告 中國黃金國際資源有限公 司 公司摘要 2024 年度報告 2024 年度報 以「新時代，大未來」的願景，我們制定了內生擴展和策略收購的全面增長策略。我們將積極尋求可增值的收購機會，以 擴大我們的市場影響力，同時通過開展大規模資源開發和優化生產模式，推動可持續的內生增長，從而提高運營效率和 產能。 我們將把ESG框架融入我們的發展策略，認識到它是推動企業可持續增長的關鍵因素。我們的承諾在於實現環境管理、社 會責任和運營穩定之間的協同效應。通過堅持負責任的商業實踐，我們努力創造能惠及所有持份者的長期價值。 本公司 概覽 中國黃金國際資源有限公司（「中國黃金國際」或「本公司」）及其附屬公司（統稱「本集團」）為一家於 加拿大英屬哥倫比亞註冊成立的黃金及基本金屬礦業公司。本公司的主要業務涉及黃金及基本金 屬礦產的營運、收購、勘探及開發。本公司主要運營位於中國內蒙古自治區的長山壕金礦（「長山 壕金礦」或「長山壕礦」或「長山壕」）及位於中國西藏自治區的甲瑪銅金多金屬礦（「甲瑪礦區」或「甲 瑪礦」）。中國黃金國際持有長山壕金礦的96.5%權益，而中方合營方則持有其餘3.5%權益。中國 黃金國際於2007年7月起在長山壕金 ...

资料来源：公司数据、招商证券 证券研究报告 | 公司点评报告 2025 年 04 月 01 日 中国黄金国际（02099.HK） 全年业绩扭亏为盈，积极推进甲玛三期尾矿库建设 周期/金属及材料 公司 2024 年实现营业收入 7.6 亿美元，同比+ 64.7%；实现归母净利润 0.6 亿 美元， 扭 亏 为 盈 ， 24Q4 实 现 营 业 收 入 2.9 亿 美 元 ， 同 比 /环 比 分 别 +312%/+15.3%，实现归母净利润 0.7 亿美元，同比扭亏为盈，环比+148.1%。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 3254 | 5439 | 7218 | 7218 | 8847 | | 同比增长 | -58% | 67% | 33% | 0% | 23% | | 营业利润(百万元) | 50 | 813 | 2883 | 2883 | 3453 | | 同比增长 | -98% | 1510% | 255% | 0% | ...

证券研究报告 中国黄金国际 (2099 HK) 港股通 期待 2025 年甲玛矿全年满负荷运行 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 3 月 | 31 日│中国香港 | 有色金属 | 24 年公司实现收入 7.57 亿美元（YOY+64.69%）；归母净利扭亏盈利 0.63 亿美元。其中 24Q4 实现收入 2.94 亿美元（QOQ+15.31%）；归母净利 0.67 亿美元（QOQ+148.07%）。我们预期 25 年该矿将全年满负荷生产，公司归 母净利或同比显著增长，维持"买入"评级。 24Q4 甲玛铜金多金属矿经营表现亮眼 我们预期 25 年长山壕产量将同比下降，但甲玛将满负荷运行全年且铜/金价 中枢将同比上升（据华泰金属《成长性仍强，看好估值提升》（25-3-16））， 公司归母净利或同比显著增长。考虑长山壕 Q4 成本超预期上行，我们小幅 上调该矿 25-26 年成本假设，测算 25-26 年归母净利 2.68/2.91 亿美元（上 次：2.72/2.94 亿美元），并预测 27 年归母净利 3.55 亿美元。分部估值：25 年铜/金业务利润占 ...

