Investment Rating - The report maintains an "Accumulate" rating for the company [8] Core Views - The company reported Q1 2025 revenue of 25.935 billion RMB, a year-over-year increase of 36.81% and a quarter-over-quarter increase of 67.19%. The net profit attributable to shareholders was 1.026 billion RMB, up 46.62% year-over-year and 15.86% quarter-over-quarter [1][2] - The company plans to increase its gold production to no less than 50 tons in 2025, despite a slight year-over-year decrease in self-produced gold output [2] - The controlling shareholder, Shandong Gold Group, plans to increase its stake in the company by investing between 500 million RMB and 1 billion RMB over the next 12 months, reflecting confidence in the company's long-term development [3] - The report emphasizes that gold prices are currently on an upward trend, driven by geopolitical uncertainties and a shift in asset preferences away from the US dollar, enhancing the investment value of gold and related assets [4] Financial Forecast and Valuation - The report projects the company's EPS for 2025, 2026, and 2027 to be 1.45 RMB, 2.03 RMB, and 2.34 RMB respectively, representing increases of 23.9%, 18.7%, and 17.6% compared to previous estimates [5] - The target price for the company's A-shares is set at 36.98 RMB, with a corresponding H-share target price of 24.40 HKD, based on a price-to-book ratio of 3.82 for 2025 [5][9] - The company is expected to achieve a net profit of 6.508 billion RMB in 2025, with a significant growth rate of 120.48% year-over-year [7]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price on April 28, 2025 [4][6]. Core Views - The company's performance in Q1 2025 was driven by rising gold prices, with revenue reaching 25.935 billion yuan, a year-on-year increase of 36.81% and a quarter-on-quarter increase of 67.19% [1]. - The net profit attributable to shareholders was 1.026 billion yuan, up 46.62% year-on-year and 15.86% quarter-on-quarter, indicating strong profitability [1]. - The average gold price in Q1 2025 was 2807 USD/ounce, reflecting a year-on-year increase of 38.3% [1]. Summary by Sections Financial Performance - In Q1 2025, the company reported a net profit increase of 330 million yuan year-on-year, primarily driven by gross profit growth of 1.28 billion yuan [2]. - The company’s gross profit margin and net profit margin for Q1 2025 were 15.57% and 5.63%, respectively, showing slight improvements compared to the previous year [1][2]. Resource Expansion and Business Development - The company invested 590 million yuan in exploration in 2024, resulting in an additional gold resource of 58.8 tons [3]. - The company successfully acquired exploration rights for the Daqiao gold mine and completed a 70% stake acquisition in Baotou Changtai Mining [3]. Future Projections - The company expects net profits for 2025, 2026, and 2027 to be 6.149 billion yuan, 6.744 billion yuan, and 7.722 billion yuan, respectively, with corresponding PE ratios of 22, 20, and 18 [4][5]. - Revenue is projected to grow from 82.518 billion yuan in 2024 to 121.565 billion yuan in 2027, with a compound annual growth rate of approximately 11.8% [5][10].

