山金国际主营业务涵盖黄金勘探、开采及销售领域，拥有6个矿山企业，包括黑河洛克、吉林板庙子等 金矿矿山。公司为山东黄金集团旗下控股子公司，2024年矿产金产量在全国黄金矿业上市公司中排名第 六位。 山金国际股价报18.26元，较前一交易日下跌0.60%。盘中最高触及18.50元，最低下探至18.17元，成交 量为31.39万手，成交金额达5.75亿元。 风险提示：投资有风险，入市需谨慎。 来源:金融界 8月21日主力资金净流出7700.37万元，近五日主力资金累计净流出1.88亿元。 公司2025年半年度报告显示，上半年实现营业收入92.46亿元，同比增长42.14%；归属于上市公司股东 的净利润15.96亿元，同比增长48.43%。公司已启动赴港二次上市计划，拟发行H股并在香港联合交易 所上市。8月20日公司接待了银河基金等27家机构调研，调研内容涉及上半年经营情况及国际化布局进 展。 ...

昨日基金共对17家公司进行调研，扎堆调研冰轮环境、山金国际、太辰光等。 证券时报·数据宝统计，8月20日共18家公司被机构调研，按调研机构类型看，基金参与17家公司的调研 活动，其中，10家以上基金扎堆调研公司共7家。冰轮环境最受关注，参与调研的基金达29家；山金国 际、太辰光等分别获27家、22家基金集体调研。 基金参与调研的公司中，按所属板块统计，深市主板公司有7家，创业板公司有9家，科创板公司有1 家。所属行业来看，基金调研的公司共涉及9个行业，所属通信、有色金属等行业个股最多，均有3只个 股上榜。 从基金调研公司的A股总市值统计，总市值在500亿元以上的共有2家，其中总市值超千亿元的有牧原股 份等，总市值不足100亿元的有6家，分别是速达股份、骏鼎达、长海股份等。 业绩方面，基金调研公司中，15家公司已经公布了半年报，净利润同比增幅最高的是牧原股份、南极 光，净利润增长幅度为1169.77%、982.43%。公布上半年业绩预告的共有1家，业绩预告类型来看，预 增有1只。以净利润增幅中值来看，净利润增幅最高的是广电计量，预计净利润中值为9750.00万元，同 比增幅为22.34%。（数据宝） 8月20日 ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][14]. Core Views - The company achieved a record high in revenue and net profit during the first half of 2025, with revenue reaching 9.246 billion yuan, a year-on-year increase of 42.14%, and net profit attributable to shareholders at 1.596 billion yuan, up 48.43% [3]. - The company's gold reserves have increased significantly, with an additional 3.85 tons of gold metal discovered, and the exploration area has expanded by 2.7% [4]. - The company is focusing on optimizing production processes and enhancing profitability, with a notable increase in gold gross margin from 71.89% to 79.15% [6]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a gold production of 3.72 tons, with a sales volume of 4.12 tons, achieving a sales rate of 111% [5]. - The gross margin for gold production improved significantly, reflecting the company's effective cost control and the rising global gold prices [6]. Resource Expansion - The company has made substantial progress in resource exploration, with a total exploration area of 5,984 square kilometers, and plans to continue increasing its resource reserves through exploration and potential acquisitions [4]. - The company is advancing its projects in Namibia and China, with expected production increases in the coming years [5]. Industry Outlook - The report indicates a favorable industry outlook, with gold prices expected to rise due to supply-demand dynamics and market conditions [14]. - The company is well-positioned within the industry, maintaining a low debt ratio of 20.09%, which provides financial flexibility [13]. Future Projections - Revenue projections for the company are optimistic, with expected revenues of 17.75 billion yuan in 2025, 20.23 billion yuan in 2026, and 22.12 billion yuan in 2027 [15]. - The company anticipates a significant increase in gold production capacity, potentially exceeding 15 tons annually by 2027 [5].

