证券代码：000975 证券简称：山金国际 公告编号：2025-016 山金国际黄金股份有限公司 关于召开2025年第二次临时股东大会通知的公告 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。 一、召开会议基本情况 （一）本次股东大会是山金国际黄金股份有限公司（以下简称"公司"）2025 年第二次临时股东大会。 （二）本次股东大会经公司第九届董事会第十二次会议决议召开，由公司董 事会召集举行。 （三）本次股东大会的召开符合有关法律、行政法规、部门规章、规范性文 件、深圳证券交易所业务规则和《公司章程》等规定。 （四）会议召开时间： 1、现场会议时间：2025 年 5 月 15 日（星期四）下午 14:30 开始，会期半 天。 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 5 月 15 日上午 9:15—9:25，9:30—11:30，下午 13:00—15:00； 通过互联网投票系统（http://wltp.cninfo.com.cn）投票的具体时间为： 2025 年 5 月 15 日上午 9:15—下午 15:00。 ...

证券代码：000975 证券简称：山金国际 公告编号：2025-014 山金国际黄金股份有限公司 第九届董事会第十二次会议决议公告 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"）第九届董事会第十二次会 议通知于2025年4月25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4月29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》（以下简称"《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，审议通过了关于回购公司部分股份的 议案； 为顺利实施本次股份回购，公司董事会拟提请股东大会授权董事会及管理层 在有关法律法规范围内，全权处理本次回购股份的具体事宜，包括但不限于： 1、如监管部门对于回购股份的政策发生变化或市场条件发生变化，除涉及 ...

证券代码：000975 证券简称：山金国际 公告编号：2025-015 山金国际黄金股份有限公司 关于回购公司部分股份方案的公告 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。 重要内容提示： 1、拟回购股份的种类：山金国际黄金股份有限公司（以下简称"公司"） 已发行的人民币普通股（A 股）。 2、用途：回购的股份将全部予以依法注销并减少公司注册资本。 3、拟回购价格：不超过人民币 29.70 元/股（含），该回购股份价格上限不 高于董事会通过回购方案决议前 30 个交易日公司股票交易均价的 150%。实际回 购价格由公司董事会授权公司管理层在回购实施期间结合公司股票价格、财务状 况和经营状况确定。 4、拟回购的资金总额：不低于人民币 1 亿元（含），且不超过人民币 2 亿 元（含），具体回购资金总额以回购期满时实际回购股份使用的资金总额为准。 5、回购股份的资金来源：公司自有资金及回购专项贷款。 6、回购股份的实施期限：本方案尚需提交公司股东大会，自公司股东大会 审议通过回购方案之日起 12 个月内。 7、拟回购股份的数量及占公司总股本的比例：在回购股份价格 ...

Investment Rating - The report maintains a "Recommended" investment rating for the gold, copper, aluminum, tin, and antimony industries [9]. Core Views - The report highlights a positive outlook for copper and aluminum prices due to improving downstream demand and inventory depletion [5][7]. - Gold prices are expected to maintain an upward trend supported by the ongoing interest rate cut cycle by the Federal Reserve [9]. - The tin market is anticipated to experience weak price movements due to a lack of short-term catalysts [9]. - Antimony prices are expected to remain weak in the short term, but long-term supply-demand dynamics may support prices [9]. Summary by Sections Market Performance - The non-ferrous metals sector showed a weekly increase of 2.04%, outperforming other sectors [19]. - The top-performing sub-sectors included tungsten (+4.50%), nickel (+3.79%), and aluminum (+3.78%) [19]. Copper Market - LME copper closed at $9,415 per ton, up $283 per ton (3.10%) from April 17 [5]. - SHFE copper closed at ¥77,650 per ton, up ¥1,780 per ton (2.34%) from April 17 [5]. - Domestic copper social inventory decreased significantly, indicating strong demand [6]. Aluminum Market - Domestic electrolytic aluminum prices reached ¥20,100 per ton, an increase of ¥210 per ton (1.06%) [7]. - LME aluminum inventory decreased by 12,575 tons, while domestic SHFE inventory also saw a decline [7]. - The operating rate for leading aluminum profile enterprises increased to 59.5% [8]. Tin Market - Domestic refined tin prices rose to ¥263,180 per ton, up ¥6,800 per ton (2.65%) [9]. - The market is expected to remain weak due to insufficient demand catalysts [9]. Antimony Market - Domestic antimony ingot prices fell to ¥235,500 per ton, down ¥8,000 per ton [9]. - The market activity is low, with cautious purchasing behavior from downstream buyers [9]. Recommended Stocks - The report recommends specific stocks in the gold, copper, aluminum, tin, and antimony sectors, including Zhongjin Gold, Zijin Mining, and Huaxi Youshi [10][12][13].

