h 股 c r 票 a e s e R 研 y [Table_Title] Kevin Guo 郭勇 究 tiu Company Report: China Gold International (02099 HK) 中文版 q (852) 2509 5317 E 公司报告： 中国黄金国际 (02099 HK) Chinese version yong.guo@gtjas.com.hk 10 April 2024 [Table_Summary] 甲玛矿生产将恢复正常，维持“收集” tr 公 o 司 p e R  由于市盈率估值水平较高，我们将中国黄金国际(“公司”)的目标价上调至56.10 [RTaabtlien_gR:a nk] Accumulate y 港元，并维持“收集”评级。我们的目标价对应16.4倍、9.0倍和7.6倍2024-2026 Maintained 报 n a 年市盈率。我们预测，公司净利润将在2024-2026年稳步增长，主要受金属价 p 告 m 格上涨和矿产品产量增加的推动。 评级： 收集 (维持) o C  公司2023年录得2,550万美元亏损。甲玛矿因尾矿库尾砂外溢，自202 ...

海 外 研 证券研究报告 究 ＃industryId＃ 黄金 ＃ ＃02099 .HK ＃中dy国Com黄pa金ny＃国 际 港股通（沪/深） investS dyStockco ＃investSuggestion＃ uggesti d e＃ 增持 ( o维 nC持 han ） 长山壕矿全面恢复采矿活动，甲玛矿稳步复产 ge＃ ＃createTime1＃ 2024年 4月 8日 投资要点 公 ＃市场ma数rk据et Data＃ ＃summary＃ 事件：中国黄金国际披露23年业绩：营收同比下降58.4%至4.6亿美元，矿山 司 日期 20240405 经营利润同比下降79.7%至8037万美元，归母净利润录得亏损2550万美元。 跟 收盘价（港元） 49.45 单看 Q4，营收同比下降 71.9%至 7132 万美元，矿山经营利润亏损 190 万美 踪 总股本（亿股） 4.0 元，归母净利润亏损1791万美元。 报 流通股本（亿股） 2.2 点评：甲玛矿 Q2 开始暂停营运&长山壕金矿 Q3 开始进行边坡维护工作拖累 告 净资产（亿美元） 17 公司矿山经营利润承压，全年矿山经营利润同比减少3.2亿美元至0. ...

