每经记者｜黄宗彦 每经编辑｜杨夏 自开年以来，有关黄金价格的话题屡次登上热搜。如"国内黄金零售价格突破1000元/克""金价坐过山 车"等，让这个世界上最古老的投资品种在当下的金融市场焕发出新活力。 那么，该行业的ESG（环境、社会和公司治理）信披水平如何？根据Wind行业分类，目前A股黄金行业 共有11家上市企业，其中6家企业披露了ESG相关报告，披露率达到54.55%。在披露框架应用方面，有5 家企业的ESG报告参考了三大证券交易所此前发布的《上市公司可持续发展报告指引》（以下简称"指 引"）作为编制依据。 中央财经大学绿色金融国际研究院副院长施懿宸向《每日经济新闻》记者表示，从披露比例来看，行业 整体仍有较大提升空间，评级方面亦是如此。"和其他行业类似，头部企业的ESG表现较好，跟他们的 国际化程度高有很大关系。" 值得一提的是，记者发现，部分公司在报告期内的争议事件并未出现在ESG报告中。对此，施懿宸认 为，这种"报喜不报忧"的情况，需要有相关的法规来强制规定，不然对于编制报告的人员而言，他们难 以绕过实际控制人或者高管去披露负面信息。 报告披露率过半，但仅2家公司披露范围三数据 | | | 2024 ...

Group 1 - The A-share precious metals sector showed strong performance at the beginning of trading, with Zhongrun Resources rising over 6% [1] - Other companies in the sector, including Hunan Gold, Shandong Gold, Hengbang Shares, and Zhongjin Gold, also experienced gains [1]

Summary of Zhongjin Gold's Investor Conference Call Company Overview - Zhongjin Gold Co., Ltd. is the first publicly listed company in China specializing in gold production, established on June 23, 2000. It is the main platform for the Group's gold mining operations and is the only centrally controlled listed company in the domestic gold industry. [3] Key Financial Performance - For Q1 2025, the company reported: - Revenue of 14.859 billion yuan, an increase of 12.88% year-on-year - Net profit attributable to shareholders of 1.038 billion yuan, up 32.65% year-on-year - Basic earnings per share of 0.21 yuan, an increase of 31.25% year-on-year [8] Asset Injection and Competition - The Group plans to inject assets into the listed company on a step-by-step basis, focusing on mature assets that meet disclosure conditions. [8][10][13] - The company is addressing potential competition from the Group's other assets and has categorized them into three types for future planning. [13] Cost Management and Production Plans - The company is facing rising gold mining costs, estimated to exceed 450 yuan per gram in Q1 2025, attributed to the mining of lower-grade ores. [10][11] - The company is implementing cost control measures, including enhancing labor efficiency and managing energy consumption. [11][20] - Production targets for 2025 include: - Gold production of 18.17 tons - Smelting gold of 35.30 tons - Copper mining of 79,400 tons - Electrolytic copper of 396,200 tons [23] Dividend Policy - The company has seen a decline in its dividend policy in 2024, which was previously a highlight for attracting long-term investors. Future dividend levels will be determined based on funding needs. [10][22] Market Conditions and Future Outlook - The international gold price is expected to remain volatile at high levels, which may impact procurement costs for the smelting business. [14][25] - The company is focused on both internal development and external acquisitions to enhance resource reserves and production capacity. [39] Investor Relations and Market Perception - The company acknowledges that its market valuation is currently lower compared to peers, and it is actively working on improving investor relations and market communication. [38][40] - The company is committed to enhancing its market value through various strategies, including asset injections and improving operational efficiency. [11][39] Additional Insights - The company has accumulated nearly 3 tons of gold inventory in recent years, which was released during periods of lower production. Future release conditions are under consideration. [10] - The company is exploring international mining opportunities to diversify its resource base. [18] This summary encapsulates the key points discussed during the conference call, highlighting the company's financial performance, strategic plans, and market outlook.

