{"id":619511,"date":"2026-02-09T02:03:08","date_gmt":"2026-02-09T10:03:08","guid":{"rendered":"https:\/\/nai500.com\/?p=619511"},"modified":"2026-02-09T02:03:08","modified_gmt":"2026-02-09T10:03:08","slug":"gold-fields-heps-110","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/02\/gold-fields-heps-110\/","title":{"rendered":"Gold Fields \u8868\u793a\u91d1\u50f9\u63a8\u52d5\u6bcf\u80a1 HEPS \u589e\u9577 110%"},"content":{"rendered":"

Gold Fields \u7684\u4ea4\u6613\u8072\u660e\u6307\u51fa 2025 \u5e74\u6bcf\u80a1\u7e3d\u6536\u76ca\uff08headline earnings per share, HEPS\uff09\u4ecb\u65bc 2.79 \u81f3 2.97 \u7f8e\u5143\uff0c\u8f03\u53bb\u5e74\u540c\u671f\u4e0a\u5347 110% \u81f3 123%\u3002\u6b64\u8209\u7531\u5be6\u73fe\u7684\u5e73\u5747\u91d1\u50f9\u63d0\u9ad8\u3001\u92b7\u552e\u76ce\u53f8\u6578\u589e\u52a0\uff0c\u4ee5\u53ca\u4f4d\u65bc\u897f\u6fb3\u7684 Gruyere \u7926\u5834\u5168\u9762\u5408\u4f75\u6240\u9a45\u52d5\u3002\u9019\u662f\u4e00\u500b\u5c0d\u50f9\u683c\u69d3\u687f\u7684\u76f4\u63a5\u8b80\u53d6\uff0c\u4f46\u7d30\u7bc0\u5f88\u91cd\u8981\u3002\u6210\u672c\u901a\u81a8\u8207\u8f03\u9ad8\u7684\u7279\u8a31\u6b0a\u4f7f\u7528\u8cbb\u4ecd\u5728\u58d3\u7e2e\u5229\u6f64\uff0c\u800c\u5408\u4f75\u80fd\u63d0\u5347\u5831\u544a\u7522\u91cf\u537b\u4e0d\u4e00\u5b9a\u5e36\u4f86\u592a\u591a\u6709\u6a5f\u589e\u9577\u3002\u4e0b\u4e00\u8f2a\u5b8c\u6574\u8ca1\u5831\u9700\u8981\u56de\u7b54\uff0c\u8a72\u5229\u6f64\u63d0\u5347\u5728\u652f\u4ed8\u7dad\u6301\u6027\u8cc7\u672c\u8207\u7a05\u9805\u5f8c\uff0c\u662f\u5426\u8f49\u5316\u70ba\u6301\u4e45\u7684\u81ea\u7531\u73fe\u91d1\u6d41\u3002<\/p>\n

HEPS \u98c6\u5347\u53cd\u6620\u50f9\u683c\u69d3\u687f\u8207\u8cc7\u7522\u7d44\u5408<\/h3>\n