Revenue and Sales Performance - Sales revenue decreased by 72% to $71.3 million in Q4 2023 compared to $253.9 million in Q4 2022[6] - Total sales revenue for 2023 was $459.4 million, down from $1.1 billion in 2022[2] - Total revenue for 2023 decreased by 58% to $459.4 million compared to $1,104.9 million in 2022[10] - Sales revenue from the Changshanhao mine decreased from $267.5 million in 2022 to $252.6 million in 2023, a reduction of $14.9 million[19] - Sales revenue from the Jiama mining area decreased from $837.4 million in 2022 to $206.8 million in 2023, a reduction of $630.6 million[19] - Sales revenue decreased to $459.434 million in 2023 from $1.104949 billion in 2022, a significant drop of 58.4%[76] - Revenue from gold bullion in 2023 was $252.6 million, a decrease from $267.546 million in 2022[140] - Revenue from copper in 2023 was $147.278 million, a significant decrease from $617.226 million in 2022[140] - Revenue from other by-products in 2023 was $59.556 million, down from $220.177 million in 2022[140] - Total revenue for 2023 was $459.434 million, a sharp decline from $1.104949 billion in 2022[140] - Mining gold segment revenue for 2023 was $252.6 million, while mining copper concentrate segment revenue was $206.8 million, totaling $459.4 million[144] - The company's total revenue for 2022 was $1.1 billion, with $267.5 million from the mining gold segment and $837.4 million from the mining copper concentrate segment[146] Net Profit and Loss - Net loss of $17.5 million in Q4 2023, compared to a net profit of $48.5 million in Q4 2022[6] - Net loss for 2023 was $22.9 million, compared to a net profit of $225.4 million in 2022[2] - Net loss for 2023 was $23.0 million, a significant decline from the net profit of $225.4 million in 2022[9] - Net loss increased from a profit of $225.4 million in 2022 to a loss of $23.0 million in 2023[20] - Net loss for the year was $22.969 million in 2023, compared to a net profit of $225.401 million in 2022[76] - The company recorded a net loss of $23 million for the year ended December 31, 2023[70] - The company recorded a net loss of $23 million for the year ended December 31, 2023[136] - Net profit attributable to the company's owners for the year 2023 was a loss of $25.5 million, compared to a profit of $222.7 million in 2022[80] - Total comprehensive income for 2023 was a loss of $30.4 million, compared to a profit of $167.2 million in 2022[80] Production and Costs - Gold production decreased by 57% to 25,500 ounces in Q4 2023 from 59,992 ounces in Q4 2022[6] - Copper production was 184,077 pounds (approximately 83 tons) in Q4 2023, due to limited production from the Jiama mine, compared to 45.1 million pounds (approximately 20,472 tons) in Q4 2022[6] - Gold production decreased by 38% to 147,963 ounces in 2023 from 238,836 ounces in 2022[10] - Copper production dropped by 76% to 44.2 million pounds (approximately 20,051 tons) in 2023 from 187.4 million pounds (approximately 85,004 tons) in 2022[10] - The company expects gold production at Changshanhao Mine in 2024 to be between 106,097 ounces and 112,528 ounces (approximately 3.3 to 3.5 tons)[12] - The company anticipates copper production at Jiama Mine in 2024 to be between 95.0 million pounds and 98.0 million pounds (approximately 43,200 to 44,500 tons)[12] - Gold production at Jiama Mine in 2024 is expected to range between 42,439 ounces and 45,333 ounces (approximately 1.32 to 1.41 tons)[12] - Gold sales at Changshanhao Mine decreased by 36% to 24,290 ounces in Q4 2023 compared to 38,134 ounces in Q4 2022[14] - Total production cost per ounce of gold at Changshanhao Mine increased by 65% to $1,611 in Q4 2023 from $975 in Q4 2022[14] - Cash production cost per ounce of gold at Changshanhao Mine surged by 103% to $1,303 in Q4 2023 from $642 in Q4 2022[14] - Copper sales at Jiama Mine plummeted by 88% to 2,449 tons (5.4 million pounds) in Q4 2023 compared to 19,809 tons (43.7 million pounds) in Q4 2022[15] - Average realized copper price at Jiama Mine dropped by 25% to $2.39 per pound in Q4 2023 from $3.20 per pound in Q4 2022[15] - Total production cost per pound of copper at Jiama Mine rose to $8.04 in Q4 2023 from $3.33 in Q4 2022[15] - Total gold sales volume in 2023 was 24,626 ounces, a decrease from 36,948 ounces in 2022[23] - Total cash production cost for gold in 2023 was $1,303 per ounce, compared to $642 per ounce in 2022[23] - Total copper sales volume in 2023 was 5,399,496 pounds, a significant decrease from 43,670,559 pounds in 2022[24] - Total cash production cost for copper in 2023 was $7.29 per pound, compared to $2.64 per pound in 2022[24] - The Changshanhao gold mine's ore stacking volume in 2023 was 10.0 million tons, with a total gold content of 102,702 ounces[28] - The overall cumulative recovery rate for the gold project as of December 