Financial Performance - The total revenue for 2023 was RMB 5,330,611 thousand, a decrease from RMB 10,126,458 thousand in 2022, representing a decline of approximately 47.4%[9]. - The annual profit for 2023 was RMB 117,639 thousand, compared to RMB 699,132 thousand in 2022, indicating a significant drop of about 83.2%[10]. - The net profit for the fiscal year 2024 was approximately RMB 699,132 thousand, compared to RMB 294,027 thousand for the fiscal year 2023, representing a significant increase[54]. - The overall revenue for the group in fiscal year 2024 was approximately RMB 11,866,628 thousand, an increase of approximately 12.7% from the previous year[64]. - The gross profit for fiscal year 2024 was RMB 1,461,919 thousand, a significant increase of approximately 50.73% from RMB 969,901 thousand in the previous year[65]. - The mining segment's total revenue for fiscal year 2024 was approximately RMB 2,571,687 thousand, an increase of approximately RMB 186,268 thousand or 7.81% from the previous year[57]. - The smelting segment's total revenue for fiscal year 2024 was approximately RMB 12,043,436 thousand, an increase of approximately 13.42% from RMB 10,618,737 thousand in the previous year[61]. - Other income for the fiscal year 2024 was approximately RMB 59,658 thousand, an increase of about 23.5% from RMB 48,292 thousand in the previous year[67]. Assets and Equity - The total assets as of 2024 reached RMB 7,215,144 thousand, an increase from RMB 6,836,150 thousand in 2023, reflecting a growth of approximately 5.6%[13]. - The company’s equity attributable to shareholders increased to RMB 3,385,772 thousand in 2024 from RMB 2,662,151 thousand in 2023, representing a growth of approximately 27.1%[13]. - As of December 31, 2024, total equity was RMB 3,158,184 thousand, an increase from RMB 2,436,554 thousand as of December 31, 2023[69]. - The current ratio improved to 99.45% as of December 31, 2024, compared to 80.0% a year earlier[69]. - The group had approximately RMB 2,644,510 thousand in outstanding bank and other borrowings, with a debt ratio of 36.65%, down from 41.7% the previous year[69]. Production and Resources - The company produced approximately 20,853 kg (about 648,601 ounces) of gold in 2024, with a gold reserve of approximately 131.81 tons (about 4,099,749 ounces) as of December 31, 2024[14]. - The total metal resources in the domestic gold mines amount to 53,831 kg, with 5,991 kg confirmed, 38,967 kg controlled, and 44,923 kg inferred[17]. - The total foreign metal resources from the Istambek gold mine in Kyrgyzstan amount to 27,066 kg, with 5,956 kg confirmed[18]. - The total inferred metal resources across all projects amount to 80,897 kg, indicating significant potential for future extraction[18]. - The group produced approximately 20,853 kg (about 648,601 ounces) of gold bars in the fiscal year 2024, a decrease of approximately 1,711 kg (about 53,212 ounces) or 7.3% compared to the previous year[54]. Strategic Plans and Market Expansion - The company aims to continue expanding its mining production scale and will focus on acquiring potential gold resources in the future[15]. - The company plans to enhance its exploration efforts and expand its market presence to become a leading gold mining group both domestically and internationally[15]. - The company is committed to international expansion, establishing an overseas business unit to accelerate its international strategy[42]. - The group plans to accelerate internationalization and promote digital and green low-carbon transformations to become a leading domestic and internationally recognized gold mining group[63]. - Market expansion plans include entering three new international markets by the end of the year[95]. Corporate Governance - The company has maintained a high standard of corporate governance, adhering to the corporate governance code and ensuring transparency for shareholders and employees[104]. - The board of directors is responsible for formulating and executing the company's business plans and overall strategic direction[106]. - The current board composition includes 11 members, with a mix of executive, non-executive, and independent directors[107]. - The company has a clear governance procedure in place to protect the interests of shareholders and employees[104]. - The independent non-executive directors bring extensive experience from various sectors, enhancing the board's effectiveness[107]. - The