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倚賴該等 內容而引致的任何損失承擔任何責任。 Wanguo Gold Group Limited 2 萬國黃金集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3939） 截至2024年12月31日止年度 年度業績公告 財務摘要： 截至12月31日止年度 2024年 2023年 人民幣千元 人民幣千元 增加 收入 1,875,561 1,315,217 42.6% 銷售成本 (878,568) (695,980) 26.2% 毛利 996,993 619,237 61.0% 毛利率 53.2% 47.1% 6.1個百分點 稅前溢利 805,753 421,649 91.1% 本公司擁有人應佔溢利 575,375 335,387 71.6% 1 • 收入增加42.6%至約人民幣1,875.6百萬元。 • 毛利增加61.0%至約人民幣997.0百萬元。 • 毛利率增加6.1個百分點至53.2%。 • 本公司擁有人應佔溢利增加71.6%至約人民幣 ...

Investment Rating - The report maintains a "Recommend" rating for the company [24] Core Views - The company's revenue is projected to grow from 1,315 million RMB in 2023 to 3,101 million RMB in 2026, with a growth rate of 93% in 2023, 66.1% in 2024, 23.4% in 2025, and 15% in 2026 [1] - Net profit attributable to the parent company is expected to increase from 335 million RMB in 2023 to 913 million RMB in 2026, with growth rates of 85.8% in 2023, 75.8% in 2024, 28.7% in 2025, and 20.3% in 2026 [1] - EPS is forecasted to rise from 0.31 RMB in 2023 to 0.84 RMB in 2026, with P/E ratios of 32X, 18X, 14X, and 12X for the respective years [1] Company Overview - The company operates the Jinling Gold Mine, which has seen significant resource and reserve updates, with gold resources increasing from 103 tons to 227 tons, a 121.2% increase, and gold reserves growing from 37 tons to 40 tons, an 8.3% increase [54] - The Jinling Gold Mine is located in the Solomon Islands, a country with low industrial development and significant mineral potential, particularly in gold, nickel, copper, and phosphate [49][55] - The mine has a history of multiple ownership changes and operational challenges but has been revitalized under the current management, with production resuming in 2022 and significant improvements in operational efficiency [18][21] Operational Performance - In 2023, the Jinling Gold Mine produced 1,143 kg of gold ingots and 29,361 tons of gold concentrate, with a unit cost of 219.6 RMB/gram and a gross margin of 50.7% [84] - The mine's production capacity is expected to increase, with potential annual gold production reaching over 10 tons in the future, driven by resource expansion and operational improvements [104] - The company has implemented cost-saving measures, reducing operational costs significantly compared to previous owners, with further cost reductions expected as production scales up [89] Financial Projections - The company is expected to achieve net profits of 590 million RMB, 759 million RMB, and 913 million RMB in 2024, 2025, and 2026, respectively, with EPS of 0.54 RMB, 0.70 RMB, and 0.84 RMB [108] - The P/E ratios for 2024-2026 are projected at 18X, 14X, and 12X, indicating a favorable valuation relative to earnings growth [108] Industry and Market Context - The Solomon Islands, where the Jinling Gold Mine is located, is part of the Pacific Ring of Fire, a region known for its rich mineral deposits, particularly gold and copper [12][15] - The country's underdeveloped infrastructure and low industrial base present both challenges and opportunities for mining operations, with significant potential for resource exploration and development [11][49] Strategic Developments - The company has completed significant acquisitions to increase its stake in the Jinling Gold Mine, with current ownership at 88.2% [69] - Strategic partnerships, such as the investment by Zijin Mining, have strengthened the company's financial position and provided additional resources for further development [71]

