事件：8 月27 日公司发布半年报，25H1 公司营收567.66 亿元，同比+24.0%，归母净利28.08 亿元，同 比+103.0%，其中Q2 实现营收308.30 亿元，同比+15.0%，环比+18.9%，归母净利17.82 亿元，同比 +160.7%，环比+73.6%。 价：金价上升显著推动公司净利润增长，逆全球化背景下继续看好黄金长牛。 25Q2 黄金现货收盘价为 770.2 元/克，同比+39.4%，环比+14.8%，黄金价格上涨明显，这一涨幅也显著 推动了公司的净利润增长。展望未来，去美元化+地缘政治博弈是驱动金价上涨的重要逻辑，目前多国 央行也纷纷增加黄金储备，黄金正开启新一轮上涨周期，继续看好长牛。8 月22 日鲍威尔释放降息信 号，9 月降息预期明显提升，预计也将对金价构成向上驱动。 内生运营优化+增储扩产持续推进，公司矿产金产量有望持续增长。1）管理方面：2025 年公司加快推 进生产系统优化、加强"机械化、信息化、自动化、智能化"四化等重点工作，25H1 采掘总量同比增长 29.36%、选矿处理量同比增长23.36%，内生运营正持续优化；2）储量方面：公司通过资源整合、主动 兼并、资 ...

Investment Rating - The report maintains a "Buy" rating for Shandong Gold [5][10] Core Views - The company's revenue for H1 2025 reached 56.766 billion yuan, a year-on-year increase of 24.0%, while net profit attributable to shareholders was 2.808 billion yuan, up 103.0% year-on-year [1][5] - The significant rise in gold prices has notably driven the company's net profit growth, with the Q2 gold spot closing price at 770.2 yuan per gram, reflecting a year-on-year increase of 39.4% [1][2] - The company is expected to continue benefiting from the upward trend in gold prices due to factors such as de-dollarization and geopolitical tensions, with central banks increasing gold reserves [1][2] Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 30.830 billion yuan, a year-on-year increase of 15.0% and a quarter-on-quarter increase of 18.9%, with net profit of 1.782 billion yuan, up 160.7% year-on-year and 73.6% quarter-on-quarter [1][5] - The company forecasts net profits of 6.926 billion yuan, 8.534 billion yuan, and 9.678 billion yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-book ratios of 3.3, 2.8, and 2.4 [3][4] Operational Optimization - The company is enhancing its production system and focusing on mechanization, information technology, automation, and intelligence, leading to a 29.36% year-on-year increase in total mining volume and a 23.36% increase in ore processing volume for H1 2025 [2] - As of the end of 2024, the company holds gold reserves of 2,058.46 tons, with plans to maintain gold production of no less than 50 tons in 2025 [2] Market Outlook - The report highlights a bullish outlook on gold prices, driven by global economic factors and central bank policies, suggesting a new upward cycle for gold [1][2]

Group 1 - Shandong Gold has undergone significant management changes, with Han Yaodong appointed as the new chairman and legal representative, replacing Li Hang [1][2] - The company has a strong shareholder base, with major stakeholders including Shandong Gold Group, Shandong Zhaojin Group, and Shandong Laizhou Gold Group, reflecting a diversified ownership structure [1] - The company was established in January 2000 and has a registered capital of approximately 4.473 billion RMB, focusing on gold mining, processing, and related equipment production [1][3] Group 2 - The new leadership is expected to bring fresh strategic perspectives and operational approaches to navigate the complex market environment facing the gold industry [2] - The gold industry has been challenged by various domestic and international factors, making it crucial for the new management to maintain a competitive edge [2] - With ongoing technological innovation, management optimization, and market expansion, Shandong Gold aims to strengthen its leading position in the gold sector and create greater value for shareholders [3]

山东黄金（600547.SH）2025 年半年报点评 金价上行助推利润大幅增长，期待远期项目投产 2025 年 08 月 28 日 ➢ 事件：公司发布 2025 年半年报。2025 年上半年公司实现营收 567.66 亿 元，同比增长 24.01%，归母净利润 28.08 亿元，同比增长 102.98%，扣非归母 净利 28.1 亿元，同比增长 98.74%；单季度看，25Q2 公司实现营收 308.3 亿 元，同比增长 14.97%，环比增长 18.87%，归母净利润 17.82 亿元，同比增长 160.68%，环比增长 73.74%，扣非归母净利 17.79 亿元，同比增长 152.72%， 环比增长 72.67%，业绩同环比均实现大幅增长。 ➢ 点评：金价上行驱动公司业绩。量：2025 上半年公司实现矿产金产量 24.71 吨，同比增长 0.77%，其中国内产金 19.04 吨，海外 5.67 吨。自产金销量 23.6 吨，维持产大于销。结合 2024 年年报，公司自产金库存已达 5.5 吨。生产目标： 根据 2024 年年报规划，公司 2025 年生产目标为黄金产量不低于 50 吨。价： 2025 年 ...

8月28日，山东黄金大宗交易成交12.04万股，成交额381.19万元，占当日总成交额的0.23%，成交价31.66元，较市场收盘价32.99元折价4.03%。 | 2025-08-28 | 山东黄金 | 600547 | 31.66 381.19 12.04 | 申港证券股份有限 | 招商证券股份有限 | | | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量( * ) 买入营业部 | 公司山东分公司 | 公司济南经十路证 | 卖出营业部 | ...

