（文章来源：每日经济新闻） 中国银河8月20日发布研报称，给予山金国际（000975.SZ，最新价：18.25元）推荐评级。评级理由主 要包括：1）黄金产销量小幅下滑；2）产品价格上涨带动盈利高增；3）金矿资源接续性强，远期增量 明确。风险提示：1）贵金属价格大幅下跌的风险；2）美联储降息不及预期的风险；3）海外地缘政治 变化的风险；4）中美加征关税影响超出预期的风险；5）公司项目投产不及预期的风险。 ...

Macro and Strategy - The report analyzes the current bull market in the ChiNext index, noting that it has risen by 21.69% year-to-date as of August 18, 2025, with comparisons to previous bull markets in 2015, 2013, and 2020, which had significantly higher gains [8][3] - The report highlights the differences between the bull markets of 2013-2015, characterized by broad-based gains, and the more structural gains seen from 2018-2021, where a lower percentage of stocks saw significant increases [8] Light Industry Manufacturing - The light industry manufacturing weekly report indicates that the price of boxboard and corrugated paper continues to rise, with July furniture retail sales in the U.S. increasing by 5.1% year-on-year [3][10] - Domestic prices for hardwood pulp have risen slightly, while cultural paper and white cardboard prices remain under pressure due to supply and demand dynamics [9][10] - The report notes that China's furniture exports increased by 3.0% year-on-year in July, with expectations for recovery in the export chain due to recent tariff extensions and upcoming U.S. interest rate cuts [10][11] Automotive Industry - The automotive industry report indicates that vehicle production and sales in July 2025 were 2.591 million and 2.593 million units, respectively, with year-on-year growth of 13.3% and 14.7% [13] - The report highlights a strong pre-sale for the new Tank 500 model, indicating robust consumer interest [13] - The report suggests a focus on the performance of the automotive sector's mid-year results, with a notable increase in wholesale vehicle sales in early August [14] Copper Industry - The report on Tongling Nonferrous Metals indicates a 34% year-on-year decline in net profit for the first half of 2025, despite a revenue increase of 6.4% to 76.1 billion yuan [21][22] - The company has become the largest copper smelting company globally, with a production capacity of 2.2 million tons following the commissioning of a new copper smelting project [22] - The report anticipates a significant increase in copper production capacity with the upcoming commissioning of the Mirador copper mine's second phase [23] Gold Industry - The report on Shanjin International shows a 42.14% year-on-year increase in revenue for the first half of 2025, with net profit rising by 48.43% [24] - The report notes that the company is on track to meet its annual gold production target of at least 8 tons, despite a slight decline in production in the first half [24][25] - The report highlights the potential for future growth through acquisitions and new projects, particularly in Namibia and other regions [25] Electronic and Battery Materials - The report on Shengquan Group indicates a 51.19% year-on-year increase in net profit for the first half of 2025, driven by strong performance in advanced electronic materials and battery materials [31][32] - The company has expanded its market share in synthetic resin and advanced materials, with significant growth in sales volume [32][33] - The report emphasizes the company's ongoing development of new products and applications in the biomass sector, with new projects expected to launch in the near future [34] Medical Aesthetics - The report on Aimeike shows a 21.59% year-on-year decline in revenue for the first half of 2025, with net profit down by 29.57% [35][36] - The company is facing increased competition in the medical aesthetics market, but it is expanding its product line through acquisitions and new product development [36][37] - The report suggests that while short-term challenges exist, the long-term growth potential remains strong due to increasing consumer demand for medical aesthetics [37] Beverage Industry - The report on Yanghe Distillery indicates a significant decline in revenue and net profit for the first half of 2025, with a focus on maintaining pricing power and controlling production volume [38]

