Core Viewpoint - The company, Shanjin International, has reported significant growth in its financial performance for the first half of 2025, with a notable increase in revenue and net profit, driven by its core business in precious and non-ferrous metal mining and trading [1]. Financial Performance - For the first half of 2025, Shanjin International achieved an operating revenue of 9.246 billion yuan, representing a year-on-year growth of 42.14% [1]. - The net profit attributable to shareholders reached 1.596 billion yuan, marking a year-on-year increase of 48.43%, the highest level for the same period in history [1]. - The company's consolidated amortized cost for mined gold was only 150.96 yuan per gram, with a gross profit margin for refined gold products reaching 79.15% [1]. Business Operations - The core products contributed 85% of the company's gross profit, indicating a strong reliance on its primary business segments [1]. - During the reporting period, the company added 3.85 tons of gold metal through resource acquisitions and successfully implemented multiple technological innovations to enhance production efficiency [1]. Market Activity - As of August 19, the stock price of Shanjin International was 18.06 yuan, with a slight decline of 0.04 yuan or 0.22% from the previous trading day [1]. - The trading volume for the day was 329,200 hands, with a transaction amount of 594 million yuan and a fluctuation of 0.94% [1]. - On August 19, the net outflow of main funds was 103 million yuan, accounting for 0.22% of the circulating market value, with a cumulative net outflow of 102 million yuan over the past five trading days, maintaining the same outflow ratio [1].

Core Viewpoint - The financial performance of Shanjin International (山金国际) in the first half of the year demonstrates strong profitability driven by high gross margins in gold mining, despite a decline in stock price following peak gold prices in April [1][11][13]. Financial Performance - Shanjin International reported a gold production cost of 150.96 CNY per gram, with gross margins for gold products reaching 79.15% and 80.44% for silver-containing gold products [1][8]. - The company's total gross profit for the first half of the year was 2.772 billion CNY, with gross profit from gold products contributing 2.364 billion CNY, accounting for 85% of total gross profit [7][8]. - Revenue from gold products increased by 29.85%, while operating costs decreased by 3.69%, leading to a 7.26 percentage point increase in gross margin [8]. Market Context - The international gold price rose significantly, with Au9999 closing at 764.43 CNY per gram by the end of June, a 24.5% increase from the beginning of the year [7]. - Despite the strong performance in gold mining, Shanjin International's stock price fell by 22% after reaching a peak in late April, which was a larger decline compared to the 5% drop in international gold prices during the same period [11][13]. Institutional Holdings - As of the end of the second quarter, institutional holdings in Shanjin International decreased to approximately 218 million shares, down from 239 million shares at the end of the first quarter [14][15]. - Various institutional investors have shown mixed actions, with some increasing their holdings while others, including major funds, have reduced their positions [13][15].

Core Viewpoint - The article highlights the profitability of Shanjin International, emphasizing its high gross profit margins in the gold mining sector, driven by rising international gold prices and effective sales strategies [1][4][5]. Group 1: Financial Performance - Shanjin International reported a gold production cost of 150.96 CNY per gram, with a gross profit margin of 79.15% for its gold products and 80.44% for its silver-containing gold products [1][4]. - The company's total gross profit reached 2.772 billion CNY in the first half of the year, with gross profit from gold products contributing 2.364 billion CNY, accounting for 85% of total gross profit [4][5]. - The revenue from gold products increased by 29.85%, while operating costs decreased by 3.69%, leading to a 7.26 percentage point increase in gross margin [5]. Group 2: Market Dynamics - The international gold price rose significantly, with Au9999 closing at 764.43 CNY per gram by the end of June, a 24.5% increase from the beginning of the year [4]. - Despite the strong performance in profitability, Shanjin International's stock price has declined by 22% since reaching a peak in late April, indicating a disconnect between market performance and company fundamentals [1][9]. Group 3: Institutional Investment Trends - Institutional investors showed mixed behavior, with some increasing their holdings while others reduced their positions in Shanjin International, reflecting a cautious outlook on gold stocks [10]. - As of August 19, the total number of shares held by funds in Shanjin International decreased to approximately 218 million, down from 239 million at the end of the previous quarter [10].

