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告之內容概不 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 就 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 SHANDONG GOLD MINING CO., LTD. 山東黃金礦業股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1787） 2025年第一季度報告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09條及第13.10B條 及香港法例第571章證券及期貨條例第XIVA部 作 出。 下文載列截至2025年3月31日止三個月山東黃金礦業股份有限公司（「本公司」） 的2025年 第 一 季 度 報 告。該 報 告 所 載 的 財 務 報 告 乃 根 據 中 國 企 業 會 計 準 則 編 製，且 未 經 審 計。 本 公 告 以 中 英 文 兩 種 語 言 編 製。如 中 英 文 版 本 有 任 何 歧 義，概 以 中 文 版 本 為 準。 董事長 李 航 中 華 人 民 共 ...

| | | | 公司資料 | | 2 | | --- | --- | --- | | 財務摘要 | | 3 | | 董事長報告 | | 4 | | 管理層討論與分析 | | 10 | | 董事、監事及高級管理層之履歷 | | 33 | | 董事會報告 | | 40 | | 監事會報告 | | 79 | | 企業管治報告 | | 84 | | 獨立核數師報告 | 106 | | | • 合併損益表 | | 113 | | • 合併綜合收益表 | | 114 | | • 合併財務狀況表 | | 115 | | • 合併權益變動表 | | 117 | | • 合併現金流量表 | | 120 | | • 合併財務報表附註 | | 122 | | 釋義 | | 253 | A Share Stock Code A股份代號：600547 H Share Stock Code H股份代號：1787 （於中華人民共和國註冊成立的股份有限公司） (A joint stock company incorporated in the People's Republic of China with limited liability ...

Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately RMB 82,517.99 million, an increase of about 39.21% compared to the previous year[2]. - The net profit for the year ended December 31, 2024, was approximately RMB 4,387.60 million, representing an increase of about 55.41% year-on-year[2]. - The profit attributable to equity holders for the year was approximately RMB 2,898.68 million, up approximately 27.84% from the previous year[2]. - Basic earnings per share for the year were RMB 0.56, an increase of approximately 40.00% compared to RMB 0.40 in the previous year[2]. - The board proposed a final dividend of RMB 1.48 per 10 shares (before tax) for the year ended December 31, 2024[2]. - The group's gross profit for the year was approximately RMB 12,213.36 million, with a gross margin improvement from 14.55% to 14.80%[4]. - Total revenue for the year ended December 31, 2024, reached RMB 82,517,994 thousand, an increase from RMB 59,275,275 thousand in 2023, representing a growth of approximately 39.2%[28]. - The company reported a net profit of RMB 4,387,599 thousand for the year ended December 31, 2024, compared to RMB 2,823,243 thousand in 2023, indicating a year-over-year increase of approximately 55.5%[28]. - The company's basic earnings per share for 2024 was RMB 0.56, compared to RMB 0.40 in 2023, marking a growth of 40%[33]. Assets and Liabilities - Total assets as of December 31, 2024, were approximately RMB 132,309.23 million, compared to RMB 106,386.66 million in the previous year[6]. - The group's cash and cash equivalents increased to RMB 9,931.63 million, up from RMB 8,352.90 million in the previous year[6]. - Trade and other payables rose to RMB 27,649.84 million, compared to RMB 19,976.44 million in the previous year, indicating increased operational activity[6]. - Non-current liabilities increased to RMB 40,030,311 thousand in 2024 from RMB 32,228,251 thousand in 2023, representing a growth of 24.1%[7]. - Total net assets rose to RMB 58,556,797 thousand in 2024, up from RMB 53,297,714 thousand in 2023, indicating an increase of 9.5%[7]. - The total liabilities as of December 31, 2024, were RMB 102,453,678 thousand, an increase from RMB 81,721,127 thousand in 2023, representing a rise of approximately 25.3%[31]. - The group's total liabilities increased by approximately 16.09% from RMB 51,143.97 million as of December 31, 2023, to RMB 59,375.85 million as of December 31, 2024[80]. Research and Development - Research and development expenses increased to RMB 770.41 million, reflecting a commitment to innovation and technology[4]. - The company invested RMB 863 million in technology research and development, an increase of 8.42% year-on-year, and applied for 76 invention patents[44]. - Research and development expenses increased by 58.13% to RMB 770.41 million, compared to RMB 487.20 million in the previous year, indicating a focus on innovation[71]. Production and Operations - In 2024, the company achieved a gold production of 46.17 tons, an increase of 4.39 tons or 10.51% year-on-year[40]. - The company completed exploration investments totaling RMB 590 million, achieving a new gold resource increase of 58.8 tons[41]. - The company has a total gold resource reserve of 2,058.46 tons as of the end of 2024[42]. - The company achieved a significant breakthrough in technology innovation, receiving 41 provincial and ministerial-level awards in 2024, including the National Science and Technology Progress Second Prize for "Key Technologies and Equipment