Investment Rating - The investment rating for the company is "Accumulate" (downgraded) [5] Core Views - The company reported strong revenue and net profit growth in the first half of 2025, achieving operating income of 9.246 billion yuan, a year-on-year increase of 42.14%, and a net profit attributable to shareholders of 1.596 billion yuan, up 48.43% year-on-year, marking a historical high for the half-year performance [3][13] - The company is focusing on resource expansion through both internal exploration and acquisitions, with significant progress in geological exploration leading to an increase of 3.85 tons of gold metal [31][34] - The company is accelerating its international capital layout by preparing for an overseas share issuance and listing on the Hong Kong Stock Exchange, which is expected to enhance its overseas business development and optimize its capital structure [4][36] Summary by Sections Overview - The company’s performance in the first half of 2025 was driven by rising gold prices, with a significant increase in both revenue and net profit [3][13] - The second quarter of 2025 saw operating income of 4.924 billion yuan, a quarter-on-quarter increase of 13.96% and a year-on-year increase of 31.95% [13] Resource Expansion and Projects - The company is actively increasing its gold reserves through exploration and acquisitions, with notable results from the Heihe and Qinghai mining areas [31][34] - The company acquired a 52% stake in Yunnan Western Mining, enhancing its exploration rights in the region, which is expected to boost its gold reserves [34] - The construction of overseas projects is set to begin in the fourth quarter of 2025, with completion expected by mid-2027 [36] Industry Outlook - The company is optimistic about the gold price trends in the fourth quarter of 2025, with expectations of continued upward movement due to easing monetary policies and geopolitical factors [38][44] - The gold market has shown strong performance in the first half of 2025, with gold prices reaching historical highs [38] Financial Forecast and Investment Recommendations - Revenue projections for 2025 to 2027 are estimated at 18.021 billion yuan, 19.898 billion yuan, and 22.680 billion yuan, respectively, with net profits expected to reach 3.431 billion yuan, 4.307 billion yuan, and 5.599 billion yuan [47] - The current market valuation corresponds to a PE ratio of 14.62, 11.64, and 8.96 for the years 2025, 2026, and 2027, respectively, supporting the "Accumulate" rating [47][49]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by rising gold and silver prices, with Q2 net profit reaching a historical high [1][2]. Financial Performance - In H1 2025, the company achieved operating revenue of 9.246 billion yuan, a year-on-year increase of 42.1%, and a net profit attributable to shareholders of 1.596 billion yuan, up 48.4% year-on-year [1]. - Q2 2025 saw operating revenue of 4.924 billion yuan, a 32% year-on-year increase and a 14% quarter-on-quarter increase; net profit attributable to shareholders was 902 million yuan, up 57.7% year-on-year and 30% quarter-on-quarter [1][2]. Commodity Prices Impact - The average domestic gold and silver prices in H1 2025 were 721 yuan per gram and 8166 yuan per kilogram, reflecting year-on-year increases of 38% and 20%, respectively [2]. - In Q2, gold and silver prices increased by 39% and 10% year-on-year, and 15% and 4% quarter-on-quarter, respectively [2]. Production and Sales - In H1 2025, the company produced 3.7 tons of gold, down 11% year-on-year, and sold 4.12 tons, down 7% year-on-year; silver production was 61.8 tons, down 25% year-on-year, while sales increased by 10% year-on-year [3]. - Q2 production of gold was 1.95 tons (down 11% year-on-year, up 10% quarter-on-quarter), while silver production was 40 tons (down 35% year-on-year, up 80% quarter-on-quarter) [3]. Cost and Profitability - The company achieved a gross margin of 29.98% in H1 2025, remaining stable year-on-year [4]. - The unit cost of gold increased slightly to 135 yuan per gram (up 7% year-on-year), while the gross margin for gold was 79.15%, an increase of 7.26 percentage points year-on-year [4]. Resource Expansion - The company is actively expanding its resource base, acquiring a 52.0709% stake in Yunnan Western Mining, which includes exploration rights for gold in a 35.6 square kilometer area [5]. - Significant geological exploration results were reported, with an additional gold metal amount of 3.85 tons discovered [5]. Future Outlook - The company expects net profits for 2025-2027 to be 3.44 billion yuan, 3.97 billion yuan, and 5.04 billion yuan, reflecting year-on-year growth rates of 58.5%, 15.2%, and 27.0%, respectively [5].