\u5728\u9ec3\u91d1\u9031\u671f\u4e2d\uff0cHEPS \u5927\u5e45\u4e0a\u5347\u4e26\u4e0d\u7f55\u898b\u3002\u6838\u5fc3\u9a45\u52d5\u56e0\u7d20\u5f88\u7c21\u55ae\uff1a\u7576\u73fe\u8ca8\u50f9\u683c\u4e0a\u5347\u901f\u5ea6\u5feb\u65bc\u55ae\u4f4d\u6210\u672c\u6642\uff0c\u908a\u969b\u7684\u7f8e\u5143\u76f4\u63a5\u6d41\u5165\u5e95\u7dda\u3002\u5c0d\u65bc\u4e00\u500b\u5e74\u7522\u6578\u767e\u842c\u76ce\u53f8\u7684\u751f\u7522\u5546\u4f86\u8aaa\uff0c\u6bcf\u76ce\u53f8\u91d1\u50f9\u4e0a\u6f32 100 \u7f8e\u5143\uff0c\u4f9d\u64da\u5168\u6210\u672c\uff08all-in sustaining cost, AISC\uff09\u60c5\u6cc1\uff0c\u5e74\u5316\u7a05\u524d\u5229\u6f64\u53ef\u589e\u52a0\u6578\u5104\u7f8e\u5143\u3002Gold Fields \u63d0\u5230\u92b7\u552e\u9ec3\u91d1\u6578\u91cf\u589e\u52a0\u4ea6\u6709\u8ca2\u737b\uff0c\u9019\u8207\u63d0\u9ad8\u7522\u80fd\u3001\u6539\u5584\u56de\u6536\u7387\u6216\u8cc7\u7522\u7d44\u5408\u8b8a\u52d5\u5747\u76f8\u7b26\u3002\u7576\u6b64\u4e00\u982d\u689d\u6548\u61c9\u8207\u6703\u8a08\u8655\u7406\u8b8a\u52d5\uff08\u4f8b\u5982\u5c07\u5408\u8cc7\u4f01\u696d\u8f49\u70ba\u5168\u9762\u5408\u4f75\uff09\u7d50\u5408\u6642\uff0c\u6548\u679c\u6703\u88ab\u653e\u5927\uff0c\u56e0\u70ba\u9019\u6703\u81a8\u8139\u71df\u6536\u8207\u6210\u672c\u9805\u76ee\uff0c\u82e5\u5be6\u969b\u6301\u80a1\u6bd4\u7387\u4e0a\u5347\uff0c\u5247\u53ef\u589e\u52a0\u53ef\u6b78\u5c6c\u5229\u6f64\u3002<\/p>\n

Gruyere \u7684\u5408\u4f75\u6539\u8b8a\u7522\u91cf\u8207\u98a8\u96aa\u8f2a\u5ed3<\/h3>\n

\u5c07 Gruyere \u5168\u9762\u5408\u4f75\u7684\u610f\u7fa9\u4e0d\u50c5\u5728\u65bc\u8868\u8c61\u3002Gruyere \u662f\u4e00\u500b\u5927\u578b\u9732\u5929\u63a1\u7926\u4f5c\u696d\uff0c\u5177\u9577\u58fd\u547d\u7279\u6027\uff0c\u5178\u578b\u65bc\u897f\u6fb3\u7684\u59cb\u592a\u53e4\u4ee3\uff08Archean\uff09\u91d1\u7926\u7cfb\u7d71\u3002\u6b64\u985e\u7926\u5e8a\u5e38\u4f9d\u8cf4\u5927\u5b97\u54c1\u4f4d\u63a1\u7926\u3001\u4e2d\u7b49\u54c1\u4f4d\uff0c\u4ee5\u53ca\u7a69\u5b9a\u7684\u51b6\u91d1\u56de\u6536\u3002\u628a Gruyere \u5b8c\u5168\u7d0d\u5165\u96c6\u5718\u5e33\u9762\uff0c\u589e\u52a0\u4e86\u5c0d\u4e00\u8655\u98a8\u96aa\u8f03\u4f4e\u53f8\u6cd5\u7ba1\u8f44\u5340\u8cc7\u7522\u7684\u66dd\u96aa\uff0c\u8a72\u5730\u5340\u64c1\u6709\u6210\u719f\u7684\u670d\u52d9\u8207\u6280\u8853\u4eba\u529b\uff0c\u9019\u80fd\u6539\u5584\u8cc7\u7522\u7d44\u5408\u54c1\u8cea\u8207\u898f\u5283\u63a7\u5236\u3002\u4f46\u5b83\u4e5f\u4f7f\u5f97\u71df\u904b\u98a8\u96aa\u8207\u8cc7\u672c\u9700\u6c42\u66f4\u96c6\u4e2d\u3002\u5408\u4f75\u6703\u5e36\u4f86\u66f4\u591a\u7684\u7dad\u6301\u6027\u8cc7\u672c\u3001\u8cc7\u7522\u9000\u5f79\u7fa9\u52d9\uff0c\u4ee5\u53ca\u4efb\u4f55\u77ed\u671f\u525d\u96e2\u958b\u63a1\uff08stripping\uff09\u6d3b\u52d5\u6216\u5ee0\u623f\u53bb\u74f6\u9838\u5316\u7684\u8cc7\u672c\u9700\u6c42\u3002\u6295\u8cc7\u4eba\u61c9\u95dc\u6ce8\u6b64\u6b21\u6240\u6709\u6b0a\u8b8a\u52d5\u662f\u5426\u771f\u70ba\u7d93\u6fdf\u6027\u6b0a\u76ca\u4e0a\u5347\uff0c\u6216\u50c5\u70ba\u6703\u8a08\u8655\u7406\u6539\u8b8a\uff0c\u56e0\u70ba\u53ea\u6709\u8f03\u9ad8\u7684\u7d93\u6fdf\u6b0a\u76ca\u624d\u80fd\u5728\u521d\u59cb\u5408\u4f75\u6548\u61c9\u6b63\u5e38\u5316\u5f8c\u7dad\u6301\u6bcf\u80a1\u6536\u76ca\u7684\u63d0\u5347\u3002<\/p>\n

