Core Viewpoint - Hunan Gold (002155) expects a significant increase in net profit for the first half of 2025, projecting a range of 613 million to 701 million yuan, representing a growth of 40% to 60% compared to the same period last year [1] Financial Performance - The net profit attributable to shareholders is projected to be between 613 million yuan and 701 million yuan, compared to 438 million yuan in the same period last year, indicating a growth of 40% to 60% [1] - The net profit after deducting non-recurring gains and losses is expected to be between 615 million yuan and 703 million yuan, also reflecting a growth of 40% to 60% from 439 million yuan year-on-year [1] - Basic earnings per share are forecasted to be between 0.39 yuan and 0.45 yuan, up from 0.28 yuan per share in the same period last year [1]

[Hunan Gold 2025 Semi-Annual Performance Forecast](index=1&type=section&id=Hunan%20Gold%20Co.%2C%20Ltd.%202025%20Semi-Annual%20Performance%20Forecast) [Performance Forecast Overview](index=1&type=section&id=I.%20Estimated%20Performance%20for%20the%20Current%20Period) The company anticipates a year-on-year increase in its 2025 first-half performance, with net profit attributable to shareholders projected to range from RMB 613.31 million to RMB 700.92 million, representing a 40% to 60% growth Estimated Performance Comparison | Item | Current Reporting Period (Jan 1 - Jun 30, 2025) | Prior Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders** | Profit: RMB 613.31 million - RMB 700.92 million | Profit: RMB 438.08 million | | | **Year-on-year growth: 40% - 60%** | | | **Net Profit After Deducting Non-recurring Gains and Losses** | Profit: RMB 614.81 million - RMB 702.64 million | Profit: RMB 439.15 million | | | **Year-on-year growth: 40% - 60%** | | | **Basic Earnings Per Share** | Profit: RMB 0.39/share - RMB 0.45/share | Profit: RMB 0.28/share | - Due to the company's capital reserve capitalization in June 2025, the basic earnings per share for the prior period have been restated[2](index=2&type=chunk) [Reasons for Performance Change](index=1&type=section&id=III.%20Explanation%20of%20Performance%20Change) The significant performance growth during the reporting period is primarily attributed to the year-on-year increase in sales prices of the company's core products, gold and antimony - The primary reason for the performance increase is the year-on-year rise in the sales prices of the company's gold and antimony products[4](index=4&type=chunk) [Other Explanations](index=1&type=section&id=II.%20Communication%20with%20Accounting%20Firm) The company emphasizes that the financial data in this performance forecast are preliminary estimates, unaudited by an accounting firm, with final data subject to the 2025 semi-annual report - The financial data in this performance forecast are preliminary estimates by the company's finance department and have not been audited by an accounting firm[3](index=3&type=chunk)[5](index=5&type=chunk) - The company reminds investors that specific financial data will be based on the 2025 semi-annual report disclosed by the company; please be aware of investment risks[5](index=5&type=chunk)[6](index=6&type=chunk)

Group 1 - The metal zinc concept has seen a rise of 2.71%, ranking fourth among concept sectors, with 32 stocks increasing in value, including notable gainers such as Zhongse Co., Hunan Silver, and Wolong New Energy, which hit the daily limit up [1][2] - The leading stocks in the zinc sector by net inflow of main funds include Zhongse Co. with a net inflow of 211 million yuan, followed by Hunan Silver and Huayu Mining with net inflows of 163 million yuan and 137 million yuan respectively [2][3] - The net inflow ratio of main funds for Zhongse Co., CITIC Metal, and Guocheng Mining are 26.70%, 13.20%, and 12.90% respectively, indicating strong investor interest [3][4] Group 2 - The overall market performance shows that the zinc sector is part of a broader trend, with other sectors like rare earth permanent magnets and MLOps also experiencing gains, while sectors such as housing inspection and PCB concepts faced declines [2] - The trading volume and turnover rates for leading stocks in the zinc sector indicate active trading, with Zhongse Co. achieving a turnover rate of 7.30% and Hunan Silver at 14.93% [3][4] - Stocks such as Dazhong Mining and Hongda Co. experienced declines of 2.88% and 0.46% respectively, highlighting the mixed performance within the sector [1][5]