截至8月19日15时，山金国际股价报18.06元，较前一交易日下跌0.04元，跌幅0.22%。当日成交量为 32.92万手，成交金额达5.94亿元，振幅为0.94%。 8月19日主力资金净流出1.03亿元，占流通市值比例为0.22%。近五个交易日累计净流出1.02亿元，流出 比例同样为0.22%。 风险提示：投资有风险，入市需谨慎。 来源：金融界 公司主营业务涵盖贵金属和有色金属矿采选及金属贸易两大领域。半年报显示，山金国际上半年矿产金 合并摊销成本仅150.96元/克，合质金产品毛利率高达79.15%，核心产品贡献了85%的毛利润。 最新披露的2025年半年报显示，公司实现营业收入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%，创历史同期最高水平。报告期内，公司通过资源并购新增金金 属量3.85吨，并成功应用多项技术创新提升生产效率。 ...

记者丨董鹏 编辑丨朱益民 挖金矿有多赚钱？这在半年报可以找到答案。 8月18日晚，山金国际（000975.SZ）披露半年报，该公司不仅矿产金产量在国内排名靠前，也是黄金矿 山中毛利率较高的矿业公司。 半年报数据显示，当期公司矿产金合并摊销后的成本仅150.96元/克，公司合质金产品毛利率达到 79.15%，合质金含银产品毛利率更是高达80.44%。 虽然还无法与利润率更高的飞天茅台相比，但是80%左右的毛利率放在A股同业公司中已经极为少见， 这也成为了公司上半年盈利增长的最主要因素。 今年二季度，山金国际也获得了全国社保基金等不同程度地增持，只是由于机构持股数据变动存在较强 滞后性，这并不意味着二级市场仍在高位追涨。 单就公司股价走势来看，4月下旬伦敦金现货创出3500美元/盎司新高后，山金国际的股价回撤幅度达到 22%，明显大于同期金价跌幅。 尤其是7月以来，山金国际等黄金股的收益率远远跑输各大股票指数。 合质金贡献八成毛利 图/图虫 山金国际，即此前的银泰黄金。 目前，公司主营业务包括金属商品贸易、有色金属矿采选两项，前者为公司提供了6成营收，后者则为 其贡献了8成左右的利润。 采选业务载体，又是由公司所 ...

Core Viewpoint - The article highlights the profitability of Shanjin International, emphasizing its high gross profit margins in the gold mining sector, driven by rising international gold prices and effective sales strategies [1][4][5]. Group 1: Financial Performance - Shanjin International reported a gold production cost of 150.96 CNY per gram, with a gross profit margin of 79.15% for its gold products and 80.44% for its silver-containing gold products [1][4]. - The company's total gross profit reached 2.772 billion CNY in the first half of the year, with gross profit from gold products contributing 2.364 billion CNY, accounting for 85% of total gross profit [4][5]. - The revenue from gold products increased by 29.85%, while operating costs decreased by 3.69%, leading to a 7.26 percentage point increase in gross margin [5]. Group 2: Market Dynamics - The international gold price rose significantly, with Au9999 closing at 764.43 CNY per gram by the end of June, a 24.5% increase from the beginning of the year [4]. - Despite the strong performance in profitability, Shanjin International's stock price has declined by 22% since reaching a peak in late April, indicating a disconnect between market performance and company fundamentals [1][9]. Group 3: Institutional Investment Trends - Institutional investors showed mixed behavior, with some increasing their holdings while others reduced their positions in Shanjin International, reflecting a cautious outlook on gold stocks [10]. - As of August 19, the total number of shares held by funds in Shanjin International decreased to approximately 218 million, down from 239 million at the end of the previous quarter [10].

Core Viewpoint - The financial performance of Shanjin International demonstrates high profitability in the gold mining sector, with significant contributions from its core product, refined gold, amidst a rising global gold market [1][3]. Group 1: Financial Performance - Shanjin International reported a gold production cost of 150.96 CNY per gram, with a gross margin of 79.15% for refined gold products and 80.44% for refined silver-containing gold products [1][4]. - The company's gross profit reached 2.772 billion CNY in the first half of the year, with refined gold contributing 2.364 billion CNY, accounting for 85% of total gross profit [3][4]. - Revenue from refined gold products increased by 29.85%, while operating costs decreased by 3.69%, leading to a 7.26 percentage point increase in gross margin [4]. Group 2: Market Dynamics - The international gold price rose significantly, with Au9999 closing at 764.43 CNY per gram by the end of June, a 24.5% increase from the beginning of the year [3]. - The price increase in gold has positively impacted the sales prices and profit margins for Shanjin International, as the company primarily sells to refining enterprises [3][4]. Group 3: Institutional Investment - Despite strong financial performance, Shanjin International's stock price has not seen significant upward movement, with a 4.65% decline since July, underperforming the broader market [7][8]. - Institutional investors have shown mixed behavior, with some increasing their holdings while others, like Huaxia Fund, have reduced their positions [8][9]. - As of August 19, the total number of shares held by funds decreased to approximately 218 million, down from 239 million at the end of the first quarter [9].

Investment Rating - The report maintains a "Recommended" rating for the company, considering the current upward trend in metal prices [4][6]. Core Insights - The company reported a revenue of 9.246 billion yuan for the first half of 2025, representing a year-on-year growth of 42.14%, and a net profit attributable to shareholders of 1.596 billion yuan, up 48.43% year-on-year [1]. - The production of gold, silver, lead concentrate, and zinc concentrate in the first half of 2025 was 3.7 tons, 61.8 tons, 4,354 tons, and 7,917 tons respectively, with gold and silver production slightly down but overall sales exceeding production [2]. - The company plans to list on the Hong Kong Stock Exchange to enhance its global strategy and optimize its capital structure [3]. Financial Performance - The average gold price in Q2 2025 was 3,281 USD/ounce, a 40.3% increase year-on-year, while the average silver price was 33.68 USD/ounce, up 16.8% year-on-year [2]. - The gross profit margin for the gold and silver segments was 79.15% and 55.20% respectively, reflecting an increase of 7.26 and 6.03 percentage points year-on-year [2]. - The company forecasts net profits of 3.646 billion yuan, 4.173 billion yuan, and 5.502 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 14, 12, and 9 [4][5].

依托旗下大型高品位贵金属矿山，公司在金价上行期尽显成本优势，核心产品盈利能力显著提升。公司 矿石平均品位高，拥有黑河洛克、吉林板庙子、青海大柴旦、玉龙矿业、华盛金矿、Osino共6个矿山企 业。其中，黑河洛克东安金矿是国内品位较高、最易选冶的金矿之一；青海大柴旦位于柴北缘祁昆成矿 带内，矿区面积大，近年该区地质探矿取得较大突破，所控制的矿体厚度大，品位高，资源储量大。报 告期内，公司充分发挥资源优势，矿产金、矿产银毛利率分别达到79.15%、55.20%，较去年同期分别 提升7.26个百分点、6.03个百分点。 同时，公司在增效创利方面取得突破。报告期内，公司通过系统性创新，生产效率与资源综合利用率面 提升。具体来看，玉龙矿业高寒地区全尾砂膏体智能化充填技术成功应用，提升生产效率，降低矿石贫 化率；创新采用"长距离巷道小断面贯通+二次大断面成型"二步骤掘进法，效率得到显著提升。青海大 柴旦通过优化井下采场盘区设计，多回收矿石量达1.3万吨，平均品位2.48克／吨，有效增加企业效益。 吉林板庙子优化选矿流程，实现"多碎少磨"，增加处理原矿2.6万吨；开展岩粉钻技术应用，实现矿体 边界的精确圈定，节约采选成本。 ...