Dividend and Capital Reserves - The company plans to distribute a cash dividend of 2.30 RMB per 10 shares (including tax) to all shareholders, based on a total of 1,202,039,474 shares[4]. - The company will increase capital reserves by converting 3 shares for every 10 shares held by shareholders[4]. - The 2023 profit distribution plan was approved, with a cash dividend of ¥1.30 per 10 shares, totaling ¥156,265,131.62 distributed to shareholders[137]. - The company plans to distribute a cash dividend of 2.30 CNY per 10 shares, totaling 276,469,079.02 CNY, which represents 100% of the profit distribution[142]. - The company will also increase its total share capital by issuing 3 additional shares for every 10 shares held, raising the total share capital to 1,562,651,316 shares[142]. Financial Performance - The company's operating revenue for 2024 reached ¥27,838,535,232.01, representing a 19.46% increase compared to ¥23,302,874,970.82 in 2023[20]. - The net profit attributable to shareholders for 2024 was ¥846,543,591.10, a significant increase of 73.08% from ¥489,103,372.60 in 2023[20]. - The basic earnings per share for 2024 was ¥0.70, up 70.73% from ¥0.41 in 2023[20]. - The total assets at the end of 2024 amounted to ¥8,198,902,634.81, an increase of 8.09% from ¥7,585,363,018.90 at the end of 2023[20]. - The net assets attributable to shareholders increased to ¥6,905,344,236.53, reflecting an 11.18% growth from ¥6,211,069,258.50 in 2023[20]. - The company achieved a sales revenue of CNY 2,783,853.52 million, an increase of 19.46% year-on-year, and a net profit attributable to shareholders of CNY 84,654.36 million, an increase of 73.08% year-on-year[43]. Operational Highlights - The company produced 46,328 kg of gold, a decrease of 2.87% year-on-year, and 29,209 tons of antimony, a decrease of 6.15% year-on-year[42]. - The company maintained a resource reserve of 6,729 million tons of ore, with metal quantities of 137,856 kg of gold, 323,060 tons of antimony, and 97,005 tons of tungsten[40]. - The company is committed to expanding its business scope, including exploration and mining of various minerals, as well as technology services[20]. - The company operates in the gold, antimony, and tungsten mining sectors, focusing on mining, smelting, and processing, with a complete supply chain and export qualifications[36]. - The company aims to become a leading mining enterprise by focusing on resource safety and operational efficiency, with a strategy centered on mining as the core business[37]. Market and Industry Trends - As of December 2024, the London spot gold price reached $2,610.85 per ounce, a 25.83% increase from the beginning of the year, with an average price of $2,386.20 per ounce, up 22.97% year-over-year[30]. - Domestic gold production totaled 534.106 tons in 2024, a year-on-year increase of 2.85%, with 377.242 tons produced domestically and 156.864 tons imported[30]. - China's gold consumption decreased by 9.58% year-on-year to 985.31 tons in 2024, with jewelry consumption down 24.69% and gold bars and coins up 24.54%[30]. - The average price of domestic antimony ingots (99.65%) rose to 129,756 RMB/ton, a 59.3% increase year-on-year, while antimony trioxide (99.5%) averaged 115,703 RMB/ton, up 61.7%[31]. - The average price of 65% black tungsten concentrate reached 136,300 RMB/ton in 2024, a 13.98% increase year-on-year, with ammonium paratungstate averaging 201,800 RMB/ton, up 12.66%[32]. Risk Management - The management discussed potential risks facing the company in the future, which are detailed in the report[4]. - The company emphasizes the importance of understanding the difference between plans, forecasts, and commitments, urging investors to be aware of investment risks[4]. - The company faces policy risks related to mining rights and regulatory compliance, which could impact operations if not managed properly[91]. - Investment risks are significant due to long cycles and uncertain resource reserves, necessitating enhanced investment management practices[92]. - Strategic management risks may hinder long-term goals, requiring clear responsibilities and dynamic monitoring of strategy implementation[92]. Governance and Compliance - The company is committed to ensuring the accuracy and completeness of its financial reports, with key personnel affirming the integrity of the annual report[4]. - The company has a comprehensive governance structure, including a board of directors and supervisory board, ensuring accountability and transparency[4]. - The company has established a governance structure that complies with relevant laws and regulations, ensuring fair treatment of all shareholders[97]. - The performance evaluation and incentive mechanisms for management are transparent and comply with legal requirements, promoting accountability[98]. - The company emphasizes information disclosure and investor relations, ensuring timely and accurate communication with stakeholders[99]. Environmental and Social Responsibility - The company strictly adheres to multiple environmental protection laws and standards, ensuring compliance in its operations[152]. - The company is committed to sustainable development and compliance with environmental regulations to mitigate negative impacts[152]. - The company is actively involved in social responsibility initiatives, including support for rural revitalization and employment assistance for local communities[165]. - The company has implemented policies to encourage agricultural production, providing subsidies for grain planting and livestock farming to boost local income[166]. - The company invested a total of 98.32 million yuan in environmental governance and protection during the reporting period[158]. Employee and Management Practices - The company reported a total of 4,903 employees at the end of the reporting period, with 3,616 in production roles and 706 in technical positions[132][133]. - The company implemented a performance-based salary system, linking employee compensation to company performance and individual contributions[134]. - The company has established a comprehensive employee training program focusing on improving skills and management capabilities[135]. - The company has a total of 67 employees with a master's degree or higher, reflecting a commitment to educational qualifications[133]. - The company has no labor disputes or risks identified during the supervisory activities of the supervisory board[131]. Future Outlook - The company plans to produce 72,475 kg of gold, 39,537 tons of antimony, and 1,100 standard tons of tungsten in 2025, with a projected sales revenue of CNY 4,350 million[89]. - The company is committed to investing in research and development to innovate and improve existing technologies, aiming for a competitive edge in the market[188]. - The management provided guidance for future performance, indicating a positive outlook for revenue growth driven by strategic initiatives[188]. - The company plans to expand its market presence through strategic acquisitions and partnerships in 2024[187]. - Overall, the company is optimistic about achieving its financial targets for 2024, driven by user growth and market expansion initiatives[187].

