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) ...

Group 1 - Hong Kong gold stocks have risen significantly, with China Silver Group (00815.HK) increasing by 8.6% [1] - Tongguan Gold (00340.HK) has seen a nearly 6% rise [1] - Lingbao Gold (03330.HK) has increased by 2.5% [1] - Chifeng Jilong Gold Mining (06693.HK) has risen by 1.8% [1]

Group 1 - The core viewpoint of the article highlights the continued decline in gold stocks, with notable drops in specific companies such as Chifeng Jilong Gold Mining Co., Ltd. [1] - Chifeng Gold's stock price decreased by 4.76%, while Lingbao Gold Co., Ltd. fell by 4.09%, Tongguan Gold Co., Ltd. by 3.49%, and China Gold International Resources Corp. Ltd. by 2.86% [1] - The decline in gold stocks is linked to a recent ruling by a U.S. federal court that blocked President Trump's tariff policy announced on April 2, which was deemed an overreach of authority [1]

Core Viewpoint - The company has successfully transformed into a gold mining and selection company since 2017, with significant growth potential following its strategic acquisition of resources in Gansu and the anticipated strategic investment from Zijin Mining in 2025, allowing it to benefit from high gold prices [1][2]. Group 1: Company Transformation and Strategic Moves - In 2017, the company initiated a strategic transformation by acquiring multiple gold mining companies, officially entering the gold mining sector and rebranding as Tongguan Gold Group Co., Ltd [1]. - From 2017 to 2018, the company acquired four gold mining companies in Tongguan County, and in 2023, it expanded its resource base by acquiring the Hulezhade North East Mining in Gansu [1]. - The company plans to introduce Zijin Mining as a strategic investor in 2025, which is expected to propel its growth into a high-speed development phase [1]. Group 2: Resource Endowment and Exploration Potential - As of the end of 2024, the company's gold resource volume is projected to reach 55 tons, with an average grade of 8.27 g/t, positioning it among the industry leaders [1]. - The company has significant exploration potential in both of its mining sites, with plans to complete approximately 21,000 meters of pit exploration and 63,000 meters of drilling by 2024, with exploration and development expenses amounting to HKD 167 million [1]. - In March 2025, the company intends to fully acquire Rongchang Investment, securing 100% rights to the exploration of the Beidong Gold Mine and 460 Gold Mine in the Su Bei mining area, laying a solid foundation for future expansion [1]. Group 3: Production and Financial Outlook - From 2017 to 2024, the company's self-produced gold output increased from 0.7 tons to 2.5 tons, indicating strong growth momentum [2]. - The Tongguan mining area has four main subsidiaries, with ongoing projects converting exploration rights to mining rights, which are expected to enhance production capacity [2]. - The company forecasts net profits of CNY 560 million, CNY 800 million, and CNY 970 million for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 11.7, 8.3, and 6.8 times, and has initiated coverage with a "strong buy" investment rating [2].

Investment Rating - The report gives a "Strong Buy" investment rating for Tongguan Gold [2][7][47] Core Views - Tongguan Gold has successfully transformed into a gold mining and selection company since 2017, with significant resource endowment and potential for increased reserves and production. The introduction of Zijin Mining as a strategic investor in 2025 is expected to propel the company into a high-growth phase, allowing it to fully benefit from high gold prices [1][7][24]. Summary by Sections Company Overview - Tongguan Gold was established in 1997 and underwent several transformations before focusing on gold mining in 2017. The company has acquired multiple mining companies to enhance its resource base, including significant acquisitions in Gansu province in 2023 [11][15]. Financial Data and Valuation - Total revenue for 2023 is projected at HKD 1.358 billion, with a year-on-year growth of 22%. By 2025, revenue is expected to reach HKD 2.270 billion, reflecting a 53% increase. Net profit is forecasted to grow from HKD 47 million in 2023 to HKD 561 million in 2025, with corresponding PE ratios of 130.5, 31.1, and 11.7 for 2023, 2024, and 2025 respectively [6][48]. Resource Endowment and Growth Potential - As of the end of 2024, the company has a total gold resource of 55 tons with an average grade of 8.27 g/t, positioning it among the top in the industry. The company has significant exploration and development activities planned, with a focus on increasing production capacity in both Tongguan and Gansu mining areas [31][38][39]. Production and Sales Performance - Gold production increased from 0.7 tons in 2017 to 2.5 tons in 2024, with a projected increase to 2.8 tons in 2025. The company’s sales revenue from gold mining is expected to grow significantly, driven by rising gold prices and improved operational efficiency [43][47]. Strategic Partnerships - The strategic investment from Zijin Mining in April 2025 is expected to enhance Tongguan Gold's operational efficiency and market presence. The partnership includes a metal flow agreement that will provide the company with long-term funding while establishing a collaborative relationship with a leading global mining company [24][26][25]. Future Outlook - The report anticipates continued growth in net profit, projecting HKD 5.6 billion in 2025, HKD 8.0 billion in 2026, and HKD 9.7 billion in 2027, with a strong focus on increasing production and maintaining cost efficiency [47][48].

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%。 ...

Group 1: Technology Sector - Major technology stocks experienced a collective decline, with Baidu Group falling over 4%, Bilibili and Alibaba dropping more than 3%, and other companies like Kuaishou, Xiaomi, and NetEase also seeing declines of over 2% [1][2] - Specific stock performance includes Baidu Group at 82.65, down 4.01%, Bilibili at 140.30, down 3.90%, and Alibaba at 119.10, down 3.25% [3] Group 2: Film and Entertainment Sector - The film sector saw a downturn, with Alibaba Pictures dropping over 5%, and other companies like Emperor Culture, Lingmeng Film, and Maoyan Entertainment also declining [4] - Alibaba Pictures is currently priced at 0.71, down 5.33%, while Emperor Culture is at 0.039, down 4.88% [4] Group 3: Restaurant Sector - The restaurant sector is struggling, highlighted by Tehai International's drop of over 10%, with other companies like Haidilao and Yum China also experiencing declines [7] - Tehai International's stock is priced at 15.68, down 10.30% [8] Group 4: Gold Sector - In contrast, gold stocks rose, with Tongguan Gold increasing over 9%, supported by a strong gold price that reached $3340 per ounce [9] - Specific stock performance includes Tongguan Gold at 1.60, up 9.59%, and Lingbao Gold at 10.04, up 4.37% [9] Group 5: Banking Sector - Banking stocks were active, with Shengjing Bank rising by 3%, and other banks like Postal Savings Bank and Citic Bank also seeing gains [10] - Shengjing Bank is priced at 1.03, up 3.00%, while Postal Savings Bank is at 5.16, up 1.98% [11] Group 6: Automotive Sector - Xiaopeng Motors reported a significant increase in revenue, with Q1 revenue of 15.81 billion, up 141.5% year-on-year, and a projected Q2 revenue of 17.5 billion to 18.7 billion [16] - Xiaopeng Motors' stock is currently at 82.05, with a market cap of 156.186 billion [12] Group 7: Biopharmaceutical Sector - Genscript Biotech saw a rise of over 10% after announcing a strategic partnership with Taohuan Science to enhance antibody discovery solutions [20] - Genscript Biotech's stock is priced at 11.76, with a market cap of 256.03 billion [17] Group 8: Market Outlook - Ping An Securities suggests focusing on undervalued sectors such as technology, innovative pharmaceuticals, and consumer sectors due to the low-risk interest rates in mainland China [21]

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].