Market Overview - The Hong Kong stock market experienced a collective decline, with the Hang Seng Index falling by 0.81% to close below 25,000 points, marking three consecutive days of losses [1] - The net selling of Hong Kong stocks by southbound funds exceeded 20 billion HKD [1][16] Sector Performance - Major technology stocks showed weak performance, with Meituan dropping 12.55%, JD.com down 5%, and Alibaba falling 4.69% [2][4] - Infrastructure-related stocks, including heavy machinery, high-speed rail, steel, and cement, also saw significant declines [2] - Semiconductor stocks were the strongest performers, with InnoCare rising over 15% [2][12] Individual Stock Movements - Meituan's stock price fell to 101.70 HKD, down 14.60 HKD [5] - JD.com closed at 115.20 HKD, down 6.10 HKD [5] - Alibaba's stock price decreased to 115.80 HKD, down 5.70 HKD [5] - Semiconductor stocks like InnoCare and SMIC saw increases of 15.43% and over 10%, respectively [12] Industry Trends - The biotechnology sector faced significant declines, with stocks like BGI Genomics dropping nearly 14% [8] - The construction materials sector also experienced widespread losses, with Asia Cement (China) down 4.5% [9] - The dairy sector saw declines, with China Shengmu and Ausnutria both falling over 4% [10] Investment Insights - The outlook for foreign investment in the Chinese market remains positive, with expectations of continued allocation due to improving domestic fundamentals and potential RMB appreciation [18]

中证报中证网讯（记者 张鹏飞）8月27日晚间，山东黄金（600547）发布2025年半年报。上半年，公司 各项经营工作扎实推进，黄金产量及主要经济指标创历史新高，上半年实现营业收入567.66亿元，同比 增长24.01%；归母净利润28.08亿元，同比大增102.98%；经营活动现金流量净额105.03亿元，同比增长 81.72%。 公开信息显示，这已是山东黄金连续两年实施中期分红。在金价景气上行期，公司此举彰显了与投资者 共享发展红利的决心。截至目前，公司2024年度分红派息方案已顺利实施，合计派发现金6.62亿元，叠 加2024年半年度分红，全年累计派发现金10.2亿元，占2024年合并报表扣除永续债利息后归属于上市公 司普通股股东净利润的40.05%。半年报显示，公司2024年度分红率较2023年度提升6.46个百分点。 报告期内，山东黄金规模化矿山布局成效显现，进一步夯实分红的长期基础。公司表示，2025年年产黄 金1吨以上的矿山预计达到13座，为矿金产量的稳定提升提供了坚实保障。报告期内，公司坚持"资源为 先"，对内充分发挥矿山企业主体作用，依矿找矿，以矿山周边与深部为重点，深入研究成矿规律，加 大 ...

Group 1: Rare Earth Sector - The rare earth sector continues to lead the non-ferrous metal industry, with Northern Rare Earth rising over 6% and Shenghe Resources increasing nearly 3% [1] - Northern Rare Earth's semi-annual report shows a net profit increase of 1951.52% year-on-year, indicating strong financial performance [3] - The average price of major rare earth products has risen by over 100,000 yuan per ton since August, with downstream magnetic material companies extending production schedules to mid-October [3] Group 2: Gold Sector - Shandong Gold and Western Gold reported significant profit increases, with Shandong Gold's net profit reaching 2.808 billion yuan, up 102.98%, and Western Gold's net profit soaring 131.94% to 154 million yuan [3] - The global geopolitical situation is stabilizing, which may reduce the risk premium on gold pricing, while expectations of a more accommodative U.S. Federal Reserve policy could lower holding costs for gold [3] Group 3: Non-Ferrous Metal Market Outlook - The non-ferrous metal sector is expected to benefit from monetary easing due to the Federal Reserve's interest rate cuts and domestic policies aimed at optimizing production factors [4] - The valuation of industrial metals is currently low, suggesting potential for upward correction, with a bullish outlook for the sector driven by both earnings per share (EPS) and price-to-earnings (PE) ratios [4] Group 4: Investment Strategy - The non-ferrous metal sector, including copper, aluminum, gold, and rare earths, is seen as a diversified investment opportunity, with respective weightings of 24.5%, 15.3%, 14.4%, 11.5%, and 8.2% in the index [5] - The strategic importance of rare earths, tungsten, and antimony is highlighted in the context of global competition, while lithium, cobalt, and magnesium are expected to benefit from domestic policy changes [5]

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：600547 公司简称：山东黄金 第一节 重要提示 1.1本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到www.sse.com.cn网站仔细阅读半年度报告全文。 1.2本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、完整 性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 1.3公司全体董事出席董事会会议。 1.4本半年度报告未经审计。 1.5董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经公司第七届董事会第二次会议决议，公司2025年半年度拟以实施权益分派股权登记日登记的总股本为 基数分配利润，向全体股东每10股派发现金红利1.80元（含税）。截至2025年8月27日，公司总股本 4,473,429,525股，以此为基数计算拟派发现金红利 805,217,314.50元。公司2025年半年度现金分红金额 占当期扣除永续债利息后归属于上市公司普通股股东净利润的31.45%。本次利润分配不送股，不进行 资本公积金转增股本。 若在实施 ...

新京报贝壳财经讯 8月27日，山东黄金发布半年度业绩报告称，2025年上半年营业收入约567.66亿元， 同比增加24.01%；归属于上市公司股东的净利润约28.08亿元，同比增加102.98%；基本每股收益0.57 元，同比增加120.11%。 编辑 杨娟娟 ...