（H股股份代號：6693） 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，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Chifeng Jilong Gold Mining Co., Ltd. 赤峰吉隆黃金礦業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 截至2024年12月31日止年度業績公告 本集團財務摘要 截至2024年12月31日止年度，本集團實現營業收入人民幣90.26億元，同比增長 24.99%（上年：人民幣72.21億元）。 截至2024年12月31日止年度，本集團歸屬於母公司股東的淨利潤為人民幣17.64 億元，同比增長119.46%（上年：人民幣8.04億元）。 於2024年12月31日，本集團總資產為人民幣203.29億元，較年初增長8.61%（年 初：人民幣187.18億元）。 於2024年12月31日，本集團歸屬於母公司股東的淨資產為人民幣79.17億元，較 年初增長28.69%（年初：人民幣61.52億元）。 董事會建議公司2024年度利潤分配預案為：每1 ...

Investment Rating - The investment rating for the company is 5.4, based on operational performance, industry outlook, valuation, and market sentiment [8]. Core Insights - The company, Chifeng Jilong Gold Mining Co., Ltd., is a rapidly growing international gold producer with a significant increase in gold production from 2021 to 2023, achieving a compound annual growth rate (CAGR) of 33.1% [1]. - The company has a strong operational efficiency, with all-in sustaining costs below the global average, ranking fifth among Chinese gold producers and 20-30 globally [1]. - The revenue for the company has shown a steady increase, with a 17.8% year-on-year growth for the nine months ending September 30, 2024, driven by higher average selling prices and increased sales volume [2]. - The global gold demand is expected to grow at a CAGR of 0.8% from 2024 to 2028, with central bank demand growing the fastest at 6.9% [3]. - The company is positioned as the largest private gold producer in China, with a robust market outlook and a strong track record in mergers and acquisitions [5]. Company Overview - Chifeng Jilong Gold Mining Co., Ltd. operates six gold and multi-metal mines across China, Laos, and Ghana, with a total gold production of 461.5 thousand ounces in 2023 [1]. - The company’s revenue is primarily derived from gold mining, accounting for 87.6% of total revenue in 2023, with Laos and Ghana being the largest revenue sources [2]. - The company has a unique corporate culture and incentive mechanisms that drive continuous growth among management and employees [5]. Financial Performance - The company's revenue for the years 2021, 2022, and 2023 were 37.8 billion, 62.6 billion, and 72.2 billion CNY respectively, with a gross margin of 32.6% in 2023 [2]. - The net profit attributable to shareholders for the same years was 5.8 billion, 4.5 billion, and 8.0 billion CNY, indicating a strong recovery in profitability [2]. Market Conditions - The global gold spot price is projected to rise at a CAGR of 7.1% from 2024 to 2028, reflecting strong demand [4]. - The company’s IPO price range is set between 13.72 and 15.83 HKD, with a total market capitalization estimated at 256.50 to 295.95 billion HKD post-IPO [11].

Investment Rating - The report recommends subscription for Chifeng Gold (6693.HK) [1][6] Core Viewpoints - Chifeng Gold is a rapidly growing international gold producer, primarily engaged in the mining, processing, and sales of gold, with a history dating back to December 2012 [2] - The company has become the largest private gold producer in China and is expanding its global business through acquisitions of quality mineral resources in Laos and Ghana [2] - China's gold demand has been steadily increasing, with a compound annual growth rate of 1.3% from 2019 to 2023, and a significant recovery in 2023 with a 10.9% year-on-year growth, reaching 37.5 million ounces [2] - The company has shown high double-digit revenue growth for several consecutive years, with a compound annual growth rate of 38.17% from 2021 to 2023 [3] - The expected net profit for 2024 is projected to be between 1.73 billion and 1.8 billion RMB, representing a year-on-year increase of 115.19% to 123.90% [3][6] Summary by Relevant Sections IPO Details - The IPO price range is set between HKD 13.72 and 15.83, with a total fundraising amount of approximately HKD 2.8868 billion [1] - The total number of shares offered is 205.7 million, with 90% allocated for international placement and 10% for public offering [1] Financial Performance - Revenue figures for Chifeng Gold from 2021 to 2023 are RMB 3.783 billion, RMB 6.267 billion, and RMB 7.221 billion respectively, with gross profit figures of RMB 1.258 billion, RMB 1.795 billion, and RMB 2.353 billion [3] - The company plans to use about 50% of the net proceeds from the IPO for upgrading and exploration of existing mines over the next five years [3][6]