31, 2023, was approximately 56.26%[28] - The Changshanhao mine's designed mining and processing capacity is 60,000 tons per day, but production was reduced to 40,000 tons per day in 2019[25] - Jiama mining area processed 4,280,227 tons of ore in 2023, a decrease from 17,446,643 tons in 2022[36] - The average copper ore grade in Jiama mining area was 0.56% in 2023, slightly lower than 0.57% in 2022[36] - Copper recovery rate in Jiama mining area remained stable at 85% in both 2022 and 2023[36] - The average gold grade in Jiama mining area decreased to 0.21 g/t in 2023 from 0.23 g/t in 2022[36] - Silver recovery rate in Jiama mining area improved to 63% in 2023 from 60% in 2022[36] - The company's mining costs for the year ended December 31, 2023, were $43.3 million, with mineral processing costs of $75.2 million and transportation costs of $1.7 million[49] - The company added $42.3 million in property, plant, and equipment in 2023, with $40.2 million allocated to the mining copper concentrate segment[152] - Depreciation of property, plant, and equipment for 2023 was $106.9 million, with $56.7 million attributed to the mining gold segment and $50.3 million to the mining copper concentrate segment[152] - Total depreciation for property, plant, and equipment decreased to $106.947 million from $163.407 million in the previous year[165] Cash Flow and Financial Position - Operating cash flow decreased to $1.6 million in 2023 from $447.3 million in 2022[2] - Cash and cash equivalents decreased to $97.2 million in 2023 from $428.5 million in 2022[2] - Operating cash flow decreased sharply to $1.6 million in 2023 from $447.3 million in 2022[9] - Cash and cash equivalents declined sharply to $97.237 million in 2023 from $428.453 million in 2022, a decrease of 77.3%[78] - Operating cash flow from activities decreased significantly to $1.57 million in 2023 from $447.3 million in 2022[82] - Cash and cash equivalents decreased by $324.96 million in 2023, ending the year at $97.24 million[82] - The company's net cash inflow from operating activities for the year ended December 31, 2023, was $1.6 million, primarily from depreciation of property, plant, and equipment ($107.0 million), financing costs ($25.0 million), and mining rights amortization ($10.4 million)[46] - The company's net cash outflow from investing activities for the year ended December 31, 2023, was $121.3 million, mainly used for restricted deposits ($68.0 million) and payments for property, plant, and equipment ($59.4 million)[47] - The company's net cash outflow from financing activities for the year ended December 31, 2023, was $205.2 million, primarily due to repayment of borrowings ($401.5 million) and payment of dividends to shareholders ($146.7 million)[48] - The company's total debt as of December 31, 2023, was $766.5 million, with total equity of $1,727.7 million, resulting in a debt-to-equity ratio of 0.44[49] - The company's cumulative surplus as of December 31, 2023, was $380.4 million, with working capital of $170.8 million and borrowings of $766.5 million[43] - The company's cash balance as of December 31, 2023, was $97.2 million[43] - The company's total assets decreased to $2.834716 billion in 2023 from $3.194911 billion in 2022[78] - Total liabilities reduced to $1.106975 billion in 2023 from $1.291481 billion in 2022[79] - The company's total equity decreased to $1.73 billion in 2023 from $1.9 billion in 2022[80] - The company's retained earnings decreased to $380.38 million in 2023 from $571.23 million in 2022[80] - The company's investment in mining rights decreased to $1.27 million in 2023 from $1.77 million in 2022[82] - The company's total assets decreased to $1.71 billion in 2023 from $1.88 billion in 2022[80] - The company's market value was lower than the net asset book value by approximately $1.728 billion as of December 31, 2023[70] - The company's market value was lower than its net asset value by approximately $1.728 billion as of December 31, 2023, compared to $1.903 billion in 2022[136] - The company's non-current assets are approximately 98% located in China as of December 31, 2023[154] - The company's total assets for the mining gold segment as of December 31, 2023, were $551.6 million, and for the mining copper concentrate segment, they were $2.23 billion, totaling $2.78 billion[149] - Total liabilities for the mining gold segment as of December 31, 2023, were $34.9 million, and for the mining copper concentrate segment, they were $991.9 million, totaling $1.03 billion[149] Operational Challenges and Legal Issues - The Jiama Mine resumed partial operations on December 15, 2023, with a daily processing capacity of 6,000 tons[11] - Jiama Mine resumed partial operations in December 2023 with a daily processing capacity of 6,000 tons after a tailings spill incident in March 