格隆汇10月29日丨山东黄金(600547.SH)发布三季报，2025年前三季度实现营业总收入837.83亿元，同比 增长25.04%；归属母公司股东净利润39.56亿元，同比增长91.51%；基本每股收益为0.8元。 ...

Core Points - The company guarantees the authenticity, accuracy, and completeness of the quarterly report, and assumes legal responsibility for any false records or misleading statements [2][9][10] Financial Data - The net profit attributable to shareholders for the current quarter is CNY 1,015,450,300.91, while the net profit for the year-to-date is CNY 3,575,579,118.48, excluding interest for perpetual bondholders [2] - The interest for perpetual bondholders included in the net profit for the current quarter is CNY 132,535,484.01, and for the year-to-date is CNY 380,564,527.37 [2] Non-Recurring Gains and Losses - The company does not classify the gains and losses from financial assets and liabilities held by its subsidiaries as non-recurring, as they are directly related to normal business operations [3] - The management has not classified the income from equity custody agreements as non-recurring losses [4] Shareholder Information - As of September 30, 2025, Shandong Gold Group holds 1,623,179,427 shares, including 1,494,221,341 shares directly and 128,958,086 shares through a pledged account for bond issuance [5] Board Meeting - The seventh board meeting was held on October 29, 2025, with all nine directors present, complying with relevant regulations [10][11] - The board approved the 2025 third-quarter report, with unanimous support from all voting members [11][13]

Core Insights - Shandong Gold (600547.SH) reported a total operating revenue of 83.783 billion yuan for Q3 2025, ranking first among disclosed peers, with a year-on-year increase of 25.04% [1] - The company's net profit attributable to shareholders reached 3.956 billion yuan, also ranking first among peers, reflecting a significant year-on-year growth of 91.51% [1] - Operating cash flow net inflow was 15.196 billion yuan, maintaining the first position among peers, with a year-on-year increase of 49.06% [1] Financial Performance - The latest asset-liability ratio is 62.93%, showing a decrease of 0.18 percentage points from the previous quarter and a decrease of 2.17 percentage points from the same period last year [1] - The gross profit margin stands at 18.01%, up 0.55 percentage points from the previous quarter and up 3.14 percentage points year-on-year [1] - Return on equity (ROE) is reported at 8.90%, an increase of 2.89 percentage points compared to the same period last year [1] Earnings and Ratios - The diluted earnings per share are 0.80 yuan, ranking third among peers, with a year-on-year increase of 105.13% [2] - Total asset turnover ratio is 0.50 times, reflecting a year-on-year increase of 9.95% [2] - Inventory turnover ratio is 9.23 times, ranking second among peers, with a year-on-year increase of 37.63% [2] Shareholder Structure - The number of shareholders is 102,800, with the top ten shareholders holding 3.337 billion shares, accounting for 72.39% of the total share capital [2] - The largest shareholder is Shandong Gold Group Co., Ltd., holding 3.52 billion shares [2]

Core Insights - Shandong Gold (600547.SH) reported a revenue of 83.783 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 25.04% [1] - The company's net profit attributable to shareholders reached 3.956 billion yuan, marking a significant year-on-year increase of 91.51% [1] - The non-recurring net profit was 3.945 billion yuan, which is an 88.43% increase compared to the previous year [1] - Basic earnings per share stood at 0.80 yuan [1]

格隆汇10月29日丨山东黄金(600547.SH)发布三季报，2025年前三季度实现营业总收入837.83亿元，同比 增长25.04%；归属母公司股东净利润39.56亿元，同比增长91.51%；基本每股收益为0.8元。 ...

Group 1 - The gold sector has seen significant stock price increases, with a 3.61% rise on October 29, driven by strong earnings reports and stable gold prices [1] - Shandong Gold reported third-quarter revenue of 27.017 billion yuan, a year-on-year increase of 27.25%, and a net profit of 1.148 billion yuan, up 68.24% year-on-year [1] - Among the 11 companies in the gold sector, Western Gold, Zhaojin Mining, and Sichuan Gold all reported revenue and net profit growth exceeding 100% for the third quarter [1] Group 2 - Guoxin Securities indicates that international gold prices are experiencing volatility due to easing geopolitical risks and market sentiment shifts, with upcoming U.S. data and policy decisions expected to catalyze significant movements in gold prices [2] - Long-term bullish sentiment on gold remains intact, with expectations of high volatility in gold prices during the fourth quarter, driven by potential interest rate cuts by the Federal Reserve [2] - Emerging market central banks are expected to continue purchasing gold through 2025, reinforcing the long-term bullish outlook for gold as a hedge against debt sustainability and a weakening dollar [2]