中金黄金股份有限公司 2024 年年度股东大会 会议资料 2025 年 6 月 中金黄金股份有限公司 2024 年年度股东大会会议议程 一、会议时间 三、会议召集人 中金黄金股份有限公司（以下简称公司）董事会。 四、现场会议议程 （一）会议主持人宣布会议开始； （二）会议主持人宣布到会股东及股东授权代表人数和 持有股份数，说明授权委托情况，介绍到会人员； （三）宣读公司 2024 年年度股东大会会议须知； 现场会议召开时间：2025 年 6 月 9 日（星期一）14:30。 网络投票时间：采用上海证券交易所网络投票系统，通 过交易系统投票平台的投票时间为 2025 年 6 月 9 日（星期 一）的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00； 通过互联网投票平台的投票时间为 2025 年 6 月 9 日（星期 一）的 9:15-15:00。 二、现场会议地点 北京市东城区安外大街 9 号中国黄金大厦。 （四）议案审议： 1.审议《2024 年度董事会工作报告》 1 2.审议《2024 年度监事会工作报告》 4.审议《2024 年度财务决算报告》 5.审议《2024 年年度利 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [10][16]. Core Insights - The company plans to acquire stakes in four subsidiaries from its controlling shareholder, China Gold Group, which is expected to enhance its gold production capacity and profitability [3][10]. - The projected net profit for the company is expected to grow significantly, with estimates of 47.45 billion, 62.45 billion, and 73.51 billion for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 40.13%, 31.61%, and 17.71% [10][12]. Company Overview - The latest closing price of the company's stock is 13.90 yuan, with a total market capitalization of 674 billion yuan [2]. - The company has a total share capital of 4.847 billion shares, with a debt-to-asset ratio of 41.5% and a price-to-earnings ratio of 19.86 [2]. Acquisition Details - The company intends to acquire a 49.33625% stake in Inner Mongolia Jintao, which produced 1.37 tons of gold in 2024, and has total audited assets of 747 million yuan [4]. - The acquisition of an 80% stake in Hebei Dabaoyang, which produced 0.28 tons of gold in 2024, is also planned, with total audited assets of 235 million yuan [5]. - Additionally, the company aims to acquire a 70% stake in Liaoning Tianli, which produced 1.23 tons of refined gold in 2024, with total audited assets of 490 million yuan [6]. - Lastly, a 70% stake in Liaoning Jinfeng, which produced 0.28 tons of gold in 2024, is included in the acquisition plan, with total audited assets of 149 million yuan [9]. Financial Projections - The company’s revenue is projected to grow from 65.56 billion yuan in 2024 to 77.40 billion yuan in 2027, with a compound annual growth rate of approximately 6.88% [12][15]. - The expected earnings per share (EPS) are forecasted to increase from 0.70 yuan in 2024 to 1.52 yuan in 2027 [12][15]. - The price-to-earnings ratio is anticipated to decrease from 19.90 in 2024 to 9.17 by 2027, indicating improved valuation as earnings grow [12][15].

Core Viewpoint - The company, Zhongjin Gold Corporation, plans to acquire shares from its controlling shareholder, China National Gold Group, to enhance its gold business and resolve competition issues between the two entities [2][3]. Group 1: Acquisition Details - Zhongjin Gold intends to acquire stakes in four companies held by China National Gold Group, including Inner Mongolia Jintao Co., Hebei Dabaoyang Gold Mine, Liaoning Tianli Gold Co., and Liaoning Jinfeng Gold Mining Co. [3][4]. - The acquisition aims to support the development of Zhongjin Gold's core gold business and eliminate competition with its controlling shareholder [2][3]. Group 2: Financial Performance - As of the end of 2024, Zhongjin Gold reported total assets of 59.93 billion yuan, fixed assets of 13.79 billion yuan, and construction in progress of 3.32 billion yuan [9]. - The company achieved a revenue of 65.56 billion yuan and a net profit of 3.39 billion yuan in 2024, representing increases of 7.01% and 13.71% year-on-year, respectively [9]. - In the first quarter of 2025, Zhongjin Gold's revenue reached 14.59 billion yuan, a year-on-year increase of 12.88%, with a net profit of 1.04 billion yuan, up 32.65% [9]. Group 3: Resource and Production Metrics - By the end of 2024, Zhongjin Gold's resource holdings included 894.55 tons of gold, 2.2816 million tons of copper, and 59.46 thousand tons of molybdenum, with mining rights covering an area of 628.44 square kilometers [8]. - In 2024, the company produced 18.35 tons of gold, 37.95 tons of refined gold, 82,000 tons of copper, and 396,900 tons of electrolytic copper [8].