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，併表明概不就因本公告之全部或任何部份內容而產 生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHINA GOLD INTERNATIONAL RESOURCES CORP. LTD. 中 國 黃 金 國 際 資 源 有 限 公 司 （ 根 據 加 拿 大 英 屬 哥 倫 比 亞 法 例 成 立 的 有 限 公 司 ） （香港股份代號：2099） （多倫多股份代號：CGG) 截至2024年12月31日止年度 業績公告 財務摘要 | | 截至12月31日止年度 | | | --- | --- | --- | | | 2024年 | 2023年 | | | 千美元 | 千美元 | | 銷售收入 | 756,646 | 459,434 | | 淨收入（虧損） | 65,298 | (22,969) | | 每股基本盈利（虧損）（仙） | 15.82 | (6.43) | | 每股攤薄盈利（虧損）（仙） | 不適用 | 不適用 | | 經營所得現金流量淨額 | 306,896 | 1,574 | | 物業、 ...

隐证券 有色金属/工业金属 中国黄金国际 甲玛矿全面复产渐进，集团优质资产注入可期 （02099.HK） 2024 年 12 月 06 日 投资评级：买入（首次） | --- | --- | |-------------------------|---------------| | 日期 | 2024/12/5 | | 当前股价 ( 港元 ) | 37.600 | | 一年最高最低 ( 港元 ) | 58.600/28.000 | | 总市值 ( 亿港元 ) | 149.05 | | 流通市值 ( 亿港元 ) | 149.05 | | 总股本 ( 亿股 ) | 3.96 | | 流通港股 ( 亿股 ) | 3.96 | | 近 3 个月换手率 (%) | 40.9 | 股价走势图 -30% 0% 30% 60% 90% 2023-12 2024-04 2024-08 中国黄金国际 恒生指数 数据来源：聚源 公 司 首 次 覆 盖 报 告 开 源 证 券 证 券 研 究 报 告 公 司 研 究 ——公司首次覆盖报告 | --- | --- | |---------------------------|----- ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 63.42 HKD, indicating a potential upside of 79% from the current price of 35.50 HKD [2][4]. Core Insights - The company achieved a turnaround in Q3 2024, reporting a revenue of 255 million USD, a 309% year-on-year increase, and a net profit of 27.9 million USD, reversing a loss of 58.7 million USD from the previous year [2]. - The recovery in the Q3 performance is attributed to rising gold and copper prices, with gold reaching 2,629.95 USD/ounce, a 12.8% increase since June, and copper prices remaining historically high due to tightening supply and increased demand from the renewable energy sector [2]. - The resumption of operations at the Jiama mine has led to a decrease in cash production costs to 3.85 USD/pound, a 4.9% reduction from the previous quarter [2]. - The company has provided production guidance for 2024, expecting gold production from the Changshanhao mine to be between 3.3 to 3.5 tons and copper production from the Jiama mine to be between 43,200 to 44,500 tons [2]. Financial Summary - For the fiscal year ending December 31, 2022, the company reported revenues of 1.10 billion USD, which decreased by 3% year-on-year. In 2023, revenues dropped significantly to 459.43 million USD, a 58% decline [3][5]. - The forecast for 2024 anticipates a revenue increase to 764.01 million USD, representing a 66% growth, with net profit projected to recover to 95.4 million USD [3][5]. - The company’s earnings per share (EPS) is expected to rise from -0.06 USD in 2023 to 0.24 USD in 2024, reflecting a significant recovery [3][5]. - The price-to-earnings (PE) ratio is projected to be 19.2 in 2024, decreasing to 5.0 in 2025 and 4.7 in 2026, indicating an attractive valuation compared to historical levels [3][5].

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，並明確表示概不就因本公告全部或任何部份內容而產生 或因依賴該等內容而引致的任何損失承擔任何責任。 中 國 黃 金 國 際 資 源 有 限 公 司 有關財務狀況及經營業績的管理層討論與分析 截至2024年9月30日止三及九個月 （以美元列值，惟另有指明除外） Suite 660, One Bentall Centre, 505 Burrard Street, Box 27, Vancouver, BC, V7X 1M4 電話：604-609-0598 傳真：604-688-0598 電郵：info@chinagoldintl.com, www.chinagoldintl.com 管理層討論與分析 有關財務狀況及經營業績的管理層討論與分析 截至2024年9月30日止三及九個月（以美元列值，惟另有指明除外） 前瞻性陳述 2 本公司 3 概覽 3 表現摘要 3 前景 3 經營業績 4 節選季度財務數據 4 節選季度生產數據及分析 5 季度數據回顧 6 非國際財務報告準則指標 8 礦物資產 9 長山壕礦 9 甲 ...

