港股黄金股集体走强，截至发稿，潼关黄金涨10.42%、赤峰黄金（600988）涨3.78%、珠峰黄金涨 3.24%、招金矿业涨0.91%。消息方面，关税问题再度引发市场担忧，比如美国总统特朗普表示，美国 将从6月初起把进口钢铁和铝的关税从目前的25%上调至50%。受此消息刺激，COMEX黄金升至3330美 元。(智通财经) ...

机构：招商证券 研究员：刘伟洁/赖如川 公司2017 年成功转型为黄金采选冶公司，从潼关出发，2023 年成功布局甘肃黄金资源，资源禀赋优 异，增储增产潜力突出，2025 年引入紫金战略入股，有望进入高速成长期，充分享受高金价红利。 潼关起基，甘肃拓局，紫金赋能。 2017 起，公司启动战略转型，通过相继收购多家黄金矿业公司，正 式切入黄金采选领域，并更名为潼关黄金集团有限公司。2017-2018 年公司陆续收购潼关县4 家黄金矿 业公司，2023 年，公司布局甘肃矿产资源，收购肃北县霍勒扎德盖北东矿业。2025 年公司引入紫金矿 业战略入股，并与紫金金属达成金属流协议，发展迈入新阶段。 资源禀赋优异，增储潜力突出。截至2024 年底，公司黄金资源量达55 吨，平均品位高达8.27g/t，处于 行业前列。公司两矿场均具备显著增储潜力，2024年公司完成坑探工程约2.1 万米、坑内钻探及地表钻 探工程约6.3 万米，勘探及开发工程费用达1.67 亿港元。2025 年3 月，肃北矿区并购再下一城公司拟全 资收购荣昌投资，获得肃北县北东金矿及460 金矿探矿权100%权益，为未来肃北矿区扩产奠定了坚实 基础。 黄金 ...

证券研究报告 | 公司深度报告 2025 年 05 月 27 日 潼关黄金（00340.HK） 高品金脉，紫金赋能步入高速成长期 周期/金属及材料 公司 2017 年成功转型为黄金采选冶公司，从潼关出发，2023 年成功布局甘肃 黄金资源，资源禀赋优异，增储增产潜力突出，2025 年引入紫金战略入股，有 望进入高速成长期，充分享受高金价红利。 强烈推荐（首次） 当前股价：1.63 港元 基础数据 | 刘伟洁 | S1090519040002 | | --- | --- | | | liuweijie@cmschina.com.cn | | 赖如川 | S1090523060003 | | | lairuchuan@cmschina.com.cn | | 财务数据与估值 | | --- | | 总股本（百万股） | 4398 | | --- | --- | | 香港股（百万股） | 4398 | | 总市值（十亿港元） | 7.2 | | 香港股市值（十亿港元） | 7.2 | | 每股净资产（港元） | 0.6 | | ROE（TTM） | 8.5 | | 资产负债率 | 43.0% | | 主要股东 | 蒋 ...

证券研究报告 | 公司深度报告 2025 年 05 月 27 日 潼关黄金（00340.HK） 高品金脉，紫金赋能步入高速成长期 周期/金属及材料 公司 2017 年成功转型为黄金采选冶公司，从潼关出发，2023 年成功布局甘肃 黄金资源，资源禀赋优异，增储增产潜力突出，2025 年引入紫金战略入股，有 望进入高速成长期，充分享受高金价红利。 强烈推荐（首次） 当前股价：1.63 港元 基础数据 | 总股本（百万股） | 4398 | | --- | --- | | 香港股（百万股） | 4398 | | 总市值（十亿港元） | 7.2 | | 香港股市值（十亿港元） | 7.2 | | 每股净资产（港元） | 0.6 | | ROE（TTM） | 8.5 | | 资产负债率 | 43.0% | | 主要股东 | 蒋薇 | | 主要股东持股比例 | 26.98% | 股价表现 % 1m 6m 12m 绝对表现 23 245 178 相对表现 16 223 153 资料来源：公司数据、招商证券 -100 -50 0 50 May/24 Sep/24 Jan/25 Apr/25 (%) 潼关黄金 恒生指数 相关报 ...

港股黄金股走弱 潼关黄金跌超4% 智通财经5月23日电，截至发稿，潼关黄金(00340.HK)跌4.38%、灵宝黄金(03330.HK)跌2.39%、赤峰黄 金(06693.HK)跌1.72%、山东黄金(01787.HK)跌0.40%。 ...