for Intelligent Mining of Underground Metal Mines"[59]. - The average grade of ore at the Beiradelo mine increased by 27.71%, contributing to significant growth in gold production[67]. Environmental and Safety Initiatives - The company is committed to sustainable development and responsible mining practices, focusing on green and low-carbon initiatives[129]. - The company is actively working on carbon peak and carbon neutrality initiatives, promoting green mining practices[137]. - The company emphasizes safety and environmental management, aiming to improve its ecological and safety standards in mining operations[55]. - The company is committed to enhancing its environmental management practices to meet increasing ecological and regulatory demands[143]. Strategic Acquisitions and Investments - The company acquired 100% of Osino Resources Corp., adding a total of 765 tons of gold resources[42]. - The company acquired 70% equity in Baotou Changtai Mining for a transaction price of RMB 471.10 million, based on a valuation of RMB 681.81 million as of June 30, 2023[107]. - The company has ongoing projects with a total investment of RMB 82.73 million in the Jiaojiakou mining area, aiming for an annual production capacity of 6.6 million tons[112]. - The company has confirmed its mineral resource and reserve estimates as of December 31, 2024, in accordance with the national standard GB/T 17766-2020 and the international NI43-101 guidelines[95]. Market and Economic Outlook - The gold industry is expected to maintain strong demand due to geopolitical uncertainties and economic conditions, enhancing gold's value as a safe-haven asset[128]. - The company is focused on maintaining a stable operational performance amidst complex global geopolitical risks and economic uncertainties[127]. - The company projects a revenue growth of 10% for the fiscal year 2024, targeting RMB 1.32 billion[169]. Corporate Governance and Compliance - The audit committee has reviewed the annual performance for the year ending December 31, 2024, and confirmed compliance with applicable accounting standards[155]. - The company is committed to improving its corporate governance structure in accordance with relevant laws and regulations[153]. - The company plans to enhance its governance structure and improve the quality of information disclosure, while also deepening investor relations management[139].

Acquisition and Resource Expansion - The company achieved a gold metal increase of over 16 tons through the acquisition of Baotou Changtai Mining, which will enhance production capacity at Shandong Gold's mining operations[5]. - The company completed the acquisition of exploration rights for the Xiling Gold Mine and integrated it with existing mining rights at the Sanshandao Gold Mine, currently advancing project construction[5]. - The company acquired a 70% stake in Baotou Changtai Mining Co., significantly increasing its resource reserves and extending the service life of its mines[14]. - The company has integrated its mining rights at the Jiaoji Gold Mine and the Xincheng Gold Mine, with ongoing resource integration projects[5]. - The company is actively pursuing resource exploration and acquisitions to strengthen its resource base and ensure sustainable development[14]. Financial Performance - The company's revenue for the reporting period was approximately RMB 457.73 billion, an increase of about RMB 183.49 billion or 66.90% year-on-year[20]. - The pre-tax profit reached approximately RMB 27.73 billion, an increase of about RMB 14.45 billion year-on-year[20]. - The company achieved a net profit attributable to shareholders of approximately RMB 13.57 billion, an increase of about RMB 5.02 billion year-on-year[20]. - The average return on equity was approximately 4.9%, an increase of about 2.15 percentage points year-on-year[20]. - The company reported a significant increase in the fair value of trust products, rising to RMB 68,072 million, with a gain of RMB 2,035.15 million during the period[36]. Research and Development - Research and development expenses for the first half of 2024 amounted to RMB 258 million, representing a year-on-year increase of 56.5%[7]. - The company has applied for 26 invention patents in the first half of 2024, with two subsidiaries recognized as provincial-level "specialized and innovative" small and medium-sized enterprises[7]. - The company was awarded the second prize in the National Science and Technology Progress Award for its key technologies and equipment in intelligent mining of underground metal mines[7]. - The company completed the