Group 1 - Gold stocks have seen significant increases, with Tongguan Gold rising by 8.26% to HKD 2.36, Lingbao Gold up 7.35% to HKD 17.67, Shandong Gold increasing by 6.56% to HKD 38.02, Zhaojin Mining up 5.64% to HKD 29.6, and Chifeng Gold rising by 4.72% to HKD 30.62 [1] - On September 22, spot gold prices reached a historical high of USD 3,719 per ounce, marking a year-to-date increase of 40% [1] - Long-term gold allocation remains valuable, driven by the Federal Reserve's continued rate cuts amid economic adjustments and persistent inflation concerns, alongside geopolitical risks and the trend of de-dollarization [1]

Group 1 - Recent rebound in gold stocks, with notable increases: China Silver Group up over 4%, Shandong Gold up 3.7%, China Gold International and Lingbao Gold up 3%, and others following suit [1] - International gold prices have risen significantly due to ongoing expectations of interest rate cuts by the Federal Reserve, with London spot gold prices surpassing $3700 per ounce, reaching a historical high of $3703.13 [1] - Analysts believe that the Federal Reserve's interest rate cuts will continue to support gold prices, maintaining a trend of "easier to rise, harder to fall" [1] Group 2 - Key supporting factors for long-term gold price increases include geopolitical tensions, high U.S. debt, ongoing central bank gold purchases, and the Federal Reserve's interest rate cut cycle [1] - The stock performance of various gold companies reflects the positive sentiment in the market, with specific price changes noted for companies like China Silver Group and Shandong Gold [1]

Group 1 - The Hong Kong gold stocks continue to experience a downward trend, with notable declines in companies such as Chifeng Jilong Gold Mining, Zhenfeng Gold, and China Silver Group, all dropping over 2% [1] - In the U.S. market, spot gold fell by 0.85% to $3,658.74 per ounce, following significant volatility after the Federal Reserve announced an interest rate cut [1] - East Wu Securities' report indicates that while the long-term bullish logic for gold remains intact, there may be short-term pullback risks due to overbought conditions, with the 14-day RSI reaching 78, indicating potential profit-taking [1] Group 2 - The latest price movements for key gold stocks show Chifeng Jilong Gold at $28.78 (-2.24%), China Silver Group at $0.48 (-2.04%), and Zhenfeng Gold at $1.44 (-2.04%) [1] - Other companies such as Zijin Mining and China Gold International saw slight increases of 1.5%, while several others, including Tongguan Gold and Shandong Gold, experienced declines of over 1% [1] - The report highlights that despite the extreme RSI levels, global ETF flows and spot and futures positions do not reflect the same level of enthusiasm, raising concerns about potential overheating in gold trading [1]

Group 1 - The Hong Kong gold stocks collectively declined, with Chifeng Jilong Gold Mining falling over 5% [1] - China Silver Group dropped by 4.9%, while Lingbao Gold decreased by 4.55% [1] - Other companies such as Zhaojin Mining and Tongguan Gold fell over 3%, with Zijin Mining, Shandong Gold, and Zhujiang Gold declining nearly 3% [1]

Group 1 - The core viewpoint of the article highlights a significant decline in gold stocks, with major companies like Chifeng Jilong Gold Mining Co., Ltd. and Lingbao Gold Company experiencing drops of 5.02% and 5.06% respectively [3] - As of the report, Chifeng Jilong Gold is priced at 31.02 HKD, Lingbao Gold at 17.26 HKD, China National Gold Group Corporation at 131.9 HKD, and Tongguan Gold at 2.23 HKD [3] - The decline in gold stocks is attributed to the spot gold price falling below 3630 USD per ounce, influenced by expectations of a significant interest rate cut by the Federal Reserve [3] Group 2 - Market focus is on the upcoming FOMC meeting, with expectations that the Federal Reserve will announce a substantial interest rate cut [3] - Factors supporting the rise in gold prices include weak U.S. economic data and increasing expectations for rate cuts, alongside ongoing central bank gold purchases [3] - It is anticipated that gold and silver prices will remain high until the Federal Reserve's rate cut is confirmed on September 18, with potential short-term corrections following profit-taking [3]

