ZHAOJIN MINING (01818.HK) +0.020 (+0.066%) Short selling $66.47M; Ratio 13.203% 's 3Q25 results missed expectations, with 1-3Q25 earnings only reaching 57% of HSBC Global Research's full-year forecast, HSBC Global Research published a research report saying. The Company's 3Q25 revenue increased by 58% YoY, driven by higher sales volume and gold prices. Self-produced gold output rose 16% YoY, while 2025 average realized gold price inclined 31% YoY. However, gross profit margin fell by 12 QoQ/ 11 ppts YoY to 29%, mainly due to rising costs.Related NewsUBS Lifts Copper Price Forecasts on Possible Tightened Supply, Raises Earnings Estimates & TPs for Copper MinersZHAOJIN MINING's stock price reacted positively after the results announcement, supported by record-high gold prices, the broker noted. HSBC Global Research viewed the re-emergence of trade tensions and the prospect of Fed rate cuts as short-term catalysts for both gold prices and ZHAOJIN MINING's share price. The broker believed that the Company's outlook remains promising, based on several new projects and a strategic alliance with ZIJIN MINING (02899.HK) -0.120 (-0.370%) Short selling $459.28M; Ratio 21.368% . Therefore, HSBC Global Research kept rating at Buy on ZHAOJIN MINING, and raised its share price target to 22x of 2026 projected PE ratio, up from the original 20x, given the continued strength in gold prices. The broker added its target price from $37.1 to $37.2 after incorporating 3Q25 results.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-10-21 16:25.)Related NewsM Stanley Lists Predictions of Recent Changes in Major HK Stock Position Among Active Long-Only EM & CN Active Managers (Table)