Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported strong performance in Q1 2025, achieving revenue of 4.321 billion RMB (up 55.84% year-on-year) and a net profit attributable to shareholders of 694 million RMB (up 37.91% year-on-year) [1][2] - Despite a decline in gold production and sales volume, the decrease in costs contributed to the overall excellent performance, with the average gold price in Q1 2025 at 672.13 RMB per gram (up 37.2% year-on-year) [2] - The company has clear production plans, aiming for a gold production of 12 tons by the end of the 14th Five-Year Plan, and has made strategic acquisitions to enhance its mining capabilities [3] - The report highlights the ongoing upward trend in gold prices, driven by geopolitical uncertainties and the depreciation of the US dollar, which enhances the asset allocation value of gold [4] - Due to the strong performance of gold prices, the earnings per share (EPS) estimates for 2025-2027 have been revised upward to 1.19, 1.36, and 1.84 RMB respectively, with a target price set at 25.53 RMB [5] Summary by Sections Financial Performance - In Q1 2025, the company achieved a revenue of 4.321 billion RMB and a net profit of 694 million RMB, reflecting significant year-on-year growth [1][2] - The average gold price in Q1 2025 was 672.13 RMB per gram, contributing to the company's strong financial results despite lower production and sales volumes [2] Production and Strategic Development - The company plans to reach a gold production of 12 tons by the end of the 14th Five-Year Plan and has acquired exploration rights for two gold mines in Yunnan [3] Market Outlook - The report emphasizes the favorable conditions for gold investment, citing geopolitical uncertainties and the weakening of the US dollar as key factors driving gold prices higher [4] Earnings Forecast and Valuation - The EPS estimates for 2025-2027 have been adjusted to 1.19, 1.36, and 1.84 RMB, with a target price of 25.53 RMB based on a PE ratio of 21.45 [5]

Financial Performance - The company's operating revenue for Q1 2025 was ¥4,321,458,558.69, representing a 55.84% increase compared to ¥2,773,050,924.21 in the same period last year[5] - Net profit attributable to shareholders was ¥693,834,528.45, up 37.91% from ¥503,090,992.72 year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥703,724,270.00, reflecting a 40.87% increase from ¥499,571,701.36 in the previous year[5] - Basic earnings per share increased to ¥0.2499, a rise of 37.91% compared to ¥0.1812 in the same period last year[5] - Operating profit for the current period was ¥1,008,344,937.54, an increase of 38.3% from ¥729,010,241.43 in the previous period[19] - The total comprehensive income for the current period was ¥771,497,275.06, an increase from ¥558,522,011.78 in the prior year[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥19,053,789,976.90, a 4.75% increase from ¥18,189,088,468.89 at the end of the previous year[5] - The company's current assets increased to CNY 6,441,216,598.80 from CNY 5,523,779,041.24, reflecting a growth of approximately 16.6%[15] - The company's inventory increased to CNY 1,310,534,114.15 from CNY 1,240,100,384.98, representing a growth of approximately 5.7%[15] - Total liabilities increased to CNY 3,463,122,596.88 from CNY 3,377,246,212.03, marking an increase of about 2.5%[16] - The company's equity remained stable with total equity at CNY 15,590,667,379.02, unchanged from the previous period[16] Cash Flow - The company's cash flow from operating activities was ¥981,531,108.63, down 6.82% from ¥1,053,341,413.49 in the previous year[5] - The company reported a net cash flow from operating activities of ¥981,531,108.63, slightly down from ¥1,053,341,413.49 in the prior year[21] - The company reported a significant increase in cash inflow from investment activities, totaling ¥7,028,124,051.28, compared to ¥1,749,405,386.70 in the previous period[21] - Net cash flow from investment activities was -587,196,612.12, a decrease compared to -32,445,242.42 in the previous period[22] - The net cash flow from financing activities was -97,757,128.39, worsening from -70,787,685.00 in the previous period[22] - The net increase in cash and cash equivalents was 289,085,844.59, down from 949,660,905.20 in the previous period[22] - The ending balance of cash and cash equivalents was 2,685,445,730.78, compared to 2,785,788,664.05 in the previous period[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 32,204[11] - The largest shareholder, Shandong Gold Mining Co., Ltd., holds 28.89% of the shares, totaling 802,251,840 shares[11] Production and Operations - The company reported a total production of 1.77 tons of gold and 22.05 tons of silver during the reporting period[9] - The gross profit margin for gold was 77.57%, while for silver it was 61.54%[9] Investments and Acquisitions - In January 2025, the company signed an agreement to acquire a 52.0709% stake in Yunnan Western Mining Co., which holds gold exploration rights over an area of 35.6 square kilometers[13] - The company also acquired exploration rights for gold and polymetallic minerals in the Mengwen area, covering 20.38 square kilometers[13] Accounts Receivable - The company reported a significant increase in accounts receivable, which rose to CNY 120,408,057.56 from CNY 21,112,052.01, reflecting a growth of approximately 471.5%[15] Research and Development - Research and development expenses increased to ¥13,589,545.00, up from ¥3,120,999.77, indicating a focus on innovation[18] Accounting Standards - The company did not undergo an audit for the first quarter report[23] - The new accounting standards will be implemented starting in 2025[24]

