证券代码：000975 证券简称：山金国际 公告编号：2025-012 山金国际黄金股份有限公司 关于董事长提议回购公司部分股份的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 山金国际黄金股份有限公司（以下简称"本公司"或"公司"）于2025年4 月11日收到公司董事长刘钦先生（以下简称"提议人"）《关于提议山金国际黄 金股份有限公司回购公司部分股份的函》，具体内容如下： 一、提议人的基本情况及提议时间 1、提议人：公司董事长刘钦先生 2、提议时间：2025年4月11日 3、是否享有提案权：是 二、提议回购股份的原因和目的 基于对公司未来发展的信心和对公司价值的认可，为维护全体股东利益，增 强投资者信心，进一步稳定及提升公司价值，综合考虑自身的经营状况、财务状 况和发展战略，公司董事长刘钦先生提议公司通过集中竞价交易方式回购公司部 分股份，回购的股份将依法注销减少注册资本。 三、提议内容 1、回购股份的种类：公司发行的人民币普通股（A 股）。 2、回购股份的用途：依法注销减少注册资本。 3、回购股份的方式：通过深圳证券交易所交易系统以集中竞价交易 ...

证券代码：000975 证券简称：山金国际 公告编号：2025-011 山金国际黄金股份有限公司 2024年年度股东大会决议公告 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年4月8日上 午9:15—9:25，9:30—11:30，下午13:00—15:00； 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、本次股东大会的召开时间： （1）现场会议时间：2025年4月8日下午14:30开始，会期半天。 通过互联网投票系统（http://wltp.cninfo.com.cn）进行网络投票的具体 时间为：2025 年 4 月 8 日上午 9:15—下午 15:00。 2、会议地点：北京市朝阳区金和东路 20 号院正大中心北塔 30 层会议室。 3、会议召开方式：现场投票与网络投票相结合的方式 公司通过互联网投票系统（http://wltp.cninfo.com.cn）和深圳证 ...

