Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][7]. Core Views - The company is expected to benefit significantly from the rising gold prices, with a projected net profit of 6.87 billion, 8.50 billion, and 9.48 billion yuan for the years 2025 to 2027, respectively, corresponding to PE ratios of 21, 17, and 15 [7]. - The company has a strong resource endowment, with a total gold resource of approximately 2,058 tons, and has been actively expanding its resource base through acquisitions and internal exploration [6][47]. - The ongoing projects are expected to enhance the company's production capacity, with significant contributions anticipated from the Kaidino, Jiaoji, and Xiling gold mines [60]. Financial Data and Profit Forecast - Total revenue is projected to reach 110.23 billion yuan in 2025, with a year-on-year growth rate of 33.6% [2]. - The company's net profit attributable to shareholders is expected to grow by 132.6% in 2025, reaching 6.87 billion yuan [2]. - The earnings per share (EPS) is forecasted to be 1.53 yuan in 2025, increasing to 2.12 yuan by 2027 [2]. Market Data - As of June 26, 2025, the company's closing price was 32.71 yuan, with a market capitalization of 118.23 billion yuan [3]. - The company has a price-to-book ratio of 5.7 and a dividend yield of 0.67% [3]. Resource and Production Capacity - The company has a total of 16 operating gold mines, with a production capacity of over 1 ton of gold per mine, contributing to 15% of the domestic gold production [6][15]. - The company’s gold production in 2024 is expected to be 46.2 tons, with a significant increase in production anticipated from new projects [55][60]. Strategic Expansion - The company has been actively acquiring resources, including the control of Shanjin International, which enhances its resource strength [6][47]. - The company plans to continue its expansion through both internal exploration and external acquisitions, with a focus on integrating its resources effectively [47][52].

Group 1 - The company, Shanjin International, has responded to investor inquiries regarding its investor relations management and the progress of the Huasheng Gold Mine resource reserve review [1][3] - The company confirmed that it will accelerate the resource reserve review process for the Huasheng Gold Mine after completing the integration of surrounding mining rights, which was disclosed in the Q1 2025 report [1] - Regarding the South Storage Logistics silver lawsuit, the company stated that it has fully provided for bad debt in 2022 and is closely monitoring the case, which has been transferred to court [1][3] Group 2 - Shanjin International emphasizes its commitment to protecting investors' legal rights and ensuring transparency and timeliness of information [3] - The company's response reflects its dedication to investor relations and aims to enhance investor trust and support [3]

证券代码：000975 证券简称：山金国际 公告编号：2025-027 山金国际黄金股份有限公司 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"）分别于2025年4月29日、5 月15日召开第九届董事会第十二次会议、2025年第二次临时股东大会，均审议通 过了关于回购公司部分股份的议案，拟使用自有资金及回购专项贷款以集中竞价 交易方式回购公司已发行的人民币普通股（A股），本次回购的股份将全部予以 依法注销并减少公司注册资本，拟用于回购的资金总额不低于人民币1亿元（含）， 且不超过人民币2亿元（含），回购价格不超过人民币29.70元/股（含）。回购 期限为自公司股东大会审议通过回购方案之日起12个月内。具体内容详见2025年 讯网（http://www.cninfo.com.cn）的《关于回购公司部分股份方案的公告》 （公 告编号：2025-015）《回购报告书》（公告编号：2025-022）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 一、首次回购的具体情况 实施回购A股股份，回购股份数量1 ...

证券代码：000975 证券简称：山金国际 公告编号：2025-027 山金国际黄金股份有限公司 关于首次回购公司股份的公告 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"）分别于2025年4月29日、5 月15日召开第九届董事会第十二次会议、2025年第二次临时股东大会，均审议通 过了关于回购公司部分股份的议案，拟使用自有资金及回购专项贷款以集中竞价 交易方式回购公司已发行的人民币普通股（A股），本次回购的股份将全部予以 依法注销并减少公司注册资本，拟用于回购的资金总额不低于人民币1亿元（含）， 且不超过人民币2亿元（含），回购价格不超过人民币29.70元/股（含）。回购 期限为自公司股东大会审议通过回购方案之日起12个月内。具体内容详见2025年 4月30日、5月20日披露于《中国证券报》《证券时报》《上海证券报》及巨潮资 讯网（http://www.cninfo.com.cn）的《关于回购公司部分股份方案的公告》（公 告编号：2025-015）《回购报告书》（公告编号：2025-022）。 根据《上市公司股份回 ...

Core Viewpoint - The company, Shanjin International, is pursuing a strategy to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global presence and optimize its capital structure [2][3]. Group 1: Company Strategy and Developments - Shanjin International aims to deepen its global strategy and accelerate overseas business development through the issuance of H-shares [2][3]. - The company has completed the acquisition of Osino Resources, marking its first step in overseas strategic mergers and acquisitions, adding 127.2 tons of gold resources [3][4]. - The company emphasizes a "resource-first, global layout" approach, focusing on exploration and mergers to strengthen its resource barriers [1][3]. Group 2: Financial Performance - In 2024, Shanjin International achieved a record high revenue of 13.585 billion yuan, a 67.60% increase year-on-year, and a net profit of 2.173 billion yuan, up 52.57% [5]. - For Q1 2025, the company reported revenue of 4.321 billion yuan, a 55.84% increase year-on-year, and a net profit of 694 million yuan, a 37.91% increase, setting a new quarterly record [5][7]. - The company’s gold production for Q1 2025 was 1.77 tons, with a gross margin of 77.57%, reflecting a 9.59% year-on-year increase [5][7]. Group 3: Resource Expansion and Future Plans - Shanjin International plans to produce no less than 8 tons of gold in 2025, maintaining production levels for other metals compared to 2024 [7]. - The company has been actively expanding its resource base, with significant investments in exploration, totaling 176 million yuan in 2024, resulting in new resource additions [4][6]. - As of Q1 2025, the company’s total assets reached 19.054 billion yuan, with cash reserves of 3.167 billion yuan, providing a solid financial foundation for future investments [7]. Group 4: Market Performance - Shanjin International's stock price reached a peak of 23.19 yuan in April 2025, with a year-to-date increase of approximately 27%, resulting in a market capitalization of 53.174 billion yuan [8].

