Net Profit Surges! 77 Billion Gold Giant, Founder's Widow "Exits" at Peak

Why did Li Jinyang choose to transfer shares during the golden period of gold prosperity?

The surge in gold prices has driven the performance of gold mining companies to new heights.

This performance realization has made many gold mining companies market hotspots, with their stock prices continuously reaching new highs.

In response to the boom cycle of the gold industry, many leading gold mining companies have chosen to keep expanding. For example, Zijin Mining has successively spent 13.7 billion yuan over the past year to acquire control of Zangge Mining at a premium, and then spent about 28 billion yuan to acquire Canadian mining company United Gold. According to Zijin Mining’s latest disclosed financial report for 2025, Zijin Mining achieved operating revenue of approximately 349.079 billion yuan, a year-on-year increase of 14.96%; net profit of about 51.777 billion yuan, up 61.55% year-on-year, setting a new record high.

Thanks to explosive growth in performance, Zijin Mining’s market value once surpassed 1.1 trillion yuan.

To reward investors, Zijin Mining has also generously distributed dividends. According to its dividend plan, the company intends to pay a cash dividend of 3.8 yuan per 10 shares to all shareholders, totaling about 10.104 billion yuan in cash dividends.

Of course, not all controlling shareholders of gold mining companies want to continue growing and strengthening during the boom cycle. Li Jinyang, the actual controller of Chifeng Gold, is a case in point.

On March 19, Chifeng Gold announced that it received notice from its controlling shareholder and actual controller, Li Jinyang, that she and her concerted parties are planning to transfer their shares in the company. This matter may lead to a change in the company’s actual control.

According to the shareholding structure, Li Jinyang, the actual controller of Chifeng Gold, holds 10.02% of the company’s shares; Yantai Hanfeng Zhongxing Management Consulting Center (Limited Partnership) holds 2.71%. Based on the latest closing price, her shareholding market value is about 9.88 billion yuan. According to the Hurun Research Institute’s 2026 Global Rich List, Li Jinyang ranks 2,420th globally with a wealth of 13 billion yuan, an increase of 155 places from the previous year.

Chifeng Gold’s latest financial report shows that in 2025, the company achieved operating revenue of 12.639 billion yuan, a year-on-year increase of 40.03%; net profit of 3.082 billion yuan, up 74.70% year-on-year. Along with delivering its strongest financial report ever, the company also announced a dividend plan: to distribute a cash dividend of 3.2 yuan per 10 shares (tax included), totaling about 608 million yuan (tax included).

Major Shareholder “Rapid Retreat”

The decision of Chifeng Gold’s controlling shareholder to withdraw was not made on a whim.

Public information shows that Li Jinyang, 43 years old, is the widow of Zhao Meiguang, founder of Chifeng Gold, both originally from Jilin Province.

In 2004, the Tianbaoshan Mining Bureau in Yanbian, Jilin, went bankrupt due to resource exhaustion. Zhao Meiguang, then 42, seized the opportunity, raising 170 million yuan to become the leader of this mining company. After a series of mergers and acquisitions, she not only revitalized this abandoned mine but also turned this small local mining company into a leading national gold producer.

In 2010, Zhao Meiguang became chairman of Jilong Mining. At that time, she was seeking an IPO opportunity, and the struggling automotive company Dongfang Baolong caught her attention.

In February 2012, Dongfang Baolong and Jilong Mining’s then-shareholders Zhao Meiguang, Zhao Guixiang, Zhao Guiyuan, and five independent third parties signed a restructuring framework agreement; by November 2012, the restructuring was completed, Zhao Meiguang became the controlling shareholder of Dongfang Baolong with a 37.44% stake, and Jilong Mining was effectively taken public via a shell company; on December 24, 2012, Dongfang Baolong was renamed Chifeng Gold.

Subsequently, Chifeng Gold completed acquisitions of the Wulong Gold Mine in Liaoning and Xiongfeng Environmental Protection, beginning to venture into non-ferrous metal recycling and multi-metal mines.

In February 2016, Zhao Meiguang resigned as chairman and retreated behind the scenes, with professional manager Lü Xiaozhao succeeding her. In December 2019, Wang Jianhua, former chairman of Shandong Gold Group and president of Zijin Mining, officially took over as chairman. To align with Wang Jianhua, in November 2020, Zhao Meiguang transferred her 98.17 million shares of Chifeng Gold at 17 yuan per share, totaling 1.669 billion yuan. Along with previous share reductions and transfers, Zhao Meiguang had cashed out about 2.947 billion yuan in total.