证券研究报告 中国黄金国际 (2099 HK) 港股通 甲玛矿顺利复产，Q2 亏损收窄 华泰研究 中报点评 2024 年 8 月 15 日│中国香港 有色金属 | --- | --- | |-------------------------------|--------------------| | 投资评级(维持): | 买入 | | 目标价(港币): | 51.84 | | 研究员 SAC No. S0570517050001 | 李斌libin@htsc.com | | SFC No. BPN269 | +(86) 10 6321 1166 | 基本数据 24Q2 亏损收窄，维持"买入"评级 公司 24H1 营收为 2.08 亿美元、归母净利为-0.32 亿美元；其中 24Q2 营收 为 1.48 亿美元、归母净利为-0.05 亿美元，亏损幅度环比收窄，主因甲玛矿 二期选厂顺利复产、长山壕营运恢复正常及 Q2 铜金价格环比上涨较多。我 们根据年初至今铜价走势上调 24 年铜价假设；考虑美国衰退或对铜价产生 负面影响，下调 25-26 年铜价假设；24H1 长山壕矿销量低于预期、成本 高于预期，我们下调该 ...

Financial Performance - Sales revenue increased by 103% to $148.0 million in Q2 2024, compared to $73.0 million in the same period of 2023[7] - Mine operating profit was $29.4 million in Q2 2024, a significant improvement from a mine operating loss of $6.2 million in Q2 2023[7] - Net loss decreased by $48.5 million to $4.8 million in Q2 2024, compared to a net loss of $53.3 million in Q2 2023[7] - Operating cash flow improved to $80.9 million in Q2 2024, compared to an operating cash outflow of $73.5 million in Q2 2023[7] - Sales revenue decreased by 36% from $325.8 million in the same period of 2023 to $208.5 million in the first half of 2024[8] - Net loss of $30.9 million, compared to a net profit of $25.3 million in the same period of 2023, a decrease of $56.2 million[8] - Operating income for Q2 2024 was $16.6 million, a $32.1 million improvement from a loss of $15.5 million in Q2 2023[17] - Net loss for Q2 2024 was $4.8 million, a $48.5 million reduction from a loss of $53.3 million in Q2 2023[18] - Net loss for H1 2024 was $30.9 million, compared to a net profit of $25.3 million in H1 2023[21] - Sales revenue for the three months ended June 30, 2024, was $147.955 million, compared to $73.016 million in the same period in 2023[75] - Mine operating profit for the three months ended June 30, 2024, was $29.443 million, compared to a loss of $6.150 million in the same period in 2023[75] - Operating income for the three months ended June 30, 2024, was $16.631 million, compared to a loss of $15.533 million in the same period in 2023[75] - Net loss for the three months ended June 30, 2024, was $4.844 million, compared to a loss of $53.339 million in the same period in 2023[75] - Net profit attributable to the company's owners for the six months ended June 30, 2024, was a loss of $30.892 million, compared to a profit of $25.321 million in the same period in 2023[76] - Basic loss per share for the six months ended June 30, 2024, was $0.0799, compared to a profit of $0.0608 in the same period in 2023[76] - Total revenue for the six months ended June 30, 2024, was $208.5 million, compared to $325.8 million for the same period in 2023[89] - The company's mining segment reported a profit of $26.3 million from gold production and a loss of $8.3 million from copper concentrate production for the six months ended June 30, 2024[92] - The company's total operating loss for the six months ended June 30, 2024, was $4.8 million[92] - The company's pre-tax loss for the six months ended June 30, 2024, was $22.5 million[92] - Sales revenue for mineral gold and copper concentrate reached $325.794 million, with mineral gold contributing $137.749 million and copper concentrate contributing $188.045 million[94] - Mine operating profit totaled $96.56 million, with mineral gold contributing $41.907 million and copper concentrate contributing $54.653 million[94] - Net loss for the three and six months ended June 30, 2024, was $5 million and $31 million, respectively, despite net operating cash inflows of $81 million and $88 million for the same periods[84] Production and Operations - Total gold production decreased by 13% to 31,373 ounces in Q2 2024, compared to 36,069 ounces in Q2 2023[7] - Total copper production was 18.6 million pounds (approximately 8,454 tons) in Q2 2024, with no copper production in the same