[Important Notice](index=2&type=section&id=Important%20Notice) The Board approved the 2025 semi-annual profit distribution plan, proposing a cash dividend of RMB 1.80 per 10 shares, and confirmed no significant risks or irregularities - For the first half of 2025, a cash dividend of **RMB 1.80 (tax inclusive) per 10 shares** is proposed to all shareholders[4](index=4&type=chunk) - The cash dividend amount represents **31.45%** of the net profit attributable to ordinary shareholders after deducting perpetual bond interest for the current period[4](index=4&type=chunk) - This profit distribution plan falls within the scope of authority delegated to the Board by the 2024 Annual General Meeting, requiring no further shareholder approval[4](index=4&type=chunk) - During the reporting period, the company had no significant risk matters, non-operating fund occupation by controlling shareholders or other related parties, or external guarantees in violation of decision-making procedures[6](index=6&type=chunk)[8](index=8&type=chunk) [Section I Definitions](index=5&type=section&id=Section%20I%20Definitions) This section defines common terms used in the report, covering company stock types (A-shares, H-shares), governance bodies, key subsidiaries, and specific mining rights, ensuring clear understanding - The report defines A-shares and H-shares as the company's stocks listed on the Shanghai Stock Exchange and Hong Kong Stock Exchange, respectively[13](index=13&type=chunk) - Terms related to corporate governance, such as 'Articles of Association,' 'Board of Directors,' and 'Board of Supervisors,' are clearly defined[13](index=13&type=chunk) - Major subsidiaries and related parties, including Cardino Company, Changtai Mining, Chifeng Chaikuang, and Gold Group, are listed[13](index=13&type=chunk)[15](index=15&type=chunk) - The 'reporting period' is defined as January 1, 2025, to June 30, 2025[15](index=15&type=chunk) [Section II Company Profile and Key Financial Indicators](index=7&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section outlines the company's basic information, contact details, registration changes, disclosure channels, and stock overview, alongside key financial data and indicators for the reporting period, highlighting significant revenue and net profit growth and explaining non-recurring items - The company's legal representative is Han Yaodong, and its registered address is No. 2503 Jingshi Road, Licheng District, Jinan City[16](index=16&type=chunk)[19](index=19&type=chunk) - The company's A-shares are listed on the Shanghai Stock Exchange (stock code **600547**), and H-shares on the Hong Kong Stock Exchange (stock code **1787**)[21](index=21&type=chunk) - Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 56,765,895,355.68 | 45,773,494,698.05 | 24.01 | | Total Profit | 5,483,379,971.67 | 2,808,667,998.73 | 95.23 | | Net Profit Attributable to Shareholders | 2,808,157,860.93 | 1,383,466,282.99 | 102.98 | | Net Cash Flow from Operating Activities | 10,502,900,464.64 | 5,779,663,161.40 | 81.72 | | Basic Earnings Per Share | 0.57 | 0.26 | 120.11 | | Weighted Average Return on Net Assets | 9.81 | 5.01 | Increased by 4.80 percentage points | - Net profit attributable to ordinary shareholders for the current reporting period was **RMB 2.56 billion**, after deducting the impact of perpetual bond interest[25](index=25&type=chunk) - Total non-recurring gains and losses amounted to **RMB -1.34 million**, primarily comprising non-current asset disposal gains/losses, government grants, and fair value change gains/losses[29](index=29&type=chunk)[30](index=30&type=chunk) [I. Company Information](index=7&type=section&id=I.%20Company%20Information) This section provides the company's basic registration information, including its full Chinese and foreign names, abbreviations, and the name of its legal representative - The company's Chinese name is Shandong Gold Mining Co., Ltd., abbreviated as Shandong Gold[16](index=16&type=chunk) - The company's legal representative is Han Yaodong[16](index=16&type=chunk) [II. Contact Person and Contact Information](index=7&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section lists the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative, facilitating investor communication and inquiries - The Board Secretary is Wang Yi, and the Securities Affairs Representative is Zhang Ruying[18](index=18&type=chunk) - The contact address for both is No. 2503 Jingshi Road, Licheng District, Jinan City, with telephone 0531-67710376, fax 0531-67710380, and email hj600547@163.com[18](index=18&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=7&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section introduces the historical changes in the company's registered address and provides its current office address, postal code, company website, and email address - The company's registered address changed to No. 2503 Jingshi Road, Licheng District, Jinan City on January 26, 2021[19](index=19&type=chunk) - The company's website is www.sdhjgf.com.cn, and its email address is hj600547@163.com[19](index=19&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=8&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section specifies the company's designated newspapers for information disclosure, the website address for publishing semi-annual reports, and the location where the company's semi-annual reports are kept - The company's designated newspapers for information disclosure include "China Securities Journal," "Shanghai Securities News," "Securities Times," and "Securities Daily"[21](index=21&type=chunk) - The semi-annual report is published on www.sse.com.cn, and the storage location is the company's Board of Directors Office[21](index=21&type=chunk) [V. Brief Introduction to Company Shares](index=8&type=section&id=V.%20Brief%20Introduction%20to%20Company%20Shares) This section briefly introduces the company's A-share and H-share information listed on the Shanghai Stock Exchange and Hong Kong Stock Exchange - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Shandong Gold and stock code **600547**[21](index=21&type=chunk) - The company's H-shares are listed on the Hong Kong Stock Exchange, with stock abbreviation Shandong Gold and stock code **1787**[21](index=21&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=8&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing significant year-on-year growth in operating revenue, total profit, net profit attributable to shareholders, and net cash flow from operating activities, with notable improvements in earnings per share and return on net assets - Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 56,765,895,355.68 | 45,773,494,698.05 | 24.01 | | Total Profit | 5,483,379,971.67 | 2,808,667,998.73 | 95.23 | | Net Profit Attributable to Shareholders | 2,808,157,860.93 | 1,383,466,282.99 | 102.98 | | Net Cash Flow from Operating Activities | 10,502,900,464.64 | 5,779,663,161.40 | 81.72 | | Net Assets Attributable to Shareholders (Period-end) | 42,268,162,873.31 | 37,797,504,973.11 | 11.83 | | Total Assets (Period-end) | 166,019,138,787.86 | 160,659,954,188.36 | 3.34 | - Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 0.57 | 0.26 | 120.11 | | Diluted Earnings Per Share (RMB/share) | 0.57 | 0.26 | 120.11 | | Basic Earnings Per Share after Non-recurring Items (RMB/share) | 0.57 | 0.27 | 110.96 | | Weighted Average Return on Net Assets (%) | 9.81 | 5.01 | Increased by 4.80 percentage points | | Weighted Average Return on Net Assets after Non-recurring Items (%) | 9.81 | 5.14 | Increased by 4.67 percentage points | - The aforementioned key financial indicators have excluded the impact of perpetual bonds and interest, with net profit attributable to ordinary shareholders for the current reporting period being **RMB 2.56 billion**[25](index=25&type=chunk) [IX. Non-recurring Gains and Losses and Amounts](index=10&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) This section details the non-recurring gains and losses and their amounts for the reporting period, totaling RMB -1.34 million, and explains why certain items were not classified as non-recurring - Non-recurring Gains and Losses and Amounts for H1 2025 | Non-recurring Item | Amount (RMB) | | :--- | :--- | | Gains/losses from disposal of non-current assets | –4,563,258.95 | | Government grants recognized in current profit/loss | 4,005,130.91 | | Gains/losses from changes in fair value and disposal of financial assets and liabilities held by non-financial enterprises | –15,758,494.02 | | Gains/losses from entrusted investments or asset management | 14,159,408.02 | | Other non-operating income and expenses | 3,722,750.30 | | Less: Income tax impact | 6,692,882.39 | | Minority interest impact (after tax) | –3,782,628.23 | | Total | –1,344,717.90 | - The investment business conducted by the company's subsidiary, Shandong