湖南黄金（002155）公告，2024年营业收入278.39亿元，同比增长19.46%。归属于上市公司股东的净利 润8.47亿元，同比增长73.08%。基本每股收益0.7元/股，同比增长70.73%。公司拟向全体股东每10股派 发现金红利2.3元(含税)，送红股0股(含税)，以资本公积金向全体股东每10股转增3股。 ...

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]

证 券 研 究 报 告 湖南黄金（002155）深度研究报告 推荐（首次） 金锑龙头，双轮驱动未来增长可期 风险提示：金锑价格大幅波动风险；宏观经济周期波动风险；矿山事故导致停 产风险 [ReportFinancialIndex] 主要财务指标 | | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 23,303 | 27,899 | 35,827 | 36,413 | | 同比增速(%) | 10.8% | 19.7% | 28.4% | 1.6% | | 归母净利润(百万) | 489 | 846 | 2,107 | 2,368 | | 同比增速(%) | 11.8% | 73.0% | 148.9% | 12.4% | | 每股盈利(元) | 0.41 | 0.70 | 1.75 | 1.97 | | 市盈率(倍) | 55 | 32 | 13 | 11 | | 市净率(倍) | 4.3 | 3.9 | 3.1 | 2.6 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 4 月 2 ...

证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-12 湖南黄金股份有限公司 根据《公司法》《深圳证券交易所上市公司自律监管指引第 1 号—主板上市 公司规范运作》《公司章程》等有关规定，陈泽吕先生的辞职不会导致公司董事 会成员低于法定最低人数，不会影响公司董事会及其他相关工作的正常运行，其 辞职报告自送达公司董事会之日起生效。公司将按照法定程序尽快完成董事的补 选事宜。 陈泽吕先生担任公司董事的原定任期至 2027 年 5 月 13 日届满。截至本公告 披露日，陈泽吕先生持有公司股份 2,000 股，不存在应当履行而未履行的承诺事 项。辞职后，陈泽吕先生将严格按照《上市公司董事、监事和高级管理人员所持 本公司股份及其变动管理规则》以及《深圳证券交易所上市公司自律监管指引第 18 号—股东及董事、监事、高级管理人员减持股份》等相关法律法规管理其所持 股份。 公司及董事会对陈泽吕先生在担任公司董事期间为公司做出的贡献表示衷 心感谢！ 特此公告。 湖南黄金股份有限公司 董 事 会 2025 年 3 月 12 日 关于董事辞职的公告 本公司董事会及全体董事、高级管理人员保证公告内容的真实、 准确和 ...

湖南黄金股份有限公司章程 第一章 总则 第九条 公司全部资产分为等额股份，股东以其所认购的股份为限对公司承 担责任，公司以其全部资产对公司的债务承担责任。 第十条 根据生产经营需要，公司可以依法设立分公司及子公司（含全资一 人有限公司）。 第三条 公司于 2007 年 7 月 23 日经中国证券监督管理委员会核准，首次向 社会公众发行人民币普通股 9800 万股，于 2007 年 8 月 16 日在深圳证券交易所 上市。 第四条 公司注册名称：湖南黄金股份有限公司 英文全称：Hunan Gold Corporation Limited。 第五条 公司住所：长沙经济技术开发区人民东路217号201室，邮政编码： 410100。 第六条 公司注册资本为人民币 1,202,039,474 元。 第七条 公司为永久存续的股份有限公司。 第八条 董事长为公司的法定代表人。 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为， 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》）、《中国共产党章程》（以下简称《党章》）和 其他有关规定，制订本章程。 第二条 公 ...

