中金黄金8月28日披露半年报，公司上半年实现营业收入350.67亿元，同比增长22.90%；归属于上市公 司股东的净利润26.95亿元，同比增长54.64%；基本每股收益0.56元/股。 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines key terms used in the report, ensuring clear and consistent understanding - The reporting period refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - "This reorganization" refers to China Gold International Resources acquiring 90.00% equity in Inner Mongolia Mining and 60.98% equity in Zhongyuan Smelter through share issuance and cash payment, completed on May 11, 2020[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's profile, stock overview, and key H1 2025 financial indicators, highlighting strong growth from product prices and cost efficiency [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section provides the company's official Chinese name, abbreviation, and legal representative - The company's official Chinese name is China Gold International Resources Co., Ltd., abbreviated as Zhongjin Huangjin[14](index=14&type=chunk) - The company's legal representative is He Xiaoqing[14](index=14&type=chunk) [II. Contact Person and Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including address, phone, fax, and email - The Securities Affairs Representative is Ying Wen, with contact address at No. 9 Andingmenwai Street, Dongcheng District, Beijing, phone 010-56353909, and email zjhj@chinagoldgroup.com[15](index=15&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) During the reporting period, there were no changes to the company's registered address or office address, and its website and email remained unchanged - The company's registered address and office address remained unchanged during the reporting period[16](index=16&type=chunk) - The company's website is zjgold.chinagoldgroup.com, and its email is zjhj@chinagoldgroup.com[16](index=16&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) The company's A-shares are listed on the Shanghai Stock Exchange, with the stock abbreviation Zhongjin Huangjin and stock code 600489 - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Zhongjin Huangjin and stock code 600489[18](index=18&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, the company's key accounting data and financial indicators showed strong performance, with significant growth in operating revenue, total profit, and net profit attributable to shareholders, and a substantial increase in EPS, primarily due to rising product prices and cost efficiency [(I) Key Accounting Data](index=5&type=section&id=%28I%29%20Key%20Accounting%20Data) This subsection presents the company's key accounting data for the first half of 2025, including revenue, total profit, and net profit attributable to shareholders Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 35,067,485,594.27 | 28,532,437,570.36 | 22.90 | | Total Profit | 4,081,419,462.13 | 2,594,393,799.91 | 57.32 | | Net Profit Attributable to Shareholders of Listed Company | 2,694,780,823.33 | 1,742,658,755.52 | 54.64 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 2,957,078,938.14 | 1,671,133,147.67 | 76.95 | | Net Cash Flow from Operating Activities | 102,364,475.11 | -574,329,943.67 | - | | Net Assets Attributable to Shareholders of Listed Company (Period-End) | 28,277,543,501.18 | 27,392,842,641.10 | 3.23 | | Total Assets (Period-End) | 61,582,073,854.31 | 55,638,663,702.80 | 10.68 | [(II) Key Financial Indicators](index=6&type=section&id=%28II%29%20Key%20Financial%20Indicators) This subsection presents the company's key financial indicators for the first half of 2025, including basic EPS, diluted EPS, and weighted average return on net assets Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.56 | 0.36 | 55.56 | | Diluted Earnings Per Share (CNY/share) | 0.56 | 0.36 | 55.56 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (CNY/share) | 0.61 | 0.34 | 79.41 | | Weighted Average Return on Net Assets (%) | 9.36 | 6.52 | Increased by 2.84 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 10.28 | 6.25 | Increased by 4.03 percentage points | - The significant increase in total profit, net profit attributable to shareholders, net profit excluding non-recurring gains/losses, basic EPS, and diluted EPS is primarily due to the company capitalizing on favorable product price increases and further enhancing cost reduction and efficiency[21](index=21&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's non-recurring gains and losses items and their amounts for H1 2025, totaling **-262.30 million CNY**, with fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises being the main negative impact Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets | 10,079,457.66 | | Government grants recognized in current profit or loss | 17,593,249.83 | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations | -334,120,485.32 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 238,914.42 | | Other non-operating income and expenses apart from the above | -41,718,540.64 | | Less: Income tax impact | -81,451,025.44 | | Minority interest impact (after tax) | -4,178,263.80 | | Total | -262,298,114.81 | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section discusses China Gold International Resources' H1 2025 operations, including industry analysis, main businesses, operating model, results, core competitiveness, and risks, highlighting stable growth in output and profit amid rising product prices, alongside efforts in resource expansion, technological innovation, and market value management, while prioritizing safety, environmental protection, and compliance [I. Industry and Main Business Overview During the Reporting Period](index=7&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) This section analyzes the gold and copper market conditions in H1 2025 and details the company's main business scope and operating model, including procurement, production, and sales strategies [(I) Industry Situation During the Reporting Period](index=7&type=section&id=%28I%29%20Industry%20Situation%20During%20the%20Reporting%20Period) This subsection analyzes the market conditions of the gold and copper industries during the first half of 2025, providing key production, consumption, and price data Gold Industry Data for H1 2025 | Indicator | H1 2025 | YoY Change (%) | | :--- | :--- | :--- | | Domestic Raw Gold Production | 179.083 tonnes | -0.31 | | Imported Raw Gold Production | 76.678 tonnes | 2.29 | | Total National Gold Production | 252.761 tonnes | 0.44 | | Gold Consumption | 505.205 tonnes | -3.54 | | Gold Jewelry Consumption | 199.826 tonnes | -26.00 | | Gold Bar and Coin Consumption | 264.242 tonnes | 23.69 | | Industrial and Other Gold Consumption | 41.137 tonnes | 2.59 | | Gold Reserve Increase | 18.97 tonnes | - | | Domestic Gold ETF Holdings Increase | 84.771 tonnes | 173.73 | | London Spot Gold Fixing Price (End of June) | 3287.45 USD/ounce | 24.31 (up from year-start) | | Shanghai Gold Exchange Au9999 Closing Price (End of June) | 764.43 CNY/gram | 24.50 (up from year-start) | - In H1 2025, escalating regional conflicts globally and safe-haven demand drove a significant surge in international gold prices, with the average London spot gold price increasing by **39.21%** year-on-year, and the average Shanghai Gold Exchange gold price rising by **41.07%** year-on-year[28](index=28&type=chunk) - From January to June 2025, global refined copper production was **13.43 million tonnes**, consumption was **13.29 million tonnes**; China's refined copper production was **6.46 million tonnes**, consumption was **7.64 million tonnes**, resulting in a surplus of **0.41 million tonnes**[28](index=28&type=chunk) [(II) Company's Main Businesses During the Reporting Period](index=8&type=section&id=%28II%29%20Company%27s%20Main%20Businesses%20During%20the%20Reporting%20Period) This subsection details the company's primary business activities, including geological exploration, mining, and smelting of gold and non-ferrous metals, as well as the processing and sale of gold production by-products - The company's main businesses include investment and management in geological exploration, mining, and smelting of gold and non-ferrous metals, as well as processing and sales of gold production by-products[29](index=29&type=chunk) - Core products are gold series products (gold concentrate, doré, standard gold), with other products including copper, molybdenum, silver, and sulfuric acid[29](index=29&type=chunk) [(III) Operating Model](index=8&type=section&id=%28III%29%20Operating%20Model) This subsection describes the company's operating