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) 於二零二五年六月六日舉行之股東週年大會之投票表決結果 董事會欣然宣佈於通告中所有擬提呈之決議案均獲股東以投票方式於股東週年大會表決通過。高 明清先生、高金珠女士及王志明先生親身出席股東週年大會。劉志純先生、王國標先生及王昕先生 以電子方式出席股東週年大會。 就股東週年大會之點票事宜，本公司之香港股份過戶登記分處卓佳證券登記有限公司獲委任為點 票監察人。 股東週年大會之投票表決結果如下： | | | 投票股份數目 (約%) | | 總投票股份 | | --- | --- | --- | --- | --- | | | 普通決議案附註 | | | | | | | 贊成 | 反對 | 數目 | | 1. | 省覽及考慮本公司及其附屬公司截至二零二四年十二月三十一 | 678, ...

Market Overview - The Hong Kong stock market indices collectively declined, with the Hang Seng Index stopping a three-day rise, closing down 0.48% at 23,792.54 points, with a total turnover of HKD 235.62 billion [1] - The Hang Seng China Enterprises Index fell 0.63% to 8,629.75 points, and the Hang Seng Tech Index also dropped 0.63% to 5,286.52 points [1] - For the week, the Hang Seng Index rose 2.16%, the China Enterprises Index increased by 2.34%, and the Tech Index gained 2.25% [1] Blue Chip Performance - Kuaishou-W (01024) continued its upward trend, rising 8.44% to HKD 59.1, contributing 22.8 points to the Hang Seng Index [2] - The annualized revenue run rate for Kuaishou's AI product exceeded USD 100 million as of March, with monthly payments surpassing RMB 100 million in April and May [2] - Other blue-chip stocks included CSPC Pharmaceutical Group (01093) up 12.72%, Hansoh Pharmaceutical (03692) up 2.84%, while SMIC (00981) fell 4.85% and Trip.com Group (09961) dropped 3.31% [2] Sector Highlights - Large tech stocks generally declined, with Xiaomi down over 2% and Alibaba down over 1%, while Kuaishou rose over 8% [3] - Precious metals saw gains, with China Silver Group rising 26% and silver prices reaching a 13-year high, driven by industrial demand [3] - The innovative drug sector saw gains, with CSPC Pharmaceutical up 12.72% and other biotech firms also performing well, indicating a positive outlook for the sector [4] Stablecoin Sector - The stablecoin sector experienced a pullback after Circle's successful NYSE listing, with China Everbright Holdings (00165) dropping 17.2% [5] - The Hong Kong government announced the implementation of the Stablecoin Regulation on August 1, 2025, which aims to reshape the regulatory framework for stablecoins [6] Automotive Sector - Automotive stocks declined, with XPeng Motors (09868) down 1.77% and Great Wall Motors (02333) down 1.76% [6] - Concerns over a price war in the automotive industry were raised, with profit margins for the sector declining [6] Notable Stocks - WanGuo Gold Group (03939) reached a new high, rising 11.73% to HKD 30, supported by positive mining contracts [7] - Xinyi Energy (03868) increased by 7.07% as it submitted listing materials for a solar power infrastructure REIT in China [8] - Juzhibio (02367) faced pressure, down 3.04%, amid ongoing controversies regarding its product composition [9]

Group 1 - Financial markets experienced a rebound in May due to easing global trade tensions, with major stock indices in the US and Europe showing significant increases [1] - Gold prices have been volatile, dropping over 5% from April's historical highs, while several Wall Street investment banks remain bullish on future gold prices [1] - Goldman Sachs predicts that international gold prices could reach $3,700 per ounce by the end of this year, while JPMorgan anticipates prices may exceed $4,000 per ounce by Q2 2026 [1][2] Group 2 - Bank of America forecasts gold prices to reach $4,000 per ounce by the end of this year or early 2026, driven by geopolitical uncertainties and concerns over the US government's fiscal situation [2] - Goldman Sachs emphasizes that gold is a safer hedge compared to Bitcoin, especially in the context of market downturns, due to its lower volatility and historical performance [2] - The following Hong Kong-listed companies are related to gold and precious metals: Zijin Mining (02899), Shandong Gold (01787), Zhaojin Mining (01818), Lingbao Gold (03330), China Gold International (02099), and others [3]