2023[16] - The company's Jiama Mine experienced a tailings spill on March 27, 2023, leading to a temporary suspension of operations. The mine partially resumed operations on December 15, 2023, after receiving approval from the Lhasa Emergency Management Bureau[84] - The company is involved in multiple lawsuits and disputes related to construction contract breaches, with a confirmed liability of $23 million and pending litigation amounting to $68 million as of December 31, 2023[85] - The company made provisions for a legal dispute with an independent supplier of Huatai Long, with details disclosed in Note 31[139] - The company recognized an impairment loss of RMB 13,328,000 (approximately $1,872,000) for the new properties due to the suspension of the comprehensive project in Lhasa, Tibet[197] Dividends and Shareholder Returns - The company declared a special dividend of $0.37 per ordinary share for the fiscal year ending December 31, 2022, paid on June 15, 2023[61] - The company does not recommend paying dividends for the 2023 full-year results[61] - The company declared and paid dividends of $0.37 per ordinary share for the year ended December 31, 2023, totaling $146,673,000, compared to $0.25 per share and $99,103,000 in 2022[174] - The company paid $146.67 million in dividends to shareholders in 2023, compared to $99.1 million in 2022[82] Exploration and Development - The company signed a major contract for the 2023-2025 open-pit mining project with an estimated value of $128.3 million[27] - The company completed a diamond drilling exploration program within the mining permit area, totaling 1,290.78 meters and 3 drill holes[29] - The company also completed another diamond drilling exploration program within the mining permit area, totaling 4,172.14 meters and 4 drill holes[29] - The total mineral resources at the Changshanhao mine as of December 31, 2023, are 33,370 thousand tons with an average gold grade of 0.65583 g/t, containing 21.89 tons of gold (0.70 million ounces)[30] - The underground mineral resources at the Changshanhao mine as of December 31, 2023, are 178,050 thousand tons with an average gold grade of 0.62 g/t, containing 110.73 tons of gold (3.56 million ounces)[30] - The total mineral reserves at the Changshanhao mine as of December 31, 2023, are 33,370 thousand tons with an average gold grade of 0.65 g/t, containing 21.84 tons of gold (0.70 million ounces)[32] - The Jiama mining area has a combined mining and processing capacity of 50,000 tons per day, with Phase I reaching a design capacity of 6,000 tons per day in 2011 and Phase II reaching 44,000 tons per day in 2018[33] - The company planned a geological exploration project with a total budget of RMB 34.47 million in 2023, but it was temporarily suspended due to tailings overflow[37] - The measured and indicated resources of Jiama project as of December 31, 2023, included 1,403.39 million tons with 0.40% copper, 0.03% molybdenum, and 5.45 g/t gold[38] - The proven and probable reserves of Jiama project as of December 31, 2023, included 355.98 million tons with 0.60% copper, 0.04% molybdenum, and 10.25 g/t gold[40] - The copper price used for resource and reserve estimation was $2.9 per pound, and the gold price was $1,300 per ounce[39][41] - The overall copper recovery rate for both open-pit and underground mining methods was estimated at 88-90%[41][42] - The company's cumulative surplus as of December 31, 2023, was $380.4 million, with working capital of $170.8 million and borrowings of $766.5 million[43] - The company's cash balance as of December 31, 2023, was $97.2 million[43] - The company's net cash inflow from operating activities for the year ended December 31, 2023, was $1.6 million, primarily from depreciation of property, plant, and equipment ($107.0 million), financing costs ($25.0 million), and mining rights amortization ($10.4 million)[46] - The company's net cash outflow from investing activities for the year ended December 31, 2023, was $121.3 million, mainly used for restricted deposits ($68.0 million) and payments for property, plant, and equipment ($59.4 million)[47] - The company's net cash outflow from financing activities for the year ended December 31, 2023, was $205.2 million, primarily due to repayment of borrowings ($401.5 million) and payment of dividends to shareholders ($146.7 million)[48] - The company's total debt as of December 31, 2023, was $766.5 million, with total equity of $1,727.7 million, resulting in a debt-to-equity ratio of 0.44[49] - The company secured a loan of RMB 3.98 billion (approximately $613 million) from a syndicate led by Bank of China, with an annual interest rate of 2.83%, for the development of the Jiama mining area[43] - The company obtained multiple loans in 2023, including a RMB 300 million (approximately $41.5 million) loan