Wang Jianhua’s joining made the company’s strategy more focused, shifting from a “mine-centered” approach in 2019 to a “gold-centered” strategy in 2020. On December 11, 2021, Zhao Meiguang passed away at age 59. According to her will, all her inheritance was inherited solely by her spouse, Li Jinyang, and the company’s actual control changed to Li Jinyang.

Subsequently, Li Jinyang wrote to the board of Chifeng Gold, expressing her full cooperation with the management team led by Chairman Wang Jianhua, adhering to the company’s strategic development plan, and safeguarding the company’s growth.

Financial reports show that as of December 31, 2025, Chifeng Gold’s gold resources reached 512 tons, a 31% increase from the end of 2024; gold reserves were 105.76 tons, up 41% year-on-year.

It is noteworthy that since inheriting the shares, Li Jinyang has shown a strong desire to exit. Just three months after becoming the actual controller, she sought to transfer 5.77% of the company’s shares via agreement, but this transfer ultimately did not go through.

Chifeng Gold Continues to Surge

Under Wang Jianhua’s leadership, Chifeng Gold has expanded rapidly.

According to financial reports, from 2020 to 2025, Chifeng Gold’s revenue soared from 4.558 billion yuan to 12.639 billion yuan; net profit jumped from 784 million yuan to 3.082 billion yuan.

The company’s stock price also skyrocketed from less than 5 yuan per share to a peak of 51.5 yuan per share, with a market value increasing over tenfold. During Wang Jianhua’s tenure, the company pushed internal technological upgrades and capacity expansion, while also increasing overseas resource acquisitions. Data shows that in 2019, Chifeng Gold produced 2.07 tons of gold, which had increased to 15.16 tons by 2024.

On March 20, Chifeng Gold announced its 2025 financial results: revenue of 12.639 billion yuan, up 40.03%; net profit of 3.082 billion yuan, up 74.70%; adjusted net profit of 3.058 billion yuan, up 79.87%.

In the fourth quarter alone, the company achieved revenue of 3.994 billion yuan, up 42.50%; net profit of 1.024 billion yuan, up 55.40%, setting a quarterly record; adjusted net profit of 1.032 billion yuan, up 55.93%.

Regarding the performance surge, Chifeng Gold stated that in 2025, international gold prices repeatedly hit record highs, bringing substantial revenue and profit growth; however, industry costs also rose generally, demanding higher cost control capabilities.

Chifeng Gold also announced that in March 2025, it was listed on the Hong Kong Stock Exchange, raising approximately 3.1 billion Hong Kong dollars in net funds. The Hong Kong listing fully reflects the high recognition of the company’s “gold-centered, global layout” strategy by the global capital markets and is one of the most important strategic achievements in recent years.

Analysts believe that the successful listing on the Hong Kong Stock Exchange will facilitate the company’s global expansion, allowing it to leverage international financing channels to accelerate overseas gold mine acquisitions and lay a solid foundation for international growth.

In its main business revenue, about 71.20% comes from overseas mines: overseas regions generated 8.988 billion yuan in revenue with a gross profit margin of 45.85%; domestic regions generated 3.635 billion yuan with a gross profit margin of 68.93%.

Overall, by the end of 2025, the company’s total assets reached 24.981 billion yuan, a 22.89% increase from the beginning of the year. Thanks to operational accumulation and funds raised through the Hong Kong stock offering, the company’s debt-to-asset ratio significantly decreased from 47.25% at the start of the year to 33.91%, a drop of 13.34 percentage points; interest-bearing debt was about 878 million yuan, down 67.45% from the beginning of the year; net cash flow from operating activities was 5.556 billion yuan, up 69.97%.

Looking ahead, Chifeng Gold aims for a gold production of 14.7 tons and an electrolytic copper output of 11,000 tons in 2026.

Wind data shows that from 2019 to now, Chifeng Gold has achieved a total net profit of 7.468 billion yuan and distributed a total cash dividend of 995 million yuan. Its dividends have been concentrated mainly in the past three years. The actual controller, Li Jinyang, has not received much in cash dividends, and since she does not participate in daily management, her desire to withdraw is understandable.

Additionally, according to shareholding transparency, Chairman Wang Jianhua holds 74.2 million shares, accounting for 4.02% of the total share capital. Based on the latest closing price, this stake is worth about 3.12 billion yuan. Analysts believe that as the company’s actual leader, if Wang Jianhua can further increase his shareholding, it will greatly benefit the company’s future development.

Author’s note: Personal opinions only, for reference.