万国黄金集团 (3939，未评级）：引进战略投资者紫金矿业子公司加速业 务转型 引进战略投资者紫金矿业子公司 根据 2024 年 9 月 22 日公告，公司与认购方订立认购协议，认购方有条件同意 认购公司有条件配发及发行合共 165,600,000 股股份，认购价为每股认购股份 8.33 港元。认购方为紫金矿业的全资子公司金山（香港）国际矿业有限公司。 本次认购份额占目前已发行股份总数的 20%，占扩大后股份总数的 15.28%。根据 认购协议， 50%所得款项淨额将用作有关所罗门群岛金岭矿勘探及开发项目之拨 款，及剩余 50%所得款项淨额将用作公司一般营运资金。本次与紫金矿业的合作 不仅提供资金加快发展公司位于所罗门群岛的金岭项目，还有助于经验共享，并 为公司海外採矿技术及矿山营运方面提供支援。 陈晓霞 + 852-25321956 xx.chen@firstshanghai.com.hk 李羚玮 + 852-25321539 david.li@firstshanghai.com.hk 行业 有色金属 股价 9.70 港元 市值 80.32 亿港元 总股本 8.28 亿股 公司向黄金开采逐步转型，迈入业务发 ...

万国黄金集团（3939.HK）深度报告 新庄矿业铸基石，金岭坚守终绽放 2024 年 09 月 21 日 [盈利预测与财务指标 Table_Forcast] ➢ 快速成长的多种金属矿企，正迈向全球。公司是一家在海内外多个金属品种 上皆有布局的矿企，主要包括铜、铁、金、银等。2022 年前公司仅新庄矿一座在 产矿山，铜精矿产品营收占比近 40%，其次则为锌精矿、铁精矿及相关副产品（主 要是金银）；随着 2022 年底金岭金矿投产，黄金在公司营收占比中快速提升， 2023 年年报显示金锭及金精矿营收占比合计超过 50%，净利润也随着新庄矿采 矿规模提升和金岭金矿投产大幅增长，公司正成为冉冉升起的矿业新星。 ➢ 公司坐拥三大优质矿山，金岭矿绽放在南太平洋。公司拥有江西宜丰新庄铜 多金属矿、所罗门群岛金岭金矿和西藏哇了格铅银矿三座矿山，并且资源储量丰 富。①新庄矿（100%权益）：成熟的多金属矿山。新庄矿铜、铁、锌资源丰富。 截至 2023 年底，新庄矿拥有铜、铅、锌、全铁、磁铁储量分别为 5.43 万吨、 1.24 万吨、4.88 万吨、86.54 万吨、75.12 万吨。经过多次扩建，目前年处理矿 石超 100 ...

2024 中期報告 創 造 效 益 ． 回 報 社 會 整 合 資 源 ． 創 造 價 值 B U I L D B E N E F I T S A N D C O N T R I B U T E T O T H E S O C I E T Y I N T E G R A T E R E S O U R C E S , C R E A T E V A L U E S , INTERIM REPORT 2024 董事 執行董事： 高明清 （主席兼行政總裁） 李飛龍 （於2024年8月6日獲委任） 劉志純 王任翔 王楠 獨立非執行董事： 曾偉雄 王志明 王昕 審核委員會 曾偉雄 （主席） 王志明 王昕 目錄 目錄 2 公司資料 3 管理層討論及分析 17 企業管治常規 18 其他資料 21 簡明綜合損益及其他全面收入表 22 簡明綜合財務狀況表 24 簡明綜合權益變動表 25 簡明綜合現金流量表 26 簡明綜合財務報表附註 公司資料 薪酬委員會 王志明 （主席） 劉志純 王昕 提名委員會 曾偉雄 （主席） 王志明 王昕 公司秘書 王志華 (HKICPA，FCCA) 中國總部及主要營業地點 中國 江西省 宜豐縣新莊鎮 ...