Financial Performance - The company's operating revenue for Q1 2025 reached ¥25,935,464,215.71, representing a 36.81% increase compared to ¥18,957,270,097.61 in the same period last year[8] - Net profit attributable to shareholders was ¥1,026,208,555.63, a 46.62% increase from ¥699,890,621.07 year-on-year[8] - The basic earnings per share increased by 53.85% to ¥0.20 from ¥0.13 in the previous year[9] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥1,030,372,641.13, a 45.19% increase year-on-year[8] - Net profit for Q1 2025 was ¥1,460716,873.99, representing a 38.3% increase compared to ¥1,055,609,970.74 in Q1 2024[20] - The net profit attributable to the parent company's shareholders for the current period is CNY 1,026,208,555.63, an increase of 46.7% compared to CNY 699,890,621.07 in the previous period[21] - The total comprehensive income for the current period is CNY 1,211,715,433.51, an increase of 8.2% from CNY 1,120,152,501.24 in the previous period[21] Cash Flow - The net cash flow from operating activities was ¥2,526,194,197.91, reflecting a 45.65% increase compared to ¥1,734,404,533.56 in the same period last year[8] - Cash inflows from operating activities totaled CNY 45,314,990,785.54, a 41.0% increase from CNY 32,118,104,047.03 in the previous year[23] - The cash and cash equivalents at the end of the period are CNY 8,891,883,164.01, down from CNY 10,377,269,164.15 at the end of the previous year[24] - Cash outflows from investing activities amounted to CNY 11,761,379,066.71, an increase of 73.8% from CNY 6,765,241,886.23 in the previous year[24] - The net cash flow from investing activities is CNY 3,675,228,071.19, a significant improvement from a negative CNY 4,895,139,673.33 in the previous year[24] - The total cash inflow from financing activities is CNY 10,042,289,376.87, compared to CNY 18,456,986,015.28 in the previous year, reflecting a decrease of 45.4%[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥164,179,836,377.99, a 2.19% increase from ¥160,659,954,188.36 at the end of the previous year[9] - Total liabilities increased to ¥104,466,861,874.35 from ¥102,089,931,926.77, reflecting a growth of 2.3%[19] - Non-current assets totaled ¥133,062,789,684.99, up from ¥131,958,705,005.54, indicating a growth of 0.8%[19] - The total assets amounted to CNY 92.29 billion, slightly down from CNY 92.99 billion in the previous period[27] - The total liabilities decreased to CNY 57.30 billion from CNY 58.13 billion, indicating a reduction of 1.4%[27] Shareholder Information - As of March 31, 2025, the total number of common shareholders is 126,251[13] - Shandong Gold Group Co., Ltd. holds 1,620,569,251 shares, representing 36.23% of the total share capital[13] - The top ten shareholders include several state-owned entities, indicating a strong government influence in the ownership structure[14] Production and Sales - The company's self-produced gold for Q1 2025 is 11,870.60 kg, a decrease of 0.31% year-on-year, while sales increased by 7.98% to 10,991.51 kg[15] - The increase in revenue and profit was primarily driven by higher sales prices of self-produced and purchased gold[12] Research and Development - Research and development expenses for Q1 2025 were ¥98,424,400.90, a slight increase from ¥94,528,426.40 in Q1 2024[20] - Research and development expenses for Q1 2025 were CNY 21.82 million, down from CNY 26.58 million in Q1 2024, reflecting a decrease of 18.0%[29] Other Financial Information - The company has not conducted an audit for the financial report for this quarter[7] - The company has pledged 130,000,000 shares as collateral for a private placement of exchangeable bonds[14] - The company will implement new accounting standards starting from 2025, which may affect the financial statements[34]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責 任。 SHANDONG GOLD MINING CO., LTD. 山東黃金礦業股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1787） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲載列山東黃金礦業股份有限公司（「 本公司 」）在 上 海 證 券 交 易 所 網 站 (www.sse.com.cn)刊登之《山 東 黃 金 礦 業 股 份 有 限 公 司 第 六 屆 董 事 會 第 七 十 二 次 會 議 決 議 公 告》，僅 供 參 閱。 承董事會命 山東黃金礦業股份有限公司 董事長 李 航 於 本 公 告 日 期，本 公 司 執 行 董 事 為 劉 欽 先 生、王 樹 海 先 生 和 湯 琦 先 生；本 公 司 非 執 行 董 事 為 李 航 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責 任。 SHANDONG GOLD MINING CO., LTD. 山東黃金礦業股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：1787） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲載列山東黃金礦業股份有限公司（「 本公司 」）在 上 海 證 券 交 易 所 網 站 (www.sse.com.cn)刊登之《山 東 黃 金 礦 業 股 份 有 限 公 司 第 六 屆 監 事 會 第 四 十 四 次 會 議 決 議 公 告》，僅 供 參 閱。 承董事會命 山東黃金礦業股份有限公司 董事長 李 航 证券代码：600547 证券简称：山东黄金 编号：临 2025-022 山东黄金矿业股份有限公司 第六届监事会第四十四次会议决议公告 本公司监事会及全体监 ...

