Summary of the Conference Call Company: Zhaojin Mining Industry Co., Ltd. Key Points Industry Overview - Geopolitical conflicts and de-globalization trends are driving gold demand, offsetting the negative impact of high U.S. real interest rates on gold prices [2][3] - Global central banks and private capital are increasing gold allocations, diminishing the explanatory power of traditional interest rate models on gold prices [2] - The U.S. Federal Reserve's recent meeting maintained interest rates, with a slight reduction in expectations for a rate cut in September [2][5] - The relationship between U.S. real interest rates and gold prices has weakened significantly since the Russia-Ukraine conflict began in February 2022 [3] Gold Market Dynamics - U.S. 10-year real interest rates are at historical highs but are on a downward trend, with inflation data and Fed policy being key observation points [2][5] - Gold ETFs in Europe and North America dominate the global market, accounting for over 93% of the total, with net purchases showing a negative correlation with U.S. real interest rates [8] - Despite a net outflow from global gold ETFs, there has been a net inflow in the first half of 2025, indicating a gradual recovery in investment demand [2][9] Central Bank Purchases - Central bank purchases of gold provide solid support for gold prices, accounting for over 25% of total gold demand [10] - Countries like Poland and China have been actively increasing their gold reserves, reflecting a long-term bullish outlook on gold [10] Company-Specific Insights - Zhaojin Mining is expanding its production capacity through internal growth and acquisitions, notably the successful acquisition of Australian company Iron Road [4][11] - The Haidi Gold Mine, as the second-largest single gold mine in China, is expected to significantly boost production capacity [12] - The Abidjan Gold Mine has commenced production and is nearing full capacity, with a projected annual output of approximately 5.28 tons [14][15] Financial Performance and Projections - Zhaojin Mining's target price is set at HKD 27, indicating a potential upside of about 40% [11] - The company anticipates a 169% growth in 2024, positioning itself as the third-largest gold producer in China [20] - Future earnings are projected to be approximately CNY 3.25 billion in 2025, with potential increases if gold prices rise above CNY 790 per gram [19] Governance and Management Changes - Recent changes in governance, including a younger management team, have improved operational efficiency and reduced management expense ratios [18] - The partnership with Zijin Mining is expected to create synergies in investment, technology, and talent development [17] Risks and Challenges - Potential asset impairment losses could negatively impact profitability [29] - Risks associated with the construction of the Haidi Gold Mine and overseas operations in politically unstable regions [29] - Environmental concerns related to mining practices, such as cyanide use and waste management [29] Conclusion Zhaojin Mining is well-positioned for growth in the gold mining sector, supported by favorable market dynamics and strategic acquisitions. However, it must navigate various risks, including operational challenges and market fluctuations.

Summary of the Conference Call Records Company Overview - **Company**: Zhaojin Mining Industry Co., Ltd. (招金矿业) - **Industry**: Gold Mining Key Points and Arguments Production and Growth Potential - Zhaojin Mining plans to increase its production from 20 tons to 60 tons, indicating a significant growth inflection point, with expectations of doubling growth in the next 3-4 years, showcasing strong growth certainty and substantial overseas expansion potential [1][2] - The company is projected to face challenges in 2025 due to a mining accident affecting its marine gold project, which will limit production to inventory entries in financial statements, but gradual policy relaxation is expected to allow for production realization [1][9] Strategic Partnerships - The collaboration between Zhaojin Mining and Zijin Mining is highlighted as a significant advantage, with Zijin providing essential support in marine projects and overseas expansion, helping Zhaojin to effectively mitigate risks and ensure quality project execution [1][3][11] Management Changes - Zhaojin Mining has undergone a management transition, with a younger leadership team that has demonstrated strategic foresight through initiatives such as the reverse merger with ST Zhongrun and the rebranding to Zhaojin Gold [1][5][6] - The new management is focused on institutional reforms and improving inefficiencies typical of state-owned enterprises, with expectations of reduced impairment and cost optimization reflected in the 2025 financial statements [7][8] Financial Performance and Forecast - For 2025, Zhaojin Mining anticipates a production of approximately 17.6 tons, with projections of 33 billion RMB in profit, increasing to at least 40 billion RMB in 2026 and reaching 70 billion RMB by 2027 [1][10] - The total production is expected to reach around 19 tons by 2027, with contributions from the marine gold project and the Sierra Leone project [10] Market Outlook - The company is viewed favorably in the context of the gold sector, with optimistic expectations for the market driven by recent economic indicators and a clear path for interest rate cuts, suggesting a strong trading environment for gold in the upcoming quarters [12] Investment Recommendation - Zhaojin Mining is recommended for investment due to its long-term growth potential and multi-dimensional optimization strategies, despite its current valuation being slightly higher than peers [10][12]

招金矿业(01818)公布，招金矿业股份有限公司2023年面向专业机构投资者公开发行公司债券(第一期)将 于2025年8月10日(如遇非交易日，则顺延至其后的第1个交易日)开始支付自2024年8月10日至2025年8月 9日期间的利息。 债券简称"23招金01"，发行总额10亿元，票面利率为2.99%，每手本期债券面值为1000元，派发利息为 29.90元(含税)。 ...