港股黄金股持续回落 潼关黄金跌超8% 智通财经5月2日电，截至发稿，潼关黄金(00340.HK)跌8.40%、赤峰黄金(06693.HK)跌7.45%、灵宝黄金 (03330.HK)跌3.15%、山东黄金(01787.HK)跌2.63%。消息面上，现货黄金跌破3230美元/盎司，日内跌 0.25%。 ...

Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 1,604,821,000, representing a 7.2% increase from HKD 1,497,236,000 in 2023[18]. - The annual profit attributable to the company's owners was HKD 211,136,000, a significant increase from HKD 51,454,000 in the previous year, marking a growth of 310%[19]. - The total assets as of December 31, 2024, amounted to HKD 4,593,704,000, slightly up from HKD 4,554,860,000 in 2023[20]. - The total liabilities decreased to HKD 1,974,737,000 in 2024 from HKD 2,093,441,000 in 2023, indicating improved financial stability[20]. - The company achieved a gross profit of HKD 523,191,000 in 2024, compared to HKD 167,878,000 in 2023, reflecting a substantial increase in profitability[19]. - The basic and diluted earnings per share for 2024 were HKD 5.19, a significant increase from HKD 1.39 in 2023[19]. - The company's net profit increased by 250% from approximately HKD 60 million in 2023 to about HKD 210 million in 2024, primarily due to the acquisition of Hongyong Investment Limited[34]. - The cost of sales decreased by approximately 19% to HKD 1,081,630,000 from HKD 1,329,358,000 in 2023, primarily due to a decline in the sales volume of the gold recovery business[41]. - Gross profit increased by approximately 212% to HKD 523,191,000 from HKD 167,878,000 in 2023, mainly driven by higher gross profit from gold mining operations[42]. - The average selling price of mined gold rose from RMB 460 per gram in 2023 to RMB 540 per gram in 2024, contributing to a 104.3% increase in gold mining revenue to HKD 1,302,774,000[51]. - The mining business's gross profit margin improved to 40.1% in 2024 from 26.2% in 2023, with gross profit of approximately HKD 522,972,000[52]. Dividends and Shareholder Returns - The company declared a proposed dividend of HKD 1.2 per share for the year 2024, compared to no dividend in 2023[19]. - The proposed final dividend for the year ending December 31, 2024, is HKD 0.012 per share, subject to shareholder approval on May 30, 2025[30]. - The company has adopted a dividend policy targeting a payout ratio of approximately 20% of net profit attributable to shareholders for any financial year[165]. - The board of directors will consider various factors when proposing any dividend payment rates, including the company's financial performance and cash flow[166]. - The company's distributable reserves as of December 31, 2024, amounted to approximately HKD 291.67 million, down from HKD 306.62 million in 2023[175]. Operational Strategy and Growth - The company plans to continue expanding its mining operations and investing in technology to enhance production capacity and efficiency[6]. - The company plans to enhance its exploration and mining capabilities to maximize resource value and adapt to changing market demands[40]. - The company is actively pursuing strategic measures, including exploration activities and acquisitions of quality gold assets, to strengthen its mining portfolio[40]. - The company emphasizes environmental sustainability, safety production, and support for local communities as key priorities[36]. - The company is implementing automation and technological upgrades in underground mining and processing equipment to enhance production efficiency and safety monitoring[36]. Acquisitions and Investments - The company has completed several acquisitions to expand its gold mining operations, including the acquisition of a mine in Su Bei County with a resource amount of approximately 2,173 thousand tons and a metal content of about 22.87 tons[17]. - The vertical acquisition of Huasheng Construction Investment Limited is expected to bring synergies to the company's operations, completed in January 2025[35]. - The horizontal acquisition of Rongchang Investment Limited, holding 70% economic interest in several exploration permits, is anticipated to expand the company's mineral portfolio[35]. Employee and Management Information - As of December 31, 2024, the group employed approximately 11 employees in Hong Kong and 425 employees in mainland China[78]. - The employee costs for the year ended December 31, 2024, amounted to approximately HKD 48,528,000, an increase from HKD 31,699,000 in 2023[78]. - The group emphasizes competitive salary levels based on employee performance, including benefits such as medical plans and performance bonuses[79]. - The company has appointed Jiang Zhiyong as Chairman and Executive Director on October 8, 2024, following the resignation of the previous Chairman in January 2014[106]. - Ms. Feng Fangqing appointed as Executive Director on October 8, 2024, with extensive financial management experience[93]. - The company has established a written authority framework to clarify the responsibilities and accountabilities between the board and management[115]. Corporate Governance - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules, with some deviations explained and justified[104]. - The board consists of at least three independent non-executive directors, ensuring a balanced structure and adequate checks and balances for shareholder interests[112]. - The company has established four standing committees: Executive Committee, Audit Committee, Remuneration Committee, and Nomination Committee, to oversee specific aspects of the company's affairs[122]. - The Audit Committee held six meetings during the year to review the group's annual and interim financial statements and assess the external auditor's plans[127]. - The company has established a whistleblowing policy to allow employees and related parties to report any misconduct confidently[153]. - The company has adopted an anti-corruption policy to support anti-corruption laws and regulations[154]. - The board is responsible for corporate governance functions, including the development and review of policies and compliance with legal and regulatory requirements[145]. Risk Management - The group faces risks related to fluctuations in gold prices, which may impact production and operations[81]. - Financial risks include market risk (currency, interest rate, and other price risks), credit risk, and liquidity risk, with management actively monitoring these risks[83]. - The board has reviewed the effectiveness of the risk management and internal control systems for the year ending December 31, 2024, and considers them effective and appropriate[152]. Community Engagement and Environmental Responsibility - Charitable donations made by the company during the year totaled HKD 3.58 million, an increase from HKD 1.40 million in 2023[173]. - The group is committed to environmental protection and compliance with environmental laws, enhancing employee awareness[84]. - The company has not violated any laws or regulations as of December 31, 2024[86].

