证券代码：000975 证券简称：山金国际 公告编号：2025-052 山金国际黄金股份有限公司 第九届董事会第十七次会议决议公告 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"公司"）第九届董事会第十七次会 议通知于2025年10月21日以电子邮件及专人递交的方式向全体董事送达，公司全 体董事以通讯方式进行了表决，公司于2025年10月23日（含当日）前收到全体董 事的表决结果。会议由公司董事长刘钦先生主持，应出席董事9人，实际出席董 事9人。 二〇二五年十月二十三日 一、以9票同意，0票反对，0票弃权，审议通过了关于公司《2025年第三季 度报告》的议案； 本议案已经审计委员会审议通过； 详见同日披露于巨潮资讯网的《2025年第三季度报告》。 二、以9票同意，0票反对，0票弃权，审议通过了关于公司成立地质勘查部 的议案。 地质勘查部核心职责为公司地质管理和找矿、矿山资源增储的规划和实施， 地质基础研究深化、重大地质技术难题攻坚、资源勘查推进、矿山地质技术支持 及管理监督等关键领域。通过探矿增储、技术升级等核心手段，筑牢 ...

Financial Performance - The company's revenue for Q3 2025 reached ¥5,750,169,763.23, an increase of 3.30% year-over-year, while year-to-date revenue rose by 24.23% to ¥14,995,814,811.74[5] - Net profit attributable to shareholders for Q3 2025 was ¥863,835,602.76, reflecting a 32.43% increase compared to the same period last year, and a year-to-date increase of 42.39% to ¥2,459,568,680.49[5] - The basic earnings per share for Q3 2025 was ¥0.3113, up 32.52% year-over-year, with year-to-date earnings per share increasing by 42.42% to ¥0.8860[5] - Total operating revenue for the period reached ¥14,995,814,811.74, an increase of 24.0% compared to ¥12,071,290,485.67 in the previous period[23] - The company's net profit attributable to shareholders increased significantly, with retained earnings rising to ¥6,432,659,454.35 from ¥4,986,594,400.58, reflecting a growth of 29.0%[22] - The net profit for the current period is CNY 2,702,455,549.31, an increase of 40.7% compared to CNY 1,918,382,466.68 in the previous period[24] - The total profit for the current period is CNY 3,526,424,118.12, compared to CNY 2,491,832,701.09 in the previous period, reflecting a growth of 41.5%[24] - The operating profit for the current period is CNY 3,543,531,443.07, an increase from CNY 2,496,897,955.88, representing a growth of 42.0%[24] Assets and Liabilities - Total assets at the end of Q3 2025 amounted to ¥20,293,863,288.27, representing an 11.57% increase from the end of the previous year[5] - The total assets of the company reached ¥20,293,863,288.27, up from ¥18,189,088,468.89, representing a growth of 11.6%[22] - The total liabilities of the company were ¥3,888,607,496.79, compared to ¥3,377,246,212.03, reflecting an increase of 15.1%[22] - The company's equity attributable to shareholders rose to ¥14,424,119,492.97 from ¥12,980,993,275.54, an increase of 11.1%[22] Cash Flow and Investments - Cash and cash equivalents at the end of the period were ¥5,630,941,797.46, compared to ¥2,870,306,139.06 at the beginning of the period, indicating a substantial increase of 96.0%[20] - The net cash flow from operating activities is CNY 3,692,372,358.87, compared to CNY 3,003,742,997.72 in the previous period, indicating an increase of 22.9%[26] - The total cash inflow from investment activities is CNY 10,624,739,222.18, compared to CNY 7,930,275,961.05, indicating an increase of 34.5%[26] - The net cash flow from financing activities is CNY -1,358,607,260.75, worsening from CNY -59,935,209.22 in the previous period[27] Production and Sales - In Q3 2025, gold production was 1.87 tons, a decrease of 0.08 tons from Q2 2025, while silver production increased by 16.61 tons to 56.39 tons[10] - The company experienced a decline in zinc concentrate sales by 2,392.89 tons in Q3 2025 compared to Q2 2025, with sales totaling 5,100.38 tons[10] - The company reported a gross margin of 80.51% for gold products, 53.50% for silver, 51.09% for lead concentrate, and 39.46% for zinc concentrate[9] Shareholder and Governance - The total number of ordinary shareholders at the end of the reporting period was 43,739, with the largest shareholder holding 28.89% of the shares[12] - The company appointed a new non-independent director and an independent director to improve its governance structure[18] - The company has canceled its supervisory board to streamline management processes, transferring relevant powers to the audit committee of the board[19] Strategic Initiatives - The company acquired a 52.0709% stake in Yunnan Western Mining Co., which holds exploration rights for gold in a 35.6 square kilometer area[15] - The company plans to repurchase shares with a total fund of no less than RMB 100 million and no more than RMB 200 million, with a maximum repurchase price of RMB 29.70 per share[15] - As of September 30, 2025, the company repurchased 1,834,929 shares, accounting for 0.07% of the total share capital, with a total transaction amount of RMB 34,092,534.43[16] - The company initiated the process to issue H shares and list them on the Hong Kong Stock Exchange, aiming to enhance its global strategy and optimize capital structure[17] - The company has submitted the application for H share issuance to the Hong Kong Stock Exchange, pending approval from regulatory authorities[17] Research and Development - Research and development expenses increased to ¥127,914,627.41, up from ¥93,589,873.89, marking a rise of 36.6%[23]