Gold Financial Holdings Capital Management Co., Ltd., and its subsidiaries is directly related to normal operating activities, so their fair value changes in financial assets and liabilities are not classified as non-recurring gains and losses[30](index=30&type=chunk) - Custody fee income of **RMB 1.89 million** from entrusted operations is not classified as non-recurring gains and losses, as it is fixed income with a long-term valid agreement[32](index=32&type=chunk) [Section III Management Discussion and Analysis](index=12&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section comprehensively reviews the company's operating performance for the first half of 2025, including main business, industry analysis, core competitiveness, financial data changes, and investment status, highlighting significant gold production growth and record-high economic indicators, while also addressing risks and the implementation of the "Quality Improvement, Efficiency Enhancement, and Shareholder Returns" action plan - In the first half of 2025, the company's mineral gold production was **24.71 tons**, with self-produced gold sales of **23.60 tons**, and operating revenue reached **RMB 56.77 billion**, a **24.01%** year-on-year increase[49](index=49&type=chunk) - Net profit attributable to shareholders was **RMB 2.81 billion**, a **102.98%** year-on-year increase, and basic earnings per share was **RMB 0.57**, a **120.11%** year-on-year increase, both reaching historical highs for the same period[49](index=49&type=chunk) - The company continued to intensify geological exploration, completing a cumulative exploration workload of **293,000 meters** in the first half of the year, adding **18.8 tons** of gold metal reserves[52](index=52&type=chunk) - During the reporting period, the company completed safety-related special investments of **RMB 516 million**, a **27.96%** year-on-year increase, and was awarded the "Outstanding Contribution Award for Green Mines"[54](index=54&type=chunk) - The company regularly implements semi-annual dividends, with a proposed cash dividend of **RMB 1.80 (tax inclusive) per 10 shares** for H1 2025, totaling approximately **RMB 805 million**[55](index=55&type=chunk) [I. Explanation of the Company's Industry and Main Business Operations during the Reporting Period](index=12&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20during%20the%20Reporting%20Period) This section details the company's business scope, operating model, and industry analysis for the reporting period, highlighting its comprehensive gold and non-ferrous metal value chain, commitment to scaled, lean, technologically innovative, and green development, and its leading position in the domestic gold production sector amidst rising gold prices driven by global geopolitical and economic factors - The company's business scope includes the exploration, mining, beneficiation, and sale of gold and non-ferrous metals, as well as the production and sale of specialized mining equipment and building decoration materials[35](index=35&type=chunk) - Its main products are standard gold ingots, investment gold bars, doré gold, and silver ingots[35](index=35&type=chunk) - The company's mines are located in various regions of China, as well as in Argentina, Ghana, Namibia, and other overseas countries[35](index=35&type=chunk) - The operating model includes scaled production (total excavation volume increased by **29.36%** year-on-year, beneficiation processing volume increased by **23.36%** year-on-year), lean operation management (overall beneficiation recovery rate increased by **0.23** percentage points), technology-driven innovation (R&D investment of **RMB 372 million**, a **38.30%** year-on-year increase), and safe and green development (21 mines listed as national or provincial green mines)[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - During the reporting period, international spot gold prices peaked at **USD 3,500/ounce**, an increase of approximately **25.8%** from the year-end closing price[42](index=42&type=chunk) - The company's mineral gold production was **24.71 tons**, accounting for **17.72%** of domestic mining enterprises' mineral gold production, with overseas mines contributing **5.67 tons**, solidifying its industry leadership[46](index=46&type=chunk) [(I) Business Scope](index=12&type=section&id=(I)%20Business%20Scope) The company primarily engages in the exploration, mining, beneficiation, and sale of gold and non-ferrous metals, producing standard gold ingots, investment gold bars, doré gold, and silver ingots, with mines across China and several overseas countries, supported by a complete industrial chain and R&D system - The company's business scope includes the exploration, mining, beneficiation, and sale of gold and non-ferrous metals, as well as the production and sale of specialized mining equipment and building decoration materials[35](index=35&type=chunk) - Main products are standard gold ingots, investment gold bars, doré gold, and silver ingots[35](index=35&type=chunk) - The company's mines are distributed across Shandong, Fujian, Inner Mongolia, Gansu, Xinjiang, Jilin, Heilongjiang, Qinghai, and Yunnan in China, as well as in Argentina, Ghana, and Namibia overseas[35](index=35&type=chunk) [(II) Operating Model](index=12&type=section&id=(II)%20Operating%20Model) The company employs a scaled, intensive, and mechanized mining model, with high mechanization rates at its main mines, enhanced efficiency and cost control through lean operations, increased investment in technological innovation, and a commitment to safe and green development, with 21 mines recognized as green mines - The company adopts a decentralized mining and beneficiation, centralized smelting production model, with mechanization rates exceeding **65%** for mining and **100%** for shoveling and transportation at its main mines[36](index=36&type=chunk) - During the reporting period, total excavation volume increased by **29.36%** year-on-year, and beneficiation processing volume increased by **23.36%** year-on-year[36](index=36&type=chunk) - Through lean operation management, the company's overall mine beneficiation and smelting recovery rate increased by **0.23** percentage points[37](index=37&type=chunk) - R&D investment during the reporting period was **RMB 372 million**, a **38.30%** year-on-year increase[38](index=38&type=chunk) - **21** of the company's mines are listed in national or provincial green mine directories (13 national, 8 provincial)[39](index=39&type=chunk) [(III) Industry Situation Analysis during the Reporting Period](index=14&type=section&id=(III)%20Industry%20Situation%20Analysis%20during%20the%20Reporting%20Period) This section analyzes the challenges and opportunities in the gold industry during the reporting period, noting a significant increase in gold prices due to global geopolitical instability and de-dollarization trends, alongside modest growth in domestic gold production and sales, and a substantial increase in exchange trading volume, with the company maintaining its leading position as a major gold producer - Global geopolitical instability and market de-dollarization transactions have significantly strengthened gold's safe-haven and monetary attributes, leading to a substantial increase in gold prices[41](index=41&type=chunk)[42](index=42&type=chunk) - In the first half of 2025, international spot gold prices peaked at **USD 3,500/ounce**, an increase of approximately **25.8%** from the year-end closing price[42](index=42&type=chunk) - In the first half of 2025, domestic raw material gold production was **179.083 tons**, a **0.31%** year-on-year decrease; total national gold production was **252.761 tons**, a **0.44%** year-on-year increase (including imported raw materials)[43](index=43&type=chunk) - In the first half of 2025, the cumulative unilateral transaction volume of gold products on the Shanghai Gold Exchange was approximately **RMB 12.12 trillion**, a **56.46%** year-on-year increase[43](index=43&type=chunk) - The company's mineral gold production was **24.71 tons**, accounting for **17.72%** of domestic mining enterprises' mineral gold production, with overseas mines contributing **5.67 tons**[46](index=46&type=chunk) - The company's Jiaojia Gold Mine, Sanshandao Gold Mine, and Xincheng Gold Mine have been consistently ranked among "China's Top Ten Gold Producing Mines" and "China's Top Ten Gold Mines for Economic Efficiency" for many years[46](index=46&type=chunk) [II. Discussion and Analysis of Operating Performance](index=17&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) In the first half of 2025, the company achieved significant results in production, key project construction, reform and innovation, risk prevention, corporate governance, and Party building, with major economic indicators reaching record highs and