construction and application promotion of 105 intelligent mining system scenarios, enhancing mechanization and automation levels[15]. Market Trends and Gold Prices - In the first half of 2024, the international spot gold price reached a high of $2,450 per ounce and closed at $2,326 per ounce, an increase of approximately 12.8% compared to the end of the previous year[10]. - The gold industry is expected to benefit from increased demand for gold as a safe-haven asset due to geopolitical tensions and inflation concerns, with prices likely to remain high in the second half of 2024[10]. - Domestic gold trading volume in the Shanghai Gold Exchange increased by 39.77% year-on-year, totaling 29,800 tons, with a trading value of RMB 15.49 trillion, up 68.48%[11]. Operational Efficiency and Sustainability - The comprehensive recovery rate of underground mining increased by 0.24 percentage points year-on-year, while the mining loss rate decreased by 0.02 percentage points[6]. - The company has been recognized as a "water-saving enterprise" in Shandong Province for its efforts in green and sustainable mining practices[8]. - The company is actively promoting carbon peak and carbon neutrality initiatives, enhancing its ecological brand image in the mining sector[8]. - The company emphasizes safety and environmental management in its operations, aiming for high-quality and sustainable development in the mining sector[13]. Financial Position and Liabilities - As of June 30, 2024, the company's total assets amounted to approximately RMB 1530.45 billion, an increase of about RMB 180.26 billion or 13.35% from the beginning of the period[20]. - The company's total liabilities were approximately RMB 991.34 billion, increasing by about RMB 174.12 billion or 21.31% compared to the beginning of the period[20]. - The company has a robust debt repayment plan and believes it has sufficient cash flow to cover its operational needs for the next twelve months[26]. - The company has established long-term business relationships with major banks, enhancing its ability to meet future capital expenditure and operational funding requirements[26]. Employee and Governance - As of June 30, 2024, the group employed a total of 19,314 full-time employees, with employee costs amounting to RMB 2,563.33 million, compared to RMB 1,806.9 million for the same period in 2023[97]. - The company has implemented a performance-based compensation system to enhance employee motivation and align with market standards[97]. - The audit committee, consisting of two non-executive directors and three independent non-executive directors, has reviewed the interim report for the six months ended June 30, 2024, ensuring compliance with applicable accounting standards[102]. Risk Management - The company has established a comprehensive risk management system to address various operational risks, including safety and environmental management[67][68]. - The company has implemented a risk reporting system to regularly inform management of any anomalies and activate corresponding risk warning mechanisms[53]. - The group has established a risk control system for derivative investments, including strict authorization management and an online monitoring platform for real-time risk management[53]. Future Outlook - The company plans to expand production at the Jiao Jia gold mine starting in 2024, with an expected adjustment in production capacity that may impact current operational indicators[24]. - The company is committed to actively exploring investment opportunities to broaden its revenue base and enhance future financial performance[57]. - The company aims to achieve a net profit margin of 20% by the end of 2024, up from 15% in the previous year[175].

Financial Performance - Revenue increased to approximately RMB 45,773.50 million, representing a year-on-year growth of about 66.90%[2] - Profit for the period was approximately RMB 2,131.71 million, an increase of about 117.56% compared to the same period last year[2] - Profit attributable to owners of the company was approximately RMB 1,357.00 million, up approximately 58.79% year-on-year[2] - Basic earnings per share for the period was RMB 0.26, compared to RMB 0.14 in the same period last year[2] - Gross profit for the period was RMB 5,665.78 million, with a gross margin improvement from previous periods[2] - Revenue for the six months ended June 30, 2024, reached RMB 45,773,495 thousand, a significant increase from RMB 27,424,883 thousand in the same period of 2023, representing a growth of approximately 67%[9] - The total revenue recognized at a point