Group 1 - The company, WanGuo Gold Group (03939), has announced an agreement for a share placement involving the sale of 22.5 million shares at a price of HKD 32.55 per share [1][2] - The total number of shares being sold represents approximately 2.03% of the company's enlarged issued share capital post-subscription [2] - The subscription price reflects a discount of about 7.00% compared to the closing price of HKD 35.00 per share on August 20, 2025 [2] Group 2 - The estimated net proceeds from the subscription are approximately HKD 722 million after deducting professional fees and expenses [2] - The company intends to use the net proceeds for exploration and development projects related to the Jinling Mine, as well as for general working capital [2]

购买价32.55港元较股份于最后交易日在联交所所报收市价每股35.00港元折让约7.00%。扣除专业费用 及实付开支后，认购事项所得款项净额估计约为7.22亿港元。公司拟将认购所得款项净额用作(1)有关金 岭矿(集团在其中采矿)勘探及开发项目的拨款；及(3)集团一般营运资金。先旧后新出售及减持出售为同 时进行并将同步完成，但并非互为条件。 格隆汇8月21日丨万国黄金集团(03939.HK)发布公告，2025年8月21日(交易时段前)，公司、先旧后新卖 方及减持卖方与配售代理订立协议，据此，(1)先旧后新卖方同意出售，而配售代理个别(而非共同或共 同及个别)同意作为先旧后新卖方的代理按尽力基准促使不少于6名承配人按每股股份32.55港元的价格 购买先旧后新卖方持有的2250万股股份；(2)先旧后新卖方有条件同意以主事人身份按认购价(相等于购 买价每股股份32.55港元)认购，而公司有条件同意发行最多2250万股新股份(相等于先旧后新卖方根据协 议实际出售的先旧后新出售股份数目)；及(3)减持卖方同意出售，而配售代理个别(并非共同或共同及个 别)同意作为减持卖方的代理按尽力基准促使购买人按每股减持出售股份32.5 ...

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。 本公告或其任何副本概不得直接或間接在美國，或在刊發或派發本公告屬違法的任何其他司法權 區內刊發或派發。 本公告僅供參考，並不構成收購、購買或認購任何證券的邀請或要約。 本公告並不構成在美國境內購買或認購證券的任何要約或要約邀請，亦不構成其一部份。本公告 中所述的證券並無亦不會根據一九三三年美國證券法（經修訂）（「美國證券法」）或美國任何其他 州證券法登記，且不可於美國境內提呈發售或出售，惟根據美國證券法作出登記或獲豁免或為毋 須根據美國證券法作出登記之交易則除外。本公司無意根據美國證券法登記本公告內所指的任何 證券，或於美國進行證券的公開發售。 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） (1)先舊後新出售現有股份 及 根據一般授權認購新股份 及 (2)減持賣方減持出售現有股份 獨家整體協調人及聯席配售代理 聯席配售代 ...

智通财经APP讯，万国黄金集团(03939)发布公告，本公司公佈，其计划以先旧后新的方式向若干投资者 配售股份。根据建议先旧后新出售及建议认购，预期先旧后新卖方将透过配售代理向投资者配售若干先 旧后新出售股份，其后，先旧后新卖方将认购而本公司将根据一般授权向先旧后新卖方发行数目相等于 根据建议先旧后新出售实际出售的先旧后新出售股份数目的新股份。 本公司已获一名股东知会，其拟于建议先旧后新出售的同时以配售方式出售若干股份。 建议先旧后新出售的条款(包括建议先旧后新出售的规模、配售价及其他条款)将透过由配售代理进行的 累计投标活动釐定。建议认购的条款(包括新股份数目及认购价)将由本公司、先旧后新卖方及配售代理 参考建议先旧后新出售的条款厘定，其中，新股份数目将与根据建议先旧后新出售实际出售的先旧后新 出售股份数目相同，而认购价将与先旧后新出售股份的购买价相同。 ...

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。 本公告或其任何副本概不得直接或間接在美國，或在刊發或派發本公告屬違法的任何其他司法權 區內刊發或派發。 本公告僅供參考，並不構成收購、購買或認購任何證券的邀請或要約。 本公告並不構成在美國境內購買或認購證券的任何要約或要約邀請，亦不構成其一部份。本公告 中所述的證券並無亦不會根據一九三三年美國證券法（經修訂）（「美國證券法」）或美國任何其他 州證券法登記，且不可於美國境內提呈發售或出售，惟根據美國證券法作出登記或獲豁免或為毋 須根據美國證券法作出登記之交易則除外。本公司無意根據美國證券法登記本公告內所指的任何 證券，或於美國進行證券的公開發售。 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） 本公司已獲一名股東知會，其擬於建議先舊後新出售的同時以配售方式出售若干股份。 一般資料 建議先舊後新出售項下將配售的先舊後新出售股份 ...

Core Viewpoint - The company, WanGuo Gold Group (03939), plans to place 22.5 million shares, representing 2.1% of the current share capital, at a price range of HKD 32.55 to HKD 33.25, which is a discount of 5% to 7% compared to the closing price of HKD 35 on August 20, aiming to raise up to HKD 748 million for the expansion of its gold mine in the Solomon Islands [1] Group 1 - The share placement is set to have a 90-day lock-up period for the company and a 30-day lock-up period for selling shareholders [1] - CITIC Lyon Securities is appointed as the sole global coordinator and joint placement agent for the share placement [1] - The major shareholder, Prominence Investment Holding, plans to reduce its stake by selling 7.5 million shares at the same price range, potentially raising up to HKD 249 million [1]