北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮编：100025 34/F, Tower 3, China Central Place, 77 Jianguo Road, Beijing 100025, China T:（86-10）5809 1000 F:（86-10）5809 1100 北京市竞天公诚律师事务所 关于山金国际黄金股份有限公司 2024 年年度股东大会的法律意见书 致：山金国际黄金股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）接受山金国际黄金股份有限公司（以 下简称"公司"）的委托，指派本所律师参加公司 2024 年年度股东大会（以下简称"本次会 议"）。 本所律师根据《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》"）、《上市公司股东会规则（2025 年修订）》、《山金国际黄金股 份有限公司章程》（以下简称"《公司章程》"）等规定，就本次会议的召集和召开程序、召集 人和出席人员的资格、表决程序以及表决结果发表法律意见。 关于本《法律意见书》，本所及本所律师谨作如下声明： 1、在本《法律意见书》中，本所及本所律师 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company achieved a significant increase in revenue and profit in 2024, with total revenue reaching 13.59 billion yuan, up 67.6% year-on-year, and net profit attributable to shareholders at 2.17 billion yuan, up 52.6% year-on-year [1][2]. - The company has successfully implemented cost reduction and efficiency improvement measures, resulting in a notable decrease in gold production costs [6]. - The internationalization strategy has made significant progress with the acquisition of Osino, adding 127.2 tons of gold resources and expected annual production of 5 tons of gold [6]. - The report projects continued growth in net profit for 2025-2027, with estimates of 2.89 billion yuan, 3.05 billion yuan, and 4.30 billion yuan respectively, reflecting a strong outlook for the company [6]. Financial Performance - In 2024, the company reported a total revenue of 13.59 billion yuan, with a year-on-year growth of 67% [2]. - The operating profit for 2024 was 3.18 billion yuan, representing a 52% increase compared to the previous year [2]. - The net profit attributable to shareholders for 2024 was 2.17 billion yuan, with a year-on-year growth of 53% [2]. - The earnings per share (EPS) for 2024 was 0.78 yuan, with a projected EPS of 1.04 yuan for 2025 [2]. Production and Cost Efficiency - The company reported gold production and sales of 8.04 tons and 8.05 tons in 2024, marking increases of 14.7% and 9.7% year-on-year respectively [6]. - The cost of gold production decreased significantly to 145 yuan per gram in 2024, down 31 yuan per gram year-on-year, while the selling price increased to 550 yuan per gram [6]. Valuation Metrics - The report indicates a projected price-to-earnings (PE) ratio of 18.5 for 2025, decreasing to 12.4 by 2027, suggesting an attractive valuation as earnings grow [2][12]. - The price-to-book (PB) ratio is expected to decline from 4.1 in 2024 to 2.8 in 2027, indicating potential for value appreciation [2][12].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 23.5 CNY per share [6]. Core Views - The company achieved a revenue of 13.585 billion CNY in 2024, representing a year-on-year increase of 67.6%, and a net profit of 2.173 billion CNY, up 52.57% year-on-year [1][10]. - The company has significant growth potential in gold production, with a target of at least 8 tons for 2025 and plans to increase production to 28 tons by 2028 [4][10]. - The company has successfully reduced production costs while increasing sales prices, leading to a substantial rise in gross profit margins [2][10]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.514 billion CNY, a year-on-year increase of 49.81%, but a quarter-on-quarter decrease of 72.80% [1]. - The average selling price of gold increased to 549.60 CNY per gram, up 22.23% year-on-year, while the unit cost decreased to 145.40 CNY per gram, down 17.58% [2]. Production and Resources - Gold production increased by approximately 15% year-on-year, with a total production of 8.04 tons in 2024, and sales volume reached 8.05 tons, up 9.67% year-on-year [2][13]. - The company significantly increased its gold resource reserves, with a total of 277.23 tons, reflecting an increase of 89% year-on-year [2][4]. Future Growth Potential - The company plans to continue its growth trajectory with a strategic focus on expanding its mining operations and resource acquisitions [4][10]. - The company has acquired new mining rights and is actively working on the resumption of operations at the Huasheng gold mine [4]. Dividend Policy - The company plans to distribute a cash dividend of 3.65 CNY per 10 shares, totaling 1.014 billion CNY, with a cash dividend payout ratio of 46.6% [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported significant growth in its 2024 annual results, with total revenue reaching 13.585 billion yuan, a year-on-year increase of 67.60%, and net profit attributable to shareholders at 2.173 billion yuan, up 52.57% [7] - The company's gold business showed strong performance with both volume and price increases, achieving a gold production of 8.04 tons, a 14.69% increase year-on-year, and an average selling price of gold at 549.60 yuan per gram, up 22.23% [7] - The company has demonstrated excellent cost control, with the cost of gold production significantly reduced to 145.4 yuan per gram from 176.42 yuan per gram in 2023, leading to a gross margin of 73.54%, an increase of 12.78 percentage points year-on-year [7] - The report anticipates continued demand for gold from emerging market central banks, projecting annual purchases between 800 to 1200 tons, driven by economic uncertainties and the need for currency stability [7] - The company's profit forecasts for 2025, 2026, and 2027 have been adjusted upwards, with net profits expected to be 3.318 billion yuan, 4.423 billion yuan, and 5.591 billion yuan respectively, corresponding to P/E ratios of 15.69, 11.77, and 9.31 [7] Financial Summary - Total revenue for 2024 is projected at 13.585 billion yuan, with a growth rate of 67.60% [8] - Net profit attributable to shareholders for 2024 is forecasted at 2.173 billion yuan, reflecting a growth rate of 52.57% [8] - The company's earnings per share (EPS) for 2024 is estimated at 0.78 yuan, with projections of 1.19 yuan for 2025 and 1.59 yuan for 2026 [8] - The company's total assets are expected to reach 23.862 billion yuan by 2025, with total liabilities at 5.395 billion yuan [8]

Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The company is expected to see significant revenue growth in 2024, with a projected operating income of 135.85 billion yuan, representing a year-on-year increase of 67.60% [4] - The company has successfully reduced gold mining costs, with the average cost per gram dropping to 145.40 yuan in 2024 from 176.42 yuan in 2023 [6] - The company is expanding its operations internationally, having acquired 100% of Osino Resources Corp. for 1.90 CAD per share, which includes the Twin Hills gold project in Namibia [7] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 15.14 billion yuan, a year-on-year increase of 49.81% [5] - The net profit attributable to shareholders for Q4 2024 was 4.46 billion yuan, up 45.69% year-on-year [5] Cost Management - The company produced 8.04 tons of gold in 2024, with a forecast of at least 8 tons for 2025 [6] - The average gold price in Shanghai for 2024 was 556 yuan per gram, a 23.87% increase from 2023 [6] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 108.99 billion yuan, 122.10 billion yuan, and 135.64 billion yuan, respectively [10] - The net profit attributable to shareholders is projected to be 31.00 billion yuan, 37.33 billion yuan, and 43.67 billion yuan for the same years [10]