Group 1 - The 10-year U.S. Treasury yield rose by 11.16 basis points to 4.5985%, marking the first time since February 13 that it surpassed the 4.6% threshold [1] - The 20-year Treasury yield increased by 13.21 basis points, reaching a daily high of 5.1247%, approaching the peak of 5.2838% from November 1, 2023 [1] - The 30-year Treasury yield climbed by 12.27 basis points to 5.0923%, nearing the October 23, 2023 peak of 5.1764% and the psychological 6% level [1] Group 2 - Concerns over U.S. fiscal sustainability have led to a significant sell-off in long-term Treasuries, with the 30-year yield surpassing 5%, raising worries about future financing costs [1] - The U.S. stock market experienced a sharp decline, with major indices recording their worst single-day performance in a month, influenced by the pressures from the bond market [1] Group 3 - From a medium to long-term perspective, the decline in U.S. dollar credit and the onset of a Federal Reserve rate cut cycle, along with global central banks increasing gold purchases, suggest that gold prices may continue to trend upward after a short-term adjustment [2] - The easing of tariff policies has improved market risk appetite, putting pressure on the safe-haven attributes of precious metals in the short term [2] - In the context of global trade policy uncertainty and ongoing central bank gold purchases, gold prices are expected to exhibit a pattern of rising more easily than falling [2] Group 4 - Companies related to gold and precious metals include Zijin Mining (02899), Shandong Gold (01787), Zhaojin Mining (01818), Lingbao Gold (03330), China Gold International (02099), WanGuo Gold Group (03939), LaoPu Gold (06181), and JiHai Resources (02489) [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 12 months [3][5]. Core Views - The company is expected to experience significant growth in gold production following the completion of its expansion project, with an anticipated annual output of 12.9 tons, representing a 514.3% increase from 2.1 tons in 2024 [2][3]. - The partnership with Zijin Mining is expected to enhance the development speed and efficiency of the company's gold mining operations, particularly at the Jinling Gold Mine [2][3]. - The report projects substantial increases in revenue and net profit from 2025 to 2027, with net profits estimated at 1.26 billion, 1.59 billion, and 1.95 billion RMB respectively [4][6]. Summary by Sections Investment Highlights - The company has entered into significant contracts for mining technology services and feasibility studies for expansion, with a total contract value of 1.69 million RMB for the Jinling Mine [1]. - Zijin Mining's acquisition of a 17.57% stake in the company through a share issuance of 1.66 billion shares at 8.33 HKD per share, totaling 1.379 billion HKD, will fund the expansion and operational costs [2]. Financial Projections - Revenue is projected to grow from 1.88 billion RMB in 2024 to 4.89 billion RMB in 2027, with a compound annual growth rate (CAGR) of 42.6% [4][6]. - The company's earnings per share (EPS) are expected to rise from 0.53 RMB in 2024 to 1.80 RMB in 2027, reflecting strong profitability growth [4][6]. Valuation Metrics - The report provides a price-to-earnings (P/E) ratio forecast of 19X for 2025, 15X for 2026, and 12X for 2027, indicating an attractive valuation as earnings grow [4][6]. - The price-to-book (P/B) ratio is expected to decrease from 7.6 in 2024 to 3.7 in 2027, suggesting improved shareholder value over time [4][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [3][5]. Core Views - The company is expected to experience significant growth in gold production following the completion of its expansion project, with an anticipated annual output of 12.9 tons, representing a 514.3% increase from 2.1 tons in 2024 [2][3]. - The partnership with Zijin Mining is expected to enhance the development speed and efficiency of the company's gold mining operations, particularly at the Jinling Gold Mine [2][3]. - The report highlights the company's strong financial performance, projecting net profits of 1.26 billion, 1.59 billion, and 1.95 billion RMB for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.17, 1.47, and 1.80 RMB [3][4]. Summary by Sections Company Overview - The company has entered into significant contracts for mining technology services and feasibility studies for expansion, with a total contract value of 1.69 million RMB for the Jinling Mine [1]. - Zijin Mining holds a 17.57% stake in the company, which is expected to facilitate the expansion of the Jinling Gold Mine [2]. Financial Projections - Revenue is projected to grow from 1.88 billion RMB in 2024 to 4.89 billion RMB in 2027, reflecting a compound annual growth rate (CAGR) of approximately 42.6% [4][6]. - The company's net profit is expected to increase significantly, with a growth rate of 119.5% in 2025 and 26.2% in 2026 [4][6]. Valuation Metrics - The report provides a valuation based on projected earnings, with P/E ratios decreasing from 41 in 2024 to 12 in 2027, indicating improving profitability and valuation attractiveness over time [4][6].