company has been compliant with the corporate governance code throughout the review year[105]. - The management team is led by the chairman and four executive directors, responsible for daily operations and strategic decision-making[107]. - The company has a dedicated audit committee, nomination committee, and remuneration committee to oversee various aspects of governance[107]. Environmental and Social Responsibility - The company emphasizes the importance of environmental protection and has implemented internal rules for efficient resource use and waste reduction[185]. - The company is committed to safety and environmental protection, enhancing safety management standards and promoting green mining practices[49]. - The company actively communicates with stakeholders, including customers, employees, and investors, to enhance management and sustainable development[187]. - The company has complied with all relevant laws and regulations during the fiscal year 2024[184]. - The company is committed to improving communication mechanisms with stakeholders to optimize management operations and enhance sustainable development performance[187]. Human Resources and Talent Development - The group employed 3,618 staff members at the end of fiscal year 2024, emphasizing competitive compensation and training programs[84]. - The company emphasizes talent development and recruitment to build a strong workforce for sustainable growth[48]. - New directors receive comprehensive onboarding and ongoing professional development to ensure understanding of the company's operations and governance policies[116]. - The company encourages all directors to participate in continuous professional development, with a recent training session on director responsibilities and listing rules attended by all[116]. Financial Management and Dividends - The proposed final dividend for the year ending December 31, 2024, is RMB 0.08 per share, an increase from RMB 0.065 per share in 2023, pending shareholder approval[196]. - The board of directors will consider the dividend policy based on profitability, financial condition, future development plans, and macroeconomic environment[195]. - The company has not declared or paid any interim dividend during the year, consistent with the previous year[197]. - The company has no significant contingent liabilities as of December 31, 2024[82].

Group 1 - Hong Kong gold stocks continue to strengthen, with Tongguan Gold (00340.HK) rising over 15% [1] - Shandong Gold (01787.HK) and Zijin Mining (02899.HK) both increased by more than 6% [1] - Lingbao Gold (03330.HK) and Zhaojin Mining (01818.HK) also experienced gains [1]

港股贵金属板块走高，赤峰黄金(06693.HK)涨超8%，山东黄金(01787.HK)涨超7%，灵宝黄金 (03330.HK)、紫金矿业(02899.HK)跟涨。 ...

Core Viewpoint - Lingbao Gold (03330) has shown a significant increase in stock price, rising over 3% to HKD 6.58, with a trading volume of HKD 42.1 million. The company is expected to achieve substantial revenue and profit growth in 2024, driven by improved performance in overseas mining and smelting operations [1][2]. Group 1: Financial Performance - In 2024, Lingbao Gold is projected to achieve operating revenue of CNY 11.87 billion, representing a year-on-year increase of 12.7% [1]. - The company is expected to realize a net profit attributable to shareholders of CNY 700 million, reflecting a year-on-year growth of 119.4% [1]. - For the second half of 2024, the operating revenue is anticipated to reach CNY 7.59 billion, with year-on-year and quarter-on-quarter increases of 61.5% and 77.3%, respectively [1]. - The net profit for the second half of 2024 is forecasted to be CNY 550 million, showing year-on-year and quarter-on-quarter growth of 175.0% and 260.3%, respectively [1]. - The profit figures are close to the upper limit of the company's previous forecasts, indicating a strong performance in overseas mining and smelting operations [1]. Group 2: Exploration and Production Plans - The company plans to drill 150,000 meters and conduct 270,000 meters of pit exploration by 2025, aiming to submit nearly 100 tons of gold metal reserves for filing by the end of 2026 [2]. - Lingbao Gold aims to maintain an annual growth rate of over 10% in mineral metal output from existing mines over the next five years [2]. - The target for gold production cost per gram is set at approximately CNY 300 (around USD 1,100 per ounce) for 2025, with a long-term goal to keep costs below USD 1,000 per ounce [2].

