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Gold and copper miner running the Yifeng gold project in China and a gold mine in the Solomon Islands.
Gold and copper miner running the Yifeng gold project in China and a gold mine in the Solomon Islands.
In one line: A small Pacific/China-focused gold miner.
Moat: none (installed base). Two producing mine complexes, but gold and base-metal mining has no pricing power or differentiation.
Headquarters: Hong Kong · Employees: 1,317
Size Wanguo Gold (3939.HK) is a Hong Kong Materials company (Other Metals/Minerals) with a market value of $7.31B, the 206th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$12.96 on 6 Nov 2026.
Performance Over six months the shares gained 5.9%, against -17.3% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue grew 79.1% over the last twelve months (peer median +37.9%); the operating margin is 66.8% (peer median 26.0%).
Valuation It trades at 20.2× forward earnings against a peer median of 13.5× (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 +17%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 48.3 points above its cost of capital (6.5% WACC).
Next results Next results expected around 24 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$4.23B | HK$3.43B | HK$2.03B | HK$1.45B | HK$792M |
| Revenue growth | — | +69% | +40% | +83% | — |
| Gross profit | HK$3.26B | HK$2.54B | HK$1.07B | HK$672M | HK$354M |
| EBITDA | HK$2.90B | HK$2.29B | HK$982M | HK$591M | HK$318M |
| Net income | HK$1.86B | HK$1.47B | HK$624M | HK$371M | HK$210M |
| Free cash flow | HK$462M | HK$866M | HK$710M | HK$217M | -HK$14.4M |
| Capital expenditure | HK$1.64B | HK$872M | HK$216M | HK$174M | HK$213M |
| Total debt | n/a | HK$147M | HK$281M | HK$226M | HK$213M |
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 |
|---|---|---|---|---|---|---|
| Wanguo Gold 3939.HK | $7.31B | +6% | +79% | 67% | 20.2× | 1.7% |
| Zijin Mining 2899.HK | $111B | -23% | +21% | 30% | 8.3× | -6.0% |
| Zhaojin Mining Industry 1818.HK | $7.87B | -42% | +49% | 34% | 17.0× | -2.5% |
| DPM Metals DPM.TO | $8.61B | +18% | +96% | 55% | 10.1× | 5.1% |
| Newmont NEM | $126B | +4% | +23% | 55% | 12.7× | -8.9% |
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 | 3939.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.3% | -14.5% | highest of 21 |
| 6-month return | +5.9% | -17.3% | 2nd highest of 21 |
| Distance from 52-week high | -30.7% | -44.3% | 6th highest of 21 |
| Revenue growth (TTM) | +79.1% | +37.9% | 6th highest of 21 |
| Operating margin | 66.8% | 26.0% | highest of 21 |
| Forward P/E | 20.2× | 13.5× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 1.7% | 7.8% | 3rd least demanding of 14 |
| Growth delivered (Del g) | +17.0% | +15.8% | 6th highest of 13 |
| Hurdle (Req g minus delivered) | -15.3 pp | -13.6 pp | 7th least demanding of 13 |
| ROIC minus cost of capital | +48.3 pp | +4.5 pp | 3rd highest of 21 |
| EV / EBITDA | 19.1× | 7.3× | 3rd most expensive of 12 |
| Net debt / EBITDA | -0.9× | -0.4× | 5th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Wanguo Gold 3939.HK | Hong Kong | $7.31B | +6% | +79% | 67% | 20.2× | 1.7% | +17.0% |
| Yunnan Lincang Xinyuan Germanium Industry 002428.SZ | China | $7.09B | +3% | +54% | 13% | 230.8× | n/a | n/a |
| China Rare Earth Resources And Technology 000831.SZ | China | $7.57B | -7% | -2% | 15% | 103.1× | 53.1% | +14.0% |
| Aurubis NDA.DE | Germany | $6.73B | -35% | +23% | 6% | 15.1× | n/a | n/a |
| Jinduicheng Molybdenum 601958.SS | China | $8.06B | -15% | +7% | 32% | 13.6× | 4.2% | +13.7% |
| NMDC NMDC.NS | India | $6.55B | -22% | +27% | 27% | 7.4× | 5.2% | +15.8% |
| Aura Minerals AUGO | United States | $6.52B | -5% | +89% | 53% | 10.6× | -6.0% | +25.2% |
| Discovery Mining DSV.TO | Canada | $6.44B | +19% | +684% | 38% | 17.6× | 19.9% | n/a |
| Ivanhoe Mines IVN.TO | Canada | $8.43B | -26% | +109% | 7% | 18.9× | n/a | n/a |
| PLS PLS.AX | Australia | $6.33B | -56% | +152% | 43% | 10.6× | 2.5% | +61.6% |
| MP Materials MP | United States | $6.31B | -47% | +72% | -17% | 248.7× | n/a | n/a |
| Xiamen Tungsten 600549.SS | China | $8.55B | -37% | +67% | 10% | 13.2× | n/a | n/a |
| Lynas Rare Earths LYC.AX | Australia | $8.58B | -38% | +76% | 25% | 26.7× | 34.3% | +14.9% |
| Inner Mongolia Xingye Silver and Tin Mining 000426.SZ | China | $6.23B | -42% | +38% | 49% | 13.1× | 7.8% | +42.6% |
| Sandfire Resources SFR.AX | Australia | $6.20B | -4% | +32% | 32% | 13.3× | 9.2% | +25.8% |
| Capstone Copper CS.TO | Canada | $6.01B | -8% | +30% | 32% | 9.4× | 9.8% | +40.2% |
| Nanya New Material Technology 688519.SS | China | $5.90B | -5% | +104% | 17% | 55.2× | n/a | n/a |
| Yunnan Chihong Zinc & Germanium 600497.SS | China | $5.76B | -15% | +29% | 10% | 13.8× | 4.4% | +4.6% |
| Zhejiang Huayou Cobalt 603799.SS | China | $9.30B | -50% | +38% | 12% | 9.3× | n/a | n/a |
| China Nonferrous Mining 1258.HK | Hong Kong | $5.73B | -19% | +11% | 28% | 7.4× | -14.6% | +5.8% |
| Hudbay Minerals HBM.TO | Canada | $9.35B | -10% | +13% | 32% | 12.0× | 18.1% | +15.8% |