证券代码：000975 证券简称：山金国际 公告编号：2025-012 山金国际黄金股份有限公司 关于董事长提议回购公司部分股份的提示性公告 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"本公司"或"公司"）于2025年4 月11日收到公司董事长刘钦先生（以下简称"提议人"）《关于提议山金国际黄 金股份有限公司回购公司部分股份的函》，具体内容如下： 一、提议人的基本情况及提议时间 1、提议人：公司董事长刘钦先生 2、提议时间：2025年4月11日 3、是否享有提案权：是 二、提议回购股份的原因和目的 基于对公司未来发展的信心和对公司价值的认可，为维护全体股东利益，增 强投资者信心，进一步稳定及提升公司价值，综合考虑自身的经营状况、财务状 况和发展战略，公司董事长刘钦先生提议公司通过集中竞价交易方式回购公司部 分股份，回购的股份将依法注销减少注册资本。 三、提议内容 1、回购股份的种类：公司发行的人民币普通股（A 股）。 2、回购股份的用途：依法注销减少注册资本。 3、回购股份的方式：通过深圳证券交易所交易系统以集中竞价交易 ...

Core Viewpoint - The overseas market indices, particularly ETFs related to the Nasdaq, have shown strong performance following a significant rise in the US stock market, with gold stock ETFs standing out with notable gains [1] Group 1: ETF Performance - Nine related ETFs, including the Nasdaq index ETF, achieved a limit-up in half a day, indicating strong investor interest [1] - Gold stock ETFs, including the Gold Stock ETF (517400), saw a half-day increase of 6.42%, with five gold stock ETFs rising over 5.5% [1][2] - The Gold Stock ETF (517520) has a substantial scale of 2.699 billion shares, reflecting a year-to-date increase of 114.9 million shares [2][3] Group 2: Market Trends and Valuation - A-share gold stock valuations have been declining since early 2020, with the dynamic PE (TTM) dropping from 50 times to 25 times currently [3] - The average gold price is expected to rise significantly in 2025 compared to 2024, supporting the outlook for gold companies [3] - Continuous high profits and improving balance sheets for gold companies suggest a stable performance outlook in the future [3] Group 3: Index Composition - The CSI Hong Kong and Shanghai Gold Industry Stock Index includes 50 large-cap companies involved in gold mining, refining, and sales, reflecting the overall performance of the gold industry in A-share and Hong Kong markets [4] - The index was established on October 17, 2017, with a base date of December 31, 2014 [4] Group 4: Major Holdings - The top holdings in the CSI Gold Industry Index include Shandong Gold (12.06% weight), Zijin Mining (10.51%), and Zhongjin Gold (9.38%), indicating a concentration in the gold mining sector [5][6]