智通财经APP获悉，据报道，万国黄金集团(03939)计划配售2250万股，相当于目前股本2.1%，配股价 范围32.55港元至33.25港元，较8月20日收市价35港元折让5%至7%，集资最多7.48亿港元，用于扩展所 罗门群岛的金矿等。公司设90天禁售期，减持股东设30天禁售期，中信里昂证券担任独家整体协调人及 联合配售代理。 大股东Prominence Investment Holding计划以相同作价(32.55港元至33.25港元)减持750万股，相当于现有 股本0.7%，套现最多2.49亿港元。 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by increased gold production and operational efficiency [1][2]. Financial Performance - The company achieved a revenue of 1.24 billion yuan in H1 2025, representing a year-on-year increase of 33.67% [1]. - The net profit attributable to shareholders reached 601 million yuan, marking a substantial year-on-year increase of 136.27% [1]. - The company declared an interim dividend of 0.185 yuan per share, totaling approximately 201 million yuan, with a payout ratio of 33.4% [1]. Product Revenue Breakdown - Gold revenue accounted for 77.7% of total revenue, while copper contributed 8.6% [1]. Mining Operations - The company significantly increased its mining volume to 1.9759 million tons in H1 2025, a more than threefold increase year-on-year [1]. - The increase in mining volume was attributed to enhanced equipment and improved road conditions, which boosted transportation efficiency [1]. - The company expects further growth in mining volume in the second half of the year due to favorable dry season conditions [1]. Processing Capacity and Costs - The company completed a processing volume of 1.272 million tons in H1 2025, with a processing capacity reaching 10,000 tons per day and a stable recovery rate of 80% [1][2]. - The company plans to install a new flotation unit by the end of the year, increasing daily processing capacity to 12,000-13,000 tons [2]. - Sales costs in H1 2025 were reported at 168 g/t, with total costs at 240 g/t, indicating a decline in operational costs [2]. Exploration and Expansion - Continuous exploration efforts led to the drilling of 367 holes, totaling 42,555.7 meters, discovering high-grade layers that may enhance resource availability [2]. - The company has signed a feasibility study contract for a 10 million tons per year expansion project, which is expected to position the mine as a globally influential gold producer [2]. Other Mining Operations - The Xinzhang Yifeng mine experienced a decline in processing volume to 450,500 tons, a 14.1% decrease year-on-year, due to a 67-day production halt for technical upgrades [3]. - Revenue from the Xinzhang mine was 277 million yuan, with a gross margin of 51.8% [3]. - The unit cost of ore for the Xinzhang mine was maintained at 296.1 yuan per ton, with stable profit margins [3]. Investment Outlook - The company is expected to experience significant growth in gold production, driven by capacity ramp-up and favorable gold prices, with projected net profits of 1.263 billion yuan, 1.593 billion yuan, and 1.945 billion yuan for 2025-2027 [3].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [3][33]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching RMB 1.24 billion, a year-on-year increase of 33.67%, and net profit of RMB 601 million, up 136.27% [1][8]. - The gold revenue share has increased to 77.7%, with copper being the second-largest revenue source at 8.6% [1][8]. - The company plans to distribute an interim dividend of RMB 0.185 per share, totaling approximately RMB 201 million, representing a payout ratio of 33.4% [1][8]. Summary by Sections 1. Event Announcement - The company released its mid-year performance report for 2025, highlighting substantial growth in both revenue and net profit [1][8]. 2. Gold Mining Operations - Gold production reached 1.47 tons in the first half of 2025, a 17.1% increase year-on-year, with significant improvements in mining volume and cost efficiency [2][14]. - The mining volume surged to 1.9759 million tons, more than tripling compared to the same period in 2024, due to enhanced equipment and improved transportation conditions [2][15]. - The company has ongoing exploration activities, with 367 drill holes completed, indicating potential for increased resource reserves [2][20]. 3. New Zhuang Yifeng Mine - The New Zhuang Mine maintained stable operations despite a 14.1% decline in processing volume due to technical upgrades [3][26]. - The mine achieved revenue of RMB 277 million with a gross margin of 51.8% [3][26]. 4. Profit Forecast and Investment Recommendations - The company is expected to see substantial growth in net profit, projected at RMB 1.263 billion for 2025, with earnings per share (EPS) forecasted at RMB 1.17 [3][33]. - The anticipated profit growth rates for 2025-2027 are 119.5%, 26.1%, and 22.1%, respectively, indicating a robust growth trajectory [3][33].

Group 1: Macroeconomic Insights - The macroeconomic environment remains supportive for the market, with expectations of new policies but limited strong stimulus in the short term, focusing on three major changes: export, consumption, and real estate data [6][7][8] - July economic data shows a general slowdown, with consumption continuing to decline and investment in real estate and manufacturing accelerating its drop [7][8] - The banking sector is experiencing a decline in profits, but the credit structure is continuously optimizing, with a narrowing decline in profit growth observed in Q2 [23][24] Group 2: Industry Performance - The construction industry is seeing a significant revaluation of mineral resources, with a focus on high-dividend leading companies due to improved supply and overseas demand [19][20] - The courier industry is experiencing a "reverse involution," with price increases expected to spread across regions, enhancing profitability for major listed companies [21][23] - The sweetener industry is projected to grow, driven by the demand for sugar reduction, with artificial sweeteners maintaining a strong market presence [30][31] Group 3: Company-Specific Insights - Jianghe Group, a leader in high-end curtain wall supply, is expected to see steady profit growth from 2025 to 2027, with a minimum dividend payout ratio of 80% [20] - Rongxin Culture, a leader in children's books, is positioned for growth through digital transformation and IP monetization, with significant profit increases projected from 2025 to 2027 [32] - Youyou Foods, a leader in spicy chicken feet snacks, is expanding its market presence and product offerings, with strong growth potential in emerging channels [35]