Financial Performance - Revenue for 2024 reached RMB 82,517,994 thousand, a 39.1% increase from RMB 59,275,275 thousand in 2023[7] - Gross profit for 2024 was RMB 12,213,355 thousand, representing a gross margin of 14.8% compared to 14.6% in 2023[7] - Net profit attributable to shareholders for 2024 was RMB 2,898,680 thousand, up 28% from RMB 2,267,383 thousand in 2023[7] - The company reported a basic and diluted earnings per share of RMB 0.56 for 2024, compared to RMB 0.40 in 2023[7] - Revenue increased by approximately 39.21% from about RMB 59,275.28 million in 2023 to about RMB 82,517.99 million, driven by higher sales volume and prices of self-produced and purchased gold[29] - Gross profit rose by approximately 41.56% from about RMB 8,627.68 million in 2023 to about RMB 12,213.36 million, mainly due to increased gross profit from self-produced gold sales[29] - The company reported a net loss of approximately RMB 892.65 million in other income and losses, a 74.79% increase in losses compared to the previous year, mainly due to increased foreign exchange losses[29] - The company reported a significant increase in gold production, reaching 1.2 million ounces, which represents a 15% year-over-year growth[110] Assets and Liabilities - Total assets increased to RMB 161,010,475 thousand in 2024, a 19.3% rise from RMB 135,018,841 thousand in 2023[8] - Total liabilities rose to RMB 102,453,678 thousand, reflecting a 25.3% increase from RMB 81,721,127 thousand in 2023[8] - The company's cash balance was approximately RMB 9,931.63 million as of December 31, 2024, indicating sufficient operating capital for future financing needs[28] - The group reported total debt as of December 31, 2024, was approximately RMB 64,444.29 million, an increase from RMB 52,101.59 million in 2023, resulting in a debt-to-equity ratio of 110.05% compared to 97.76% in the previous year[67] Research and Development - Research and development expenses for 2024 were RMB 770,411 thousand, a 58.3% increase from RMB 487,195 thousand in 2023[7] - The company's R&D investment increased by 8.42% year-on-year in 2024, with 265 patent applications and 176 patents granted during the year[15] - The company invested RMB 8.63 billion in R&D for 2024, a year-on-year increase of 8.42%, and applied for 76 invention patents[58] Production and Operations - The company's gold production in 2024 reached 46.17 tons, accounting for 15.47% of the total gold production from domestic mining enterprises[21] - The company had 12 mines producing over 1 ton of gold annually in 2024, with 6 mines showing production growth exceeding 10%[21] - The company achieved a 17% reduction in equipment failure rates and a 95% equipment utilization rate through lifecycle management systems[60] - The company aims for a gold production target of no less than 50 tons in 2025, based on current economic conditions and market situations[128] Market and Sales - Revenue from mainland China (excluding Hong Kong) accounted for 88.88% of total revenue in 2024, down from 95.46% in 2023[79] - Revenue from Hong Kong and other overseas countries increased significantly to RMB 9,165,517, representing 11.11% of total revenue, up from 4.52% in 2023[79] - The total trading volume of gold on the Shanghai Gold Exchange in 2024 increased by 49.90% year-on-year, with a trading value of RMB 34.65 trillion, up 86.65%[19] Strategic Goals and Future Outlook - The company aims to enhance its market presence through strategic expansions and new product developments in the gold and non-ferrous metals sectors[11] - The company is focusing on "digital intelligence empowerment and dual improvement in quality and efficiency" as part of its strategic goals for 2024[21] - Future outlook includes potential market expansion and new product development in the mining sector[83] - The company is committed to improving operational efficiency and profitability through enhanced management practices and technological advancements[127] Environmental and Social Responsibility - The company received the "2024 Green Mine Outstanding Contribution Award" from the Zhongguancun Green Industry Alliance, enhancing its reputation in green development[16] - The company aims to enhance its green mining initiatives and has developed a carbon peak action plan to promote sustainable practices[27] - The group has made significant progress in environmental policies, focusing on sustainable development and reducing pollution while promoting green mining practices[172] Governance and Compliance - The company emphasizes compliance and governance through its experienced company secretaries[116] - The board of directors includes both executive and non-executive members, with a total of 10 directors and supervisors as of December 31, 2024[187] - All independent non-executive directors have confirmed their independence in accordance with the Hong Kong Listing Rules[194] Risks and Challenges - The company faces risks related to safety management, environmental protection, and product price fluctuations, which could impact its operational effectiveness[135][138][140] - The company has a significant exposure to foreign exchange risk, particularly with revenues in RMB and operations in Argentina generating income in USD, which may impact consolidated financial performance[142] - The company faces increased difficulty in resource acquisition due to intensified global competition and stricter national security and environmental policies[141]