period of 2023[7] - Gold production decreased by 42% from 89,317 ounces in the same period of 2023 to 52,087 ounces in the first half of 2024[8] - Copper production decreased by 47% from 44.1 million pounds (approximately 20,019 tons) in the same period of 2023 to 23.3 million pounds (approximately 10,547 tons) in the first half of 2024[8] - The company expects gold production at the Chang Shan Hao mine to range between 106,097 ounces and 112,528 ounces (approximately 3.3 tons to 3.5 tons) in 2024[10] - The company expects copper production at the Gyama mine to range between 95.0 million pounds and 98.0 million pounds (approximately 43,200 tons to 44,500 tons) in 2024[10] - The company expects gold production at the Gyama mine to range between 42,439 ounces and 45,333 ounces (approximately 1.32 tons to 1.41 tons) in 2024[10] - Gold production at the Chang Shan Hao mine decreased by 36% from 36,069 ounces in the same period of 2023 to 22,981 ounces in the first half of 2024[13] - Copper production in the Jiama mining area for Q2 2024 was 8,454 tons (18.6 million pounds), compared to no production in the same period in 2023 due to operational suspension[15] - The Jiama mining area's Phase II concentrator resumed operations on May 30, 2024, with a daily processing capacity of 34,000 tons[15] - Total copper sales volume for Q2 2024 was 8,347 tons (18.4 million pounds) from the Jiama mining area[16] - Revenue from the Changshanhao Mine decreased by $46.4 million to $91.3 million in H1 2024, with gold sales volume dropping to 39,951 ounces from 71,179 ounces in H1 2023[19] - Revenue from the Jiama Mine decreased by $70.8 million to $117.2 million in H1 2024, with copper sales volume dropping to 10,427 tons (23.0 million pounds) from 18,656 tons (41.1 million pounds) in H1 2023[19] - The average realized gold price increased by 18% to $2,285 per ounce in H1 2024 compared to $1,935 per ounce in H1 2023[19] - The average realized copper price increased by 13% to $3.67 per pound in H1 2024 compared to $3.27 per pound in H1 2023[19] - Mine operating profit decreased by $78.7 million to $17.9 million in H1 2024 compared to $96.6 million in H1 2023[19] - The Changshanhao gold mine's production rate was reduced to 40,000 tons per day in 2019, with a mine life of 7 years[26] - Total ore stacked in Q2 2024 was 3.41 million tons, with a gold content of 43,184 ounces, and the overall gold recovery rate decreased to 55.77%[28] - Exploration in 2024 included 3,580 meters of drilling, with 27.81% completed as of the reporting date[29] - The Jiama Mine has a combined mining and processing capacity of 50,000 tonnes per day, with Phase II achieving a capacity of 44,000 tonnes per day since 2018[33] - In Q2 2024, the Jiama Mine processed 1,754,786 tonnes of ore with an average copper grade of 0.56% and a copper recovery rate of 86%[35] - The Jiama Mine's Phase II processing plant resumed operations on May 30, 2024, with a daily processing capacity of 34,000 tonnes[35] - The company has planned two geological exploration projects for 2024 at the Jiama Mine, with a total estimated budget of RMB 34.47 million[36] - The company reported copper, molybdenum, lead, zinc, gold, and silver prices at $2.9/lb, $15.5/lb, $2.9/lb, $0.95/lb, $1,300/oz, and $20/oz respectively[39] - The company's cumulative surplus as of June 30, 2024, is $348.0 million, with operating capital of $207.1 million and borrowings of $795.8 million[42] - The company had 2,121 employees as of June 30, 2024, operating in various regions[71] - The company's total equity as of June 30, 2024, was $1,708.048 million, a decrease from $1,727.741 million as of January 1, 2024[80] - The company's retained earnings as of June 30, 2024, were $347.982 million, down from $380.375 million as of January 1, 2024[80] - The company's total assets as of June 30, 2024, were $1,708.048 