8月24日，招金矿业(1818.HK)公布截至2025年6月30日止中期业绩，具体业绩如何，将以一图带您看 懂。 营业收入(亿元) 69.73 69.73亿元 46.27 同比增长 / 50.69% 1H2024 1H2025 净利润(亿元) 17.77 17.77亿元 7.26 同比增长 144.58% 1H2024 1H2025 归母净利润(亿元) 14.40 14.40亿元 5.53 同比增长 160.44% 1H2024 1H2025 同比增长 每股收益 216.67% 0.38元/股 业务亮点 已完成矿产黄金 黄金总产量 32.91万盎司 45.94万盎司 10.24 吨 14.29吨 截至2024年12月31日(JORC标准) 黄金产量稳步增长 | 自产金 (单位:万盎司) +21.83% 28.87 23.70 20.96 瑞海矿业项目 5条竖井 全部投入运行 350+% 2台TBM月掘进 1.2万t/d 选厂成功带水试车 海外项目稳步发展 金资源量 (约885.95万盎司) 可采储量 (约156.54万盎司) 截至2024年12月31日 (JORC标准) (1.64吨) 5.27万盎司 18. ...

2025年，港股市场的"慢牛"行情格外引人注目，截至8月22日，恒生指数年内累计上涨26.32%，早已迈 入技术性牛市。在此轮行情中，新消费、创新药、硬科技等热门板块轮番领涨，共同勾勒出市场久违的 活力与繁荣景象。 在这些人声鼎沸的赛道之外，港股市场中不少价值标的也逐渐进入投资者视野，招金矿业便是其中的佼 佼者。今年以来，其股价一路强势攀升，年内涨幅已接近翻倍，成为资源板块中不容忽视的亮点。 这份凌厉的股价走势，与刚刚披露的半年报数据形成了完美呼应。2025年上半年，招金矿业实现营收 69.73亿元，同比大幅增长50.69%；归母净利润更是达到14.4亿元，同比飙升160.44%，业绩与股价形成 了强劲共振。 深究这份亮眼表现的底层逻辑，核心驱动力离不开"黄金"二字。若想更透彻地理解招金矿业过往的成长 轨迹，并对其未来走势形成清晰判断，还需从黄金的 "价格周期"与企业的 "资源体量" 这两个维度展开 剖析——前者决定行业景气度的天花板，后者则构筑企业核心竞争力的护城河。 一、金价走高成大概率事件 作为全球经济的重要风向标，黄金价格一直以来都受到众多因素的影响。 从供需层面来看，黄金的供应主要来源于矿产金和再生 ...

集团矿产黄金产量达到10235.63千克，瑞海项目1.2万吨/日选矿系统成功试车，夏甸金矿深部开拓等重 点工程也在稳步推进。 招金矿业发布2025年中期业绩报告，报告显示公司上半年收入约为人民币69.73亿元，同比增长 50.69%；净利润约为人民币17.77亿元，同比增长144.58%；归属于母公司股东的溢利达到约人民币14.4 亿元，同比增长160.44%。 ...

格隆汇8月24日｜招金矿业(1818HK)公布，截至6月底止中期收入69.73亿元，同比上升50.69%；录得股 东应占溢利14.4亿元，同比飙升1.6倍。每股盈利0.38元，不派中期息。 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by high gold prices and strategic operational improvements [1][2]. Financial Performance - The company's revenue reached approximately RMB 6.973 billion, a year-on-year increase of about 50.69% [1] - Net profit was approximately RMB 1.778 billion, reflecting a year-on-year growth of about 144.58% [1] - Profit attributable to equity holders was around RMB 1.44 billion, up approximately 160.44% from the previous year [1] - Basic and diluted earnings per share for ordinary shareholders were approximately RMB 0.38, marking a year-on-year increase of about 216.67% [1] Operational Highlights - The company focused on core operations, enhancing safety production, project construction, investment mergers, and capital operations [1] - The company achieved a total gold production of 10,235.63 kg (approximately 329,082.51 ounces) in the first half of the year [1] - Total profit reached approximately RMB 2.249 billion, with major operational indicators showing significant growth [1] Project Development - The company accelerated infrastructure development for the Ruihai project, achieving successful trial runs for a 12,000 tons/day ore selection system [2] - Key projects like the deep exploration of the Xiadian gold mine are progressing, providing strong support for continuous capacity release [2] Resource Exploration - The company established a special exploration fund exceeding RMB 100 million, focusing on key mineralization belts globally [2] - An additional 25 tons of gold metal was discovered through exploration efforts [2] - The company successfully acquired multiple key mining rights, expanding its resource reserves [2] Management and Compliance - The company enhanced operational management and long-term planning, implementing innovative research projects [2] - It completed a placement of 140 million shares, securing solid financial support for business expansion [2] - The company invested RMB 0.088 billion in safety and environmental protection, improving compliance awareness and management levels [2]

精耕运营管理，夯实发展基本功。上半年，集团加强运营管控，科学谋划中长期规划。通过实施"一企 一课题"，一批科研项目引领创新成效，新增认定省级创新型中小企业4家，荣获中国黄金协会科技创新 奖25项。集团内部管理提档升级，成本管控精细化;顺利完成1.4亿股配售，为业务拓展提供坚实资金保 障。 智通财经APP讯，招金矿业(01818)发布截至2025年6月30日止6个月中期业绩，集团收入约为人民币 69.73亿元，比去年同期增长了约50.69%;净利润约为人民币17.77亿元，比去年同期增长了约144.58%;母 公司股东应占溢利约为人民币14.4亿元，比去年同期增长约160.44%;母公司普通股股东应占之每股基本 及摊薄盈利约为人民币0.38元，比去年同期增长了约216.67%。 严守合规底线，筑牢安全防护网。上半年，集团完成安全环保专项投入人民币0.88亿元，深入开展安全 环保治理行动，高标準通过审计式安全检查及环保督察，全公司合规意识与管理水平实现质的提升，为 企业长远稳定发展筑牢健康基石。 聚焦项目攻坚，激活增长新引擎。上半年，瑞海项目加快基建步伐，1.2万吨╱日选矿系统一次性带水 试车成功，初具工业化生产 ...