關於本報告 本報告為山東黃金礦業股份有限公司（在本報告中以「山東黃金」「公司」或「我們」指代）發佈的第一份可持續發展報告， 也是本公司連續第 10 年開展環境、社會及管治（ESG）資訊披露。 報告資訊說明 本報告時間跨度為 2024 年 1 月 1 日至 2024 年 12 月 31 日，為保持資訊的連續性，對部分內容進行了回溯和延展。所涉及 資訊來源於公司內部數據以及公開資料。除特別說明外，本報告均以人民幣為金額單位。 本報告資訊披露範圍涵蓋山東黃金礦業股份有限公司及其所屬企業，與合併財務報表範圍一致。 本報告以中文簡體、中文繁體和英文版本三個版本發佈，當語言文本有歧義或衝突時，請以中文簡體版本為準。 本報告以電子版形式發佈。您可在山東黃金礦業股份有限公司官方網站下載本報告電子文檔，網址為 http://www.sdhjgf.com.cn/ 編寫依據 本報告依據香港聯合交易所《環境、社會及管治報告指引》及相關《上市規則》條文諮詢文件、上海證券交易所《上市公司 自律監管指引第 14 號—可持續發展報告（試行）》，山東省國有資產監管管理委員會《山東省屬控股上市公司 ESG 指標體 系工作指引》編寫，並參考全球可 ...

Core Points - The A-share market's three major indices closed mixed, with the CSI 300 Metals and Mining Index at 2390.84 points [1] - The CSI 300 Metals and Mining Index has decreased by 2.48% over the past month, increased by 5.41% over the past three months, and risen by 7.96% year-to-date [1] - The CSI 300 Index categorizes its 300 sample stocks into 10 primary industries, 26 secondary industries, over 70 tertiary industries, and more than 100 quaternary industries [1] Industry Composition - The CSI 300 Metals and Mining Index has a weight distribution of 82.43% from the Shanghai Stock Exchange and 17.57% from the Shenzhen Stock Exchange [2] - The industry composition of the index includes precious metals at 45.45%, industrial metals at 21.32%, rare metals at 18.45%, steel at 11.70%, and other non-metal materials at 3.08% [2] Index Adjustments - The index samples are adjusted semi-annually, specifically on the second Friday of June and December, with temporary adjustments made under special circumstances [2] - When a sample stock is delisted, it is removed from the index, and any corporate actions such as mergers or splits are handled according to maintenance guidelines [2] - Adjustments to the CSI 300 industry index samples occur in tandem with changes to the CSI 300 Index samples [2]

特朗普一番话，金融市场又风向突转。 在经历"股债汇"三杀后，昨晚美股、美元重振旗鼓，紧跟着今天亚洲新兴市场开始收复失地。 前期重挫的越南、泰国股市回暖，日韩、港A股市纷纷高开高走， 其中，MSCI新兴市场指数、日经225指数、韩国综合指数均涨超1%，恒指涨超3%，台湾加权指数涨超4%。 此前一路狂飙的黄金"疯牛"则断崖跳水。 原以为关税大棒一顿乱挥，能让美国制造业起死回生，最后却"搬起石头砸了自己的脚"。 在"特朗普衰退"面前，善变的川普昨晚突然改口"服软"。 他一边说，没打算让鲍威尔走人；一边承认对华关税太高，拟大幅下降。 另外，特朗普还派美财长贝森特释放谈判信号，暗示中美贸易紧张局势最终会缓和。 果然，朝令夕改、反复无常是他一贯风格了。 周三亚市早盘，现货黄金高位跳水，最低触及3312美元/盎司；虽然随后短暂回升，但此后跌势仍难止。 目前，现货黄金跌破了3330美元/盎司关口，日内跌1.66%；COMEX黄金期货报3340.7美元/盎司，日内跌2.3%。 今天，港、A贵金属板块集体下挫，黄金股深度回调。 截至发稿，港股赤峰黄金大跌超14%，潼关黄金跌超10%，山东黄金跌超9%，招金矿业跌超8%。A股赤峰黄 ...

Core Insights - Shandong Gold made its first appearance on the Hong Kong Stock Connect active trading list in a month on April 22, 2023 [2][3] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 575.77 billion, accounting for 45.82% of the day's total trading amount [2] - The net buying amount for the active stocks was HKD 177.24 billion on the same day [2] Trading Activity Summary - The top traded stock was the Tracker Fund of Hong Kong (盈富基金) with a trading volume of HKD 94.95 billion [2] - Meituan-W and Xiaomi Group-W followed with trading volumes of HKD 79.64 billion and HKD 78.17 billion, respectively [2] - Alibaba-W and Tencent Holdings were the most frequently listed stocks over the past month, each appearing 19 times [2] Shandong Gold Specifics - On April 22, Shandong Gold had a trading volume of HKD 10.73 billion and a net buying amount of HKD 1.24 billion [3] - The stock closed with a price increase of 7.31% on that day [3]