Investment Rating - The report maintains a "Buy" investment rating for the company [10] Core Views - The company is expected to see significant revenue growth in 2024, with a projected operating income of 13.585 billion yuan, representing a year-on-year increase of 67.6% [4][12] - The company has successfully reduced gold mining costs, with the average cost per gram dropping from 176.42 yuan in 2023 to 145.40 yuan in 2024 [6] - The company has initiated overseas gold mine acquisitions, specifically acquiring 100% of Osino Resources Corp. for 1.90 CAD per share, which includes the Twin Hills gold project in Namibia [7] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.514 billion yuan, a year-on-year increase of 49.81% [5] - The net profit attributable to shareholders for Q4 2024 was 446 million yuan, up 45.69% year-on-year [5] Cost Management - The company produced 8.04 tons of gold in 2024, with a sales volume of 8.05 tons, and expects to maintain production levels above 8 tons in 2025 [6] - The average gold price in 2024 was 556 yuan per gram, reflecting a 23.87% increase from 2023 [6] Profit Forecast - The forecast for operating income from 2025 to 2027 is 108.99 billion yuan, 122.10 billion yuan, and 135.64 billion yuan respectively [10] - The projected net profit attributable to shareholders for the same period is 31.00 billion yuan, 37.33 billion yuan, and 43.67 billion yuan respectively [10]

Group 1: Company Performance and Production Plans - The company plans to produce 8 tons of gold in 2025, with a strategic goal of reaching 12 tons by the end of the 14th Five-Year Plan [1] - By the end of the 14th Five-Year Plan, the company aims for a gold production of 12 tons and resources and reserves of 240 tons; by the end of 2026, production is expected to reach 15 tons and reserves 300 tons; by 2028, production is projected at 22 tons and reserves 500 tons; and by the end of the 15th Five-Year Plan, production is targeted at 28 tons with reserves exceeding 600 tons [2] - In 2024, the company achieved a revenue of 13.585 billion yuan, a year-on-year increase of 67.70%, and a net profit of 2.173 billion yuan, up 52.57% [4] Group 2: Investment and Financial Strategies - The investment plan for 2025 is set at 4.63 billion yuan, covering long-term equity investments, intangible asset investments, production expansion, and maintaining simple reproduction investments [2] - The company plans to distribute a cash dividend of 3.65 yuan per 10 shares in 2024, totaling 1.014 billion yuan, which accounts for 46.64% of the net profit attributable to shareholders [4][5] Group 3: Strategic Development and Sustainability - The company emphasizes balancing resource development with sustainable practices, integrating ESG strategies into its operations [5] - The company has disclosed its second sustainability report, showcasing achievements in environmental, social, and governance aspects [5] Group 4: Operational Challenges and Market Conditions - The company is closely monitoring international factors that may impact its performance, as commodity prices are influenced by economic conditions, supply-demand dynamics, and currency fluctuations [3] - The company is addressing ongoing legal disputes related to storage issues, which have been fully provisioned for in the financial statements [3]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company's performance in 2024 reached new highs, with revenue of 13.59 billion yuan, a year-on-year increase of 67.6%, and a net profit attributable to shareholders of 2.173 billion yuan, up 52.6% year-on-year [1][9] - The growth in performance is attributed to a combination of increased production and rising prices of key metals, particularly gold and silver [2][15] - The company plans to maintain gold production at no less than 8 tons in 2025, with other metal outputs expected to match or exceed 2024 levels [2][27] Summary by Sections Revenue and Profit - In 2024, the company achieved a revenue of 135.9 billion yuan, with a net profit of 21.73 billion yuan, and a non-recurring net profit of 22.1 billion yuan [1][9] - The fourth quarter of 2024 saw revenue of 15.1 billion yuan, a year-on-year increase of 49.8%, but a quarter-on-quarter decrease of 72.8% [1][9] Production and Sales - The company produced 8.04 tons of gold in 2024, a 14.69% increase year-on-year, with silver production at 196.05 tons, up 1.58% [2][27] - The production of lead and zinc increased by 34.2% and 3.9% respectively [2][27] Price and Cost Analysis - The average price of gold in 2024 was 2382 USD/ounce, a 22.6% increase year-on-year, while silver averaged 28.3 USD/ounce, up 21% [2][15] - The cost of gold and silver decreased by 17.6% and increased by 14.1% respectively, leading to a gross profit margin of 73.5% for gold and 52.4% for silver [2][34] Exploration and Projects - The company added new resources of 12.69 tons of gold and 95.7 tons of silver in 2024, with total gold resources amounting to 277.2 tons by the end of the year [3][64] - The company completed the acquisition of Osino, which has a core resource of 99 tons of gold [3][64] Financial Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 3.365 billion, 3.742 billion, and 4.905 billion yuan respectively, with corresponding PE ratios of 16, 14, and 11 [4][3]