FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 萬國黃金集團有限公司 呈交日期： 2026年3月30日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 03939 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company achieved a revenue of 3.161 billion RMB in 2025, representing a year-on-year increase of 68.55%, and a net profit attributable to shareholders of 1.355 billion RMB, up 135.49% year-on-year [11] - The gold revenue share increased to 77.2%, with the company announcing a total dividend payout of approximately 447 million RMB for the year, resulting in a payout ratio of 48.1% [11] - The company is expected to see significant growth in gold production, with forecasts indicating net profits of 2.307 billion RMB, 4.559 billion RMB, and 6.964 billion RMB for 2026, 2027, and 2028 respectively [34] Summary by Sections 1. Event: Company Performance Announcement - The company reported a revenue of 3.161 billion RMB for 2025, a 68.55% increase year-on-year, and a net profit of 1.355 billion RMB, a 135.49% increase year-on-year [11] - Gold revenue accounted for 77.2% of total revenue, with copper being the second-largest revenue source at 9.1% [11] - The company plans to distribute a final dividend of 0.101 RMB per share, totaling approximately 447 million RMB, with a combined payout ratio of 48.1% including interim dividends [11] 2. Jinling Gold Mine: Operational Optimization - The company achieved a gold production of 3.32 tons in 2025, a 60.9% increase year-on-year, with gold ingot production accounting for 61.3% of total gold output [16] - Continuous optimization in mining and processing has led to a significant increase in production capacity and efficiency [16] - The company has improved mining equipment and road conditions, resulting in enhanced transportation capacity and efficiency [16] 3. New Zhuang Yifeng Mine: Technological Improvements - The New Zhuang Mine completed a processing volume of 1.1042 million tons in 2025, a 1.6% increase year-on-year, generating revenue of 720 million RMB with a gross margin of 55.9% [28] - The copper processing plant underwent a technological upgrade, which temporarily halted production for 67 days but ultimately improved efficiency and output [28] 4. Profit Forecast and Investment Recommendations - The company is expected to experience substantial growth, with projected net profits of 2.307 billion RMB, 4.559 billion RMB, and 6.964 billion RMB for 2026, 2027, and 2028 respectively [34] - The report anticipates a continued increase in gold production and favorable market conditions, maintaining a "Buy" rating [34]

Investment Rating - The report assigns a positive investment rating to the company, indicating a strong long-term investment potential due to its healthy financials and growth prospects [6]. Core Insights - The company reported a significant revenue increase of RMB 3.161 billion for 2025, representing a year-on-year growth of 68.5%, and a substantial profit increase of RMB 1.355 billion, up 135.5% year-on-year [1]. - The overall gross profit margin reached 74.3%, a notable increase of 21.1 percentage points compared to the previous year, driven by increased sales volume and rising international gold prices [2]. - The company's cash position is strong, with cash and cash equivalents amounting to RMB 1.025 billion at the end of 2025, and a significant reduction in debt levels [2]. Revenue Contribution - The Jinling Mine, located in the Solomon Islands, is the primary revenue source, contributing RMB 2.441 billion in revenue, a 105.5% increase year-on-year, with a gross profit of RMB 1.946 billion, up 194.4% [3]. - The domestic Xinzhang Mine in Jiangxi provided stable cash flow, generating RMB 720 million in revenue, a 12.6% increase, with a gross margin of 55.9% [3]. Strategic Developments - The company has partnered with Zijin Mining to enhance its mining capacity and efficiency, with plans to increase the Jinling Mine's processing capacity to over 3.8 million tons by the end of 2026 [5]. - Future cost reductions are anticipated, with a projected 15% decrease in unit costs for the Jinling Mine due to improved logistics and the introduction of renewable energy sources [5]. Investment Strategy - The report emphasizes the company's robust operational performance in 2025, supported by a healthy balance sheet and the potential for long-term growth through expansion and cost efficiency initiatives [6]. - The current market adjustment provides a favorable margin of safety for long-term investments, with a recommendation to monitor the company's capacity release and cost reduction progress in 2026 [6].