业绩同比高增，成本控制优异 周期/金属及材料 公司发布 2024 年业绩：2024 年实现营业收入 118.7 亿元，同比+12.7%；实现 归母净利润 7.0 亿元，同比+119.4%；24H2 实现营业收入 75.9 亿元，同比/环 比分别 +61.5%/+77.3% ，实现归母净利润 5.5 亿元，同比 / 环比分别 +175.0%/+260.3%。 财务数据与估值 证券研究报告 | 公司点评报告 2025 年 04 月 08 日 灵宝黄金（03330.HK） | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 10535 | 11867 | 14979 | 15984 | 17324 | | 同比增长 | 4% | 13% | 26% | 7% | 8% | | 营业利润(百万元) | 590 | 1022 | 1639 | 2265 | 2837 | | 同比增长 | 31% | 73% | 60% | 38% | 25% | | 归母净利润(百万元) ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 11,866,628, an increase of 12.7% from RMB 10,533,681 in 2023[3] - Gross profit for the same period was RMB 1,461,919, representing a gross margin of approximately 12.3%, up from RMB 969,901 in 2023[3] - The operating profit increased significantly to RMB 1,047,296, compared to RMB 581,649 in the previous year, marking an increase of 80.4%[3] - Net profit for the year was RMB 699,132, a substantial rise of 137.5% from RMB 294,027 in 2023[3] - Basic and diluted earnings per share rose to RMB 56.75, compared to RMB 32.35 in the previous year, reflecting a growth of 75.6%[3] - Total comprehensive income for the year was RMB 691,012, compared to RMB 282,561 in 2023, indicating a growth of 144.5%[4] Assets and Liabilities - Non-current assets increased to RMB 4,206,351 from RMB 3,871,596, showing a growth of 8.6%[5] - Current liabilities decreased to RMB 3,025,313 from RMB 3,706,322, a reduction of 18.4%[6] - The company's total equity increased to RMB 3,158,184, up from RMB 2,436,554, representing a growth of 29.6%[6] - Total accounts receivable and other receivables amounted to RMB 476,258,000 in 2024, up from RMB 413,884,000 in 2023, indicating a growth of approximately 15%[27] - The company reported a decrease in accounts receivable, net of loss provisions, from RMB 235,752,000 in 2023 to RMB 190,841,000 in 2024, a decline of about 19%[27] - The total bank and other borrowings decreased from RMB 2,853,108,000 in 2023 to RMB 2,644,510,000 in 2024, a reduction of approximately 7.3%[34] - Short-term bank and other borrowings decreased from RMB 2,725,108,000 in 2023 to RMB 2,081,810,000 in 2024, a decline of about 23.6%[34] - The company’s procurement deposits decreased from RMB 797,964,000 in 2023 to RMB 749,043,000 in 2024, a decline of about 6.1%[32] - The company’s long-term bank borrowings increased from RMB 128,000,000 in 2023 to RMB 562,700,000 in 2024, representing a growth of approximately 339%[34] Revenue Breakdown - The group's revenue from gold sales in 2024 reached RMB 11,894,876,000, an increase of 16.8% compared to RMB 10,185,652,000 in 2023[17] - Revenue from other metals sales decreased to RMB 183,596,000 in 2024 from RMB 315,379,000 in 2023, representing a decline of 41.8%[17] - The total revenue for 2024, after deducting sales tax and levies, was RMB 11,866,628,000, up from RMB 10,533,681,000 in 2023, marking an increase of 12.6%[17] - The total revenue from the mining segment for fiscal year 2024 was approximately RMB 2,571,687 thousand, an increase of approximately RMB 186,268 thousand or 7.81% from RMB 2,385,419 thousand in the previous year[49] - The company's mining revenue from domestic operations was approximately RMB 2,314,365 thousand in 2024, compared to RMB 2,245,632 thousand in 2023[49] - The smelting segment achieved total revenue of approximately RMB 12,043,436 thousand in fiscal year 2024, an increase of about 13.42% from RMB 10,618,737 thousand in the previous year[54] Profitability - The company's profit for the year 2024 reached RMB 697,997,000, a significant increase from RMB 318,082,000 in 2023, representing a growth of approximately 119%[25] - The mining segment's profit for fiscal year 2024 was approximately RMB 1,107,383 thousand, an increase of about 55.96% compared to fiscal year 2023[51] - Profit from domestic mining in China increased by approximately 35.75% year-on-year, with a profit of about RMB 1,096,868 thousand