Investment Rating - The report assigns a "Buy" rating for Zhaojin Mining with a target price of 29.6 HKD, reflecting a valuation of 27X for 2025 [5][4]. Core Viewpoints - Zhaojin Mining is positioned as a high-potential gold enterprise with three main advantages: management empowerment through collaboration with Zijin Mining, significant production increases from the upcoming Haiyu Gold Mine, and cost advantages from high-quality resources [1][2][3]. Summary by Sections Company Overview - Zhaojin Mining, founded in 2004, is a comprehensive gold producer and refiner based in Shandong, China, with over 20 gold mines and a resource reserve exceeding 1300 tons, ranking third among domestic gold mining companies [12][1]. Management and Strategic Partnerships - The acquisition of a 20% stake by Zijin Mining in late 2022 enhances Zhaojin's operational capabilities, providing management expertise and resources for faster and more stable growth [1][14][15]. Financial Analysis - The company's revenue has shown steady growth, with a projected net profit of 36.1 billion, 46.4 billion, and 57.6 billion CNY for 2025-2027, corresponding to PE ratios of 18.5, 14.4, and 11.6 respectively [4][19]. Resource Strength - Zhaojin Mining holds over 1300 tons of gold resources, with a significant portion coming from key mines like Haiyu, Dayingge, and Abujar, which collectively account for 70% of the company's total resources [29][30]. Production Capacity - The company maintains a stable gold production level around 20 tons, with expectations for increased output following the commissioning of the Haiyu Gold Mine, projected to produce 15-20 tons annually starting in 2025 [44][49]. Cost Management - Zhaojin Mining benefits from low production costs due to high-quality resources, with the average cost per gram of gold expected to decrease further as new mines come online [39][41]. Market Outlook - The report anticipates that gold prices will continue to rise due to various factors, including inflation risks and a potential decline in the US dollar index, which could further enhance Zhaojin's profitability [3][4].

Wind数据显示，截至10时左右，现货黄金报3383.61美元/盎司。COMEX黄金期货涨近2%，报3385.70美 元/盎司。此外，沪金主力涨近2%，最新报798.96元/克。 继昨日大涨近3%后，国际金价今日再度走强。 5月6日上午，现货黄金持续拉升，日内涨幅扩大至1%，短线涨超40美元，站上3380美元/盎司。 具体来看，周大福金饰价格为1026元/克，较前日上涨28元/克；周生生金饰价格为1023元/克，较前一日 上涨23元/克；老庙黄金金饰价格为1022元/克，上涨31元/克；老凤祥足金饰品价格为1025元/克，较前 日上涨27元/克。 近期，世界黄金协会发布的报告显示，一季度全球金价20次突破历史新高，受此影响，全球金饰消费总 量同比下降21%，为2020年以来的最低点。不过，黄金投资需求大幅增长，一季度全球黄金投资需求量 为551.9吨，同比大增170%。这说明，在金价屡创新高的背景下，全球金饰需求下降，但黄金作为投资 产品的属性更被看好。 机构观点来看，此前5月5日，高盛重申对黄金的结构性看涨观点，基本预期年底金价为每盎司3700美 元，到2026年中期则达4000美元。 银河证券研报称，黄金 ...

智通财经5月6日电，截至发稿，赤峰黄金(06693.HK)涨7.55%、灵宝黄金(03330.HK)涨5.13%、山东黄金 (01787.HK)涨5.05%、招金矿业(01818.HK)涨4.12%。消息方面，国际金价在昨日大涨近3%后，今日再 度走强，目前价格在3360美元附近。 港股黄金股走强 赤峰黄金涨超7% ...