model, covering its procurement, production, and sales strategies for gold and non-ferrous metal products - Procurement Model: Primarily involves purchasing raw materials (gold concentrate, doré, copper concentrate), production auxiliaries, and energy, with external raw material procurement adhering to regulations such as the "Interim Measures for Gold Product Purchase and Sale Management"[30](index=30&type=chunk) - Production Model: Annual production budgets are determined based on mine conditions, gold and copper prices, and costs, with competitiveness enhanced through cost control, optimization of "five rates" and "five fees", centralized procurement, energy saving, and technological advancements[30](index=30&type=chunk)[31](index=31&type=chunk) - Sales Model: The vast majority of gold products are standard gold, sold through the Shanghai Gold Exchange online trading platform; doré is sold referencing Gold Exchange prices; cathode copper is sold through spot sales and futures market pricing, with prices referencing Shanghai Nonferrous Metals Exchange and Yangtze River Nonferrous Metals Network[31](index=31&type=chunk) [II. Discussion and Analysis of Operating Performance](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) In H1 2025, the company made significant progress in strengthening production and operations management, resource expansion, deepening reforms, risk control, and market value management, achieving continuous growth in output and profit, laying a solid foundation for annual targets [(I) Strengthened Production and Operations Management, Stable Growth in Key Indicators](index=9&type=section&id=%28I%29%20Strengthened%20Production%20and%20Operations%20Management%2C%20Stable%20Growth%20in%20Key%20Indicators) This subsection highlights the company's achievements in production and operations management during H1 2025, showing stable growth in key financial and operational metrics Key Operating Indicators for H1 2025 | Indicator | Current Period | YoY Change | | :--- | :--- | :--- | | Total Profit | 4.081 billion CNY | Increased by 57.32% | | Asset-Liability Ratio | 44.78% | Decreased by 1.82 percentage points | | Return on Net Assets | 9.36% | Increased by 2.84 percentage points | | Operating Cash Receipt Ratio | 105.93% | Decreased by 5.25 percentage points | | Labor Productivity per Employee | 0.69 million CNY/person | Increased by 0.13 million CNY/person | | R&D Expenditure Intensity | 2.84% | Increased by 0.13 percentage points | Key Product Production and Sales Volume for H1 2025 | Product | Production Volume (tonnes) | Sales Volume (tonnes) | Production YoY Change (%) | Sales YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Mined Gold | 9.13 | 8.87 | 2.35 | 5.97 | | Smelted Gold | 19.32 | 18.10 | 1.47 | -0.49 | | Mined Copper | 38.1 thousand tonnes | 40.0 thousand tonnes | -8.63 | -7.62 | | Electrolytic Copper | 203.9 thousand tonnes | 190.6 thousand tonnes | 13.09 | 14.75 | [(II) Enhanced Resource Reserve Efforts, Continuously Solidifying Resource Guarantee Foundation](index=9&type=section&id=%28II%29%20Enhanced%20Resource%20Reserve%20Efforts%2C%20Continuously%20Solidifying%20Resource%20Guarantee%20Foundation) This subsection details the company's efforts in resource exploration and expansion during H1 2025, including geological prospecting investments and new resource acquisitions - In H1, geological prospecting investment totaled **133.38 million CNY**, completing **32,200 meters** of underground exploration and **147,700 meters** of drilling, cumulatively increasing gold metal reserves by **13.82 tonnes**[33](index=33&type=chunk) - In resource expansion, **10** mining rights were renewed or extended, adding **27.21 square kilometers**; **1** mining right was integrated, covering **6.71 square kilometers**; and **4** prospecting rights were acquired through bidding, adding **21.90 square kilometers**[33](index=33&type=chunk)[34](index=34&type=chunk) [(III) Strengthened Implementation of Reform and Improvement Actions, Continuously Enhancing Enterprise Development Momentum](index=10&type=section&id=%28III%29%20Strengthened%20Implementation%20of%20Reform%20and%20Improvement%20Actions%2C%20Continuously%20Enhancing%20Enterprise%20Development%20Momentum) This subsection highlights the company's progress in implementing reform initiatives, achieving cost reduction, increasing R&D investment, and advancing key construction projects - Cumulative cost reduction and efficiency gains reached **152.9 million CNY**, with a year-on-year decrease in the number of loss-making enterprises and their total losses[34](index=34&type=chunk) - Cumulative R&D investment reached **168 million CNY**, resulting in **16** provincial/ministerial or industry association awards, **106** new patent applications (including **24** invention patents), and **44** authorized patents (including **8** invention patents)[34](index=34&type=chunk) - Cumulative investment in ongoing projects reached **554.86 million CNY**, with a focus on advancing the Shaling Gold Mine construction project by Laizhou Huijin Mining Co., Ltd[34](index=34&type=chunk) [(IV) Emphasizing Bottom-Line Thinking, Maintaining Overall Stability](index=10&type=section&id=%28IV%29%20Emphasizing%20Bottom-Line%20Thinking%2C%20Maintaining%20Overall%20Stability) This subsection describes the company's commitment to safety and environmental protection, including significant investments and policy revisions to ensure stable operations - Continuous strengthening of safety and environmental management, with **179.54 million CNY** invested in safety production and **97.14 million CNY** in environmental protection[35](index=35&type=chunk) - Revised regulations for accountability in production safety accidents, conducted special safety and environmental inspections, and implemented rectification of major accident hazards[35](index=35&type=chunk) [(V) Strengthening Market Value Management, Effectively Enhancing Listed Company Quality](index=10&type=section&id=%28V%29%20Strengthening%20Market%20Value%20Management%2C%20Effectively%20Enhancing%20Listed%20Company%20Quality) This subsection outlines the company's initiatives in market value management, including establishing a system, completing board elections, and actively engaging with investors - Formulated the "Market Value Management System", completed the re-election of the Board of Directors and Supervisory Board, and actively promoted the injection of high-quality assets from the Group Company[35](index=35&type=chunk) - Diligently fulfilled information disclosure obligations, regularly held earnings briefings, participated in broker strategy meetings, and actively responded to investor concerns[35](index=35&type=chunk) [(VI) Highlighting Political Leadership, Solidifying Party Building](index=10&type=section&id=%28VI%29%20Highlighting%20Political%20Leadership%2C%20Solidifying%20Party%20Building) This subsection emphasizes the company's focus on political leadership and strengthening Party building, including studying key Party resolutions and implementing anti-corruption guidelines - Strengthened political construction, thoroughly studied and implemented the spirit of the 20th CPC National Congress and the Second and Third Plenary Sessions of the 20th CPC Central Committee, and reinforced education on the spirit of the Central Eight-Point Regulation[36](index=36&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=11&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its resources, technology, talent, and collaborative platforms, which collectively support its sustainable development and industry leadership [(I) Resource Advantage](index=11&type=section&id=%28I%29%20Resource%20Advantage) This subsection highlights the company's strong resource base, including its "resource lifeline" strategy, high-quality mines, and potential for further resource acquisition - The company vigorously promotes its "resource lifeline" strategy, possessing high-quality producing mines distributed across key metallogenic belts nationwide, with potential for further resource acquisition[37](index=37&type=chunk) - Sustainable resource assurance will be provided by the controlling shareholder's commitment to inject high-quality assets, market acquisitions, and increased exploration in existing mining areas[37](index=37&type=chunk) [(II) Technological Advantage](index=11&type=section&id=%28II%29%20Technological%20Advantage) This subsection describes the company's technological strengths, including its controlling shareholder's research capabilities and the company's