Group 1 - The core viewpoint of the article highlights that Shanjin International reported a revenue of 5.75 billion yuan for the third quarter, representing a year-on-year increase of 3.30% [1] - The net profit for the third quarter was 864 million yuan, showing a significant year-on-year growth of 32.43% [1] - For the first three quarters, the total revenue reached 14.996 billion yuan, which is a year-on-year increase of 24.23% [1] - The net profit for the first three quarters amounted to 2.46 billion yuan, reflecting a year-on-year growth of 42.39% [1]

Core Viewpoint - The precious metals sector experienced a decline of 0.55% on October 23, with Zhaojin Gold leading the drop. Meanwhile, the Shanghai Composite Index and Shenzhen Component Index both saw a slight increase of 0.22% [1]. Group 1: Market Performance - The closing prices and performance of key stocks in the precious metals sector showed varied results, with Hunan Silver rising by 1.70% to 6.57 and Zhaojin Gold falling by 4.37% to 12.47 [1][2]. - The trading volume for Hunan Silver reached 1.8258 million shares, with a transaction value of 1.17 billion yuan, while Zhaojin Gold had a trading volume of 713,600 shares and a transaction value of 896 million yuan [1][2]. Group 2: Capital Flow - The precious metals sector saw a net outflow of 882 million yuan from major funds, while retail investors contributed a net inflow of 687 million yuan [2][3]. - Zhaojin Gold experienced a significant net outflow of 166 million yuan from major funds, accounting for 18.46% of its total capital [3].

Core Viewpoint - The recent sharp decline in gold prices has triggered significant reactions in the market, affecting both stock prices of gold-related companies and consumer behavior in the retail gold market [2][3][4]. Market Reaction - On October 22, A-share gold stocks experienced a collective drop, with companies like Hunan Silver and Shengda Resources hitting the daily limit down, while others like Xiaocheng Technology and Zhaojin Gold fell over 9% [3]. - The precious metals sector became the largest declining sector in A-shares that day, with the three major indices collectively falling and trading volume decreasing by 202.4 billion yuan compared to the previous day [3]. Retail Market Adjustment - The domestic gold retail market saw a significant adjustment, with major jewelry brands reducing their gold prices sharply. For instance, Chow Tai Fook's gold price dropped by 57 yuan to 1235 yuan per gram, while Lao Miao Gold saw a decrease of 83 yuan to 1211 yuan per gram [3]. - Despite the price drop, there was an increase in consumer purchases, with many taking advantage of lower prices to buy gold jewelry [4]. Factors Behind Price Drop - Analysts attribute the recent volatility in gold prices to a combination of technical corrections after a rapid increase, easing geopolitical tensions in Eastern Europe, and potential resolutions to the U.S. government shutdown crisis [5]. - The rapid rise in gold prices had created an overheated market, leading to profit-taking by institutions, which further accelerated the price decline [5]. Long-term Outlook - Despite the short-term price drop, several international investment banks remain optimistic about the future of gold prices. HSBC forecasts that gold's upward momentum could continue until 2026, with a target price of $5000 per ounce [6]. - Long-term bullish sentiment on gold remains intact, driven by concerns over U.S. fiscal deficits and the weakening of the dollar, positioning gold as a hedge against these risks [6].