in time from customer contracts was RMB 45,764,865 thousand for the six months ended June 30, 2024, compared to RMB 27,422,136 thousand in the same period of 2023, marking a growth of approximately 67%[14] - Operating profit for the six months ended June 30, 2023, was RMB 3,584,441,000, compared to RMB 1,960,931,000 in the previous year, reflecting an increase of about 83%[17] - Profit attributable to ordinary shareholders for the six months ended June 30, 2023, was RMB 2,131,714,000, up from RMB 979,834,000 in the same period last year, marking a growth of approximately 117%[20] - The company achieved a pre-tax profit of approximately RMB 27.73 billion, an increase of about RMB 14.45 billion year-on-year[48] Dividends - The board proposed an interim dividend of RMB 0.80 per 10 shares (before tax), subject to shareholder approval[1] - The company declared a final dividend of RMB 0.14 per share for the year ended December 31, 2023, with total dividends amounting to approximately RMB 626,280,000[21] - The board of directors proposed an interim dividend of RMB 0.80 per 10 shares (tax included), amounting to a total cash dividend of RMB 357,874,362.00, which represents 30.92% of the net profit attributable to ordinary shareholders for the period[72] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 121,440.33 million, compared to RMB 106,386.66 million at the end of 2023[5] - Non-current assets increased to RMB 88,280.90 million, reflecting ongoing investments in property and equipment[5] - The company reported a net asset value of RMB 53,911.28 million as of June 30, 2024[6] - The group reported a current liability exceeding current assets by approximately RMB 33,159,421 thousand as of June 30, 2024, but management believes it can meet future financing needs due to expected operational cash inflows[11] - The company’s total liabilities decreased from RMB 4,829,857,000 to RMB 4,735,596,000, indicating improved financial stability[23] - The company’s total liabilities were approximately RMB 991.34 billion, increasing by about RMB 174.12 billion or 21.31% compared to the beginning of the period[48] - The asset-liability ratio was approximately 64.77%, an increase of about 4.24 percentage points from the beginning of the period[48] Research and Development - Research and development expenses increased to RMB 258.16 million, up from RMB 164.92 million year-on-year[2] - R&D expenses for the first half of 2024 amounted to RMB 258 million, representing a 56.5% year-on-year increase[35] - The company invested RMB 258 million in R&D in the first half of 2024, a year-on-year increase of 56.5%, and applied for 26 invention patents[52] Acquisitions and Investments - The company signed a share transfer agreement to acquire 70% of Baotou Changtai Mining for a transaction price of RMB 47,110 million, based on the assessed value of RMB 68,180.55 million as of June 30, 2023[56] - The company completed the acquisition of the Xiling Gold Mine exploration rights, integrating them with existing mining rights, and is currently advancing project construction[33] - The company completed the acquisition of 70% equity in Baotou Changtai Mining, resulting in an additional gold metal volume of over 16 tons and adding a mature operating mine[50] Production and Operations - The company produced 24.52 tons of gold in the first half of 2024, representing 17.33% of the domestic gold mining enterprises' total production[40] - The company achieved a 0.24 percentage point increase in underground mining comprehensive recovery rate and a 0.02 percentage point decrease in mining loss rate during the reporting period[34] - The company’s gold production capacity has been continuously enhanced through resource exploration and strategic acquisitions, solidifying its competitive advantage[41] Market and Industry Trends - The international spot gold price reached a high of $2,450 per ounce and closed at $2,326 per ounce, up approximately 12.8% from the end of the previous year[38] - Domestic gold prices in RMB rose approximately 14.5%, closing at RMB 549.58 per gram in the first half of 2024[38] - The global gold industry is facing challenges such as intensified competition and resource protectionism, but also opportunities due to strong demand for gold as a hedge against inflation[37] Environmental and Safety Management - The company is actively promoting green and low-carbon development, with the New City Gold Mine awarded the title of "Shandong Province Water-Saving Enterprise" in the first half of 2024[36] - The company is focusing on enhancing its safety production standards