周一纽约尾盘，现货黄金上涨2.84%，报3332.56美元/盎司，全天震荡上行，北京时间03:40涨至3337.66 美元，逼近3400美元和4月22日所创历史最高位3500.10美元。现货黄金向上触及3330美元/盎司，日内 涨2.75%。 智通财经APP获悉，世界黄金协会日前发布的2025年一季度《全球黄金需求趋势报告》显示，一季度全 球黄金需求总量达1206吨，同比增长1%。 其中，黄金ETF需求复苏，推动一季度黄金投资需求总量增长逾一倍，达552吨，同比增长170%，创下 自2022年一季度以来的最高季度水平。 从中国市场来看，中国市场黄金ETF需求同步激增，一季度流入约167亿元人民币，创历史新高。 金价的飙升与空前的流入量推动黄金ETF资产管理总规模和总持仓双双突破历史纪录，分别达到1010亿 元人民币和138吨的高位。 另外，一季度金条与金币的需求总量同比增长3%至325吨，创下金条和金币季度需求的历史第二高纪 录。 中国银河证券表示，黄金突破区间可能需等待美联储降息或实物黄金需求爆发。未来需要进一步观察美 国经济情况，是滞胀还是衰退，如果出现滞胀并且美联储并未降息，那么黄金大概率呈现震荡向上。 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6][11]. Core Views - The company's performance in Q1 2025 exceeded expectations, driven by rising gold prices, with a revenue of 2.938 billion yuan, a year-on-year increase of 52.27% and a net profit of 659 million yuan, up 197.76% year-on-year [1][2]. - The average gold price in Q1 2025 was 2807 USD/ounce, reflecting a year-on-year increase of 38.3% [2]. - The company has made significant progress in resource expansion through exploration and acquisitions, adding 261.16 tons of gold resources in 2024, bringing total gold resources to 1446.16 tons [3]. - The company holds a 70% stake in the Haiyu gold mine, which is expected to contribute significantly to future production, with an anticipated annual output of 15-20 tons of gold [3]. - A partnership with Zijin Mining has been established to expand overseas operations, acquiring a 20% stake in Zhongrun Resources, which holds gold and zirconium-titanium sand mines in Fiji and Malawi [4]. Financial Summary - The company forecasts steady revenue growth, with projected net profits of 2.976 billion yuan in 2025, 3.251 billion yuan in 2026, and 4.308 billion yuan in 2027, corresponding to PE ratios of 20, 18, and 14 respectively [5][6]. - The financial projections indicate a revenue increase from 11.551 billion yuan in 2024 to 21.322 billion yuan in 2027, with a compound annual growth rate of 13.7% [5].

特朗普一番话，金融市场又风向突转。 在经历"股债汇"三杀后，昨晚美股、美元重振旗鼓，紧跟着今天亚洲新兴市场开始收复失地。 前期重挫的越南、泰国股市回暖，日韩、港A股市纷纷高开高走， 其中，MSCI新兴市场指数、日经225指数、韩国综合指数均涨超1%，恒指涨超3%，台湾加权指数涨超4%。 此前一路狂飙的黄金"疯牛"则断崖跳水。 原以为关税大棒一顿乱挥，能让美国制造业起死回生，最后却"搬起石头砸了自己的脚"。 在"特朗普衰退"面前，善变的川普昨晚突然改口"服软"。 他一边说，没打算让鲍威尔走人；一边承认对华关税太高，拟大幅下降。 另外，特朗普还派美财长贝森特释放谈判信号，暗示中美贸易紧张局势最终会缓和。 果然，朝令夕改、反复无常是他一贯风格了。 周三亚市早盘，现货黄金高位跳水，最低触及3312美元/盎司；虽然随后短暂回升，但此后跌势仍难止。 目前，现货黄金跌破了3330美元/盎司关口，日内跌1.66%；COMEX黄金期货报3340.7美元/盎司，日内跌2.3%。 今天，港、A贵金属板块集体下挫，黄金股深度回调。 截至发稿，港股赤峰黄金大跌超14%，潼关黄金跌超10%，山东黄金跌超9%，招金矿业跌超8%。A股赤峰黄 ...