product certifications and R&D platform development - The controlling shareholder, China Gold Group Co., Ltd., possesses national-level gold research and design institutes, with internationally leading mining core technologies and a comprehensive scientific and technological innovation system[37](index=37&type=chunk) - The company's products are certified by the London Bullion Market Association (LBMA), and it is accelerating high-tech enterprise certification and R&D platform construction[37](index=37&type=chunk) [(III) Talent Advantage](index=11&type=section&id=%28III%29%20Talent%20Advantage) This subsection emphasizes the company's strong talent pool, including top management and technical professionals, and its advisory network of experts from research institutions, universities, and internal sources - The company possesses a large number of top management and technical talents and has established a think tank composed of experts from scientific research institutions, universities, and within the enterprise[38](index=38&type=chunk) - The controlling shareholder has several national-level experts and a postdoctoral research workstation, providing significant intellectual support for the company's development[38](index=38&type=chunk) [(IV) Collaborative Platform Advantage](index=11&type=section&id=%28IV%29%20Collaborative%20Platform%20Advantage) This subsection highlights the benefits derived from the controlling shareholder's integrated platform, which provides strong support across various aspects of the company's operations - The controlling shareholder has integrated internal resources to establish segments such as China Gold Resources, China Gold Geology, China Gold Construction, China Gold Jewelry, and China Gold Trade, providing strong support for the company in resource acquisition, exploration, project construction, industrial chain extension, centralized procurement, and cost reduction[38](index=38&type=chunk) [IV. Major Operating Performance During the Reporting Period](index=11&type=section&id=IV.%20Major%20Operating%20Performance%20During%20the%20Reporting%20Period) This section analyzes the company's main business financial statement item changes, asset and liability status, significant non-equity investments, and the operating performance of major controlled and investee companies [(I) Main Business Analysis](index=11&type=section&id=%28I%29%20Main%20Business%20Analysis) This subsection provides an analysis of the company's main business performance, focusing on changes in key financial statement items and their underlying reasons Financial Statement Related Item Fluctuation Analysis (Jan-Jun 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 35,067,485,594.27 | 28,532,437,570.36 | 22.90 | | Operating Cost | 28,533,028,755.34 | 23,815,401,860.93 | 19.81 | | Selling Expenses | 39,761,342.74 | 39,031,203.67 | 1.87 | | Administrative Expenses | 980,489,733.34 | 919,629,030.96 | 6.62 | | Financial Expenses | 139,165,425.34 | 168,883,382.34 | -17.60 | | R&D Expenses | 318,050,297.53 | 281,899,870.45 | 12.82 | | Net Cash Flow from Operating Activities | 102,364,475.11 | -574,329,943.67 | - | | Net Cash Flow from Investing Activities | -1,463,328,254.37 | -606,683,526.63 | - | | Net Cash Flow from Financing Activities | 1,034,799,691.92 | 1,729,980,063.47 | -40.18 | - The change in net cash flow from operating activities is primarily due to increased cash received from sales of goods and provision of services by subsidiaries[41](index=41&type=chunk) - The change in net cash flow from investing activities is mainly due to increased cash paid by some subsidiaries for the acquisition of fixed assets, intangible assets, and other long-term assets[42](index=42&type=chunk) - The change in net cash flow from financing activities is primarily due to increased cash paid for dividend distribution, profit, or interest repayment during the current period[42](index=42&type=chunk) [(III) Analysis of Assets and Liabilities](index=12&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) This subsection analyzes the company's asset and liability situation, detailing changes in key balance sheet items from the end of the prior year to the end of the current period Asset and Liability Status Changes (Period-End vs. Prior Year-End) | Item Name | Current Period-End Amount (CNY) | Current Period-End % of Total Assets | Prior Year-End Amount (CNY) | Prior Year-End % of Total Assets | Current Period-End vs. Prior Year-End Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 10,645,700,892.44 | 17.29 | 10,978,262,688.04 | 19.73 | -3.03 | - | | Accounts Receivable | 921,857,642.54 | 1.50 | 38,291,039.99 | 0.07 | 2,307.50 | Increase in accounts receivable for some enterprises | | Inventories | 14,166,306,886.90 | 23.00 | 10,400,624,466.18 | 18.69 | 36.21 | Increase in fixed inventory due to rising gold prices | | Long-Term Equity Investments | 1,778,737,833.04 | 2.89 | 1,461,081,946.74 | 2.63 | 21.74 | - | | Total Assets | 61,582,073,854.31 | 100.00 | 55,638,663,702.80 | 100.00 | 10.68 | - | | Short-Term Borrowings | 10,163,736,142.49 | 16.50 | 8,284,696,947.58 | 14.89 | 22.68 | - | | Contract Liabilities | 1,095,121,059.97 | 1.78 | 716,307,844.78 | 1.29 | 52.88 | Increase in advance receipts for some enterprises | | Long-Term Borrowings | 7,289,353,390.36 | 11.84 | 6,453,057,927.47 | 11.60 | 12.96 | - | Period-End Major Asset Restrictions | Item | Period-End Book Value (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 185,791,001.73 | Bank acceptance bills, performance bonds, gold lease deposits, environmental governance deposits, etc | | Fixed Assets | 5,707,491.92 | Sale-leaseback assets | | Intangible Assets | 425,038,221.65 | Mortgaged borrowings | | Construction in Progress | 210,457,399.11 | Sale-leaseback assets | | Total | 826,994,114.41 | - | [(IV) Investment Status Analysis](index=13&type=section&id=%28IV%29%20Investment%20Status%20Analysis) This subsection provides an analysis of the company's investment activities, focusing on the progress of significant non-equity investment projects Progress of Significant Non-Equity Investment Projects | Project Name | Project Amount (CNY 10,000) | Funding Source | Project Progress | Current Year Investment (CNY 10,000) | Cumulative Actual Investment (CNY 10,000) | Estimated Benefit (CNY 10,000) | Project Benefit Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Inner Mongolia Mining Tailings Dam Heightening and Expansion Project | 294,872.00 | Own funds | Construction bidding announcement | 10,951.05 | 10,951.05 | Extend service life of tailings dam | 0.00 (under construction) | | Anhui Taiping Qianchang Copper-Iron Mine Expansion Project | 75,300.00 | Own funds 30%, loans 70% | -720 level development completed 1008 meters | 2,357.00 | 87,507.13 | 18,027.00 | 0.00 (under construction) | | Laizhou Huijin Mining Investment Co., Ltd. Shaling Gold Mine Construction Project | 449,347.00 | Own funds 30%, loans 70% | Underground Zone 1 and Zone 2 total excavation 12581m³; surface engineering progressing orderly | 42,178.44 | 307,671.84 | 382,477.00 | 0.00 (under construction) | | Total | 819,519.00 | - | - | 55,486.49 | 406,130.02 | - | 0.00 | [(VI) Analysis of Major Controlled and Investee Companies](index=15&type=section&id=%28VI%29%20Analysis%20of%20Major%20Controlled%20and%20Investee%20Companies) This subsection provides an analysis of the operating performance of the company's major controlled and investee companies, highlighting their contributions to the gold and non-ferrous metals sectors - The company's major subsidiaries include Henan Zhongyuan Gold Smelter Co., Ltd., China Gold Group Inner Mongolia Mining Co., Ltd., and Hubei Sanxin Gold and Copper Co., Ltd., which play important roles in gold and non-ferrous metal mining, beneficiation, and smelting[51](index=51&type=chunk) - Henan Zhongyuan Gold Smelter Co., Ltd. reported operating revenue of **24.93 billion CNY** and net profit of **221.45 million CNY**; China Gold Group Inner Mongolia Mining Co., Ltd. reported operating revenue of **3.09 billion CNY** and net profit of **1.30 billion CNY**; Hubei Sanxin Gold and Copper Co., Ltd. reported operating revenue of **1.31 billion CNY** and net profit of **702.65 million CNY**[51](index=51&type=chunk) [V. Other Disclosures](index=16&type=section&id=V.