I. [Company Information and Financial Summary](index=1&type=section&id=I.%20Company%20Information%20and%20Financial%20Summary) This section provides an overview of the company's interim performance and key financial highlights for the first half of 2025 [1.1 Company Statement and Basic Information](index=1&type=section&id=1.1%20Company%20Statement%20and%20Basic%20Information) This announcement presents the unaudited interim results of Zhaojin Mining Industry Co., Ltd. for the six months ended June 30, 2025, reviewed by the Audit Committee - This announcement is the unaudited interim results announcement of Zhaojin Mining Industry Co., Ltd. for the six months ended June 30, 2025[2](index=2&type=chunk)[3](index=3&type=chunk) - The content of the announcement has been reviewed by the Board's Audit Committee[3](index=3&type=chunk) [1.2 Financial Summary](index=1&type=section&id=1.2%20Financial%20Summary) For the six months ended June 30, 2025, the company achieved significant growth in revenue, net profit, profit attributable to parent company shareholders, and earnings per share, with no interim dividend proposed Key Financial Indicators for H1 2025 | Indicator | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | YoY Growth Rate | | :--- | :--- | :--- | :--- | | Revenue | 6,972,841 | 4,627,203 | 50.69% | | Net Profit | 1,776,694 | 726,420 | 144.58% | | Profit attributable to parent company shareholders | 1,439,690 | 552,793 | 160.44% | | Basic and diluted earnings per share (RMB yuan) | 0.38 | 0.12 | 216.67% | - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[3](index=3&type=chunk) II. [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=II.%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the interim condensed consolidated financial statements, including the income statement, comprehensive income statement, and statement of financial position [2.1 Interim Condensed Consolidated Income Statement](index=2&type=section&id=2.1%20Interim%20Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the company reported significant growth in revenue and profit, with a substantial increase in gross profit, indicating strong operational performance Summary of Interim Condensed Consolidated Income Statement (RMB thousands) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 6,972,841 | 4,627,203 | | Cost of sales | (3,922,605) | (2,650,560) | | Gross profit | 3,050,236 | 1,976,643 | | Other income and gains | 1,133,655 | 383,824 | | Profit before tax | 2,248,870 | 953,079 | | Profit for the period | 1,776,694 | 726,420 | | Profit attributable to owners of the parent | 1,439,690 | 552,793 | | Basic and diluted earnings per share (RMB yuan) | 0.38 | 0.12 | [2.2 Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=2.2%20Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's comprehensive profit significantly increased, driven by higher profit for the period and fair value changes in equity investments measured at fair value through other comprehensive income Summary of Interim Condensed Consolidated Statement of Comprehensive Income (RMB thousands) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the period | 1,776,694 | 726,420 | | Exchange differences on translation of foreign operations | 64,967 | (9,342) | | Fair value changes of equity investments measured at fair value through other comprehensive income | 182,452 | (85,807) | | Other comprehensive income for the period, net of tax | 246,737 | (93,652) | | Total comprehensive income for the period | 2,023,431 | 632,768 | | Total comprehensive income attributable to owners of the parent | 1,679,320 | 459,869 | [2.3 Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=2.3%20Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets and net assets increased, and net current liabilities improved, reflecting a stable financial position Summary of Interim Condensed Consolidated Statement of Financial Position (RMB thousands) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total non-current assets | 41,276,095 | 39,676,995 | | Total current assets | 16,995,542 | 13,890,950 | | Total current liabilities | 17,081,953 | 14,435,157 | | Net current liabilities | (86,411) | (544,207) | | Net assets | 27,588,237 | 25,192,291 | | Total equity | 27,588,237 | 25,192,291 | III. [Notes to the Interim Condensed Consolidated Financial Statements](index=6&type=section&id=III.%20Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the interim condensed consolidated financial statements, covering accounting policies, segment information, revenue, and other financial disclosures [3.1 Basis of Preparation](index=6&type=section&id=3.1%20Basis%20of%20Preparation) The interim condensed consolidated financial information is prepared in accordance with HKAS 34 "Interim Financial Reporting" and should be read in conjunction with the annual consolidated financial statements - The interim condensed consolidated financial information has been prepared in accordance with Hong Kong Accounting Standard 34 'Interim Financial Reporting'[8](index=8&type=chunk) - The interim financial information does not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2024[8](index=8&type=chunk) [3.2 Changes in Accounting Policies](index=6&type=section&id=3.2%20Changes%20in%20Accounting%20Policies) Except for the initial adoption of revised HKFRSs, the accounting policies used to prepare the interim condensed consolidated financial information are consistent with the annual consolidated financial statements, with no impact from HKAS 21 amendments - The accounting policies adopted in preparing the interim condensed consolidated financial information are consistent with those applied in the annual consolidated financial statements, except for the initial adoption of revised Hong Kong Financial Reporting Standards[9](index=9&type=chunk) - The amendments to HKAS 21 regarding lack of exchangeability have no impact on the Group's interim condensed consolidated financial information, as the Group's transaction currency and functional currency are exchangeable[10](index=10&type=chunk) [3.3 Segment Information](index=7&type=section&id=3.3%20Segment%20Information) The Group's operations are primarily divided into gold, copper, and other businesses, with gold mining being the main source of revenue and profit, while the copper business recorded a loss in H1 2025 - The Group's operating activities are not seasonal[13](index=13&type=chunk) [3.3.1 Segment Results for H1 2025](index=7&type=section&id=3.3.1%20Segment%20Results%20for%20H1%202025) In H1 2025, the gold mining business contributed the vast majority of revenue and profit, the copper business remained in a loss-making state, but other businesses performed well Summary of Segment Results for H1 2025 (RMB thousands) | Indicator | Gold Mining Business | Copper Mining Business | Others | Total | | :--- | :--- | :--- | :--- | :--- | | Revenue from external customers | 6,163,750 | 223,616 | 585,475 | 6,972,841 | | Segment results | 2,375,495 | (651,666) | 706,501 | 2,430,330 | | Segment assets | 44,575,380 | 1,894,779 | 6,896,445 | 53,366,604 | | Capital expenditure | 2,638,345 | 13,286 | 20,070 | 2,671,701 | | Impairment losses recognized in profit or loss | 73,394 | 655,847 | 11,324 | 740,565 | [3.3.2 Segment Results for H1 2024](index=8&type=section&id=3.3.2%20Segment%20Results%20for%20H1%202024) In H1 2024, the gold mining business was also the primary source of revenue and profit, the copper business incurred losses, and capital expenditure was mainly concentrated in gold mining Summary of Segment Results for H1 2024 (RMB thousands) | Indicator | Gold Mining Business | Copper Mining Business | Others | Total | | :--- | :--- | :--- | :--- | :--- | | Revenue from external customers | 4,268,141 | 169,881 | 189,181 | 4,627,203 | | Segment results | 1,142,771 | (33,500) | (2,351) | 1,106,920 | | Segment assets | 42,234,489 | 2,619,769 | 3,848,940 | 48,703,198 | | Capital expenditure | 5,964,809 | 38,341 | 17,391 | 6,020,541 | | Impairment losses recognized in profit or loss | 237,547 | 735 | 4,114 | 242,396 | [3.4 Revenue](index=9&type=section&id=3.4%20Revenue) The