\u901a\u81a8\u8207\u7279\u8a31\u6b0a\u4f7f\u7528\u8cbb\u4ecd\u58d3\u7e2e\u55ae\u4f4d\u5229\u6f64<\/h3>\n

\u516c\u53f8\u6307\u51fa\u92b7\u552e\u6210\u672c\u4e0a\u5347\u7b26\u5408\u6574\u9ad4\u7926\u696d\u901a\u81a8\uff0c\u9019\u4ecd\u662f\u6574\u500b\u7522\u696d\u7684\u73fe\u5be6\u3002\u4e3b\u8981\u6295\u5165\u9805\u76ee\u5305\u62ec\u80fd\u6e90\u3001\u52de\u52d5\u529b\u3001\u70b8\u85e5\u3001\u6c30\u5316\u7269\uff0c\u4ee5\u53ca\u50cf\u7814\u78e8\u4ecb\u8cea\u9019\u985e\u92fc\u6750\u5bc6\u96c6\u7684\u6d88\u8017\u54c1\u3002\u9732\u5929\u7926\u6210\u672c\u4ea6\u5c0d\u525d\u96e2\u6bd4\u8207\u904b\u8ddd\u654f\u611f\u3002\u5982\u679c\u7926\u9ad4\u786c\u5ea6\u589e\u52a0\uff0c\u78e8\u7926\u5ee0\u6bcf\u5678\u7dad\u6301\u7522\u80fd\u6240\u9700\u7684\u52d5\u529b\u4e5f\u6703\u589e\u52a0\u3002\u518d\u8005\uff0c\u7576\u5546\u54c1\u50f9\u683c\u8d70\u5f37\u6642\uff0c\u7279\u8a31\u6b0a\u4f7f\u7528\u8cbb\u4e5f\u6703\u63d0\u9ad8\u3002\u5728\u6fb3\u6d32\uff0c\u7279\u8a31\u6b0a\u4f7f\u7528\u8cbb\u7531\u5dde\u653f\u5e9c\u8a2d\u5b9a\uff0c\u901a\u5e38\u63a1 ad valorem\uff08\u5f9e\u50f9\uff09\u65b9\u5f0f\uff0c\u610f\u5373\u6bcf\u76ce\u53f8\u7684\u7a05\u8ca0\u6703\u96a8\u50f9\u683c\u4e0a\u5347\u5373\u4fbf\u55ae\u4f4d\u6210\u672c\u57fa\u5e95\u4e0d\u8b8a\u3002\u7d50\u679c\u662f\u5728\u50f9\u683c\u5f37\u52e2\u6642\uff0c\u55ae\u4f4d\u5c64\u9762\u7684\u5229\u6f64\u4ecd\u6703\u88ab\u58d3\u7e2e\u3002\u56e0\u6b64\u76e3\u63a7 AISC \u8207\u526f\u7522\u54c1\u62b5\u6e1b\uff08\u82e5\u6709\uff09\u81f3\u95dc\u91cd\u8981\u3002\u5f37\u52c1\u7684\u71df\u6536\u6210\u9577\u61c9\u8207\u6bcf\u76ce\u53f8\u73fe\u91d1\u71df\u904b\u6210\u672c\u8207\u6bcf\u76ce\u53f8\u7dad\u6301\u6027\u8cc7\u672c\u9032\u884c\u6bd4\u5c0d\uff0c\u4ee5\u5224\u65b7\u5728\u6263\u9664\u7279\u8a31\u6b0a\u4f7f\u7528\u8cbb\u548c\u7a05\u9805\u5f8c\u5229\u6f64\u64f4\u5f35\u662f\u5426\u6301\u7e8c\u3002<\/p>\n

