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6月30日止6個月中期股息及暫停辦理股份過戶登記手續 | | | 公告日期 | 2025年8月15日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 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6月30日 | | 宣派股息 | 每 股 0.203 HKD | | 股東批准日期 | 不適用 | | 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 0.203 HKD | | 匯率 | ...

[Performance Highlights](index=1&type=section&id=Performance%20Highlights) The company reported significant growth in revenue, gross profit, and profit attributable to owners for the six months ended June 30, 2025, alongside an increased interim dividend Performance Highlights for the Six Months Ended June 30, 2025 (Compared to 2024) | Metric | H1 2025 | Change | | :--- | :--- | :--- | | Revenue (RMB million) | Approximately 1,240.3 | ▲ 33.7% | | Gross Profit (RMB million) | Approximately 867.9 | ▲ 79.4% | | Gross Profit Margin | Approximately 70.0% | - | | Net Profit Margin | Approximately 53.6% | - | | Profit Attributable to Owners of the Company (RMB million) | Approximately 600.8 | ▲ 136.3% | | Basic Earnings Per Share (RMB cents) | Approximately 55.4 | ▲ 80.5% (vs. 30.7 cents) | | Interim Dividend (HK cents) | 20.30 | ▲ 69.2% (vs. 12.00 HK cents) | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements provide a comprehensive overview of the company's financial performance and position, detailing income, assets, liabilities, and equity [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the reporting period, the company's revenue increased by 33.7% to RMB 1.24 billion, with gross profit surging by 79.4% to RMB 868 million, leading to a 136.3% increase in profit attributable to owners of the Company Summary of Consolidated Statement of Profit or Loss (For the Six Months Ended June 30) | Metric (RMB thousand) | 2025 (Unaudited) | 2024 (Unaudited) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 1,240,284 | 927,856 | ▲ 33.7% | | Gross Profit | 867,856 | 483,879 | ▲ 79.4% | | Profit Before Tax | 753,708 | 355,541 | ▲ 112.0% | | Profit for the Period | 665,322 | 331,242 | ▲ 100.9% | | Profit Attributable to Owners of the Company | 600,760 | 254,271 | ▲ 136.3% | | Basic Earnings Per Share (RMB cents) | 55.4 | 30.7 | ▲ 80.5% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets grew to RMB 4.72 billion, total equity to RMB 3.89 billion, and net current assets increased to RMB 2.16 billion, indicating a robust financial position with reduced bank borrowings Summary of Consolidated Statement of Financial Position | Metric (RMB thousand) | As at June 30, 2025 (Unaudited) | As at December 31, 2024 (Audited) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 4,715,918 | 4,135,203 | ▲ 14.0% | | Total Liabilities | 826,906 | 681,882 | ▲ 21.3% | | Total Equity | 3,889,012 | 3,453,321 | ▲ 12.6% | | Net Current Assets | 2,157,290 | 1,864,471 | ▲ 15.7% | | Bank Balances and Cash | 662,582 | 516,986 | ▲ 28.2% | [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's operational performance, financial results, liquidity, and future outlook, highlighting key drivers and strategic initiatives [Business Review and Operating Results](index=16&type=section&id=Business%20Review%20and%20Operating%20Results) The Group's core business involves mining, ore processing, and concentrate sales in China and the Solomon Islands, with significant production growth at Jinling Mine driving performance, supported by strategic investment from Zijin Mining - The Group primarily owns three mining projects: Xinzhuang Mine (copper-lead-zinc) in Jiangxi Province, China; Walage Mine (lead-silver, under development) in Tibet; and Jinling Mine (gold) in the Solomon Islands[40](index=40&type=chunk) Mining and Ore Processing Volumes of Major Mines (Tonnes) | Mine | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | :--- | | **Xinzhuang Mine** | Mining Volume | 461,405 | 522,581 | ▼ 11.7% | | | Ore Processing Volume | 450,528 | 524,522 | ▼ 14.1% | | **Jinling