Group's revenue primarily derives from gold sales, with mainland China being the main operating region, and most revenue recognized at a point in time [3.4.1 Revenue Analysis for H1 2025](index=9&type=section&id=3.4.1%20Revenue%20Analysis%20for%20H1%202025) Total revenue for H1 2025 was RMB 6,972,841 thousands, with gold sales accounting for the largest proportion, and mainland China contributing most of the revenue Revenue Composition for H1 2025 (RMB thousands) | Category | Amount | | :--- | :--- | | Revenue from contracts with customers | 7,179,623 | | Less: Government surcharges | (206,782) | | Total | 6,972,841 | | Sales of gold | 6,500,058 | | Sales of copper | 221,892 | | Sales of silver | 81,374 | | Revenue from Mainland China | 6,107,415 | | Overseas revenue | 1,072,208 | | Revenue recognized at a point in time | 7,142,941 | [3.4.2 Revenue Analysis for H1 2024](index=10&type=section&id=3.4.2%20Revenue%20Analysis%20for%20H1%202024) Total revenue for H1 2024 was RMB 4,627,203 thousands, with gold sales also being the primary revenue source, and mainland China as the main market Revenue Composition for H1 2024 (RMB thousands) | Category | Amount | | :--- | :--- | | Revenue from contracts with customers | 4,763,553 | | Less: Government surcharges | (136,350) | | Total | 4,627,203 | | Sales of gold | 4,299,037 | | Sales of copper | 149,620 | | Sales of silver | 67,264 | | Revenue from Mainland China | 4,557,731 | | Overseas revenue | 205,822 | | Revenue recognized at a point in time | 4,704,440 | [3.5 Profit Before Tax](index=10&type=section&id=3.5%20Profit%20Before%20Tax) The Group's profit before tax is derived after deducting cost of inventories sold, various impairment losses, and exchange gains/losses, with a significant increase in impairment of property, plant and equipment in H1 2025 Summary of Profit Before Tax Deductions (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Cost of inventories sold | 3,922,605 | 2,650,560 | | Impairment provision for inventories | – | 12,958 | | Impairment of trade receivables | 6,637 | 10,097 | | Impairment of loans receivable | 10,906 | 1,361 | | Impairment of other intangible assets | 12,405 | – | | Impairment of property, plant and equipment | 710,617 | 217,980 | | Exchange (gains)/losses | (117,892) | 34,882 | [3.6 Income Tax Expense](index=11&type=section&id=3.6%20Income%20Tax%20Expense) The Group's income tax expense primarily arises from mainland China, Hong Kong, and overseas regions, with applicable tax rates determined by local regulations, and some subsidiaries enjoying preferential tax rates - Mainland China enterprise income tax is provided at a rate of **25%**, with high-tech enterprises and subsidiaries in the Western Development region enjoying a preferential rate of **15%**[19](index=19&type=chunk) - Hong Kong profits tax is accrued at **16.5%**, with entities qualifying for the two-tiered profits tax regime taxed at **8.25%** for the first HKD 2,000,000[19](index=19&type=chunk) Income Tax Expense Details (RMB thousands) | Category | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Current – Mainland China | 340,192 | 231,200 | | Current – Hong Kong and overseas regions | 151,645 | 9,983 | | Deferred tax | (19,661) | (14,524) | | Income tax expense for the period | 472,176 | 226,659 | [3.7 Dividends](index=11&type=section&id=3.7%20Dividends) No interim dividend is proposed for the current period, while the 2024 final ordinary share dividend of RMB 0.05 per share was approved for distribution on June 2, 2025 - No interim dividend is proposed for the current period[21](index=21&type=chunk) - The 2024 final ordinary share dividend of **RMB 0.05 per share** (before tax), totaling approximately **RMB 177,121,000**, was approved for distribution on June 2, 2025[21](index=21&type=chunk) [3.8 Earnings Per Share Attributable to Ordinary Equity Holders of the Parent](index=12&type=section&id=3.8%20Earnings%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent) In H1 2025, basic and diluted earnings per share attributable to ordinary equity holders of the parent were RMB 0.38, a significant increase from the prior year, with no dilutive effect Summary of Earnings Per Share Calculation | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the parent (RMB thousands) | 1,316,682 | 412,379 | | Weighted average number of ordinary shares in issue (shares) | 3,478,194,000 | 3,320,437,000 | | Basic and diluted earnings per share (RMB yuan) | 0.38 | 0.12 | - Diluted earnings per share for the current period and H1 2024 were equal to basic earnings per share, with no dilutive effect[23](index=23&type=chunk) [3.9 Property, Plant and Equipment and Other Intangible Assets](index=12&type=section&id=3.9%20Property,%20Plant%20and%20Equipment%20and%20Other%20Intangible%20Assets) In H1 2025, the Group's original cost of property, plant and equipment and intangible assets increased, and total impairment losses of RMB 723,023,000 were recognized due to strategic adjustments and changes in operating plans Acquisition of Property, Plant and Equipment and Other Intangible Assets (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Original cost of property, plant and equipment acquired | 1,016,586 | 839,691 | | Original cost of other intangible assets acquired | 282,858 | 110,707 | - Net book value of disposed property, plant and equipment totaled **RMB 2,496,000**, with a total net loss of **RMB 1,092,000**[25](index=25&type=chunk) - Due to strategic adjustments of mines and changes in operating plans, impairment losses totaling **RMB 723,023,000** were recognized for property, plant and equipment and other intangible assets of one mine in the gold mining segment and one smelter in the copper mining segment[26](index=26&type=chunk) [3.10 Trade and Bills Receivables](index=12&type=section&id=3.10%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables significantly increased, primarily concentrated within one year Summary of Trade and Bills Receivables (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables | 573,776 | 177,284 | | Bills receivables | 34,009 | 16,569 | | Impairment allowance | (22,625) | (17,879) | | Total | 585,160 | 175,974 | Aging Analysis of Trade and Bills Receivables (RMB thousands) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 year | 560,522 | 166,283 | | 1 to 2 years | 18,299 | 4,816 | | 2 to 3 years | 4,378 | 3,103 | | Over 3 years | 1,961 | 1,772 | | Total | 585,160 | 175,974 | [3.11 Trade and Bills Payables](index=13&type=section&id=3.11%20Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables decreased, primarily concentrated within one year Summary of Trade and Bills Payables (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables | 579,932 | 649,280 | | Bills payables | 179,360 | 176,438 | | Total | 759,292 | 825,718 | Aging Analysis of Trade and Bills Payables (RMB thousands) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 year | 716,386 | 782,261 | | 1 to 2 years | 16,840 | 18,256 | | 2 to 3 years | 7,909 | 5,337 | | Over 3 years | 18,157 | 19,864 | | Total | 759,292 | 825,718 | [3.12 Share Capital](index=14&type=section&id=3.12%20Share%20Capital) As of June 30, 2025, the company's share capital increased due to the issuance of new H shares through placing, with net proceeds of approximately RMB 1,818,286 thousands Share Capital Composition (RMB thousands) | Category | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Domestic shares (660,837,607 shares) | 660,838 | 660,838 | | H shares (2,881,555,597 shares) | 2,881,555 | 2,741,555 | | Total | 3,542,393 | 3,402,393 | - On March 24, 2025, the company issued **140,000,000 new H shares** at **HKD 14.16 per share**, with net proceeds of approximately **HKD 1,970,337,000** (equivalent to **RMB 1,818,286,000**)[30](index=30&type=chunk) [3.13 Business Combinations](index=14&type=section&id=3.13%20Business%20Combinations) On January 7, 2025, the Group acquired 100% equity of Shandong Zeqing, which primarily invests in the Jinyi Gold Mine, as part of its strategy to expand business and enhance profitability, recognizing an investment gain of RMB 49,812,000 - On January 7, 2025, the Group acquired **100% equity** of Shandong Zeqing from other shareholders[31](index=31&type=chunk) - Shandong Zeqing's primary investment is an **85% equity interest** in Yantai Jinyi Mining Co., Ltd., which is a gold mine[32](index=32&type=chunk) - The acquisition consideration was paid in cash, with **RMB 398,468,000** paid on January 20, 2025[31](index=31&type=chunk) - The difference between the fair value and carrying amount of the Group's equity investment in the associate held prior to the acquisition date was recognized as an investment gain of approximately **RMB 49,812,000**[33](index=33&type=chunk) - Since the acquisition, Shandong Zeqing's contribution to consolidated profit for the six months ended June 30, 2025, was a loss of **RMB 9,548,000**[34](index=34&type=chunk) IV. [Business Review](index=17&type=section&id=IV.