Core Viewpoint - Zhongjin Gold Co., Ltd. plans to acquire equity stakes in several mining companies from its controlling shareholder, China National Gold Group, to enhance its gold business and address competition issues [2][4]. Group 1: Transaction Overview - The company intends to acquire 49.33625% of Inner Mongolia Jintao Co., Ltd., 80% of Hebei Dabaoyang Gold Mine Co., Ltd., 70% of Liaoning Tianli Gold Co., Ltd., and 70% of Liaoning Jinfeng Gold Mining Co., Ltd. from China National Gold Group [2][4]. - This transaction is classified as a related party transaction due to the relationship between the company and the seller [3][4]. - The acquisition is still in the planning stage and requires approval from the board or shareholders, as well as regulatory approval from state asset supervision authorities [3][4]. Group 2: Financial Metrics of Target Companies - **Inner Mongolia Jintao**: - 2024 gold production: 1,368.252 kg - Total assets: 746.69 million CNY - Net assets: 468.95 million CNY - Revenue: 761.00 million CNY - Net profit: 174.49 million CNY [6] - **Hebei Dabaoyang**: - 2024 gold production: 278.645 kg - Total assets: 235.11 million CNY - Net assets: 115.45 million CNY - Revenue: 152.79 million CNY - Net profit: 32.72 million CNY [7] - **Liaoning Tianli**: - 2024 gold production: 1,231.433 kg - Total assets: 491.85 million CNY - Net assets: 179.88 million CNY - Revenue: 695.98 million CNY - Net profit: 10.33 million CNY [8] - **Liaoning Jinfeng**: - 2024 gold production: 277.052 kg - Total assets: 148.99 million CNY - Net assets: 64.24 million CNY - Revenue: 115.55 million CNY - Net profit: 2.51 million CNY [8]

Core Viewpoint - The company, Zhongjin Gold (600489), plans to acquire equity stakes in four subsidiaries of its controlling shareholder, China National Gold Group (600916), to enhance its gold business and address industry competition issues [1] Group 1: Acquisition Details - Zhongjin Gold intends to acquire 49.33625% of Inner Mongolia Jintao Co., Ltd., 80% of Hebei Dabaiyang Gold Mine Co., Ltd., 70% of Liaoning Tianli Gold Co., Ltd., and 70% of Liaoning Jinfeng Gold Mining Co., Ltd. from China National Gold Group [1] - The acquisition aims to support the development of Zhongjin Gold's core gold business and enhance its future growth potential [1] Group 2: Resource Production - The four companies targeted for acquisition have significant mineral resources, including gold, silver, and copper, with a combined gold production of 3,155.382 kg (approximately 3.16 tons) and silver production of 6,706.446 kg last year [2][3] - In 2024, Zhongjin Gold is projected to produce 18.35 tons of gold, 37.95 tons of refined gold, 82,000 tons of copper, and 396,900 tons of electrolytic copper [3] Group 3: Market Context - Current prices for gold, silver, and copper are at historical highs, with spot gold reaching $3,500 per ounce in April 2024 [3] - The mining industry is actively increasing reserves, and Zhongjin Gold is intensifying exploration and reserve expansion efforts, with a resource base of 894.55 tons of gold and 228.16 million tons of copper by the end of 2024 [3] Group 4: Future Growth Potential - Analysts suggest that the injection of quality assets from China National Gold Group and the completion of the Laizhou Huijin Shaling Gold Mine project will likely increase Zhongjin Gold's gold production [4] - The growth in production is expected to contribute to sustainable growth for gold mining companies, although attention must be paid to cost control and operational efficiency [4]

中金黄金股份有限公司 关于筹划收购股权暨关联交易的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示: 证券代码：600489 证券简称：中金黄金 公告编号：2025-023 一、交易情况概述 鉴于本次交易的交易对方黄金集团为公司控股股东，河北公司和科技公司为 黄金集团的控股子公司，本次交易构成关联交易。 本次股权收购事宜尚处于筹划阶段，本次交易尚需提交公司董事会或股东大 会审议通过后实施，评估结果尚需国有资产监督管理机构或其授权单位备案或核 准，具有一定的不确定性。 二、交易对方基本情况 （一）黄金集团 | 名称 | 中国黄金集团有限公司 | | --- | --- | | 统一社会信用 | 91110000100001625L | | 代码 | | | 法定代表人 周洲 | | | 成立日期 1984 | 年 1 月 17 日 | | 注册地 | 北京市东城区 | | 注册资本 650000 | 万元 | | 主要办公地点 | 北京市东城区安外大街 9 号 | | | 对外派遣与其实力、规模、业绩相适 ...

Core Viewpoint - The company plans to acquire stakes in several subsidiaries from its controlling shareholder, Gold Group, which includes 49.33625% of Inner Mongolia Jintao, 80% of Hebei Dabaiyang, 70% of Liaoning Tianli, and 70% of Liaoning Jinfeng [1] Group 1 - The acquisition requires approval from the company's board or shareholders' meeting before implementation [1] - The evaluation results need to be filed or approved by the state-owned assets supervision and administration authority or its authorized unit [1]