Core Insights - The company, Shangshan Gold, has completed a placement of 11.88 million shares, raising approximately HKD 90 million, which will be focused on global channel expansion and brand system development, particularly in the smart gold terminal sector [1] - The gold recycling market is experiencing significant growth, driven by a combination of market pain points and policy incentives, with China's gold consumption far exceeding production [2][4] - Shangshan Gold's smart terminal model addresses traditional industry pain points such as price transparency and long payment cycles, positioning the company to capitalize on the emerging opportunities in the gold recycling market [4][5] Market Dynamics - Global gold demand reached 1,206 tons in Q1 2025, with Southeast Asia showing remarkable growth, particularly in Singapore, where demand increased by 35% year-on-year [2] - China's gold production in 2024 was 534.106 tons, a 2.85% increase, while consumption was 985.31 tons, indicating a significant gap between supply and demand [2] - The potential for gold recycling is substantial, with an estimated 17,000 tons of privately held gold in China, valued at over CNY 10 trillion, creating a large pool of potential sellers [2] Technological Advancements - Shangshan Gold's core competitiveness lies in its parent company, Jinyafu Group's, technological expertise, having developed a gold recycling smart terminal that has received multiple certifications [5] - The smart terminal, referred to as a "gold ATM," can perform precise gold detection in three minutes and offers real-time price updates, significantly improving the efficiency and trust in the recycling process [5][6] Business Model and Expansion - The investment cost for a smart gold store is significantly lower than traditional gold stores, with a required investment of only CNY 500,000 compared to millions for conventional stores, reducing operational risks [6] - As of June 2025, Jinyafu's smart gold stores have been established in nearly 100 major cities across China, with a 589% increase in total recycling volume year-on-year [8] - The recent capital raise will accelerate Shangshan Gold's global expansion, with the first international smart gold recycling machines already launched in Macau [10] Strategic Positioning - The company aims to leverage its technological barriers and scale advantages to establish a robust market presence, with a focus on a "recycling-retail-customization" model [10][12] - Shangshan Gold's strategy aligns with successful models in other industries, such as Luckin Coffee and Pop Mart, emphasizing standardized products and efficient channel networks for rapid expansion [11][12] - The combination of market demand, technological innovation, and supportive policies positions Shangshan Gold to potentially become a leader in the global smart gold retail sector within the next 3-5 years [12]

Core Viewpoint - The company, Shangshan Gold (01939.HK), expects to achieve a net profit attributable to shareholders of approximately HKD 400,000 for the six months ending September 30, 2025, marking a turnaround from a loss in the previous year. This improvement is primarily due to a significant increase in revenue, which is projected to reach approximately HKD 76.5 million, a year-on-year growth of about 139.8% [1][1][1] Financial Performance - Revenue from art auctions and related businesses is expected to be around HKD 38.8 million, compared to approximately HKD 29.3 million for the six months ending September 30, 2024 - Revenue from art sales is projected to be about HKD 37.5 million, a substantial increase from approximately HKD 2.2 million for the same period last year - Revenue from gold and gold-related businesses is anticipated to be around HKD 200,000, whereas there was no revenue recorded for the same period last year [1][1][1] Market Position - As of November 18, 2025, Shangshan Gold's stock closed at HKD 7.7, down 4.82%, with a trading volume of 2.516 million shares and a turnover of HKD 19.6459 million - The company has a market capitalization of HKD 4.141 billion and ranks 6th in the Trade II industry [1][1][1] Key Financial Metrics - Return on Equity (ROE) stands at -11.97%, compared to the industry average of -7.23%, ranking 28th in the industry - The company's market capitalization is HKD 4.141 billion, while the industry average is HKD 2.024 billion, ranking 6th - Operating revenue is HKD 57.549 million, significantly lower than the industry average of HKD 6.704 billion, ranking 38th - Net profit margin is -3.46%, better than the industry average of -25.14%, ranking 26th - Gross profit margin is 84.52%, substantially higher than the industry average of 19.78%, ranking 4th - Debt ratio is 43.88%, lower than the industry average of 58.62%, ranking 23rd [1][1][1]

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of approximately HKD 400,000 for the six months ending September 30, 2025, marking a turnaround from a loss in the previous period [1] Financial Performance - The group's revenue for the reporting period is projected to increase to approximately HKD 76.5 million, representing a year-on-year growth of about 139.8% [1] - Revenue from art auctions and related businesses is expected to be around HKD 38.8 million, compared to approximately HKD 29.3 million for the six months ending September 30, 2024 [1] - Revenue from art sales is anticipated to be approximately HKD 37.5 million, significantly up from about HKD 2.2 million for the same period last year [1] - Revenue from gold and gold-related businesses is projected to be around HKD 200,000, whereas there was no revenue recorded for the same period last year [1]