Core Points - The precious metals sector saw a slight increase of 0.06% on October 21, with Chifeng Jilong Gold Mining leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Precious Metals Sector Summary - Chifeng Jilong Gold Mining (Code: 600988) closed at 29.47, with a rise of 2.04% and a trading volume of 581,200 shares, amounting to a transaction value of 1.718 billion [1] - Other notable stocks include: - Xiaocheng Technology (Code: 300139) at 26.50, up 1.03% [1] - Sichuan Gold (Code: 001337) at 28.15, up 0.93% [1] - Shandong Gold (Code: 600547) at 38.16, up 0.58% [1] - Hunan Gold (Code: 002155) at 21.48, up 0.05% [1] - Western Gold (Code: 601069) at 30.01, up 0.03% [1] - Other stocks experienced minor declines [1] Fund Flow Analysis - The precious metals sector experienced a net outflow of 1.126 billion from institutional investors, while retail investors saw a net inflow of 1.182 billion [3][4] - Specific stock fund flows include: - Chifeng Jilong Gold Mining saw a net outflow of 155 million from institutional investors [4] - Sichuan Gold had a net outflow of 517.6 million from institutional investors but a net inflow of 763.6 million from retail investors [4] - Hunan Gold experienced a net outflow of 506.5 million from institutional investors but a net inflow of 5.688 million from retail investors [4] Related ETF Information - The gold stock ETF (Product Code: 159562) tracks the CSI Hong Kong-Shenzhen Gold Industry Stock Index and has seen a slight increase of 0.22% over the past five days [6] - The ETF has a price-to-earnings ratio of 27.00 and a recent net inflow of 5.812 million from main funds [6]

Group 1 - The core viewpoint of the news is that Shanjin International has shown a significant increase in stock price and trading activity, indicating strong market interest and performance in the precious metals sector [1][2]. - As of October 21, Shanjin International's stock price rose by 2.01% to 23.31 CNY per share, with a total market capitalization of 64.725 billion CNY [1]. - The company has experienced a year-to-date stock price increase of 55.35%, with a recent decline of 2.10% over the last five trading days, but a notable increase of 11.00% over the last 20 days [1]. Group 2 - Shanjin International's main business involves precious and non-ferrous metal mining and trading, with gold being the primary product [1]. - The revenue composition includes copper trading (33.67%), gold (32.30%), silver trading (17.01%), and other metals, indicating a diversified portfolio [1]. - As of June 30, the company reported a revenue of 9.246 billion CNY for the first half of 2025, reflecting a year-on-year growth of 42.14%, and a net profit of 1.596 billion CNY, up 48.43% year-on-year [2]. Group 3 - Shanjin International has distributed a total of 5.982 billion CNY in dividends since its A-share listing, with 2.568 billion CNY distributed in the last three years [3]. - The number of shareholders increased by 14.62% to 36,900 as of June 30, while the average number of circulating shares per person decreased by 11.34% [2]. - Major institutional shareholders include Hong Kong Central Clearing Limited and Huatai-PB CSI 300 ETF, with notable changes in their holdings [3].

Core Viewpoint - Shandong Gold International Co., Ltd. (referred to as "Shandong Gold International") has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for mining construction, exploration, acquisition of quality mining assets, and repayment of interest-bearing debts related to Osino [1][2]. Financial Performance - Shandong Gold International has shown continuous growth in recent years, with projected revenue exceeding 13 billion yuan in 2024. In the first half of 2025, revenue and profit increased by 42.2% and 47.64% year-on-year, respectively [2][11]. - The company's revenue from 2022 to 2024 was 8.373 billion yuan, 8.095 billion yuan, and 13.580 billion yuan, with a compound annual growth rate of 27.35%. The net profit during the same period was 1.247 billion yuan, 1.566 billion yuan, and 2.438 billion yuan, with a compound annual growth rate of 39.86% [10]. Mining Assets and Operations - Shandong Gold International has a comprehensive mining rights area of 259.9 square kilometers in China and 5,709.7 square kilometers in Namibia, indicating significant future exploration and resource potential [2][13]. - The company ranks sixth among gold producers in China and fourth in gold reserves, with gold resources reaching 284.6 tons (9,150.6 thousand ounces) as of June 30, 2025, nearly doubling from 146.7 tons (4,715.3 thousand ounces) as of December 31, 2023 [7][13]. Shareholding Structure - As of the latest feasible date, Shandong Gold Mining holds approximately 28.89% of the shares, making it the controlling shareholder. Other shareholders include Wang Shui with approximately 11.96% and other A-share shareholders with about 59.15% [5]. Cost Efficiency - The all-in sustaining cost for gold production in the fiscal year ending December 31, 2024, is projected to be 683.5 USD per ounce, placing it in the top 10% of global gold mining costs, compared to the global average of 1,438.1 USD per ounce [7].