in fiscal year 2024[52] - The smelting segment turned a profit of approximately RMB 48,269 thousand in fiscal year 2024, compared to a loss of about RMB 9,500 thousand in fiscal year 2023[55] Dividends and Shareholder Information - The proposed final dividend for the year is RMB 0.08 per share, totaling approximately RMB 102,958,000, an increase from RMB 79,076,000 in 2023[22] - Basic earnings per share for 2024 were calculated based on a weighted average of 1,229,935,839 shares, compared to 983,397,075 shares in 2023[24] - The board proposed a final dividend of RMB 0.08 per share for the fiscal year ending December 31, 2024, an increase from RMB 0.065 in the previous fiscal year[89] - The final dividend is expected to be distributed around July 31, 2025, pending shareholder approval at the upcoming annual general meeting[91] - The company will temporarily suspend the registration of share transfers from May 22 to May 27, 2025, to determine eligibility for attending the annual general meeting[91] - The company will also suspend share transfer registration from June 6 to June 11, 2025, to determine eligibility for receiving the final dividend[92] Future Outlook and Strategy - The company is focused on expanding its operations in China, particularly in gold mining and refining, to enhance its market position[8] - The company aims to accelerate internationalization and promote digital and green low-carbon transformation in the future[56] - The company has implemented measures to reduce debt ratios and enhance financing capabilities, including optimizing resource allocation and improving cash flow management[65] - The group faced various market risks, including fluctuations in gold prices and other commodity values, which directly impact revenue and profit[69] - The group has no major investment plans as of the publication date[85] Compliance and Governance - The company has complied with the Corporate Governance Code as per the listing rules for the fiscal year ending December 31, 2024[86] - The company's financial statements for the fiscal year ending December 31, 2024, have been compared and agreed upon by the auditor, Lixin Dehao CPA[95] - The company will withhold corporate income tax at a rate of 10% for non-resident corporate shareholders receiving the final dividend[89] - The company’s annual report for 2024 will be provided to shareholders at a later date and will be available on the Hong Kong Stock Exchange website[96] Employee and Share Issuance Information - The group had 3,618 employees at the end of the fiscal year 2024, emphasizing the importance of competitive compensation and training programs[76] - The group completed the issuance of new H-shares under general authorization, raising approximately HKD 42.4 million for the procurement of gold concentrates for gold bar production[78] - The group also completed another issuance of new H-shares, raising approximately HKD 79.3 million for the same purpose, with funds expected to be utilized by July 2025[79] - The group reported no significant contingent liabilities as of December 31, 2024[74] - The group is exposed to interest rate risk, which could increase financing costs if the People's Bank of China raises interest rates[70] - The group has implemented a share incentive plan approved by the board on September 5, 2024[77] - The audit committee reviewed and confirmed the annual performance for the fiscal year 2024, with no objections to the accounting treatment adopted by the company[94]

假设所有配售股份获悉数配售及待完成后，预期配售事项的最高所得款项总额及所得款项净额（经扣除 配售事项佣金以及配售事项的其他相关成本及开支后）将分别约为2.34亿港元及2.29亿港元。配售事项 所得款项净额拟用于可能的并购机会。公司将向联交所申请批准配售股份于联交所上市及买卖。 灵宝黄金公告，2025年3月10日，公司与配售代理(即国泰君安国际)订立配售协议，据此，配售代理已 有条件同意作为公司配售代理按尽力基准促使不少于六名承配人(彼等及彼等的最终实益拥有人(如适用) 将为独立第三方)认购最多4350万股配售股份，配售价为每股配售股份5.38港元。 假设于本公告日期至完成日期期间已发行股份数目并无变动，则配售事项项下的最多4350万股配售股份 相当于本公告日期现有已发行H股数目的约4.10%及现有已发行股份数目的约3.50%，及经配发及发行配 售股份扩大后的已发行H股数目的约3.93%及已发行股份数目的约3.38%。 校对：吕久彪 ...