through a three-year action plan, improving equipment levels and strict assessment measures[36] - The company is enhancing its environmental management system to mitigate risks associated with stricter regulations and to improve pollution control measures[76] Employee and Governance - The company had a total of 19,314 full-time employees as of June 30, 2024, with employee costs amounting to RMB 2,563.33 million for the six months ending June 30, 2024, compared to RMB 1,806.9 million for the same period in 2023[80] - The company has maintained compliance with corporate governance standards as of June 30, 2024, and has continuously improved its governance structure[83] - The audit committee, consisting of two non-executive directors and three independent non-executive directors, reviewed the interim results for the six months ending June 30, 2024, confirming compliance with applicable accounting standards[85]

Financial Performance - The company's operating revenue for Q1 2024 reached ¥1,895,727,097.61, representing a 44.73% increase compared to the same period last year[6]. - Net profit attributable to shareholders was ¥699,890,621.07, marking a 59.48% year-over-year growth[6]. - The net cash flow from operating activities was ¥1,734,404,533.56, reflecting a significant increase of 185.93% year-over-year[6]. - Basic and diluted earnings per share were both ¥0.13, an increase of 85.71% compared to the previous year[6]. - Net profit for Q1 2024 was ¥1,055,609,970.74, up from ¥504,088,750.27 in Q1 2023, reflecting a growth of approximately 109.5%[38]. - The total comprehensive income for Q1 2024 was CNY 1,120,152,501.24, compared to CNY 417,430,969.11 in Q1 2023, indicating a significant increase of approximately 168.5%[40]. Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥142,909,311,407.78, a 6.17% increase from the end of the previous year[7]. - The total assets amounted to ¥142,909,311,407.78, compared to ¥134,599,262,003.25 in the previous year, showing an increase of about 6.5%[33]. - Total liabilities increased to ¥88,658,018,125.30 from ¥81,339,858,283.85, marking a rise of approximately 9.5%[32]. - The total liabilities amounted to CNY 46,703,043,469.78, with current liabilities totaling CNY 17,791,413,412.12, an increase from CNY 15,981,295,462.70 in the previous year[60][61]. Cash Flow - The net cash flow from financing activities increased by 137.54%, driven by higher bank borrowings and gold leasing activities[16]. - Cash inflows from operating activities totaled CNY 32,118,104,047.03 in Q1 2024, compared to CNY 18,996,571,506.61 in Q1 2023, marking an increase of approximately 69.5%[45]. - The net cash flow from operating activities for Q1 2024 was CNY 1,734,404,533.56, compared to CNY 606,589,376.42 in Q1 2023, representing a growth of approximately 185.5%[51]. - The net cash flow from financing activities for Q1 2024 was CNY 5,253,249,664.91, compared to CNY 2,223,686,109.91 in Q1 2023, indicating an increase of approximately 136.5%[52]. - The company reported a total cash outflow from operating activities of 6,584,851,325.61 RMB in Q1 2024, compared to 7,291,915,052.71 RMB in Q1 2023, indicating a reduction in cash outflow[66]. Research and Development - The company reported a 40.49% increase in R&D expenses, indicating a focus on innovation and development[13]. - Research and development expenses for Q1 2024 were ¥94,528,426.40, compared to ¥67,283,777.37 in Q1 2023, indicating an increase of about 40.5%[36]. - Research and development expenses for Q1 2024 were CNY 26,583,539.11, compared to CNY 18,828,478.15 in Q1 2023, reflecting a year-over-year increase of 41.5%[63]. Shareholder Information - The total number of shares held by Shandong Gold Group Co., Ltd. is 1,694,069,251, accounting for approximately 37.87% of the total share capital[21]. - The company completed a share transfer of 12,535,622 unrestricted shares at a price of ¥23.022 per share, affecting the shareholding structure[21]. - The total equity attributable to shareholders was ¥33,829,368,371.00, up from ¥33,084,950,645.55, representing an increase of approximately 2.2%[33]. - The company's total equity amounted to CNY 31,878,569,554.78, slightly up from CNY 31,834,271,311.21 in the previous year[61]. Inventory and Production - The company's self-produced gold output reached 11,908.11 kg, representing a year-on-year increase of 26.89%[23]. - The purchased gold output was 19,902.58 kg, showing a year-on-year increase of 40.50%[23]. - The total inventory as of March 31, 2024, was ¥8,684,282,694.44, compared to ¥8,848,047,161.20 as of December 31, 2023[25].