Group 1 - The core point of the news is that Shanjin International's stock price has dropped by 5.09%, currently trading at 22.74 CNY per share, with a total market capitalization of 631.43 billion CNY [1] - Shanjin International primarily engages in precious and non-ferrous metal mining and trading, with gold as its main product. The revenue composition includes copper trading (33.67%), gold (32.30%), silver trading (17.01%), and other metals [1] - The company is located in Beijing and was established on June 18, 1999, with its stock listed on June 8, 2000 [1] Group 2 - According to data, a fund under Invesco Great Wall has Shanjin International as one of its top ten holdings. The fund reduced its holdings by 270,000 shares in the second quarter, now holding 1.139 million shares, which constitutes 3.85% of the fund's net value [2] - The Invesco Great Wall pillar industry mixed fund (260117) has a current scale of 413 million CNY and has achieved a year-to-date return of 38.38% [2] - The fund manager, Zou Lihua, has been in position for over 8 years, with the best fund return during his tenure being 73.34% [3]

Core Points - The stock of Shanjin International fell by 5.09% to 22.74 CNY per share, with a trading volume of 1.06 billion CNY and a turnover rate of 1.82%, resulting in a total market capitalization of 63.14 billion CNY [1] Company Overview - Shanjin International Gold Co., Ltd. is located in Beijing and was established on June 18, 1999, with its listing date on June 8, 2000. The company primarily engages in precious and non-ferrous metal mining and trading, focusing on gold mining and producing refined gold [1] - The revenue composition of the company includes: copper trading (33.67%), refined gold (32.30%), silver trading (17.01%), tin ingot trading (7.17%), lead-zinc concentrate with silver (4.79%), zinc concentrate (1.55%), zinc ingot trading (1.14%), lead concentrate (0.85%), refined gold with silver (0.79%), aluminum ingot trading (0.67%), and others (0.05%) [1] Shareholder Analysis - Huatai-PB Fund's Huatai-PB CSI 300 ETF (510300) is among the top ten circulating shareholders of Shanjin International, having increased its holdings by 3.20 million shares in the second quarter, totaling 29.71 million shares, which represents 1.18% of the circulating shares. The estimated floating loss today is approximately 36.24 million CNY [2] - The Huatai-PB CSI 300 ETF was established on May 4, 2012, with a current scale of 374.70 billion CNY. Year-to-date returns are 17.35%, ranking 2713 out of 4219 in its category, while the one-year return is 22.11%, ranking 2400 out of 3866. Since inception, the fund has achieved a return of 109.99% [2] Fund Performance - The fund manager of Huatai-PB CSI 300 ETF is Liu Jun, who has been in the position for 16 years and 143 days. The total asset scale of the fund is 466.97 billion CNY, with the best fund return during his tenure being 142.06% and the worst being -45.64% [3] - Another fund, Huatai-PB Zhiyuan Mixed A (017991), also holds Shanjin International as a significant position, with 250,000 shares representing 3.35% of the fund's net value. The estimated floating loss today is about 305,000 CNY [4] - The Huatai-PB Zhiyuan Mixed A fund was established on May 24, 2023, with a current scale of 89.04 million CNY. Year-to-date returns are 44.31%, ranking 887 out of 8234, while the one-year return is 43.12%, ranking 1411 out of 8095. Since inception, the fund has achieved a return of 45.65% [4] Fund Manager Information - The fund manager of Huatai-PB Zhiyuan Mixed A is Ye Feng, who has been in the role for 2 years and 132 days. The total asset scale of the fund is 1.60 billion CNY, with the best fund return during his tenure being 43.87% and the worst being 0.11% [5]