Summary of Conference Call Minutes Company Overview - The conference call focused on **Lingjin Gold**, a company primarily engaged in the gold mining industry, which has seen increased market attention since last year due to significant profit releases and stock performance [1][2]. Key Points and Arguments - **Profit Forecast**: The company is expected to achieve a conservative profit of over **1 billion** (10亿) in 2025, corresponding to its current price-to-earnings (PE) ratio [1]. - **Company History**: Established in **2002**, Lingjin Gold has undergone several acquisitions, including mining subsidiaries, and divested non-core businesses to focus on gold mining [2]. - **Management Improvements**: Since the major shareholder took over in **2016**, management salaries have significantly increased from an average of **180,000** (18万) in 2017 to **1,160,000** (116万) in 2023, indicating better management incentives [3]. - **Resource Potential**: As of the end of **2023**, the company has a total resource volume of **137 tons** with an average grade of **5.4 grams per ton**, positioning it favorably in the industry [7]. - **Future Growth**: The company has significant potential for resource expansion, particularly in the **Laowan Gold Mine** in Henan, which has a reported resource volume of over **30 tons** and potential to exceed **500 tons** [8]. - **Production Trends**: Gold production has been steadily increasing, with **5.5 tons** produced in 2023. The company anticipates production could reach **7 to 8 tons** in the second half of 2024 [9][10]. - **Cost Management**: The mining cost remains stable at approximately **350 yuan** per gram, which is competitive within the industry [12]. Additional Important Information - **Market Conditions**: The company has faced historical volatility in earnings, particularly in **2013**, **2015**, and **2018**, but has shown signs of recovery and profitability since late **2022** [4][5][13]. - **Strategic Focus**: Lingjin Gold is preparing for a full conversion of domestic shares to H-shares for listing on the Hong Kong Stock Exchange, enhancing its market accessibility [3]. - **International Expansion**: The company has established an overseas division in **2024** to explore international mining opportunities [9]. This summary encapsulates the essential insights from the conference call regarding Lingjin Gold's operations, financial outlook, and strategic initiatives.

财联社1月16日讯(编辑 胡家荣) 受隔夜国际金价重回2700美元利好，港股黄金股走强。截至发稿，灵宝 黄金(03330.HK)、紫金矿业(02899.HK)、中国黄金国际(02099.HK)分别上涨5.40%、3.73%、2.79%。 消息方面，当地时间周三，美国劳工部公布的数据显示，因能源产品成本上升，美国12月整体CPI涨幅 略高于预期。但核心CPI数据几个月来首次出现放缓，激发了市场的乐观情绪。 在这一数据公布后，市场增加对美联储6月降息的押注，今年降息两次的可能性上升。受此刺激，贵金 属表现强势，现货黄金昨晚站上2700美元/盎司关口。 截至发稿，Comex黄金涨0.28%，报2725.50美元。 紫金矿业回应称列入实体清单不构成重大影响 具体数据显示，美国12月未季调CPI年率为2.9%，符合市场预期，前值为2.7%，为连续第三个月反弹， 至2024年7月以来新高；12月季调后CPI月率为0.4%，高于预期的0.3%，前值为0.3%。 值得注意的是，昨日下跌超5%的紫金矿业也在今日出现反弹。 消息方面，紫金矿业发布公告称，公司及在疆部分权属企业被列入UFLPA实体清单。紫金矿业表示， 公司及在疆部 ...

财联社1月16日电，截至发稿，灵宝黄金(03330.HK)涨4.63%、紫金矿业(02899.HK)涨3.18%、中国黄金 国际(02099.HK)涨2.21%。 消息面上，昨晚，美国整体CPI同比增速温和反弹至2.9%，核心CPI同比增速意外从上月的3.3%回落至 3.2%。 受此刺激，贵金属表现强势，现货黄金站上2700美元/盎司关口。 数据公布后，交易员增加对美联储6月降息的押注，今年降息两次的可能性上升。 ...