gold production increasing substantially, while also making progress in deep well engineering, resource integration, and R&D, and implementing semi-annual dividends - In the first half of 2025, the company's mineral gold production was **24.71 tons**, and self-produced gold sales were **23.60 tons**[49](index=49&type=chunk) - Key Economic Indicators for H1 2025 | Indicator | Amount (RMB) | YoY Increase | | :--- | :--- | :--- | | Operating Revenue | 56.77 billion | 24.01% | | Total Profit | 5.48 billion | 95.23% | | Net Profit Attributable to Shareholders | 2.81 billion | 102.98% | | Weighted Average Return on Net Assets | 9.81% | Increased by 4.80 percentage points | | Basic Earnings Per Share | 0.57 | Increased by 0.31 | - During the reporting period, the company completed a notional investment of **RMB 1.09 billion**, with an engineering volume of **374,800 cubic meters**; the Sanshandao Gold Mine auxiliary shaft project reached a depth of **-1,900 meters**, setting a new domestic deep well record[51](index=51&type=chunk) - In the first half of the year, a cumulative exploration workload of **293,000 meters** was completed, adding **18.8 tons** of gold metal reserves[52](index=52&type=chunk) - R&D investment during the reporting period was **RMB 372 million**, a **38.30%** year-on-year increase, with **137 patent applications** and **127 patents granted**[38](index=38&type=chunk)[53](index=53&type=chunk) - For H1 2025, a cash dividend of **RMB 1.80 (tax inclusive) per 10 shares** is proposed, totaling approximately **RMB 805 million**, representing **31.45%** of the net profit attributable to ordinary shareholders after deducting perpetual bond interest for the current period[55](index=55&type=chunk) [III. Analysis of Core Competitiveness during the Reporting Period](index=21&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20during%20the%20Reporting%20Period) The company's core competitiveness is demonstrated across six areas: strategic leadership, resource reserves, scaled production, technological innovation, talent pool, and brand building, with continuous expansion of resource reserves, multiple major mines producing over 1 ton of gold annually, leading smelting capabilities, breakthroughs in deep well mining and tailings utilization, robust talent development, and enhanced brand image through ESG integration - The company adheres to a "resource-first" strategy, continuously expanding resource reserves and improving resource quality through self-owned mining rights exploration and resource acquisitions[60](index=60&type=chunk) - The company has successively acquired **28.89%** of Shandong Gold International, **70%** of Changtai Mining, and the Xiling Gold Mine exploration right, and acquired **100%** of Osino Resources Corp. and **52.07%** of Yunnan Western Mining Co., Ltd., significantly increasing its resource reserves[60](index=60&type=chunk) - In 2025, the company expects to have **13 mines** producing over **1 ton of gold annually**, and Shandong Gold Smelting Co., Ltd.'s refining capacity will reach **100 tons/year** of standard gold[62](index=62&type=chunk) - The company has achieved leadership in deep well mining, tailings reduction and resource utilization, and refractory ore processing, with the Sanshandao Gold Mine's deep shaft reaching **-1,900 meters**, setting an Asian record[63](index=63&type=chunk) - The company has built three talent teams (management, technical, and skilled) and has been selected as a constituent stock of the SSE 50 and SSE 180 indices, with its Wind ESG rating rising to A-level[64](index=64&type=chunk)[65](index=65&type=chunk) [IV. Analysis of Major Operating Performance during the Reporting Period](index=24&type=section&id=IV.%20Analysis%20of%20Major%20Operating%20Performance%20during%20the%20Reporting%20Period) This section provides a detailed analysis of the company's major operating performance during the reporting period, including changes in financial statement items, asset and liability status, investment activities, and key controlled and associated companies. Operating revenue and costs increased due to higher sales volume and prices of self-produced and purchased gold, while administrative expenses rose due to increased employee compensation and intermediary fees. The company saw increased investment in construction in progress, with overseas assets accounting for 15.24% of total assets. Investment activities included the acquisition of Changtai Mining equity and the establishment of Shandong Gold Materials Co., Ltd., along with hedging derivative investments. The section also covers structured entities, working capital, commitments, and capital-to-debt ratio - 2025 H1 Financial Statement Key Item Changes | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 56,765,895,355.68 | 45,773,494,698.05 | 24.01 | | Operating Cost | 46,854,214,561.98 | 39,292,355,872.23 | 19.25 | | Selling Expenses | 76,378,155.44 | 83,112,784.31 | –8.10 | | Administrative Expenses | 1,679,883,563.25 | 1,295,653,848.09 | 29.66 | | R&D Expenses | 311,539,562.76 | 258,161,998.13 | 20.68 | | Net Cash Flow from Operating Activities | 10,502,900,464.64 | 5,779,663,161.40 | 81.72 | | Net Cash Flow from Investing Activities | –5,314,022,572.11 | –11,205,765,139.01 | Not applicable | | Net Cash Flow from Financing Activities | –4,035,320,857.88 | 5,051,428,811.04 | –179.88 | - The increase in operating revenue was primarily due to increased sales volume and prices of self-produced gold, as well as increased sales prices of purchased gold[68](index=68&type=chunk) - The period-end balance of construction in progress increased by **40.49%** compared to the end of the previous year, mainly due to increased investment in construction in progress by subsidiaries during the current period[72](index=72&type=chunk) - Overseas assets amounted to **RMB 25.303 billion**, accounting for **15.24%** of total assets[73](index=73&type=chunk) - During the reporting period, the company completed the acquisition of **70%** equity in Changtai Mining and established Shandong Gold Materials Co., Ltd. with a registered capital of **RMB 100 million**, having invested **RMB 50 million**[76](index=76&type=chunk)[78](index=78&type=chunk) - The company and its subsidiaries conducted derivative investment activities for hedging purposes, which resulted in no losses after offsetting against changes in spot values during the reporting period, achieving the intended risk management objectives[86](index=86&type=chunk)[90](index=90&type=chunk) - As of June 30, 2025, the Group's capital-to-debt ratio was approximately **171.11%**[102](index=102&type=chunk) [(I) Main Business Analysis](index=24&type=section&id=(I)%20Main%20Business%20Analysis) This section analyzes the changes in the company's financial statement items, noting that both operating revenue and costs increased due to higher sales volume and prices of self-produced and purchased gold, selling expenses decreased due to lower sales commissions, administrative expenses rose due to increased employee compensation and intermediary fees, and net cash flow from operating activities increased primarily due to higher net cash inflows from purchasing and selling activities - 2025 H1 Financial Statement Key Item Changes | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 56,765,895,355.68 | 45,773,494,698.05 | 24.01 | | Operating Cost | 46,854,214,561.98 | 39,292,355,872.23 | 19.25 | | Selling Expenses | 76,378,155.44 | 83,112,784.31 | –8.10 | | Administrative Expenses | 1,679,883,563.25 | 1,295,653,848.09 | 29.66 | | R&D Expenses | 311,539,562.76 | 258,161,998.13 | 20.68 | | Net Cash Flow from Operating Activities | 10,502,900,464.64 | 5,779,663,161.40 | 81.72 | - The increase in operating revenue was primarily due to increased sales volume and prices of self-produced gold, as well as increased sales prices of purchased gold[68](index=68&type=chunk) - The increase in administrative expenses was primarily due to increased employee compensation and intermediary fees during the current period[68](index=68&type=chunk) - The increase in net cash flow from operating activities was primarily due to increased net cash inflows from purchasing and selling activities during the current period[68](index=68&type=chunk) [(III) Analysis of Assets and Liabilities](index=26&type=section&id=(III)%20Analysis%20of%20Assets%2C%20and%20Liabilities) This section analyzes the company's period-end asset and liability status, noting significant growth in monetary funds, notes receivable, inventories, and construction in progress, with construction in progress increasing by 40.49%, while short-term borrowings and contract liabilities also rose, and overseas assets accounted for 15.24% of total assets, with restricted assets primarily comprising land reclamation and environmental governance deposits and bill deposits - 2025 H1 