Core Viewpoint - The company, Shanjin International Gold Co., Ltd., has authorized its management to initiate the preparation for issuing H-shares and listing on the Hong Kong Stock Exchange to enhance its global strategy and optimize its capital structure [1][2]. Group 1: Company Actions - The board of directors held a meeting on June 19, 2025, where all nine directors participated and unanimously approved the proposal to authorize management to start the preparatory work for the overseas issuance of H-shares [1]. - The company aims to deepen its global strategy, accelerate overseas business development, and leverage international capital market advantages through this H-share issuance [2]. Group 2: Regulatory Compliance - The issuance and listing of H-shares will comply with relevant laws and regulations, including the Company Law of the People's Republic of China and the listing rules of the Hong Kong Stock Exchange [2]. - Specific details regarding the H-share issuance and listing are still under discussion with relevant intermediaries, and the final plan will require approval from the board, shareholders, and regulatory bodies [2].

关于授权公司管理层启动公司境外发行股份（H股）并在香港联合交 易所有限公司上市相关筹备工作的提示性公告 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"公司"）于2025年6月19日召开第 九届董事会第十三次会议，审议通过了《关于授权公司管理层启动公司境外发行 股份（H股）并在香港联合交易所有限公司上市相关筹备工作的议案》，现将有 关情况公告如下： 证券代码：000975 证券简称：山金国际 公告编号：2025-026 山金国际黄金股份有限公司 根据《中华人民共和国公司法》《中华人民共和国证券法》《深圳证券交易 所股票上市规则》《境内企业境外发行证券和上市管理试行办法》《香港联合交 易所有限公司证券上市规则》等相关法律、法规的要求，待确定具体方案后，公 司本次发行H股并上市需提交公司董事会和股东大会审议，并需取得中国证券监 督管理委员会、香港联交所和香港证券及期货事务监察委员会等相关政府机构、 监管机构备案、批准和/或核准。 本次发行H股并上市能否通过审议、备案和/或审核程序并最终实施具有较大 不确定性。公司将依据相关法律法 ...

山金国际黄金股份有限公司（以下简称"公司"）第九届董事会第十三次会 议通知于2025年6月17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6月19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。 本次会议的召开和表决程序符合《中华人民共和国公司法》和《山金国际黄 金股份有限公司章程》等法律、法规的有关规定。经与会董事逐项认真审议，以 记名投票表决的方式通过了如下决议： 一、以9票同意，0票反对，0票弃权，审议通过了关于授权公司管理层启动 公司境外发行股份（H股）并在香港联合交易所有限公司上市相关筹备工作的议 案。 为进一步深化公司全球化战略布局，加快海外业务发展，巩固行业地位，同 时更好地利用国际资本市场优势，优化资本结构和股东组成，拓展多元化融资渠 道，提升公司治理水平和核心竞争力，公司拟于境外发行股份（H股）并在香港 联合交易所有限公司（以下简称"香港联交所"）上市（以下简称"本次发行H 股并上市"）。为推进本次发行H股并上市工作，公司董事会授权管理层启动本 次发行H股并上市的前期筹备工作。公司正 ...

Group 1 - The core viewpoint of the articles highlights the increasing attractiveness of gold as a safe-haven asset amid rising geopolitical tensions and economic uncertainties, with a tactical allocation upgrade to overweight by Guotai Junan Securities [2] - The China Securities Index for gold industry stocks (931238) has shown a recent upward trend, with a 0.42% increase as of June 12, 2025, and notable performances from constituent stocks such as Mingpai Jewelry (up 3.12%) and Yuyuan Inc. (up 2.79%) [1] - The gold stock ETF fund (159322) has experienced a 0.85% increase, marking its third consecutive rise, with a recent price of 1.19 yuan and a weekly cumulative increase of 0.68% [1] Group 2 - The China Securities Index for gold industry stocks includes 50 large-cap companies involved in gold mining, refining, and sales, with the top ten weighted stocks accounting for 68.91% of the index [4] - The top ten stocks in the gold stock ETF fund include Shandong Gold (600547), Zijin Mining (601899), and Chifeng Jilong Gold Mining (600988), with their respective weightings and recent performance noted [6] - The ETF fund's trading volume has shown a daily average of 581.62 million yuan over the past week, indicating strong liquidity in the gold sector [1]

Group 1 - The core viewpoint of the articles highlights the strong performance of the non-ferrous metal sector, particularly in light of increasing gold reserves and heightened market risk aversion due to global conflicts and inflation data [1][2] - As of May 30, 2025, the top ten weighted stocks in the non-ferrous metal industry index accounted for 51.92% of the total index, indicating a concentration of investment in key players such as Zijin Mining and Northern Rare Earth [2] - The China Central Bank has increased its gold reserves to 7.383 million ounces as of the end of May, marking the seventh consecutive month of gold accumulation, which reflects a strategic move amidst global economic uncertainties [1] Group 2 - The non-ferrous ETF fund closely tracks the non-ferrous metal industry index, which includes 50 securities that are prominent in terms of scale and liquidity, providing a benchmark for the overall performance of listed companies in the sector [1] - The article suggests focusing on investment opportunities in strategic minor metals such as gallium, germanium, tungsten, and antimony, as their price trends are showing divergence [1]