近期，国际金价持续走高，黄金股涨势如虹。 今日，港、A黄金股继续大涨，A股湖南黄金涨停，湖南白银涨超5%，山金国际涨超4%，赤峰黄金涨超3%，西部黄金、山东黄金涨超2%。 | 代码 | 名称 | 现价 . | 涨跌 涨幅 | | --- | --- | --- | --- | | 002155 湖南黄金 | | 25.20 | +2.29 +10.00% | | 002716 湖南白银 | | 3.76 | +0.20 +5.62% | | 000975 山金国际 | | 20.88 | +0.85 +4.24% | | 600988 赤峰黄金 | | | 26.72 +1.02 +3.97% | | 002237 恒邦股份 | | 11.09 | +0.39 +3.64% | | 000506 *ST中润 | | 5.75 | +0.18 +3.23% | | 601069 西部黄金 | | 17.88 | +0.51 +2.94% | | 600547 山东黄金 | | 30.44 | +0.79 +2.66% | | 300139 晓程科技 | | 18.63 | +0.43 +2.36% | | 60 ...

Financial Performance - Profit attributable to owners for the year ended December 31, 2024, was approximately HKD 211 million, a 310% increase from about HKD 51 million in 2023[4] - Revenue for the year ended December 31, 2024, was approximately HKD 1,604 million, a 7% increase from about HKD 1,497 million in 2023[4] - Earnings per share for 2024 was HKD 5.19, compared to HKD 1.39 in 2023[7] - Gross profit for 2024 was approximately HKD 523 million, compared to HKD 168 million in 2023[5] - Total comprehensive income for the year was HKD 157 million, up from HKD 35 million in 2023[7] - The total segment profit for the fiscal year 2024 was HKD 523,191,000, a significant increase from HKD 167,878,000 in 2023, reflecting a growth of approximately 212.5%[25] - The company reported a pre-tax profit of HKD 307,017,000 for the fiscal year 2024, compared to HKD 74,924,000 in 2023, marking an increase of approximately 309.5%[25] - The net profit for the year 2024 was HKD 210,138,000, significantly higher than HKD 60,034,000 in the previous year, representing a growth of approximately 249.1%[25] - The group reported a pre-tax profit of HKD 211,136,000 for 2024, compared to HKD 51,454,000 in 2023, marking a substantial increase of 310.5%[41] Revenue Breakdown - The gold mining segment generated revenue of HKD 1,302,774,000, while the gold recycling segment contributed HKD 302,047,000, indicating a strong performance in both areas[25] - Revenue from gold mining operations reached HKD 1,302,774,000 in 2024, up 104.3% from HKD 637,693,000 in 2023[27] - Revenue from gold recycling decreased to HKD 302,047,000 in 2024 from HKD 859,543,000 in 2023, a decline of 64.9%[27] - Major customer A contributed HKD 875,479,000 to total revenue in 2024, significantly up from HKD 326,238,000 in 2023, representing a growth of 168.5%[29] Dividends and Shareholder Returns - The proposed final dividend for the year ended December 31, 2024, is HKD 0.012 per share, reflecting the company's confidence in its performance[4] - The proposed final dividend for the year ending December 31, 2024, is HKD 0.012 per share, totaling approximately HKD 48,843,000, compared to no dividend in 2023[40] - The company proposed a final dividend for the fiscal year 2024, reflecting confidence in its long-term prospects amid global uncertainties[61] Assets and Liabilities - Non-current assets totaled approximately HKD 4,131 million as of December 31, 2024, compared to HKD 4,191 million in 2023[9] - Current liabilities increased to approximately HKD 1,282 million in 2024 from HKD 1,031 million in 2023[10] - Net assets amounted to approximately HKD 2,619 million as of December 31, 2024, compared to HKD 2,461 million in 2023[10] - The