%20Business%20Review) This section reviews the Group's business performance, market environment, and strategic achievements during the reporting period [4.1 Macro Market Environment](index=17&type=section&id=4.1%20Macro%20Market%20Environment) In H1 2025, gold prices surged, reaching historical highs, with both London spot gold and Shanghai Gold Exchange AU9999 experiencing significant increases, supported by various factors - In H1 2025, gold prices rose strongly, reaching a high of **USD 3,500.10 per ounce**[42](index=42&type=chunk) Gold Price Performance | Indicator | End of June 2025 | H1 2025 Average | H1 2024 Average | | :--- | :--- | :--- | :--- | | London spot gold closing price (USD/ounce) | 3,302.96 | 3,077.0 | 2,205.98 | | Shanghai Gold Exchange AU9999 closing price (RMB yuan/gram) | 764.15 | 721.79 | 520.93 | - The average London spot gold price in H1 increased by **39.48%** year-on-year, and the weighted average Shanghai Gold Exchange AU9999 price in H1 increased by **38.56%** year-on-year[42](index=42&type=chunk) [4.2 Group Operating Strategy and Achievements](index=17&type=section&id=4.2%20Group%20Operating%20Strategy%20and%20Achievements) Amid high gold prices and industry consolidation opportunities, the Group focused on its core business, achieving breakthroughs in safety production, project construction, investment and M&A, and capital operations, leading to significant growth in market value and share price - The company's market value repeatedly hit new highs, with a cumulative increase of over **80%**, and the share price reached a maximum of **HKD 22.2 per share**, outperforming the industry market[43](index=43&type=chunk) [4.2.1 Strengthening Production and Operations](index=17&type=section&id=4.2.1%20Strengthening%20Production%20and%20Operations) The Group, guided by "optimized production, increased output, and enhanced efficiency," optimized resource allocation and accelerated capacity release, leading to significant growth in mined gold output and total profit Gold Output and Total Profit | Indicator | H1 2025 | | :--- | :--- | | Mined gold output | 10,235.63 kg (approx. 329,082.51 oz) | | Total profit | approx. RMB 2.249 billion | [4.2.2 Focusing on Project Implementation](index=18&type=section&id=4.2.2%20Focusing%20on%20Project%20Implementation) The Ruihai project accelerated infrastructure construction, with the beneficiation system successfully commissioned, and key projects like the Xiadian Gold Mine deep exploration progressing simultaneously, supporting capacity release - The Ruihai project's **12,000 tons/day** beneficiation system successfully underwent a one-time wet commissioning, initially possessing industrial production capacity[44](index=44&type=chunk) - Key projects for capacity enhancement at backbone mines, such as the deep exploration of Xiadian Gold Mine, are progressing simultaneously[44](index=44&type=chunk) [4.2.3 Deepening Exploration and Development](index=18&type=section&id=4.2.3%20Deepening%20Exploration%20and%20Development) The Group established a specialized exploration fund exceeding RMB 100 million, focusing on key metallogenic belts, adding 25 tons of gold metal, and successfully bidding for several key mining rights to expand resource reserves - Established a specialized exploration fund exceeding **RMB 100 million**, adding **25 tons** of gold metal through exploration[44](index=44&type=chunk) - Successfully bid for several key mining rights, opening up vast space for expanding resource reserves[44](index=44&type=chunk) [4.2.4 Refining Operations Management](index=18&type=section&id=4.2.4%20Refining%20Operations%20Management) The Group strengthened operational control, implemented "one enterprise, one topic" research projects, newly recognized 4 provincial innovative small and medium-sized enterprises, won 25 China Gold Association Science and Technology Innovation Awards, and successfully completed a 140 million share placement to secure funding - Implemented 'one enterprise, one topic,' with a batch of scientific research projects leading to innovative achievements, and newly recognized **4 provincial innovative small and medium-sized enterprises**[45](index=45&type=chunk) - Won **25 China Gold Association Science and Technology Innovation Awards**[45](index=45&type=chunk) - Successfully completed the placement of **140 million shares**, providing solid financial support for business expansion[45](index=45&type=chunk) [4.2.5 Strictly Adhering to Compliance Bottom Line](index=18&type=section&id=4.2.5%20Strictly%20Adhering%20to%20Compliance%20Bottom%20Line) In H1, the Group invested RMB 88 million in safety and environmental protection, passed audit-style safety inspections and environmental supervision with high standards, enhancing compliance awareness and management levels - In H1, completed special investment of **RMB 88 million** in safety and environmental protection[45](index=45&type=chunk) - Passed audit-style safety inspections and environmental supervision with high standards, enhancing compliance awareness and management levels[45](index=45&type=chunk) V. [Financial and Performance Analysis](index=19&type=section&id=V.%20Financial%20and%20Performance%20Analysis) This section provides a detailed analysis of the Group's financial performance and key operational metrics, including revenue, net profit, costs, and asset-liability structure [5.1 Revenue Analysis](index=19&type=section&id=5.1%20Revenue%20Analysis) In H1 2025, the Group's revenue increased by **50.69%** year-on-year to **RMB 6,972,841 thousands**, primarily due to higher gold sales prices and increased sales volume Revenue Comparison (RMB thousands) | Period | Amount | | :--- | :--- | | H1 2025 | 6,972,841 | | H1 2024 | 4,627,203 | | YoY Growth | 50.69% | - The main reasons for the increase in revenue were higher gold sales prices and increased sales volume by the Group[46](index=46&type=chunk) [5.2 Net Profit Analysis](index=19&type=section&id=5.2%20Net%20Profit%20Analysis) In H1 2025, the Group's net profit increased by **144.58%** year-on-year to **RMB 1,776,694 thousands**, primarily due to a substantial increase in gross profit from sales Net Profit Comparison (RMB thousands) | Period | Amount | | :--- | :--- | | H1 2025 | 1,776,694 | | H1 2024 | 726,420 | | YoY Growth | 144.58% | - The main reason for the increase in net profit was a substantial increase in the Group's gross profit from sales[47](index=47&type=chunk) [5.3 Comprehensive Cost Per Gram of Gold](index=19&type=section&id=5.3%20Comprehensive%20Cost%20Per%20Gram%20of%20Gold) In H1 2025, the comprehensive cost per gram of gold for the Group's domestic gold production enterprises increased by **2.96%** to **RMB 216.20 per gram**, mainly due to increased depreciation Comprehensive Cost Per Gram of Gold Comparison (RMB yuan/gram) | Period | Amount | | :--- | :--- | | H1 2025 | 216.20 | | H1 2024 | 209.99 | | YoY Increase | 2.96% | - The main reason for the increase in domestic comprehensive cost per gram of gold was increased depreciation[48](index=48&type=chunk) [5.4 Cost of Sales](index=19&type=section&id=5.4%20Cost%20of%20Sales) In H1 2025, the Group's cost of sales increased by **47.99%** year-on-year to **RMB 3,922,605 thousands**, primarily due to increased