Chifeng Gold (06693.HK), also listed on the Shanghai Stock Exchange as 600988.SS, reported first-half 2026 net profit attributable to shareholders of RMB1.73 billion (about NT$8.2 billion), up 56.50% from a year earlier. Revenue increased 33.11% to RMB7.02 billion, while basic earnings per share reached RMB0.92. The company produced 6.2 tonnes of gold and 5,399 tonnes of electrolytic copper during the period. Profit growth outpaced revenue growth, reflecting the benefit of high gold prices alongside better cost control and operating efficiency. Operating cash flow rose 16.60% to RMB1.88 billion, while capital expenditure jumped 45.43% to RMB1.41 billion, pointing to faster investment in expansion or exploration. The debt-to-asset ratio fell to 29.62%, down 4.29 percentage points from the start of the year. Excluding non-recurring items, shareholder profit was RMB1.74 billion, up 56.34%, only about RMB6 million (approximately $190,000) above reported profit. Chifeng Gold’s board did not declare an interim dividend, consistent with its annual dividend pattern; the company paid RMB0.32 per share in its final results announced in March 2026 and paid no interim dividend in mid-2025. Market observers cited central-bank gold buying, geopolitical uncertainty and a relatively weaker U.S. dollar as support for gold prices. Analysts said the rise in capital expenditure marks a new expansion cycle, while copper-price volatility remains a risk. Full-year earnings could challenge historical highs if gold prices remain elevated and additional production capacity is released.