Industry and Company Analysis - The lithium battery industry is experiencing accelerated industrialization, with companies like Samsung SDI and Chasing releasing AI-specific all-solid-state batteries, and plans for mass production by 2027 [3][33] - CATL maintains high-speed growth in performance, indicating strong market demand and operational efficiency [3][33] - The European natural gas futures prices are rising, which may impact energy costs for battery production and overall industry dynamics [3][33] Financial Performance Insights - BOSS Zhipin reported a revenue growth rate exceeding expectations for Q4 2025, indicating a positive trend in spring recruitment [3][33] -卓越教育集团 emphasizes high dividends and shareholder returns, suggesting a competitive advantage in the Greater Bay Area [3][33] - Huazhu Group's operational turning point is validated, with expansion in market share and cyclical recovery [3][33] - Tencent is actively investing in AI, focusing on enhancing model capabilities, which may drive future growth [3][33] - Zhongan Online's diversified layout has deepened, leading to significant profit improvements [3][33] - Dongfang Caifu's performance is on an upward trend, seeking new growth spaces [3][33] - Nanjing Steel's main business profitability remains stable, although its coking business has negatively impacted overall performance [3][33] - Guokang Gold Group is progressing with the expansion of its mining capacity, indicating strong future growth potential [3][33] - Juzhi Biotechnology's short-term adjustments do not alter its long-term growth logic, with a promising pipeline in the medical beauty sector [3][33]

Investment Rating - The report maintains an "Outperform" rating for the company [4][6][23] Core Insights - The company achieved a revenue of 3.161 billion RMB in 2025, representing a year-on-year increase of 68.5%. The gross profit reached 2.348 billion RMB, up 135.5%, and the net profit attributable to shareholders was 1.355 billion RMB, also up 135.5% [1][9] - The Solomon Gold Mine expansion project, aiming for an additional 10 million tons per year, is expected to be operational by 2027, significantly enhancing future gold production [3][18] - The company has optimized its cost structure, with the unit sales cost for gold at the Solomon Gold Mine decreasing by 23.9% year-on-year, highlighting a strong cost advantage [2][13] Financial Performance - For 2026-2028, the company forecasts revenues of 6.218 billion RMB, 9.770 billion RMB, and 17.545 billion RMB, with year-on-year growth rates of 96.7%, 57.1%, and 79.6% respectively [4][23] - The net profit attributable to shareholders is projected to be 3.027 billion RMB, 4.422 billion RMB, and 7.965 billion RMB for the same period, with growth rates of 123.4%, 46.1%, and 80.1% respectively [4][23] - The diluted EPS is expected to be 0.68 RMB, 1.00 RMB, and 1.80 RMB for 2026, 2027, and 2028, respectively, with the current stock price corresponding to P/E ratios of 15, 10, and 6 times [4][23] Production and Cost Metrics - In 2025, the total ore processed at the Jiangxi Yifeng Xinzhang Mine was approximately 1.1042 million tons, with copper equivalent sales remaining stable at around 10,304 tons [2][11] - The Solomon Gold Mine's mining volume reached 3.3553 million tons, a 23.7% increase year-on-year, with gold ingot sales of 2,273.6 kg, up 44.5% [2][11] - The unit sales cost for copper equivalent at the Jiangxi Yifeng Xinzhang Mine was approximately 30,800 RMB per ton, reflecting a 5.2% increase year-on-year [2][13]

EF001 免責聲明 | 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，概不對因 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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 萬國黃金集團有限公司 | | 股份代號 | 03939 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至2025年12月31日止年度末期股息及暫停辦理股份過戶登記手續 | | | 公告日期 | 2026年3月18日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.101 RMB | | 股東批准日期 | 2026年6月5日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.112 HKD | | 匯率 ...

