Investment Rating - The report maintains a "Buy" rating for Yulong Co., Ltd. (601028.SH) [2][4] Core Views - The company benefits from rising gold prices, with significant growth in gold net profit by 42.63% year-on-year in 2024H1 [3][4] - The company reported a revenue of 880 million yuan in 2024H1, a year-on-year increase of 3.71%, primarily driven by a 17.62% growth in mining operations, despite a 64.22% decline in trading revenue due to planned reductions in bulk trading [3] - The company’s gold mining operations, particularly the Pakingo gold mine, achieved a production of approximately 49,200 ounces (1.53 tons) in 2024H1 [3][4] Financial Performance - In 2024H1, the company achieved a net profit attributable to shareholders of 240 million yuan, a decrease of 7.18% year-on-year, while the net profit excluding non-recurring items was 250 million yuan, down 4.81% year-on-year [3] - The company’s Q2 2024 single-quarter revenue reached 500 million yuan, reflecting a year-on-year increase of 10.56% and a quarter-on-quarter increase of 31.76% [3] - The average selling price of gold for the company in 2024H1 was 516 yuan per gram, up 15.9% compared to the average selling price for the entire year of 2023 [3] Resource Expansion - The Pakingo gold mine has shown significant resource expansion, with gold metal reserves increasing by 315,000 ounces (9.80 tons) year-on-year as of June 30, 2023 [4] - The company has also discovered new vanadium ore bodies, with the total V2O5 metal resource increasing from 499,900 tons to 651,500 tons [4] Earnings Forecast - The company is expected to benefit from rising gold prices and increased production from graphite, silicon, and vanadium mines, with projected revenues of 2.2 billion yuan in 2024, 1.7 billion yuan in 2025, and 2.2 billion yuan in 2026 [4] - The forecasted net profits for 2024, 2025, and 2026 are 600 million yuan, 620 million yuan, and 840 million yuan, respectively, with year-on-year growth rates of 33.9%, 3.9%, and 34.9% [4]

Financial Performance - The company's operating revenue for the first half of 2024 was approximately ¥881.40 million, a decrease of 3.71% compared to ¥915.32 million in the same period last year[11]. - The net profit attributable to shareholders for the first half of 2024 was approximately ¥238.40 million, down 7.18% from ¥256.83 million in the previous year[11]. - The net cash flow from operating activities was negative at approximately ¥1.87 billion, compared to a positive cash flow of ¥87.06 million in the same period last year[11]. - The total assets at the end of the reporting period were approximately ¥9.74 billion, a decrease of 1.90% from ¥9.93 billion at the end of the previous year[11]. - The net assets attributable to shareholders increased by 5.02% to approximately ¥3.41 billion from ¥3.25 billion at the end of the previous year[11]. - Basic earnings per share for the first half of 2024 were ¥0.3065, a decrease of 6.55% from ¥0.3280 in the same period last year[12]. - The weighted average return on net assets decreased by 1.69 percentage points to 7.12% from 8.81% in the previous year[12]. - The company achieved operating revenue of CNY 881.40 million, a decrease of 3.71% year-on-year[20]. - The net profit attributable to shareholders was CNY 238.40 million, reflecting a significant increase of 42.63% compared to the previous year[19]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in the first half of 2024, representing a 20% year-over-year growth[40]. Business Operations - The company has not disclosed any new product developments or technological advancements in this report[3]. - There are no significant mergers or acquisitions reported during the first half of 2024[3]. - The company has highlighted potential risks in its management discussion and analysis section, urging investors to pay attention to investment risks[2]. - The company disposed of its bulk commodity business, resulting in revenue of 88.02 million RMB, a significant decline of 64.22% year-on-year[15]. - The company is focusing on integrating resources for its bulk commodity trade business, with no new procurement contracts signed during the reporting period[15]. - The company is actively pursuing external resource acquisitions and integration to enhance its resource reserves and competitive advantage[18]. - The company plans to accelerate external mergers and acquisitions to expand its key mineral resources[19]. - The company plans to accelerate the disposal of bulk trade business and focus on more profitable mining operations[30]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2025[44]. Mining and Resource Management - The company's gold precious metal mining business achieved revenue of 789.12 million RMB, a year-on-year increase of 17.62%, and a net profit of 323.22 million RMB, up 42.63%[15]. - The Pakingo gold mine has a resource amount of 10.908 million tons and a gold metal quantity of 202.1 thousand ounces (approximately 62.86 tons) as of June 30, 2023[15]. - The Pakingo gold mine produced approximately 49.2 thousand ounces (about 1.53 tons) of gold in the first half of 2024[15]. - The company continues to optimize production processes at the Pakingo gold mine to improve recovery rates and efficiency[15]. - The company discovered a new ore body at the Shaanxi Loufangou Vanadium Mine, increasing the total vanadium resource from 499,900 tons to 651,500 tons[19]. Financial Position and Cash Flow - Cash and cash equivalents at the end of the reporting period amounted to ¥415,500,789.89, a decrease of 65.66% compared to the previous year, primarily due to a reduction in bulk trade[23]. - Accounts receivable at the end of the reporting period reached ¥3,618,200,472.57, an increase of 41.89% year-over-year, attributed to an increase in accounts receivable from bulk trade[23]. - Prepayments at the end of the reporting period totaled ¥3,657,834,321.70, reflecting a 49.45% increase from the previous year, driven by higher procurement payments in bulk trade[23]. - Other current assets increased significantly by 364.52% to ¥92,346,095.99, due to an increase in reclassified taxes[23]. - The company’s cash flow from operating activities showed a significant negative change, with a net outflow of CNY 1.87 billion[20]. - The company reported a significant drop in trading financial assets, which fell to RMB 1.7 million from RMB 7.8 million, a decrease of approximately 78%[53]. - The company reported a net cash outflow from operating activities of CNY -1,503,974,313.89, compared to a positive cash inflow of CNY 33,018,252.91 in the first half of 2023[70]. Shareholder and Equity Information - The total amount of guarantees provided by the company, including those to subsidiaries, is 195,000,000 RMB, which accounts for 5.71% of the company's net assets[47]. - The company provided guarantees totaling 50,000,000 RMB to subsidiaries during the reporting period[47]. - As of the end of the reporting period, the total number of common shareholders is 35,411[48]. - The largest shareholder, Jinan High-tech Holding Group Co., Ltd., holds 230,070,000 shares, representing 29.38% of the total shares[49]. - Hainan Houai Technology Co., Ltd. holds 134,828,458 shares, accounting for 17.22% of the total shares, with 26,571,858 shares frozen[49]. - The company has not disclosed any significant related party transactions or guarantees during the reporting period[46]. Risk Management and Compliance - The company faces macroeconomic volatility risks that could adversely affect operations due to commodity price fluctuations[30]. - The company emphasizes ESG principles to enhance safety and environmental management in mining operations[31]. - The company has committed to avoiding any business that competes with its main operations during its existence, ensuring no conflict of interest arises with its listed business[35]. - The company has pledged to strictly adhere to relevant laws and regulations while exercising shareholder rights, ensuring independence in assets, finance, personnel, and operations[37]. Future Outlook - The company provided a positive outlook for the second half of 2024, projecting a revenue growth of 25%[42]. - New product launches are expected to contribute an additional 300 million in revenue by the end of the year[43]. - Research and development investments increased by 30%, focusing on innovative technologies and product enhancements[40]. Subsidiary Performance - Shanghai Juku, a wholly-owned subsidiary, reported total assets of approximately CNY 3.85 billion and a net loss of CNY 33.40 million[29]. - Jiangsu Houneng, another wholly-owned subsidiary, had total assets of CNY 68.09 million and a net loss of CNY 82,086[29]. - Hong Kong Yulong, a wholly-owned subsidiary, reported total assets of approximately HKD 725 million and a net loss of HKD 347,321[29]. - Zhejiang Fengjing, a holding subsidiary, had total assets of CNY 173.86 million and a net loss of CNY 222,097[29]. - NQM Company, a wholly-owned subsidiary, reported total assets of approximately AUD 2.40 billion and a net profit of AUD 323.22 million[29].

山东玉龙黄金股份有限公司 简式权益变动报告书 三、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 上市公司名称：山东玉龙黄金股份有限公司 股票上市地点：上海证券交易所 股票简称：玉龙股份 股票代码：601028 信息披露义务人：海南厚皑科技有限公司 住所：海南省澄迈县老城镇高新技术产业示范区海南生态软件园孵化楼三楼1001 通讯地址：海南省澄迈县老城镇高新技术产业示范区海南生态软件园孵化楼三楼 1001 权益变动方式：持股数量不变，表决权委托，可行使的表决权数量减少 签署日期：二零二四年八月 山东玉龙黄金股份有限公司简式权益变动报告书 声 明 一、本报告书系信息披露义务人依据《公司法》《证券法》《上市公司收购 管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号—权益变动 报告书》及其他相关法律、法规及部门规章的有关规定编写。 二、依据上述法律法规的规定，本报告书已全面披露了信息披露义务人在山 东玉龙黄金股份有限公司中拥有权益的股份变动情况。 截至本报告书签署之日，除本报告书披露的持股信息外，信息披露义务人没 有通过任何其 ...

北京德恒（济南）律师事务所 关于山东玉龙黄金股份有限公司 2024 年第一次临时股东大会的法律意见 北京德恒（济南）律师事务所 济南市高新区舜泰北路 567 号银丰科技公园 2 号楼 电话：0531-81663606 传真：0531-81663607 邮编：250000 北京德恒（济南）律师事务所 关于山东玉龙黄金股份有限公司 2024 年第一次临时股东大会的法律意见 2024 年第一次临时股东大会的法律意见 北京德恒（济南）律师事务所 关于山东玉龙黄金股份有限公司 德恒 11G20220171 号 致：山东玉龙黄金股份有限公司 北京德恒（济南）律师事务所（以下简称"本所"）受山东玉龙黄金股份有 限公司（以下简称"玉龙股份"或"公司"）委托，指派本所李蓓蓓律师和胡安 娜律师出席玉龙股份 2024 年第一次临时股东大会（以下简称"本次股东大 会"），对本次股东大会的合法性进行见证，并出具本法律意见。 本法律意见根据《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》《上市公司股东大会规则》《上市公司治理准则》等有关 法律、法规和规范性文件以及《山东玉龙黄金股份有限公司章程》（以下简称" ...

(一) 股东大会召开的时间：2024 年 8 月 23 日 (二) 股东大会召开的地点：中国（山东）自由贸易试验区济南片区经十东路 7000 号汉峪金谷 A4-4 产业金融大厦 12 层会议室 (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： 龙黄金股份有限公司章程》的规定。 证券代码：601028 证券简称：玉龙股份 公告编号：2024-035 山东玉龙黄金股份有限公司 2024 年第一次临时股东大会决议公告 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 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 399 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 386,359,420 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 49.6653 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董 ...

山东玉龙黄金股份有限公司 2024 年第一次临时股东大会会议资料 山东 • 济南 二〇二四年八月 山东玉龙黄金股份有限公司 2024 年第一次临时股东大会会议资料 目 录 | 2024 年第一次临时股东大会会议议程 2 | | --- | | 会议须知 3 | | 议案一：关于补选公司非独立董事的议案 4 | 1 山东玉龙黄金股份有限公司 2024 年第一次临时股东大会会议资料 2024 年第一次临时股东大会会议议程 一、召开时间 现场会议召开时间：2024 年 8 月 23 日下午 14:30 网络投票时间：采用上海证券交易所网络投票系统，通过交易系统投票平台的 投票时间为股东大会召开当日的交易时间段，即 2024 年 8 月 23 日 9:15-9:25， 9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为 2024 年 8 月 23 日 9:15-15:00。 山东玉龙黄金股份有限公司 2024 年第一次临时股东大会会议资料 会议须知 为了维护广大投资者的合法权益，保证股东在本公司股东大会上依法行使职权， 确保股东大会召开的正常秩序，提高股东大会议事效率，根据中国证券监督管理委 ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 20.3 CNY per share based on a 25x PE for 2024, corresponding to a market value of 15.8 billion CNY [31]. Core Insights - The company is focusing on optimizing its operations and reducing costs, particularly in the Pakingo gold mine, where the production cost per gram of gold decreased by 8.82% to 210.54 CNY, while the gross profit per gram increased by 77.23% to 234.43 CNY in 2023 [1]. - The company is transitioning from a trading business to focus on gold and new energy mining, with gold business contributing 52% of revenue and 67% of gross profit in 2023 [52][71]. - The Pakingo gold mine has significant resource potential, with a JORC-compliant gold metal quantity of 202.1 million ounces (62.86 tons) as of June 30, 2023, an increase of 31.5 million ounces (9.80 tons) year-on-year [95]. - The company is also diversifying into new energy materials, including vanadium and silicon, with ongoing projects expected to contribute to future revenue [6][9][87]. Summary by Sections Section 1: Business Focus - The company is committed to divesting from trading operations and concentrating on gold and new energy mining, with a strategic focus on enhancing gold resource efficiency and exploration [52][54][96]. - The company has transitioned to a state-owned enterprise, which has influenced its strategic direction and operational focus [67]. Section 2: Gold Resource Potential - The Pakingo gold mine is highlighted as a low-cost, high-potential asset, with plans for further resource expansion and production capacity increases [105][108]. - The company has established a management agreement with Bato Gold to assist in the operation and potential restructuring of the Bato gold mine, which has rich resources [111][63]. Section 3: Diversification into New Energy - The company is actively pursuing projects in vanadium and silicon, with significant resource quantities reported, such as 65.15 million tons of V2O5 in the vanadium project [7][112]. - The company has entered into strategic partnerships to enhance its position in the vanadium and silicon markets, aiming to capitalize on the growing demand for energy storage solutions [89][143]. Section 4: Market Trends and Price Forecast - The report anticipates a bullish trend for gold prices due to expected interest rate cuts and increased demand for gold as a safe-haven asset amid economic uncertainties [16][31]. - The company projects revenue growth in the coming years, with expected revenues of 21.50 billion CNY, 19.76 billion CNY, and 22.89 billion CNY for 2024-2026 [28].