Investment Rating - The report maintains a "Positive" investment rating for the non-ferrous and steel industry [5]. Core Viewpoints - Iron ore prices have shown significant loosening, suggesting a positive outlook for investment opportunities in the steel sector. The report indicates that after three years of adjustment, the current position of the steel sector offers high cost-effectiveness, with leading enterprises showing improved profitability and stability [8][13]. Summary by Sections Macro Overview - Iron ore prices are expected to decline as steel production peaks post-May Day, leading to potential profit squeezes for iron ore suppliers. The domestic demand-driven pricing in the steel sector is highlighted as a key factor [8][13]. Steel Sector - The weekly consumption of rebar decreased to 2.6 million tons, a significant drop of 5.07% week-on-week. The average price of rebar increased slightly by 1.34% to 3,323 CNY/ton, while cold-rolled prices fell by 1.54% to 3,812 CNY/ton [14][36]. - Total steel inventory decreased significantly, with a total of 1,083 million tons, down 3.68% week-on-week and 24.11% year-on-year [23]. - The profitability of rebar production has improved, with long-process rebar margins increasing by 25 CNY/ton and short-process margins rising by 350 CNY/ton [34][36]. Industrial Metals - The report notes a deepening negative value for copper TC/RC, with the average LME aluminum price rising by 3.63% to 2,412 USD/ton. The cost of electrolytic aluminum in Xinjiang decreased significantly by 16.22%, leading to a substantial profit increase [16][28]. Precious Metals - The report suggests that tariffs may boost demand for safe-haven assets and inflation expectations, with gold prices expected to continue rising. As of April 25, 2025, COMEX gold prices were reported at 3,330.2 USD/ounce, a slight decrease of 0.33% week-on-week [16][48]. New Energy Metals - Lithium production in China saw a significant year-on-year increase of 57.44% in February 2025, with prices for battery-grade lithium carbonate at 69,600 CNY/ton. Nickel and cobalt prices showed mixed trends, with nickel prices declining [15][39][48].

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Views - The company achieved significant growth in Q1 2025, with revenue of 4.321 billion yuan, a year-on-year increase of 55.84% and a quarter-on-quarter increase of 185.4%. The net profit attributable to the parent company was 694 million yuan, up 37.91% year-on-year and 55.6% quarter-on-quarter [1] - The increase in gold sales and prices has positively impacted the company's performance, with gold sales volume rising 31.8% quarter-on-quarter to 2.03 tons, and the average selling price of gold increasing by 20% compared to the average price in 2024 [2] - The company has effectively managed costs, resulting in a significant increase in unit gross profit. The unit gross profit for gold rose to 511 yuan/g, a 26.5% increase from 404 yuan/g in 2024, while the unit gross profit for silver increased by 34.1% to 3.89 yuan/g [3] - The company is making progress in its mining projects, with plans to produce no less than 8 tons of gold by 2025. Recent acquisitions in the Yunnan province are expected to enhance gold resource reserves and exploration rights [4] Financial Data and Valuation - The company forecasts revenue growth from 8.106 billion yuan in 2023 to 18.983 billion yuan in 2027, with a compound annual growth rate of 16.20% [11] - The net profit attributable to the parent company is projected to increase from 1.424 billion yuan in 2023 to 4.187 billion yuan in 2027, reflecting a growth rate of 18.90% [11] - The price-to-earnings ratio (P/E) is expected to decrease from 39.77 in 2023 to 13.53 in 2027, indicating improved valuation over time [11]

金银价走高+克金成本下降，公司业绩顺利释放2024 年公司营收136 亿元，同比+68%；归母21.7 亿元， 同比+53%。其中： （1）矿产金收入44 亿元，同比+34%；毛利率74%，同比+13pct；产量8.04吨，同比+15%；销量8.05 吨，同比+10%；售价550 元/克，同比+22%；克金销售成本145 元/克，同比-18%。 （2）矿产银收入9.9 亿元，同比+10%；毛利率52%，同比+3pct；产量196吨，同比+1.6%；销量176 吨，同比-9.6%；库存33 吨，同比+156%；售价5.6 元/克（税后），同比+22%；克银销售成本2.67 元/ 克，同比+14%。 25Q1 公司营收43 亿元，同比+56%，环比+185%；归母6.9 亿元，同比+38%，环比+56%。其中： （1）矿产金收入13 亿元，同比+20%；毛利率78%，同比+10pct；产量1.8吨，同比-11%；销量2 吨，同 比-11%；售价659 元/克，同比+35%；克金销售成本148 元/克，同比-5%。 （2）矿产银收入1.5 亿元，同比+7%；毛利率62%，同比+23pct；产量22吨，同比+6%；销 ...