gold sales volume Cost of Sales Comparison (RMB thousands) | Period | Amount | | :--- | :--- | | H1 2025 | 3,922,605 | | H1 2024 | 2,650,560 | | YoY Growth | 47.99% | - The main reason for the increase in cost of sales was increased gold sales volume by the Group[49](index=49&type=chunk) [5.5 Gross Profit and Gross Profit Margin](index=19&type=section&id=5.5%20Gross%20Profit%20and%20Gross%20Profit%20Margin) In H1 2025, the Group's gross profit increased by **54.31%** year-on-year to **RMB 3,050,236 thousands**, and the gross profit margin rose to **43.74%**, primarily due to higher gold sales prices and increased sales volume Gross Profit and Gross Profit Margin Comparison | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Gross profit (RMB thousands) | 3,050,236 | 1,976,643 | | Gross profit margin | 43.74% | 42.72% | | YoY Gross Profit Growth | 54.31% | | - The main reason for the increase in gross profit was higher gold sales prices and increased sales volume by the Group[50](index=50&type=chunk) [5.6 Other Income and Gains](index=20&type=section&id=5.6%20Other%20Income%20and%20Gains) In H1 2025, the Group's other income and gains increased by **195.36%** year-on-year to **RMB 1,133,655 thousands**, primarily due to increased fair value changes in financial instruments Other Income and Gains Comparison (RMB thousands) | Period | Amount | | :--- | :--- | | H1 2025 | 1,133,655 | | H1 2024 | 383,824 | | YoY Growth | 195.36% | - The main reason for this increase was increased fair value changes in financial instruments[51](index=51&type=chunk) [5.7 Selling and Distribution Expenses](index=20&type=section&id=5.7%20Selling%20and%20Distribution%20Expenses) In H1 2025, the Group's selling and distribution expenses increased by **59.16%** year-on-year to **RMB 25,615 thousands**, primarily due to increased gold processing and transaction fees Selling and Distribution Expenses Comparison (RMB thousands) | Period | Amount | | :--- | :--- | | H1 2025 | 25,615 | | H1 2024 | 16,094 | | YoY Growth | 59.16% | - The main reason for this increase was increased gold processing and transaction fees by the Group[52](index=52&type=chunk) [5.8 Administrative Expenses and Other Operating Expenses](index=20&type=section&id=5.8%20Administrative%20Expenses%20and%20Other%20Operating%20Expenses) In H1 2025, the Group's administrative expenses and other operating expenses increased by **47.52%** year-on-year to **RMB 1,668,035 thousands**, primarily due to the impairment of property, plant and equipment recognized during the period Administrative Expenses and Other Operating Expenses Comparison (RMB thousands) | Period | Amount | | :--- | :--- | | H1 2025 | 1,668,035 | | H1 2024 | 1,130,721 | | YoY Growth | 47.52% | - The main reason for this increase was the impairment of property, plant and equipment recognized by the Group during the period[53](index=53&type=chunk) [5.9 Finance Costs](index=20&type=section&id=5.9%20Finance%20Costs) In H1 2025, the Group's finance costs decreased by **4.36%** year-on-year to **RMB 252,687 thousands**, primarily due to a decrease in the weighted average financing interest rate Finance Costs Comparison (RMB thousands) | Period | Amount | | :--- | :--- | | H1 2025 | 252,687 | | H1 2024 | 264,207 | | YoY Decrease | 4.36% | - This decrease was mainly due to a decrease in the Group's weighted average financing interest rate[54](index=54&type=chunk) [5.10 Liquidity and Capital Resources](index=20&type=section&id=5.10%20Liquidity%20and%20Capital%20Resources) The Group's working capital primarily comes from operating cash flow and borrowings; as of June 30, 2025, cash and cash equivalents significantly increased by **60.18%** to **RMB 3,251,368 thousands**, mainly for repaying upcoming debts - The Group's working capital and capital resources are primarily derived from operating cash flows and borrowings[55](index=55&type=chunk) Cash and Cash Equivalents Comparison (RMB thousands) | Date | Amount | | :--- | :--- | | June 30, 2025 | 3,251,368 | | December 31, 2024 | 2,029,825 | | Increase | 60.18% | - The increase in cash and cash equivalents was mainly due to reserved cash for repaying upcoming debts[55](index=55&type=chunk) - The Group can convert RMB into other currencies through banks authorized to conduct foreign currency business[57](index=57&type=chunk) [5.11 Borrowings](index=21&type=section&id=5.11%20Borrowings) As of June 30, 2025, the Group's total outstanding bank loans, other borrowings, and gold lease financing amounted to **RMB 13,388,122 thousands**, with most repayable within one year; all borrowings are denominated in RMB, and **64.08%** are at fixed interest rates Total Outstanding Borrowings and Maturity (RMB thousands) | Maturity | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total | 13,388,122 | 12,984,719 | | Repayable within 1 year | 9,457,042 | 7,573,647 | | Repayable within 2 to 5 years | 1,678,275 | 3,361,037 | | Repayable over 5 years | 2,252,805 | 2,050,035 | - All borrowings are denominated in RMB[59](index=59&type=chunk) - **64.08%** of the Group's interest-bearing bank borrowings and other borrowings are at fixed interest rates[59](index=59&type=chunk) [5.12 Income Tax](index=22&type=section&id=5.12%20Income%20Tax) In H1 2025, the Group's effective income tax rate was approximately **21.00%**, a decrease compared to the same period last year Effective Income Tax Rate Comparison | Period | Rate | | :--- | :--- | | H1 2025 | 21.00% | | H1 2024 | 23.78% | [5.13 Asset and Liability Structure](index=22&type=section&id=5.13%20Asset%20and%20Liability%20Structure) As of June 30, 2025, the Group's total assets, net assets, and total liabilities all increased, while the gearing ratio decreased, indicating a trend towards a more stable financial structure [5.13.1 Total Assets](index=22&type=section&id=5.13.1%20Total%20Assets) As of June 30, 2025, the Group's total assets increased by **8.78%** to **RMB 58,271,637 thousands**, with non-current assets accounting for **70.83%** Total Assets Comparison (RMB thousands) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total assets | 58,271,637 | 53,567,945 | | Non-current assets | 41,276,095 | 39,676,995 | | Current assets | 16,995,542 | 13,890,950 | - Total assets increased by approximately **8.78%**, with non-current assets accounting for approximately **70.83%** of total assets[61](index=61&type=chunk) [5.13.2 Net Assets](index=22&type=section&id=5.13.2%20Net%20Assets) As of June 30, 2025, the Group's net assets increased by **9.51%** to **RMB 27,588,237 thousands** Net Assets Comparison (RMB thousands) | Date | Amount | | :--- | :--- | | June 30, 2025 | 27,588,237 | | December 31, 2024 | 25,192,291 | | Increase | 9.51% | [5.13.3 Total Liabilities](index=22&type=section&id=5.13.3%20Total%20Liabilities) As of June 30, 2025, the Group's total liabilities increased by **8.13%** to **RMB 30,683,400 thousands**, and the gearing ratio decreased to **41.18%** Total Liabilities and Gearing Ratio Comparison | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total liabilities (RMB thousands) | 30,683,400 | 28,375,654 | | Gearing ratio | 41.18% | 43.39% | [5.14 Contingent Liabilities](index=22&type=section&id=5.14%20Contingent%20Liabilities) As of June 30, 2025, there were no changes in the Group's contingent liabilities compared to December 31, 2024 - As of June 30, 2025, there were no changes in the Group's contingent liabilities compared to December 31, 2024[64](index=64&type=chunk) [5.15 Market Risks](index=22&type=section&id=5.15%20Market%20Risks) The Group faces market risks from fluctuations in gold and other commodity values, interest rates, and foreign currency exchange rates, which are managed through various means, but no interest rate swaps or foreign exchange hedging were conducted during this period - The Group is exposed to market risks from fluctuations in gold and other commodity values, interest rates, and foreign currency exchange rates[65](index=65&type=chunk) [5.15.1 Interest Rate Risk](index=23&type=section&id=5.15.1%20Interest%20Rate%20Risk) The Group manages interest rate risk by holding a portfolio of fixed