[Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast) The company forecasts a substantial year-on-year increase in 2025 first-half net profit, with attributable net profit expected to grow by 43.24% to 52.55% and non-recurring adjusted net profit by 39.36% to 48.23% | Item | Current Reporting Period (Jan 1 - Jun 30, 2025) | Prior Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of Listed Company** | **Profit: 1.54 billion yuan - 1.64 billion yuan** | Profit: 1.075 billion yuan | | Year-on-Year Growth | 43.24% - 52.55% | - | | **Net Profit After Deducting Non-Recurring Gains and Losses** | **Profit: 1.57 billion yuan - 1.67 billion yuan** | Profit: 1.127 billion yuan | | Year-on-Year Growth | 39.36% - 48.23% | - | | **Basic Earnings Per Share** | **Profit: 0.5546 yuan/share - 0.5906 yuan/share** | Profit: 0.3872 yuan/share | [Communication with Accounting Firm](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) The company clarifies that this performance forecast represents preliminary financial department estimates and remains unaudited by certified public accountants - This performance forecast is a preliminary estimate by the company's finance department and remains unaudited by certified public accountants[4](index=4&type=chunk) [Explanation of Performance Change](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Change) Significant performance growth is primarily attributed to enhanced operational efficiency through internal safety and cost controls, coupled with the favorable impact of rising gold prices - Performance growth is primarily attributed to the company's enhanced operational efficiency through strengthened safety production and cost control, alongside the year-on-year increase in gold prices[5](index=5&type=chunk) [Other Relevant Information](index=1&type=section&id=IV.%20Other%20Relevant%20Information) The company confirms no significant uncertainties impact the forecast's accuracy, advising investors that final financial data will be in the 2025 semi-annual report and to consider investment risks - The financial data in this performance forecast is a preliminary estimate, with final detailed figures to be disclosed in the company's **2025 semi-annual report**[6](index=6&type=chunk) - The company's designated information disclosure media include **Juchao Information Network**, **Securities Times**, **China Securities Journal**, and **Shanghai Securities News**[6](index=6&type=chunk) - The company reminds investors to be aware of **investment risks**[6](index=6&type=chunk)

为进一步加强与投资者的互动交流，山金国际黄金股份有限公司（以下简称 "公司"）将参加由内蒙古证监局、内蒙古上市公司协会与深圳市全景网络有限 公司联合举办的"2025 年内蒙古辖区上市公司投资者网上集体接待日活动"，现 将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2025 年 7 月 11 日（周五）16:00-18:00。届时公司 高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、融资计划 和可持续发展等投资者关心的问题，与投资者进行沟通和交流，欢迎广大投资者 踊跃参与！ 证券代码：000975 证券简称：山金国际 公告编号：2025-029 山金国际黄金股份有限公司 关于参加2025年内蒙古辖区上市公司投资者 网上集体接待日活动的公告 本公司及其董事会全体成员保证信息披露内容的真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 特此公告。 山金国际黄金股份有限公司董事会 二〇二五年七月九日 ...

Investment Rating - The report maintains an "Accumulate" rating for the non-ferrous metals industry [2]. Core Views - The report highlights that the "anti-involution" policy is guiding a short-term strength in energy metals, while gold is under pressure due to rising U.S. Treasury yields and a stronger dollar [1]. - The report suggests that despite short-term fluctuations, the long-term bullish trend for gold remains intact due to central bank purchases and fiscal concerns [1]. - Industrial metals are experiencing mixed trends, with copper facing supply disruptions and aluminum entering a potential inventory accumulation phase [1]. Summary by Sections Weekly Data Tracking - The non-ferrous metals sector showed mixed performance this week, with varying price movements across different metals [10]. - The report notes that the overall non-ferrous metals index increased by 1.0%, with energy metals up by 1.0% and industrial metals up by 1.5% [16]. Industrial Metals - **Copper**: Global copper inventory increased slightly to 518,000 tons, with supply disruptions from MMG and Hudbay Minerals affecting logistics [1]. The copper price has seen fluctuations due to macroeconomic factors and demand-side pressures [1]. - **Aluminum**: The report indicates a potential inventory accumulation cycle, with production recovering in some regions while demand remains subdued [1]. Energy Metals - **Lithium**: The report notes a continued strength in lithium prices, driven by supply constraints and robust demand from electric vehicle sales [1]. The price of battery-grade lithium carbonate rose to 64,000 yuan/ton, reflecting a 1.5% increase [26]. - **Metal Silicon**: The report discusses a short-term upward trend in silicon prices due to production cuts and recovery expectations in polysilicon plants [1]. Key Stocks - The report recommends several stocks for investment, including Zijin Mining, Shandong Gold, and Luoyang Molybdenum, all rated as "Buy" [5]. Company Announcements - Zijin Mining announced an asset acquisition of the RG gold mine project, with a valuation of 1.2 billion yuan [34]. - Ganfeng Lithium completed the acquisition of Mali Lithium, enhancing its lithium resource integration strategy [34]. Price and Inventory Changes - The report provides detailed price movements for various metals, indicating that gold prices increased by 4.2% over the week, while copper prices saw a slight decline [21][23]. Market Trends - The report emphasizes the ongoing supply-demand dynamics in the non-ferrous metals market, with particular attention to the impact of macroeconomic indicators on metal prices [1].

证券代码：000975 证券简称：山金国际 公告编号：2025-028 山金国际黄金股份有限公司 关于股份回购进展情况的公告 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 ...

Group 1 - Gold stocks experienced a significant afternoon rally, with Shandong Gold (600547) rising over 5% [1] - Xiaocheng Technology (300139) saw an increase of more than 4% [1] - Other companies such as Shanjin International (000975), Huayu Mining (601020), and Western Gold (601069) also followed the upward trend [1]

Core Viewpoint - The announcement of H-share issuance by Shandong Gold Group marks a significant step in its globalization strategy, aiming to enhance its international capital operations and support overseas expansion projects, particularly in Namibia [1][4]. Group 1: Strategic Developments - The acquisition of controlling interest in Yintai Gold for nearly 13 billion yuan in July 2023 is recognized as the largest merger in the A-share gold industry that year, indicating a strategic shift towards resource integration [2]. - The company redefined its development strategy post-name change to "Shan Jin International," emphasizing internationalization and seeking new paths for overseas acquisitions [2]. - The completion of the acquisition of Osino Resources in Canada in August 2024 marked the company's first overseas acquisition, adding 127.2 tons of gold resources and positioning it as the largest single gold mine in Namibia [2][3]. Group 2: Financial Performance - In 2024, the company reported a record net profit of 2.173 billion yuan, a 52.57% increase year-on-year, driven by a gold production of over 8.04 tons [5][6]. - The company aims to maintain a gold production target of no less than 8 tons in 2025, alongside other metals [7]. - The financial structure is robust, with an asset-liability ratio of 18.57% and total assets reaching 19.054 billion yuan by the end of 2024 [8]. Group 3: Capital Operations - The H-share listing is intended to create a critical channel for capital operations, facilitating resource acquisitions and enhancing the international shareholder structure [4][8]. - The company is focused on exploring international capital markets for financing and operations to support overseas acquisitions [8]. - The successful IPO could provide significant funding for the Namibia project and further the vision of becoming a global leader in gold mining [1][9].

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 ...