Asset and Liability Status Changes | Item Name | Period-end Balance (RMB) | Change from Prior Year-end (%) | Reason for Change | | :--- | :--- | :--- | :--- | | Monetary Funds | 12,522,686,397.09 | 13.05 | Decrease in subsidiary's wealth management purchases | | Notes Receivable | 225,169,658.82 | 81.75 | Increase in subsidiary's received but unmatured notes | | Inventories | 8,424,835,498.40 | 23.54 | Increase in subsidiary's inventory | | Construction in Progress | 14,897,768,848.21 | 40.49 | Increase in subsidiary's investment in construction in progress | | Short-term Borrowings | 29,386,809,802.18 | 11.87 | Increase in company's short-term borrowing financing | | Contract Liabilities | 779,281,989.56 | 82.44 | Increase in subsidiary's advance receipts for goods | | Long-term Borrowings | 22,912,611,604.22 | –13.89 | Long-term borrowings due within one year reclassified to non-current liabilities | - Overseas assets amounted to **RMB 25.303 billion**, accounting for **15.24%** of total assets[73](index=73&type=chunk) - Major Asset Restrictions as of Report End | Item | Year-end Book Value (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 402,919,780.45 | Land reclamation and environmental governance deposit | | Monetary Funds | 995,707,164.47 | Bill deposit | | Inventories | 34,067,940.22 | Pledged for financing | | Other Non-current Assets | 1,329,800.00 | Prepaid exploration right deposit frozen for supervision | [(IV) Investment Status Analysis](index=28&type=section&id=(IV)%20Investment%20Status%20Analysis) This section provides a detailed analysis of the company's investment activities, including the acquisition of 70% equity in Changtai Mining and the establishment of Shandong Gold Materials Co., Ltd. to optimize internal material management, as well as the progress of non-equity investment projects like Jiaojia mining area and Xincheng Gold Mine resource development. The company also discloses its financial assets measured at fair value, securities investments, and derivative investments for hedging purposes, aimed at mitigating price and exchange rate fluctuation risks - During the reporting period, the company completed the acquisition of **70%** equity in Changtai Mining, paying a transfer fee of **RMB 60 million**[76](index=76&type=chunk) - The company invested in establishing Shandong Gold Materials Co., Ltd. with a registered capital of **RMB 100 million**, investing **RMB 50 million** during the reporting period, aiming to achieve centralized internal material procurement and specialized management[76](index=76&type=chunk)[78](index=78&type=chunk) - 2025 H1 Major Non-Equity Investment Projects | No. | Project Name | Total Investment (RMB 100 million) | Project Progress | Amount Completed in Current Period (RMB 100 million) | | :--- | :--- | :--- | :--- | :--- | | 1 | Jiaojia Mining Area (Integration) Gold Mine Resource Development Project | 82.73 | Main control engineering excavated to bottom, second phase construction underway | 4.3 | | 2 | Xincheng Gold Mine Resource Integration Development Project | 39.5 | Main control engineering excavated to bottom, supporting engineering construction underway | 3.91 | | 3 | Chifeng Chaihulanzi Gold Mining Co., Ltd. 2,000 t/d Mining and Beneficiation Expansion Project | 2.78 | Main control engineering excavated to bottom, second phase horizontal tunnel development underway | 0.19 | - 2025 H1 Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (RMB '0,000) | Fair Value Change Gains/Losses in Current Period (RMB '0,000) | Period-end Balance (RMB '0,000) | | :--- | :--- | :--- | :--- | | Stocks | 445,679.14 | –25.21 | 445,653.93 | | Private Equity Funds | 163,307.49 | 1,278.03 | 163,230.87 | | Futures | 191.91 | –10,380.42 | 2,288.07 | | Derivative Instruments | –993.48 | –16,735.48 | –4,213.59 | | Total | 825,175.79 | –23,666.18 | 740,609.51 | - The company and its subsidiaries conducted derivative investment activities for hedging purposes, which resulted in no losses after offsetting against changes in spot values during the reporting period, achieving the intended risk management objectives[86](index=86&type=chunk)[90](index=90&type=chunk) [(VI) Analysis of Major Controlled and Associated Companies](index=38&type=section&id=(VI)%20Analysis%20of%20Major%20Controlled%20and%20Associated%20Companies) This section lists the company's major controlled subsidiaries and their financial performance during the reporting period, including total assets, net assets, operating revenue, operating profit, and net profit, highlighting their contribution to the company's overall performance - 2025 H1 Major Controlled and Associated Companies | Company Name | Company Type | Main Business | Registered Capital (RMB '0,000) | Operating Revenue (RMB '0,000) | Net Profit (RMB '0,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Gold Mining (Laizhou) Co., Ltd. | Subsidiary | Gold mining, sales | 43,017.64 | 441,636.70 | 111,766.58 | | Shandong Gold Mining (Hong Kong) Co., Ltd. | Subsidiary | Gold mining, sales | 453,114.56 | 372,019.08 | 62,403.58 | | Shandong Gold International Mining Co., Ltd. | Subsidiary | Gold mining, sales | 277,672.23 | 924,564.50 | 120,306.97 | [(VII) Information on Structured Entities Controlled by the Company](index=39&type=section&id=(VII)%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) This section discloses the 28 structured entities consolidated by the company, listing 5 important ones with their shareholding percentages, paid-in capital, and acquisition methods, noting that as of June 30, 2025, the net assets of these consolidated structured entities totaled RMB 1.735 billion - The Group has **28** structured entities included in the scope of consolidation; in accordance with "Accounting Standard for Business Enterprises No. 33 – Consolidated Financial Statements," the company consolidates entities in which it participates with its own funds and meets the definition of "control" as stipulated by the standard[98](index=98&type=chunk) - Important Consolidated Structured Entities as of June 30, 2025 | Name | Shareholding Percentage | Paid-in Capital (RMB) | Acquisition Method | | :--- | :--- | :--- | :--- | | Shandong Gold Jinshi No. 1 Private Securities Investment Fund | 100.00% | 472,249,981.75 | Establishment | | Jinquan Shandong Gold Jinyuan No. 1 Private Securities Investment Fund | 100.00% | 102,974,999.87 | Establishment | | Zhuchi Quantitative Stable Investment Master Fund No. 1 Phase 1 | 100.00% | 319,727,495.80 | Investment | | Jinan Jinying Investment Partnership (Limited Partnership) | 20.00% | 2,500,170,000.00 | Establishment | | Jinan Jinyue Investment Partnership (Limited Partnership) | 100.00% | 1,285,200,000.00 | Establishment | - As of June 30, 2025, the net assets of the structured entities included in the Group's consolidation scope amounted to **RMB 1.735 billion**[99](index=99&type=chunk) [(VIII) Other](index=39&type=section&id=(VIII)%20Other) This section discloses the company's working capital sources, commitments, capital-to-debt ratio, and other significant financial information, noting that working capital primarily comes from operations, bank financing, and bond issuance, with commitments totaling RMB 1.518 billion and a capital-to-debt ratio of approximately 171.11%, and no major acquisitions, disposals, asset pledges, or contingent liabilities during the reporting period - The Group's working capital requirements arise from mining and beneficiation business expansion, exploration activities, and the acquisition of exploration and mining rights, with primary funding sources being cash generated from operations, bank financing, issued or to be issued bonds, and equity placements[100](index=100&type=chunk) - As of June 30, 2025, the Group's short-term borrowings amounted to **RMB 29.387 billion**, and long-term borrowings to **RMB 22.913 billion**, with annual interest rates ranging from **1.66% to 6%**[100](index=100&type=chunk) - Commitment Amounts as of June 30, 2025 | Item | Period-end Amount (RMB '0,000) | | :--- | :--- | | Contracted but not yet recognized in financial statements – Commitments for construction of long-term assets | 20,858.29 | | Contracted but not yet recognized in financial statements – Significant service contracts | 130,974.80 | | Total | 151,833.09 | - As of June 30, 2025, the Group's capital-to-debt ratio was approximately **171.11%**[102](index=102&type=chunk) - As of June 30, 2025, the Group had no significant contingent liabilities or other major asset pledges[104](index=104&type=chunk)[105](index=105&type=chunk) [V. Other Disclosure Matters](index=41&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses the company's potential major risks and corresponding mitigation measures, including safety management, environmental protection, resource acquisition, and product price fluctuations, along with the implementation