company has a net current liability of approximately HKD 819,557,000 as of December 31, 2024, compared to HKD 666,856,000 in 2023, indicating an increase in financial obligations[20] - As of December 31, 2024, the total assets and net assets of the group were approximately HKD 4,593,704,000 and HKD 2,618,967,000, respectively, compared to HKD 4,554,860,000 and HKD 2,461,419,000 in 2023[80] Operational Developments - The company has commenced gold bar sales and has integrated the acquisition of Hong Yong Investment Limited and its subsidiaries into its gold mining segment, enhancing its operational capabilities[22] - The group completed the construction of a tailings storage facility on schedule, which temporarily halted operations at the Tongguan County processing plant, leading to a decrease in gold sales in that region[57] - The group expects the acquisition of Huasheng Construction Investment Co., Ltd. to bring synergies to its business, completed in January 2025[57] - The group plans to enhance its exploration activities for mining licenses to maximize the potential value of its mining areas, which are located in favorable geological environments[60] - The group aims to increase its resource reserves through strategic acquisitions of quality gold assets domestically and internationally[60] - The group has implemented various measures to ensure environmental sustainability and safety in production, including the automation and technological upgrades of underground mining and processing equipment[58] Employee and Financial Costs - Total employee costs rose to HKD 48,528,000 in 2024 from HKD 31,699,000 in 2023, an increase of 53.1%[35] - The group incurred financial costs of HKD 30,821,000 in 2024, up from HKD 22,403,000 in 2023, reflecting an increase of 37.5%[35] Compliance and Governance - The company has adopted the standard code of conduct for securities trading by directors as per Appendix C3 of the Listing Rules[95] - The audit committee consists of independent non-executive directors, including Mr. Liang Jiahe, Mr. Zhu Gengnan, and Mr. Liang Xushu, who have reviewed the consolidated financial performance for the year ending December 31, 2024[96] - The company has confirmed compliance with the standard code of conduct regarding securities trading by all directors as of December 31, 2024[95] Future Outlook - The company is actively evaluating the impact of the new Hong Kong Financial Reporting Standards on its consolidated financial statements, which are expected to affect future disclosures[17] - The company plans to continue discussions with financial institutions to ensure sufficient funding for operational and financial requirements in the foreseeable future[20] - The company continues to monitor market conditions and review the adequacy of impairment provisions[46] Miscellaneous - The company expresses gratitude to shareholders for their support and to all staff for their contributions over the past year[101] - The annual report for 2024 will be available on the company's website and the designated website of the stock exchange at an appropriate time[100] - The board of directors includes both executive and independent non-executive members as of March 24, 2025[103]