Mine** | Mining Volume | 1,975,870 | 442,443 | ▲ 346.6% | | | Ore Processing Volume | 1,272,280 | 1,137,256 | ▲ 11.9% | - The introduction of Zijin Mining as a strategic investor, through a private placement, raised approximately **HKD 1.38 billion**, primarily for Jinling Mine's exploration and development and to supplement working capital, also bringing overseas mining technology and operational experience support[48](index=48&type=chunk)[49](index=49&type=chunk) - Technical service and expansion feasibility study contracts were signed with Zijin Mining's subsidiaries to improve Jinling Mine's ore processing recovery rate and explore the feasibility of expanding capacity to **13 million tonnes per annum**[51](index=51&type=chunk)[54](index=54&type=chunk)[56](index=56&type=chunk) [Financial Review](index=22&type=section&id=Financial%20Review) During the reporting period, the Group's total revenue increased by 33.7% to RMB 1.24 billion, with gross profit up 79.4% to RMB 868 million, primarily driven by increased sales and prices of gold products from Jinling Mine and the cessation of low-margin external concentrate trading Revenue and Gross Profit by Business Segment (RMB thousand) | Business Segment | Metric | H1 2025 | H1 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | **Self-mined** | Revenue | 1,240,284 | 850,686 | ▲ 45.8% | | | Gross Profit | 867,856 | 483,535 | ▲ 79.5% | | | Gross Profit Margin | 70.0% | 56.8% | ▲ 13.2pp | | **External Procurement** | Revenue | – | 77,170 | ▼ 100% | | | Gross Profit | – | 344 | ▼ 100% | | **Total** | **Revenue** | **1,240,284** | **927,856** | **▲ 33.7%** | | | **Gross Profit** | **867,856** | **483,879** | **▲ 79.4%** | Jinling Mine Performance (RMB thousand) | Metric | H1 2025 | H1 2024 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 963,243 | 561,023 | ▲ 71.7% | | Gross Profit | 724,229 | 341,342 | ▲ 112.2% | | Gross Profit Margin | 75.2% | 60.8% | ▲ 14.4pp | - Administrative expenses increased by **42.8%** year-on-year to **RMB 88.8 million**, primarily due to increased staff costs, depreciation, guarantee fees, and property insurance at Jinling Mine[71](index=71&type=chunk) - Income tax expense increased from **RMB 24.3 million** to **RMB 88.4 million**, mainly due to increased operating profit at Jinling Mine and the full utilization of past tax losses[73](index=73&type=chunk) [Liquidity and Financial Resources](index=26&type=section&id=Liquidity%20and%20Financial%20Resources) As of the end of the reporting period, the Group maintained a healthy financial position with ample liquidity, marked by a significant increase in net cash from operating activities and a substantial reduction in the gearing ratio - Net cash generated from operating activities was approximately **RMB 438 million**, a significant increase from **RMB 210 million** in the same period last year[76](index=76&type=chunk) - As at June 30, 2025, bank balances and cash were approximately **RMB 659 million**, an increase from **RMB 514 million** at the end of 2024[76](index=76&type=chunk) - The gearing ratio (total borrowings and payables/total assets) decreased from **7.7%** at the end of 2024 to **4.2%**[79](index=79&type=chunk) - Capital expenditure was approximately **RMB 174 million**, a substantial year-on-year increase, primarily for construction, equipment acquisition, and exploration and evaluation at Jinling Mine[80](index=80&type=chunk) [Details of Exploration, Development and Mining Operations](index=29&type=section&id=Details%20of%20Exploration%2C%20Development%20and%20Mining%20Operations) During the reporting period, the Group's exploration, development, and mining activities focused on Xinzhuang and Jinling Mines, with significant drilling and capacity expansion at Jinling Mine, while Xinzhuang Mine experienced reduced output due to technical upgrades Development Expenditure by Mine (H1 2025) | Mine | Development Expenditure (RMB