status of its "Quality Improvement, Efficiency Enhancement, and Shareholder Returns" action plan, covering strategic planning, profitability improvement, market value management, shareholder returns, and information disclosure - The company has identified major risks and formulated corresponding countermeasures, but due to various factors, it cannot completely eliminate all adverse elements[108](index=108&type=chunk) - Major risks include safety management risks (potential for production safety accidents), environmental management risks (facing increasingly stringent environmental policies), resource acquisition risks (increasing difficulty in resource mergers and acquisitions), and product price fluctuation risks (gold price fluctuations directly impacting operating performance)[109](index=109&type=chunk)[112](index=112&type=chunk)[114](index=114&type=chunk)[116](index=116&type=chunk) - The company actively implements the "Quality Improvement, Efficiency Enhancement, and Shareholder Returns" action plan, fully initiating the "15th Five-Year Plan" strategic planning, with net profit attributable to shareholders increasing by **102.98%** and earnings per share by **120.11%** during the reporting period[119](index=119&type=chunk)[120](index=120&type=chunk) - The company formulated and implemented the "Shandong Gold Mining Co., Ltd. Market Value Management System (Trial)," regularly implementing semi-annual dividends, with a proposed cash dividend of **RMB 1.80 (tax inclusive) per 10 shares** for H1 2025[120](index=120&type=chunk)[121](index=121&type=chunk) - The controlling shareholder, Shandong Gold Group, and its concerted parties plan to opportunistically increase their holdings of the company's A-shares within 12 months from April 9, 2025, with an intended increase of no less than **RMB 500 million** and no more than **RMB 1 billion**[121](index=121&type=chunk) [(I) Potential Risks](index=41&type=section&id=(I)%20Potential%20Risks) This section details the four main risks faced by the company: safety management, environmental management, resource acquisition, and product price fluctuations, along with corresponding mitigation measures such as improving management systems, increasing technological investment, intensifying exploration, and utilizing hedging tools to effectively prevent and resolve various risks - Safety management risks: Subject to natural factors, personnel quality, and technical levels, there is a risk of production safety accidents; countermeasures include strengthening responsibilities, improving systems, enhancing source prevention, and promoting smart mine construction[109](index=109&type=chunk)[110](index=110&type=chunk) - Environmental management risks: Facing increasing environmental pressure due to stricter national ecological and environmental policies; countermeasures include strengthening environmental awareness, improving system frameworks, increasing environmental investment, and promoting green and low-carbon development[112](index=112&type=chunk)[113](index=113&type=chunk) - Resource acquisition risks: Intensified global resource competition may constrain capacity expansion; countermeasures include increasing exploration efforts on self-owned mining rights, accelerating exploration of primary exploration rights, strengthening technological leadership, and pursuing domestic and international mergers and acquisitions[114](index=114&type=chunk)[115](index=115&type=chunk) - Product price fluctuation risks: Gold price fluctuations directly impact operating performance, influenced by global political and economic environment, monetary policy, and exchange rate fluctuations; countermeasures include improving price research frameworks, enhancing judgment capabilities, and exploring the use of hedging tools[116](index=116&type=chunk)[117](index=117&type=chunk) [(II) Other Disclosure Matters](index=44&type=section&id=(II)%20Other%20Disclosure%20Matters) This section details the implementation of the company's "Quality Improvement, Efficiency Enhancement, and Shareholder Returns" action plan, highlighting significant progress in strategic planning, profitability, market value management, shareholder returns, and corporate governance, including the initiation of the "15th Five-Year Plan," record-high net profit and EPS, establishment of a market value management system, regular semi-annual dividends, and a controlling shareholder's share increase plan, demonstrating the company's commitment to creating long-term value for shareholders through high-quality development - The company has fully initiated the compilation of its "15th Five-Year Plan" strategic plan, aiming to solidify resource security as its foundation, continuously pursue "green technology" breakthroughs, and strengthen management for quality improvement and efficiency enhancement[120](index=120&type=chunk) - During the reporting period, net profit attributable to shareholders was **RMB 2.81 billion**, a **102.98%** year-on-year increase, and earnings per share was **RMB 0.57**, a **120.11%** year-on-year increase, both reaching historical highs for the same period[120](index=120&type=chunk) - The company formulated and implemented the "Shandong Gold Mining Co., Ltd. Market Value Management System (Trial)," establishing a sound market value management system[120](index=120&type=chunk) - Total cash dividends for 2024 amounted to approximately **RMB 1.02 billion**, representing **40.05%** of the consolidated net profit attributable to ordinary shareholders after deducting perpetual bond interest for 2024, an increase of **6.46** percentage points from 2023[121](index=121&type=chunk) - The controlling shareholder, Shandong Gold Group, and its concerted parties plan to opportunistically increase their holdings of the company's A-shares within 12 months from April 9, 2025, with an intended increase of no less than **RMB 500 million** and no more than **RMB 1 billion**[121](index=121&type=chunk) [Section IV Corporate Governance, Environment and Society](index=46&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%20and%20Society) This section discloses the company's practices in corporate governance, environmental, and social responsibility, noting no changes in directors, supervisors, or senior management during the reporting period, and the approval of the semi-annual profit distribution plan, while also highlighting the company's environmental information disclosure for 18 subsidiaries and its ongoing efforts in poverty alleviation and rural revitalization through targeted recruitment, skill training, public facility construction, and educational assistance - There were no changes in the company's directors, supervisors, or senior management during the reporting period, but the election results for the seventh Board of Directors and senior management were disclosed[124](index=124&type=chunk) - The company proposes a semi-annual cash dividend of **RMB 1.80 (tax inclusive) per 10 shares** to all shareholders, totaling **RMB 805.217 million**, representing **31.45%** of the net profit attributable to ordinary shareholders after deducting perpetual bond interest for the current period[125](index=125&type=chunk)[127](index=127&type=chunk) - The company has no equity incentive plans, employee stock ownership plans, or other employee incentive measures[128](index=128&type=chunk) - **18** of the company's subsidiaries are included in the list of enterprises required to disclose environmental information, with query indexes provided[129](index=129&type=chunk)[130](index=130&type=chunk) - The company actively consolidates and expands poverty alleviation achievements and comprehensively promotes rural revitalization through targeted recruitment, skill training, assistance in rural public facility construction, and educational support[133](index=133&type=chunk) [I. Changes in Company Directors, Supervisors, and Senior Management](index=46&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section states that there were no changes in the company's directors, supervisors, or senior management during the reporting period, but discloses the members of the seventh Board of Directors and senior management elected at the shareholder and board meetings on August 14, 2025 - There were no changes in the company's directors, supervisors, or senior management during the reporting period[124](index=124&type=chunk) - The company's seventh Board of Directors consists of **9** directors, with Han Yaodong elected as Chairman and legal representative, Tang Qi as General Manager, Wang Yi as Board Secretary, and Teng Hongmeng as Chief Financial Officer[124](index=124&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=46&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) This section discloses the company's 2025 semi-annual profit distribution plan, proposing a cash dividend of RMB 1.80 (tax inclusive) per 10 shares to all shareholders, with no bonus shares or capital reserve conversion to share capital - The company proposes a cash dividend of **RMB 1.80 (tax inclusive) per 10 shares** to all shareholders[125](index=125&type=chunk)[127](index=127&type=chunk) - Based on the total share capital of **4,473,429,525 shares** as of August 27, 2025, a cash dividend of **RMB 805.217 million (tax inclusive)** is proposed[127](index=127&type=chunk) - The cash dividend amount represents **31.45%** of the net profit attributable to ordinary shareholders after deducting perpetual bond interest for the current period[127](index=127&type=chunk) - This profit distribution involves no bonus shares and no conversion of capital reserves to share capital[127](index=127&type=chunk) [III. Information on Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures and Their Impact](index=47&type=section&id=III.