Core Viewpoint - The financial performance of Shanjin International demonstrates high profitability in the gold mining sector, with significant contributions from its core product, refined gold, amidst a rising global gold market [1][3]. Group 1: Financial Performance - Shanjin International reported a gold production cost of 150.96 CNY per gram, with a gross margin of 79.15% for refined gold products and 80.44% for refined silver-containing gold products [1][4]. - The company's gross profit reached 2.772 billion CNY in the first half of the year, with refined gold contributing 2.364 billion CNY, accounting for 85% of total gross profit [3][4]. - Revenue from refined gold products increased by 29.85%, while operating costs decreased by 3.69%, leading to a 7.26 percentage point increase in gross margin [4]. Group 2: Market Dynamics - The international gold price rose significantly, with Au9999 closing at 764.43 CNY per gram by the end of June, a 24.5% increase from the beginning of the year [3]. - The price increase in gold has positively impacted the sales prices and profit margins for Shanjin International, as the company primarily sells to refining enterprises [3][4]. Group 3: Institutional Investment - Despite strong financial performance, Shanjin International's stock price has not seen significant upward movement, with a 4.65% decline since July, underperforming the broader market [7][8]. - Institutional investors have shown mixed behavior, with some increasing their holdings while others, like Huaxia Fund, have reduced their positions [8][9]. - As of August 19, the total number of shares held by funds decreased to approximately 218 million, down from 239 million at the end of the first quarter [9].

Investment Rating - The report maintains a "Recommended" rating for the company, considering the current upward trend in metal prices [4][6]. Core Insights - The company reported a revenue of 9.246 billion yuan for the first half of 2025, representing a year-on-year growth of 42.14%, and a net profit attributable to shareholders of 1.596 billion yuan, up 48.43% year-on-year [1]. - The production of gold, silver, lead concentrate, and zinc concentrate in the first half of 2025 was 3.7 tons, 61.8 tons, 4,354 tons, and 7,917 tons respectively, with gold and silver production slightly down but overall sales exceeding production [2]. - The company plans to list on the Hong Kong Stock Exchange to enhance its global strategy and optimize its capital structure [3]. Financial Performance - The average gold price in Q2 2025 was 3,281 USD/ounce, a 40.3% increase year-on-year, while the average silver price was 33.68 USD/ounce, up 16.8% year-on-year [2]. - The gross profit margin for the gold and silver segments was 79.15% and 55.20% respectively, reflecting an increase of 7.26 and 6.03 percentage points year-on-year [2]. - The company forecasts net profits of 3.646 billion yuan, 4.173 billion yuan, and 5.502 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 14, 12, and 9 [4][5].

Core Insights - The company reported record high revenue and profit for the first half of 2025, driven by rising gold prices and high-grade mining resources, achieving a revenue of 9.246 billion yuan, a year-on-year increase of 42.14%, and a net profit of 1.596 billion yuan, up 48.43% [1][2] Financial Performance - The company achieved an operating income of 9.246 billion yuan, representing a 42.14% year-on-year growth - The net profit attributable to shareholders reached 1.596 billion yuan, marking a 48.43% increase compared to the previous year - The net cash flow from operating activities was 2.619 billion yuan, up 28.21% year-on-year [1] Market Environment - The global gold market showed strong performance in the first half of 2025, with the London spot gold price increasing by 25.84%, the largest half-year increase since 2008 - The domestic market also remained robust, with the average price of Au9999 gold on the Shanghai Gold Exchange rising by 41.07% year-on-year [1] Operational Efficiency - The company benefited from high-grade ore, with gross profit margins for gold and silver reaching 79.15% and 55.20%, respectively, an increase of 7.26 and 6.03 percentage points year-on-year - Innovations in production efficiency and resource utilization were implemented, including intelligent filling technology and optimized mining processes, leading to significant improvements in operational efficiency [2] Resource Expansion - The company adopted a dual strategy of "increasing reserves and mergers," achieving notable results with new gold metal reserves of 3.85 tons and an average grade of 5.79 grams per ton - The acquisition of a 52.07% stake in Yunnan Western Mining Co., Ltd. and exploration rights in the Dagangba area were completed to strengthen resource reserves - The overseas project in Namibia is progressing well, with plans for a processing plant to be fully operational by the first half of 2027 [3] Strategic Initiatives - The company announced the initiation of preparations for an H-share issuance on June 19, 2025, aimed at accelerating international capital operations and enhancing its global strategic layout - This move is expected to optimize the capital structure, diversify financing channels, and improve corporate governance and competitiveness [3]

