TacticScaleWhat Zhongjin Gold Corp.,Ltd (中金黄金) Does & How It Makes Money (600489.SS)
Updated October 2026 · reflects Zhongjin Gold Corp.,Ltd's latest reported financials
Chinese state-backed gold miner, smelter and refiner. It earns most of its revenue by mining ore and turning it into gold concentrate, alloyed gold and standard gold for sale.
How Zhongjin Gold Corp.,Ltd makes money
It earns most of its revenue by mining ore and turning it into gold concentrate, alloyed gold and standard gold for sale. It also sells copper, silver, molybdenum and smelting by-products such as sulfuric acid, and adds smaller income from technology consulting, trading and import/export.
What Zhongjin Gold Corp.,Ltd does
Zhongjin Gold Corp., Ltd, founded in 2000 and based in Beijing, is a Chinese gold producer that covers every stage of the chain: exploration, mining, ore processing (beneficiation) and smelting. Its main products are gold concentrate, alloyed gold and standard gold. It also makes and wholesales high-purity gold products. Smelting also yields copper, silver, molybdenum, sulfuric acid and specialty materials such as tellurium, selenium, platinum and ammonium perrhenate, so the company is exposed to both gold and base-metal prices. Smaller lines include investing in and managing mining projects, supplying raw materials and equipment, technology R&D and consulting, and import/export trading.
Products & services
- Standard gold and alloyed gold
- Gold concentrate
- High-purity gold products
- Copper and silver
- Molybdenum
- Sulfuric acid and smelting by-products (tellurium, selenium, platinum, ammonium perrhenate)
中金黄金是做什么的？
中金黄金股份有限公司成立于2000年，总部位于北京，是一家覆盖全产业链的国内黄金生产企业，业务包括勘探、采矿、选矿和冶炼。主要产品为金精矿、合质金和标准金，同时生产、加工和批发高纯度黄金产品。 冶炼过程还产出铜、银、钼、硫酸以及碲、硒、铂、高铼酸铵等副产品，因此业绩同时受金价和有色金属价格影响。此外，公司还从事矿业投资与管理、生产物资及设备的仓储销售、黄金生产技术研发与咨询，以及进出口贸易等业务。
What is Zhongjin Gold Corp.,Ltd worth?
On an owner-earnings DCF, Zhongjin Gold Corp.,Ltd's most-likely value is about ¥21 versus a recent price near ¥22 (6% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥12) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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