Financial Performance - The company's revenue for 2023 reached RMB 59,275,275, an increase from RMB 50,305,754 in 2022, representing a growth of approximately 17.5%[4] - Gross profit for the year was RMB 8,627,679, up from RMB 6,167,432 in the previous year, indicating a growth of about 39.9%[5] - The net profit attributable to shareholders was RMB 2,267,383, compared to RMB 1,193,433 in 2022, reflecting an increase of approximately 90%[8] - The company reported a basic and diluted earnings per share of RMB 0.40, up from RMB 0.19 in 2022, which is an increase of approximately 110.5%[9] - The company's revenue increased by 17.83% to approximately RMB 59,275.28 million for the year ended December 31, 2023, compared to RMB 50,305.75 million in 2022, driven by higher sales volume and prices of self-produced and purchased gold[27] - Gross profit rose by 39.89% to approximately RMB 8,627.68 million, up from RMB 6,167.43 million in the previous year, primarily due to increased gross profit from self-produced gold sales[27] - The pre-tax profit reached RMB 3,488 million, an increase of RMB 1,586 million or 83.39% year-on-year[35] - The cost of sales increased by 14.75% to RMB 50,647.60 million from RMB 44,138.32 million, primarily due to rising costs of self-produced and purchased gold[44] Assets and Liabilities - Total assets increased to RMB 135,018,841 in 2023 from RMB 91,291,330 in 2022, marking a growth of about 47.8%[10] - The total liabilities increased to RMB 81,721,127 in 2023 from RMB 54,475,408 in 2022, reflecting a growth of approximately 50.2%[10] - As of December 31, 2023, the group's cash reserves were approximately RMB 18,667.13 million, with short-term borrowings of approximately RMB 27,932.63 million[28] - The group's cash and bank balances increased from approximately RMB 7,753.48 million on December 31, 2022, to approximately RMB 8,352.90 million on December 31, 2023[29] - Trade receivables and other receivables increased by 14.28% from approximately RMB 4,683.6 million to approximately RMB 5,352.32 million[30] - Deferred tax assets rose by 98.17% from approximately RMB 364.71 million to approximately RMB 722.74 million, primarily due to the acquisition of Yintai Gold[30] - Property, plant, and equipment increased by 36% from approximately RMB 37,028.4 million to approximately RMB 50,357.96 million, mainly due to the acquisition of Yintai Gold[30] - Total borrowings increased by 119.23% from approximately RMB 23,328.94 million to approximately RMB 51,143.97 million, attributed to increased investments and financing[31] Production and Operations - The company's gold production reached 41.78 tons in 2023, accounting for approximately 14.06% of the total gold production from domestic mining enterprises[20] - The company's total gold production in 2023 included 375.155 tons of raw gold, a year-on-year increase of 0.84%[20] - The average grade of raw ore in underground mines improved by 2.17% year-on-year to 1.88 grams per ton, while the mining loss rate decreased by 0.36 percentage points to 4.82%[15] - The company completed exploration engineering of 480,000 meters and invested RMB 570 million in exploration, resulting in an additional gold metal amount of 36.6 tons[36] - The company aims for a gold production of no less than 47 tons in 2024, based on current economic and market conditions[127] - The company is accelerating the construction of world-class gold resource industrial bases, with key projects like the San Shan Island and Jiao Jia gold mines being prioritized[127] - The company is focusing on technological innovation in key areas such as deep drilling and resource recycling, targeting breakthrough results[128] Research and Development - Research and development expenses for the year were RMB 487,195, an increase from RMB 399,567 in 2022, indicating a focus on innovation and technology[5] - Research and development investment increased by 25.99% year-on-year in 2023, with 259 patent applications filed and 173 patents granted[16] - Research and development (R&D) expenses for the current period amounted to RMB 478.2 million, an increase from RMB 399.6 million in the previous year, reflecting a growth of approximately 19.7%[99] - The number of R&D personnel increased to 1,952, up from 1,887, maintaining a stable proportion of 11.09% of the total workforce[99] Market and Industry Position - The international spot gold price peaked at $2,146 per ounce in 2023, with a year-end closing price of $2,062, reflecting a 13% increase from the previous year[18] - Domestic gold consumption in China rose by 8.78% year-on-year to 1,089.69 tons, with gold jewelry consumption increasing by 7.97%[18] - The total gold trading volume on the Shanghai Gold Exchange increased by 7.09% year-on-year, reaching 41,500 tons, while the trading value rose by 22.31% to RMB 18.57 trillion[19] - The company maintained its leading position in the domestic gold industry, with 10 mines producing over 1 ton of gold each in 2023[20] - The company ranked seventh in gold production among listed gold companies in China for 2022, with Yintai Gold achieving a high gross margin[23] Environmental and Safety Initiatives - The company’s green mining initiatives were recognized, with all green mines passing the 2023 annual verification[17] - The company completed safety special investments of RMB 891 million, ensuring stable safety production throughout the year[38] - Environmental protection investments totaled RMB 154 million, with all green mines passing annual inspections[38] - The company is committed to increasing resource reserves through intensified geological exploration and acquisition of mining rights in key mineral