Core Viewpoint - The company, Shangshan Gold (01939.HK), anticipates a net profit attributable to shareholders of approximately HKD 400,000 for the six months ending September 30, 2025, a turnaround from a net loss of approximately HKD 1.1 million in the same period of 2024 [1] Financial Performance - The company expects total revenue to increase to approximately HKD 76.5 million, representing an increase of about HKD 44.6 million or approximately 139.8% compared to the revenue for the six months ending September 30, 2024 [1] - Revenue from art auctions and related businesses is expected to be approximately HKD 38.8 million, up from approximately HKD 29.3 million in the same period of 2024 [1] - Revenue from art sales is projected to be approximately HKD 37.5 million, a significant increase from approximately HKD 2.2 million in the same period of 2024 [1] - Revenue from gold and gold-related businesses is expected to be approximately HKD 0.2 million, compared to no revenue in the same period of 2024 [1]

（股份代號：1939） 正面盈利預告 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，並明確表示概不就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。 （於香港註冊成立的有限公司） 股東及本公司潛在投資者在買賣本公司股份時謹請審慎行事。 本公告由上善黃金國際控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」） 根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09條及香港法例第 571章證券及期貨條例第XIVA部項下之內幕消息條文（定義見上市規則）作出。 本公司董事（「董事」）會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資者，基 於對本集團截至2025年9月30日止六個月（「報告期」）之未經審核綜合管理賬目的初 步審閱，本集團預期將錄得本公司擁有人應佔綜合溢利淨額約0.4百萬港元，而 2024年同期則錄得本公司擁有人應佔綜合虧損淨額約1.1百萬港元。 基於本公司目前可獲取之資料，董事會認為本集團於報告期業績轉虧為盈，主要由 於本集團於報告期收益增加至約76.5百萬港元，較截至2024年9月 ...

Core Viewpoint - The company, Shangshan Gold (01939.HK), has announced a board meeting scheduled for November 27, 2025, to approve the release of its unaudited interim results for the six months ending September 30, 2025, and to consider the distribution of an interim dividend, if any [1] Group 1 - The board meeting will take place on November 27, 2025 [1] - The meeting will focus on approving the unaudited interim results for the six months ending September 30, 2025 [1] - The company will also consider the distribution of an interim dividend during the meeting [1]

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，並明確表示概不就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。 （於香港註冊成立的有限公司） （股份代號：1939） 董事會會議日期 上善黃金國際控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 2025年11月27日（星期四）舉行董事會會議，以（其中包括）批准刊發本公司及其附屬 公司截至2025年9月30日止六個月之未經審核中期業績及考慮派發中期股息（如 有）。 承董事會命 主席 黃仕坤先生 香港，2025年11月12日 於本公告日期，執行董事為黃仕坤先生（主席）、黃仕峰先生、錢源源女士及童軍先 生；非執行董事為李傑峰先生及鄭浩然先生；及獨立非執行董事為何佳教授、胡左 浩教授及梁廷育先生。 上善黃金國際控股有限公司 ...

Core Viewpoint - The company, Shangshan Gold (01939), has successfully completed a placement agreement, with all conditions met as of November 6, 2025, resulting in the issuance of new shares at a specified price [1] Group 1: Placement Agreement Details - The placement agreement, including supplementary terms, has been fulfilled, allowing the company to proceed with the share placement [1] - A total of 11.88 million shares were placed at an updated price of HKD 7.71 per share, representing approximately 2.32% of the company's issued share capital post-placement [1] - The total proceeds from the placement amount to HKD 91.5948 million, with a net estimated amount of around HKD 90 million after deducting placement commissions and related expenses, resulting in a net price of approximately HKD 7.58 per share [1]

Core Viewpoint - The company, ZhiShan Gold (01939), has successfully completed a placement agreement, with all conditions met as of November 6, 2025, resulting in the issuance of new shares at a specified price [1] Group 1: Placement Agreement Details - The placement agreement, including supplementary terms, has been fulfilled, allowing the company to proceed with the share placement [1] - A total of 11.88 million shares were placed at an updated price of HKD 7.71 per share, representing approximately 2.32% of the company's issued share capital post-placement [1] - The total proceeds from the placement amount to HKD 91.5948 million, with an estimated net amount of around HKD 90 million after deducting placement commissions and related expenses, resulting in a net price of approximately HKD 7.58 per share [1]

Core Viewpoint - The company has successfully completed a placement agreement, with all conditions met as of November 6, 2025, allowing for the issuance of new shares at a specified price [1] Group 1: Placement Agreement Details - The company announced that it has entered into a placement agreement, which has been supplemented, and all conditions have been fulfilled [1] - The placement agent has sold a total of 11,880,000 shares at an updated price of HKD 7.71 per share [1] - This issuance represents approximately 2.32% of the company's total issued share capital after the placement [1]