%20Information%20on%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) This section states that the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company has no equity incentive plans, employee stock ownership plans, or other employee incentive measures[128](index=128&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information](index=48&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information) This section discloses that the company and its 18 major subsidiaries are included in the list of enterprises required to disclose environmental information, providing query indexes for their environmental information disclosure reports, demonstrating the company's commitment to environmental information transparency - **18** of the company's subsidiaries are included in the list of enterprises required to disclose environmental information[129](index=129&type=chunk) - Environmental information disclosure reports for each enterprise can be queried through platforms such as the Shandong Province Enterprise Environmental Information Disclosure System, Inner Mongolia Enterprise Comprehensive Service Platform, and Gansu Province Enterprise Environmental Information Disclosure System[129](index=129&type=chunk)[130](index=130&type=chunk) [V. Specific Information on Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=50&type=section&id=V.%20Specific%20Information%20on%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%20and%20Other%20Work) This section describes the company's specific efforts in consolidating poverty alleviation achievements and promoting rural revitalization, highlighting its active fulfillment of social responsibilities through targeted recruitment, skill training, public facility construction, and educational assistance to support local economic and social development - The company actively recruits local personnel through targeted recruitment and skill training to support rural revitalization[133](index=133&type=chunk) - The company provides assistance in road hardening, power supply projects, and water conservancy facility construction to support rural public infrastructure development[133](index=133&type=chunk) - The company engages in educational assistance activities, such as sponsoring university students and donating books and teaching equipment to primary and secondary schools[133](index=133&type=chunk) [Section V Important Matters](index=51&type=section&id=Section%20V%20Important%20Matters) This section details the company's important matters during the reporting period, including the fulfillment of commitments, particularly those related to horizontal competition and related party transactions from major asset restructurings. The company confirms no non-operating fund occupation by controlling shareholders or related parties, illegal guarantees, or major litigation/arbitration. Additionally, it discloses financial business dealings with related financial companies, the performance of major contracts, the controlling shareholder's gold mining rights, and post-reporting period events such as accounting standard changes, the cancellation of the Board of Supervisors, and Board of Directors re-election - The controlling shareholder, Shandong Gold Group, committed to resolving horizontal competition issues by November 10, 2025, through methods such as prioritizing injection into the company or selling to unrelated third parties[134](index=134&type=chunk) - The company had no non-operating fund occupation by controlling shareholders or other related parties, no illegal guarantees, and no major litigation or arbitration matters[58](index=58&type=chunk)[59](index=59&type=chunk) - 2025 H1 Company and Related Financial Company Financial Business Transactions (RMB '0,000) | Business Type | Beginning Balance | Amount Incurred in Current Period (Deposit/Loan/Credit) | Period-end Balance | | :--- | :--- | :--- | :--- | | Deposit Business | 327,379.81 | 8,981,318.12 (Deposited) | 285,866.03 | | Loan Business | 217,870.00 | 51,400.00 (Loaned) | 173,650.00 | | Comprehensive Credit Line | - | 600,000.00 (Actual utilization) | - | | Loans and Other Financing | - | 356,902.18 (Actual utilization) | - | | Corporate Account Overdraft | - | 33,000.00 (Actual utilization) | - | - During the reporting period, the company's total guarantees to subsidiaries amounted to **RMB 1.791 billion**, with a period-end guarantee balance of **RMB 11.104 billion**, accounting for **18.13%** of the company's net assets[159](index=159&type=chunk) - The controlling shareholder, Shandong Gold Group, holds **33 gold exploration rights** in China, with identified gold metal reserves totaling approximately **272.57 tons**, and **10 gold mining rights** in China, with proven gold resources totaling approximately **107.082 tons**, all of which are managed by the company under entrustment[165](index=165&type=chunk)[166](index=166&type=chunk)[170](index=170&type=chunk) - After the reporting period, the Board of Directors resolved to adopt Chinese Enterprise Accounting Standards for financial reporting starting from the 2025 semi-annual financial report, cancel the Board of Supervisors, and revise the Articles of Association[179](index=179&type=chunk)[180](index=180&type=chunk) [I. Fulfillment of Commitments](index=51&type=section&id=I.%20Fulfillment%20of%20Commitments) This section details the fulfillment of commitments by the company's controlling shareholder, Gold Group, and other related parties during or continuing into the reporting period, primarily concerning resolving horizontal competition, reducing related party transactions, ensuring company independence, and perfecting mining rights ownership, noting that most commitments were strictly fulfilled, but some mining rights conversion work was suspended or delayed due to policy reasons - The controlling shareholder, Gold Group, committed to resolving horizontal competition issues by November 10, 2025, through methods such as prioritizing injection into the company or selling to unrelated third parties[134](index=134&type=chunk) - Gold Group and Non-ferrous Group committed to ensuring the company's independence in personnel, assets, finance, organization, and business, and to minimizing related party transactions[137](index=137&type=chunk) - The conversion of Dongfeng exploration right to mining right was suspended due to the delineation of ecological red lines in Zhaoyuan Luoshan and the unapproved adjustment of provincial nature reserves; the company will actively monitor the approval progress[137](index=137&type=chunk) - The processing of land and property ownership certificates for Penglai Mining was delayed due to ecological protection red line delineation and land use policy obstacles; the company is actively discussing improvement plans[141](index=141&type=chunk)[144](index=144&type=chunk) - The Xinli exploration right was integrated in 2019, and a new mining license was obtained[138](index=138&type=chunk) [II. Non-operating Fund Occupation by Controlling Shareholders and Other Related Parties during the Reporting Period](index=58&type=section&id=II.%20Non-operating%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20during%20the%20Reporting%20Period) This section states that there was no non-operating fund occupation by controlling shareholders or other related parties during the reporting period - During the reporting period, the company had no non-operating fund occupation by controlling shareholders or other related parties[58](index=58&type=chunk) [III. Illegal Guarantees](index=58&type=section&id=III.%20Illegal%20Guarantees) This section states that there were no external guarantees provided in violation of decision-making procedures during the reporting period - During the reporting period, the company had no external guarantees provided in violation of decision-making procedures[58](index=58&type=chunk) [IV. Semi-Annual Report Audit Status](index=58&type=section&id=IV.