证券代码：600547 证券简称：山东黄金 编号：临 2025-061 山东黄金矿业股份有限公司 第七届董事会第四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 山东黄金矿业股份有限公司（以下简称"公司"）第七届董事会第四次会议 于2025年9月12日以通讯的方式召开。本次会议应参会董事9人，实际参会董事9 人。会议的召开符合《公司法》《上海证券交易所股票上市规则》《香港联合交 易所有限公司证券上市规则》、香港《公司条例》等监管规定以及《公司章程》 规定，会议合法有效。 二、董事会会议审议情况 会议以记名投票表决方式，形成如下决议： （一）审议通过了《关于变更注册资本的议案》 经公司2024年年度股东大会授权，公司于2025年9月1日召开第七届董事会第 三次会议，审议通过《关于公司根据一般性授权发行H股的议案》。同意由授权 人士在董事会决议范围内根据年度股东大会的一般性授权办理境外上市外资股 （H股）发行，其中包括根据H股配售情况增加公司的注册资本。 2025年9月9日，公司发行13 ...

Group 1 - Gold prices have surpassed the inflation-adjusted peak set over 45 years ago, driven by increasing market concerns about the U.S. economy, continuing a three-year bull market for gold [1] - As of September 9, spot gold has risen approximately 5% in September, reaching a historical high of $3,674.27, and has set over 30 nominal records this year [1] - Analysts and investors agree that gold has firmly surpassed the inflation-adjusted level of $3,590, reinforcing its status as a hedge against inflation and currency devaluation [1] Group 2 - The CSI Hong Kong-Shenzhen Gold Industry Stock Index (931238) rose by 1.68% as of September 12, 2025, with significant gains in constituent stocks such as Yuguang Gold Lead (10.02%) and Hunan Silver (9.98%) [4] - The Gold Stock ETF (159322) increased by 2.04%, with a recent price of 1.55 yuan, and has seen a 7.65% rise over the past week, ranking 3rd among comparable funds [4] - The Gold Stock ETF has experienced a net outflow of 451.87 million yuan recently, but has seen net inflows on 3 out of the last 5 trading days, totaling 32.5 million yuan [4] Group 3 - The Gold Stock ETF has achieved a net value increase of 52.47% over the past six months, ranking in the top 1.80% among 3,604 index stock funds [5] - The fund's highest monthly return since inception was 16.59%, with a historical one-year profit probability of 100% [5] - The fund's Sharpe ratio of 1.91 ranks it in the top 2 out of 6 comparable funds, indicating higher returns for the same level of risk [5] Group 4 - The management fee for the Gold Stock ETF is 0.50%, and the custody fee is 0.10% [6] - The index tracks 50 large-cap companies involved in gold mining, refining, and sales, reflecting the overall performance of the gold industry in mainland China and Hong Kong [6] - The top ten weighted stocks in the index account for 66.52% of the total, with companies like Zijin Mining and Shandong Gold among the largest [6]

Core Viewpoint - Shandong Gold has shown significant stock price appreciation, with a year-to-date increase of 72.67% and notable recent gains, indicating strong market performance and investor interest [2]. Company Overview - Shandong Gold Mining Co., Ltd. is based in Jinan, Shandong Province, established on January 31, 2000, and listed on August 28, 2003. The company primarily engages in gold mining, refining, and the production and sale of gold-related products [2]. - The company's revenue composition includes 50.14% from purchased gold, 29.96% from self-produced gold, 9.75% from trading, 7.65% from small gold bars, and 2.50% from other sources [2]. Financial Performance - For the first half of 2025, Shandong Gold reported operating revenue of 56.766 billion yuan, a year-on-year increase of 24.01%, and a net profit attributable to shareholders of 2.808 billion yuan, reflecting a substantial growth of 102.98% [2]. - The company has distributed a total of 4.873 billion yuan in dividends since its A-share listing, with 1.959 billion yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, Shandong Gold had 91,400 shareholders, a decrease of 27.62% from the previous period. The average number of circulating shares per shareholder remained at zero [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 984 million shares, while Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF are also among the top shareholders, with increases in their holdings [3]. Market Activity - On September 12, Shandong Gold's stock rose by 2.02%, reaching 38.82 yuan per share, with a trading volume of 783 million yuan and a turnover rate of 0.57%. The total market capitalization stood at 178.957 billion yuan [1]. - The net outflow of main funds was 16.0794 million yuan, with significant buying and selling activity from large orders [1].