%20Other%20Disclosures) This section discloses potential risks such as product prices, resources, policies, and safety and environmental protection, and outlines the progress of the company's "Quality Improvement, Efficiency Enhancement, and High Returns" action plan for H1 2025, including improved operational quality, increased R&D investment, stable investor returns, and standardized operations [(I) Potential Risks](index=16&type=section&id=%28I%29%20Potential%20Risks) This subsection identifies and discusses the various risks the company may face, including product price volatility, resource changes, policy shifts, and safety and environmental concerns - Product Price Risk: Gold and copper prices are influenced by the USD trend, global economy, geopolitics, and other uncertain factors, exposing the company to price fluctuation risks. The company plans to mitigate risks through improved sales strategies, cost reduction, gold leasing, and hedging[52](index=52&type=chunk)[53](index=53&type=chunk) - Resource Change Risk: Resource reserves are a core competitive advantage, but uneven distribution and grade changes may lead to variations in resource reserves. The company will address this by enhancing resource assurance quality, increasing exploration, and accelerating project construction[53](index=53&type=chunk) - Policy Risk: Environmental protection taxes, resource taxes, and the withdrawal of mining rights in nature reserves may increase the company's cost pressure and reduce profitability. The company will improve operational quality through refined management, comprehensive budgeting, and quota management for mining, beneficiation, and smelting[53](index=53&type=chunk)[54](index=54&type=chunk) - Safety and Environmental Risk: Stricter environmental protection regulations may lead to continuous increases in safety and environmental investments. The company will promote green development in safety production, innovate management methods, and ensure the achievement of safety, environmental, and health goals[54](index=54&type=chunk)[55](index=55&type=chunk) [(II) Other Disclosures](index=17&type=section&id=%28II%29%20Other%20Disclosures) This subsection provides additional disclosures, including the company's performance in H1 2025, R&D investments, investor returns, and communication efforts - In H1 2025, the company's output and profit continued to grow, operating indicators steadily improved, and asset quality enhanced, with mined gold reaching **9.13 tonnes**, smelted gold **19.32 tonnes**, mined copper **38.1 thousand tonnes**, and electrolytic copper **203.9 thousand tonnes**[57](index=57&type=chunk) - Increased R&D investment, with cumulative scientific research expenditure of **168 million CNY** in H1, resulting in **16** provincial/ministerial or industry association awards and **106** new patent applications[58](index=58&type=chunk) - Emphasized investor returns, implementing the 2024 profit distribution on July 3, 2025, with a cash dividend of **0.388 CNY** per share (including tax), accounting for **55.55%** of the 2024 net profit attributable to the parent company[58](index=58&type=chunk) - Strengthened investor communication through various channels such as earnings briefings, broker strategy meetings, and the E-interaction platform, actively responding to investor concerns[60](index=60&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=20&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section discloses changes in the company's directors, supervisors, and senior management, profit distribution proposals, environmental information, and progress in poverty alleviation and rural revitalization efforts [I. Changes in Company Directors, Supervisors, and Senior Management](index=20&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company completed the re-election of its Board of Directors and Supervisory Board, with changes in several directors, independent directors, employee supervisors, and senior management, and Zhou Zhou was elected as Chairman - The company held Board of Directors and Supervisory Board meetings on March 31, 2025, to review and approve proposals for changes in senior management and the re-election of the Board of Directors and Supervisory Board[62](index=62&type=chunk) - The shareholder meeting on April 16, 2025, approved the re-election of the Board of Directors and Supervisory Board, and Zhou Zhou was elected as Chairman[63](index=63&type=chunk) [II. Profit Distribution or Capital Reserve to Share Capital Plan](index=20&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Plan) The company's proposed semi-annual profit distribution or capital reserve to share capital plan is "No", meaning no profit distribution or capital reserve conversion will occur in this reporting period - The company's proposed semi-annual profit distribution plan or capital reserve to share capital plan is "No"[64](index=64&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=21&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company has **31** enterprises included in the list of those required to disclose environmental information by law, with query indexes provided for each enterprise's environmental information disclosure report - The company has a total of **31** enterprises included in the list of those required to disclose environmental information by law[65](index=65&type=chunk) - Environmental information disclosure reports for each enterprise can be accessed through their respective environmental information disclosure systems[65](index=65&type=chunk)[66](index=66&type=chunk) [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=22&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) In H1 2025, the company actively engaged in targeted assistance and rural revitalization, with **19** enterprises providing targeted assistance, investing **15.70 million CNY**, and contributing to local employment and consumption-based poverty alleviation - In H1 2025, a total of **19** of the company's enterprises carried out targeted assistance work at **27** designated points[68](index=68&type=chunk) - A cumulative total of **34** assistance projects were implemented, with a total investment of **15.70 million CNY**[68](index=68&type=chunk) - During the half-year, **1,274** impoverished households received assistance and visits; **479** local individuals were employed; and **1.49 million CNY** worth of local agricultural products were purchased[68](index=68&type=chunk) [Section V Significant Matters](index=24&type=section&id=Section%20V%20Significant%20Matters) This section details the company's fulfillment of commitments, related party transactions, significant guarantees, and integrity status during and continuing through the reporting period [I. Fulfillment of Commitments](index=24&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's controlling shareholder, China Gold Group Co., Ltd., made several commitments regarding resolving horizontal competition and standardizing related party transactions, all of which were strictly fulfilled during the reporting period; additionally, commitments related to asset ownership transfers are still being processed - The controlling shareholder, China Gold Group Co., Ltd., committed to not adding new business operations that directly or indirectly compete with the listed company, in accordance with the 2014 commitment to resolve horizontal competition, and has strictly fulfilled this[70](index=70&type=chunk) - The controlling shareholder committed to avoiding related party transactions with the listed company, and when unavoidable, to adhere to fair market principles and strictly follow procedures, which has been strictly fulfilled[70](index=70&type=chunk) - The company and its controlling shareholder made commitments regarding the transfer of asset ownership for Tongguan Zhongjin Gold Mining Co., Ltd., the acquisition of equity and interests in nine subsidiaries through a non-public offering in 2008, and the acquisition of equity in Henan Qinling Gold Mining Co., Ltd. and Hebei Jinchangyu Mining Co., Ltd. in 2009; some property rights have not yet been perfected, but the controlling shareholder has committed to compensation[483](index=483&type=chunk)[484](index=484&type=chunk)[485](index=485&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=26&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) During this reporting period, the company had no significant litigation or arbitration matters - The company had no significant litigation or arbitration matters during this reporting period[73](index=73&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=26&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) In H1 2025, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled obligations from effective court legal documents or large overdue debts - In H1 2025, the company maintained good integrity, with no unfulfilled obligations from effective court legal documents or large overdue debts[73](index=73&type=chunk) - The company's controlling shareholder and actual controller had no integrity issues regarding unfulfilled obligations from effective court legal documents[73](index=73&type=chunk) [X. Significant Related Party Transactions](index=26&type=section&id=X.