million) | Primary Use | | :--- | :--- | :--- | | Xinzhuang Mine | 126.1 | Mining structures, ore processing plant machinery and equipment | | Walage Mine | 0.9 | Exploration license maintenance and conversion | | Jinling Mine | 26.8 | Tailings dry stacking facility, gold vault renovation, flotation plant upgrade | - Xinzhuang Mine: Due to reduced mining and ore processing volumes and unchanged fixed costs, unit mining cost increased from **RMB 141.0/tonne** to **RMB 155.2/tonne**, and unit ore processing cost increased from **RMB 105.3/tonne** to **RMB 111.7/tonne**[95](index=95&type=chunk) - Jinling Mine: In the first half, **42,555.7 meters** of drilling were completed, with exploration expenditure of approximately **RMB 15.1 million**; daily processing capacity has increased to **12,000-13,000 tonnes** with the installation of new flotation units[100](index=100&type=chunk)[107](index=107&type=chunk) [Prospects and Outlook](index=33&type=section&id=Prospects%20and%20Outlook) The company aims to become a leading non-ferrous metals mining company in China and the South Pacific, planning to expand Xinzhuang Mine's capacity and acquire new mines, while anticipating strong gold prices driven by market trends - Company Strategy: Plans to increase Xinzhuang Mine's capacity to **1 million tonnes per annum** and continue outsourcing mining operations to control costs, while seeking to acquire new mines to expand resource reserves[109](index=109&type=chunk)[110](index=110&type=chunk) - Market Outlook: Citing a Morgan Stanley report, central bank gold purchases and investment demand are expected to continue supporting gold prices, with the Q4 2025 gold price target raised to **USD 3,800 per ounce**, and the 2026 average price forecast at **USD 3,313 per ounce**[111](index=111&type=chunk) [Other Significant Matters](index=28&type=section&id=Other%20Significant%20Matters) This section covers key corporate matters including the interim dividend declaration and adherence to corporate governance principles, highlighting any deviations and compliance efforts [Interim Dividend](index=28&type=section&id=Interim%20Dividend) The Board declared an interim dividend of 20.30 HK cents per share for the six months ended June 30, 2025, representing a 69.2% increase year-on-year and a payout ratio of approximately 33.4% of profit attributable to owners Interim Dividend Details | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Dividend Per Share (HK cents) | 20.30 | 12.00 | | Equivalent to (RMB cents) | 18.51 | - | | Payout Ratio | Approximately 33.4% | Approximately 35.6% | | Total Dividend (RMB million) | Approximately 200.6 | - | [Corporate Governance and Compliance](index=34&type=section&id=Corporate%20Governance%20and%20Compliance) During the reporting period, the company generally complied with the Corporate Governance Code, noting a deviation where the Chairman and CEO roles are held by the same individual, which the Board believes benefits the Group - The company has a deviation from Corporate Governance Code provision C.2.1, where the roles of Chairman and Chief Executive Officer are held by the same individual, Mr. Gao Mingqing[114](index=114&type=chunk) - The Audit Committee has reviewed the unaudited interim results for the period and believes they have been prepared in accordance with relevant accounting standards and adequately disclosed[117](index=117&type=chunk)

新庄矿：运营稳定的铜锌多金属矿。新庄矿铜、铁、锌资源丰富，地下深部矿体仍有找矿潜力。截至 2024 年底，新庄矿拥有金属量对应铜12.2 万吨（0.56%）、银3.9 万吨（0.18%）、锌12.3 万吨 （0.57%）；未来公司将进一步勘矿开发深部厚大矿体，为远期增产与资源接续夯实基础。目前年选矿 规模已稳定在100 万吨以上，年产金属当量稳定在1 万吨以上，2024 年自产矿实现营业收入6.4 亿元， 毛利3.37 亿元，毛利率达53%。 昌都哇了格矿：西藏待开发大型矿银多金属矿。目前哇了格银矿矿矿矿工作已经结束，被列入西藏自治 区"十四五"规划中重点开发项目，现已矿明银金属量159 万吨（@3.71%），矿金属量1937 吨（@45 克/ 吨），规划建设矿选规模120 万吨/年。目前，该矿已经具备了办理"矿转矿"工作的罗有先决条件，正等 待自治区自然资源厅的批复。 机构：国盛证券 研究员：张航/王瀚晨 公司是进击的黄金矿业黑马。公司起步于江西，2006 年宜丰矿投产，目前已成为公司的现金奶牛。 2014、2018 年，公司在矿业周期低点逆周期收购西藏昌都哇了格矿（（银矿矿）矿矿、、罗门金金金 金矿（黄金 ...