Group 1 - The top three companies with the highest short positions are WuXi AppTec (02359), Ganfeng Lithium (01772), and Vanke Enterprises (02202), with short ratios of 15.63%, 14.23%, and 13.24% respectively [1][2] - The company with the largest increase in short positions is China Ruifeng (00136), which saw an increase of 2.52%, followed by Vanke Enterprises (02202) with an increase of 1.49%, and Rongchang Biologics (09995) with an increase of 1.18% [1][2] - The companies with the largest decrease in short positions include Zai Ding Pharmaceuticals (09688) with a decrease of 1.31%, Midea Group (00300) with a decrease of 0.80%, and Kanglong Chemical (03759) with a decrease of 0.76% [1][3] Group 2 - The latest short position data shows that the short ratio for WuXi AppTec decreased from 6168.69 million shares to 6050.95 million shares, while Ganfeng Lithium decreased from 5893.42 million shares to 5743.15 million shares [2] - The short ratio for Vanke Enterprises increased from 259 million shares to 292 million shares, indicating a growing bearish sentiment [2] - Other notable companies with significant changes in short positions include ZTE Corporation (00763) and Brilliance China Automotive (01114), with short ratios of 12.54% and 12.18% respectively [2]

证券代码：600547 证券简称：山东黄金 编号：临 2025-022 二、监事会会议审议情况 会议以记名投票表决方式，审议通过了《公司 2025 年第一季度报告》 山东黄金矿业股份有限公司 第六届监事会第四十四次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 山东黄金矿业股份有限公司（以下简称"公司"）第六届监事会第四十四次会 议于 2025 年 4 月 28 日在山东省济南市历城区经十路 2503 号公司会议室以现场 方式召开。本次会议应参会监事 3 人，实际参会监事 3 人。会议的召开符合《公 司法》《公司章程》《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，会议合法有效。 根据《公司法》和《公司章程》的相关规定，监事会对公司编制的 2025 年 第一季度报告提出如下审核意见： 1、2025 年第一季度报告的编制和审议程序符合法律法规、《公司章程》和 公司内部管理制度的各项规定； 特此公告。 山东黄金矿业股份有限公司监事会 20 ...

山东黄金矿业股份有限公司 第六届董事会第七十二次会议决议公告 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。 证券代码：600547 证券简称：山东黄金 编号：临 2025-021 表决结果：同意8票；反对0票；弃权0票。 特此公告。 一、董事会会议召开情况 山东黄金矿业股份有限公司董事会 2025年4月28日 山东黄金矿业股份有限公司（以下简称"公司"）第六届董事会第七十二次 会议于2025年4月28日以现场和通讯相结合的方式召开。本次会议应参会董事8 人，实际参会董事8人。会议的召开符合《公司法》《公司章程》《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，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，审议通过了《公司2025年第一季度报告》 董事、高管人员对公司2025年第一季度报告签署了书面确认意见。2025年第 一季度报告详见上海证券交易所网站（http://www.sse.com.cn）。 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥25,935,464,215.71, representing a 36.81% increase compared to ¥18,957,270,097.61 in the same period last year[2] - Net profit attributable to shareholders was ¥1,026,208,555.63, up 46.62% from ¥699,890,621.07 year-on-year[2] - Basic and diluted earnings per share rose to ¥0.20, reflecting a 53.85% increase from ¥0.13 in the same period last year[2] - The net profit for Q1 2025 was ¥1,460,716,873.99, representing an increase of 38.3% from ¥1,055,609,970.74 in Q1 2024[18] - The earnings per share (EPS) for Q1 2025 was ¥0.20, compared to ¥0.13 in Q1 2024, indicating a growth of 53.8%[19] Cash Flow - The net cash flow from operating activities increased by 45.65%, totaling ¥2,526,194,197.91 compared to ¥1,734,404,533.56 in the previous year[2] - Cash flow from operating activities for Q1 2025 was CNY 2,526,194,197.91, an increase of 45.6% compared to CNY 1,734,404,533.56 in Q1 2024[22] - Total cash inflow from operating activities reached CNY 45,314,990,785.54 in Q1 2025, up from CNY 32,118,104,047.03 in Q1 2024, representing a growth of 41.0%[22] - The cash flow from operating activities showed a net outflow of CNY 372.01 million in Q1 2025, compared to a net outflow of CNY 259.27 million in Q1 2024[33] Assets and Liabilities - Total assets at the end of the reporting period were ¥164,179,836,377.99, a 2.19% increase from ¥160,659,954,188.36 at the end of the previous year[3] - The total liabilities increased to ¥104,466,861,874.35 from ¥102,089,931,926.77, marking a rise of 2.3%[15] - The total assets as of March 31, 