Financial Performance - For the year ended December 31, 2024, the company reported revenue of RMB 11,550.68 million, a 37.5% increase from RMB 8,423.62 million in 2023[12]. - Gross profit for 2024 was RMB 4,521.95 million, up 34.1% from RMB 3,370.29 million in 2023[12]. - The company's net profit attributable to shareholders was RMB 1,450.80 million, representing a 111.8% increase compared to RMB 686.43 million in 2023[12]. - Earnings per share for 2024 was RMB 0.35, compared to RMB 0.14 in 2023, marking a 150% increase[12]. - Revenue for the year was approximately RMB 11,550,680,000, representing a year-over-year increase of about 37.12% due to rising gold prices and increased sales volume[22]. - Net profit for the year was approximately RMB 1,851,333,000, marking a significant increase of about 120.81% from the previous year, driven by higher gold prices and increased production and sales[23]. - Basic and diluted earnings per share attributable to ordinary shareholders were approximately RMB 0.35, reflecting a year-over-year increase of about 150.00%[24]. - The gross margin for the year was approximately 39.15%, a decrease of about 0.86% from 40.01% in 2023[53]. Assets and Liabilities - Total assets as of December 31, 2024, reached RMB 53,567.95 million, an increase of 14.5% from RMB 46,867.40 million in 2023[13]. - The company's total liabilities increased to RMB 28,375.65 million from RMB 24,623.07 million in 2023, reflecting a 15.5% rise[13]. - Cash and cash equivalents decreased to RMB 2,029.83 million from RMB 2,916.10 million in 2023, a decline of 30.4%[13]. - The group's total outstanding bank loans and other borrowings amounted to approximately RMB 12,984,719,000, an increase from RMB 9,767,317,000, with about RMB 7,573,647,000 due within one year[62]. - The leverage ratio as of December 31, 2024, was 43.4%, up from 42.1% the previous year, primarily due to an increase in debt levels[64]. Production and Resources - The total gold production for the year reached 26,449.73 kg (approximately 850,377.84 ounces), an increase of about 7.15% compared to the previous year[21]. - The company holds approximately 46.50 million ounces of gold mineral resources and about 16.63 million ounces of recoverable gold reserves as of December 31, 2024[10]. - The company expanded its gold resources by 261.16 tons in 2024, bringing total gold resources to 1,446.16 tons, with a recoverable amount of 517.54 tons[32]. - The total proven and probable gold reserves amount to 258.58 million tons with an average grade of 2.44 g/t, yielding a total metal content of 630.27 tons[37]. - The total measured and indicated gold resources stand at 216.98 million tons with an average grade of 2.36 g/t, equating to 512.75 tons of metal[37]. Strategic Initiatives - The company aims to achieve a production strategy of "half in the province, half outside" and is targeting a "double H" development model for international competitiveness[10]. - The company plans to enhance its technological advantages and cost efficiency in gold production to sustain growth in future years[10]. - The company aims to enhance production capacity and operational efficiency as part of its strategic focus for 2025, which is a critical year for achieving its "14th Five-Year" goals[17]. - The company is committed to maintaining a sustainable and innovative operational strategy to enhance long-term shareholder value[19]. - The company plans to invest RMB 142 million in geological exploration throughout the year to enhance resource growth[74]. Market and Economic Conditions - The international gold market experienced strong performance in 2024, with prices reaching a peak of USD 2,790.07 per ounce on October 31, driven by inflation concerns and geopolitical factors[29]. - The average international gold price for the year was $2,388.64 per ounce, with a peak of $2,790.07 and a low of $1,984.08[30]. - The increase in gold production was primarily attributed to overseas acquisitions of mines and an increase in refining and processing output[21]. Corporate Governance and Compliance - The company has established a safety and environmental committee to ensure compliance with environmental protection laws and regulations[139]. - The company has maintained a good relationship with customers throughout the year, emphasizing the importance of customer feedback[143]. - The company has not reported any significant violations of applicable laws and regulations during the year[140]. - The independent auditor has issued an unqualified opinion on the disclosed continuing connected transactions for the fiscal year ending December 31, 2024[185]. - The independent non-executive directors have confirmed that the continuing connected transactions were conducted under normal business terms and in the overall interest of shareholders[183]. Shareholder Returns - The board of directors proposed a cash dividend of RMB 0.05 per share, up from RMB 0.04 per share in the previous year[25]. - The anticipated distribution of dividends is subject to approval at the annual general meeting scheduled for June 2, 2025[26]. - The company declared a final cash dividend of RMB 0.04 per share for the fiscal year ending December 31, 2024, consistent with the previous year[113]. - The distributable reserves as of December 31, 2024, amounted to approximately RMB 5,301,104,000, an increase from RMB 4,379,653,000 in 2023[119]. Employee and Social Responsibility - The company has a total of 7,036 employees as of December 31, 2024, and invested RMB 4.3578 million in employee training during the year[146]. - The company made charitable donations totaling RMB 28,074,061 during the year, up from RMB 15,814,870 in 2023[124]. - The company has been recognized for its contributions to rural construction and civil action initiatives, highlighting its commitment to social responsibility[95]. Research and Development - The company has a strong focus on research and development of new products and technologies, although specific details were not provided in the extracted content[110]. - Research and development investments have increased by 25%, focusing on sustainable technologies and resource recycling[92].