智通财经APP获悉，中国黄金国际(02099)涨超3%，截止发稿涨3.53%，报33.7港元，成交额2441万港 元。 消息面上，中国黄金协会表示，春节期间，尽管黄金价格居高位，但我国黄金消费仍然火爆，黄金首饰 和龙年金条成为最具人气的产品。中国黄金协会表示，在一系列提振消费政策推动下，金银珠宝成为全 年各商品零售类别中增加幅度较大的品类。某百货营销策划部副经理表示，春节期间，我们的黄金销售 与去年同期相比客流量增长超40%，黄金类商品的销售额增长近50%。 中金研报表示，考虑到黄金饰品稀缺的消费和投资属性，及逆全球化背景下央行购金需求增加对金价的 支撑，预计2024年黄金珠宝行业增速仍有望领先于可选消费其他板块，高黄金产品占比公司较为受益。 此外近年珠宝品牌在中国内地的渠道快速扩张，头部公司注重门店经营质量提升，加强精细化运营，产 品端也高频更新迭代，中金认为高黄金占比、品牌美誉度高、产品创新能力强、渠道布局广泛且运营持 续提效的头部品牌有望持续提升市场份额。 ...

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2023年9月30日止三及九個月 （以美元列值，惟另有指明除外） ...

中國黃金國際資源有限公司 China Gold International Resources Corp Ltd. ( 根據加拿大英屬哥倫比亞法例註冊的有限公司 ) 香港聯交所 股份代號 : 2099 多倫多交易所 股份代號 : CGG 2023 年度半年報 管理層討論與分析 前瞻性陳述 1 本公司 2 概覽 2 表現摘要 2 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 4 季度數據回顧 6 非國際財務報告準則指標 8 礦物資產 10 長山壕礦 10 甲瑪礦區 12 流動資金及資金來源 16 現金流 17 經營現金流 17 投資現金流 17 融資現金流 18 產生的開支 18 產權比率 18 附屬公司、聯營企業與合資企業的重大投資、收購及處置，以及重大固定資產投資計劃 18 資產抵押 18 外匯匯率波動及相關避險交易影響 18 承諾 19 關聯方交易 19 建議交易 21 重要會計估計 21 會計政策變動 21 金融工具及其他工具 21 資產負債表以外安排 21 股息及股息政策 21 發行在外股份 22 披露監控及程序以及財務報告內部監控 22 風險因素 22 合資格人士 23 額外 ...

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2023年6月30日止六個月 業績公告 | --- | --- | --- | |--------------------------|---------------------|-------------------| | | | | | | | | | | 2023 年 | 2022 年 | | | 截至 6 月 30 千美元 | 日止六個月 千美元 | | 銷售收入 | 325,794 | 596,015 | | 淨利潤 | 25,321 | 153,526 | | 每股基本盈利（仙） | 6.08 | 38.45 | | | | | | 經營活動所得的現金 ...

香港交易 確性或完 或因依賴 交易所有限公 確表示概不就 承擔任何責任 公司對本公告 就因本公告全 任。 告的內容概不 全部或任何部 其準 產生 電話： 易及結算所有 完整性亦不發 賴該等內容 604-609-0598 有限公司及香 發表任何聲明 容而引致的任 hinagoldintl.com 不負責，對其 部分內容而產 中 國黃金國 國際資源 源有限公 公司 傳真：604-688 香港聯合交易 明，並明確表 任何損失承擔 有關 截至 （以 關財務狀 至2023年 以美元列值 狀況及經營 年3月31日 ，惟另有指明 營業績的 日止三個月 明除外） 的管理層討 月 討論與分 析 Suite 660, One e Bentall Centr re, 505 Burrard d Street, Box 27 7, Vancouver, B BC, V7X 1M4 -0598 電郵： in nfo@chinagoldin ntl.com, www.ch m 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2023年3月31日止三個月 （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 ...

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，並明確表示概不會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 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註冊成立的有限公司） （香港股份代號：2099） （多倫多股份代號：CGG） 有關截至 2022 年 12 月 31 日止年度之股息的補充公告 2023 年 4 月 18 日溫哥華消息 — 茲提述中國黃金國際資源有限公司(「本公司」)日期均為 2023 年 3 月 31 日的截至 2022 年 12 月 31 日止年度業績公告(「業績公告」)及 2022 年年報(「年報」)。除 另有界定者外，本公告所用詞彙與業績公告和年報中所界定者具有相同含義。 本公告旨在提供截至 2022 年 12 月 31 日止年度之股息（「股息」）類型的補充資料，在業績公告 和年報中宣佈的股息為特別股息。 上述補充資料不影響業績公告及年報所載的其他資料，除上文所披露內容外，業績公告及年 ...

中國黃金國際資源有限公司 China Gold International Resources Corp. Ltd. (Incorporated in British Columbia, Canada with limited liability) HK Stock Exchange Stock Code: 2099 Toronto Stock Exchange Stock Code: CGG ne 2022 年度報告 公司摘要 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（「中外合作經營企業」）方則持 有其餘3.5%權益。長山壕金礦於2007年7月起進行黃金試生產，並由2008年7月1日起開始商業 生產。本公司於2 ...