and floating rate short-term deposits and borrowings, with no interest rate swaps used during this period - The Group manages interest rate risk by holding a portfolio of fixed and floating rate short-term deposits, and simultaneously holding fixed and floating rate bank borrowings[66](index=66&type=chunk) - The Group did not use any interest rate swaps to hedge its interest rate risk during this period[67](index=67&type=chunk) [5.15.2 Foreign Exchange Risk](index=23&type=section&id=5.15.2%20Foreign%20Exchange%20Risk) Most of the Group's transactions are denominated in RMB, and fluctuations in the RMB to USD exchange rate may affect gold prices and operating results, with no foreign exchange hedging conducted during this period - Most of the Group's transactions are denominated in RMB[68](index=68&type=chunk) - Fluctuations in the RMB to USD exchange rate may affect international and local gold prices, thereby impacting the Group's operating results[68](index=68&type=chunk) - During this period, the Group did not engage in any hedging activities due to exchange rate fluctuations[69](index=69&type=chunk) [5.15.3 Gold Price and Other Commodity Value Risk](index=23&type=section&id=5.15.3%20Gold%20Price%20and%20Other%20Commodity%20Value%20Risk) The Group's price risk is primarily related to fluctuations in gold market prices, which are hedged through AU(T+D) contracts and gold futures contracts, with reasonable fluctuations having no significant impact on profit and equity - The Group's price risk is primarily related to fluctuations in gold market prices[70](index=70&type=chunk) - During this period, the Group engaged in AU(T+D) contract transactions on the Shanghai Gold Exchange and entered into gold futures contracts to hedge against gold price fluctuations[70](index=70&type=chunk) - A reasonable **10%** fluctuation in commodity prices would not have a significant impact on the Group's profit and equity during this period[71](index=71&type=chunk) [5.16 Pledges](index=23&type=section&id=5.16%20Pledges) As of June 30, 2025, the Group's pledged deposits amounted to **RMB 596,334 thousands**, serving as guarantees or collateral for bank loans and bills payable Pledged Deposits Comparison (RMB thousands) | Date | Amount | | :--- | :--- | | June 30, 2025 | 596,334 | | December 31, 2024 | 625,805 | - Pledged deposits serve as environmental governance guarantees, futures trading margins, AU(T+D) contract margins, or collateral for bank loans and bills payable[72](index=72&type=chunk) VI. [Business Outlook](index=24&type=section&id=VI.%20Business%20Outlook) This section outlines the Group's strategic objectives and key initiatives for the second half of the year, focusing on innovation, capacity growth, resource expansion, and risk management [6.1 Overall Objectives](index=24&type=section&id=6.1%20Overall%20Objectives) In the second half, the Group will target annual operating goals, comprehensively plan for innovation-driven and capacity growth, continuously strengthen external development and exploration for increased reserves, firmly adhere to development bottom lines, and deeply implement "Four Focuses" to achieve a high-quality year-end - In the second half, the Group will target annual operating goals, comprehensively plan for innovation-driven and capacity growth, and continuously strengthen external development and exploration for increased reserves[73](index=73&type=chunk) - Deeply implement the 'Four Focuses' to achieve a high-quality year-end[73](index=73&type=chunk) [6.2 Focusing on Production Increase and Capacity Expansion](index=24&type=section&id=6.2%20Focusing%20on%20Production%20Increase%20and%20Capacity%20Expansion) The Group will continuously increase production and expand capacity through technical renovation projects and optimized operating procedures, intensify production exploration, expand resource reserves, and optimize asset structure to strengthen its core business - Continuously increase production and expand capacity by implementing technical renovation projects and optimizing operating procedures[73](index=73&type=chunk) - Intensify production exploration, promoting 'edge-finding, deep-probing, and blind-spot-attacking' in key mines like Xiadian Gold Mine to expand resource reserves[73](index=73&type=chunk) - Implement 'streamlining and strengthening' actions, optimizing asset structure to strengthen the core business[73](index=73&type=chunk) [6.3 Focusing on Project Construction](index=24&type=section&id=6.3%20Focusing%20on%20Project%20Construction) The Group will establish a "daily dispatch, weekly report, monthly assessment" mechanism, prioritize the Ruihai Mining project infrastructure, and enhance the efficiency of the Abuja Gold Mine beneficiation method to increase the contribution of overseas segments - Establish a 'daily dispatch, weekly report, monthly assessment' mechanism to ensure all projects are implemented as planned[74](index=74&type=chunk) - Prioritize the Ruihai Mining project, ensuring its infrastructure meets progress requirements[74](index=74&type=chunk) - Enhance the efficiency of the Abuja Gold Mine beneficiation method to increase the contribution of overseas segments[74](index=74&type=chunk) [6.4 Focusing on Quality Improvement and Efficiency Enhancement](index=24&type=section&id=6.4%20Focusing%20on%20Quality%20Improvement%20and%20Efficiency%20Enhancement) The Group will promote full-process, comprehensive, and all-staff cost control, achieve cost reduction and efficiency improvement targets in four major areas, and accelerate the resolution of major issues and key scientific research projects to transform technological achievements into productivity - Promote full-process, comprehensive, and all-staff cost control, achieving cost reduction and efficiency improvement targets in the four major areas of 'engineering, projects, electricity consumption, and material procurement'[74](index=74&type=chunk) - Accelerate the resolution of **20 major annual issues** and **14 key scientific research projects**, transforming technological achievements into productivity[74](index=74&type=chunk) [6.5 Focusing on Bottom-Line Work](index=24&type=section&id=6.5%20Focusing%20on%20Bottom-Line%20Work) The Group will continue to practice ESG principles, conduct special rectification actions for safety and environmental hazards, upgrade emergency response capabilities, and strengthen multi-dimensional supervision in discipline inspection, finance, and audit to strictly adhere to laws, regulations, and regulatory requirements - Continue to practice ESG principles, conduct special rectification actions for safety and environmental hazards, and upgrade emergency response capabilities[75](index=75&type=chunk) - Strengthen multi-dimensional supervision in discipline inspection, finance, and audit to strictly adhere to laws, regulations, and regulatory requirements, achieving stable development[75](index=75&type=chunk) VII. [Other Information](index=25&type=section&id=VII.