Investment Rating - The report maintains a positive outlook on gold stocks, indicating a continued bullish sentiment towards the gold industry [4]. Core Insights - The logic behind rising gold prices remains unchanged, with a significant increase in gold ETF holdings and a strong desire among global central banks to accumulate gold [2][3]. - The recent fluctuations in gold prices are attributed to geopolitical tensions and the weakening of the US dollar's credit, enhancing gold's monetary attributes [2]. - There is a notable divergence between gold prices and gold stocks, which has historically corrected following periods of price stabilization [3]. Summary by Sections Gold Price Trends - As of April 22, 2025, SHFE gold closed at 831.4 CNY/g and London gold at 3433.6 USD/oz, both reaching historical highs before a slight decline [1]. - By April 23, 2025, prices dropped to 784 CNY/g and 3263 USD/oz, reflecting a decrease of 5.7% and 5% respectively [1]. Investment Demand - Since May 2024, there has been a marked increase in gold investment demand, with global gold ETF holdings rising to approximately 3445.3 tons by the end of March 2025, an increase of 365.6 tons or 12% [2]. - In April 2025, Asian gold ETFs significantly accelerated their purchases, accounting for 47% of the global increase in the week of April 18 [2]. Central Bank Accumulation - Global central banks are expected to continue increasing their gold reserves, with China resuming purchases in November 2024 and accumulating 355.6 tons from January 2022 to March 2025 [3]. - The report highlights that China accounted for approximately 26% of the total global central bank gold purchases during this period [3]. Stock Performance - The report notes that the Shenyin Wanguo gold index PE (TTM) is at 30 times, which is at the 17th percentile since 2010, indicating potential for growth despite short-term price corrections [4]. - The report suggests focusing on companies with strong earnings elasticity, such as Shandong Gold, Chifeng Gold, Hunan Gold, Zijin Mining, and Shanjin International [4].

Group 1: Financial Performance - In Q1, the company produced 1.77 tons of gold with a gross margin of 77.57%, a year-on-year increase of 9.59% [2] - Silver production reached 22.05 tons, with a gross margin of 61.54%, reflecting a year-on-year growth of 23.18% [2] - Lead and zinc production totaled 2,707.46 tons, also showing a year-on-year increase of 9.59% [2] - The company achieved a revenue of 4.321 billion yuan, marking a year-on-year growth of 55.84% [2] - Net profit attributable to shareholders was 694 million yuan, up 37.91% year-on-year [2] Group 2: Cost Management and Projections - The cost of gold sales per gram slightly decreased compared to the same period last year, but remained stable compared to the previous year [3] - Future cost projections may rise due to varying mining stages and fluctuations in labor and material costs, but the company aims to maintain its cost advantage [3] Group 3: Strategic Planning and Resource Development - The company plans to achieve a gold production target of 12 tons by the end of the 14th Five-Year Plan, based on existing mining capacity and potential acquisitions [3] - In 2024, the company plans to invest 175.92 million yuan in exploration, with expected new resource additions of 12.686 tons of gold, 95.716 tons of silver, 5,930 tons of lead, and 13,288 tons of zinc [4] Group 4: Project Updates and Future Outlook - The company is progressing with the resumption of operations at the Mangshi Huasheng Gold Mine, having signed agreements for acquiring exploration rights [4] - The Namibia gold project is on track, with construction expected to commence in the first half of 2027 [4] - The company anticipates that silver, lead, and zinc production will stabilize in the upcoming quarters after a lower output in Q1 due to seasonal factors [5]

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 26.3 yuan [1][7]. Core Views - The company's Q1 2025 results show record high net profit attributable to shareholders, driven by rising gold prices, with a revenue of 4.321 billion yuan, a year-on-year increase of 55.84% and a quarter-on-quarter increase of 185.4% [1][7]. - The report highlights a significant increase in net profit, reaching 694 million yuan, which is a 37.91% year-on-year growth and a 55.66% quarter-on-quarter growth [1][7]. - The report anticipates continued benefits from high gold prices, projecting net profits for 2025-2027 to be 3.65 billion yuan, 4.19 billion yuan, and 5.61 billion yuan respectively, with year-on-year growth rates of 68.2%, 14.7%, and 33.8% [7][8]. Financial Performance Summary - For Q1 2025, the company achieved a gross margin of 28.2%, with a decrease in gold production by 10.6% year-on-year, but an increase in sales volume by 31.8% quarter-on-quarter [7][8]. - The average domestic gold price in Q1 2025 was 671.26 yuan per gram, a year-on-year increase of 37.2% [7][8]. - The report indicates a decrease in the cost of gold production, with the cost per gram falling to 130.33 yuan, a year-on-year decrease of 2.47% [7][8]. Long-term Outlook - The report expresses a positive long-term outlook for gold prices, suggesting that the company's performance will continue to benefit from favorable market conditions [7][8]. - The anticipated average gold price for 2025 is projected to be 753.69 yuan per gram, reflecting a 12.3% increase from Q1 2025 [7][8].