Group 1 - The core point of the article is that Shandong Gold has successfully completed the issuance of 136.5 million placement shares, with the placement price set at HKD 28.58 per share, which represents approximately 15.89% of the issued H shares before the completion of the placement [1] - The transfer of shares from Citibank to HSBC involved a market value of HKD 1.086 billion, accounting for 3.2% of the total shares [1] - Following the completion of the placement, the total number of issued H shares will increase by approximately 13.71%, and the total issued shares will increase by about 2.96% [1]

Core Viewpoint - Shandong Gold has completed the issuance of 136.5 million shares at a placement price of HKD 28.58 per share, representing a significant capital raise and a strategic move in the market [1] Group 1: Shareholder Activity - On September 11, Shandong Gold's shareholder transferred shares from Citibank to HSBC, with a total market value of HKD 1.086 billion, accounting for 3.2% of the company [1] Group 2: Share Placement Details - The placement agreement conditions have been fulfilled, and the completion is set for September 9, 2025 [1] - The total of 136.5 million shares represents approximately 15.89% of the issued H-shares before the completion and about 3.05% of the total issued shares [1] - Post-completion, the issued H-shares will increase to approximately 13.71% and the total issued shares to about 2.96% [1]

Core Viewpoint - The report by Zhongyou Securities highlights that the rising gold prices are significantly boosting the performance of Shandong Gold, leading to a "buy" rating for the company [1]. Financial Performance - In H1 2025, Shandong Gold achieved a net profit attributable to shareholders of 2.808 billion yuan, with a total revenue of 56.766 billion yuan, marking a year-on-year increase of 24.01% [2]. - The total profit for H1 2025 was 5.483 billion yuan, reflecting a year-on-year increase of 95.23% [2]. - In Q2 2025, the company reported revenue of 30.83 billion yuan, a year-on-year growth of 14.97% and a quarter-on-quarter increase of 18.87% [2]. Production and Sales - The company produced 24.71 tons of gold in H1 2025, accounting for 17.72% of the domestic gold mining output, with overseas mines contributing 5.67 tons [3]. - The sales volume for H1 2025 was 23.60 tons, indicating a balanced production and sales situation, which, combined with rising gold prices, facilitated the release of company performance [3]. Project Development - In H1 2025, Shandong Gold completed 374,800 cubic meters of engineering work, with ongoing projects such as the deep well construction at Sanshan Island Gold Mine and resource integration projects at Jiaoji Gold Mine and Xincheng Gold Mine [4]. - The company is also advancing the production system testing and ramp-up at the Namutini Gold Mine project in Namibia, which is expected to start production in the first half of 2027 [5]. Profit Forecast - The company forecasts net profits of 6.935 billion yuan, 8.875 billion yuan, and 10.313 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 135%, 28%, and 16% [6].

Group 1 - The core viewpoint of the report highlights Shandong Gold's strong performance in H1 2025, achieving a net profit attributable to shareholders of 2.808 billion yuan, with particularly impressive results in Q2 [1] - In H1 2025, the company's gold production reached 24.71 tons, accounting for 17.72% of the domestic gold mining output, with overseas mines contributing 5.67 tons [1] - The company has consistently ranked its mines among the "Top Ten Gold Producing Mines in China" and "Top Ten Economic Benefit Gold Mines in China," according to the China Gold Association [1] Group 2 - By 2024, the company is expected to have 12 mines producing over 1 ton of gold annually, increasing to 13 mines by 2025, thereby solidifying its competitive position in the gold industry [1] - In H1 2025, the sales volume was 23.60 tons, maintaining a balance between production and sales, which, combined with rising gold prices, positively impacted the company's performance [1] - The company anticipates net profits of 6.935 billion yuan, 8.875 billion yuan, and 10.313 billion yuan for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 135%, 28%, and 16%, with corresponding PE ratios of 25.51, 19.93, and 17.16 [1]