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5][3][23] Core Views - The company reported a revenue of 9.246 billion yuan for the first half of 2025, a year-on-year increase of 42.14%, and a net profit attributable to shareholders of 1.596 billion yuan, up 48.43% year-on-year [1][8] - The second quarter of 2025 saw revenues of 4.924 billion yuan, a year-on-year increase of 31.95%, and a net profit of 902 million yuan, reflecting a significant performance elasticity due to rising gold prices [1][8] - The company’s gold production for the first half of 2025 was 3.72 tons, a decrease of 10.58% year-on-year, while sales were 4.12 tons, down 6.58% year-on-year, with production slightly below expectations [1][10] Financial Performance - The average gold price in the first half of 2025 was 723.94 yuan per gram, with the company's average selling price at 724.83 yuan per gram, indicating alignment with market prices [2][11] - The consolidated gold cost per gram was 150.96 yuan, with a slight increase in Q2 compared to Q1, but overall cost advantages remain significant [2][11] - The company has ambitious production plans, targeting a minimum gold output of 8 tons for 2025, supported by new projects and acquisitions [10][22] Earnings Forecast - The company’s revenue projections for 2025-2027 are 17.918 billion, 18.033 billion, and 20.862 billion yuan, with year-on-year growth rates of 31.9%, 0.6%, and 15.7% respectively [3][4][23] - Net profit forecasts for the same period are 3.440 billion, 3.515 billion, and 4.846 billion yuan, with growth rates of 58.3%, 2.2%, and 37.9% respectively [3][4][23] - The current price-to-earnings ratio (PE) is projected at 14.6, 14.3, and 10.4 for the years 2025, 2026, and 2027 [3][4][23]

Core Viewpoint - The company reported strong financial results for H1 2025, with significant year-on-year growth in revenue and net profit, driven by rising gold prices and effective cost management [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 9.246 billion yuan, a year-on-year increase of 42.14%, and a net profit attributable to shareholders of 1.596 billion yuan, up 48.43% year-on-year [1]. - For Q2 2025, revenue reached 4.924 billion yuan, reflecting a year-on-year growth of 31.95% and a quarter-on-quarter increase of 13.95%. The net profit for Q2 was 902 million yuan, showing a year-on-year increase of 57.67% and a quarter-on-quarter rise of 29.99% [1]. Gold Price Impact - The average gold price in H1 2025 increased by 38.9% year-on-year to 724.29 yuan per gram, positively impacting the company's revenue from gold sales, which rose by 29.85% [1]. - The company’s gross margin improved to 79.15%, an increase of 7.26 percentage points year-on-year, attributed to the rise in gold prices and effective cost management [1]. International Expansion - The company plans to issue shares overseas (H shares) and list on the Hong Kong Stock Exchange to enhance its global strategy, optimize capital structure, and improve governance [2]. - Successful listing of H shares is expected to create new opportunities for mergers and acquisitions, leading to long-term growth in gold production [2]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of 3.294 billion yuan, 3.764 billion yuan, and 5.112 billion yuan for 2025-2027, with a compound annual growth rate (CAGR) of 24.57% [3]. - The target price has been adjusted to 21.31 yuan, based on a price-to-earnings (PE) ratio of 17.91 for 2025 [3].

山金国际2025半年报 ...

从数据对比来看，山金国际户均持股数从上期8.62万股下降至本期7.52万股，户均持股市值从上期165.55万元下降至本期142.48万 元。上述区间，山金国际股价累计下跌16.99%。 截至发稿，山金国际报18.1元，下跌0.28%，市值502.59亿元。 从8月19日公开信息显示，山金国际截至2025年6月30日公司股东户数为3.69万户，较上期（2025年3月31日）增加4707户，增幅为 14.62%，持股趋于分散。 最新5个统计日期，山金国际股东户数变动如下： 统计日期股东户数户均持股数（万股）户均持股市值（万元） 2025/06/30369117.52142.482025/03/31322048.62165.552024/09/30481415.77107.342024/06/30355437.81127.262024/03/31289899.58173.28 来源：金融界 ...