%20Semi-Annual%20Report%20Audit%20Status) This section states that the company's 2025 semi-annual report was not audited - This semi-annual report was not audited[7](index=7&type=chunk) [V. Changes and Handling of Matters Involving Non-Standard Audit Opinions in the Previous Year's Annual Report](index=58&type=section&id=V.%20Changes%20and%20Handling%20of%20Matters%20Involving%20Non-Standard%20Audit%20Opinions%20in%20the%20Previous%20Year's%20Annual%20Report) This section states that there were no changes or handling of matters involving non-standard audit opinions in the company's previous year's annual report - There were no changes or handling of matters involving non-standard audit opinions in the company's previous year's annual report[58](index=58&type=chunk) [VI. Bankruptcy and Reorganization Related Matters](index=58&type=section&id=VI.%20Bankruptcy%20and%20Reorganization%20Related%20Matters) This section states that there were no bankruptcy and reorganization related matters during the reporting period - During the reporting period, the company had no bankruptcy and reorganization related matters[58](index=58&type=chunk) [VII. Major Litigation and Arbitration Matters](index=59&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) This section states that there were no major litigation or arbitration matters during the reporting period - There were no major litigation or arbitration matters for the company during this reporting period[59](index=59&type=chunk) [VIII. Listed Company and Its Directors, Supervisors, Senior Management, Controlling Shareholders, Actual Controllers Suspected of Violations, Penalties, and Rectification Status](index=59&type=section&id=VIII.%20Listed%20Company%20and%20Its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholders%2C%20Actual%20Controllers%20Suspected%20of%20Violations%2C%20Penalties%2C%20and%20Rectification%20Status) This section states that there were no suspected violations, penalties, or rectification situations involving the company, its directors, supervisors, senior management, controlling shareholders, or actual controllers during the reporting period - During the reporting period, the company, its directors, supervisors, senior management, controlling shareholders, and actual controllers had no suspected violations, penalties, or rectification situations[59](index=59&type=chunk) [IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholders, and Actual Controllers during the Reporting Period](index=59&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20Its%20Controlling%20Shareholders%2C%20and%20Actual%20Controllers%20during%20the%20Reporting%20Period) This section states that the integrity status of the company, its controlling shareholders, and actual controllers was good during the reporting period, with no special circumstances requiring disclosure - During the reporting period, the integrity status of the company, its controlling shareholders, and actual controllers was good, with no special circumstances requiring disclosure[59](index=59&type=chunk) [X. Major Related Party Transactions](index=60&type=section&id=X.%20Major%20Related%20Party%20Transactions) This section discloses the company's major financial business dealings with related parties, including deposit, loan, and credit line services with the financial company 70% owned by the controlling shareholder, noting changes in deposit and loan balances and the utilization of comprehensive credit lines during the reporting period to ensure effective fund operation - 2025 H1 Company and Related Financial Company Deposit Business (RMB '0,000) | Related Party | Related Relationship | Beginning Balance | Total Deposits in Current Period | Total Withdrawals in Current Period | Period-end Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Gold Group Finance Co., Ltd. | Financial company 70% owned by controlling shareholder | 327,379.81 | 8,981,318.12 | 9,022,831.90 | 285,866.03 | - 2025 H1 Company and Related Financial Company Loan Business (RMB '0,000) | Related Party | Related Relationship | Beginning Balance | Total Loans in Current Period | Total Repayments in Current Period | Period-end Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Gold Group Finance Co., Ltd. | Financial company 70% owned by controlling shareholder | 217,870.00 | 51,400.00 | 95,620.00 | 173,650.00 | - 2025 H1 Company and Related Financial Company Credit Line Business (RMB '0,000) | Related Party | Related Relationship | Business Type | Total Amount | Actual Amount Incurred | | :--- | :--- | :--- | :--- | :--- | | Shandong Gold Group Finance Co., Ltd. | Financial company 70% owned by controlling shareholder | Comprehensive Credit Line | 600,000.00 | 600,000.00 | | Shandong Gold Group Finance Co., Ltd. | Financial company 70% owned by controlling shareholder | Loans and Other Financing | 480,000.00 | 356,902.18 | | Shandong Gold Group Finance Co., Ltd. | Financial company 70% owned by controlling shareholder | Corporate Account Overdraft | 100,000.00 | 33,000.00 | [(I) Related Party Transactions Related to Daily Operations](index=60&type=section&id=(I)%20Related%20Party%20Transactions%20Related%20to%20Daily%20Operations) This section states that related party transactions related to daily operations have been disclosed in temporary announcements, with no further progress or changes in their subsequent implementation, or with subsequent progress not detailed here - Related party transactions related to daily operations have been disclosed in temporary announcements, with no further progress or changes in their subsequent implementation[60](index=60&type=chunk) [(II) Related Party Transactions Arising from Asset or Equity Acquisitions and Disposals](index=60&type=section&id=(II)%20Related%20Party%20Transactions%20Arising%20from%20Asset%20or%20Equity%20Acquisitions%20and%20Disposals) This section states that related party transactions arising from asset or equity acquisitions and disposals during the reporting period have been disclosed in temporary announcements, with no further progress or changes in their subsequent implementation, or with subsequent progress not detailed here - Related party transactions arising from asset or equity acquisitions and disposals during the reporting period have been disclosed in temporary announcements, with no further progress or changes in their subsequent implementation[60](index=60&type=chunk) [(III) Major Related Party Transactions for Joint External Investments](index=61&type=section&id=(III)%20Major%20Related%20Party%20Transactions%20for%20Joint%20External%20Investments) This section states that major related party transactions for joint external investments during the reporting period have been disclosed in temporary announcements, with no further progress or changes in their subsequent implementation, or with subsequent progress not detailed here - Major related party transactions for joint external investments during the reporting period have been disclosed in temporary announcements, with no further progress or changes in their subsequent implementation[61](index=61&type=chunk) [(IV) Related Party Creditor-Debtor Transactions](index=61&type=section&id=(IV)%20Related%20Party%20Creditor-Debtor%20Transactions) This section states that related party creditor-debtor transactions during the reporting period have been disclosed in temporary announcements, with no further progress or changes in their subsequent implementation, or with subsequent progress not detailed here - Related party creditor-debtor transactions during the reporting period have been disclosed in temporary announcements, with no further progress or changes in their subsequent implementation[61](index=61&type=chunk) [(V) Financial Business between the Company and Related Financial Companies, and between the Company's Controlled Financial Companies and Related Parties](index=62&type=section&id=(V)%20Financial%20Business%20between%20the%20Company%20and%20Related%20Financial%20Companies%2C%20and%20between%20the%20Company's%20Controlled%20Financial%20Companies%20and%20Related%20Parties) This section details the financial business dealings between the company and the financial company 70% owned by its controlling shareholder, including deposit, loan, and credit line services, noting changes in deposit and loan balances and the utilization of comprehensive credit lines during the reporting period to ensure effective fund operation - 2025 H1 Company and Related Financial Company Deposit Business (RMB '0,000) | Related Party | Related Relationship | Beginning Balance | Total Deposits in Current Period | Total Withdrawals in Current Period | Period-end Balance | | :--- | :--- | :--- | :--- | :---

每经AI快讯，9月29日，港股黄金股午后涨幅扩大，截至发稿，潼关黄金(00340.HK)涨7.98%，报2.84港 元；招金矿业(01818.HK)涨6.75%，报31.12港元；紫金矿业(02899.HK)涨5.66%，报32.1港元；山东黄金 (01787.HK)涨4.3%，报37.38港元；赤峰黄金(06693.HK)涨4.1%，报30.5港元。 ...