million, compared to $1,727.741 million as of January 1, 2024[80] - The company's total liabilities as of June 30, 2024, were $1,686.659 million, compared to $1,706.858 million as of January 1, 2024[80] - The company's total equity attributable to owners as of June 30, 2024, was $1,686.659 million, compared to $1,706.858 million as of January 1, 2024[80] - The company's current assets exceeded current liabilities by approximately $207 million as of June 30, 2024[84] - The company agreed to pay RMB 368 million over six years as compensation for the use of state-owned natural resources from July 2017 to April 2023, with the first payment of RMB 61 million made on August 9, 2024[85] - For the six months ended June 30, 2024, the company recognized RMB 15 million (approximately $2.12 million) as a provision for mining rights payments related to the period from May 1, 2023, to June 30, 2024[85] - Revenue from gold bullion for the six months ended June 30, 2024, was $91.3 million, a decrease from $137.7 million in the same period in 2023[89] - Revenue from copper for the six months ended June 30, 2024, was $85.2 million, compared to $134.4 million in the same period in 2023[89] - The company's total operating loss for the six months ended June 30, 2024, was $4.8 million[92] - The company's pre-tax loss for the six months ended June 30, 2024, was $22.5 million[92] - Sales revenue for mineral gold and copper concentrate reached $325.794 million, with mineral gold contributing $137.749 million and copper concentrate contributing $188.045 million[94] - Mine operating profit totaled $96.56 million, with mineral gold contributing $41.907 million and copper concentrate contributing $54.653 million[94] - Total assets increased to $2.898 billion as of June 30, 2024, up from $2.835 billion at the end of 2023[97][98] - Total liabilities rose to $1.19 billion as of June 30, 2024, compared to $1.107 billion at the end of 2023[97][98] - General and administrative expenses for the six months ending June 30, 2024, amounted to $19.745 million, up from $17.48 million in the same period in 2023[99] - The company incurred a penalty of $8.76 million for grassland occupation during the six months ending June 30, 2024[99] - Net exchange loss for the six months ending June 30, 2024, was $8.368 million, primarily due to foreign exchange fluctuations[94] - The company reported a basic loss per share of $0.0799 for the six months ending June 30, 2024, compared to a profit of $0.0608 in the same period in 2023[103] - No dividends were declared for the six months ending June 30, 2024, compared to a special dividend of $0.37 per share declared in the same period in 2023[102] - Trade and other receivables decreased to $8.436 million as of June 30, 2024, from $17.076 million at the end of 2023[105] - Total inventory value increased to $312.9 million as of June 30, 2024, up from $291.6 million as of December 31, 2023[111] - Depreciation of property, plant, and equipment for the six months ending June 30, 2024, was $57.9 million, compared to $75.1 million for the same period in 2023[112] - Total accounts payable and other payables increased to $198.4 million as of June 30, 2024, from $158.3 million as of December 31, 2023[113] - Total borrowings as of June 30, 2024, amounted to $767.8 million, with $147.6 million due within one year[115] - The company incurred $9.7 million in agricultural land use tax and grassland compensation fees for leased land and recognized right-of-use assets in the first half of 2024[112] - The company violated syndicated loan terms due to frozen assets exceeding RMB 200 million, but lenders waived the right to demand immediate repayment for the next 12 months[118] - Work-in-progress gold inventory increased to $242.9 million as of June 30, 2024, up from $221.7 million as of December 31, 2023[111] - The company