%20Significant%20Related%20Party%20Transactions) The company engages in related party transactions related to its daily operations and financial business with affiliated finance companies, including deposits, loans, and credit facilities [(I) Related Party Transactions Related to Daily Operations](index=26&type=section&id=%28I%29%20Related%20Party%20Transactions%20Related%20to%20Daily%20Operations) This subsection outlines the company's related party transactions pertaining to its daily operations, including the approval of the 2025 estimated daily related party transactions - The company's second meeting of the Eighth Board of Directors and the 2024 Annual General Meeting of Shareholders approved the "2025 Estimated Daily Related Party Transactions Proposal"[74](index=74&type=chunk) [(V) Financial Business Between the Company and Affiliated Finance Companies, and Between the Company's Controlled Finance Companies and Related Parties](index=27&type=section&id=%28V%29%20Financial%20Business%20Between%20the%20Company%20and%20Affiliated%20Finance%20Companies%2C%20and%20Between%20the%20Company%27s%20Controlled%20Finance%20Companies%20and%20Related%20Parties) This subsection details the financial transactions between the company and China Gold Group Finance Co., Ltd., including deposit, loan, and credit facility businesses Deposit Business with China Gold Group Finance Co., Ltd | Related Party | Related Relationship | Maximum Daily Deposit Limit (billion CNY) | Deposit Interest Rate Range | Beginning Balance (CNY 10,000) | Total Deposits This Period (CNY 10,000) | Total Withdrawals This Period (CNY 10,000) | Ending Balance (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Gold Group Finance Co., Ltd. | Enterprise under common control | Not exceeding 200 | 0.20%-2.75% | 998,349.32 | 8,809,444.02 | 8,793,137.19 | 1,014,656.15 | Loan Business with China Gold Group Finance Co., Ltd | Related Party | Related Relationship | Annual Comprehensive Credit Limit | Loan Interest Rate Range | Beginning Balance (CNY 10,000) | Total Loans This Period (CNY 10,000) | Total Repayments This Period (CNY 10,000) | Ending Balance (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Gold Group Finance Co., Ltd. | Enterprise under common control | Not exceeding | 1.90%-4.35% | 488,154.85 | 122,858.58 | 143,000.00 | 468,013.43 | Credit Facilities or Other Financial Businesses with China Gold Group Finance Co., Ltd | Related Party | Related Relationship | Business Type | Total Amount (CNY 10,000) | Actual Amount (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | China Gold Group Finance Co., Ltd. | Enterprise under common control | Loans | - | 122,858.58 | | China Gold Group Finance Co., Ltd. | Enterprise under common control | Bill Acceptance | 1,491,500.00 | 2,256.56 | | China Gold Group Finance Co., Ltd. | Enterprise under common control | Guarantees | - | 9,000 | [XI. Significant Contracts and Their Performance](index=28&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Performance) This section discloses the company's significant guarantees performed during the reporting period and those not yet fully performed, primarily guarantees for its subsidiaries [(II) Significant Guarantees Performed and Not Yet Fully Performed During the Reporting Period](index=29&type=section&id=%28II%29%20Significant%20Guarantees%20Performed%20and%20Not%20Yet%20Fully%20Performed%20During%20the%20Reporting%20Period) This subsection provides details on the company's total guarantee amounts, including those for subsidiaries and for entities with an asset-liability ratio exceeding 70% Company Total Guarantee Status | Indicator | Amount (CNY) | | :--- | :--- | | Total guarantees provided to subsidiaries during the reporting period | 240,000,000.00 | | Total outstanding guarantees to subsidiaries at the end of the reporting period (B) | 718,090,000.00 | | Total guarantees (A+B) | 718,090,000.00 | | Total guarantees as a percentage of the company's net assets (%) | 2.11 | | Debt guarantees provided directly or indirectly to guaranteed parties with an asset-liability ratio exceeding 70% (D) | 200,000,000.00 | | Total of the above three guarantee amounts (C+D+E) | 200,000,000.00 | [Section VI Share Changes and Shareholder Information](index=30&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section discloses that the company's share capital structure remained unchanged during the reporting period and details the total number of shareholders, top ten shareholders, and top ten unrestricted shareholders as of the end of the reporting period [I. Share Capital Changes](index=30&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, there were no changes to the company's total share capital or share capital structure - During the reporting period, there were no changes to the company's total share capital or share capital structure[87](index=87&type=chunk) [II. Shareholder Information](index=30&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **136,983** common shareholders, with China Gold Group Co., Ltd. as the controlling shareholder, holding **45.84%** of the shares [(I) Total Number of Shareholders](index=30&type=section&id=%28I%29%20Total%20Number%20of%20Shareholders) This subsection provides the total number of common shareholders as of the end of the reporting period - As of the end of the reporting period, the total number of common shareholders was **136,983**[88](index=88&type=chunk) [(II) Top Ten Shareholders and Top Ten Unrestricted Shareholders as of the End of the Reporting Period](index=30&type=section&id=%28II%29%20Top%20Ten%20Shareholders%20and%20Top%20Ten%20Unrestricted%20Shareholders%20as%20of%20the%20End%20of%20the%20Reporting%20Period) This subsection lists the top ten shareholders and top ten unrestricted shareholders, including their shareholdings, percentages, and nature of ownership Top Ten Shareholders as of the End of the Reporting Period | Shareholder Name | Change in Period (shares) | Ending Shareholding (shares) | Percentage (%) | Number of Restricted Shares Held (shares) | Pledge, Mark, or Freeze Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Gold Group Co., Ltd. | 0 | 2,221,816,774 | 45.84 | 0 | None | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 30,378,019 | 155,236,043 | 3.20 | 0 | None | Unknown | | Guoxin Development Investment Management Co., Ltd. | -20,676,913 | 130,964,989 | 2.70 | 0 | None | State-owned Legal Person | | Guoxin Central Enterprise Operation Investment Fund Management (Guangzhou) Co., Ltd. - Guoxin Central Enterprise Operation (Guangzhou) Investment Fund (Limited Partnership) | 0 | 106,400,620 | 2.20 | 0 | None | Unknown | | Industrial and Commercial Bank of China Co., Ltd. - Huatai-PineBridge CSI 300 ETF | 1,736,873 | 51,967,105 | 1.07 | 0 | None | Unknown | | Beijing Dongfu Guochuang Investment Management Center (Limited Partnership) | 0 | 42,580,585 | 0.88 | 0 | None | Unknown | | Taiping Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Product - 022L-CT001 Shanghai | 3,270,000 | 40,070,000 | 0.83 | 0 | None | Unknown | | China Construction Bank Co., Ltd. - E Fund CSI 300 ETF Initiated Fund | 2,298,702 | 36,936,628 | 0.76 | 0 | None | Unknown | | China Chengtong Holdings Group Co., Ltd. | 33,452,983 | 33,452,983 | 0.69 | 0 | None | State-owned Legal Person | | National Council for Social Security Fund 414 Portfolio | 0 | 31,136,840 | 0.64 | 0 | None | Unknown | - Guoxin Development Investment Management Co., Ltd. and Guoxin Central Enterprise Operation Investment Fund Management (Guangzhou) Co., Ltd. - Guoxin Central Enterprise Operation (Guangzhou) Investment Fund (Limited Partnership) constitute parties acting in concert[91](index=91&type=chunk) [Section VII Bond-Related Information](index=33&type=section&id=Section%20VII%20Bond-Related%20Information) This section states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds during the reporting period [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=33&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period[94](index=94&type=chunk) [II. Convertible Corporate Bonds](index=33&type=section&id=II.%20Convertible%20Corporate%20Bonds) The company had no convertible corporate bonds during the reporting period - The company had no convertible corporate bonds during the reporting period[94](index=94&type=chunk) [Section VIII Financial Report](index=34&type=section&id=Section%20VIII%20Financial%20Report) This section contains China Gold International Resources' H1 2025 consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed information on the company's basic situation, significant accounting policies, taxes, notes to consolidated financial statement items, R&D expenses, changes in consolidation scope, interests in other entities, government grants, financial instrument risks, fair value disclosures, related parties and related party transactions, commitments and contingencies, post-balance sheet events, other significant matters, and supplementary information [II. Financial Statements](index=34&type=section&id=II.%20Financial%20Statements) This section provides China Gold International Resources' H1 2025 consolidated and parent company financial statements, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively reflecting the company's financial position and operating results [Consolidated Balance Sheet](index=34&type=section&id=Consolidated%20Balance%20Sheet) This subsection presents the company's consolidated balance sheet as of June 30, 2025, detailing its assets, liabilities, and owners' equity Consolidated Balance Sheet Key Data (June 30, 2025) | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Monetary Funds | 10,645,700,892.44 | 10,978,262,688.04 | | Accounts Receivable | 921,857,642.54 | 38,291,039.99 | | Inventories | 14,166,306,886.90 | 10,400,624,466.18 | | Fixed Assets | 13,649,438,141.47 | 13,698,973,451.80 | | Total Assets | 61,582,073,854.31 | 55,638,663,702.80 | | Short-Term Borrowings | 10,163,736,142.49 | 8,284,696,947.58 | | Contract Liabilities | 1,095,121,059.97 | 716,307,844.78 | | Long-Term Borrowings | 7,289,353,390.36 | 6,453,057,927.47 | | Total Liabilities | 27,578,172,662.95 | 23,066,312,116.84 | | Total Owners' Equity Attributable to Parent Company | 28,277,543,501.18 | 27,392,842,641.10 | | Total Owners' Equity | 34,003,901,191.36 | 32,572,351,585.96 | [Consolidated Income Statement](index=38&type=section&id=Consolidated%20Income%20Statement) This subsection presents the company's consolidated income statement for the first half of 2025, detailing its revenues, expenses, and net profit Consolidated Income Statement Key Data (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 35,067,485,594.27 | 28,532,437,570.36 | | Total Operating Cost | 30,634,350,405.39 | 25,702,556,598.51 | | Total Profit | 4,081,419,462.13 | 2,594,393,799.91 | | Net Profit | 3,388,140,312.23 | 2,130,870,050.94 | | Net Profit Attributable to Parent Company Shareholders | 2,694,780,823.33 | 1,742,658,755.52 | | Minority Interest Income | 693,359,488.90 | 388,211,295.42 | | Total Comprehensive Income | 3,361,575,612.23 | 2,040,533,097.00 | | Basic Earnings Per Share (CNY/share) | 0.56 | 0.36 | [Consolidated Cash Flow Statement](index=42&type=section&id=Consolidated%20Cash%20Flow%20Statement) This subsection presents the company's consolidated cash flow statement for the first half of 2025, detailing cash flows from operating, investing, and financing activities Consolidated Cash Flow Statement Key Data (Jan-Jun 2025) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 102,364,475.11 | -574,329,943.67 | | Net Cash Flow from Investing Activities | -1,463,328,254.37 | -606,683,526.63 | | Net Cash Flow from Financing Activities | 1,034,799,691.92 | 1,729,980,063.47 | | Net Increase in Cash and Cash Equivalents | -326,332,207.22 | 548,003,302.00 | | Cash and Cash Equivalents at Period-End | 10,459,909,890.71 | 8,656,382,013.65 | [III. Company Basic Information](index=50&type=section&id=III.%20Company%20Basic%20Information) This section outlines China Gold International Resources Co., Ltd.'s establishment, registered capital, legal representative, registered address, stock listing status, and information on its controlling shareholder and actual controller [1. Company Overview](index=50&type=section&id=1.%20Company%20Overview) This subsection provides a general overview of the company, including its founding, listing, capital, and control structure - China Gold International Resources Co., Ltd. was founded by China National Gold Corporation as the main initiator and listed on the Shanghai Stock Exchange on August 14, 2003[123](index=123&type=chunk) - The company's registered capital is **4,847,312,564.00 CNY**, and its legal representative is He Xiaoqing[123](index=123&type=chunk) - The company's controlling shareholder is China Gold Group Co., Ltd. (holding **45.84%** of shares), and its ultimate controlling party is the State-owned Assets Supervision and Administration Commission of the State Council[123](index=123&type=chunk) [IV. Basis for Preparation of Financial Statements](index=50&type=section&id=IV.%20Basis%20for%20Preparation%20of%20Financial%20Statements) This section explains that the company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and significant accounting policies and estimates [2. Going Concern](index=50&type=section&id=2.%20Going%20Concern) This subsection confirms that the company has assessed its ability to continue as a going concern for the next 12 months from the end of the reporting period and found no significant doubts - The company evaluated its ability to continue as a going concern for 12 months from the end of the reporting period and found no significant doubts or circumstances regarding its going concern ability[125](index=125&type=chunk) [V. Significant Accounting Policies and Estimates](index=50&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's specific accounting policies and estimates for financial instrument impairment, fixed asset depreciation, intangible asset amortization, and revenue recognition, ensuring compliance with enterprise accounting standards - The company has formulated specific accounting policies and estimates based on its actual production and operating characteristics, covering financial instrument impairment, fixed asset depreciation, right-of-use asset depreciation, intangible asset amortization, and revenue recognition[126](index=126&type=chunk) - The company's financial statements comply with the latest Enterprise Accounting Standards, their application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance[127](index=127&type=chunk) - The company's revenue recognition is primarily based on the point at which the customer obtains control of the related goods, with specific revenue recognition policies for mining and smelting operations[187](index=187&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk) [VI. Taxes](index=73&type=section&id=VI.%20Taxes) This section lists the company's main tax categories and rates, and details the enterprise income tax and value-added tax preferential policies enjoyed by the company and its subsidiaries [1. Main Tax Categories and Rates](index=73&type=section&id=1.%20Main%20Tax%20Categories%20and%20Rates) This subsection provides a table of the company's primary tax types, their tax bases, and applicable rates Main Tax Categories and Rates | Tax Type | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods and taxable services, calculated as output tax minus input tax | 3%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual amount of turnover tax paid | 1%, 5%, 7% | | Enterprise Income Tax | Taxable income | 9%, 15%, 25% | | Resource Tax | Calculated based on sales revenue | 2.5%-8% | | Property Tax | Ad valorem based on 1.2% of original property value minus 30%; rental-based at 12% of rental income | 1.2%, 12% | | Education Surcharge | Actual amount of turnover tax paid | 3% | | Local Education Surcharge | Actual amount of turnover tax paid | 2% | - Some of the company's subsidiaries, such as Shaanxi Taibai Gold Mining Co., Ltd. and Henan Zhongyuan Gold Smelter Co., Ltd., enjoy a **15%** preferential enterprise income tax rate, while Tibet Zhongjin Gold Smelter Co., Ltd. applies a **9%** income tax rate[224](index=224&type=chunk)[225](index=225&type=chunk) [2. Tax Incentives](index=74&type=section&id=2.%20Tax%20Incentives) This subsection details the tax preferential policies applicable to the company, including those for western development, high-tech enterprises, and gold-related transactions - Western Development Income Tax Incentive: Enterprises in encouraged industries located in western regions are subject to a reduced enterprise income tax rate of **15%**[226](index=226&type=chunk) - High-Tech Enterprise Income Tax Incentive Policy: Subsidiaries qualified as high-tech enterprises are eligible for a **15%** preferential income tax rate[227](index=227&type=chunk) - Gold Tax Policy: Sales of gold are exempt from value-added tax; for members of the Shanghai Gold Exchange selling standard gold through the exchange, transactions without physical delivery are exempt from VAT, while those with physical delivery are subject to immediate VAT refund and exemption from urban maintenance and construction tax and education surcharge[229](index=229&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=75&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each major item in the consolidated financial statements, including monetary funds, accounts receivable, inventories, fixed assets, construction in progress, intangible assets, goodwill, long-term deferred expenses, deferred income tax, short-term borrowings, accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, long-term borrowings, provisions, deferred income, share capital, other comprehensive income, special reserves, surplus reserves, undistributed profits, operating revenue, and operating costs, explaining their composition, changes, and period-end balances - Restricted monetary funds at period-end amounted to **185.79 million CNY**, primarily for mine land reclamation and environmental governance deposits, bank acceptance bill deposits, etc[232](index=232&type=chunk) - Accounts receivable at period-end totaled **998.31 million CNY**, with bad debt provisions of **76.45 million CNY**, resulting in a book value of **921.86 million CNY**, of which accounts receivable from Shanghai Gold Exchange trading accounts constitute a significant portion[241](index=241&type=chunk)[243](index=243&type=chunk)[250](index=250&type=chunk) - Inventories at period-end had a book value of **14.17 billion CNY**, an increase of **36.21%** from the beginning of the period, mainly due to rising gold prices[44](index=44&type=chunk)[271](index=271&type=chunk) - Construction in progress at period-end had a book value of **3.52 billion CNY**, with major projects including the Shaling Gold Mine construction project and the Qianchang Copper-Iron Mine expansion project[299](index=299&type=chunk)[300](index=300&type=chunk) - Undistributed profits at period-end amounted to **11.04 billion CNY**, with net profit attributable to parent company shareholders of **2.69 billion CNY** for the current period, and ordinary share dividends distributed totaling **1.88 billion CNY**[372](index=372&type=chunk) [VIII. Research and Development Expenses](index=123&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section lists the company's R&D expenses for H1 2025, totaling **318.05 million CNY**, primarily comprising personnel and direct input costs, all of which were expensed [1. By Expense Nature](index=123&type=section&id=1.%20By%20Expense%20Nature) This subsection presents a breakdown of R&D expenses by their nature for the first half of 2025 R&D Expenses by Expense Nature (Jan-Jun 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Personnel Costs | 96,869,491.33 | 107,705,847.46 | | Direct Input Costs | 170,374,028.68 | 144,551,052.25 | | Depreciation Expenses | 24,651,497.02 | 22,248,230.99 | | Other Related Expenses | 12,989,960.02 | 2,720,556.03 | | Outsourced R&D Expenses | 13,165,320.48 | 4,674,183.72 | | Total | 318,050,297.53 | 281,899,870.45 | | Of which: Expensed R&D Expenses | 318,050,297.53 | 281,899,870.45 | | Capitalized R&D Expenses | - | - | [IX. Changes in Consolidation Scope](index=123&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This section explains the changes in the company's consolidation scope, primarily the deregistration of a third-tier subsidiary's subsidiary during the reporting period [5. Changes in Consolidation Scope Due to Other Reasons](index=125&type=section&id=5.%20Changes%20in%20Consolidation%20Scope%20Due%20to%20Other%20Reasons) This subsection details other reasons for changes in the consolidation scope, specifically the deregistration of a subsidiary - During the current period, the company's third-tier subsidiary, Sanmenxia Zhongjin Mining Investment Co., Ltd., deregistered its subsidiary, Funing County Fengyuan Trading Co., Ltd[419](index=419&type=chunk) [X. Interests in Other Entities](index=125&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and associates, including the composition of the enterprise group, significant non-wholly owned subsidiaries, and key financial information of significant associates [1. Interests in Subsidiaries](index=125&type=section&id=1.%20Interests%20in%20Subsidiaries) This subsection outlines the company's significant subsidiaries, their business nature, and the basis for control, including key financial information for important non-wholly owned subsidiaries - The company owns several important subsidiaries, including China Gold Group Inner Mongolia Mining Co., Ltd. and Hubei Sanxin Gold and Copper Co., Ltd., whose business nature is primarily mining and gold smelting[422](index=422&type=chunk)[423](index=423&type=chunk) - The company holds **44.00%** equity in Laizhou Huijin Mining Investment Co., Ltd. and can control more than half of its voting rights through an acting-in-concert agreement with Laizhou Keyin Mining Co., Ltd., thereby exercising control over Laizhou Huijin[424](index=424&type=chunk) Key Financial Information of Important Non-Wholly Owned Subsidiaries (Period-End Balance, CNY 10,000) | Subsidiary Name | Current Assets | Non-Current Assets | Total Assets | Current Liabilities | Non-Current Liabilities | Total Liabilities | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Gold Group Inner Mongolia Mining Co., Ltd. | 263,748.12 | 397,270.62 | 661,018.74 | 134,415.03 | 6,488.32 | 140,903.35 | | Hubei Sanxin Gold and Copper Co., Ltd. | 278,035.37 | 201,202.55 | 479,237.92 | 98,373.64 | 25,807.12 | 124,180.76 | Minority Interests and Profit/Loss of Important Non-Wholly Owned Subsidiaries (Jan-Jun 2025, CNY 10,000) | Subsidiary Name | Minority Shareholding (%) | Current Period Profit/Loss Attributable to Minority Shareholders | Dividends Declared to Minority Shareholders This Period | Ending Balance of Minority Interests | | :--- | :--- | :--- | :--- | :--- | | China Gold Group Inner Mongolia Mining Co., Ltd. | 10.00 | 12,989.62 | 16,418.97 | 52,011.54 | | Hubei Sanxin Gold and Copper Co., Ltd. | 49.00 | 34,729.48 | - | 180,580.05 | [3. Interests in Joint Ventures or Associates](index=129&type=section&id=3.%20Interests%20in%20Joint%20Ventures%20or%20Associates) This subsection identifies the company's significant associates and joint ventures, and provides their key financial information - The company's important associates include China Gold Group Finance Co., Ltd., Zhongxin International Financial Leasing (Shenzhen) Co., Ltd., and Inner Mongolia Jintao Co., Ltd., all accounted for using the equity method[430](index=430&type=chunk) Key Financial Information of Important Associates (June 30, 2025 / Jan-Jun 2025, CNY) | Item | China Gold Group Finance Co., Ltd. | Zhongxin International Financial Leasing (Shenzhen) Co., Ltd. | Inner Mongolia Jintao Co., Ltd. | | :--- | :--- | :--- | :--- | | Total Assets | 27,690,086,276.51 | 615,773,417.43 | 685,327,780.32 | | Total Liabilities | 25,342,218,667.61 | 40,538,983.25 | 222,168,796.14 | | Equity Attributable to Parent Company Shareholders | 2,347,867,608.90 | 575,234,434.18 | 463,158,984.18 | | Operating Revenue | 219,724,478.69 | 13,316,566.23 | 469,076,562.33 | | Net Profit | 59,012,071.30 | 6,008,811.45 | 166,829,257.74 | [XI. Government Grants](index=132&type=section&id=XI.%20Government%20Grants) This section discloses the company's government grant-related liability items and their period-end balances, as well as the amounts of government grants recognized in current profit or loss, primarily comprising fiscal special appropriations related to assets and income [3. Government Grants Recognized in Current Profit or Loss](index=133&type=section&id=3.%20Government%20Grants%20Recognized%20in%20Current%20Profit%20or%20Loss) This subsection details the government grants recognized in the company's current profit or loss for the first half of 2025 Government Grants Recognized in Current Profit or Loss (Jan-Jun 2025) | Type | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Asset-Related | 6,005,559.53 | 17,830,643.75 | | Income-Related | 11,587,690.30 | 20,614,942.49 | | Total | 17,593,249.83

中金黄金上半年净利润26.9亿元人民币。 ...