Research and Development Center 聚焦黄金主业，走向价值重估之路 [Table_CoverStock] —玉龙股份(601028)公司深度报告 [Table_ReportDate] 2024 年 07 月 24 日 证券研究报告 [Table_Title] 聚焦黄金主业，走向价值重估之路 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|------------|---------------------------------------------------------------------------------------------------------------------------- ...

Summary of Yulong Co., Ltd. Conference Call Company Overview - **Company**: Yulong Co., Ltd. - **Industry**: Mining, specifically focusing on gold and new energy materials Key Points and Arguments 1. **Strategic Direction**: The company is driven by dual engines of gold mining and new energy materials mining [1] 2. **Financial Performance**: In Q1 of this year, the company achieved a net profit attributable to shareholders of 0.6 billion yuan, with the gold mining segment contributing 0.31 billion yuan [1] 3. **Competitive Advantages**: - Efficient management team reduced gold mining costs from over 400 yuan to between 240-260 yuan per gram [1] - Resource reserves: The Pakingo gold mine completed its profit commitment a year ahead of schedule [1] 4. **Operational Focus**: The main task for this year is to clear out bulk trading operations to highlight the company's mining attributes [1] Pakingo Gold Mine Insights 1. **Mine Details**: The Pakingo gold mine has an exploration area of 3,050 square kilometers, with reserves of 63 tons and an average grade of 8 grams per ton, producing 3 tons annually [2] 2. **Cost Management**: - Costs in the first half of the year are between 220-240 yuan per gram, with an annual average cost of 260 yuan per gram [2] - Cost reduction measures included workforce optimization from over 300 to around 200 employees and transitioning from third-party mining and processing to in-house operations [2] 3. **Expansion Potential**: The company plans to invest 30 million AUD annually in exploration, with potential for increased reserves and production capacity [2] 4. **Production Goals**: The target for this year is 8 tons, with Q1 production at 0.73 tons [2] 5. **Financial Strategy**: Profits from the Australian operations are reinvested in Africa due to better repatriation conditions [2] Other Mining Projects 1. **Batu Gold Mine**: The Batu mine has a resource of 103 tons and is expected to produce over 2 tons of gold in 2023, with a total cost of 300-400 yuan per gram [2] 2. **Graphite Mining**: The company holds a 44% stake in Chaiteng Mining and plans to acquire 70% of the project company [3] - The Anquabei project in Mozambique aims for an annual production of over 60,000 tons of natural flake graphite, with selling prices between 7,000-10,000 yuan per ton [3] 3. **Vanadium Mining**: The company holds a 67% stake in Shaanxi Shanjin, with plans for trial production expected in late next year or early the following year [3] 4. **Silica Mining**: The company plans to increase its stake in silica mining from 35% to 45%, with a production scale of 150,000 tons per year [3] Financial and Operational Challenges 1. **Bulk Trading Losses**: The company reported a loss of 20 million yuan in bulk trading for Q1, with plans to cease operations in this area [3] 2. **Potential Inventory Write-downs**: There is a possibility of significant inventory write-downs, but the assessment remains uncertain [3] Corporate Governance and Future Plans 1. **Incentive Plans**: The company has completed its share buyback and is undergoing approval processes [3] 2. **Performance Assessment**: The group’s performance is evaluated based on market capitalization, with revenue and profit accounting for 40-50% of the assessment [3] 3. **M&A Strategy**: The company is looking to acquire domestic gold mining projects [3]

请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 ➢ 风险因素：美联储降息节奏不及预期；公司产量不及预期等。 [Table_Introduction] 李治，信达证券金属与新材料研究员，中国地质大学（武汉）地质学本科，南京大学地质学硕士，3 年证券研究 经验，2 年矿业公司产业经验，曾任职于东方财富证券新能源团队，矿业理解深刻，产业资源丰富，同时具备成 长和周期股选股思维，主要从事工业金属与新能源金属等领域研究。 免责声明 在任何情况下，本报告中的信息或所表述的意见并不构成对任何人的投资建议，也没有考虑到客户特殊的投资目标、财务状况或需 求。客户应考虑本报告中的任何意见或建议是否符合其特定状况，若有必要应寻求专家意见。本报告所载的资料、工具、意见及推 测仅供参考，并非作为或被视为出售或购买证券或其他投资标的的邀请或向人做出邀请。 评级说明 本报告中所述证券不一定能在所有的国家和地区向所有类型的投资者销售，投资者应当对本报告中的信息和意见进行独立评估，并 应同时考量各自的投资目的、财务状况和特定需求，必要时就法律、商业、财务、税收等方面咨询专业顾问的意见。在任何情况下， 信达证 ...