Financial Performance - Revenue increased by 68.5% to approximately RMB 3,161.2 million for the year ended December 31, 2025[3] - Gross profit rose by 135.5% to approximately RMB 2,348.1 million, with a gross margin increase of 21.1 percentage points to 74.3%[3] - Profit attributable to owners of the company increased by 135.5% to approximately RMB 1,355.0 million[3] - Basic earnings per share were RMB 31.04, up from RMB 16.41 in 2024[3] - The total pre-tax profit for the year ending December 31, 2025, was RMB 2,096.4 million, up from RMB 805.8 million in 2024, indicating a growth of approximately 160.0%[21] - The net profit for the year ending December 31, 2025, was approximately RMB 1,496.6 million, an increase of about 116.5% from approximately RMB 691.2 million for the year ending December 31, 2024, with the net profit margin rising from approximately 36.9% to about 47.3%[142] Assets and Liabilities - Non-current assets increased to RMB 2,500.7 million from RMB 1,777.2 million in 2024[6] - Current assets rose to RMB 3,740.4 million, up from RMB 2,358.0 million in 2024[6] - Total assets less current liabilities increased to RMB 5,527.8 million from RMB 3,641.7 million in 2024[7] - The company’s cash and cash equivalents increased to RMB 1,025.3 million from RMB 513.7 million in 2024[6] - The company’s total equity increased to RMB 5,177.6 million from RMB 3,453.3 million in 2024[7] - Total assets increased to RMB 6,241.03 million in 2025 from RMB 4,135.20 million in 2024, reflecting a growth of about 50.9%[24] - The total liabilities rose to RMB 1,063.40 million in 2025, compared to RMB 681.88 million in 2024, an increase of approximately 55.9%[24] Revenue Breakdown - Revenue from gold bars in 2025 reached RMB 1,556,229,000, up from RMB 667,707,000 in 2024, indicating a growth of about 133.3%[18] - Revenue from gold concentrates increased to RMB 884,733,000 in 2025 from RMB 520,221,000 in 2024, reflecting a growth of approximately 69.9%[18] - The Solomon project contributed RMB 2,440.96 million to total revenue in 2025, compared to RMB 1,187.93 million in 2024, marking an increase of about 105.5%[21] - The company’s total revenue from self-mined products was RMB 3,161,200,000 in 2025, compared to RMB 1,827,430,000 in 2024, marking a growth of approximately 73%[18] - Revenue from external customers in China was RMB 720.24 million in 2025, up from RMB 687.63 million in 2024, a growth of approximately 4.5%[28] - Revenue from external customers in the Solomon Islands surged to RMB 2,440.96 million in 2025, compared to RMB 1,187.93 million in 2024, indicating an increase of about 105.5%[28] Dividends - The board proposed a final dividend of RMB 10.1 cents per share, compared to RMB 14.5 cents per share in 2024[3] - The total dividend declared for 2025 amounts to approximately RMB 440.992 million, compared to RMB 243.847 million in 2024, reflecting an increase of 80.7%[41] - The proposed final dividend for the year ended December 31, 2025, is RMB 0.101 per share, totaling approximately RMB 447.0 million, which represents about 33.0% of the profit attributable to shareholders[161] Capital Expenditures - The company reported a total of RMB 627.99 million in capital expenditures for property, plant, and equipment in 2025, compared to RMB 183.94 million in 2024, representing a significant increase of about 242.5%[26] - Total capital expenditure increased from approximately RMB 186.3 million for the year ended December 31, 2024, to approximately RMB 804.4 million for the year ended December 31, 2025, representing a growth of approximately 331.8%[151] Exploration and Development - The company has completed the expansion plan for the Xinzhang Mine, increasing mining and processing capacity to 900,000 tons per year, with safety production certification obtained in 2023[80] - The company has initiated exploration plans for additional mineral resources beyond the existing mining permit boundaries at the Xinzhang Mine[84] - The company holds a 51% stake in the Walege mine in Tibet, which is transitioning from exploration to mining permits[169] - In 2025, the exploration expenditure for the Jinling mine is approximately RMB 71.9 million, covering direct drilling costs and other related expenses[174] - The Jinling mine's development expenditure in 2025 is RMB 669.0 million, primarily for tailings dry stacking facilities and flotation plant upgrades[175] Market Conditions - Gold prices surged to over 4,000 USD per ounce in Q4 2025, marking one of the strongest annual increases in decades[68] - Silver prices increased over 200% in 2025, reaching a historic high of over 80 USD per ounce by year-end[70] - Copper prices rose approximately 35-40% in 2025, peaking near 12,000 USD per ton[71] - The outlook indicates that the restructuring of the global order and the weakening of the US dollar will drive precious metal prices, with a projected decline in the dollar's share of global foreign exchange reserves to 56.32% by mid-2025[183] Corporate Governance - The company has maintained high standards of corporate governance, adhering to the corporate governance code throughout 2025, with a noted deviation regarding the dual role of the chairman and CEO[187] - The audit committee, composed of three independent non-executive directors, has reviewed the audited consolidated results for the year ending December 31, 2025, confirming compliance with relevant accounting standards[191] Shareholder Matters - The company will undergo a share split, converting each existing share with a par value of HKD 0.1 into four shares with a par value of HKD 0.025, increasing the total number of shares to 40 billion[100] - The share split will result in a reduction of the trading price per share and the market value of each trading unit, enhancing market participation[101] - The company aims to attract and retain qualified participants through the share incentive programs based on performance targets[104]

