证券代码：600547 证券简称：山东黄金 公告编号：临 2025-073 山东黄金矿业股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 11 月 12 日（星期三） 11:00-12:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：网络文字互动 二、说明会召开的时间、地点 （一） 会议召开时间：2025 年 11 月 12 日（星期三） 11:00-12:00 （二） 会议召开地点：上证路演中心平台（http://roadshow.sseinfo.com/） （三） 会议召开方式：网络文字互动 三、参加人员 参加业绩说明会的人员为公司管理层 四、投资者参加方式 （一）投资者可在 2025 年 11 月 12 日（星期三）11:00-12:00，通过互联网 登录上证路演中心（http://roa ...

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10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 山東黃金礦業股份有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01787 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 995,486,178 | RMB | | 1 RMB | | 995,486,178 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 995,486,178 | RMB | | 1 RMB | | 995,486,178 | | 2. 股份分類 | 普通股 | 股份類別 | A | | ...

Market Performance - The Hang Seng Index increased by 0.20% at midday on November 4 [1] - The Hang Seng Tech Index decreased by 0.20% [1] Sector Performance - Gold stocks experienced a widespread decline, with Lingbao Gold falling over 5%, Shandong Gold and Zijin Mining both dropping more than 4% [1] - The Apple supply chain saw significant losses, with Cowin Technology down nearly 9%, Hon Teng Precision down 6%, and FIH Mobile down nearly 5% [1]

Group 1 - Lingbao Gold experienced a decline of over 5% [1] - Jihai Resources, Tongguan Gold, and Zijin Mining fell by more than 4% [1] - Zhaojin Mining, Shandong Gold, Chifeng Jilong Gold, China Silver Group, and China Gold International dropped by over 3% [1]

证券之星消息，11月3日南向资金增持697.8万股山东黄金（01787.HK）。近5个交易日中，获南向资金 增持的有4天，累计净增持946.93万股。近20个交易日中，获南向资金增持的有12天，累计净增持267.76 万股。截至目前，南向资金持有山东黄金（01787.HK）5.4亿股，占公司已发行普通股的54.22%。 山东黄金矿业股份有限公司是一家主要从事黄金及有色金属的勘查、开采、选冶、销售的中国公司。该 公司还从事黄金矿山专用设备、建筑装饰材料（不含国家法律法规限制产品）的生产、加工和销售。该 公司通过四个分部开展业务。黄金及有色金属开采分部从事开采及销售黄金矿石及其他。黄金及有色金 属精炼分部从事生产及销售黄金及其他。投资管理分部从事股本基金的投资及提供期货合约交易服务。 贸易分部从事金锭及有色金属交易。该公司主要在中国国内和海外市场开展业务。 | 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-11-03 | 5.40亿 | 697.80万 | 1.31% | | 2025-10-31 | 5.33 Z | 377. ...

Core Viewpoint - Gold mining and jewelry stocks experienced significant declines following the announcement of new tax policies related to gold trading, which aim to regulate the market and reduce speculative activities [1] Company Performance - Lao Pu Gold (06181) fell by 8.04%, trading at 629.5 HKD - Chow Tai Fook (01929) decreased by 6.18%, trading at 14.28 HKD - Shandong Gold (01787) dropped by 4.53%, trading at 31.22 HKD - China Gold International (02099) declined by 5.86%, trading at 123.7 HKD - Zijin Mining (02899) decreased by 3.41%, trading at 31.14 HKD [1] Industry Analysis - The Ministry of Finance and the State Taxation Administration released new tax policies aimed at clarifying tax obligations in the gold trading sector, addressing previous ambiguities that allowed for tax avoidance [1] - The new regulations categorize gold based on "purity + function," which is intended to suppress speculative trading and reduce compliance costs for legitimate investments [1] - According to Huatai Futures, the short-term impact of the policy may lead to increased gold prices, putting pressure on physical demand; however, in the long term, the standardization of gold investment could enhance its financial attributes and institutional ownership [1] - The ongoing global financial instability is expected to sustain medium to long-term demand for gold, despite the potential increase in holding costs that may drive wealth towards tangible assets or the stock market, thereby stimulating the economy [1]

Core Viewpoint - The international gold price has ended a four-day decline, with domestic gold jewelry prices rising back to 1200 yuan per gram, indicating a potential recovery in the gold market amid ongoing economic uncertainties [1][2]. Group 1: Market Trends - Domestic gold prices have seen significant increases, with various brands reporting price hikes. For instance, Chow Tai Fook's gold price is at 1198 yuan per gram, while Lao Feng Xiang is at 1200 yuan per gram, reflecting daily increases of 1.61% and 1.44% respectively [2]. - The price of investment gold bars has surged dramatically, with reports of prices rising from 928 yuan per gram in the morning to over 1000 yuan per gram by the afternoon of November 1 [4][5][6]. - The announcement of new tax policies regarding gold by the Ministry of Finance and the State Taxation Administration has influenced the market, leading to a rapid increase in gold bar prices and a scarcity of lower-priced options [5][18]. Group 2: Analyst Insights - Analysts from Dahua Bank maintain a positive long-term outlook on gold, citing ongoing central bank purchases and investor demand for diversification as key factors supporting gold prices [2]. - The market is expected to continue experiencing wide fluctuations due to uncertainties surrounding tariff policies and the potential for government shutdowns in the U.S., which provide a supportive bottom for gold prices [3]. Group 3: Consumer Impact - The new tax policies primarily affect investment gold transactions and do not change the tax implications for gold jewelry purchases, meaning consumers will not see a direct impact on the prices of gold jewelry [18][19]. - Retail prices for gold jewelry typically include value-added tax (13%) and consumption tax (5%), which are already factored into the selling price [19].

该行下调公司2025至2027年归母净利预测分别为跌7.9%、跌1.8%、跌0.23%至63.38亿、93.6亿、123.6亿 元(三年复合增速为61.19%)，对应每股盈利分别为1.37、2.03、2.68元；对应A股目标价为38.52元，H股 目标价为35.02港元，均维持"增持"评级。 华泰证券发表研报指，山东黄金第三季度实现营收270.17亿元，按年增长27.25%，按季度跌12.37%，归 母净利11.48亿元。今年首三季实现营收837.83亿元，归母净利39.56亿元，扣非净利39.45亿元。该行认 为，短期下跌不影响黄金长期逻辑，回调反而提供加仓机会，企稳后建议重新关注。 ...

Core Viewpoint - Huatai Securities reports that Shandong Gold achieved revenue of 27.017 billion yuan in Q3, a year-on-year increase of 27.25%, but a quarter-on-quarter decline of 12.37%, with a net profit attributable to shareholders of 1.148 billion yuan [1] Financial Performance - For the first three quarters of the year, Shandong Gold reported revenue of 83.783 billion yuan and a net profit attributable to shareholders of 3.956 billion yuan, with a non-recurring net profit of 3.945 billion yuan [1] - The company has seen a downward adjustment in net profit forecasts for 2025 to 2027, with expected declines of 7.9%, 1.8%, and 0.23%, leading to projected net profits of 6.338 billion yuan, 9.36 billion yuan, and 12.36 billion yuan respectively [1] Earnings Per Share and Target Prices - Corresponding earnings per share are projected to be 1.37 yuan, 2.03 yuan, and 2.68 yuan for the years 2025, 2026, and 2027 [1] - The target price for A-shares is set at 38.52 yuan, while the target price for H-shares is 35.02 Hong Kong dollars, with a maintained "Buy" rating [1]

Group 1 - The Hong Kong gold stocks experienced a collective decline, with China Gold International dropping over 5%, Shandong Gold down more than 4%, and several other companies like Zijin Mining, Zijin Gold International, and Chifeng Jilong Gold falling over 3% [2] - In the Asian market, spot gold prices fell below $3970 per ounce, reflecting a decrease of 0.84% [4] - A new tax policy regarding gold was announced by the Ministry of Finance and the State Taxation Administration, set to take effect from November 1, 2025, until December 31, 2027, aimed at regulating gold trading and speculation [4] Group 2 - Professor Gong Xiuguo from Sichuan University highlighted that the current global uncertainties and high gold prices have attracted many investors to the gold market, which poses significant risks [4] - The new tax policy is expected to use tax leverage and clarify investment purposes to curb excessive speculation in gold trading, thereby reflecting true market demand more accurately [4]