证券代码：000975 证券简称：山金国际 公告编号：2025-036 山金国际黄金股份有限公司 关于公司聘请发行境外上市股份（H股）并在香港联合交易所有限公 司上市的审计机构的公告 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"）于 2025 年 7 月 28 日召开 第九届董事会第十四次会议，审议通过了《关于公司聘请发行境外上市股份（H 股）并在香港联合交易所有限公司上市的审计机构的议案》，基于公司拟发行境 外上市外资股（H 股）并申请在香港联合交易所有限公司主板挂牌上市（以下简 称"本次发行上市"）的工作需要，同意聘请毕马威会计师事务所（以下简称"毕 马威香港"）作为本次发行上市的审计机构。现将相关事项公告如下： 2、投资者保护能力 毕马威香港按照相关法律法规要求每年购买职业保险。 一、拟聘会计师事务所事项的情况说明 鉴于公司已启动本次发行上市事宜，考虑到毕马威香港在 H 股发行并上市 项目方面拥有较为丰富的财务审计经验，具备足够的独立性、专业能力，经过综 合考量和审慎评估，公司董事会决定聘请毕马威会计师事务所 ...

证券代码：000975 证券简称：山金国际 公告编号：2025-032 本公司及监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。 根据《公司法》《关于新〈公司法〉配套制度规则实施相关过渡期安排》《上 市公司章程指引（2025年修订）》等相关规定，为进一步提升公司治理效能，精 简管理流程，公司拟取消监事会及监事，原由监事会行使的规定职权，转由董事 会审计委员会履行，同时对《公司章程》中的监事会相关条款以及其他条款进行 修订调整。 详见同日披露于《中国证券报》《证券时报》《上海证券报》及巨潮资讯网 的《关于取消监事会并修订<公司章程>的公告》。 本议案将提交公司股东大会审议。 山金国际黄金股份有限公司 第九届监事会第十次会议决议公告 山金国际黄金股份有限公司（以下简称"公司"）第九届监事会第十次会议 通知于 2025 年 7 月 25 日以电子邮件及专人递交的方式向全体监事送达，会议于 2025 年 7 月 28 日上午 10：00 在北京市朝阳区金和东路 20 号院正大中心北塔 30 层公司会议室召开。会议由公司监事会主席张莺女士主持，应出席监事 3 人，实 际出席监事 ...

证券代码：000975 证券简称：山金国际 公告编号：2025-031 山金国际黄金股份有限公司 第九届董事会第十四次会议决议公告 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"）第九届董事会第十四次会 议通知于 2025 年 7 月 25 日以电子邮件及专人递交的方式向全体董事送达，会议 于 2025 年 7 月 28 日上午 9:00 在北京市朝阳区金和东路 20 号院正大中心北塔 30 层公司会议室召开。会议由公司董事长刘钦先生主持，会议应出席董事 9 人， 实际出席董事 9 人，其中独立董事闫庆悦先生因公务原因未能亲自出席本次会 议，特委托独立董事刘洪渭先生出席并代为行使表决权。公司监事、高级管理人 员列席了会议。 本次会议的召开和表决程序符合《中华人民共和国公司法》（以下简称"《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，审议通过了关于取消监事会并修订 ...

Group 1 - The core viewpoint is that gold prices have been significantly influenced by speculative demand and short-term arbitrage, but long-term demand from central bank purchases and financial investments is expected to support gold prices, leading to a potential rise above $3,700 per ounce by the end of the year [1] - The market anticipates that the Federal Reserve may signal interest rate cuts, which would support liquidity and consequently gold prices, amidst ongoing geopolitical uncertainties [1][2] - The gold stock ETF has shown a year-to-date net value increase of 29.36%, with a historical one-year profit probability of 100% [3] Group 2 - As of June 30, 2025, the top ten weighted stocks in the CSI Hong Kong and Shanghai Gold Industry Index account for 66.13% of the index [4] - The performance of the top ten holdings in the gold stock ETF shows mixed results, with some stocks experiencing declines while others, like Zijin Mining and Chow Tai Fook, have seen slight increases [7] - The gold stock ETF fund has a management fee rate of 0.50% and a custody fee rate of 0.10%, indicating a relatively low cost for investors [3]

Investment Rating - The report maintains a "Buy" rating for the industry and specific companies within the sector [6]. Core Views - The report highlights a positive outlook for industrial metals driven by domestic policies aimed at reducing competition and boosting infrastructure investment, alongside U.S. fiscal expansion and ongoing interest rate cuts [2][3]. - Energy metals, particularly lithium and cobalt, are expected to see price increases due to supply disruptions and strong demand from the new energy sector [3]. - Precious metals are favored due to heightened demand for gold as a safe haven amid global trade tensions and ongoing central bank purchases [4]. Summary by Sections Industrial Metals - The report notes that industrial metal prices are rising due to domestic "anti-involution" policies and infrastructure investment, with copper prices experiencing short-term fluctuations due to trade changes [2]. - Key statistics include a weekly increase in aluminum prices by 1.22% and copper prices by 1.07%, while zinc prices rose by 2.65% [11]. - Recommended companies include Zijin Mining, Luoyang Molybdenum, and China Nonferrous Mining [2]. Energy Metals - Lithium prices are rebounding significantly due to supply concerns from regions like Jiangxi and Qinghai, with expectations for continued price increases [3]. - Cobalt prices are also anticipated to rise due to raw material shortages and increased demand as the market recovers from a low trading volume [3]. - Recommended companies in this sector include Huayou Cobalt and Zangge Mining [3]. Precious Metals - The report emphasizes the increasing demand for gold driven by global trade uncertainties and central bank purchases, predicting a long-term upward trend in gold prices [4]. - Gold prices have shown a weekly increase of 0.68%, while silver prices rose by 2.13% [11]. - Recommended companies include Shandong Gold and Zhongjin Gold [4].