Group 1 - The core viewpoint of the article indicates a widespread decline in gold stocks, with notable drops in companies such as Chifeng Jilong Gold Mining (down 5.02% to HKD 31.02), Lingbao Gold (down 5.06% to HKD 17.26), China Gold International (down 4.42% to HKD 131.9), and Tongguan Gold (down 2.62% to HKD 2.23) [1] - As of September 15, spot gold prices fell below USD 3,630 per ounce, influenced by expectations of a significant interest rate cut by the Federal Reserve [1] - Market focus is on the upcoming FOMC meeting on September 18, with expectations that the Fed will announce a rate cut, which is anticipated to impact gold prices [1] Group 2 - Current factors supporting the rise in gold prices include weak U.S. economic data and increasing expectations for interest rate cuts, alongside ongoing central bank gold purchases providing long-term support for gold prices [1] - It is expected that gold and silver prices will remain high until the Fed's rate cut announcement, but there is a cautionary note regarding potential short-term corrections following the realization of anticipated rate cuts [1]

Core Viewpoint - Gold stocks continue to rise, driven by increasing expectations of interest rate cuts following the release of the US CPI data, which showed a year-on-year increase of 2.9% and a month-on-month increase of 0.4% [2] Company Performance - Lingbao Gold (03330) rose by 8.19%, trading at HKD 18.37 [2] - Tongguan Gold (00340) increased by 4.98%, trading at HKD 2.32 [2] - China Gold International (600916) (02099) saw a rise of 3.6%, trading at HKD 138.1 [2] - Zhaojin Mining (01818) increased by 3.27%, trading at HKD 29.7 [2] Market Trends - The international spot gold price has risen by 40% year-to-date, reflecting strong demand and market confidence [2] - Goldman Sachs has raised its long-term gold price forecast for 2029 and beyond to USD 3,300 per ounce, up from the previous forecast of USD 2,850 per ounce [2] - Goldman Sachs anticipates that gold prices could reach USD 4,000 per ounce by mid-2026, with extreme scenarios potentially pushing prices close to USD 5,000 [2]

(Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） Dear Non-registered Shareholder (Note 1) , 15 September 2025 The following document(s) of Tongguan Gold Group Limited (the "Company") has/have been prepared in English and Chinese and is/are available on the websites of the Company at https://www.tongguangold.com and The Stock Exchange of Hong Kong Limited at https://www.hkexnews.hk (collectively the "Websites"):- • 2025 Interim Report Please provide your email address to the Company via Hong ...

(Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code 股份代號：340) NOTIFICATION LETTER 通知信函 Dear Shareholder(s), 15 September 2025 Should you have any queries in relation to this letter, please call the Hong Kong Share Registrar at (852) 2849 3399 during business hours from 9:00 a.m. to 5:00 p.m., Monday to Friday, excluding Hong Kong public holidays. By Order of the Board Tongguan Gold Group Limited Jiang Zhiyong Chairman and Executive Director Note: Corporate Communications refer to an ...

