year and 25.73% quarter-on-quarter; the net profit attributable to the parent company was approximately RMB 678 million, reflecting a year-on-year increase of 106.69%. Strong support from the gold bull market: In Q3 2025, international gold prices maintained a strong trend. The average gold price for the quarter reached USD 3,459 per ounce, an impressive year-on-year growth of 39.88%. As a pure gold producer, the rise in gold prices has directly and significantly contributed to the company’s revenue, serving as the main driver for the substantial year-on-year growth in performance. Under the broader upward trend of gold prices, the company's profitability is expected to see significant elasticity in the future. The marine gold mine’s production coinciding with the gold bull market is likely to create a “Davis double play” effect of both “increased production” and “price appreciation,” propelling the company’s performance and market value to new heights. World-class assets about to realize their value: The marine gold mine, known as the largest single gold mine discovered in China to date, has exceptional resource endowments, with proven gold reserves exceeding 560 tons and an average grade of 4.20 grams per ton, making it a rare super-large gold mine in the country. The mineral processing system of the marine gold mine has successfully passed a water trial run in the first half of the year, initially qualifying for industrial production capacity, which is expected to gradually reach full capacity between 2026 and 2027, with an anticipated annual production of at least 15 tons of gold. Given the scale effect and high-grade characteristics of the marine gold mine, its comprehensive cost per gram of gold is expected to be at a very low level within the industry, providing strong market competitiveness and serving as a core engine for the company's future leapfrog development.