\u6536\u76ca\u6301\u4e45\u6027\u53d6\u6c7a\u65bc\u81ea\u7531\u73fe\u91d1\u6d41\u8207 AISC<\/h3>\n

\u5728\u5357\u975e\u5831\u544a\u9ad4\u7cfb\u4e2d\uff0cHEPS \u6709\u5176\u7528\u9014\uff0cHEPS \u6703\u5254\u9664\u67d0\u4e9b\u4e00\u6b21\u6027\u9805\u76ee\u3002\u4f46\u5c0d\u7926\u5546\u800c\u8a00\uff0c\u95dc\u9375\u554f\u984c\u662f\u5faa\u74b0\u4e2d\u7684\u81ea\u7531\u73fe\u91d1\u6d41\u3002\u6295\u8cc7\u4eba\u61c9\u5728 Gold Fields \u5373\u5c07\u767c\u5e03\u7684\u8a73\u7d30\u7d50\u679c\u4e2d\u95dc\u6ce8 AISC \u8da8\u52e2\u3001\u7dad\u6301\u6027\u8cc7\u672c\u8207\u9805\u76ee\u6027\u8cc7\u672c\u7684\u5283\u5206\u3001\u5fa9\u80b2\u6e96\u5099\u91d1\uff0c\u4ee5\u53ca\u6de8\u50b5\u52d9\u8d70\u5411\u3002\u4e0a\u6f32\u7684\u91d1\u50f9\u53ef\u80fd\u63a9\u84cb\u71df\u904b\u8868\u73fe\u75b2\u5f31\u6216\u7dad\u6301\u6027\u8cc7\u672c\u4e0a\u5347\u3002\u5982\u679c\u77ed\u671f\u525d\u96e2\u6bd4\u63d0\u9ad8\uff0c\u73fe\u91d1\u6210\u672c\u5728\u597d\u8f49\u524d\u53ef\u80fd\u6703\u770b\u8d77\u4f86\u66f4\u7cdf\u3002\u532f\u7387\u4e5f\u662f\u4e00\u500b\u64fa\u52d5\u56e0\u5b50\uff1b\u6fb3\u5e63\u8d70\u5f37\u6703\u63a8\u9ad8\u4ee5\u7f8e\u5143\u8a08\u50f9\u7684\u7576\u5730\u6210\u672c\uff0c\u800c\u8f03\u5f31\u7684\u672c\u5e63\u53ef\u62b5\u6d88\u7926\u696d\u901a\u81a8\u3002\u751f\u7522\u7d44\u5408\u4e5f\u5f88\u91cd\u8981\uff1a\u82e5\u8f03\u5927\u6bd4\u4f8b\u7684\u76ce\u53f8\u4f86\u81ea\u4f4e\u54c1\u4f4d\u7926\u5761\uff0c\u55ae\u4f4d\u6210\u672c\u5373\u4fbf\u7e3d\u76ce\u53f8\u4e0a\u5347\u4ecd\u53ef\u80fd\u4e0a\u5347\u3002\u6301\u4e45\u7684\u4e0a\u884c\u4f86\u81ea\u65bc\u6539\u9032\u7926\u9ad4\u9032\u5165\u6027\u3001\u56de\u6536\u7387\u8207\u751f\u7522\u529b\uff0c\u800c\u4e0d\u50c5\u50c5\u662f\u50f9\u683c\u3002<\/p>\n

\u5728\u5206\u5316\u5e02\u5834\u4e2d\u5c0d\u521d\u7d1a\u8207\u958b\u767c\u5546\u7684\u8a0a\u865f<\/h3>\n

