Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has demonstrated significant revenue growth, achieving an annual revenue of 59.275 billion yuan in 2023, a year-on-year increase of 17.83%. The net profit attributable to shareholders reached 2.328 billion yuan, up 86.57% year-on-year [5][6] - The company remains a leader in gold production in China, with a total gold output of 41.78 tons in 2023, reflecting an increase of 8.03% compared to the previous year [5][6] - The average gold price on the Shanghai Gold Exchange rose to 449.91 yuan per gram in 2023, a 14.71% increase year-on-year, and has further increased to 518.80 yuan per gram as of March 28, 2024, indicating a favorable market environment for the company [6] Summary by Sections Financial Performance - The company reported a total revenue of 59.275 billion yuan in 2023, with a net profit of 2.328 billion yuan, marking a significant increase in profitability [5][9] - The projected revenues for 2024, 2025, and 2026 are 67.571 billion yuan, 74.364 billion yuan, and 79.356 billion yuan respectively, with net profits expected to reach 3.841 billion yuan, 4.962 billion yuan, and 5.643 billion yuan [6][9] Production and Operations - The company has successfully increased its gold production, with notable contributions from various mines, including a 15.54% increase from Xihe and Zhongbao, and a 10.73% increase from Jinzou [5][6] - The company has made strategic acquisitions, including a 20.93% stake in Yintai Gold, enhancing its resource base and operational capacity [6] Market Outlook - The report anticipates a compound annual growth rate (CAGR) of 34.34% for net profit from 2023 to 2026, driven by high gold prices and increased production capacity [6][9] - The company is well-positioned to benefit from the ongoing bullish trend in gold prices, which is expected to continue due to favorable economic conditions [6]

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock price relative to the benchmark index over the next six months [12]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 2 to 2.5 billion yuan in 2023, representing a year-on-year increase of 60.53% to 100.66% [5]. - The company’s subsidiary, Yintai Gold, plans to acquire Osino Resources Corp for approximately 368 million Canadian dollars, which will enhance its gold resource portfolio [6]. - The acquisition of the Xiling Gold Mine exploration rights for 10.334 billion yuan is expected to further consolidate the company's resources in the Jiaodong Peninsula, enhancing its production scale and profitability [7]. - Recent dovish statements from the Federal Reserve have boosted gold prices, with COMEX gold prices reaching historical highs, which is favorable for the company's performance [8]. Financial Projections - The company is projected to achieve revenues of 57.717 billion yuan in 2023, with a year-on-year growth rate of 14.73% [9]. - The net profit attributable to shareholders is expected to be 2.292 billion yuan in 2023, reflecting an 83.99% increase compared to the previous year [10]. - Earnings per share (EPS) are forecasted to be 0.51 yuan in 2023, with a corresponding price-to-earnings (P/E) ratio of 49.88 [9][10].