Group 1: Macro Insights - The credit data for July shows a rare negative turn, with new credit scale turning negative for the first time in 20 years, while social financing continues to grow under government bond support [4] - M1 growth has increased for two consecutive months, indicating faster fund activation in both resident and corporate sectors, particularly driven by a rise in resident demand [4] - The overall monetary policy is expected to remain loose, with potential for further rate cuts and reductions in reserve requirements due to economic downward pressure [4] Group 2: Company Insights - 卓胜微 (Zhuosheng Micro) - The company is advancing its chip project, with significant production capacity achieved in both 6-inch and 12-inch wafer production lines, indicating a strong position in the RF front-end market [8][9] - Revenue projections for 2025, 2026, and 2027 are estimated at 4.91 billion, 5.61 billion, and 6.67 billion CNY respectively, with corresponding net profits of 380 million, 860 million, and 1.29 billion CNY [9] Group 3: Company Insights - 万国黄金 (Wanguo Gold) - The company holds three significant mining assets, including the world-class Jinling Gold Mine, which is expected to contribute significantly to future revenue growth [10][12] - Revenue forecasts for 2025, 2026, and 2027 are projected at 3.49 billion, 4.77 billion, and 5.36 billion CNY, with net profits of 1.41 billion, 1.87 billion, and 2.18 billion CNY respectively [12] Group 4: Company Insights - 海能技术 (Haineng Technology) - The company reported a strong revenue growth of 34.9% year-on-year for H1 2025, reaching 140 million CNY, with a net profit increase of 139% [13] Group 5: Company Insights - 中科三环 (Zhongke Sanhuan) - The company achieved a net profit of 44 million CNY in H1 2025, marking a turnaround from losses, with a significant reduction in expense ratios contributing to improved profitability [14][15] - Future profit projections for 2025, 2026, and 2027 are estimated at 170 million, 250 million, and 350 million CNY respectively [15] Group 6: Company Insights - 奥比中光 (Obi Zhongguang) - The company is focusing on the robotics sector, with a projected revenue growth of 65.9%, 57.6%, and 28.6% for 2025, 2026, and 2027 respectively [16] Group 7: Company Insights - 鹏鼎控股 (Pengding Holdings) - The company reported a revenue of 16.38 billion CNY for H1 2025, a year-on-year increase of 24.8%, with a net profit growth of 57.2% [17][18] - Future revenue projections for 2025, 2026, and 2027 are expected to be 41.2 billion, 48.3 billion, and 55.6 billion CNY respectively [18] Group 8: Company Insights - 甘源食品 (Ganyuan Food) - The company experienced a revenue decline of 9.3% year-on-year for H1 2025, with net profits down by 55.2%, indicating challenges in channel adjustments [20] Group 9: Company Insights - 361度 (361 Degrees) - The company achieved a revenue growth of 11% year-on-year for H1 2025, with a net profit increase of 8.6% [21][22] - Future profit projections for 2025, 2026, and 2027 are estimated at 1.261 billion, 1.420 billion, and 1.588 billion CNY respectively [22]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is positioned as a rising star in the gold mining industry, with significant growth potential driven by its three mining projects, particularly the Jinjin Gold Mine, which is expected to contribute substantial revenue increases in the coming years [1][4] - The company has demonstrated strong revenue and profit growth since the commencement of production at the Jinjin Gold Mine, with projections indicating continued upward trends in both metrics [22][28] Summary by Sections Company Overview - The company, originally established in 2003, has evolved significantly, acquiring key mining assets and expanding its operational capacity, particularly with the Jinjin Gold Mine, which began production in late 2022 [14][15] - The company has successfully transitioned from a focus on trade to a more stable revenue model based on its mining operations, with significant contributions from gold production [22][28] Mining Projects - The Jinjin Gold Mine is a world-class gold mining asset, with a resource update indicating a 121% increase in gold resources, totaling 224 tons as of the end of 2024 [2][40] - The company also operates the Xinzhang Mine, which has stable copper and zinc resources, and the Changdu Walege Mine, a large silver polymetallic mine in Tibet, which is set for future development [3][4] Financial Projections - Revenue projections for the company are robust, with expected revenues of 3.49 billion RMB in 2025, growing to 5.36 billion RMB by 2027, alongside net profits forecasted to reach 2.18 billion RMB in 2027 [4][5] - The company’s earnings per share (EPS) is projected to increase significantly, from 0.31 RMB in 2023 to 2.01 RMB by 2027, reflecting strong growth potential [5][4] Market Position and Strategy - The company has established strategic partnerships, notably with Zijin Mining, which has become a significant shareholder and is expected to provide operational support and enhance growth prospects [2][4] - The company is committed to sustainable development, aligning its operations with community interests and the Belt and Road Initiative [1][4]