智通财经APP获悉，4月22日港股市场，北水成交净买入213.6亿港元，其中港股通(沪)成交净买入118.06 亿港元，港股通(深)成交净买入95.54亿港元。 北水净买入最多的个股是盈富基金(02800)、恒生中国企业(02828)、阿里巴巴-W(09988)。北水净卖出最 多的个股是小米集团-W(01810)、紫金矿业(02899)、中芯国际(00981)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 美团-W | 27.48亿 | 29.17 乙 | 56.65亿 | | HK 03690 | | | -1.69 乙 | | 小米集团-W | 19.96亿 | 29.82 乙 | 49.78 乙 | | HK 01810 | | | -9.86 亿 | | 盈富县金 | 46.26 Z | 866.31万 | 46.34 乙 | | HK 02800 | | | +46.17 亿 | | 阿里巴巴-W | 26.08亿 | 15.42 乙 | 41.50亿 | | HK 09988 | | | +10.66亿 ...

明牌珠宝直线 拉升涨停， 四川黄金、 鹏欣资源、 洛阳钼业、 西部黄金、 潮宏基、 晓程科技、 山东黄 金等涨幅靠前。消息面上，现货黄金日内涨近50美元，突破3470美元/盎司，继续刷新历史高点。 ...

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals sector [2]. Core Insights - Gold prices are influenced by tariff policies, which create uncertainty and trigger risk aversion in the short term. The expectation of stagflation in the U.S. due to tariffs positions gold as an optimal asset allocation choice in the medium term. Long-term, the loosening of global capital ties to dollar assets may lead to increased inflows into gold from various global funds [1][9]. - The Federal Reserve's neutral stance is seen as supportive for gold prices, with recent comments from officials indicating no immediate need for rate hikes, which helps maintain a favorable environment for gold [1][9]. - Copper prices are stabilizing, with improving demand and decreasing domestic inventory. The report suggests that copper mining equities present a good opportunity for long-term investment [10][12]. Summary by Sections 1. Weekly Research Insights - Gold's price dynamics are primarily driven by tariff uncertainties, which affect market sentiment and asset allocation strategies [1][9]. - The Federal Reserve's current neutral position is beneficial for gold prices, with no immediate rate hikes expected [1][9]. 2. Sector Performance - The non-ferrous metals index increased by 0.78%, underperforming the broader market [12]. - Gold was the best-performing segment, rising by 4.58%, followed by nickel, cobalt, tin, and antimony [12]. 3. Metal Prices and Inventory 3.1. New Energy Metals - Cobalt prices increased, while lithium prices showed a slight decline [21][23]. 3.2. Base Metals - Copper prices rose by 1.63% to 76,000 CNY/ton, while aluminum prices remained stable [31][32]. 3.3. Precious Metals - COMEX gold prices rose by 2.6% to 3,328 USD/ounce, and silver prices increased by 1.8% to 32.47 USD/ounce [44][45].

Group 1 - The core point of the article highlights the significant increase in the stock prices of several gold mining companies, driven by the rising international gold prices, which have surpassed $3,300 [1] Group 2 - Chifeng Jilong Gold Mining Co. (06693.HK) saw a stock price increase of 8.81% [1] - Tongguan Gold (00340.HK) experienced a rise of 5.71% [1] - Shandong Gold Mining (01787.HK) increased by 5.09% [1] - Zhaojin Mining Industry (01818.HK) rose by 3.76% [1] - Zijin Mining Group (02899.HK) saw a gain of 2.91% [1]

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通告之內容概不 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 對 因 本 通 告 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。 董事會會議通告 山東黃金礦業股份有限公司（「本公司」）董事會（「董事會」）謹 此 宣 佈，本 公 司 將 於 二零二五年四月二十八日（星 期 一）舉 行 董 事 會 會 議，藉 以（其 中 包 括）考慮及批 准 本 公 司 截 至 二 零 二 五 年 三 月 三 十 一 日 止 三 個 月 之 第 一 季 度 業 績 及 其 發 佈， 以 及 處 理 其 他 事 項。 承董事會命 山東黃金礦業股份有限公司 董事長 李 航 中 華 人 民 共 和 國，濟 南 二零二五年四月十四日 於 本 通 告 日 期，本 公 司 執 行 董 事 為 劉 欽 先 生、王 樹 海 先 生 和 湯 琦 先 生；本 公 司 非 執 行 董 事 為 李 航 先 生 和 汪 曉 玲 女 士；本 公 司 獨 立 非 執 行 董 事 為 王 運 敏 先 生、 劉 懷 鏡 先 生 ...