Financial Performance - The company achieved a net profit of CNY 834,535,277.92 for the fiscal year 2023, with a 10% statutory surplus reserve of CNY 83,453,527.79 deducted[5]. - The total distributable profit for shareholders is CNY 6,902,035,103.18 after accounting for cash dividends of CNY 313,140,066.75 and perpetual bond interest of CNY 463,489,690.92[5]. - A cash dividend of CNY 1.40 per 10 shares (before tax) is proposed, amounting to a total of CNY 626,280,133.50 based on the total share capital of 4,473,429,525 shares[5]. - The company's operating revenue for 2023 reached ¥59.28 billion, an increase of 17.83% compared to ¥50.31 billion in 2022[17]. - Net profit attributable to shareholders was ¥2.33 billion, representing an 86.57% increase from ¥1.25 billion in the previous year[17]. - The net cash flow from operating activities was ¥6.85 billion, up 130.46% from ¥2.97 billion in 2022[17]. - Basic earnings per share for 2023 were ¥0.42, a 110% increase from ¥0.20 in 2022[18]. - The weighted average return on equity rose to 7.84%, an increase of 3.96 percentage points from 3.88% in 2022[18]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB, representing a 15% year-over-year growth[142]. - Revenue for the year was reported at 1.2 billion RMB, an increase of 20% compared to the previous year[144]. Operational Efficiency - The company has maintained a consistent operational strategy without significant changes in its market expansion or acquisition plans[7]. - The company conducted 15 key work promotion meetings to enhance production efficiency and optimize production layout[28]. - The company achieved a mining mechanization rate of over 50% in several mines, with automation control rates reaching 80% in auxiliary production systems[41]. - The company is focused on strategic acquisitions to expand its mining operations and resource base[138]. - The company plans to enhance production capacity by optimizing mining processes and improving performance assessment systems, focusing on key mining areas and technological upgrades[113]. Market Expansion and Investments - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[19]. - The company is actively pursuing international mining operations to enhance its production capabilities abroad[39]. - The company plans to expand its exploration efforts, particularly in the Xinjiang region, where it holds mining rights until June 27, 2024[82]. - The company is investing in new technologies to enhance mining efficiency, aiming for a 10% reduction in operational costs by 2025[82]. - The company is considering strategic acquisitions to enhance its product portfolio, with a budget of 300 million RMB earmarked for potential deals[142]. Environmental Management - The company is committed to achieving carbon neutrality and enhancing its green mining brand image, aligning with national ecological civilization goals[186]. - The company has established a comprehensive environmental management system to monitor and control pollutant discharges across its mining operations[187]. - The company has implemented a cyanide heap leaching process at several mines, generating cyanide tailings that are treated by qualified units, ensuring compliance with pollution control standards[188]. - The company has made significant efforts in environmental risk management, with specific mines designated as key control units for groundwater and air quality[187]. - The company has established emergency response plans for environmental incidents, conducting drills as per the 2023 emergency exercise plan[200]. Governance and Compliance - The board of directors consists of 9 members, including 3 independent directors, and held 21 board meetings, all in compliance with regulatory requirements[124]. - The company completed 234 compliance documents for A-shares and 270 documents for H-shares, receiving an A-level rating for information disclosure from the Shanghai Stock Exchange for six consecutive years[126]. - The company has established a comprehensive internal control system, focusing on key business areas to enhance effectiveness and support strategic goals[180]. - The company has implemented strict risk control measures for financial derivatives trading, including a dedicated risk monitoring platform and regular audits[100]. - The company has not reported any litigation related to its derivative investments during the reporting period[100]. Shareholder Returns - The company achieved a net profit attributable to shareholders of 1,864,260,851.12 RMB for 2023, with a cash dividend of 1.40 RMB per 10 shares, totaling 626,280,133.50 RMB, which represents 33.59% of the net profit[176]. - The cash dividend policy stipulates that at least 80% of profits should be distributed as cash dividends if the company is in a mature stage without major capital expenditures[171]. - The company aims to distribute at least 30% of the average distributable profits over the last three years in cash dividends[171]. - The company has committed to a shareholder return plan for 2023-2025, aiming for a dividend payout ratio of 30%[151]. Research and Development - Research and development investment increased by 25.99% year-on-year, with 142 new technology projects initiated and 259 patents applied for[29]. - The company has 1,952 R&D personnel, representing 11.09% of the total workforce[62]. - The company is actively pursuing new technologies and talent development to address key technical challenges in mining and resource exploration[43]. - The company is developing new technologies for gold extraction, which are expected to improve efficiency by 20%[152]. Risk Management - The company has established a risk management system to ensure compliance and safeguard assets, with effective control over its subsidiaries[182]. - A comprehensive risk management system will be implemented to address safety, environmental, resource acquisition, and product price volatility risks[115][117][118][119]. - The company has initiated a risk assessment report for its financial subsidiary, focusing on potential impacts from market fluctuations[152].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 59.275 billion yuan in 2023, an increase of 17.83% year-on-year, and a net profit attributable to shareholders of 2.328 billion yuan, up 86.57% year-on-year [1] - The company's gold production increased steadily due to self-production enhancements and acquisitions, with a total gold output of 41.78 tons in 2023, a year-on-year increase of 8.03% [1] - The report highlights significant improvements in profitability per ton of gold, with a net profit per ton of gold increasing by 80.91% year-on-year to 0.61 million yuan [1] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 17.952 billion yuan, a quarter-on-quarter increase of 29.17%, and a net profit of 983 million yuan, up 111.11% quarter-on-quarter [1] - The company expects revenues of 76.2 billion yuan, 85.322 billion yuan, and 89.845 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 4.098 billion yuan, 5.987 billion yuan, and 6.327 billion yuan [1][4] Production and Resource Management - The company’s self-produced gold output for 2024 is projected to be no less than 47 tons, indicating further growth potential [1] - The report notes that the company invested 570 million yuan in exploration in 2023, resulting in an additional gold metal volume of 36.6 tons [1] Profitability Metrics - The unit selling price of gold increased by 14.99% year-on-year to 451 yuan per gram, while the unit cost rose by 3.68% to 230 yuan per gram, leading to a gross profit per ton of gold of 221 yuan, up 29.79% year-on-year [1] - The report indicates a continuous optimization of core indicators, with the underground mine ore grade increasing by 2.17% year-on-year to 1.88 grams per ton [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5][18] Core Views - The company has significantly benefited from the rise in gold prices, leading to a substantial increase in performance. In 2023, the company achieved an operating income of 59.275 billion yuan, a year-on-year increase of 17.83%, and a net profit attributable to shareholders of 2.328 billion yuan, an increase of 86.57% [3][6][12] - The company plans to increase its gold production to no less than 47 tons in 2024, with ongoing projects aimed at enhancing production capacity [12][17] - The company is focused on expanding its resource reserves and improving resource quality, which is expected to strengthen its competitive advantage in the gold industry [12][17] Financial Forecasts and Key Indicators - The company's projected operating income for 2024, 2025, and 2026 is 65.88 billion yuan, 71.38 billion yuan, and 77.43 billion yuan, respectively, with year-on-year growth rates of 11.1%, 8.3%, and 8.5% [3][18] - The net profit attributable to shareholders is expected to be 4.0 billion yuan, 5.58 billion yuan, and 7.32 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 71.8%, 39.4%, and 31.2% [3][18] - The earnings per share (EPS) are projected to be 0.89 yuan, 1.25 yuan, and 1.64 yuan for the same years [3][18] - The company's price-to-earnings (P/E) ratios are 29.3, 21.0, and 16.0 for 2024, 2025, and 2026, respectively [3][18]

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].

