# Zhongjin Gold (600489.SHG)

Canonical: https://gigainvestors.com/s/600489.SHG

Analysis as of: 2026-10-16T07:35:06.872Z. Financial observations: FY2000–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 21.19 per share; close as of 2026-10-15.

Estimated value: low CNY 13.17 per share, central CNY 15.66 per share, high CNY 17.83 per share. Buy at or below the central value CNY 15.66 per share. Valuation as of 2026-10-16T07:35:06.872Z; scenarios are not confidence intervals.

Expected annual return: 7.9% at the stated quote. About 7.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.56×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.02×

- FY2017: 0.02×

- FY2018: 0.02×

- FY2019: 0.05×

- FY2020: 0.05×

- FY2021: 0.05×

- FY2022: 0.05×

- FY2023: 0.07×

- FY2024: 0.08×

- FY2025: 0.11×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 6.8%

- ROIC, second-lowest year: 2.0%

- Typical minus recent gross margin: -2.9 pp

- Typical gross margin (annual median): 12.2%

- Recent gross margin (lower of latest and 3-year median): 15.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.7%

- ROIC including acquisitions, ten-year median: 5.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 2.0%

- FY2017: 2.2%

- FY2018: 1.9%

- FY2019: 6.8%

- FY2020: 6.6%

- FY2021: 6.8%

- FY2022: 7.7%

- FY2023: 11.9%

- FY2024: 14.3%

- FY2025: 25.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.08×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 16B

- Net income, five-year total: CNY 15B

- Return on incremental invested capital: 134.7%

- Working capital / revenue, annual change: -1.7 pp

- Working capital / revenue, change between three-year averages: -11.6 pp

- Working capital / revenue, final three-year average: 12.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.28×

- FY2022: 1.31×

- FY2023: 1.02×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 2.0% vs 14.3%

- Per-share earnings: 0.09 to 0.70 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.9%

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: CNY 70B

- Cumulative retained earnings: CNY 8.1B

- Diluted shares, 10-year annual growth: 3.9%

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 30.0%

- Per-share value change: CNY 0.61

- Per-share value, starting three-year median: CNY 0.09

- Per-share value, ending three-year median: CNY 0.70

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 6.6B

- Cumulative net income, 10 years: CNY 18B

- ROIC, first three-year median: 2.0%

- ROIC, last three-year median: 14.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.10

- FY2017: CNY 0.09

- FY2018: CNY 0.06

- FY2019: CNY 0.28

- FY2020: CNY 0.33

- FY2021: CNY 0.34

- FY2022: CNY 0.39

- FY2023: CNY 0.61

- FY2024: CNY 0.70

- FY2025: CNY 1.02

### accounting: pass

- Sloan accruals: -5.5%

- Receivables to sales index (DSRI): 0.04×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.70×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.6%

- FY2017: -0.9%

- FY2018: -5.8%

- FY2019: -3.5%

- FY2020: -6.6%

- FY2021: -5.7%

- FY2022: -7.8%

- FY2023: -6.7%

- FY2024: -8.1%

- FY2025: -5.5%

## Holders

## Price story

Down 43% since Jan 2026 · sales +20.6%

Story as of 2026-10-16T10:00:03.663Z; price observation 2026-10-15.

Price needs cash profits to grow 7.3% a year for ten years

### Sales · FY2024–2025

sales +20.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 39B 

- FY2017: CNY 33B 

- FY2018: CNY 34B 

- FY2019: CNY 43B 

- FY2020: CNY 48B 

- FY2021: CNY 56B 

- FY2022: CNY 57B 

- FY2023: CNY 61B 

- FY2024: CNY 66B 

- FY2025: CNY 79B 

### Gross margin · FY2025

gross margin 16.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 8.4% 

- FY2017: 11.3% 

- FY2018: 10.2% 

- FY2019: 12.9% 

- FY2020: 12.7% 

- FY2021: 11.4% 

- FY2022: 11.6% 

- FY2023: 13.2% 

- FY2024: 15.0% 

- FY2025: 16.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in gold; annual sales are CNY 79.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.872Z); FY2025: revenue 79074657048.6; grossProfit 13209719530.83; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600489.SHG: Zhongjin Gold Corp.,Ltd, together with its subsidiaries, engages in exploration, mining, beneficiation, and smelting of gold and other non-ferrous metals in China. The company offers gold, including gold concentrate, alloyed gold, and standard gold; and copper, silver, tellurium, platinum, ammonium perrhenate, and selenium as well as molybdenum, and sulfuric acid. It also engages in investment and management in the geological exploration, mining, beneficiation, and smelting of gold and non-ferrous metals; processing and sales of by-products from gold production; warehousing and sales of raw materials, fuels, and equipment required for gold production; research and development, and consulting services for gold production technology; production, processing, and wholesale of high-purity gold products; import and export business; and commodity exhibitions. Zhongjin Gold Corp.,Ltd was founded in 2000 and is based in Beijing, China.