智通财经APP讯，招金矿业(01818)公布，招金矿业股份有限公司 2023 年面向专业机构投资者公开发行 公司债券(第一期)将于 2025 年 8 月 10 日(如遇非交易日，则顺延至其后的第 1 个交易日)开始支付自 2024 年 8 月 10 日至 2025 年 8 月 9 日期间的利息。 债券简称"23 招金 01"，发行总额10亿元，票面利率为 2.99%，每手本期债券面值为 1000 元，派发利息 为 29.90 元(含税)。 ...

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的內容概不 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 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 ZHAOJIN MINING INDUSTRY COMPANY LIMITED* 招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：1818） 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 而 作 出。 茲載列招金礦業股份有限公司於2025年8月4日在上海證券交易所網站 (www.sse.com.cn)刊 登 的《招 金 礦 業 股 份 有 限 公 司2023年面向專業機構投資者公 開 發 行 公 司 債 券（第 一 期）2025年 付 息 公 告》，僅 供 參 考。 特 此 公 告。 承董事會命 招金礦業股份有限公司 姜桂鵬 董事長 獨 立 非 執 行 董 事： 陳 晉 蓉 女 士、蔡 思 聰 先 生、魏 俊 浩 先 生 及 申 士 富 先 生 * 僅供識別 债券代码：115776 债券 ...

智通财经APP讯，招金矿业(01818)公布，将于2025年8月10日兑付招金矿业股份有限公司2024年度第六 期超短期融资券，本期债券发行总额10亿元，利率2.05%。 ...

招金矿业(01818)公布，将于2025年8月10日兑付招金矿业股份有限公司2024年度第六期超短期融资券， 本期债券发行总额10亿元，利率2.05%。 ...

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的內容概不 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 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 ZHAOJIN MINING INDUSTRY COMPANY LIMITED* 招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：1818） 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 而 作 出。 茲載列招金礦業股份有限公司於2025年8月4日在中國貨幣網(www.chinamoney.com.cn) 及上海清算所網站(www.shclearing.com.cn)所 刊 登 的《招 金 礦 業 股 份 有 限 公 司2024 年 度 第 六 期 超 短 期 融 資 券 兌 付 公 告》，僅 供 參 考。 特 此 公 告。 承董事會命 招金礦業股份有限公司 姜桂鵬 董事長 中 國 招 遠，2025年8月4日 截 至 本 公 告 日 期，董 事 會 成 員 包 括： 執 行 董 事： 姜 ...

中泰国际指出，港股当前整体升势仍较健康，核心驱动逻辑正从前期避险情绪与仓位回补，逐渐有转向 基本面改善与政策预期向好的迹象。光大证券国际表示，业绩期将会主导港股8月份走势，料大型科技 股上半年业绩会理想。上周公布的大型银行股业绩个别发展，但大型科技股近季表现不俗，料上半年业 绩会理想，但股价有机会出现分化，网络科技及云端相关业务的股份会略胜一筹。 蓝筹股表现 新东方-S(02057)领涨蓝筹。截至收盘，涨6.49%，报36.58港元，成交额2.99亿港元，贡献恒指2.7点。招 商证券发布研报称，新东方-S在5月底止2025财年第四财季的收入按年增长9.4%，超市场预期达4.6%， 当中核心教育业务收入升18.7%，超出公司指引；毛利率按年升1.9个百分点至54.2%，胜于预期。该行 指出，新东方指引2026财年的收入按年增长5%至10%，而目前的市场预测为增长12%，主要是由于公司 的海外业务在宏观逆风下收入下降约5%。此外，公司对K-12业务的稳健增长持乐观态度。 其他蓝筹股方面，中升控股(00881)涨5.59%，报13.79港元，贡献恒指0.82点；联想集团(00992)涨 4.95%，报10.6港元， ...

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Zhaojin Mining (1818.HK) due to favorable market conditions for precious metals, driven by lower-than-expected U.S. non-farm payroll data and increased expectations for interest rate cuts [1] - Zhaojin Mining's stock price surged over 8.7%, reaching a peak of 21.18 HKD, reflecting strong market sentiment towards gold and other precious metals [1] - The spot gold price broke through 3360 USD/ounce for the first time since July 25, closing up 2.2%, indicating a robust demand for gold [1] Group 2 - Citigroup has raised its gold price forecast for the next 0-3 months to 3500 USD/ounce from a previous estimate of 3300 USD/ounce, suggesting a bullish outlook for gold prices [1] - CICC has reiterated its coverage of Zhaojin Mining with an "outperform" rating and a target price of 27 HKD, citing strong growth momentum driven by expected annual gold production of 15 to 20 tons from the offshore gold mine [1] - Zhaojin Mining is expected to privatize Tietto Minerals by June 2024 and complete the acquisition of West Gold Mining, which will support its expansion and internationalization strategy, aiming for a balanced development between domestic and international operations [1] Group 3 - According to Zhongyou Securities, the offshore gold mine is anticipated to gradually release production capacity after 2027, with low costs and high output expected to significantly enhance the company's performance in the future, leading to a "buy" rating [1]