2025, were CNY 92,286,217,397.14, slightly down from CNY 92,993,404,725.17 at the end of 2024[26] - The total liabilities as of March 31, 2025, were CNY 52,635,953,202.96, slightly up from CNY 52,768,111,629.99 at the end of 2024[26] Shareholder Information - Shareholders' equity attributable to the company was ¥38,506,487,847.74, marking a 1.88% increase from ¥37,797,504,973.11 at the end of the last year[3] - The total number of ordinary shareholders at the end of the reporting period was 126,251[6] - Shandong Gold Group holds 1,620,569,251 shares, accounting for 36.23% of the total share capital[9] Production and Sales - The company produced 11,870.60 kg of self-produced gold, a decrease of 0.31% year-on-year, while sales increased by 7.98% to 10,991.51 kg[10] - The company reported a significant decrease in small gold bar production by 55.49% to 3,181.76 kg[10] Research and Development - Research and development expenses for Q1 2025 were ¥98,424,400.90, slightly up from ¥94,528,426.40 in Q1 2024, indicating a focus on innovation[18] - Research and development expenses for Q1 2025 were CNY 21.82 million, a decrease of 18% from CNY 26.58 million in Q1 2024[28] Investment Performance - The company reported an investment loss of ¥154,846,119.44 in Q1 2025, compared to a loss of ¥22,131,272.09 in Q1 2024, highlighting challenges in investment performance[18] Strategic Focus - The company is focused on expanding its market presence and enhancing its product offerings through new technologies and strategies[9] - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[35]

Core Viewpoint - The report indicates that the A-share non-ferrous metal industry is experiencing a renewed interest from actively managed equity funds, particularly in gold and copper sectors, driven by external economic factors and a favorable outlook for gold prices [1][5]. Group 1: Fund Holdings Analysis - In Q1 2025, actively managed equity funds increased their holdings in the A-share non-ferrous metal industry, with the market value of heavy holdings rising to 2.18% of total stock investments, up from 1.76% in Q4 2024, marking a 0.42 percentage point increase after two consecutive quarters of reduction [2]. - The main focus of fund replenishment in Q1 2025 was on the gold and copper sectors, with respective market value proportions of 0.44% and 0.85% of total fund stock investments, reflecting increases of 0.18 percentage points for gold and 0.18 percentage points for copper compared to Q4 2024 [3]. Group 2: Concentration of Holdings - The concentration of holdings in the A-share non-ferrous metal industry increased, with the top 10 stocks accounting for 73.23% of the total market value of heavy holdings, up 3 percentage points from the previous quarter [4]. - The top stocks held by actively managed equity funds in the non-ferrous metal sector include Zijin Mining, Yun Aluminum, Shandong Gold, and others, with notable increases in holdings for companies like Zhongfu Industrial and Chuangjiang New Materials [4]. Group 3: Market Outlook and Recommendations - The report suggests that the ongoing U.S. tariff increases and the resulting economic uncertainties may lead to a sustained rise in gold prices, which are expected to stabilize around $3,000 per ounce, thereby enhancing the performance and cash flow of gold companies [1][5]. - There is significant room for increased holdings in the A-share gold sector, as current positions remain below the high levels seen in the first three quarters of 2024, indicating potential for further investment [5]. - The report recommends focusing on stocks such as Chifeng Jilong Gold Mining, Shandong Gold, and others in the gold sector, as well as high-dividend, low-valuation leaders in the copper and aluminum sectors like Zijin Mining and China Aluminum for medium to long-term investment [5].