Financial Performance - Revenue increased by approximately 59.7% to approximately RMB 927.9 million[2] - Gross profit rose by approximately 73.7% to approximately RMB 483.9 million, with a gross margin of approximately 52.2%[2] - Net profit attributable to owners increased by approximately 72.9% to approximately RMB 254.3 million, with basic earnings per share of RMB 30.7 cents[2][5] - Total comprehensive income for the period amounted to RMB 322.9 million, up from RMB 194.2 million in the previous year[5] - The company reported a pre-tax profit of RMB 355.5 million, compared to RMB 189.5 million in the previous year[4] - The group reported a pre-tax profit of RMB 355,541 thousand for the six months ended June 30, 2024, compared to RMB 189,533 thousand in the same period of 2023, representing an 87.7% increase[16] - The company's net profit for the six months ended June 30, 2024, was RMB 254,271,000, compared to RMB 147,107,000 for the same period in 2023, representing a year-over-year increase of 72.8%[24] - The net profit after tax increased by approximately 84.6% to RMB 331.2 million for the six months ended June 30, 2024, up from RMB 179.4 million in the same period of 2023[59] - The company's attributable profit increased by approximately 72.9% to RMB 254.3 million for the six months ended June 30, 2024, compared to RMB 147.1 million in the same period of 2023[60] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.12, compared to no dividend for the same period last year[2] - The company declared an interim dividend of RMB 0.12 per share, totaling approximately RMB 90.7 million, compared to no dividend declared for the same period last year[26] - The total amount of ore processed at the Xinzhong Mine was 524,522 tons for the six months ended June 30, 2024, with copper concentrate sales of 1,829 tons, iron concentrate of 37,980 tons, and zinc concentrate of 3,022 tons[73] Assets and Liabilities - Non-current assets as of June 30, 2024, totaled RMB 1,724.8 million, an increase from RMB 1,678.0 million as of December 31, 2023[6] - Current assets decreased to RMB 981.6 million from RMB 1,024.6 million as of December 31, 2023[8] - Total liabilities increased to RMB 607.4 million from RMB 494.1 million as of December 31, 2023[7] - The company's equity attributable to owners increased to RMB 1,499.3 million from RMB 1,405.6 million[7] - The company's receivables from trade and other receivables totaled RMB 423,670,000 as of June 30, 2024, compared to RMB 294,534,000 as of December 31, 2023, reflecting a significant increase of 43.8%[25] Revenue Sources - Gold bar sales contributed RMB 292,287 thousand, up from RMB 203,888 thousand, reflecting a 43.4% increase year-over-year[15] - The Solomon Islands generated RMB 561,023 thousand in revenue, compared to RMB 306,706 thousand in 2023, marking an 83.0% increase[18] - The group’s revenue from self-mined products was RMB 850,686 thousand, an increase from RMB 537,538 thousand in the previous year[15] - Revenue from the sale of self-mined products increased by approximately 25.5% from RMB 230.8 million to RMB 289.7 million for the same periods[49] - Revenue from the sale of gold bars and gold concentrates increased by approximately 82.9% to RMB 561.0 million for the six months ended June 30, 2024, compared to RMB 306.7 million in the same period of 2023[51] Production and Sales Volumes - For the six months ended June 30, 2024, the sales volume of copper concentrate increased by 36.7% to 1,829 tons compared to 1,338 tons in the same period of 2023[36] - The sales volume of gold bars increased by 17.6% to 715 kg for the six months ended June 30, 2024, compared to 608 kg in the same period of 2023[37] - The mining and processing volume at the Xinzhong Mine increased by 6.3% to 522,581 tons for the six months ended June 30, 2024, while the mining volume at the Jinling Mine decreased by 27.9% to 442,443 tons[38] Costs and Expenditures - Total employee costs for the period were RMB 33,918,000, up from RMB 30,671,000 in the previous year, indicating an increase of 7.3%[23] - Financing costs decreased to RMB 5,999 thousand in the first half of 2024 from RMB 7,331 thousand in the same period of 2023[19] - The sales cost of concentrate products increased by approximately 18.4% to RMB 147.5 million for the six months ended June 30, 2024, up from RMB 124.6 million in the same period of 2023[51] - Mining and processing expenditures were approximately RMB 52.9 million and RMB 122.0 million, respectively, with unit costs of RMB 119.5 per ton and RMB 107.3 per ton[82] Strategic Initiatives and Future Plans - The company is currently upgrading the Xinzhong Mine's production capacity from 600,000 tons per year to 900,000 tons per year[39] - The company plans to continue enhancing its exploration projects and production processes to establish gold mining as its primary source of revenue and profit in the near future[43] - The company has conditionally agreed to acquire a 20.22% stake in AXF Gold Ridge Limited for approximately HKD 732.6 million, to be settled by issuing 90,227,200 new shares at HKD 8.12 per share[45] - The company aims to expand its mineral resources through the acquisition of new mines, with careful consideration of evaluation criteria[84] Governance and Management - The board of directors includes executive directors and independent non-executive directors, indicating a diverse governance structure[33] - The chairman of the board is Gao Mingqing, highlighting leadership continuity[33] - The board composition includes a mix of experienced professionals, which may enhance decision-making capabilities[33] - The presence of independent directors indicates a commitment to corporate governance and transparency[33]