\u4e00\u5bb6\u5927\u578b\u751f\u7522\u5546\u7684\u5f37\u52c1\u76c8\u9918\u901a\u5e38\u6703\u652f\u6301\u5169\u500b\u4e0b\u6e38\u6548\u679c\u3002\u5176\u4e00\uff0c\u63d0\u5347\u5c0d\u4fdd\u8b77\u8cc7\u6e90\u58fd\u547d\u7684\u6295\u8cc7\u4fe1\u5fc3\uff0c\u5305\u62ec\u947d\u63a2\u9810\u7b97\u8207\u7dad\u6301\u6027\u8cc7\u672c\u3002\u5176\u4e8c\uff0c\u70ba\u6709\u9078\u64c7\u6027\u7684\u4f75\u8cfc\u958b\u555f\u5927\u9580\uff0c\u5728\u7406\u6027\u50f9\u683c\u4e0b\u53ef\u589e\u52a0\u4f4e\u98a8\u96aa\u76ce\u53f8\u3002\u521d\u7d1a\u5e02\u5834\u5448\u73fe\u5206\u5316\u3002\u5177\u5099\u8fd1\u671f\u73fe\u91d1\u6d41\u53ef\u898b\u6027\u8207\u660e\u78ba\u8a31\u53ef\u8b49\u7684\u958b\u767c\u5546\u6b63\u5728\u5438\u5f15\u8cc7\u91d1\uff0c\u800c\u65e9\u671f\u52d8\u63a2\u8005\u5247\u96e3\u4ee5\u5b8c\u6210\u589e\u8cc7\u3002\u4f86\u81ea\u884c\u696d\u91d1\u878d\u5bb6\u7684\u8cc7\u6599\u986f\u793a\u904e\u53bb\u4e00\u5e74\u6709\u9ad8\u6bd4\u7387\u7684\u878d\u8cc7\u88ab\u53d6\u6d88\u6216\u8a8d\u8cfc\u4e0d\u8db3\u3002\u9019\u500b\u52d5\u614b\u610f\u5473\u8457\u5728\u4e00\u7d1a\u53f8\u6cd5\u7ba1\u8f44\u5340\u4e2d\u3001\u64c1\u6709\u6e05\u6670\u751f\u7522\u8def\u5f91\u7684\u5148\u9032\u9805\u76ee\u683c\u5916\u7a81\u51fa\u3002\u82e5\u50cf Gold Fields \u7684\u5927\u578b\u5ee0\u5546\u7522\u751f\u66f4\u591a\u73fe\u91d1\uff0c\u4ed6\u5011\u4ecd\u6703\u4fdd\u6301\u7d00\u5f8b\u6027\u8cb7\u5bb6\u7acb\u5834\u3002\u8cc7\u7522\u9700\u5c55\u73fe\u898f\u6a21\u3001\u54c1\u4f4d\u6216\u525d\u96e2\u512a\u52e2\uff0c\u4e26\u64c1\u6709\u6e05\u6670\u7684\u8a31\u53ef\u8def\u5f91\uff0c\u624d\u80fd\u8207\u5167\u90e8\u8cc7\u91d1\u4f7f\u7528\uff08\u5982\u56de\u8cfc\u6216\u4fee\u5fa9\u8cc7\u7522\u8ca0\u50b5\u8868\uff09\u7af6\u722d\u8cc7\u672c\u3002<\/p>\n

\u8cc7\u91d1\u6d41\u5411\u504f\u597d\u6230\u7565\u91d1\u5c6c\u800c\u975e\u91d1<\/h3>\n

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\u5730\u7de3\u653f\u6cbb\u63a8\u52d5\u8cc7\u672c\u6d41\u5411\u8f03\u5b89\u5168\u53f8\u6cd5\u7ba1\u8f44\u5340<\/h3>\n

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\u5728 Gold Fields \u8a73\u7d30\u8ca1\u5831\u4e2d\u61c9\u6ce8\u610f\u7684\u9805\u76ee<\/h3>\n

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