Core Viewpoint - The recent surge in the non-ferrous metal sector is driven by a significant policy announcement aimed at stabilizing growth in the industry, leading to a notable increase in stock prices for related companies in both Hong Kong and A-shares markets [3][4]. Group 1: Market Performance - In the Hong Kong stock market, several non-ferrous metal companies saw substantial gains, including Zijin Mining (+5.60%), Ganfeng Lithium (+5.37%), and China Aluminum International (+5.29%) [1]. - A-shares also experienced a positive trend, with companies like Yicheng New Energy and Boqian New Materials hitting the daily limit up, and Hengdian East Magnetic rising by 6.16% [2]. Group 2: Policy Impact - The Ministry of Industry and Information Technology, along with eight other departments, released the "Non-Ferrous Metal Industry Stabilization Growth Work Plan (2025-2026)", projecting an average annual growth of around 5% in the industry's added value and a 1.5% increase in the production of ten major non-ferrous metals [3]. - The plan addresses current challenges in the industry, proposing ten initiatives focused on resource security, supply optimization, transformation promotion, consumption expansion, and strengthening cooperation [3]. Group 3: Industry Outlook - The non-ferrous metal industry is showing strong performance, with a reported 7.8% year-on-year increase in the added value of large-scale non-ferrous metal industries from January to August 2025, outpacing the overall industrial growth [3]. - Analysts from various institutions express optimism about the sector's future, citing factors such as potential interest rate cuts by the Federal Reserve and seasonal demand increases in the aluminum and lithium markets [5].

黄金股午后涨幅扩大，截至发稿，潼关黄金(00340)涨7.98%，报2.84港元；招金矿业(01818)涨6.75%， 报31.12港元；紫金矿业（601899）(02899)涨5.66%，报32.1港元；山东黄金（600547）(01787)涨4.3%， 报37.38港元；赤峰黄金（600988）(06693)涨4.1%，报30.5港元。 消息面上，国际金价持续走强，9月29日午间，现货黄金价格突破3800美元/盎司，续创历史新高，日内 涨超1%。COMEX黄金则站上3830美元/盎司。招商期货指出，特朗普对俄乌冲突态度转向，并再次挑 动关税战，多重因素叠加，COMEX金价或持续创新高。摩根大通策略师表示，到2026年年中，黄金价 格预计将达到每盎司4050美元至4150美元的区间，未来有望再创新高。 ...

| 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 00340 | 漳关黄金 | 2.740 | 4.18% | | 00815 | 中国白银集团 | 0.520 | 4.00% | | 01818 | 招金矿业 | 30.480 | 3.89% | | 02899 | 紫金矿业 | 31.440 | 3.49% | | 06693 | 赤峰黄金 | 30.220 | 3.14% | | 01787 | 山东黄金 | 36.820 | 2.73% | | 03330 | 灵宝黄金 | 17.960 | 2.63% | | 01815 | 珠峰黄金 | 1.380 | 1.47% | | 02099 | 中国黄金国际 | 134.600 | 1.20% | 责任编辑：栎树 国内部分黄金珠宝品牌金饰价格9月29日继续上涨。具体来看，周生生足金饰品报价1111元/克，较9月 26日上涨5元/克；周大福、六福珠宝、老凤祥等品牌足金首饰价格则维持在1108元/克不变。 国际金价持续创下历史新高，带动港股黄金股集体上涨，潼关黄金涨4.18%，招金矿业涨近4%，紫金矿 ...

国际金价持续创下历史新高，带动港股黄金股集体上涨，潼关黄金涨4.18%，招金矿业涨近4%，紫金矿 业涨3.5%，赤峰黄金涨超3%，山东黄金、灵宝黄金近3%，珠峰黄金、中国黄金国际涨超1%。 消息上，亚洲早盘，现货黄金突破前高，一度涨1%至3798.54美元/盎司，续创历史新高。摩根大通策略 师表示，到2026年年中，黄金价格预计将达到每盎司4050美元至4150美元的区间，未来有望再创新高。 国内部分黄金珠宝品牌金饰价格9月29日继续上涨。具体来看，周生生足金饰品报价1111元/克，较9月 26日上涨5元/克；周大福、六福珠宝、老凤祥等品牌足金首饰价格则维持在1108元/克不变。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 00340 | 潼关黄金 | 2.740 | 4.18% | | 00815 | 中国自银集团 | 0.520 | 4.00% | | 01818 | 招金矿业 | 30.480 | 3.89% | | 02899 | 紫美矿业 | 31.440 | 3.49% | | 06693 | 赤峰黄金 | 30.220 | ...

格隆汇9月29日丨根据联交所最新权益披露资料显示，2025年9月24日，山东黄金(01787.HK)遭Schroders PLC在场内以每股均价38.0119港元减持429.45万股， 涉资约1.63亿港元。 减持后，Schroders PLC最新持股数目为6754.69万股，持股比例由7.22%下降至6.79%。 | 股份代號: | 01787 | | --- | --- | | 上市法國名稱: | 山東黃金礦業股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 29/08/2025 - 29/09/2025 | | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | | | | ( 請参関上述 * 註 | | | | | | | | 份百分比 年) | | | CS20250926E00010 | Schroders PLC | 1201(L) | 4.294.50 ...

减持后，Schroders PLC最新持股数目为6754.69万股，持股比例由7.22%下降至6.79%。 | 股份代號: | 01787 | | --- | --- | | 上市法國名稱: | 山東黃金礦業股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 29/08/2025 - 29/09/2025 | 格隆汇9月29日丨根据联交所最新权益披露资料显示，2025年9月24日，山东黄金(01787.HK)遭Schroders PLC在场内以每股均价38.0119港元减持429.45万股， 涉资约1.63亿港元。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | | --- | --- | --- | --- | --- | | | 股份數目 | | 請參閱上述 * 註 | | | | | | 份自分比 年) | | | CS20250926E00010 Schroders PLC | 1201(L) | 4,294,500(L) | HKD 38.0119 67,546,90 ...

Core Viewpoint - Shandong Gold (01787) is experiencing significant volatility due to fluctuations in international gold prices, with current technical indicators suggesting a strong medium-term trend but potential short-term pullback risks [1]. Technical Analysis - The stock price of Shandong Gold is currently at 38.36 HKD, having broken above the 10-day moving average, significantly higher than the 30-day moving average of 30.99 HKD and the 60-day moving average of 28.93 HKD, indicating a bullish medium-term trend [1]. - The Relative Strength Index (RSI) has reached 77, and other indicators such as the Williams and Stochastic indicators show overbought conditions, suggesting a possible price correction [1]. - Despite the overbought signals, the Bull-Bear Power indicator and MACD still maintain buy signals, indicating a fierce battle between bulls and bears [1]. Support and Resistance Levels - Key resistance levels are identified at 40.6 HKD and 43.1 HKD, while support levels are at 33.4 HKD and 30.6 HKD, with an initial support level at 34.4 HKD [1]. - If the stock price falls below 34.4 HKD, it may test the 30.6 HKD level [1]. - The stock has shown a 14% volatility over five days, indicating active market participation but also increased risk [1]. Market Performance - Recent performance in the warrant market shows that a call warrant recommended on September 17 achieved an 11% return within two days, driven by a 3.18% increase in the underlying stock [3]. - Investors continue to show interest in gold's hedging properties amid market volatility [3]. Warrant Products - Investors are advised to consider specific warrant products: - Call warrant (20782) with a leverage of 1.8 times and an exercise price of 45.678 HKD, which has favorable leverage and implied volatility [5]. - Bank of China call warrant (20315) offers 3.6 times leverage with an exercise price of 45.8 HKD, suitable for conservative investors due to its low implied volatility [5]. - Given the high volatility of gold stocks, strict position control and clear stop-loss points are recommended for investors [5].

香港联交所最新资料显示，9月24日，Schroders PLC减持山东黄金（600547）(01787)429.45万股，每股 均价38.0119港元，总金额约为1.63亿港元。减持后最新持股数目为6754.69万股，最新持股比例为 6.79%。 ...