北京市朝阳区建国路 77 号华贸中心 3 号写字楼 34 层 邮编：100025 34/F, Tower 3, China Central Place, 77 Jianguo Road, Beijing 100025, China T:（86-10）5809 1000 F:（86-10）5809 1100 北京市竞天公诚律师事务所 关于山金国际黄金股份有限公司 2024 年年度股东大会的法律意见书 致：山金国际黄金股份有限公司 北京市竞天公诚律师事务所（以下简称"本所"）接受山金国际黄金股份有限公司（以 下简称"公司"）的委托，指派本所律师参加公司 2024 年年度股东大会（以下简称"本次会 议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、《上市公司股东会规则（2025 年修订）》、《山金国际黄金股 份有限公司章程》（以下简称"《公司章程》"）等规定，就本次会议的召集和召开程序、召集 人和出席人员的资格、表决程序以及表决结果发表法律意见。 关于本《法律意见书》，本所及本所律师谨作如下声明： 1、在本《法律意见书》中，本所及本所律师 ...

证券代码：000975 证券简称：山金国际 公告编号：2025-011 山金国际黄金股份有限公司 2024年年度股东大会决议公告 （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4月8日上 午9:15—9:25，9:30—11:30，下午13:00—15:00； 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。 特别提示： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、本次股东大会的召开时间： （1）现场会议时间：2025年4月8日下午14:30开始，会期半天。 通过互联网投票系统（http://wltp.cninfo.com.cn）进行网络投票的具体 时间为：2025 年 4 月 8 日上午 9:15—下午 15:00。 2、会议地点：北京市朝阳区金和东路 20 号院正大中心北塔 30 层会议室。 3、会议召开方式：现场投票与网络投票相结合的方式 公司通过互联网投票系统（http://wltp.cninfo.com.cn）和深圳证 ...

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 13.59 billion yuan, up 67.6% year-on-year, and net profit attributable to shareholders at 2.17 billion yuan, up 52.6% year-on-year [1] - The company achieved a notable increase in gold production and sales, with gold production and sales reaching 8.04 tons and 8.05 tons respectively, representing year-on-year increases of 14.7% and 9.7% [2] - The company successfully completed the acquisition of Osino, adding 127.2 tons of gold resources and expected annual production of 5 tons, enhancing its asset scale and profit potential [3] Financial Performance - In Q4 2024, the company reported revenue of 1.51 billion yuan, with a year-on-year increase of 50% but a quarter-on-quarter decrease of 72.8% [1] - The company's net profit for Q4 2024 was 450 million yuan, reflecting a year-on-year increase of 45.7% but a quarter-on-quarter decrease of 31.7% [1] - The cost of gold production decreased significantly to 145 yuan per gram, down 31 yuan per gram year-on-year, while the unit selling price increased to 550 yuan per gram, up 100 yuan per gram year-on-year [2] Production and Efficiency - The company reported an increase in silver production and sales, with silver production at 196 tons and sales at 176 tons, showing a year-on-year increase of 1.6% and a decrease of 9.6% respectively [2] - The company achieved significant cost reduction and efficiency improvements through comprehensive cost-cutting initiatives across all operations [2] - The company plans to maintain gold production at no less than 8 tons in 2025, with other metals expected to match or exceed 2024 production levels [2] Strategic Developments - The completion of the Osino acquisition marks a significant step in the company's internationalization strategy, enhancing its resource base and production capabilities [3] - The company has adjusted its profit forecasts upward due to rising gold prices, projecting net profits of 2.9 billion, 3.1 billion, and 4.3 billion yuan for 2025-2027 [3] - The company maintains a strong investment rating, reflecting confidence in its growth potential and market conditions [3]