证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-11 湖南黄金股份有限公司 关于完成工商变更登记的公告 本公司董事会及全体董事、高级管理人员保证公告内容的真实、 准确和完整，对公告的虚假记载、误导性陈述或者重大遗漏负连带责 任。 一、概述 湖南黄金股份有限公司（以下简称公司）分别于 2025 年 1 月 23 日、2025 年 2 月 11 日召开第七届董事会第六次会议、2025 年第一次临时股东大会，审议 通过了《关于增加公司经营范围并修订〈公司章程〉的议案》。同意对《公司章 程》部分条款进行修订。具体内容详见 2025 年 1 月 24 日、2025 年 2 月 12 日刊 载于巨潮资讯网（http://www.cninfo.com.cn）上的《第七届董事会第六次会议决 议公告》（公告编号：临 2025-03）、《关于增加公司经营范围并修订〈公司章 程〉的公告》（公告编号：临 2025-06）和《2025 年第一次临时股东大会决议公 告》（公告编号：临 2025-10）。 二、进展情况 近日，公司完成了《公司章程》备案等工商登记手续，并取得了长沙经济技 术开发区管理委员会换发的营业执照 ...

Core Viewpoint - The small metals sector, particularly antimony, has unexpectedly surged in market attention, with significant stock price increases observed amidst a generally weak market environment [1][3]. Group 1: Market Performance - On March 7, the A and Hong Kong stock markets experienced a downturn, yet the small metals sector saw a collective rise, with industrial and rare metals leading with gains exceeding 2% [1]. - Notable stocks such as Huayu Mining, Hunan Gold, and others achieved strong performance, with Huayu Mining's stock price increasing by over 210% from a low of 6 yuan to 18.76 yuan [3][5]. Group 2: Supply and Demand Dynamics - Antimony, a critical industrial metal, has seen a significant price increase due to supply constraints caused by environmental policies and geopolitical factors affecting imports [5][6]. - The price of antimony ingots surged nearly 90%, driven by increased demand from the photovoltaic industry and the appliance sector [5]. - China's antimony exports dropped significantly due to new export controls, leading to a supply shortage in international markets and a widening price gap between domestic and international antimony prices [6][7]. Group 3: Future Outlook - The global antimony production has been declining, with a notable drop from 17.8 million tons per year in 2011 to 10 million tons in 2024, primarily due to reduced output from China [9][10]. - Analysts predict that the antimony market will continue to experience supply-demand imbalances, with expected supply gaps of 1.9, 2.8, 3.0, and 3.9 million tons from 2024 to 2027 [15]. - The domestic antimony price is anticipated to rise further, driven by persistent supply shortages and significant price differentials between domestic and international markets [15].

