香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） 除經補充協議修訂外，買賣協議之所有其他條款將維持不變，並具有十足效力及作用。 承董事會命 潼關黃金集團有限公司 （股份代號：00340） 有關涉及根據特別授權 發行代價股份 以收購目標公司100%股份之 須予披露交易的 補充協議 茲提述本公司日期為二零二五年三月七日之公佈（「該公佈」），內容有關涉及根據特別授 權發行代價股份之收購事項。除另有說明外，本公佈所用詞彙與該公佈所界定者具有相 同涵義。 補充協議 於二零二五年十月七日，買方與賣方就有關收購事項之禁售期安排訂立買賣協議之補充 協議（「補充協議」）如下： 根據補充協議，賣方承諾自代價股份發行予賣方之日起計直至完成日期起18個月當日（包 括該日），在未經買方事先書面同意下，賣方不得直接或間接提呈、出售、訂約出售、轉 讓、質押代價股份、就代價股份設立任何產權負擔或以其他方式處置代價股份、訂立會 ...

Group 1 - International gold prices surged to a historic high, with futures reaching $3945.2 per ounce and spot prices hitting $3920.77 per ounce, marking a significant increase in less than 10 days since surpassing the $3800 mark [1] - Domestic gold jewelry prices in China also rose, with brands like Chow Sang Sang, Chow Tai Fook, and Lao Feng Xiang seeing prices exceed 1100 RMB per gram, and Lao Miao Gold reaching 1148 RMB per gram [1] - Hong Kong-listed gold stocks experienced notable gains, with Zhu Feng Gold rising over 12%, Shandong Gold increasing by over 6%, and other companies like Lingbao Gold and Chifeng Gold also seeing upward movement [2][3] Group 2 - The gold market in Shenzhen's Shui Bei area witnessed a surge in consumer activity during the National Day holiday, particularly in wedding-related products, with foot traffic reportedly doubling [4][6] - The popularity of 5D craft gold jewelry is increasing among young consumers, attributed to its lightweight and stylish design, alongside traditional wedding gold items like dragon and phoenix bangles and wedding rings [6] - Deutsche Bank analysts noted that the recent record high in gold prices is driven by heightened risk aversion among investors, with predictions of gold prices potentially reaching $4000 to $4500 per ounce by 2026 under various scenarios [8]

Group 1 - The stock prices of several companies in the precious metals sector have seen significant increases, with China Silver Group (00815.HK) rising by 11.43%, Datang Gold (08299.HK) increasing by 5.38%, Tongguan Gold (00340.HK) up by 5.02%, and Shandong Gold (01787.HK) gaining 3.98% [1]

Core Viewpoint - CICC forecasts Tongguan Gold's (00340) EPS for 2025-2026 to be HKD 0.16 and HKD 0.23, with a CAGR of 121% from 2024-2026, indicating strong growth potential [1] Group 1: Company Performance - The company emphasizes the strategic importance of exploration and resource expansion, holding a total gold resource of 55.0 tons with an average grade of 8.26 g/t [2] - Tongguan Gold's production is expected to increase, with projected gold sales of 2.8 tons and 3.4 tons for 2025 and 2026, respectively [2] - The acquisition of Xi'an Hongshang, a mining engineering supplier, is anticipated to lower production costs through industry chain integration [2] Group 2: Strategic Investments - Zijin Mining's strategic investment includes acquiring 3.82% of the company through its wholly-owned subsidiary, reflecting confidence in the company's asset quality and strategic direction [3] - The partnership with Zijin is expected to enhance the company's cash flow and provide potential for future mergers and acquisitions [3] Group 3: Market Conditions - The decline in real interest rates and the trend of central bank gold purchases are expected to support rising gold prices [4] - The anticipated continuation of gold purchases by the People's Bank of China is likely to replicate previous successful operations [4] - Potential catalysts for growth include sustained increases in gold prices and successful transitions in mining operations at Tongguan [4]

Core Viewpoint - CICC expects Tongguan Gold (00340) to achieve EPS of HKD 0.16 and HKD 0.23 for 2025 and 2026 respectively, with a CAGR of 121% from 2024 to 2026, indicating strong growth potential [1] Group 1: Company Performance - The company emphasizes the strategic importance of exploration and resource expansion, holding a total gold resource of 55.0 tons with an average grade of 8.26 grams per ton [2] - Tongguan Gold's production is expected to increase, with projected gold sales of 2.8 tons and 3.4 tons for 2025 and 2026 respectively [2] - The acquisition of Xi'an Hongshang, a mining engineering supplier, is anticipated to lower production costs through industry chain integration [2] Group 2: Strategic Investments - Zijin Mining's strategic investment includes acquiring 3.82% of the company through its wholly-owned subsidiary, reflecting confidence in the company's asset quality and strategic direction [3] - The collaboration on metal streams is expected to enhance the company's cash flow and growth potential for future acquisitions [3] Group 3: Market Conditions - The decline in real interest rates and the trend of central bank gold purchases are expected to support rising gold prices [4] - The anticipated continuation of gold purchases by the People's Bank of China is likely to replicate previous successful operations, further supporting gold price increases [4] - Potential catalysts for growth include sustained increases in gold prices and successful transitions in mining operations at Tongguan [4]