WNGDD Wanguo International Mining Group Limited 萬 國 國 際 礦 業 集 團 有 限 公 司 (於開曼群島註冊成立之有限公司) 股份代號：3939 ２０２３ 整合資源,創造價值 創造效益,回報社會 目錄 目錄 | --- | --- | |--------------------------|-------| | | | | | | | 公司資料 | 1 | | 主席報告書 | 2 | | 管理層討論及分析 | 4 | | 董事及高級管理層履歷資料 | 26 | | 企業管治報告 | 29 | | 董事會報告 | 41 | | 獨立核數師報告 | 50 | | 綜合損益及其他全面收入表 | 54 | | 綜合財務狀況表 | 55 | | 綜合權益變動表 | 57 | | 綜合現金流量表 | 58 | | 綜合財務報表附註 | 60 | | 財務資料概要 | 129 | 公司資料 公司資料 | --- | --- | |---------------------------|---------------------------------------| | 董 ...

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倚賴該等 內容而引致的任何損失承擔任何責任。 Wanguo International Mining Group Limited 萬國國際礦業集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3939） 截至2023年12月31日止年度 年度業績公告 | --- | --- | --- | --- | --- | |----------|------------------------------------------------|------------------------------|-----------------------------------------|----------------------| | | 財務摘要： | 截至 2023 年 人民幣千元 \n | 12 月 31 日止年度 2022 年 人民幣千元 \n | 增加 | | 收入 | | 1,315,217 | 681,418 | 93.0% | | ...

INTEGRATE RESOURCES, CREATE VALUES, BUILD BENEFITS AND CONTRIBUTE TO THE SOCIETY Interim Report 2023 Wanguo International Mining Group Limited 穗 國 國 農 礦 業 集 團 有 限 公 司 傑曼華麗な方 股份號 3939 整合資源 創造價值 創造效益 回報社會 中期報告 2023 目錄 目錄 2 公司資料 3 管理層討論及分析 13 企業管治常規 14 其他資料 17 簡明綜合損益及其他全面收入表 18 簡明綜合財務狀況表 20 簡明綜合權益變動表 21 簡明綜合現金流量表 22 簡明綜合財務報表附註 公司資料 公司資料 董事 執行董事： 高明清（主席兼行政總裁） 劉志純 王任翔 王楠 獨立非執行董事： 曾偉雄 王志明 王昕 審核委員會 曾偉雄（主席） 王志明 王昕 薪酬委員會 王志明（主席） 劉志純 王昕 提名委員會 曾偉雄（主席） 王志明 王昕 公司秘書 王志華(HKICPA，FCCA) 中國總部及主要營業地點 中國 江西省 宜豐縣新莊鎮 香港主要營業地點 香港 ...

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倚賴該等 內容而引致的任何損失承擔任何責任。 1 Wanguo International Mining Group Limited 萬國國際礦業集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：3939） 截至2023年6月30日止六個月中期業績公告 業績摘要： • 收入增加約75.9%至約人民幣581.2百萬元 • 毛利增加約74.7%至約人民幣278.6百萬元 • 毛利率約為47.9% • 淨溢利率約為30.9% • 截至2023年6月30日止六個月（或稱「報告期」）本公司擁有人應佔溢利及全面收入總額增加約 67.3%至約人民幣159.3百萬元 • 每股基本盈利約為人民幣17.8分（截至2022年6月30日止六個月：人民幣11.4分） • 董事會未宣派中期股息（截至2022年6月30日止六個月：無） 附註： 與截至2022年6月30日止六個月比較 中期業績 萬國國際礦業集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈 ...