Core Viewpoint - The continuous rise in international gold prices has prompted significant capital operation plans from major players in the Chinese gold market, specifically Zijin Mining and Lau Po Gold [1][2]. Group 1: Zijin Mining - Zijin Mining announced plans to spin off its overseas gold mining assets for listing on the Hong Kong Stock Exchange, which includes several world-class large mines in South America, Central Asia, Africa, and Oceania, representing 67% of the company's total gold resources [1]. - The company has a market capitalization of 472 billion yuan, with a compound annual growth rate of 12% in gold production over the past five years, and a projected gold production of 72,938 kilograms (approximately 234.50 million ounces) in 2024, reflecting a year-on-year increase of 7.70% [1]. - Zijin Mining's gold production accounts for 24% of China's total gold output, and the spin-off is expected to enhance its market competitiveness and drive a revaluation of its gold assets [1][2]. Group 2: Lau Po Gold - Lau Po Gold, which became the "king of stocks" in Hong Kong, plans to raise approximately 2.72 billion Hong Kong dollars by placing 4.31 million shares, with a net amount expected to be around 2.7 billion Hong Kong dollars [1]. - Since its debut on June 28, 2024, Lau Po Gold's stock price has surged, reaching a peak of 881 Hong Kong dollars per share, leading to a current market capitalization of 112.3 billion Hong Kong dollars [1]. - The rapid rise of Lau Po Gold indicates strong market potential and reflects confidence in its future development following its significant market valuation increase [2].

2024 年年度股东会 2025 年第一次 A 股类别股东会 2025 年第一次 H 股类别股东会 2024 Annual General Meeting The First A Shareholder's and H Shareholder's Class Meeting in 2025 会 议 材 料 紫金矿业集团股份有限公司 2025 年 5 月 19 日 紫金矿业集团股份有限公司 2024 年年度股东会议程 议 程 主持人宣布大会开幕； 董事会秘书宣布参加本次股东会现场会议的股东人数、代表股份总额； 主持人根据公司章程提议表决票清点人； 本次会议逐项审议下列议案： 1.公司2024年度董事会工作报告 2.公司独立董事2024年度述职报告 3.公司2024年度监事会工作报告 4.公司2024年年度报告及摘要 5.公司2024年度财务决算报告 6.公司2024年度利润分配方案 7.关于提请股东会授权董事会制定2025年中期利润分配方案的议案 8.关于执行董事、监事会主席2024年度薪酬计发方案的议案 9.关于变更2025年度审计机构的议案 10.关于2025年度担保计划的议案 11.关于子公司开展期货及衍 ...

Core Viewpoint - In April, A-shares experienced a significant repurchase wave, with over 240 listed companies announcing repurchase plans totaling approximately 73.5 billion yuan, marking an explosive growth in both the number of companies and the amount proposed compared to March [1][2][3] Group 1: Repurchase Activity - A total of 241 companies announced share repurchase plans in April, a more than fourfold increase from 44 in March, with a proposed repurchase amount of approximately 735.25 billion yuan, up 257.14% from March's 205.87 billion yuan [2][3] - Notable companies leading the repurchase include Ningde Times (80 billion yuan), Xugong Machinery (36 billion yuan), and Midea Group (30 billion yuan) [2][3] - The repurchase activity was spurred by market volatility and a call from the State-owned Assets Supervision and Administration Commission to support central enterprises and listed companies [3][4] Group 2: Market Impact - The repurchase wave positively impacted the capital market, with the Shanghai Composite Index rebounding after a drop of 7.34% on April 7, recording a cumulative increase of 7.93% from April 8 to May 9 [8] - The total repurchase transaction amount in April exceeded 26 billion yuan, a 73% increase from March [9] Group 3: Financing and Policy Support - Approximately 105 of the 241 companies obtained loan commitment letters for repurchase financing, with the total loan amount capped at about 19.956 billion yuan, an increase of 68.35% from March [5] - The People's Bank of China extended the maximum loan term for repurchase financing from one year to three years, reducing the self-funding requirement from 30% to 10% [5] Group 4: Individual Company Actions - Xugong Machinery led the repurchase with a total of 21.42 billion yuan completed by May 7, showcasing a strong commitment to shareholder returns [10][11] - Zijin Mining completed its repurchase plan in just three trading days, reflecting confidence in its future prospects, with a total repurchase amount of 10 billion yuan [11]

Core Viewpoint - The control of Cangge Mining has shifted to Zijin Mining Group, which now holds 26.18% of the shares and has achieved financial consolidation despite not owning a majority stake [1][3][4]. Group 1: Control Transfer and Shareholding Changes - Zijin Mining completed the acquisition of Cangge Mining's control within four months, spending 137.29 billion yuan to acquire approximately 392 million shares at 35 yuan per share, representing 24.98% of Cangge Mining's total equity [3][4]. - Following the transfer, the shareholding of the original controller, Xiao Yongming, decreased to 20.13%, with voting rights at 15.1%, while Zijin Mining's voting rights increased to 26.18% [4]. - The board of directors of Cangge Mining underwent significant changes, with most seats now held by Zijin Mining personnel, indicating a complete shift in governance [5][6]. Group 2: Financial Performance and Market Context - Cangge Mining, a key player in the lithium mining sector, reported a total revenue of 32.51 billion yuan in 2024, a decrease of 37.79% year-on-year, and a net profit of 25.80 billion yuan, down 24.56% [7]. - The decline in revenue was attributed to falling prices of potassium chloride and lithium carbonate, with the average market price for lithium carbonate dropping by 67.04% to 90,100 yuan per ton in 2024 [7][8]. - Despite the downturn, analysts project steady growth for Cangge Mining, with expected revenues of 33.39 billion yuan, 39.88 billion yuan, and 48.63 billion yuan from 2025 to 2027, reflecting a compound annual growth rate [7].

证券代码：601899 股票简称：紫金矿业 编号：临2025-044 紫金矿业集团股份有限公司 关于参加2025年福建辖区上市公司投资者 网上集体接待日活动的公告 本公司董事会及全体董事保证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。 为进一步加强与投资者的互动交流，紫金矿业集团股份有限公司（以下简称 "公司"）将参加由福建证监局指导，福建省上市公司协会与深圳市全景网络有 限公司联合举办的"2025 年福建辖区上市公司投资者网上集体接待日活动"，现 将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与 本次互动交流，活动时间为 2025 年 5 月 14 日（周三）15:30-17:00。届时公司将在 线就公司 2024 年度及 2025 年第一季度业绩情况、公司治理、发展战略、经营情 况和可持续发展等问题与投资者进行交流，欢迎广大投资者踊跃参与。 特此公告。 紫金矿业集团股份有限公司 董 事 会 二〇二五年五月九日 1 ...

Summary of the Conference Call on Zijin Mining's Overseas Spin-off Company Overview - **Company**: Zijin Mining - **Industry**: Mining, specifically gold mining Key Points and Arguments 1. **Spin-off Strategy**: Zijin Mining plans to spin off its overseas gold business for a listing on the Hong Kong Stock Exchange, aiming to create a world-class gold company with a target of 100 tons of gold production by 2028, enhancing overall company valuation and investor returns [1][2][3] 2. **Market Conditions**: The spin-off is a long-term strategy influenced by rising gold prices and favorable national policies encouraging mining companies to acquire resources overseas [1][4] 3. **Financial Projections**: By 2025, Zijin Mining expects its overseas gold mines to produce 45 tons of gold, generating a net profit of at least 7 to 8 billion RMB, with the new subsidiary potentially valued at over 150 billion RMB based on market estimates [1][5][6] 4. **Capital Market Flexibility**: The new subsidiary will have greater flexibility for capital market financing and acquisitions, minimizing dilution of the parent company's shares, which aligns with investor interests [1][4][6] 5. **Focus on Quick Returns**: Zijin Mining is cautious about long-term projects and prefers assets that can be quickly developed or are currently undervalued, emphasizing projects that are either in production or nearing production [1][7] 6. **Investment Returns**: The company has achieved approximately 20 billion RMB in investment returns through strategic stakes in quality listed companies, enhancing management capabilities and investment value [2][8] 7. **Cost Management**: The overall cost of overseas mines is higher than the company average but remains manageable, with environmental costs stable at around 250 USD per ounce [10] 8. **Project Updates**: The company is making progress on various projects, including the Zange project and the Tibet copper mine, with expectations for production to commence by the end of 2026 [13][16] Additional Important Information - **Regulatory Constraints**: Domestic gold assets cannot be spun off due to regulatory restrictions [14] - **Market Positioning**: The spin-off is expected to optimize the company's structure and enhance shareholder value for both A-share and H-share investors [2][4] - **Management Adjustments**: Recent management changes have been made to improve operational efficiency, particularly in the Kamoa-Kakula project [11] This summary encapsulates the strategic direction, financial expectations, and operational focus of Zijin Mining as discussed in the conference call, highlighting the company's commitment to enhancing its market position through strategic spin-offs and investments.

Group 1 - Zijin Mining has completed the acquisition of control over Zangge Mining, holding 411 million shares, which is 26.18% of its total share capital [3] - Huayi Group plans to acquire 60% equity of San Aifu for approximately 4.09 billion yuan, aiming to enhance business expansion and competitiveness [6] - Silex reported April sales of 31,488 new energy vehicles, a year-on-year increase of 12.99%, while cumulative sales for the year reached 86,040 units, down 29.87% [4] Group 2 - Huamao Technology's controlling shareholder intends to increase its stake in the company by 100 million to 200 million yuan within six months [2] - Haixing Power's controlling shareholder has signed an agreement to transfer 5% of the company's shares, amounting to 57.9 million yuan, to a related party [5] - Huaneng Technology's controlling shareholder is planning a change in control, which may lead to a transfer of 15% of the company's shares [12] Group 3 - Huzhou Intelligent successfully bid for 75% equity of Shanghai Aerospace Yigeng Intelligent Technology Co., Ltd. for 101 million yuan, focusing on high-end five-axis linkage machine tools [13] - Changchuan Technology plans to establish a joint venture for high-end packaging and testing equipment localization with a registered capital of 100 million yuan [8] - Aoheng Electric received a project confirmation from a leading new energy vehicle brand, with an estimated total revenue of approximately 619 million yuan over the project lifecycle [9] Group 4 - Huazhi Media's film "Dumpling Queen" has grossed approximately 218 million yuan in ticket sales within six days of release, exceeding 50% of the company's last audited annual revenue [10] - Yinlun Co. plans to repurchase shares worth 50 million to 100 million yuan, with a maximum price of 36 yuan per share [11]

Core Viewpoint - Zijin Mining is increasingly focusing on its market value performance, planning to spin off its overseas gold mining assets to enhance overall company value and shareholder value amid a rising gold price cycle [1][7]. Group 1: Spin-off and Market Strategy - The company plans to restructure its overseas gold mining assets into a wholly-owned subsidiary, Zijin Gold International Co., Ltd., and apply for a listing on the Hong Kong Stock Exchange [1]. - The spin-off is expected to significantly improve Zijin Mining's overall value and asset securitization level, as the company aims to attract more international investors [2][6]. - The current valuation of Zijin Mining is lagging behind its peers in A-shares, H-shares, and US stocks, with a P/E ratio of approximately 13.58 times compared to an average of 17.31 times for 14 gold and precious metal companies listed on the Hong Kong Stock Exchange [1][8]. Group 2: Growth Potential and Asset Quality - Zijin Mining's gold production is projected to increase from 68 tons in 2023 to 73 tons in 2024, positioning the company among the top ten globally [3][4]. - Key overseas projects, such as the Rosebel Gold Mine in Suriname and the Akyem Gold Mine in Ghana, are expected to contribute significantly to future earnings, with the Rosebel mine's production potentially reaching 10 tons annually post-expansion [5][6]. - The company’s overseas operations have a gross profit margin of 27.52%, significantly higher than the 9% margin for domestic operations, indicating a comparative advantage in asset quality [5][6]. Group 3: Valuation Comparison - The company’s current P/E ratio of 14.73 times in A-shares is below the average of 31.74 times for 11 gold companies, highlighting the undervaluation issue [7][8]. - In the global context, major competitors like Newmont and Barrick Gold have P/E ratios ranging from 15 to 31 times, further emphasizing the low valuation of Zijin Mining [9]. - The spin-off plan aligns with the favorable conditions of high international gold prices and the need for better market valuation management [9].

证券代码：601899 股票简称：紫金矿业 编号：临 2025-043 紫金矿业集团股份有限公司 关于完成藏格矿业股份有限公司控制权收购的公告 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。 本次收购完成后，公司将着力强化与藏格矿业在资源、产业、技术等方面的 协同配合，依托公司全流程自主技术、大规模系统工程研发实施能力等对藏格矿 业进行深度赋能，结合双方行业领先的成本控制能力，加快藏格矿业钾、锂板块 资源潜力的释放，加速资源优势向经济效益的转化，提升公司与藏格矿业整体投 资价值。 特此公告。 紫金矿业集团股份有限公司 董 事 会 二〇二五年五月七日 2025 年 5 月 6 日，紫金矿业集团股份有限公司（以下简称"公司"）全资子公 司紫金国际控股有限公司（以下简称"紫金国际控股"）收到中国证券登记结算有 限责任公司出具的《证券过户登记确认书》，确认西藏藏格创业投资集团有限公司 （以下简称"藏格创投"）、四川省永鸿实业有限公司、肖永明、林吉芳、宁波梅 山保税港区新沙鸿运投资管理有限公司（以下简称"新沙鸿运"）合计持有的藏格 矿业 ...

Group 1 - The CSI Hong Kong-Shanghai-Shenzhen 500 upstream index reported a value of 2139.96 points, with a decline of 4.94% over the past month, 2.21% over the past three months, and 3.72% year-to-date [1] - The index is based on the comprehensive index samples of the Hong Kong-Shanghai-Shenzhen Stock Connect and the CSI 500 index, reflecting the overall performance of securities listed in the three regions [1] - The top ten holdings of the CSI Hong Kong-Shanghai-Shenzhen 500 upstream index include Zijin Mining (12.94%), China National Offshore Oil Corporation (12.58%), China Shenhua Energy (5.68%), and China Petroleum & Chemical Corporation (5.28%) [1] Group 2 - The industry composition of the CSI Hong Kong-Shanghai-Shenzhen 500 upstream index shows that oil and gas account for 33.27%, precious metals for 22.98%, coal for 18.64%, and industrial metals for 13.87% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In case of special circumstances, temporary adjustments may be made to the index samples, including the removal of delisted companies and handling of mergers or acquisitions according to maintenance guidelines [2]