Financial Performance - The company recorded revenue of approximately HKD 849,951,000 for the six months ended June 30, 2024, representing an increase of about 25.6% compared to HKD 676,548,000 for the same period in 2023[4]. - Gold mining revenue was approximately HKD 644,847,000, a significant increase of about 235.1% from HKD 192,423,000 in the same period last year, driven by higher average gold prices and increased sales volume[6]. - The average gold price per gram rose from approximately RMB 435 to RMB 499 during the reporting period, contributing to the revenue growth[6]. - The company reported a profit attributable to shareholders of approximately HKD 91,956,000, a substantial increase of about 560.1% compared to HKD 13,930,000 in the previous year[4]. - The group achieved a revenue and net profit growth of approximately 26% and 464%, respectively, compared to the same period in 2023, primarily due to the acquisition of Hong Yong Investment Limited and its subsidiaries[21]. - The gross profit for the same period was HKD 218,758,000, significantly up from HKD 49,565,000, indicating a gross margin improvement[25]. - Profit before tax surged to HKD 132,811,000, compared to HKD 22,720,000 in the previous year, reflecting a substantial growth of 484.5%[25]. - Net profit for the period was HKD 90,700,000, a remarkable increase from HKD 16,080,000, marking an increase of 463.5%[26]. - Basic and diluted earnings per share rose to HKD 2.26, compared to HKD 0.41 in the prior year[26]. Expenses and Costs - Total administrative and other expenses increased by approximately 220.3% to HKD 72,610,000, primarily due to one-time costs and expenses from the recently acquired Hong Yong Group[4]. - Financial costs increased by approximately 206.1% to HKD 15,529,000, mainly due to interest expenses from bank borrowings of the acquired Hong Yong Group[4]. - The administrative and other expenses increased to HKD 72,610,000 for the six months ended June 30, 2024, compared to HKD 22,669,000 in the previous year, reflecting higher operational costs[44]. - The income tax expense for the six months ended June 30, 2024, was HKD 42,111,000, a significant increase from HKD 6,640,000 in the same period of 2023[53]. Assets and Liabilities - As of June 30, 2024, the total assets and net assets of the group were approximately HKD 4,609,167,000 and HKD 2,540,552,000, respectively, compared to HKD 4,554,860,000 and HKD 2,461,419,000 as of December 31, 2023[12]. - The total bank borrowings and other borrowings amounted to approximately HKD 533,976,000 as of June 30, 2024, a slight decrease from HKD 563,710,000 as of December 31, 2023, with a debt-to-equity ratio of approximately 22.3%[13]. - The company reported a net current liability of approximately HKD 804,280,000 as of June 30, 2024[34]. - The company’s total liabilities decreased to HKD 953,978,000 as of June 30, 2024, from HKD 1,017,182,000 as of December 31, 2023[67]. - The current portion of borrowings increased to HKD 497,305,000 as of June 30, 2024, from HKD 416,131,000 as of December 31, 2023[67]. Cash Flow - For the six months ended June 30, 2024, the net cash generated from operating activities was HKD 238,703,000, compared to a net cash used of HKD 46,241,000 in the same period last year[31]. - The net cash used in investing activities was HKD 21,788,000, an increase from HKD 17,733,000 in the previous year[31]. - The net cash used in financing activities amounted to HKD 179,657,000, compared to HKD 4,827,000 in the prior year[31]. - As of June 30, 2024, the cash and cash equivalents totaled HKD 194,947,000, up from HKD 73,792,000 at the same time last year[31]. Shareholder Information - The group has issued 4,070,272,221 ordinary shares, with total shareholder equity amounting to approximately HKD 407,027,000 as of June 30, 2024[16]. - Major shareholder Jiang Wei holds 1,186,334,000 shares, representing 29.15% of the total issued share capital[85]. - Major shareholder Lin Changdong owns 600,000,000 shares, accounting for 14.74% of the total issued share capital[85]. - The company did not declare an interim dividend for the six months ended June 30, 2024[91]. Operational Highlights - The total mining output for the period was 275.96 thousand tons, with an average gold grade of 5.48 grams per ton[8][9]. - The company plans to continue its exploration and development activities, with significant drilling and exploration efforts reported during the period[9]. - The group plans to complete the construction of the tailings plant in Tongguan County in the second half of 2024, which is expected to drive higher revenue and net profit[21]. - The company completed the acquisition of Hong Yong Investment Limited and its subsidiaries in July 2023, which has been consolidated into the gold mining segment's performance[41]. Governance and Compliance - The company is committed to adhering to corporate governance best practices as per the Hong Kong Stock Exchange regulations[73]. - The audit committee consists of three independent non-executive directors responsible for ensuring the quality and integrity of internal controls and financial reporting[80]. - The company has not entered into any arrangements that would allow directors to benefit from purchasing shares or bonds of the company[84].