Summary of Conference Call Notes Company and Industry Overview - The conference call primarily discusses **Hunan Gold** and its operations in the **gold mining industry**. Key Points and Arguments 1. **Gold Production and Forecasts**: - In Q3 2024, **Zhanzhou Mining** produced approximately **1.46 tons** of gold, while **Xinglong** produced around **400 kilograms** [2] - The expected gold production for 2025 is projected to reach **4.5 tons**, an increase of about **500 kilograms** compared to 2024, attributed to reduced disturbances and potential new increments from **Guanggu** [10] - The **Xinglong** mining area is expected to face disturbances affecting gold production by **200 to 300 kilograms** in 2024 [11] 2. **Cost Structure**: - The overall production costs have increased, with **Chenzhou Mining** reporting a cost of approximately **210 RMB per gram** for gold production, while **Gansu** and **Xinglong** reported costs of **135 RMB per gram** [3] - Hunan Gold's costs are considered high due to resource endowment and a single metal structure, lacking the advantage of cost-sharing with other metals [7] 3. **Market Dynamics**: - Gold prices have risen significantly post-Spring Festival, driven by increased demand and higher international prices, with traders stockpiling [16] - The company has faced a significant reduction in exports, particularly to the U.S., with current monthly export volumes around **1,000 tons** [11] 4. **Integration and Asset Injection**: - The integration of the **Wangu** mining area is ongoing but has faced delays due to internal disagreements within the **Pingjiang County** government. Completion is expected in the first half of 2025 [4] - The geographical discovery in the **Wangu** area may lead to adjustments in valuation schemes, with potential changes in compensation or collaboration methods [5] 5. **Impact of External Factors**: - The company is experiencing a decrease in imported ore due to high international prices, making it unfeasible to import and sell domestically without incurring losses [14] - The overall production and sales volume for 2025 is expected to decline, particularly in the external procurement segment [15] 6. **Hedging Strategies**: - The company engages in limited hedging operations, with an annual hedge ratio not exceeding **50%**. The strategy is adjusted based on market conditions [17] 7. **Regulatory Environment**: - Export controls remain tight, and the company is preparing for a long-term reduction in exports, with no significant changes expected in the near term [18] Other Important but Overlooked Content - The **Gansu Jiaxin project** is currently delayed due to strict construction requirements and lengthy land acquisition processes in minority regions [9] - The production layout optimization is expected to benefit recent production organization, particularly with the integration of the central mining area [6]

证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-10 湖南黄金股份有限公司 一、会议召开情况 1.召开方式：现场投票和网络投票相结合的方式 2.召开时间： （1）现场会议召开时间：2025 年 2 月 11 日 15:30 （2）网络投票时间：通过互联网投票系统进行网络投票的时间为 2025 年 2 月 11 日上午 9:15 至 2025 年 2 月 11 日下午 15:00 期间的任意时间；通过交易系 统进行网络投票的时间为 2025 年 2 月 11 日上午 9:15-9:25，9:30-11:30 和下午 13:00-15:00。 3.现场会议召开地点：长沙经济技术开发区人民东路二段 217 号 14 楼会议 室 4.召集人：公司董事会 2025 年第一次临时股东大会决议公告 本公司及全体董事会和监事会成员、高级管理人员保证公告内容 的真实、准确和完整，对公告的虚假记载、误导性陈述或者重大遗漏 负连带责任。 重要提示： 1.本次股东大会未出现增加、否决或变更议案的情形。 2.本次股东大会未涉及变更前次股东大会决议。 5.主持人：公司董事长王选祥先生 6.本次股东大会会议的召集、召开 ...