### Why customers stay

Margins ranged from 13.2% to 16.7% during 2023–25; it earns 6.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.872Z); FY2023: grossProfit / revenue = 13.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.872Z); FY2024: grossProfit / revenue = 15%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.872Z); FY2025: grossProfit / revenue = 16.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.872Z); 10-year return on capital observations [[2016,0.020172675790875335],[2017,0.021502289216543274],[2018,0.018504417878956163],[2019,0.06765015438166957],[2020,0.06583835918356913],[2021,0.06802167208003512],[2022,0.07705458384662978],[2023,0.11944010507788538],[2024,0.1433491756465065],[2025,0.2550789091257285]]; median 0.06783591323085235. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 12% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.872Z); Gross margin observations: [[2021,0.1139154974526822],[2022,0.11629665349904837],[2023,0.13233274046613053]]; range within 2 percentage points.

### Where the cash goes

Spends 21.1% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.872Z); FY2016: growth capex 190022224.92000008; upkeep 1316314794; owner earnings 362369248. Growth capex / owner earnings = 0.524388385517747.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.872Z); FY2017: growth capex 0; upkeep 1380574419.71; owner earnings 296579410.28999996. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.872Z); FY2018: growth capex 0; upkeep 1284649904.37; owner earnings 283928479.6300001. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.872Z); FY2019: growth capex 0; upkeep 1599962907.59; owner earnings 825440403.4100001. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.872Z); FY2020: growth capex 0; upkeep 1627917766.75; owner earnings 1692024490.25. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.872Z); FY2021: growth capex 0; upkeep 1282967720.46; owner earnings 2181427240.3719997. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.872Z); FY2022: growth capex 0; upkeep 1121794935; owner earnings 2491256892.994. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.872Z); FY2023: growth capex 0; upkeep 1625060741.25; owner earnings 3043709228.5155926. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.872Z); FY2024: growth capex 718799778; upkeep 1688791423; owner earnings 3385779906.6874323. Growth capex / owner earnings = 0.21229961716656795.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.872Z); FY2025: growth capex 1038547114.0000002; upkeep 1993777658.07; owner earnings 4933556990.700994. Growth capex / owner earnings = 0.21050676336718194.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.872Z); Incremental return on capital 1.3466244110024854, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.872Z); Dividend observations: [[2016,788268012.67],[2017,862074642.77],[2018,795315820.04],[2019,699022743],[2020,89602276],[2021,777508934],[2022,1087252219],[2023,1813948024],[2024,2368022443],[2025,2305063333.81]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.872Z); FY2025: cash repurchases 4717032.6875 CNY.

### Are managers owners

Insiders own 49.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600489.SHG SharesStats.PercentInsiders = 49.49 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:06.872Z); Ten-year compound average after fade. Initial solved rate 0.09245558857654912. Price 21.19; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.22142870190486802 → FY2025 1.0199946765392265. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 12.46 per share

