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之內容概不 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之任何損失承擔任何責 任。 SHANDONG GOLD MINING CO., LTD. 山東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） （股 份 代 號：1787） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條 作 出。 茲載列山東黃金礦業股份有限公司（「 本公司 」）在 上 海 證 券 交 易 所 網 站 (www.sse.com.cn)刊登之《國 浩 律 師（濟 南）事務所關於山東黃金礦業股份有限公司 2025年 第 二 次 臨 時 股 東 大 會、2025年第一次A股類別股東大會及2025年第一次 H股 類 別 股 東 大 會 的 法 律 意 見 書》，僅 供 參 閱。 承董事會命 中 國 濟 南，2025年7月24日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 劉 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 就 因 本 公 告 全部或任何部分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。 SHANDONG GOLD MINING CO., LTD. 山東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） （股 份 代 號：1787） 2025年 第 二 次 臨 時 股 東 大 會、 2025年第一次A股類別股東會議及 2025年第一次H股類別股東會議上獲通過的決議案 謹此提述山東黃金礦業股份有限公司（「 本公司 」）於 香 港 聯 交 所 網 站 (www.hkexnews.hk)所刊發的日期為2025年7月7日 的2025年第二次臨時股東大會 （「臨時股東大會」）通告及2025年第一次H股類別股東會議（「H股類別股東會議」） 通告以及本公司於上交所網站(www.sse.com.cn)所刊發的2025年第一次A股類別 股東會議（「A股類別股東會議」）（統 稱 為「該等會議」）通 告。 ...

E ( 澳 斯 ( 雷 ) 瑞 ( 雷 ) 国浩律师（济南）事务所 关于山东黄金矿业股份有限公司 2025 年第二次临时股东大会、2025 年第一次 A 股 类别股东大会及 2025年第一次 H 股类别股东大会的 法律意见书 致:山东黄金矿业股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会《上市 公司股东会规则》（以下简称"《股东会规则》"）等相关法律、行政法规、部 门规章、规范性文件和《山东黄金矿业股份有限公司章程》（以下简称"公司章 程"）的规定，国浩律师（济南）事务所（以下简称"本所"）接受山东黄金矿 业股份有限公司（以下简称"公司"）之委托，指派律师出席了公司于 2025 年 7 月 24 日召开的 2025 年第二次临时股东大会(以下简称"本次临时股东大会")、 2025 年第一次 A 股类别股东大会(以下简称"本次 A 股类别股东大会")及 2025 年第一次 H 股类别股东大会（以下简称"本次 H 股类别股东大会"，与"本次 临时股东大会""本次Ａ股类别股东大会"合称"本次股东大会"），并就本 次股 ...

证券代码：600547 证券简称：山东黄金 公告编号：临 2025-036 山东黄金矿业股份有限公司 2025年第二次临时股东大会、2025 年第一次 A 股类别 股东大会及 2025 年第一次 H 股类别股东大会决议公告 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： 本次会议是否有否决议案：无 2025 年第一次 A 股类别股东大会 | 1、出席会议的股东和代理人人数 | 1461 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,200,931,753 | | 3、出席会议的股东所持有表决权股份数占公司 A 股有表决 | 60.8927 | | 权股份总数的比例（%） | | 2025 年第一次 H 股类别股东大会 一、 会议召开和出席情况 （一）股东大会召开的时间：2025 年 7 月 24 日 （二）股东大会召开的地点：山东省济南市历城区经十路 2503 号公司会议室 （三）出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 2025 年第二次临时 ...

Investment Rating - The report maintains a "Recommended" investment rating for the non-ferrous metals industry [1]. Core Insights - In Q2 2025, active equity public funds continued to increase their holdings in the A-share non-ferrous metals industry, with the market value of heavy holdings rising to 2.21% of total stock investment value, up from 2.18% in Q1 2025, marking two consecutive quarters of increases [3][5][4]. - The report highlights a structural adjustment in fund holdings, with significant increases in precious metals and rare metals sectors, while industrial metals were reduced [5][8]. - The report suggests that the non-ferrous metals industry, particularly aluminum, copper smelting, and lithium sectors, may become key targets for policy reforms in Q3 2025, leading to potential improvements in industry conditions and supply-demand structures [18]. Summary by Sections Fund Holdings Analysis - In Q2 2025, the market value of heavy holdings in the non-ferrous metals sector accounted for 2.21% of total stock investment value, reflecting a 0.03 percentage point increase from Q1 2025 [4][5]. - The top ten stocks in the non-ferrous metals sector accounted for 73.31% of the total market value of heavy holdings, indicating a concentration in major companies [5][8]. Sector Performance - The report categorizes the non-ferrous metals sector into sub-industries, noting that the fund's heavy holdings in precious metals and rare metals increased, while industrial metals saw a decrease [8][18]. - Specific stocks such as Zijin Mining, Shandong Gold, and Huayou Cobalt were highlighted as significant holdings, with notable increases in positions for companies like Guangsheng Nonferrous and Haotong Technology [14][15]. Investment Recommendations - The report recommends focusing on leading companies in the aluminum sector such as China Aluminum, Shenhuo Co., and Tianshan Aluminum, as well as lithium companies like Ganfeng Lithium and Tianqi Lithium [18]. - It also suggests that the gold sector, particularly stocks like Shandong Gold and Zhongjin Gold, may see increased allocations from funds due to favorable market conditions [18].

Group 1 - Hong Kong gold stocks collectively declined, with Tongguan Gold (00340.HK) and Shandong Gold (017817.HK) falling over 3% [1] - China Silver Group (00815.HK), Lingbao Gold (03330.HK), and Zhaojin Mining (01818.HK) experienced declines exceeding 2% [1]

Core Insights - Shandong provincial state-owned enterprises (SOEs) reported strong performance in the first half of 2025, leading in revenue, total assets, and equity among 32 provincial state-owned enterprises in China, excluding municipalities [2] - The total revenue and total assets of Shandong SOEs continued to grow, with 15 enterprises achieving year-on-year revenue growth, and 22 enterprises reporting asset growth [2][4] - The profit total for Shandong SOEs reached 496.9 billion yuan, with 16 enterprises either increasing profits or reducing losses, indicating a significant recovery trend [2][3] Revenue and Asset Growth - In the first half of 2025, Shandong SOEs achieved a total revenue of 1002 billion yuan, with notable growth from companies like Shandong Gold and Inspur Group, which saw revenue increases of over 5% [2] - The total assets of 22 enterprises grew year-on-year, with 12 of them, including Hualu Group and Shandong Iron Investment, also experiencing growth rates exceeding 5% [2] Profitability and Cash Flow - Key enterprises such as Shandong Heavy Industry and Shandong Expressway reported profit totals of 149.7 billion yuan and 101.5 billion yuan, respectively, with year-on-year growth rates of 6.9% and 5.6% [2] - The net cash flow from operating activities for Shandong SOEs was 554 billion yuan, reflecting a year-on-year increase of 7.9%, indicating improved self-sustainability [2] Innovation and R&D Investment - Shandong SOEs invested 203.6 billion yuan in R&D, focusing on sectors like machinery manufacturing and information technology, with new product revenue reaching 1126.1 billion yuan, a year-on-year increase of 11.7% [4] - The provincial government has increased the weight of technology innovation in performance assessments from 12.5% to 33%, emphasizing the importance of innovation in corporate strategy [3] Market Expansion and Investment - Despite global market challenges, Shandong SOEs optimized their overseas market strategies, achieving export revenue of 607.3 billion yuan [4] - Fixed asset investment by Shandong SOEs totaled 719.3 billion yuan, with significant contributions from companies like Shandong Expressway and Shandong Iron Investment, which each invested over 100 billion yuan [4]

Core Viewpoint - The performance of various industries in the first half of the year has shown significant improvement, with 52.88% of the 938 listed companies reporting a year-on-year increase in net profit attributable to shareholders [1] Group 1: Non-ferrous Metals Industry - The non-ferrous metals sector has experienced substantial profit growth, driven by rising prices of raw materials such as copper and gold [2] - 20 companies in the non-ferrous metals industry reported a year-on-year profit increase of over 50%, with 6 companies achieving a profit doubling [2] - For instance, Jincheng Mining expects a net profit of 1.07 billion to 1.12 billion yuan, a year-on-year increase of 74.62% to 82.78%, attributed to increased sales volume and prices of mineral products [2] - Luoyang Molybdenum anticipates a net profit of 8.2 billion to 9.1 billion yuan, reflecting a growth of 51.37% to 67.98% due to rising copper and cobalt prices [2] - Huayou Cobalt's profit is expected to rise by 55.62% to 67.59%, with a projected net profit of 2.6 billion to 2.8 billion yuan, driven by increased cobalt prices [2] Group 2: Gold Industry - The gold sector has also reported strong performance, with companies like Western Gold expecting a net profit of 130 million to 160 million yuan, a year-on-year increase of 96.35% to 141.66% [3] - Shandong Gold anticipates a net profit of 2.55 billion to 3.05 billion yuan, reflecting an increase of 84.30% to 120.50% due to higher gold sales prices and increased sales volume [3] - Other gold companies, including Chifeng Gold and Zhongjin Gold, also expect net profit increases exceeding 50% [3] Group 3: Agricultural Chemicals Industry - The agricultural chemicals sector has seen significant profit growth, with 49 out of 89 companies reporting increases, representing 55.1% [4] - Xian Da Co. expects a net profit of 130 million to 150 million yuan, a staggering year-on-year increase of 2443.43% to 2834.73%, driven by rising market prices of its main product [4] - Su Li Co. anticipates a net profit of 72 million to 86 million yuan, reflecting a growth of 1008.39% to 1223.91% due to increased sales of pesticides [4] - Li Min Co. expects a net profit of 260 million to 280 million yuan, a year-on-year increase of 719.25% to 782.27% [4] Group 4: Fertilizer Industry - Fertilizer companies like Yara International and Dongfang Iron Tower are also forecasting over 50% profit growth due to increased product demand [5] - Yara International expects a net profit of 730 million to 930 million yuan, a year-on-year increase of 170% to 244%, driven by higher production and sales volumes [5] - Dongfang Iron Tower anticipates a net profit of 451 million to 495 million yuan, reflecting a growth of 63.80% to 79.78% [5] Group 5: Fluorochemical Industry - The fluorochemical sector has benefited from rising market prices, with companies like Sanmei Co. expecting a net profit of 948 million to 1.042 billion yuan, a year-on-year increase of 146.97% to 171.67% [6] - Juhua Co. anticipates a net profit of 1.97 billion to 2.13 billion yuan, reflecting a growth of 136% to 155% due to rising prices of fluorinated refrigerants [6] - Yonghe Co. expects a net profit of 255 million to 280 million yuan, a year-on-year increase of 126.30% to 148.49% [6]

Core Insights - Shandong state-owned enterprises ranked first in total revenue, total assets, and owner's equity among 32 provincial state-owned enterprises in China, excluding municipalities, while ranking second in total profit and net profit, indicating strong economic performance [1] Group 1: Economic Performance - In the first half of 2025, Shandong state-owned enterprises experienced steady growth in economic scale, with total revenue and total assets both increasing. In Q2, total assets and revenue grew by over 7% and 6%, respectively [2] - The total profit achieved by state-owned enterprises reached 49.69 billion yuan, with 16 enterprises reporting profit growth or reduced losses. Notably, 14 enterprises, including Shandong Gold and Shandong Expressway, saw profit growth exceeding 5% [2] - The net cash flow from operating activities for state-owned enterprises was 55.4 billion yuan, reflecting a year-on-year increase of 7.9%, indicating improved operational efficiency and self-sustainability [2] Group 2: Market Expansion and R&D - Despite global market tightening, Shandong state-owned enterprises enhanced their overseas market presence, achieving export revenue of 60.73 billion yuan [2] - R&D investment totaled 20.36 billion yuan, primarily directed towards machinery manufacturing, information technology, and transportation sectors. Revenue from new products reached 152.19 billion yuan, marking a 55.5% year-on-year increase, while new product output value was 112.61 billion yuan, up 11.7% [2] Group 3: Investment and Social Contribution - Fixed asset investment by state-owned enterprises accelerated to 71.93 billion yuan, reflecting a year-on-year growth of 2.1% [3] - The industrial output value of state-owned enterprises was 537.56 billion yuan, with a year-on-year growth of 14.5%, and industrial sales value reached 536.16 billion yuan, up 12.6%, contributing significantly to the stability of the provincial industrial economy [3]

Group 1: Gold Price Movement - International gold prices have significantly increased, surpassing $3,400 per ounce, reaching a five-week high, with a closing price of $3,406.4 per ounce on July 21, reflecting a rise of 1.43% [1] - COMEX gold futures rose by 1.6%, reaching $3,412 per ounce, while spot silver also saw a 2% increase, priced at $38.939 per ounce [1] - As of July 22, London spot gold surged to $3,416.65 per ounce, with spot silver hitting a new high since July 14 [1] Group 2: Domestic Gold Price Trends - Since opening at $2,623 per ounce this year, spot gold has risen, peaking at $3,499.45 per ounce on April 22, marking a maximum increase of over 30% before entering a phase of high-level fluctuations [3] - Domestic gold prices have also rebounded, with most gold jewelry prices in local stores returning to the thousand yuan mark [3] Group 3: Gold Companies' Performance - Gold companies have reported strong performance in the first half of 2025, benefiting from a 28% increase in international gold futures prices compared to the beginning of the year [5] - Western Gold expects a net profit attributable to shareholders of 130 million to 160 million yuan, a year-on-year increase of 96.35% to 141.66% [5] - Shandong Gold anticipates a net profit of 2.55 billion to 3.05 billion yuan, reflecting a year-on-year increase of 84.3% to 120.5% [5] - China National Gold forecasts a net profit of 2.614 billion to 2.875 billion yuan, an increase of 50% to 65% year-on-year [5] - Hunan Gold expects a net profit of 613 million to 701 million yuan, a year-on-year increase of 40% to 60% [5] - Chifeng Gold anticipates a net profit of 1.08 billion to 1.13 billion yuan, reflecting a year-on-year increase of 52.01% to 59.04% [6] Group 4: Central Bank Gold Purchases - The People's Bank of China reported that as of June 2025, the country's gold reserves reached 73.9 million ounces (approximately 2,298.55 tons), marking a net increase for the eighth consecutive month [7] - In 2024, global central banks purchased a net total of 1,136 tons of gold, the second-highest on record, with China, Poland, and Turkey being the top three buyers, accounting for over 50% of purchases [7] - A survey indicated that 95% of central banks plan to continue increasing their gold holdings in the next 12 months, the highest percentage since 2019 [7] Group 5: Reasons for Central Bank Gold Accumulation - Central banks are increasing gold holdings to optimize foreign exchange reserve structures, as gold serves as a non-sovereign credit reserve asset, unaffected by unilateral sanctions [8] - The People's Bank of China's gold purchases align with the internationalization of the renminbi, providing tangible asset support for the currency's role in the global monetary system [8]