%20Other%20Information) This section provides additional information, including shareholder holdings, public float, securities transactions, employee details, significant events, and corporate governance matters [7.1 Shareholder Holdings and Changes in Equity Structure](index=25&type=section&id=7.1%20Shareholder%20Holdings%20and%20Changes%20in%20Equity%20Structure) As of June 30, 2025, the company had a total of 1,212 shareholders, comprising 1 domestic share shareholder and 1,211 H share shareholders [7.1.1 Number of Shareholders](index=25&type=section&id=7.1.1%20Number%20of%20Shareholders) As of June 30, 2025, the company had a total of 1,212 shareholders Number of Shareholders | Category | Number of Shareholders | | :--- | :--- | | Domestic shares | 1 | | Overseas listed foreign shares – H shares | 1,211 | | Total number of shareholders | 1,212 | [7.2 Sufficient Public Float](index=25&type=section&id=7.2%20Sufficient%20Public%20Float) The company confirms that it maintained a sufficient public float of its shares throughout the period and up to the date of this announcement - The company confirms that it maintained a sufficient public float of its shares throughout the period and up to the date of this announcement[77](index=77&type=chunk) [7.3 Purchase, Sale or Redemption of the Company's Listed Securities](index=25&type=section&id=7.3%20Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities, and no treasury shares were held at period-end - During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[78](index=78&type=chunk) - At the end of the period, the company did not hold any treasury shares[78](index=78&type=chunk) [7.4 Convertible Securities, Share Options, Warrants or Similar Rights](index=25&type=section&id=7.4%20Convertible%20Securities,%20Share%20Options,%20Warrants%20or%20Similar%20Rights) The company did not issue any convertible securities, share options, warrants, or similar rights during the period, and the Group has no share option scheme - The company did not issue any convertible securities, share options, warrants, or similar rights during this period[79](index=79&type=chunk) - As of the date of this announcement, the Group has no share option scheme[79](index=79&type=chunk) [7.5 Employees](index=26&type=section&id=7.5%20Employees) As of June 30, 2025, the company had 6,990 employees, offering competitive compensation packages, retirement benefits, medical benefits, housing provident funds, and learning and training opportunities - As of June 30, 2025, the company had **6,990 employees**[80](index=80&type=chunk) - The Group determines employee remuneration based on performance, experience, and industry practice, and provides retirement benefit plans, medical benefit plans, housing provident fund plans, and other benefits[80](index=80&type=chunk) [7.6 Significant Events](index=26&type=section&id=7.6%20Significant%20Events) During the period, the company held several general meetings, approving resolutions such as re-election of directors and supervisors, remuneration schemes, guarantees for subsidiaries, and issuance of perpetual medium-term notes; it also issued ultra-short-term financing bonds and medium-term notes, and completed H-share placement and capital increase in Shandong Ruijin [7.6.1 Convening the First Extraordinary General Meeting in 2025](index=26&type=section&id=7.6.1%20Convening%20the%20First%20Extraordinary%20General%20Meeting%20in%202025) On February 26, 2025, the company held its first extraordinary general meeting, approving resolutions including the re-election of directors and shareholder representative supervisors for the eighth board, remuneration schemes, guarantees for subsidiaries, and the issuance of perpetual medium-term notes not exceeding RMB 6 billion - Reviewed and approved the re-election of Mr. Jiang Guipeng, Mr. Duan Lei, Mr. Wang Ligang, and Mr. Wang Peiwu as executive directors[81](index=81&type=chunk) - Reviewed and approved providing guarantees for subsidiaries with a debt-to-asset ratio exceeding **70%**[83](index=83&type=chunk) - Reviewed and approved the proposal to issue perpetual medium-term notes not exceeding **RMB 6 billion** in China[82](index=82&type=chunk) [7.6.2 Convening the 2024 Annual General Meeting](index=28&type=section&id=7.6.2%20Convening%20the%202024%20Annual%20General%20Meeting) On June 2, 2025, the company held its 2024 Annual General Meeting, approving resolutions including the 2024 profit distribution plan (a dividend of RMB 0.05 per share), general mandates to allot, issue, and repurchase shares, and amendments to the Articles of Association - Approved the 2024 profit distribution plan, which proposed a final dividend of **RMB 0.05 per share** (before tax) to all shareholders[86](index=86&type=chunk) - Granted a general mandate to the Board to allot, issue, and/or deal with shares not exceeding **20%** of the total number of H shares and existing domestic shares of the company as of the date of passing the resolution[86](index=86&type=chunk) - Granted a general mandate to the Board to repurchase shares not exceeding **10%** of the total number of H shares of the company as of the date of passing the resolution[86](index=86&type=chunk) [7.6.3 Convening the 2024 Domestic Share Class Meeting and H Share Class Meeting](index=28&type=section&id=7.6.3%20Convening%20the%202024%20Domestic%20Share%20Class%20Meeting%20and%20H%20Share%20Class%20Meeting) On June 2, 2025, the company held its Domestic Share Class Meeting and H Share Class Meeting, respectively approving resolutions such as granting a general mandate to the Board to repurchase H shares and amending the Articles of Association - Granted a general mandate to the Board to repurchase shares not exceeding **10%** of the total number of H shares of the company as of the date of passing the resolution[87](index=87&type=chunk) - Proposed amendments to Article 3.5 and Article 3.6 of the Articles of Association[87](index=87&type=chunk) [7.6.4 Issuance of Ultra-Short-Term Financing Bonds](index=29&type=section&id=7.6.4%20Issuance%20of%20Ultra-Short-Term%20Financing%20Bonds) The company issued two tranches of ultra-short-term financing bonds in January and February 2025, totaling **RMB 3 billion**, used to repay interest-bearing debts Ultra-Short-Term Financing Bonds Issuance Details | Tranche | Issue Date | Face Value (RMB) | Term | Annual Interest Rate | Purpose | | :--- | :--- | :--- | :--- | :--- | :--- | | First Tranche | January 20, 2025 | 1 billion | 270 days | 1.91% | Repay interest-bearing debts | | Second Tranche | February 25, 2025 | 2 billion | 269 days | 2.05% | Repay interest-bearing debts | [7.6.5 Issuance of Medium-Term Notes](index=29&type=section&id=7.6.5%20Issuance%20of%20Medium-Term%20Notes) On June 11, 2025, the company issued its first tranche of 2025 technology innovation bonds, with a face value of **RMB 1 billion**, a 3-year term, and an annual interest rate of **1.86%**, used to repay interest-bearing debts Medium-Term Notes Issuance Details | Tranche | Issue Date | Face Value (RMB) | Term | Annual Interest Rate | Purpose | | :--- | :--- | :--- | :--- | :--- | :--- | | First Tranche Technology Innovation Bonds | June 11, 2025 | 1 billion | 3 years | 1.86% | Repay interest-bearing debts | [7.6.6 Capital Increase in Shandong Ruijin](index=30&type=section&id=7.6.6%20Capital%20Increase%20in%20Shandong%20Ruijin) On March 21, 2025, the company and Zijin Investment entered into a capital increase agreement, investing a total of approximately **RMB 689.07 million** in Shandong Ruijin, with the company contributing approximately **RMB 482.35 million**, maintaining its **70%** equity stake after the capital increase; this is a connected transaction but exempt from circular and independent shareholder approval - The company and Zijin Investment will contribute a total of approximately **RMB 689.07 million** to Shandong Ruijin according to their respective shareholding percentages, with the company contributing approximately **RMB 482.35 million**[90](index=90&type=chunk) - After the capital increase, the company and Zijin Investment will continue to hold **70%** and **30%** equity interests in Shandong Ruijin, respectively[90](index=90&type=chunk) - This transaction constitutes a connected transaction, but due to the applicable percentage ratios being less than **5%**, it is exempt from circular and independent shareholder approval requirements[91](index=91&type=chunk) [7.6.7 Completion of Placing of New H Shares under General Mandate](index=31&type=section&id=7.6.7%20Completion%20of%20Placing%20of%20New%20H%20Shares%20under%20General%20Mandate) On March 31, 2025, the company completed the placing of **140,000,000 new H shares**, with net proceeds of approximately **HKD 1,970.3 million**, to be used for supplementing working capital and repaying bank loans - The company issued **140,000,000 new H shares** to no less than six placees at a placing price of **HKD 14.16 per share**[93](index=93&type=chunk) - The placing was completed on March 31, 2025, with net proceeds of approximately **HKD 1,970.3 million**[94](index=94&type=chunk) - The net proceeds from the placing will be used to supplement the company's working capital and repay bank loans[94](index=94&type=chunk) [7.7 