Investment Positives - Tongguan Gold Group is initiated with an OUTPERFORM rating and a target price of HK$3.52, driven by expertise in gold exploration and strong organic growth momentum [1] - The company has a total of 55.0 tons of gold reserves with an average ore grade of 8.26g/t, expecting gold sales volume to reach 2.8 tons in 2025 and 3.4 tons in 2026 as mining permits progress [1] Cost Management - Tongguan Gold acquired Xi'an Hongshang, a mining service provider, in January 2025, which is expected to help reduce production costs through value chain consolidation [2] Strategic Investments - Zijin Mining acquired a 3.82% stake in Tongguan Gold for US$25 million, indicating recognition of Tongguan's asset quality and strategic direction [2][3] - The partnership is anticipated to enhance cash flow and may lead to potential M&A transactions to further boost growth [3] Market Conditions - A decline in effective interest rates and the People's Bank of China's (PBoC) expected continuation of gold purchases are likely to support gold price increases [4][5] - The PBoC resumed gold purchases in November 2024, which may lead to further increases in gold acquisitions [5] Financial Projections - Forecasted EPS for Tongguan Gold is HK$0.16 in 2025 and HK$0.23 in 2026, representing a CAGR of 121% from 2024 to 2026 [6] - The stock is currently trading at 17.3x 2025e and 11.6x 2026e P/E, with a target price implying a 30% upside [6]

Investment Highlights - Company is initiating coverage on Tongguan Gold (00340) with an "outperform" rating and a target price of HKD 3.52, focusing on its operations in the Tongguan and Subei mining areas [1] - The company emphasizes exploration and resource expansion, holding a total gold resource of 55.0 tons with an average grade of 8.26 g/t, expecting gold sales of 2.8 tons and 3.4 tons in 2025 and 2026 respectively [1] - The acquisition of Xi'an Hongshang, a mining engineering supplier, is anticipated to lower production costs through industry chain integration [1] Strategic Investment and Growth Potential - Zijin Mining's strategic investment, acquiring 3.82% of the company through its subsidiary, reflects confidence in the company's asset quality and strategic direction, with a cash prepayment of USD 25 million [1] - The collaboration with Zijin is expected to enhance the company's cash flow and provide potential for future mergers and acquisitions [1] Market Trends and Price Predictions - The decline in real interest rates and the trend of central bank gold purchases are expected to support rising gold prices, with the Chinese central bank restarting gold purchases in November 2024 [2] - The company is positioned to exceed market expectations in gold production growth due to its focus on exploration and resource expansion [2] Earnings Forecast and Valuation - Projected EPS for the company is HKD 0.16 and HKD 0.23 for 2025 and 2026, respectively, with a CAGR of 121% from 2024 to 2026 [2] - The current valuation corresponds to 17.3 times and 11.6 times the earnings for 2025 and 2026, respectively, with a target price reflecting a 30% upside from the current stock price [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 潼關黃金集團有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00340 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 46,223,810,000 | HKD | | 0.1 | HKD | | 4,622,381,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 46,223,810,000 | HKD | | 0.1 | HKD | | 4,622,381,000 | ...

Group 1: Market Overview - The Hong Kong stock market indices rose collectively, with the Hang Seng Index increasing by 1.61%, the National Enterprises Index by 1.77%, and the Hang Seng Tech Index by 3.36% due to rising expectations of a Federal Reserve interest rate cut [1] - Chip stocks experienced significant gains, with SMIC (00981.HK) up 12.7%, ChipMOS Technologies (02166.HK) up 10.71%, and Hua Hong Semiconductor (01347.HK) up 7.12% [1] - The AI investment surge is driving demand for semiconductor storage, supported by domestic wafer fabrication expansion plans [1] Group 2: Sector Performance - Gold and precious metals stocks saw substantial increases, with Tongguan Gold (00340.HK) rising 15.13% and Zijin Mining (02899.HK) up 3.99%, driven by lower-than-expected U.S. employment data and heightened gold price expectations [2] - The automotive supply chain, including lithium battery and electric vehicle stocks, performed well, with Tianqi Lithium (09696.HK) up 12.93% and BYD Electronics (00285.HK) up 6.63% [2] - Biopharmaceuticals, innovative drugs, and medical outsourcing sectors also showed strong performance [3] Group 3: Underperforming Sectors - The real estate sector declined, with companies like Oceanwide Holdings (03377.HK) down 4.38% and China Resources Land (01109.HK) down 3.42% [3] - Consumer sectors, including film, aviation, education, dairy products, sports goods, and luxury goods, faced pressure and showed weakness [4]

Core Viewpoint - The Hong Kong gold sector has seen a significant rally, driven by increased demand for safe-haven assets due to the U.S. government shutdown and escalating geopolitical tensions [1][7][8]. Group 1: Market Performance - Chinese Silver Group led the gains with a rise of over 30%, followed by Zijin Gold International with an increase of over 13%, and Tongguan Gold up by over 11% [1][2]. - Other companies such as Lingbao Gold, Chifeng Jilong Gold, and Zijin Mining also experienced notable increases in their stock prices [1][2]. Group 2: Gold Price Trends - COMEX gold futures showed a slight pullback but remained above the critical level of $3,890 [2]. - Spot gold maintained a high level around $3,868, providing strong support for related stocks [4]. Group 3: Drivers of Demand - The core reason for the sector's rise is the increased demand for safe-haven assets, triggered by the U.S. government shutdown, which is the first political deadlock in nearly seven years [7][8]. - The shutdown has led to significant economic uncertainty, with the U.S. Labor Department halting data collection and publication, affecting key economic indicators [8]. Group 4: Geopolitical Factors - Escalating geopolitical conflicts, particularly the recent military actions by Russia against Ukraine, have further heightened market risk aversion [9]. - The potential for further conflict in Europe has contributed to the attractiveness of gold as a hedge against political risk [9]. Group 5: Future Gold Price Predictions - Central bank gold purchases are a significant factor supporting rising gold prices, with global official gold reserves increasing by 166 tons in Q2 [10]. - Predictions indicate that gold prices could reach $4,200 per ounce by mid-2026, driven by expectations of Federal Reserve rate cuts and increased demand for safe-haven assets [10][11].