belts[127] - The company is implementing strict safety and environmental measures to enhance mining safety and promote green development[128] Strategic Acquisitions and Investments - The company has successfully acquired mining rights for the Yintai Gold and Daqiao Gold mines, enhancing its gold resource reserves and production capacity[14] - The company successfully completed the acquisition of control over Yintai Gold and secured mining rights for the Daqiao Gold Mine, significantly enhancing its resource reserves[22] - The company has made long-term equity investments in Yintai Gold, with a total investment amount of RMB 1,259.67 million, completing the share transfer registration in July 2023[116] - The company plans to acquire the exploration rights of Xiling Gold Mine for a total consideration of RMB 1,033,424.87 million, which was approved in the shareholders' meeting on March 7, 2024[165] Governance and Management - The board of directors consists of 8 members, including 3 executive directors, 2 non-executive directors, and 3 independent non-executive directors[101] - The company has a strong management team with extensive experience in the mining and finance sectors, enhancing its operational capabilities[103][104] - The company emphasizes compliance and corporate governance, with joint company secretaries including Tang Qi and Wu Xiuwai, who have over 20 years of experience[112] - The independent non-executive directors have confirmed that there were no violations of the non-competition commitment during the reporting period[137] Compliance and Risk Management - The company is focused on sustainable development and compliance with new mining regulations issued in 2023[54] - The company has established a comprehensive risk management system to mitigate various risks, emphasizing a "standardized and stable" approach[129] - The company aims to enhance safety management by implementing measures such as signing safety responsibility agreements and improving mining safety technology[130] - Environmental management risks are addressed through strengthening ecological awareness and enhancing pollution prevention measures, with a focus on reducing pollutant emissions[131] Community and Social Responsibility - Total charitable and other donations made by the company during the reporting period were approximately RMB 2.25 million[186] - The company maintains good relationships with customers and suppliers, focusing on providing high-quality gold products and optimizing procurement processes[185] - The company is committed to environmental policies, promoting green mining and sustainable development initiatives[185]

Financial Performance - The group's revenue for the year ended December 31, 2023, was approximately RMB 59,275.28 million, an increase of about 17.83% compared to the same period last year[1]. - The net profit for the year ended December 31, 2023, was approximately RMB 2,823.24 million, representing an increase of approximately 108.54% year-on-year[1]. - The profit attributable to equity holders of the company for the year ended December 31, 2023, was approximately RMB 2,267.38 million, an increase of about 89.99% compared to the previous year[1]. - Basic earnings per share for the year ended December 31, 2023, were RMB 0.4, compared to RMB 0.19 for the same period last year[1]. - Gross profit for the year ended December 31, 2023, was RMB 8,627.68 million, compared to RMB 6,167.43 million in the previous year[3]. - The operating profit for the year was RMB 4,896,140 thousand, compared to RMB 2,832,899 thousand in 2022, indicating a significant increase of 72.5%[22]. - The total comprehensive income for the year ended December 31, 2023, was RMB 8,918 thousand, compared to RMB 2,331 thousand for the year ended December 31, 2022[17]. - The income tax expense for the year ended December 31, 2023, increased to RMB (8,918) thousand from RMB (2,331) thousand for the year ended December 31, 2022[17]. Assets and Liabilities - Total assets as of December 31, 2023, were RMB 106,386.66 million, compared to RMB 69,816.08 million as of December 31, 2022[5]. - The company's total liabilities as of December 31, 2023, were RMB 49,492.88 million, compared to RMB 34,689.94 million as of December 31, 2022[6]. - The net assets of the company as of December 31, 2023, were RMB 53,297.71 million, an increase from RMB 36,815.92 million as of December 31, 2022[6]. - The company recorded current liabilities exceeding current assets by approximately RMB 20,860,696 thousand as of December 31, 2023[11]. - The company's total debt as of December 31, 2023, was approximately RMB 52,101.59 million, up from RMB 34,803 million in 2022, resulting in a debt-to-equity ratio of 97.76%[60]. Dividends - The board proposed a final dividend of RMB 1.4 per 10 shares (tax included) for the year ended December 31, 2023[1]. - The company plans to distribute a cash dividend of RMB 1.40 per 10 shares, totaling approximately RMB 626,280,133.50 based on a total share capital of 4,473,429,525 shares as of March 28, 2024[114]. Research and Development - Research and development expenses for the year ended December 31, 2023, were RMB 487.20 million, up from RMB 399.57 million in the previous year[3]. - The company's R&D investment increased by 25.99% year-on-year in 2023, with 259 patent applications and 173 patents granted[36]. - The company is actively engaged in R&D for deep resource exploration, green mining, and intelligent mining, with significant progress in key technology projects[44]. Market and Industry Position - The company is engaged in gold and precious metal trading, as well as the manufacturing and sale of construction materials[7]. - The