Core Viewpoint - Jinling Gold Mine has experienced a significant revival under the management of the multinational gold group, leading to substantial growth in company performance [1][2]. Group 1: Company Performance - Jinling Gold Mine is expected to produce 1.63 tons of gold in 2023 and 2.06 tons in 2024, with a sales cost of 227g/t and a total cost of 273g/t, showcasing a strong cost advantage [1]. - The company's net profit attributable to shareholders is projected to reach 575 million yuan in 2024, a year-on-year increase of 71.56% [1]. - In the first half of 2025, the company anticipates a net profit of 560-600 million yuan, representing a year-on-year growth of 134.99% based on a median estimate of 580 million yuan [1]. Group 2: Resource Potential - Jinling Gold Mine is located in a geologically favorable area with significant exploration potential, having increased its resource volume to 232 tons with an average grade of 1.17g/t as of the end of 2024 [2]. - The current resource estimates are based on a gold price of $1,750 per ounce, which is outdated compared to current market prices, indicating potential for substantial resource growth [2]. Group 3: Expansion Plans - The company has signed a feasibility study contract with Zijin Mining for a 10 million ton expansion project, which is expected to elevate the mine's processing capacity to 14 million tons per year [2]. - With an estimated long-term annual production of 15 tons of gold based on a grade of 1.3g/t and an overall recovery rate of 80%, Jinling Gold Mine is poised to become a world-class gold mining operation [2]. Group 4: Future Outlook - The company is expected to benefit from economies of scale and reduced energy costs from infrastructure developments, leading to further decreases in total costs [3]. - Future projections estimate net profits attributable to shareholders of 1.263 billion yuan, 1.594 billion yuan, and 1.945 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 1.17, 1.47, and 1.80 yuan [3].

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The revival of the Jinling Gold Mine significantly boosts the company's performance, with expected net profit growth of 71.56% year-on-year in 2024 and a forecasted increase of 134.99% in the first half of 2025 [1][24]. - The Jinling Gold Mine has excellent geological endowments and substantial potential for resource expansion, with resources increasing from 103 tons to 232 tons, a growth of 121.2% [2][38]. - The company is set to expand the Jinling Gold Mine's capacity to 14 million tons per year, potentially achieving an annual gold production of 15 tons, which will enhance profitability [3][41]. Summary by Sections Jinling Gold Mine Revival - The Jinling Gold Mine, located in the Solomon Islands, has resumed operations under the management of the company, achieving rapid production growth with gold output expected to reach 2.06 tons in 2024, a 26.7% increase from 2023 [1][21]. - The total sales cost for 2024 is projected at 227 g/t, with a complete cost of 273 g/t, indicating a significant cost advantage [1][22]. Resource Potential - The Jinling Gold Mine is situated in a renowned mineral-rich area, with ongoing exploration confirming substantial resource potential [2][27]. - As of the end of 2024, the mine's resource volume has been updated to 232 tons, with an average grade of 1.17 g/t, indicating further growth potential as production plans are revised [2][38]. Expansion Plans - The company has signed a feasibility study contract for a 10 million ton per year expansion with Zijin Mining, aiming to enhance the mine's capacity to 14 million tons annually [3][41]. - The expansion is expected to lower production costs and increase profitability, with projected net profits ranging from 32.5 billion to 44 billion RMB under favorable gold price scenarios [3][43]. Financial Forecast and Investment Recommendations - The company is anticipated to achieve net profits of 12.63 billion, 15.94 billion, and 19.45 billion RMB from 2025 to 2027, with corresponding EPS of 1.17, 1.47, and 1.80 RMB [4][44]. - The report emphasizes the company's growth potential and recommends a "Buy" rating based on expected increases in gold production and favorable market conditions [4][44].

