Gold prices rise coupled with increased sales, Western Gold’s net profit in the first quarter is expected to grow by about 1300% | Financial Report News

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The sustained high prices of gold are quickly being converted into performance dividends for listed gold companies.

Western Gold released a performance forecast for the first quarter of 2026 on Tuesday, estimating net profit attributable to the parent company owners to be between 450 million and 560 million yuan. Compared with the statutory disclosure data for the same period last year, this represents a year-on-year increase of 1161% to 1470%.

This unexpected growth directly benefits from the simultaneous increase in both the sales volume and sales price of gold products, as well as the rebound in the price of electrolytic manganese.

The company also disclosed that, after deducting non-recurring gains and losses, net profit is expected to be between 440 million and 570 million yuan, a year-on-year increase of 950% to 1261%, indicating that performance growth mainly comes from substantive improvement in the main business, rather than being driven by one-off factors.

Dual Driver of Output and Price

Western Gold clarified in the announcement that the core driving force for this quarter’s substantial net profit growth comes from its main business: sales volume of gold products increased year-on-year, sales prices climbed compared with the same period last year, and the sales price of electrolytic manganese also saw an increase.

Comparing base period data, in the first quarter of 2025, net profit attributable to parent company owners (statutory disclosure data) was only 35.6753 million yuan, and net profit after deductions was 41.8959 million yuan. Based on the median forecast this time, net profit this quarter is about 14 times that of the same period last year.

M&A to Expand Consolidated Financial Statements

The significant leap in performance also involves the accounting impact of an acquisition. In August 2025, the company completed the acquisition procedure for 100% equity in Xinjiang Meisheng Mining Co., Ltd. from its controlling shareholder, and included the target in the scope of consolidated financial statements.

According to the “Enterprise Accounting Standards” regarding mergers of entities under common control, the company conducted a retrospective adjustment of data for the same period last year.

After the retrospective adjustment, net profit for the same period last year decreased from 35.6753 million yuan to 23.7197 million yuan, further widening the difference between this period and the same period last year—based on the retrospectively adjusted data, net profit this quarter increased year-on-year by 1797% to 2261%.

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