Investment Rating - The report maintains a "Buy" rating for the company [5][7]. Core Views - The company has shown significant growth in both revenue and net profit, with a 34% year-on-year increase in revenue to 1.24 billion RMB and a 136% increase in net profit to 600 million RMB in the first half of 2025 [1]. - The substantial profit growth is attributed to increased sales and prices of gold products [1]. - The company is expected to benefit from the commissioning of a new processing plant, which will enhance production capacity and contribute to revenue growth in the coming years [5]. Summary by Sections Production and Sales - In the first half of 2025, the company achieved a mining volume of 1.98 million tons, a 347% increase year-on-year, and a processing volume of 1.27 million tons, a 12% increase year-on-year [2]. - Gold ingot production reached 1,046 kg, up 40% year-on-year, while gold concentrate production was 26,300 tons, down 0.3% year-on-year [2]. Financial Performance - The company reported a revenue of 963 million RMB in the first half of 2025, a 72% increase year-on-year, and a net profit of 621 million RMB, a 141% increase year-on-year [3]. - The unit cost of production decreased to 240 RMB per gram, a reduction of 52 RMB per gram compared to the full year of 2024, while the profit per gram of gold increased to 436 RMB, up 227 RMB per gram year-on-year [3]. Future Outlook - The company plans to further enhance its mining capacity at the Xinzhang mine, aiming to increase it to 1 million tons per year [4]. - Revenue projections for 2025-2027 are estimated at 3.49 billion RMB, 4.77 billion RMB, and 5.36 billion RMB, respectively, with net profits expected to be 1.41 billion RMB, 1.87 billion RMB, and 2.18 billion RMB [5][6].

Core Viewpoint - The company, 万国黄金集团, reported significant growth in its mid-year financial results for 2025, indicating strong performance driven by increased sales from its mining operations [3] Financial Performance - Revenue increased by approximately 33.7% year-on-year to about 1.24 billion [3] - Gross profit rose by approximately 79.4% year-on-year to about 868 million [3] - Profit attributable to shareholders surged by approximately 136.3% year-on-year to about 601 million [3] - Basic earnings per share were approximately 55.4 cents [3] - The interim dividend declared was 20.30 Hong Kong cents per share [3] Operational Highlights - The profit growth was primarily attributed to increased sales and profit contributions from gold ingots and gold concentrate sales from the Jinling Mine [3]

Core Viewpoint - The company, WanGuo Gold Group (03939), announced a mid-term dividend of HKD 0.203 per share for the six months ending June 30, 2025, to be distributed on November 28, 2025 [1] Summary by Relevant Categories - **Dividend Announcement** - WanGuo Gold Group will distribute a mid-term dividend of HKD 0.203 per share [1]

Core Viewpoint - The company, WanGuo Gold Group (03939), announced a mid-term dividend of HKD 0.203 per share, to be distributed on November 28, 2025, for the six months ending June 30, 2025 [1] Summary by Relevant Sections - Dividend Announcement - WanGuo Gold Group will distribute a mid-term dividend of HKD 0.203 per share [1] - The dividend is for the period ending June 30, 2025 [1] - The payment date for the dividend is set for November 28, 2025 [1]

Core Viewpoint - The company, 万国黄金集团, announced a mid-term dividend of HKD 0.203 per share for the six months ending June 30, 2025, to be distributed on November 28, 2025 [1] Company Summary - The mid-term dividend is set at HKD 0.203 per share [1] - The dividend distribution date is scheduled for November 28, 2025 [1] - The dividend pertains to the financial period ending June 30, 2025 [1]

Core Viewpoint - The announcement highlights a significant increase in both revenue and profit for the company, driven primarily by increased sales from its mining operations [1] Financial Performance - Revenue for the six months ending June 30, 2025, increased by approximately 33.7% to around RMB 1.24 billion [1] - Profit attributable to owners rose by approximately 136.3% to around RMB 600 million [1] - Basic earnings per share were approximately RMB 0.554, compared to RMB 0.307 for the six months ending June 30, 2024 [1] - The board declared an interim dividend of HKD 0.203, up from HKD 0.120 for the previous period [1] Operational Highlights - The overall revenue increase is primarily attributed to higher sales from the Jinling Mine [1] - The company fully owns Yifeng Wanguo Mining Co., Ltd., which holds the rights to the Xinzhuang Copper-Lead-Zinc Mine located in Jiangxi Province, China [1] - The Xinzhuang Mine contains substantial resources of non-ferrous polymetallic minerals [1] - The company's product offerings include copper concentrate, iron concentrate, zinc concentrate, sulfur concentrate, lead concentrate, and by-products of gold and silver [1]

Group 1 - The core viewpoint of the article is that the company, 万国黄金集团, reported significant growth in its mid-term performance for 2025, with substantial increases in revenue, gross profit, and net profit attributable to shareholders [1] Group 2 - The company's revenue increased by approximately 33.7% year-on-year to about 1.24 billion HKD [1] - Gross profit rose by approximately 79.4% year-on-year to about 868 million HKD [1] - Net profit attributable to shareholders surged by approximately 136.3% year-on-year to about 601 million HKD [1] - Basic earnings per share were approximately 55.4 cents, and the interim dividend was set at 20.30 HKD cents [1] - The profit growth was primarily driven by increased sales and profit contributions from gold ingots and gold concentrates from the Jinling Mine [1]

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 ...