Core Viewpoint - The surge in gold prices has led to significant profit increases for gold mining companies, with all eight listed companies reporting over 50% year-on-year profit growth in the first half of the year [2][4]. Group 1: Performance of Gold Mining Companies - Eight gold mining companies have disclosed their performance forecasts, with net profits collectively expected to reach between 31.76 billion to 32.81 billion yuan, all showing a year-on-year increase [2]. - Major companies like Zijin Mining are expected to report a net profit of 23.2 billion yuan, a 54% increase compared to the previous year, surpassing their total profit for 2023 in just the first half [2][3]. - China National Gold and Shandong Gold are also expected to report substantial profit increases, with Shandong Gold's net profit forecasted to rise by 84.3% to 120.5% [3][4]. Group 2: Market Dynamics and Price Fluctuations - Gold prices have reached new highs, with London gold peaking at 3,500 USD per ounce, reflecting a year-to-date increase of approximately 26% [2]. - Despite strong earnings, gold mining stocks have shown signs of weakness in the secondary market, with several stocks experiencing declines in the past month [9]. - The correlation between gold prices and mining stock prices remains strong in the short term, but long-term performance will depend on resource reserves, cost control, and acquisition capabilities [9][10]. Group 3: Future Outlook - The industry anticipates continued production increases among gold mining companies, driven by high gold prices [5]. - Analysts suggest that while gold and gold stocks have potential for further upward movement, external factors such as U.S. tariff uncertainties and rising deficits may impact future price dynamics [10].

Group 1 - Cathay Pacific Haikou expects a net profit increase of 205%-218% for the first half of 2025, with a projected profit of 15.283 billion to 15.957 billion yuan [1] - The main reason for the profit increase is the merger with Haitong Securities, which has led to significant growth in wealth management and trading revenues [1] - Shenyuan Hongyuan anticipates a net profit increase of 92.66%-111.46% for the first half of 2025, with a projected profit of 4.1 billion to 4.5 billion yuan [6][7] Group 2 - Southern Airlines expects a net loss of 1.338 billion to 1.756 billion yuan for the first half of 2025, primarily due to changes in passenger structure and international uncertainties [2] - China Eastern Airlines projects a net loss of 1.2 billion to 1.6 billion yuan for the first half of 2025, influenced by intense domestic market competition [3] - Air China anticipates a net loss of 1.7 billion to 2.2 billion yuan for the first half of 2025, affected by market supply imbalances and international uncertainties [4] Group 3 - HNA Group expects to turn a profit in the first half of 2025, with a projected net profit of 45 million to 65 million yuan, attributed to improved market conditions and operational adjustments [5] - CICC forecasts a net profit increase of 55%-78% for the first half of 2025, with a projected profit of 3.453 billion to 3.966 billion yuan [8] - CITIC Securities anticipates a net profit increase of 55%-60% for the first half of 2025, with a projected profit of 4.43 billion to 4.573 billion yuan [9] Group 4 - Shandong Gold expects a net profit of 2.55 billion to 3.05 billion yuan for the first half of 2025, representing an increase of 84.3%-120.5% [10] - Poly Developments anticipates a net profit decrease of 63.15% for the first half of 2025, with a projected profit of 2.735 billion yuan [11] - Luoyang Molybdenum expects a net profit increase of 51%-68% for the first half of 2025, with a projected profit of 8.2 billion to 9.1 billion yuan [13] Group 5 - Longi Green Energy expects a net loss of 2.4 billion to 2.8 billion yuan for the first half of 2025, but with a significant reduction in losses compared to the previous year [14] - Tongwei Co. anticipates a net loss of 4.9 billion to 5.2 billion yuan for the first half of 2025, influenced by ongoing industry challenges [15] - Ganfeng Lithium expects a net loss of 300 million to 550 million yuan for the first half of 2025, an improvement from the previous year's loss [16] Group 6 - Jianghuai Automobile expects a net loss of approximately 680 million yuan for the first half of 2025, primarily due to increased competition in the international market [21] - Yonghui Supermarket anticipates a net loss of 240 million yuan for the first half of 2025, attributed to ongoing transformation challenges [22] - ST Huatuo expects a net profit increase of 107.2%-159% for the first half of 2025, with a projected profit of 2.4 billion to 3 billion yuan [23] Group 7 - New Hope anticipates a net profit of 680 million to 780 million yuan for the first half of 2025, marking a turnaround from losses [25] - Linyi Intelligent Manufacturing expects a net profit increase of 32%-67% for the first half of 2025, with a projected profit of 900 million to 1.14 billion yuan [27] - Pengding Holdings expects a net profit increase of 52.79%-60.62% for the first half of 2025, with a projected profit of 1.198 billion to 1.26 billion yuan [29] Group 8 - Hengtong Electronics expects a net profit increase of 740.95% for the first half of 2025, with a projected profit of approximately 251 million yuan [30] - Shengyi Technology anticipates a net profit increase of 50%-56% for the first half of 2025, with a projected profit of 1.4 billion to 1.45 billion yuan [31] - Founder Securities expects a net profit increase of 70%-80% for the first half of 2025, with a projected profit of 2.299 billion to 2.43 billion yuan [33]

[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].