中邮证券研报指出，山东黄金25H1实现归母净利润28.08亿元，Q2业绩表现亮眼。2025H1，公司矿产金 产量24.71吨，相当于国内矿山企业矿产金产量的17.72%，其中公司海外矿山产金5.67吨。根据中国黄 金协会数据显示，公司焦家金矿、三山岛金矿、新城金矿连续多年入选"中国黄金生产十大矿山"和"中 国黄金经济效益十佳矿山"。2024年，公司年产黄金1吨以上的矿山达到12座，2025年预计达到13座，持 续巩固公司在黄金行业的优势地位。2025H1销量为23.60吨，产销量基本维持平衡，叠加金价提升，助 力公司业绩顺利释放。增量项目持续推进，助力公司远期产量目标实现。随着金价中枢稳健上移，公司 黄金产销量稳中有升，预计归母净利润为69.35/88.75/103.13亿元，YOY为135%/28%/16%，对应PE为 25.51/19.93/17.16。综上，维持"买入"评级。 ...

Group 1: Market Overview - The Federal Reserve is expected to shift towards a loose monetary policy, enhancing the appeal of gold as a safe-haven asset amid increasing macroeconomic uncertainties [1] - Gold prices are anticipated to rise further due to strengthened expectations of interest rate cuts by the Federal Reserve, alongside heightened global trade policy uncertainties and regional political turmoil [1] Group 2: Gold Sector Performance - The gold sector is expected to maintain a bullish trend in the first half of 2025, with both cyclical and trend forces resonating [1] - Longjiang Securities notes that gold prices have reached new highs amid deepening trade conflicts and recession expectations in the U.S., with most companies in the industry entering a phase of volume expansion, leading to enhanced profit elasticity [1] Group 3: ETF Fund Performance - As of September 10, 2025, the gold stock ETF fund has seen a net value increase of 52.09% over the past six months, ranking 55 out of 3589 in the index stock fund category [3] - The gold stock ETF fund has achieved a maximum monthly return of 16.59% since its inception, with a historical one-year profit probability of 100% [5] Group 4: Fund Liquidity and Inflows - The gold stock ETF fund has experienced active trading, with a turnover rate of 17.47% and a total transaction volume of 20.08 million yuan [2] - The fund has seen continuous net inflows over the past three days, with a peak single-day net inflow of 33.81 million yuan, totaling 42.81 million yuan in net inflows [2] Group 5: Fund Metrics - The gold stock ETF fund's latest scale reached 116 million yuan, marking a one-year high, with the latest share count at 76.41 million, also a one-year high [2] - The fund's Sharpe ratio for the past year is 1.91, ranking it in the top 2 out of 6 comparable funds, indicating higher returns for the same level of risk [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [7][11]. Core Views - The company's performance has significantly benefited from rising gold prices, with a notable increase in net profit and revenue in the first half of 2025 [3][4]. - The company is expected to continue its growth trajectory, with projected net profits increasing substantially over the next few years [7]. Company Overview - The latest closing price of the company's stock is 39.55 yuan, with a total market capitalization of 176.9 billion yuan [2]. - The company has a debt-to-asset ratio of 63.5% and a price-to-earnings ratio of 69.39 [2]. Financial Performance - In the first half of 2025, the company achieved a net profit of 2.808 billion yuan, a year-on-year increase of 102.98% [3]. - The company's revenue for the same period was 56.766 billion yuan, reflecting a year-on-year growth of 24.01% [3]. - The company’s gold production in the first half of 2025 was 24.71 tons, accounting for 17.72% of the domestic gold mining output [4]. Future Projections - The company is expected to see net profits of 6.935 billion yuan, 8.875 billion yuan, and 10.313 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of 134.95%, 27.98%, and 16.20% [9][7]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.55 yuan, 1.98 yuan, and 2.31 yuan respectively [9]. Production and Expansion - The company is actively advancing several projects to enhance its production capacity, including the construction of new mining facilities and resource integration projects [5]. - The company aims to increase its gold production capacity with the expectation of having 13 mines producing over 1 ton of gold annually by 2025 [4].