- 2016-11: CNY 12.94 per share

- 2016-12: CNY 12.09 per share

- 2017-01: CNY 12.16 per share

- 2017-02: CNY 12.50 per share

- 2017-03: CNY 11.72 per share

- 2017-04: CNY 11.45 per share

- 2017-05: CNY 9.98 per share

- 2017-06: CNY 10.03 per share

- 2017-07: CNY 10.94 per share

- 2017-08: CNY 11.15 per share

- 2017-09: CNY 10.72 per share

- 2017-10: CNY 10.08 per share

- 2017-11: CNY 9.73 per share

- 2017-12: CNY 9.89 per share

- 2018-01: CNY 9.79 per share

- 2018-02: CNY 8.67 per share

- 2018-03: CNY 9.28 per share

- 2018-04: CNY 8.76 per share

- 2018-05: CNY 8.66 per share

- 2018-06: CNY 6.82 per share

- 2018-07: CNY 6.99 per share

- 2018-08: CNY 6.64 per share

- 2018-09: CNY 6.79 per share

- 2018-10: CNY 7.90 per share

- 2018-11: CNY 7.82 per share

- 2018-12: CNY 8.58 per share

- 2019-01: CNY 7.93 per share

- 2019-02: CNY 8.69 per share

- 2019-03: CNY 8.55 per share

- 2019-04: CNY 8.05 per share

- 2019-05: CNY 8.10 per share

- 2019-06: CNY 10.27 per share

- 2019-07: CNY 9.37 per share

- 2019-08: CNY 9.78 per share

- 2019-09: CNY 8.68 per share

- 2019-10: CNY 8.23 per share

- 2019-11: CNY 7.84 per share

- 2019-12: CNY 8.48 per share

- 2020-01: CNY 8.11 per share

- 2020-02: CNY 8.11 per share

- 2020-03: CNY 8.07 per share

- 2020-04: CNY 8.40 per share

- 2020-05: CNY 9.28 per share

- 2020-06: CNY 9.14 per share

- 2020-07: CNY 11.34 per share

- 2020-08: CNY 10.90 per share

- 2020-09: CNY 10.05 per share

- 2020-10: CNY 9.30 per share

- 2020-11: CNY 9.53 per share

- 2020-12: CNY 8.81 per share

- 2021-01: CNY 8.43 per share

- 2021-02: CNY 9.32 per share

- 2021-03: CNY 8.34 per share

- 2021-04: CNY 8.56 per share

- 2021-05: CNY 9.74 per share

- 2021-06: CNY 8.62 per share

- 2021-07: CNY 8.20 per share

- 2021-08: CNY 8.74 per share

- 2021-09: CNY 8.37 per share

- 2021-10: CNY 8.32 per share

- 2021-11: CNY 8.33 per share

- 2021-12: CNY 8.23 per share

- 2022-01: CNY 7.91 per share

- 2022-02: CNY 8.74 per share

- 2022-03: CNY 7.89 per share

- 2022-04: CNY 7.22 per share

- 2022-05: CNY 7.18 per share

- 2022-06: CNY 7.39 per share

- 2022-07: CNY 7.24 per share

- 2022-08: CNY 7.36 per share

- 2022-09: CNY 7.39 per share

- 2022-10: CNY 7.45 per share

- 2022-11: CNY 8.07 per share

- 2022-12: CNY 8.19 per share

- 2023-01: CNY 8.64 per share

- 2023-02: CNY 8.71 per share

- 2023-03: CNY 10.53 per share

- 2023-04: CNY 11.92 per share

- 2023-05: CNY 11.23 per share

- 2023-06: CNY 10.33 per share

- 2023-07: CNY 10.64 per share

- 2023-08: CNY 11.12 per share

- 2023-09: CNY 10.94 per share

- 2023-10: CNY 10.95 per share

- 2023-11: CNY 10.77 per share

- 2023-12: CNY 9.96 per share

- 2024-01: CNY 9.42 per share

- 2024-02: CNY 10.42 per share

- 2024-03: CNY 13.21 per share

- 2024-04: CNY 13.12 per share

- 2024-05: CNY 14.42 per share

- 2024-06: CNY 14.80 per share

- 2024-07: CNY 16.06 per share

- 2024-08: CNY 13.47 per share

- 2024-09: CNY 15.20 per share

- 2024-10: CNY 14.26 per share

- 2024-11: CNY 12.53 per share

- 2024-12: CNY 12.03 per share

- 2025-01: CNY 13.13 per share

- 2025-02: CNY 12.11 per share

- 2025-03: CNY 14.07 per share

- 2025-04: CNY 13.63 per share

- 2025-05: CNY 13.95 per share

- 2025-06: CNY 14.63 per share

- 2025-07: CNY 14.32 per share

- 2025-08: CNY 15.97 per share

- 2025-09: CNY 21.93 per share

- 2025-10: CNY 22.17 per share

- 2025-11: CNY 22.48 per share

- 2025-12: CNY 23.36 per share

- 2026-01: CNY 36.90 per share

- 2026-02: CNY 31.84 per share

- 2026-03: CNY 26.71 per share

- 2026-04: CNY 25.96 per share

- 2026-05: CNY 22.42 per share

- 2026-06: CNY 18.05 per share

- 2026-07: CNY 23.01 per share

- 2026-08: CNY 25.62 per share

- 2026-09: CNY 21.90 per share

- 2026-10: CNY 22.32 per share

## Annual estimated value (CNY per share)

- FY2018: low CNY 1.80 per share, central CNY 1.93 per share, high CNY 2.10 per share

- FY2019: low CNY 2.99 per share, central CNY 3.64 per share, high CNY 4.06 per share

- FY2020: low CNY 2.09 per share, central CNY 2.35 per share, high CNY 2.58 per share

- FY2021: low CNY 3.62 per share, central CNY 3.94 per share, high CNY 4.38 per share

- FY2022: low CNY 6.13 per share, central CNY 6.82 per share, high CNY 7.67 per share

- FY2023: low CNY 6.76 per share, central CNY 7.80 per share, high CNY 8.89 per share

- FY2024: low CNY 8.32 per share, central CNY 9.56 per share, high CNY 10.86 per share

- FY2025: low CNY 11.76 per share, central CNY 14.02 per share, high CNY 16.00 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations