根据初步规划，公司及金舜矿业旗下的矿权将进行整合开发，矿区分为两期 建设。该项目的低品位资源经工业指标论证后，可以进行资源综合利用开发，可 供开发利用的金资源量合计达到 80 余吨，达成后年产黄金 5-6 吨，预计能够获 得良好的开发效益。项目后续开发建设进展，公司将及时进行披露。 特此公告。 山东黄金矿业股份有限公司 关于推动甘肃地区金矿项目开发建设的公告 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、准确性和完整性依法承担法律责任。 山东黄金矿业股份有限公司（以下简称"公司"）及控股子公司甘肃金舜矿 业有限责任公司（以下称"金舜矿业"）近日召开项目论证会，对位于甘肃区域 的金矿项目采选工程总体规划方案进行论证优化，方案已通过专家审查。 山东黄金矿业股份有限公司董事会 证券代码：600547 证券简称：山东黄金 编号：临 2025-018 2025 年 4 月 8 日 ...

[Table_StockNameRptType] 山东黄金（600547） 公司点评 金价上行支撑业绩，持续推进扩产增储 | [Table_Rank] | 投资评级：买入（维持） | | --- | --- | | 报告日期： | 2025-04-06 | | [Table_BaseData] 收盘价（元） | 26.19 | | --- | --- | | 近 12 个月最高/最低（元） | 33.25/22.62 | | 总股本（百万股） | 4,473 | | 流通股本（百万股） | 3,614 | | 流通股比例（%） | 80.80 | | 总市值（亿元） | 1,171 | | 流通市值（亿元） | 947 | [公司价格与沪深 Table_Chart] 300 走势比较 -33% -18% -2% 14% 29% 4/24 7/24 10/24 1/25 山东黄金 沪深300 [Table_Author] 分析师：许勇其 执业证书号：S0010522080002 邮箱：xuqy@hazq.com 分析师：黄玺 执业证书号：S0010524060001 邮箱：huangxi@hazq.com [T ...

截至2025年4月3日收盘，山东黄金(600547)报收于26.19元，上涨1.04%，换手率1.18%，成交量42.8万手，成交额11.29亿元。 当日关注点 交易信息汇总 山东黄金矿业股份有限公司于2025年4月3日向香港交易及结算所有限公司提交了截至2025年3月31日的证券变动月报表。公司注册股本总额为人民 币4,473,429,525元，分为H股858,986,178股和A股3,614,443,347股，每股面值均为人民币1元。H股在上海证券交易所上市，而A股在香港联合交易 所上市。本月内，公司的法定/注册股本及已发行股份数量均未发生变化，H股和A股的已发行股份数量与上月底结存相同，库存股份数量为零。 此外，股份期权、承诺发行股份的权证、可换股票据及其他协议或安排均不适用。公司确认本月内每项证券发行或库存股份出售或转让均已获得 董事会正式授权批准，并遵照所有适用上市规则、法律及其他监管规定进行。呈交者为联席公司秘书汤琦。 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构成投资建议。 交易信息汇总：山东黄金当日主力资金净流入2761.64万 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][18] Core Views - The company achieved a revenue of 82.52 billion yuan in 2024, representing a year-on-year growth of 39.21%. The net profit attributable to shareholders was 2.95 billion yuan, up 26.80% year-on-year [4] - The report indicates that the company is expected to benefit from the long-term upward trend in precious metal prices, with projected gold production of 50.0 tons in 2025 and corresponding net profits of 5.62 billion yuan [7] Financial Performance Summary - **Revenue Forecast**: - 2023A: 59.275 billion yuan - 2024A: 82.518 billion yuan - 2025E: 106.386 billion yuan - 2026E: 113.806 billion yuan - 2027E: 118.057 billion yuan - Year-on-year growth rates: 18% (2023A), 39% (2024A), 29% (2025E), 7% (2026E), 4% (2027E) [3] - **Net Profit Forecast**: - 2023A: 2.328 billion yuan - 2024A: 2.952 billion yuan - 2025E: 5.622 billion yuan - 2026E: 6.680 billion yuan - 2027E: 7.480 billion yuan - Year-on-year growth rates: 87% (2023A), 27% (2024A), 90% (2025E), 19% (2026E), 12% (2027E) [3] - **Profitability Ratios**: - Gross margin for 2024 was 16.50%, a slight decrease of 0.10 percentage points year-on-year [5] - The company’s net asset return rate is projected to reach 9% by 2027 [3] Production and Sales Performance - The company produced 46.17 tons of gold in 2024, with sales of 45.24 tons, marking a year-on-year increase of 14.18% [5] - The average selling price of self-produced gold was 553 yuan per gram, up 22.69% year-on-year, while the cost of self-produced gold was 293 yuan per gram, an increase of 27.14% [5] Strategic Outlook - The company plans to maintain a gold production of no less than 50 tons in 2025, with ongoing projects aimed at enhancing production capacity [6] - The report anticipates that the company will continue to benefit from the rising gold prices and its strategic expansion efforts [7]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 山東黃金礦業股份有限公司 呈交日期: 2025年4月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01787 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 858,986,178 | RMB | | | 1 RMB | | 858,986,178 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 858,986,178 | RMB | | | 1 RMB | | 858,986,178 | | 2. 股份分 ...

业绩同比增长，多个建设项目为远期增长打下基 础 买入(维持) 事件 分析师：傅鸿浩 S1050521120004 fuhh@cfsc.com.cn 分析师：杜飞 S1050523070001 dufei2@cfsc.com.cn | 基本数据 | 2025-04-01 | | --- | --- | | 当前股价（元） | 25.97 | | 总市值（亿元） | 1,161.7 | | 总股本（百万股） | 4,473.4 | | 流通股本（百万股） | 3,614.4 | | 52 周价格范围（元） | 22.62-33.25 | | 日均成交额（百万元） | 841.3 | 市场表现 -30 -20 -10 0 10 20 30 (%) 山东黄金 沪深300 2025 年 04 月 02 日 资料来源：Wind，华鑫证券研究 相关研究 1、《山东黄金（600547）：业绩同 比大增，主因提质增效以及金价上 行》2024-09-01 2、《山东黄金（600547）：产量回 升费用率下滑，业绩大幅改善》 2023-04-05 —山东黄金（600547.SH）公司事件点评报告 山东黄金发布 2024 年年报：2 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1] Core Views - The company has shown significant year-on-year growth in performance, with multiple construction projects laying the foundation for future growth [1] - The company's gold production increased in 2024, with a total output of 46.17 tons, representing a year-on-year increase of 10.51% [4] - The report highlights the successful progress of various projects, including the Namutini gold mine project entering trial production [5] - The company has increased its gold resource reserves through exploration and acquisitions, adding a total of 765 tons of gold resources [7] - Revenue forecasts for 2025-2027 are projected at 968.35 billion, 987.85 billion, and 1007.35 billion respectively, with net profits expected to be 55.27 billion, 61.14 billion, and 67.00 billion [8] Summary by Sections Market Performance - The company has outperformed the market, with a significant increase in stock price compared to the benchmark index [2] Financial Performance - In 2024, the company's operating revenue reached 825.18 billion, a year-on-year increase of 39.21%, and net profit attributable to shareholders was 29.52 billion, up 26.80% [3] Production and Projects - The company’s gold production capacity has improved due to enhanced production capabilities and ore grades, with several new projects contributing to this growth [4][5] - The Namutini gold mine project is expected to process 9.5 million tons of ore annually, yielding an average of 8.438 tons of gold [5] Resource Reserves - The company successfully added 58.8 tons of new gold resources through exploration activities in 2024 [7] Profit Forecast - The projected earnings per share for 2025-2027 are 1.24, 1.37, and 1.50 respectively, with corresponding price-to-earnings ratios of 21.5, 19.4, and 17.7 [10]

Core Viewpoint - The gold industry is experiencing significant growth, with Shandong Gold reporting a substantial increase in revenue and resources, highlighting the company's strong market position and commitment to technological innovation [1][2]. Group 1: Financial Performance - As of March 31, Shandong Gold's revenue reached 82.518 billion yuan, marking a year-on-year increase of 39.21% [1]. - The company's net profit attributable to shareholders has shown continuous growth over the past three years [1]. - The reported data resources for 2024 amounted to 2.35 million yuan, reflecting a 7.31% increase compared to the previous period [3]. Group 2: Production and Resources - Shandong Gold is the largest gold producer in China, with 12 mines producing over 1 ton of gold each in 2024 [1]. - The total gold production from domestic mines reached 38.32 tons, representing an 8.43% year-on-year increase [1]. - The company holds a total resource reserve of 2,058.46 tons of gold metal, calculated based on its equity interest [1]. Group 3: Technological Innovation - Shandong Gold is focusing on six key areas of technological innovation, including deep geological exploration and intelligent support systems [2]. - The company has significantly increased its research and development expenditure, with a year-on-year growth of 148.4% in 2024, the highest increase in three years [1][2].

Core Viewpoint - The company reported a strong performance in 2024 with significant revenue and profit growth, although Q4 results showed a decline compared to previous quarters [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 82.518 billion yuan, a year-on-year increase of 39.21% [1] - The net profit attributable to shareholders was 2.952 billion yuan, up 26.8% year-on-year, while the non-recurring net profit was 2.99 billion yuan, reflecting a 35.15% increase [1] - For Q4 2024, revenue was 15.51 billion yuan, down 13.6% year-on-year and 26.9% quarter-on-quarter, with a net profit of 886 million yuan, a decrease of 9.85% year-on-year but an increase of 29.8% quarter-on-quarter [1] Production and Cost Analysis - The company produced 46.17 tons of mined gold in 2024, a 10.5% increase, achieving 98.2% of its annual target [2] - The average gold price in 2024 was 2,382 USD per ounce, up 22.6% year-on-year, with Q4 averaging 2,660 USD per ounce, a 34.6% increase year-on-year [2] - The sales cost of self-produced gold was 293 yuan per gram, a 27.15% increase, with a gross profit of 260 yuan per gram, reflecting an 18% increase [2] Resource Expansion and Project Development - The company invested 590 million yuan in exploration, adding 58.8 tons of new gold resources, with significant contributions from various mines [3] - The company successfully acquired exploration rights and completed the acquisition of a 70% stake in Baotou Changtai Mining [3] - Ongoing projects include the San Mountain Island mine, which has received a mining permit for 4.95 million tons per year, and the Namutini gold project, which is in the trial production phase [3] Investment Outlook - The company anticipates continued upward trends in precious metal prices, projecting net profits of 5.459 billion yuan, 5.947 billion yuan, and 6.724 billion yuan for 2025-2027 [4] - The corresponding price-to-earnings ratios are expected to be 22, 20, and 18 times based on the closing price on March 28 [4]

Core Viewpoint - Despite the significant increase in gold prices, Shandong Gold's profit margins for some products have declined, indicating a disconnect between revenue growth and profitability [1][3][9]. Financial Performance - The company reported a revenue of 82.5 billion yuan and a net profit of 2.952 billion yuan, representing year-on-year increases of 39.21% and 26.8% respectively [1]. - In 2024, the international spot gold price peaked at 2,790 USD/ounce and ended the year at 2,624 USD/ounce, marking an approximate 27% increase compared to the previous year [1]. Product Performance - Revenue from self-produced gold, purchased gold, and small gold bars was 25.03 billion yuan, 36.76 billion yuan, and 10.34 billion yuan respectively [3]. - The gross margin for self-produced gold was 47.05%, while the margins for purchased gold and small gold bars were below 2% [3]. - The gross margin for self-produced gold decreased by 1.86 percentage points compared to the previous year, despite the rise in gold prices [3][4]. Cost Analysis - The cost of self-produced gold increased by 45.17%, outpacing the revenue growth of 40.08%, leading to a decline in gross margin [4]. - Significant increases in costs were noted in outsourced production expenses (up 71.42%) and manufacturing costs (up 57.51%) [6]. - The overall cost structure showed that raw material costs rose by 64.02% to 52.21 billion yuan, with raw materials now constituting 70.6% of the total costs [8]. Industry Context - The trend of declining profit margins in the gold refining sector is not unique to Shandong Gold, as similar patterns were observed in Hengbang Shares, which reported a decrease in gross margin despite revenue growth [6][9].