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 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) 自願公告 金岭礦礦產資源和儲量更新 本公告乃由萬國黃金集團有限公司（「本公司」），及其附屬公司（統稱「本集團」）自願作出。 於2020年4月30日，本集團完成收購祥符金岭有限公司*（AXF Gold Ridge Pty Limited） 的77.78% 權益，其擁有位於所羅門群島的金礦（「金岭礦」）的90%權益，我們在該礦場進行開採。本集團已 於 2022年11月開始試產。此外，於2024年10月9日本集團完成收購祥符金岭有限公司的另外的 20.22%權益，從而本集團擁有祥符金岭有限公司的 98%權益及金岭礦的88.2%實際權益。 董事會欣然向本公司股東（「股東」）及潛在投資者提供有關金岭礦最新礦產資源與儲量之補充資料。 根據獨立顧問公司SLR顧問有限公司*(SLR Con ...

Group 1: Hai Liang Co., Ltd. (海亮股份) - The company is a leading player in copper processing, with overseas expansion and profitability expected to exceed expectations [3] - The copper foil segment is entering a growth phase, with profitability recovery anticipated to surpass expectations [3] - The AI copper-based materials sector presents significant growth potential, with business development progress likely to exceed expectations [3] - Traditional business is driven by better overseas demand compared to domestic, with U.S. production bases expected to capture excess market share and profits due to trade policies [3] - The lithium battery copper foil industry remains highly prosperous, with the company’s 3.5μm product expected to gain excess market share and higher profitability [3] - Breakthroughs in electronic circuit copper foil technology and low domestic production rates indicate vast long-term development potential [3] - The company’s earnings forecast for 2025-2027 includes revenues of 87.93 billion, 112.99 billion, and 123.45 billion CNY, with net profits of 9.62 billion, 17.80 billion, and 26.52 billion CNY respectively [3] Group 2: Wan Guo Gold Group (万国黄金集团) - The company is rapidly growing in the gold industry, with significant production increases expected [5] - The anticipated growth rate is expected to absorb high PE levels, indicating strong future potential [5] - The forecast for net profits from 2025 to 2027 is 1.22 billion, 2.88 billion, and 4.74 billion CNY, reflecting year-on-year growth of 112.09%, 136.06%, and 64.49% respectively [5] Group 3: Macroeconomic Insights - The fiscal budget for 2026 is characterized by a positive spending tone, with fiscal revenues and expenditures in a tight balance [6] - The report indicates that the central and local budget execution for 2025 and the draft for 2026 suggest a slight slowdown in fiscal funding intensity relative to GDP compared to 2025 [6] - The expected midpoint for the RMB to USD exchange rate in 2026 is around 6.9, with potential fluctuations throughout the year [7] - The report highlights that the central bank's recent policy adjustments indicate a focus on managing the pace of RMB appreciation [7]

董事會會議日期 萬國黃金集團有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於二零二六年三月十 八日（星期三）舉行董事會會議，藉以（其中包括）考慮及批准本公司及其附屬公司截至二零二五 年十二月三十一日止年度業績公告及其刊發，並考慮建議派發末期股息（如有）。 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 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) 於本公告日期，董事會包括執行董事高明清先生(主席)、高金珠女士、劉志純先生，王國標先生及王立新先 生；非執行董事王任翔先生；及獨立非執行董事曾偉雄先生、王志明先生及王昕先生。 承董事會命 萬國黃金集團有限公司 主席 高明清 香港, 二零二六年三月六日 ...