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [3]. Core Views - The company achieved a significant increase in revenue and profit in 2024, with total revenue reaching 13.59 billion yuan, up 67.6% year-on-year, and net profit attributable to shareholders at 2.17 billion yuan, up 52.6% year-on-year [1][2]. - The company has successfully implemented cost reduction and efficiency improvement measures, resulting in a notable decrease in gold production costs [6]. - The internationalization strategy has made significant progress with the acquisition of Osino, adding 127.2 tons of gold resources and expected annual production of 5 tons of gold [6]. - The report projects continued growth in net profit for 2025-2027, with estimates of 2.89 billion yuan, 3.05 billion yuan, and 4.30 billion yuan respectively, reflecting a strong outlook for the company [6]. Financial Performance - In 2024, the company reported a total revenue of 13.59 billion yuan, with a year-on-year growth of 67% [2]. - The operating profit for 2024 was 3.18 billion yuan, representing a 52% increase compared to the previous year [2]. - The net profit attributable to shareholders for 2024 was 2.17 billion yuan, with a year-on-year growth of 53% [2]. - The earnings per share (EPS) for 2024 was 0.78 yuan, with a projected EPS of 1.04 yuan for 2025 [2]. Production and Cost Efficiency - The company reported gold production and sales of 8.04 tons and 8.05 tons in 2024, marking increases of 14.7% and 9.7% year-on-year respectively [6]. - The cost of gold production decreased significantly to 145 yuan per gram in 2024, down 31 yuan per gram year-on-year, while the selling price increased to 550 yuan per gram [6]. Valuation Metrics - The report indicates a projected price-to-earnings (PE) ratio of 18.5 for 2025, decreasing to 12.4 by 2027, suggesting an attractive valuation as earnings grow [2][12]. - The price-to-book (PB) ratio is expected to decline from 4.1 in 2024 to 2.8 in 2027, indicating potential for value appreciation [2][12].

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 23.5 CNY per share [6]. Core Views - The company achieved a revenue of 13.585 billion CNY in 2024, representing a year-on-year increase of 67.6%, and a net profit of 2.173 billion CNY, up 52.57% year-on-year [1][10]. - The company has significant growth potential in gold production, with a target of at least 8 tons for 2025 and plans to increase production to 28 tons by 2028 [4][10]. - The company has successfully reduced production costs while increasing sales prices, leading to a substantial rise in gross profit margins [2][10]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 1.514 billion CNY, a year-on-year increase of 49.81%, but a quarter-on-quarter decrease of 72.80% [1]. - The average selling price of gold increased to 549.60 CNY per gram, up 22.23% year-on-year, while the unit cost decreased to 145.40 CNY per gram, down 17.58% [2]. Production and Resources - Gold production increased by approximately 15% year-on-year, with a total production of 8.04 tons in 2024, and sales volume reached 8.05 tons, up 9.67% year-on-year [2][13]. - The company significantly increased its gold resource reserves, with a total of 277.23 tons, reflecting an increase of 89% year-on-year [2][4]. Future Growth Potential - The company plans to continue its growth trajectory with a strategic focus on expanding its mining operations and resource acquisitions [4][10]. - The company has acquired new mining rights and is actively working on the resumption of operations at the Huasheng gold mine [4]. Dividend Policy - The company plans to distribute a cash dividend of 3.65 CNY per 10 shares, totaling 1.014 billion CNY, with a cash dividend payout ratio of 46.6% [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported significant growth in its 2024 annual results, with total revenue reaching 13.585 billion yuan, a year-on-year increase of 67.60%, and net profit attributable to shareholders at 2.173 billion yuan, up 52.57% [7] - The company's gold business showed strong performance with both volume and price increases, achieving a gold production of 8.04 tons, a 14.69% increase year-on-year, and an average selling price of gold at 549.60 yuan per gram, up 22.23% [7] - The company has demonstrated excellent cost control, with the cost of gold production significantly reduced to 145.4 yuan per gram from 176.42 yuan per gram in 2023, leading to a gross margin of 73.54%, an increase of 12.78 percentage points year-on-year [7] - The report anticipates continued demand for gold from emerging market central banks, projecting annual purchases between 800 to 1200 tons, driven by economic uncertainties and the need for currency stability [7] - The company's profit forecasts for 2025, 2026, and 2027 have been adjusted upwards, with net profits expected to be 3.318 billion yuan, 4.423 billion yuan, and 5.591 billion yuan respectively, corresponding to P/E ratios of 15.69, 11.77, and 9.31 [7] Financial Summary - Total revenue for 2024 is projected at 13.585 billion yuan, with a growth rate of 67.60% [8] - Net profit attributable to shareholders for 2024 is forecasted at 2.173 billion yuan, reflecting a growth rate of 52.57% [8] - The company's earnings per share (EPS) for 2024 is estimated at 0.78 yuan, with projections of 1.19 yuan for 2025 and 1.59 yuan for 2026 [8] - The company's total assets are expected to reach 23.862 billion yuan by 2025, with total liabilities at 5.395 billion yuan [8]