Financial Performance - The company recorded a revenue of approximately HKD 1,028,737,000 for the six months ended June 30, 2025, representing a 21% increase compared to HKD 849,951,000 for the same period in 2024[6]. - The company reported a profit attributable to owners of approximately HKD 342,643,000, a significant increase of 273% from HKD 91,956,000 in the previous year[7]. - Gross profit for the gold mining business was approximately HKD 530,135,000, with a gross margin of 51.5%, compared to a gross profit of HKD 218,605,000 and a margin of 33.9% in 2024, marking a 143% increase in gross profit[9]. - The net profit for the period was HKD 350,484,000, compared to HKD 90,700,000 in the same period last year, marking a 286% increase[51]. - Basic earnings per share rose to HKD 8.17, up from HKD 2.26, reflecting a 262% increase[51]. - Profit before tax reached HKD 431,381,000, a significant rise of 225% compared to HKD 132,811,000 in the previous year[50]. - The company reported a total comprehensive income of HKD 403,008,000 for the period, compared to HKD 79,133,000 in the previous year, reflecting a 409% increase[54]. Production and Sales - Gold production and sales volume increased, with the average selling price of gold rising from approximately RMB 499 per gram in 2024 to RMB 666 per gram in the current period[9]. - The total ore production for the six months ended June 30, 2025, was 253.73 thousand tons, with an average gold grade of 5.45 grams per ton[16]. - The company processed approximately 279.84 thousand tons of ore, resulting in a gold production of 1,325.20 kilograms[17]. - For the six months ended June 30, 2025, the gold mining business generated revenue of HKD 1,028,737,000, with a gross profit of HKD 530,135,000[76]. Expenses and Costs - Administrative and other expenses were approximately HKD 81,298,000, a 12% increase from HKD 72,610,000 in 2024, primarily due to the acquisition of Huasheng Construction Investment Co., Ltd. and increased employee costs[6]. - Financial costs increased by approximately 28% to HKD 19,844,000, mainly due to interest expenses related to the precious metals purchase agreement with Zijin Mining Group[6]. - Employee costs for the interim period amounted to approximately HKD 34,895,000, with stock-based payments of about HKD 2,344,000 due to stock options granted[36]. - The cost of inventory recognized as an expense was HKD 417,563,000, a decrease of 27% compared to HKD 573,294,000 for the same period in 2024[86]. Assets and Liabilities - As of June 30, 2025, the total assets and net assets of the group were approximately HKD 5,574,793,000 and HKD 3,210,874,000, respectively, compared to HKD 4,593,704,000 and HKD 2,618,967,000 as of December 31, 2024[21]. - The total bank borrowings amounted to approximately HKD 567,719,000 as of June 30, 2025, slightly increasing from HKD 530,596,000 as of December 31, 2024[22]. - The debt-to-equity ratio was approximately 18.6% as of June 30, 2025, compared to 21.4% as of December 31, 2024[22]. - The company has a net current liability of approximately HKD 288,083,000, but it continues to prepare financial statements on a going concern basis, indicating confidence in future cash flows and financing options[61]. Acquisitions and Investments - The company completed a vertical integration acquisition of Huasheng Construction Investment Co., Ltd. in January 2025, enhancing cost efficiency and safety management[42]. - The company acquired 100% equity of Huasheng Construction Investment Co., Ltd. for RMB 30,000,000 through the issuance of convertible bonds[35]. - A horizontal acquisition of Rongchang Investment Co., Ltd. was announced on March 7, 2025, expected to expand mineral reserves in Subi County[42]. - The acquisition of Huasheng Group was completed for a total consideration of RMB 30,000,000 (approximately HKD 33,000,000), with adjustments based on the future financial performance of Xi'an Hongshang over a five-year guarantee period[128]. Corporate Governance - The company emphasizes adherence to corporate governance best practices to enhance performance and protect shareholder interests[141]. - The company has complied with the corporate governance code as per the listing rules for the six months ending June 30, 2025, with specific deviations explained[142]. - The board of directors is responsible for setting business strategies and management objectives, while daily operations are delegated to management[145]. - The audit committee consists of three independent non-executive directors, ensuring the quality and integrity of internal controls and reviewing accounting principles[146]. Cash Flow and Financing - The net cash generated from operating activities for the six months ended June 30, 2025, was HKD 535,551,000, a significant increase from HKD 238,703,000 in the same period of 2024, representing a growth of approximately 124.5%[57]. - The net cash used in investing activities amounted to HKD 139,243,000, compared to HKD 21,788,000 in the previous year, indicating a substantial increase in investment expenditures[57]. - The net cash generated from financing activities was HKD 199,492,000, a turnaround from a cash outflow of HKD 179,657,000 in the prior year, reflecting improved financing conditions[57]. - The company plans to actively negotiate with financial institutions for refinancing to ensure sufficient working capital and financial requirements in the foreseeable future[61]. Shareholder Information - Major shareholders include Jiang Wei with 1,186,334,000 shares (26.98%), Lin Changdong with 600,000,000 shares (13.64%), and Lin Yuying with 330,000,000 shares (7.50%)[154]. - The company issued 327,420,000 new ordinary shares at a subscription price of HKD 0.69 per share, raising a net amount of HKD 225.5 million[29]. - The company did not declare any dividends for the six months ended June 30, 2025, consistent with the previous year[90]. - The weighted average number of shares issued during the six months ended June 30, 2025, was used to calculate the potential shares from all stock option plans, resulting in a dilution of 1.9%[161].