Group 1 - COMEX gold futures rose by $20.30, an increase of 0.59%, closing at $3453.7 per ounce [1] - The People's Bank of China increased its gold reserves in July for the ninth consecutive month, adding 60,000 ounces to reach 73.96 million ounces, totaling approximately 36 tons since November [1] - The Shanghai Futures Exchange's gold inventory has reached a historical high, with over 36 tons of gold bars registered for futures delivery, reflecting a significant increase in demand for gold [1] Group 2 - Traders and banks are capitalizing on the price difference by buying lower-priced gold in the spot market and delivering it to exchange warehouses, indicating strong demand for gold in China [2] - Citigroup has revised its bearish outlook on gold, predicting prices will rise to record highs due to deteriorating U.S. economic conditions and inflationary tariffs, with a forecast range of $3300 to $3600 per ounce in the next three months [2] - A report from China International Capital Corporation (CICC) highlights the weak U.S. non-farm payroll data and an 80.3% probability of a rate cut by August 3, suggesting a new round of rate cut trading may begin [2] Group 3 - Key Hong Kong-listed gold and precious metals companies include Zijin Mining (601899)(02899), Shandong Gold (600547)(01787), Zhaojin Mining (01818), Chifeng Jilong Gold (600988)(06693), Lingbao Gold (03330), China Gold International (600916)(02099), and others [3]

Group 1 - COMEX gold futures increased by $20.30, or 0.59%, reaching $3453.7 per ounce, driven by China's central bank's continuous gold reserve expansion for nine months [1] - As of the end of July, China's central bank increased its gold reserves by 60,000 ounces to 73.96 million ounces, totaling approximately 36 tons since November last year [1] - The Shanghai Futures Exchange's gold inventory has reached a historical high, with over 36 tons of gold bars registered for futures delivery, reflecting a surge in arbitrage activities and strong demand for futures [1] Group 2 - Traders and banks are capitalizing on the price difference by buying lower-priced gold in the spot market and sending it to exchange warehouses, indicating strong demand in China's gold trading market [2] - Citigroup has revised its bearish outlook on gold, predicting prices will rise to record highs due to deteriorating U.S. economic conditions and inflationary tariffs, with a forecast range of $3,300 to $3,600 per ounce in the next three months [2] Group 3 - The U.S. non-farm payrolls data for July fell short of expectations, signaling a weakening economy, with an 80.3% probability of a rate cut by August 3, potentially leading to a new round of rate cut trading [3] - The recently released "Implementation Plan for High-Quality Development of the Gold Industry (2025-2027)" outlines key directions for domestic gold resource development, including exploration and mining [3] Group 4 - Key Hong Kong-listed gold and precious metal companies include Zijin Mining (02899), Shandong Gold (01787), Zhaojin Mining (01818), Chifeng Jilong Gold (06693), Lingbao Gold (03330), China Gold International (02099), and others [4]

Group 1 - The company, WanGuo Gold Group (03939.HK), announced that it will hold a board meeting on August 15, 2025, to consider and approve the interim results announcement for the six months ending June 30, 2025 [1] - The board meeting will also consider the proposal for the distribution of an interim dividend, if any [1]