company continues to maintain its leading position in the domestic gold industry, with ten mines producing over 1 ton of gold annually[40]. - The company aims to produce no less than 47 tons of gold in 2024, based on current economic conditions and market situations[99]. - The company is committed to becoming a world-class gold mining enterprise with sustainable development and excellent management[97]. Acquisitions and Investments - The company successfully acquired a 20.93% controlling stake in Yintai Gold, increasing its shareholding to 28.89%[51]. - The company completed the acquisition of a controlling stake in Yintai Gold, increasing its shareholding to 28.89% as of December 31, 2023, after acquiring 581,181,068 shares[91]. - The company plans to invest RMB 0.5 billion in Yintai Gold by the end of 2023, with the funds already directed towards investment[82]. Compliance and Governance - The company is committed to maintaining good corporate governance practices and has adhered to all applicable codes of corporate governance during the year ending December 31, 2023[116]. - The audit committee, consisting of two non-executive directors and three independent non-executive directors, reviewed the annual performance for the year ending December 31, 2023, confirming compliance with applicable accounting standards[118]. - The company has adopted a standard code for securities trading by directors and supervisors, confirming compliance during the reporting period[117]. Environmental and Safety Management - The company is committed to improving safety management and environmental protection, implementing strict safety production measures and promoting green low-carbon transformation[101]. - Environmental protection investments amounted to RMB 154 million, with all green mining operations passing annual inspections[53]. - The company acknowledges safety management risks due to increasing government regulations and aims to strengthen safety production through advanced technology and rigorous inspections[104]. Future Outlook - The company plans to enhance production capacity through systematic optimization and technological improvements, focusing on mechanization and intelligent transformation[99]. - The company aims to strengthen its governance and market-oriented operations while enhancing its capital operation capabilities[98]. - The company is committed to exploring investment opportunities to expand its mineral resources, aiming to enhance its revenue base and future financial performance[92].

Core Viewpoint - Shandong Gold (01787) expects a significant increase in total profit and net profit for the fiscal year ending December 31, 2023, driven by strategic initiatives and favorable market conditions [1] Financial Performance - The company anticipates total profit of 3.1 billion to 3.8 billion RMB, representing a year-on-year increase of 54.51% to 89.4% [1] - The expected net profit attributable to shareholders is projected to be between 2 billion to 2.5 billion RMB, reflecting a year-on-year growth of 60.53% to 100.66% [1] Strategic Initiatives - The company has strengthened its strategic leadership role and is committed to innovation and reform [1] - Efforts include optimizing production organization and layout, enhancing technical management, and increasing production efficiency and resource utilization [1] - The company is focused on cost reduction and efficiency improvement, aiming to elevate management standards and operational efficiency [1] Market Positioning - Shandong Gold has enhanced its research and analysis team to improve market tracking and price forecasting capabilities [1] - The company is capitalizing on the high gold price environment, with gold sales prices exceeding those of the previous year [1]

Core Viewpoint - The upcoming Lunar New Year is driving a surge in gold jewelry sales, despite high international gold prices, indicating strong consumer demand and investment interest in gold for 2024 [1][2] Group 1: Gold Market Dynamics - International gold prices reached $2029 per ounce on January 21, 2024, following a brief pullback since hitting historical highs in December 2023, suggesting continued market interest in gold as an investment [1] - Most institutions maintain a bullish outlook for gold prices in 2024, although concerns exist regarding the potential impact of a "soft landing" in the U.S. economy and limited interest rate cuts by the Federal Reserve [1][3] - The World Gold Council anticipates that central bank gold purchases will exceed expectations in 2024, contributing to upward momentum in gold prices [3] Group 2: Company Performance - Shandong Gold's revenue for the first three quarters of 2023 reached 41.323 billion yuan, a year-on-year increase of 3.75%, with net profit rising by 94.12% to 1.345 billion yuan [1][2] - The company has shown a significant recovery from a loss of approximately 200 million yuan in 2021, with a net profit of around 1.2 billion yuan in 2022 [1] - Shandong Gold's gold production for the first half of 2023 was 19.57 tons, ranking second in China, and the company continues to expand its resource base through exploration and acquisitions [2][4] Group 3: Financial Health and Risks - Shandong Gold's financial situation shows high levels of debt, with short-term and long-term borrowings amounting to 20.672 billion yuan and 27.762 billion yuan, respectively, as of Q3 2023 [4] - The company's asset-liability ratio has been increasing, reaching 60.68% by Q3 2023, indicating potential financial strain [4] - High goodwill of 13.083 billion yuan raises concerns about future impairment risks, while elevated operating costs are compressing profit margins [4]