Core Viewpoint - Shandong Gold (01787) reported a significant increase in revenue and net profit for the first three quarters of 2025, driven by optimized production layout, enhanced core technology, and rising gold prices [1] Financial Performance - The company's operating revenue reached approximately 83.783 billion yuan, representing a year-on-year growth of 25.04% [1] - Net profit attributable to shareholders was about 3.956 billion yuan, showing a substantial year-on-year increase of 91.51% [1] - Basic earnings per share stood at 0.8 yuan [1] Operational Efficiency - The growth in performance was attributed to the company's efforts in optimizing production layout and improving operational efficiency [1] - Enhanced resource utilization and project construction speed contributed to the overall performance improvement [1] - The increase in sales volume was also a key factor, alongside the rise in gold prices [1]

证券日报网讯 10月29日晚间，山东黄金发布2025年第三季度报告称，2025年第三季度公司实现营业收 入27，017，278，703.76元，同比增长27.25%；归属于上市公司股东的净利润为1，147，985，784.92 元，同比增长68.24%。 （文章来源：证券日报） ...

格隆汇10月29日丨山东黄金(01787.HK)发布公告，2025年前三季度，实现营业收入837.83亿元(人民币， 下同)，同比增加25.04%；归属于上市公司股东的净利润39.56亿元，同比增加91.51%；归属于上市公司 股东的扣除非经常性损益的净利润39.45亿元，同比增加88.43%；基本每股收益0.80元。 ...

Financial Performance - The company's operating revenue for the third quarter reached CNY 27,017,278,703.76, representing a year-on-year increase of 27.25%[10] - Total profit for the quarter was CNY 2,084,408,258.71, reflecting a 33.70% increase compared to the same period last year[10] - Net profit attributable to shareholders was CNY 1,147,985,784.92, which is a significant increase of 68.24% year-on-year[10] - The basic earnings per share for the quarter was CNY 0.23, up 76.92% from the previous year[10] - The total comprehensive income for the first three quarters of 2025 was CNY 5.32 billion, compared to CNY 3.25 billion in 2024, marking a growth of approximately 63.7%[34] - Basic and diluted earnings per share for the period were both CNY 0.80, compared to CNY 0.39 in the previous year, indicating an increase of 105.1%[34] - Net profit attributable to shareholders of the parent company was CNY 3.96 billion, up from CNY 2.07 billion year-over-year, reflecting an increase of about 91.5%[33] Assets and Liabilities - The company's total assets as of the end of the quarter amounted to CNY 171,961,982,952.41, an increase of 7.03% from the end of the previous year[10] - The equity attributable to shareholders increased to CNY 44,455,351,165.06, marking a 17.61% rise compared to the previous year[10] - The company's total assets as of September 30, 2025, were ¥171.96 billion, compared to ¥160.66 billion at the end of 2024, marking an increase of about 6.5%[29] - Total liabilities as of September 30, 2025, were ¥108.22 billion, up from ¥102.09 billion in 2024, indicating an increase of about 6.5%[29] - The company's total liabilities stood at CNY 58.15 billion as of September 30, 2025, compared to CNY 58.13 billion at the end of 2024, showing a marginal increase[43] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 15,196,015,447.51, showing a 49.06% increase[10] - The net cash flow from operating activities was approximately ¥1.08 billion, up from ¥921.8 million in the previous year, reflecting a year-over-year increase of 17.6%[49] - Cash inflow from investment activities totaled CNY 13.24 billion, while cash outflow was CNY 21.27 billion, resulting in a net cash flow of -CNY 8.04 billion, an improvement from -CNY 19.27 billion in 2024[39] - The company's total cash and cash equivalents at the end of the period amounted to CNY 16.11 billion, up from CNY 8.50 billion at the end of the previous year, indicating a growth of 89.5%[40] - The total cash and cash equivalents at the end of the period reached approximately ¥4.70 billion, compared to ¥844.07 million at the end of the same period in 2024, showing a substantial increase[50] Operational Efficiency - The total profit for the current reporting period increased by 33.70% due to optimization of production layout and enhanced operational efficiency[19] - The net profit attributable to shareholders for the current reporting period was 68.24% higher compared to the previous period, driven by increased sales volume and rising gold prices[20] - The company plans to continue enhancing its core technology and operational efficiency to further improve production rates and resource utilization[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 102,846[22] - The largest shareholder, Shandong Gold Group Co., Ltd., holds 1,623,179,427 shares, representing 35.21% of the total shares[22] Research and Development - Research and development expenses for the first three quarters of 2025 amounted to ¥564.35 million, up from ¥484.14 million in 2024, reflecting a growth of approximately 16.6%[32] - Research and development expenses for the first three quarters of 2025 were CNY 90.46 million, slightly up from CNY 87.23 million in the same period of 2024[46] Investment Performance - The net loss from investment activities for the first three quarters of 2025 was ¥467.48 million, compared to a loss of ¥157.45 million in 2024, indicating a deterioration in investment performance[32] - The company reported a fair value gain of CNY 174.61 million in the first three quarters of 2025, compared to CNY 56.54 million in the same period of 2024, indicating a substantial increase[46]