Post-Balance Sheet Events](index=31&type=section&id=7.7%20Post-Balance%20Sheet%20Events) Subsequent to the reporting period, the company continued to issue ultra-short-term financing bonds and medium-term notes to repay interest-bearing debts, and proposed amendments to its Articles of Association and Rules of Procedure for General Meetings to comply with the latest regulations [7.7.1 Issuance of Ultra-Short-Term Financing Bonds](index=31&type=section&id=7.7.1%20Issuance%20of%20Ultra-Short-Term%20Financing%20Bonds) On July 25, 2025, the company issued its third tranche of 2025 technology innovation bonds, with a face value of **RMB 1 billion**, a 183-day term, and an annual interest rate of **1.58%**, used to repay interest-bearing debts Post-Balance Sheet Ultra-Short-Term Financing Bonds Issuance Details | Tranche | Issue Date | Face Value (RMB) | Term | Annual Interest Rate | Purpose | | :--- | :--- | :--- | :--- | :--- | :--- | | Third Tranche Technology Innovation Bonds | July 25, 2025 | 1 billion | 183 days | 1.58% | Repay interest-bearing debts | [7.7.2 Issuance of Medium-Term Notes](index=31&type=section&id=7.7.2%20Issuance%20of%20Medium-Term%20Notes) On August 7, 2025, the company issued its fourth tranche of 2025 technology innovation bonds, with a face value of **RMB 1 billion**, a 3-year term, and an annual interest rate of **1.8%**, used to repay interest-bearing debts Post-Balance Sheet Medium-Term Notes Issuance Details | Tranche | Issue Date | Face Value (RMB) | Term | Annual Interest Rate | Purpose | | :--- | :--- | :--- | :--- | :--- | :--- | | Fourth Tranche Technology Innovation Bonds | August 7, 2025 | 1 billion | 3 years | 1.8% | Repay interest-bearing debts | [7.7.3 Proposed Amendments to the Articles of Association and Rules of Procedure for General Meetings](index=32&type=section&id=7.7.3%20Proposed%20Amendments%20to%20the%20Articles%20of%20Association%20and%20Rules%20of%20Procedure%20for%20General%20Meetings) The Board approved proposed amendments to the Articles of Association and Rules of Procedure for General Meetings, primarily to remove content related to supervisors and the supervisory board, to comply with the latest regulatory requirements - Proposed amendments to the Articles of Association and Rules of Procedure for General Meetings to comply with the latest provisions of the 'Company Law of the People's Republic of China' and other relevant laws and regulations[97](index=97&type=chunk) - The main content includes the removal of provisions related to the company's supervisors and supervisory board[97](index=97&type=chunk) - The proposed amendments will be submitted to the upcoming Second Extraordinary General Meeting in 2025 for consideration[98](index=98&type=chunk) [7.8 Compliance with the Corporate Governance Code](index=32&type=section&id=7.8%20Compliance%20with%20the%20Corporate%20Governance%20Code) The company complied with the Corporate Governance Code in H1 2025, with a deviation regarding independent non-executive directors serving over nine years; the Board believes their long tenure enhances independence through deep business understanding - The company has complied with the 'Corporate Governance Code' set out in Appendix C1 of the Listing Rules for the period from January 1, 2025, to June 30, 2025, except for a deviation from Code Provision B.2.4(b)[99](index=99&type=chunk) - All four independent non-executive directors have served on the Board for more than nine years, and the company needs to appoint a new independent non-executive director[100](index=100&type=chunk) - The Board believes that the long tenure of the existing independent non-executive directors has not undermined their independence, but rather enables them to provide impartial opinions and tailored advice due to their deep understanding of the business[100](index=100&type=chunk) [7.9 Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers](index=33&type=section&id=7.9%20Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors%20of%20Listed%20Issuers) The company adopted the Model Code as the standard for securities transactions by its directors and supervisors, and all directors and supervisors fully complied with the code during the period - The company has adopted the 'Model Code' set out in Appendix C3 of the Listing Rules as the standard for securities transactions by its directors and supervisors during this period[101](index=101&type=chunk) - All directors and supervisors of the company have fully complied with the required standards of the Model Code during this period[101](index=101&type=chunk) [7.10 Audit Committee](index=34&type=section&id=7.10%20Audit%20Committee) The Audit Committee, composed of three independent non-executive directors, is responsible for internal control and financial reporting matters, and has reviewed this interim report, deeming it compliant with applicable accounting standards and legal requirements - The Audit Committee members include three independent non-executive directors: Ms. Chen Jinrong (Chairperson), Mr. Wei Junhao, and Mr. Cai Sicong[102](index=102&type=chunk) - The Audit Committee's primary responsibilities include internal control and financial reporting matters, and reviewing the accounting principles, standards, and methods adopted by the company with management[102](index=102&type=chunk) - The Audit Committee has reviewed the company's unaudited interim report and interim results announcement for the six months ended June 30, 2025, and considers them to be prepared in accordance with applicable accounting standards and legal requirements, with appropriate disclosures made[102](index=102&type=chunk) [7.11 Board Members](index=34&type=section&id=7.11%20Board%20Members) As of the date of this announcement, the Board members include executive directors Mr. Jiang Guipeng, Mr. Duan Lei, Mr. Wang Ligang, and Mr. Wang Peiwu; non-executive directors Mr. Long Yi, Mr. Li Guanghui, and Mr. Luan Wenjing; and independent non-executive directors Ms. Chen Jinrong, Mr. Cai Sicong, Mr. Wei Junhao, and Mr. Shen Shifu - As of the date of this announcement, the Board members include executive directors Mr. Jiang Guipeng, Mr. Duan Lei, Mr. Wang Ligang, and Mr. Wang Peiwu[103](index=103&type=chunk) - Non-executive directors include Mr. Long Yi, Mr. Li Guanghui, and Mr. Luan Wenjing[103](index=103&type=chunk) - Independent non-executive directors include Ms. Chen Jinrong, Mr. Cai Sicong, Mr. Wei Junhao, and Mr. Shen Shifu[103](index=103&type=chunk)

ZHAOJIN MINING INDUSTRY COMPANY LIMITED* 招金礦業股份有限公司 地址為 為招金礦業股份有限公司（「本公司」） 股內資股╱H股 （附註3） 的持有人，現委任會議主席， （附註4） 或 地址為 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1818） 2025年第二次臨時股東大會適用之代理人委任表格 與本代理人委任表格有 關的股份數目 （附註1） 本人╱吾等 （附註2） * 僅供識別 為本人╱吾等的代理人出席2025年9月19日（星期五）上午九時正於中華人民共和國（「中國」）山東省招遠市溫泉路118號本公司會 議室舉行本公司2025年第二次臨時股東大會（「臨時股東大會」）或其續會，並於該會或其續會上代表本人╱吾等，依照下列指示 就臨時股東大會通告所列決議案投票，如無作出指示，則由本人╱吾等的代理人酌情決定投票。 | | 特別決議案 | 贊成 （附註5） | 反對 （附註5） | | --- | --- | --- | --- | | | 審議及批准以下事項為特別決議案： | | | | 1. | 批准建議取消監事會（詳情載於日期為2025年8月22日的臨時股東大會 ...

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通告的內容概不 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 通 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） 2025年第二次臨時股東大會通告 茲通告 招 金 礦 業 股 份 有 限 公 司（「本公司」）將 於2025年9月19日（星 期 五）上 午9時 正 於 中 華 人 民 共 和 國（「中 國」）山 東 省 招 遠 市 溫 泉 路118號本公司會議室舉行2025 年 第 二 次 臨 時 股 東 大 會（「臨時股東大會」），藉 以 處 理 以 下 事 項： 特別決議案 審 議 及 批 准 以 下 事 項 為 特 別 決 議 案： 1. 建議取消監事會 「動 議： * 僅供識別 – 1 – (b) 授 權 本 公 司 的 授 權 代 表 作 出 所 有 有 關 行 動 或 事 宜，並 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的持牌證券交易商、銀行經 理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有招金礦業股份有限公司的股份，應立即將本通函連同隨附的代理人 委任表格送交買主或承讓人或經手買賣或轉讓的銀行、持牌證券交易商或其他代理商，以便轉交 買主或承讓人。 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通函的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不就因本通函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。 招金礦業股份有限公司 ZHAOJIN MINING INDUSTRY COMPANY LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1818） 建議取消監事會 及 建議修訂公司章程 及 建議修訂股東大會議事規則 及 2025年第二次臨時股東大會通告 有關召開臨時股東大會的通告載於本通函第32頁至第34頁內。 任何有權出席臨時股東大會並於會上表決的股東均有權委任一位或多位代理人出席，並代其投 票。受委託代理人毋須為股東。倘股東委任超過一名代理人出席大會， ...