spent $3.4 million on construction in progress and $2.3 million on mineral assets in the first half of 2024[112] - Prepayments and deposits for land use rights and water treatment projects totaled $16.9 million as of June 30, 2024[109] - The company's total equity remained unchanged at $1.23 billion as of June 30, 2024, with 396.4 million shares issued and fully paid[117] - China Gold holds 40.01% of the company's issued ordinary shares as of June 30, 2024, unchanged from December 31, 2023[121] - Sales of gold ingots to China Gold and its subsidiaries were $55.112 million for the three months and $91.278 million for the six months ended June 30, 2024[122] - Sales of copper and other by-products to China Gold and its subsidiaries were $92.573 million for the three months and $116.594 million for the six months ended June 30, 2024[122] - Cash and cash equivalents held by China Gold subsidiaries increased to $85.775 million as of June 30, 2024, up from $78.264 million at the end of 2023[123] - Restricted balances held by China Gold subsidiaries slightly decreased to $67.274 million as of June 30, 2024, compared to $67.693 million at the end of 2023[123] - Total amounts payable to China Gold and its subsidiaries increased to $133.805 million as of June 30, 2024, from $125.739 million at the end of 2023[126] - The company's investment in listed equity securities on the Hong Kong Stock Exchange increased to $61.522 million as of June 30, 2024, up from $46.328 million at the end of 2023[129] - The fair value of listed equity securities investments decreased to $45.894 million as of the date of the report's authorization for issue[129] - The company recognized an additional interest expense of $694,000 related to an ongoing litigation case for the six months ended June 30, 2024[130] - The litigation with Zhongxin Fang regarding the delivery of a building and 20 parking spaces, as well as the recovery of related tax risks, remains unresolved as of June 30, 2024, with no impairment loss recognized for the new properties[131] - The cumulative credit loss provision for taxes and other surcharges from Zhongxin Fang as of June 30, 2024, is RMB 22,827,000 (approximately USD 3,203,000), with no additional expected credit loss recognized during the six months ended June 30, 2024[131] - The litigation with Huatai Long's independent suppliers over losses due to the suspension of production at the Jiama Mining Area South Pit is ongoing, with no provision made in the financial statements as of June 30, 2024[132] Costs and Expenses - Total production cost per ounce of gold increased by 19% from $1,354 in the same period of 2023 to $1,608 in the first half of 2024[13] - Cash production cost per ounce of gold increased by 1% from $913 in the same period of 2023 to $924 in the first half of 2024[13] - Copper sales revenue for the Jiama mining area in Q2 2024 was $69.64 million, with an average realized price of $3.74 per pound after smelting fee deductions[14] - Total sales cost decreased by $38.7 million to $190.6 million in H1 2024 compared to $229.2 million in H1 2023[19] - Total sales cost for copper and by-products in Q2 2024 was $81.66 million, with a cost of $4.44 per pound, compared to $30.32 million in Q2 2023[25] - Total cash production cost for copper in Q2 2024 was $74.71 million, or $

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，並明確表示概不就因本公告全部或任何部份內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 CHINA GOLD INTERNATIONAL RESOURCES CORP. LTD. 中 國 黃 金 國 際 資 源 有 限 公 司 （根據加拿大英屬哥倫比亞法例成立的有限公司） （香港股份代號：2099） （多倫多股份代號：CGG) 截至2024年6月30日止六個月 業績公告 | --- | --- | --- | |----------------------------|--------------|-----------------| | | | | | | | | | | 2024 年 | 年 | | | 截至 6 月 30 | 2023 日止六個月 | | | 千美元 | 千美元 | | | | | | 銷售收入 | 208,498 | 325,794 | | 淨（虧損）溢利 | (30,892) | 25,321 | | 每股基本（虧損）盈利（仙） | (7.99) | 6.08 | ...