南财投研通数据显示，8月20日，券商给予上市公司目标价共26次，按最新收盘价计算，目标价涨幅排 名居前的公司有华润三九、松原安全、格尔软件，目标价涨幅分别为48.55%、34.46%、30.98%，分别 属于中药、汽车零部件、软件开发行业。 | | | | 08月20日目标价涨幅排名 | | | | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 机构 | 品新评级 | 服装目标价 | 目标涨幅 | | | | | | B | (96) | | 6660000 | 学演三九 | 东方证券 | 买人 | 45.10 | 48.55 | | 300893 | 松原安全 | 中国国际全融 | 製品行业 | 43.00 | 34.46 | | 603232 | 格尔软件 | 和日期所 | 买人 | 20.93 | 30.98 | | 002299 | 圣农发局 | 和三四郎版团 | 增持 | 22.00 | 27.83 | | 001286 | 陕西能源 | 华宗正学 | 买入 | 11.77 | 27.80 | | 000963 | 学东医药 | 华东证学 | ...

Group 1: Unisoc (紫光国微) - Unisoc's subsidiary Shenzhen Guowei Electronics is expected to see significant revenue and net profit growth in the first half of 2025, with a 40%-50% share of simulation chips and a growth rate of approximately 18%-20% [1] - The company has optimistic orders for special integrated circuit business and is experiencing growth in switch chip orders, with core control chips and supporting products also seeing increased orders [1] - The company is focusing on high-end AI and visual perception chips for target recognition and tracking, with a need to align products with downstream demand [1] Group 2: Shanjin International (山金国际) - Shanjin International's gold production in the first half of 2023 was lower than the same period last year, but the company is implementing measures to increase production in the second half [2] - The company has a stable dividend policy, with the main gold-producing mines contributing 95.87% to net profit in 2024 [2] - The Osino project is expected to start production in the first half of 2027, with an average annual gold output of 5 tons [2] Group 3: Feiling Kesi (菲菱科思) - Feiling Kesi is focusing on its core business while actively expanding new products and clients, with the top five clients accounting for 96.77% of revenue [3] - The company has seen a 67% year-on-year increase in data center switch sales and is accelerating its server-related business layout [3] - R&D investment is 71.89 million yuan, representing 9.96% of revenue, with multiple product iterations completed [3] Group 4: Tianci Materials (天赐材料) - Tianci Materials anticipates a gradual recovery in the prices of electrolyte and lithium hexafluorophosphate, influenced by fluctuations in lithium carbonate prices and increasing downstream demand [4] - The company is in the early stages of solid-state battery material development, with plans to complete pilot production lines next year [4] - The company is enhancing its waste battery recycling channels to secure raw materials for lithium carbonate [4]

Core Insights - The article discusses the recent research conducted by the well-known private equity firm, Huanfang Quantitative, on a listed company, Shanjin International, focusing on its gold production and strategic plans for the future [1] Company Overview - Shanjin International reported a decrease in gold production in the first half of 2023 compared to the same period last year, but the company is implementing various measures to recover production in the second half [1] - The trading company experienced losses in the first half of the year primarily due to the net profit from the consolidation of overseas company entities [1] - The Heihe Luoke Dong'an gold mine is noted for its high-grade gold, with geological exploration concentrated on newly acquired exploration rights [1] - The company has acquired two exploration rights in Yunnan, which will be integrated with Huasheng Gold Mine for unified development [1] - The mining rights for the Qinghai Dachaidan fine crystal ditch are currently being processed [1] Strategic Planning - Shanjin International released a strategic plan for 2023, aiming to achieve its goals through existing mine management and the exploration of mineral resource projects [1] - The cost of gold sales is expected to increase slightly in the first half of 2025, but the overall increase is not significant [1] - The Osino project is anticipated to commence production in the first half of 2027, with an average annual gold output of 5 tons [1] - Future growth in gold production over the next 2-3 years is expected to primarily come from the Osino project and external acquisition projects [1] - The company's dividend policy remains stable, with the contribution rate of gold-producing mines to the company's net profit reaching 95.87% for the fiscal year 2024 [1]

