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Shandong-based gold miner, in one of China's oldest gold-producing regions (Zhaoyuan).
Shandong-based gold miner, in one of China's oldest gold-producing regions (Zhaoyuan).
Sells gold through the Shanghai Gold Exchange, China's domestic gold market, at prices that follow the market, so profit follows the gold price and the cost of mining and processing each ounce. Shandong remains the main source. Zhaojin Group, a state-owned parent, is the largest shareholder.
In one line: A regional Chinese gold miner based in China's historic gold belt.
Moat: none (scale). Established Shandong gold reserves but no pricing power over the commodity gold price.
Headquarters: Zhaoyuan, China · Founded: 1994 · Employees: 7,157
Size Zhaojin Mining Industry (1818.HK) is a Hong Kong Materials company (Precious Metals) with a market value of $7.87B, the 198th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$17.41 on 6 Nov 2026.
Performance Over six months the shares fell 41.6%, against -1.7% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 49.4% over the last twelve months (peer median +57.5%); the operating margin is 34.4% (peer median 45.7%).
Valuation It trades at 17.0× forward earnings against a peer median of 10.7× (6th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.7 points above its cost of capital (7.3% WACC).
Next results Next results expected around 19 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$22.4B | HK$19.6B | HK$12.5B | HK$9.31B | HK$9.17B |
| Revenue growth | — | +56% | +35% | +2% | — |
| Gross profit | HK$9.90B | HK$8.21B | HK$4.90B | HK$3.72B | HK$3.09B |
| EBITDA | HK$9.71B | HK$8.22B | HK$4.70B | HK$3.16B | HK$2.50B |
| Net income | HK$4.07B | HK$3.92B | HK$1.57B | HK$759M | HK$467M |
| Free cash flow | HK$6.33B | HK$3.50B | HK$318M | -HK$84.9M | -HK$1.65B |
| Capital expenditure | HK$3.61B | HK$3.21B | HK$2.24B | HK$1.98B | HK$2.14B |
| Total debt | n/a | HK$27.1B | HK$29.3B | HK$27.8B | HK$27.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Zhaojin Mining Industry 1818.HK | $7.87B | -42% | +49% | 34% | 17.0× | -2.5% |
| Shandong Gold Mining 1787.HK | $16.4B | -42% | +12% | 13% | 11.1× | n/a |
| Zijin Mining 2899.HK | $111B | -23% | +21% | 30% | 8.3× | -6.0% |
| Chifeng Jilong Gold Mining 6693.HK | $11.1B | -24% | +29% | 43% | 12.9× | 11.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 1818.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.3% | 0.0% | 11th highest of 21 |
| 6-month return | -41.6% | -1.7% | lowest of 21 |
| Distance from 52-week high | -58.9% | -27.9% | lowest of 21 |
| Revenue growth (TTM) | +49.4% | +57.5% | 8th lowest of 21 |
| Operating margin | 34.4% | 45.7% | 2nd lowest of 21 |
| Forward P/E | 17.0× | 10.7× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | -2.5% | 3.3% | 6th least demanding of 15 |
| Growth delivered (Del g) | +17.9% | +19.1% | 7th lowest of 14 |
| Hurdle (Req g minus delivered) | -20.4 pp | -20.0 pp | 7th least demanding of 14 |
| ROIC minus cost of capital | +4.7 pp | +17.5 pp | 5th lowest of 21 |
| EV / EBITDA | 8.9× | 7.6× | 8th most expensive of 19 |
| Net debt / EBITDA | 1.9× | -0.2× | most indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhaojin Mining Industry 1818.HK | Hong Kong | $7.87B | -42% | +49% | 34% | 17.0× | -2.5% | +17.9% |
| First Majestic Silver AG.TO | Canada | $7.52B | -27% | +96% | 44% | 18.1× | 9.2% | +29.2% |
| Compania de Minas Buenaventura SAA Sponsored ADR BVN | United States | $7.25B | -21% | +64% | 45% | 6.5× | -14.1% | +20.7% |
| B2Gold BTO.TO | Canada | $7.19B | +13% | +72% | 46% | 6.1× | -7.0% | +12.3% |
| DPM Metals DPM.TO | Canada | $8.61B | +18% | +96% | 55% | 10.1× | 5.1% | +8.6% |
| China Gold International Resources CGG.TO | Canada | $9.08B | +10% | +53% | 56% | 9.7× | 5.2% | +10.4% |
| OR Royalties OR.TO | Canada | $6.81B | 0% | +68% | 77% | 29.5× | n/a | n/a |
| Artemis Gold ARTG.V | Canada | $6.76B | +18% | +148% | 71% | 11.3× | 6.6% | n/a |
| Eldorado Gold ELD.TO | Canada | $9.37B | +11% | +25% | 45% | 7.7× | n/a | n/a |
| Triple Flag Precious Metals TFPM.TO | Canada | $6.54B | +1% | +45% | 63% | 24.7× | n/a | n/a |
| Sibanye Stillwater Limited Sponsored ADR SBSW | United States | $6.30B | -29% | +59% | 26% | 5.9× | n/a | n/a |
| Harmony Gold Mining Co. Ltd. Sponsored ADR HMY | United States | $9.84B | -3% | +50% | 45% | 5.3× | -14.1% | +17.7% |
| OceanaGold OGC.TO | Canada | $6.27B | -5% | +56% | 44% | 7.1× | -5.4% | +29.2% |
| Hecla Mining HL | United States | $9.90B | -21% | +30% | 48% | 18.1× | 8.0% | +15.0% |
| G Mining Ventures GMIN.TO | Canada | $9.98B | -10% | +72% | 66% | 19.4× | n/a | n/a |
| Shanjin International Gold 000975.SZ | China | $10.2B | -6% | -4% | 36% | 15.2× | -5.7% | +16.7% |
| Perseus Mining PRU.AX | Australia | $5.77B | +11% | +13% | 48% | 11.8× | -1.1% | +26.4% |
| IAMGOLD IMG.TO | Canada | $10.8B | +6% | +83% | 48% | 9.1× | 1.4% | +19.1% |
| Genesis Minerals GMD.AX | Australia | $5.73B | +6% | +89% | 45% | 15.1× | 7.2% | +182.9% |
| SSR Mining SSRM | United States | $5.66B | -17% | +39% | 42% | 8.1× | n/a | n/a |
| Chifeng Jilong Gold Mining 6693.HK | Hong Kong | $11.1B | -24% | +29% | 43% | 12.9× | 11.0% | +21.8% |