山东黄金矿业股份有限公司 2023 年度独立董事述职报告 独立董事：赵峰 作为山东黄金矿业股份有限公司（以下简称"公司"或"山 东黄金"）的独立董事，2023 年度，本人严格按照《公司法》 《证券法》《上市公司独立董事管理办法》《上海证券交易所 上市公司自律监管指引第 1 号-规范运作》《香港联合交易所有 限公司证券上市规则》等相关法律法规，以及《公司章程》《公 司独立非执行董事工作制度》等规定和要求，本着对全体股东 负责的态度，诚信、勤勉、专业地履行独董职责，全面、及时、 深入地关注公司发展状况，认真审议董事会各项议案并对重大 事项发表独立意见，切实维护公司整体利益和中小股东合法权 益。现将本人 2023 年度履职情况报告如下： 一、独立董事的基本情况 本人主要从事财务相关工作，在财务管理、公司管理等领 域积累了丰富的经验。本人工作履历、专业背景以及任职情况 汇报如下： 赵峰，女，汉族，1969 年 2 月生，经济学学士，中国注册 会计师、香港注册会计师（HKICPA）、英国资深特许公认会计 师（ACCA），具有丰富的公司管理和财务管理经验。曾任安达 信华强会计师事务所审计师，丹麦宝隆洋行（中国）财务总监， ...

山东黄金矿业股份有限公司 关于会计师事务所履职情况评估报告 山东黄金矿业股份有限公司（以下简称"公司"）聘请信永中和会计师事务 所（特殊普通合伙）（以下简称"信永中和事务所"）和信永中和（香港）会计 师事务所有限公司（以下简称"信永中和（香港）"，两家机构合称为"信永中 和"）分别担任公司 2023 年度 A 股和 H 股财务审计机构，信永中和事务所为公 司 2023 年度内部控制审计机构。根据《中华人民共和国公司法》《中华人民共 和国证券法》《上市公司治理准则》《国有企业、上市公司选聘会计师事务所管 理办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管 指引第 1 号——规范运作》等法律法规的要求，公司对会计师事务所 2023 年 度审计履职情况进行评估。经评估，公司认为近一年信永中和资质等方面合规有 效，履职能够保持独立性，勤勉尽责，公允表达意见。具体情况如下： 一、会计师事务所机构信息 （一）信永中和事务所机构信息 1.基本信息 名称：信永中和会计师事务所（特殊普通合伙） 成立日期：2012 年 3 月 2 日 注册地址：北京市东城区朝阳门北大街 8 号富华大厦 A 座 8 层 截至 ...

山东黄金 矿业股份有限公司 2023 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-4 | | 公司财务报表 | | | | — | 合并资产负债表 | 1-2 | | — | 母公司资产负债表 | 3-4 | | — | 合并利润表 | 5 | | — | 母公司利润表 | 6 | | — | 合并现金流量表 | 7 | | — | 母公司现金流量表 | 8 | | — | 合并股东权益变动表 | 9-10 | | — | 母公司股东权益变动表 | 11-12 | | — | 财务报表附注 | 13-161 | 信永中和会计师事务所 北京市东城区朝阳门北大街 8 号富华大厦 A 座 9 层 联系申话: Donacheng District certified public accountants 审计报告 XYZH/2024JNAA5B0084 山东黄金矿业股份有限公司 山东黄金矿业股份有限公司全体股东: 我们审计了山东黄金矿业股份有限公司(以下简称"山东黄金")财务报表,包括 2023 年 12 月 31 目的合并及母公司资产负债表,2023 ...

山东黄金矿业股份有限公司 董事会关于独立董事 2023 年度独立性情况的 专项意见 根据中国证监会《上市公司独立董事管理办法》《上海 证券交易所股票上市规则》《上海证券交易所上市公司自律 监管指引第 1 号——规范运作》等的有关规定，山东黄金 矿业股份有限公司（以下简称"公司"）就公司在任独立董 事王运敏先生、刘怀镜先生、赵峰女士的独立性情况进行评 估并出具如下专项意见： 经核查独立董事王运敏先生、刘怀镜先生、赵峰女士的 任职经历以及签署的相关自查文件，上述人员未在公司担任 除独立董事以外的任何职务，也未在公司主要股东公司担任 任何职务，与公司以及主要股东之间不存在利害关系或其他 可能妨碍其进行独立客观判断的关系，因此，公司独立董事 符合《上市公司独立董事管理办法》《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》中对独立董事独 立性的相关要求。 山东黄金矿业股份有限公司董事会 2024 年 3 月 28 日 ...