来源：新浪证券-红岸工作室 山金国际黄金于2025年8月20日举办业绩说明会，吸引了包括贝莱德在内的130家机构参与。公司董事、 董事会秘书张肖，董事、财务总监宋忠山接待了来访机构。 上半年业绩亮眼，资源拓展成果丰硕 投资者活动关系类别：业绩说明会 时间：2025年8月20日 地点：未提及 参与单位名称：银河基金、兴银基金、平安养老等130家机构 上市公司接待人员姓名：董事、董事会秘书张肖；董事、财务总监宋忠山 2025年上半年，山金国际黄金锚定"战略先行、攻坚发力收官之年"和"建强项目、跨越提升关键之年"总 目标，各项工作高效推进。公司实现营业收入924,564.50万元，同比增长42.14%；营业利润231,548.26 万元，同比增长48.14%；归属于上市公司股东净利润159,573.31万元，同比增长48.43%。 1. 下半年矿产金产量预期：上半年矿产金产量3.72吨，公司采取劳动竞赛、科技手段等措施，争取 补回产量，完成全年目标。 2. 贸易公司亏损原因：海南盛蔚贸易有限公司因合并境外公司主体净利润致亏损，剔除借款利息和 境外主体亏损后，公司贸易业务板块整体盈利。 3. 黑河洛克资源接续：黑河洛 ...

Financial Performance - The company achieved a revenue of 924,564.50 million CNY in the first half of 2025, representing a 42.14% increase compared to the same period last year [4] - Operating profit reached 231,548.26 million CNY, up by 48.14% year-on-year [4] - Net profit attributable to shareholders was 159,573.31 million CNY, reflecting a growth of 48.43% compared to the previous year [4] Resource Development - The company added 3.85 tons of gold metal with a grade of 5.79 g/t through geological exploration in the first half of 2025 [4] - Acquired 52.0709% equity in Yunnan Western Mining Co., gaining exploration rights over an area of 35.6 square kilometers [4] - The company is advancing the Osino project in Namibia, with production expected to commence in the first half of 2027, projected to yield an annual average of 5 tons of gold [6] Production and Operations - Gold production for the first half of 2025 was 3.72 tons, with expectations to recover production in the second half of the year [5] - The company is integrating two newly acquired exploration rights in Yunnan with the Huasheng project for unified development [5] - The cost of gold sales increased by 3.02% year-on-year, attributed to changes in mining methods and ore grades [6] Strategic Planning - The company's strategic plan aims to enhance existing mining operations while pursuing high-margin mineral resource projects [6] - Future growth in gold production is anticipated to come from the Osino project and potential acquisitions [6] - The company maintains a commitment to high cash dividends, aiming for stable dividend policies to reward shareholders [6] Profit Contribution - Gold products contributed 95.87% to the net profit attributable to shareholders, with silver, lead, and zinc making up the remainder [7]

山金国际最新股价为18.37元，较前一交易日上涨1.72%。数据显示，公司2025年上半年实现营业收入 92.46亿元，同比增长42.14%；归属于上市公司股东的净利润15.96亿元，同比增长48.43%。 山金国际主要从事金属商品贸易和有色金属矿采选业务，旗下拥有多个金矿及多金属矿企业。公司通过 探矿增储策略，上半年新增金金属量3.85吨，资源储备进一步夯实。 消息面上，公司港股IPO进展顺利，云南地区业务稳步推进，纳米比亚金矿未来有望贡献增量。此外， 国际金价高位震荡，黄金行业整体业绩表现较好。 资金方面，山金国际8月20日主力资金净流出5553.76万元，近五日主力资金净流出1.52亿元。 风险提示：市场有风险，投资需谨慎。 来源:金融界 ...

8月20日，山金国际今日收盘18.37元，上涨1.72%，滚动市盈率PE（当前股价与前四季度每股收益总和 的比值）达到18.94倍，总市值510.08亿元。 从行业市盈率排名来看，公司所处的贵金属行业市盈率平均33.79倍，行业中值33.48倍，山金国际排名 第2位。 山金国际黄金股份有限公司的主营业务是贵金属和有色金属矿采选及金属贸易。公司的主要产品是合质 金（含银）、铅精粉（含银）和锌精粉（含银）。 最新一期业绩显示，2025年半年报，公司实现营业收入92.46亿元，同比42.14%；净利润15.96亿元，同 比48.43%，销售毛利率29.98%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)1山金国际18.9423.473.76510.08亿行业平均 33.7937.624.44368.12亿行业中值33.4837.934.25173.73亿2中金黄金19.2120.662.46699.47亿3赤峰黄金 22.6326.264.25463.32亿4恒邦股份25.7726.481.49142.13亿5湖南黄金30.2436.314.29307.37亿6四川黄金 36.7239.556.3098 ...