Group 1: Gold Price Surge - Gold prices have significantly exceeded most optimistic forecasts, with a year-to-date increase surpassing 12% as of April 22, reaching historical highs of $3,500 per ounce [1][2] - Goldman Sachs has raised its year-end gold price target from $3,300 to $3,700 per ounce, with extreme scenarios suggesting a potential peak of $4,500 per ounce [1][2] Group 2: Company Performance - Zhaojin Mining reported a Q1 revenue of 3.041 billion RMB, a year-on-year increase of 53.5%, and a net profit of 659 million RMB, reflecting a staggering growth of 197.8% [1][2] - The stock price of Zhaojin Mining surged over 10% on April 22, reaching a peak of 20.85 HKD, with a cumulative increase of nearly 100% over the past three months [2] Group 3: Market Dynamics - The current economic environment is characterized by high uncertainty, leading to a decline in investor risk appetite, which has resulted in a "certainty premium" for gold as a substitute for sovereign currencies [4] - Since 2001, G20 central banks have collectively increased their gold reserves by nearly 5,000 tons, with China, Russia, India, Turkey, and Japan being the primary contributors [4] Group 4: Future Outlook - The ongoing rise in gold prices is expected to continue, supported by central bank purchases and inflows into ETFs, which will provide additional capital to challenge new highs [5][9] - Zhaojin Mining's upcoming sea gold mine project is projected to produce over 15 tons of gold annually, enhancing the company's overall production capacity [9] - The company's strategic focus on mergers, acquisitions, and resource expansion is anticipated to further bolster its growth prospects [9]

Core Viewpoint - The gold market is experiencing a significant surge, with gold prices expected to continue rising in 2025, driven by various factors including increased demand from central banks and geopolitical tensions [1][3][4]. Group 1: Gold Price Trends - In 2024, international gold prices rose over 27%, with COMEX gold contracts reaching $3,397.2 per ounce, marking a 27.52% increase from the end of the previous year [1]. - Historical precedents show that gold prices can experience substantial increases during crises, with past bull markets seeing prices rise over 20 times and 6 times respectively [2][3]. - Current predictions from major financial institutions suggest a bullish outlook for gold prices, with estimates ranging from $3,300 to $4,200 per ounce by the end of 2025 [4][5]. Group 2: Factors Driving Demand - The demand for gold has surged due to multiple factors, including central banks' increased purchases and geopolitical uncertainties, particularly following the U.S. freezing of Russian dollar assets [3]. - The U.S. tariff policies have heightened global supply chain risks, leading to increased inflation expectations and a shift towards gold as a safe-haven asset [3]. - The current gold market is characterized by a complex interplay of monetary system restructuring, geopolitical shifts, and supply chain transformations [3]. Group 3: Company Performance - Zhaojin Mining's Q1 2025 report showed a revenue of 3.041 billion RMB, a 53.5% increase year-on-year, and a net profit of approximately 830 million RMB, reflecting a 197.9% growth [2]. - The company is well-positioned to benefit from the rising gold prices due to its significant production potential and strategic acquisitions [6][9]. - Zhaojin Mining's flagship Haiyu Gold Mine is expected to contribute significantly to its production capacity, with an annual output of 15-20 tons anticipated post-2025 [7][8]. Group 4: Growth Potential - The global gold supply is growing slowly, with annual production remaining between 3,400 to 3,600 tons, creating a widening supply-demand gap that benefits companies with substantial production capabilities [6][9]. - Zhaojin Mining's international strategy includes acquisitions that will enhance its production capacity, such as the acquisition of Iron Ridge Mining and the exploration of new mining opportunities [8][9]. - The company's innovative deep mining technology and international resource integration are expected to drive its growth trajectory in the evolving gold market [10].

金十数据整理：每日港股市场要闻速递（4月22日 周二） 1. 中国联通(00762.HK)：2025年第一季度营收1033.5亿人民币，同比增涨3.9%；净利润59.3亿人民币。 同比增长5.6%。 2. 同程旅行(00780.HK)宣布与万达酒店发展就收购其全资子公司万达酒店管理（香港）有限公司达成协 议，交易对价约为人民币24.9亿元。 5. 药明生物(02269.HK)：杭州基地15000升原液生产线完成首个商业化项目PPQ生产。 3. 恒大汽车(00708.HK)：公司股票继续停牌，将持续发布季度发展更新，直至恢复或终止上市。 6. 融创中国(01918.HK)：与若干有代表性的债权人就境外债务重组方案达成一致。 4. 中国铁塔(00788.HK)：2025年第一季度，营业收入人民币247.71亿元，同比增长3.3%；归属公司股东 的利润30.24亿元，同比增长8.6%。 7. 呷哺呷哺(00520.HK)发布公告拟8900万元收购呷哺呷哺(中国)食品40%股权。 8. 顺丰控股(06936.HK)3月速运物流业务、供应链及国际业务合计收入236.61亿元，同比增长9.63%。 9. 招金矿业 (01 ...