Market Overview - The precious metals sector increased by 1.68% on August 28, with Hunan Silver leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - Hunan Silver (002716) closed at 5.47, with a rise of 4.19% and a trading volume of 2.0441 million shares, resulting in a transaction value of 1.092 billion yuan [1] - Shandong Gold (600547) closed at 32.99, up 2.64%, with a transaction value of 1.66 billion yuan [1] - Other notable performers include: - Yanzhong Technology (300139): closed at 19.48, up 1.78%, transaction value of 529 million yuan [1] - Zhaojin Mining (000506): closed at 9.50, up 1.60%, transaction value of 223 million yuan [1] - Hunan Gold (002155): closed at 20.46, up 1.54%, transaction value of 1.13 billion yuan [1] Capital Flow Analysis - The precious metals sector saw a net inflow of 169 million yuan from institutional investors, while retail investors experienced a net outflow of 82.18 million yuan [1] - Detailed capital flow for key stocks includes: - Hunan Silver: net inflow of 134 million yuan from institutional investors, with retail outflows of 76.34 million yuan [2] - Shandong Gold: net inflow of 83.46 million yuan from institutional investors, with retail outflows of 3.31 million yuan [2] - Zhongjin Gold (600489): net inflow of 16.16 million yuan from institutional investors, with retail outflows of 14.57 million yuan [2]

截至2025年8月28日 10:26，国证有色金属行业指数(399395)上涨0.50%，成分股中国稀土(000831)上涨 8.28%，金力永磁(300748)上涨7.25%，电投能源(002128)上涨3.45%，铂科新材(300811)上涨3.28%，山 东黄金(600547)上涨3.11%。有色ETF基金(159880)上涨0.56%，最新价报1.43元。 有色ETF基金(159880)，场外联接A：021296；联接C：021297；联接I：022886。022886)。 消息面上，稀土永磁板块快速走强，中国稀土盘中涨停，此前北方稀土等稀土企业半年度业绩大增，显 示稀土行业景气度积极向好。8月22日，三部门发布《稀土开采和稀土冶炼分离总量调控管理暂行办 法》，稀土行业迎来多重利好。 有色ETF基金紧密跟踪国证有色金属行业指数，国证有色金属行业指数参照国证行业分类标准，选取归 属于有色金属行业的规模和流动性突出的50只证券作为样本，反映了沪深北交易所有色金属行业上市公 司的整体收益表现，向市场提供细分行业的指数化投资标的。 数据显示，截至2025年7月31日，国证有色金属行业指数(399395)前十大 ...

证券之星消息，8月27日，中金黄金（600489）融资买入1.98亿元，融资偿还1.96亿元，融资净买入195.18万元，融资余额23.12亿元，近3个交易日 已连续净买入累计7810.13万元，近20个交易日中有12个交易日出现融资净买入。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-08-27 | 195.18万 | 23.12亿 | 3.16% | | 2025-08-26 | 555.37万 | 23.10亿 | 3.12% | | 2025-08-25 | 7059.58万 | 23.05亿 | 3.14% | | 2025-08-22 | -4465.34万 | 22.347, | 3.18% | | 2025-08-21 | -150.68万 | 22.79亿 | 3.24% | 融券方面，当日融券卖出1.65万股，融券偿还6.28万股，融券净买入4.63万股，融券余量45.78万股，近20个交易日中有11个交易日出现融券净卖 出。 | 交易日 | 融券净卖出(股) | | 融券会重(股) | 融券 ...

格隆汇8月26日丨中金黄金(600489.SH)发布2025年半年度报告，报告期实现营业收入310.98亿元，同比 下降11.54%；归属于上市公司股东的净利润3.19亿元，同比下降46.35%；扣除非经常性损益后的归属于 上市公司股东的净利润3.11亿元，同比下降46.44%；基本每股收益0.19元。 ...

中金黄金8月25日报收15.15元，较前一交易日上涨0.65元。当日开盘价为14.68元，最高触及15.15元，最 低下探14.66元，成交金额达25.45亿元，换手率为3.50%。 风险提示：黄金价格波动、生产成本上升、汇率变动等可能对公司业绩产生影响。 来源：金融界 美联储主席鲍威尔近日在杰克逊霍尔会议上表示，美国通胀上行风险减弱，就业下行风险上升，市场对 美联储9月降息预期升温。这一表态推动美元走弱，对金价形成支撑，带动贵金属板块整体表现。 数据显示，中金黄金8月25日主力资金净流入1.66亿元，占流通市值0.23%。近五日主力资金净流出1.03 亿元，占流通市值0.14%。 中金黄金主要从事黄金采选、冶炼及销售业务，是中国黄金集团旗下核心上市平台。公司业务涵盖黄金 勘探、开采、选冶、精炼及销售全产业链。 ...

在港股市场，珠峰黄金（01815.HK）大涨11.31%，紫金矿业（02899.HK）涨6.38%，灵宝黄金（03330.HK）涨5.21%，中国黄金国际（02099.HK）涨 4.95%，潼关黄金（00340.HK）涨4.32%，山东黄金（01787.HK）涨3.75%，赤峰黄金（06693.HK）、招金矿业（01818.HK）等多只概念股均涨。 | 代码 | 序号 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 01815 | 1 | 珠峰黄金 | 0) | 1.870 | +0.190 | 11.31 | | 02899 | 2 | 常毛矿业 | | 24.340 | +1.460 | 6.38 | | 03330 | 3 | 灵宝黄金 | | 11.520 | +0.570 | 5.21 | | 02099 | ব | 中国黄金国际 | | 89.050 - | - +4.200 | 4.95 | | 00812 | ട | 中国白银集团 | | 0.440 | +0.020 | 4.76 | | 003 ...

从资金流向上来看，当日贵金属板块主力资金净流入4.58亿元，游资资金净流出5.31亿元，散户资金净流 入7315.74万元。贵金属板块个股资金流向见下表： 证券之星消息，8月25日贵金属板块较上一交易日上涨4.09%，湖南白银领涨。当日上证指数报收于 3883.56，上涨1.51%。深证成指报收于12441.07，上涨2.26%。贵金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002716 | 湖南白银 | 5.39 | 10.00% | 211.00万 | | 11.14亿 | | 002155 | 湖南黄金 | 21.15 | 5.17% | 104.75万 | | 21.82亿 | | 600489 | 中金黄金 | 15.15 | 4.48% | 169.85万 | | 25.45 Z | | 600988 | 赤峰黄金 | 25.30 | 4.03% | 1 89.89万 | | 22.50亿 | | 600547 | 山东黄金 | 31.9 ...