港股铜业股震荡上行，万国黄金(03939.HK)涨超10%，中国黄金国际(02099.HK)涨4.6%，江西铜业股份 (00358.HK)、中国有色矿业(01258.HK)均涨超1%。 ...

5. 万国黄金集团(03939.HK)：附属金岭矿业与紫金工程订立金岭矿新建1000万吨/年的扩建可行性研究 合同。 6. 弘阳地产(01996.HK)：延长提早重组支持协议费用期限及基础重组支持协议费用期限。 7. 石药集团(01093.HK)：JMT202(重组全人源抗β KLOTHO单克隆抗体)获美国临床试验批准。 金十数据整理：每日港股市场要闻速递（5月6日 周二） 1. 江苏恒瑞医药股份有限公司通过港交所上市聆讯，联席保荐人为摩根士丹利、花旗和华泰国际。 2. 狮腾控股(002565.HK)：与字节跳动旗下BytePlus达成战略合作，共同扩展亚太地区企业人工智能应用 市场。 3. 渣打集团(02888.HK)：一季度固定汇率下经营收入增加7%至54亿美元；母公司股东应占溢利15.9亿美 元，同比增长13%。 4. 中国电力(02380.HK)：附属五凌电力(拥有63%权益的附属公司)一季度取得营业收入及其他收入16.1 亿元，期内净利润9.07亿元。 ...

Core Insights - The company, WanGuo Gold Group, has entered into a technical service contract with Zijin Mining for its Solomon Islands mining operations, focusing on optimizing gold recovery and production processes [1] - A feasibility study contract has been signed with Zijin Engineering for the expansion of the mining capacity to 13 million tons per year, with a total contract value of 289 million USD [2] Group 1 - WanGuo Gold Group's subsidiary, JinLing Mining, will receive technical services from Zijin Mining to enhance gold recovery and optimize production processes [1] - The technical service contract is valued at 1.69 million RMB and is effective from November 1, 2024, to October 30, 2025, subject to project progress [1] - The services include evaluating recovery methods, assisting in equipment upgrades, training personnel, and establishing operational standards [1] Group 2 - JinLing Mining has contracted Zijin Engineering for a feasibility study to expand its production capacity to 13 million tons per year [2] - The feasibility study will cover the design of major production facilities and auxiliary infrastructure [2] - The total contract amount for the feasibility study is 289 million USD, with payments scheduled according to the contract timeline [2]

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 萬國黄金集團有限公司 (於開曼群島註冊成立之有限公司) (股份代號: 3939) 關聯交易 選礦技術服務及擴建可行性研究合同 2024年10月31日，萬國黃金集團有限公司（「本公司」，連同其附屬公司統稱「本集 團」） 擁有所羅門群島金岭礦的間接非全資附屬公司金岭礦業有限公司（「金岭礦業」） 與廈門紫金礦冶技術有限公司（「紫金礦冶」）訂立於所羅門群島的金岭礦選礦技術服 務合同（「技術服務合同」）。 根據技術服務合同，紫金礦冶應向金岭礦業提供下面服務： - 1 - • 評估浮選柱或尼爾森對微細粒金的回收效果； • 協助推進相關設備技改及生產調試，充分發揮設備性能； • 幫助培養實驗室試驗人員、現場技術人員，同時建立生產主機崗位操作標準化體 系； • 助力現有選廠指標早日達標，並為後續新建選廠的生產積累技術經驗; • 提交各項工作內容的階段性總結或評估簡報或培 ...