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]

Investment Rating - The report maintains a positive outlook on Yulong Co., Ltd. with a focus on its strategic partnership with Bato Gold for operational management and future restructuring of the Bato Gold Mine [22]. Core Viewpoints - Yulong Co., Ltd.'s subsidiary, Yuxin Holdings, has signed a management agreement with Bato Gold to assist in the operation of the Bato Gold Mine, which is expected to enhance economic efficiency and resource integration capabilities [22]. - Bato Gold holds a significant gold resource of 3.37 million ounces (approximately 104.82 tons) according to JORC standards, indicating substantial mining potential [22]. - The company plans to divest from trading operations and concentrate on its core mining business, focusing on gold and new energy materials, to reinvest funds into mining construction and acquisitions [22]. Financial Summary - The projected net profit for Yulong Co., Ltd. for 2024-2026 is estimated at 631 million, 689 million, and 755 million CNY, respectively, with corresponding P/E ratios of 18.4, 16.9, and 15.4 [15][23]. - The total revenue for 2023 is projected at 2.424 billion CNY, with a significant decline of 77.8% year-on-year, but expected to recover to 2.150 billion CNY in 2024 [23]. - The gross profit margin is anticipated to improve from 40.8% in 2023 to 57.5% in 2026, reflecting enhanced operational efficiency [23].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company has signed a management agreement with Barto Gold Mining Pty Ltd, where its subsidiary, Yuxin Holdings, will assist in the project operations and strategic restructuring of the Barto Gold Mine [1][3][15]. - The Barto Gold Mine has a JORC-compliant gold resource of 3.37 million ounces (approximately 104.82 tons) [33]. - The company aims to replicate the successful management and operational improvements seen in its previous project, the Pakingo Gold Mine, which achieved significant increases in gold production and profitability after the company took over management [28][29]. Financial Summary - The company reported a net profit of AUD 11.35 million for Q1 2024 [5]. - Projected revenues for 2024-2026 are expected to be AUD 2.71 billion, AUD 2.81 billion, and AUD 3.04 billion, respectively, with year-on-year growth rates of 11.8%, 3.9%, and 8.0% [29]. - The projected net profits for the same period are AUD 587 million, AUD 635 million, and AUD 660 million, with growth rates of 31.8%, 8.2%, and 3.9% [29]. - The company’s earnings per share (EPS) are forecasted to be AUD 0.75, AUD 0.81, and AUD 0.84 for 2024, 2025, and 2026, respectively [29]. - The company’s price-to-earnings (PE) ratios are projected to be 18.00, 16.64, and 16.02 for the same years, indicating a valuation below the industry average [29]. Operational Insights - Yuxin Holdings has established a specialized exploration company, Auspin, to enhance exploration and resource expansion capabilities in the Pakingo Gold Mine area [13]. - The Pakingo Gold Mine achieved a gold production of 9.15 thousand ounces (approximately 2.85 tons) in 2023, marking a 15-year high in production [28][29]. - The management agreement with Barto Gold Mining is expected to lead to operational efficiencies and cost reductions, similar to those achieved at the Pakingo Gold Mine [29].

关于子公司与巴拓黄金签署《管理协议》暨关联交易的公告 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、准确性和完整性承担法律责任。 重要内容提示： 1. 公司全资子公司 Yuxin Holdings Pty Limited（以下简称"玉鑫控股"） 与 Barto Gold Mining Pty Ltd（以下简称"巴拓黄金"）签署《管理协议》， 由玉鑫控股协助巴拓黄金对巴拓金矿进行项目运营以及巴拓黄金拟在未来进行 的战略重组。巴拓黄金将根据协议约定支付相应管理费用及附条件的激励费用， 管理费用为 25 万澳元/月，同时，玉鑫控股将有权根据年度预算净利润目标实现 情况，获得额外的激励费，激励费总额以 100 万澳元为上限。 2. 本次交易构成关联交易，不构成重大资产重组。本次交易已经公司第六 届董事会第十六次会议审议通过，无需提交公司股东大会审议。 3. 过去 12 个月内，公司与巴拓黄金发生的关联交易总额为 1,156.04 万元 人民币。 一、关联交易概述 证券代码：601028 证券简称：玉龙股份 公告编号：2024-031 山东玉龙黄金股份有限公司 截 ...