Core Viewpoint - Hunan Gold is rated as "Buy" by Huayuan Securities, focusing on its dual business of gold and antimony, with strong growth potential driven by both internal and external factors [1][5]. Investment Highlights - Hunan Gold is one of the top ten gold producers in China and a global leader in antimony mining, with production capacities of 100 tons/year for gold and 40,000 tons/year for antimony, along with 25,000 tons/year for refined antimony [2]. - The company plans to produce 72.48 tons of gold and 39,500 tons of antimony in 2025, projecting a sales revenue of 43.5 billion yuan, representing significant increases of 56% for gold and 35% for antimony compared to 2024 [2]. - Historical performance shows steady growth, with a compound annual growth rate (CAGR) of 8.36% in revenue and 16.03% in net profit from 2021 to 2023. In 2024, revenue is expected to reach 27.839 billion yuan, a year-on-year increase of 19.46%, and net profit is projected to be 847 million yuan, up 73.08% [2]. Growth Drivers - Internal growth is supported by the construction of the Gansu Jiaxin project, which is expected to enhance gold production capacity. The project is set to begin construction in May 2024, with a design capacity of 500,000 tons/year [3]. - External growth opportunities include potential resource injections from the Pingjiang gold resource project, which could significantly boost production in the medium to long term [3]. Market Dynamics - The gold and silver prices are expected to rise due to factors such as "Trump 2.0" and interest rate cuts, providing strong upward momentum for gold prices [4]. - The antimony market is anticipated to face a tightening supply-demand balance, with prices expected to rise due to limited supply from major producers like China and Russia, alongside increasing demand from various industries [4]. Profit Forecast - The company is projected to achieve net profits of 2.101 billion yuan, 2.403 billion yuan, and 2.781 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (PE) ratios of 13.59, 11.89, and 10.27 [5].

Group 1 - The metal zinc concept index declined by 0.08%, ranking among the top declines in the concept sector, with major declines seen in companies such as Dazhong Mining, *ST Zhengping, and Shengda Resources [1] - Among the 17 stocks that rose, ST Shengtun, Huayu Mining, and Guocheng Mining had the highest increases of 2.76%, 2.38%, and 2.15% respectively [1] - The metal zinc concept sector experienced a net inflow of 0.36 billion yuan, with 21 stocks seeing net outflows, and 8 stocks with outflows exceeding 10 million yuan [2] Group 2 - The top net outflow was from ST Shengtun, with a net outflow of 48.91 million yuan, followed by Xiyang Co., Baiyin Nonferrous, and Yuguang Gold & Lead with outflows of 29.36 million yuan, 24.32 million yuan, and 18.51 million yuan respectively [2] - The leading stocks for net inflow included Zijin Mining, Shanjin International, and Western Mining, with net inflows of 1.09 billion yuan, 60.22 million yuan, and 25.12 million yuan respectively [2][3] - The trading volume and performance of various companies in the metal zinc sector were highlighted, with ST Shengtun showing a decline of 2.76% and a turnover rate of 3.44% [3]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The copper market shows a steady upward trend with LME copper prices increasing by 2.26% to $9,879.00 per ton, while domestic copper prices rose by 2.47% to 79,900 yuan per ton. Supply-side pressures are evident as the processing fee for imported copper concentrate has dropped to -$44.81 per ton, indicating potential supply constraints [1][13] - The aluminum market is stabilizing at the bottom, with LME aluminum prices up by 1.31% to $2,595.00 per ton. However, the operating rate of leading aluminum cable enterprises has decreased to 61.8%, reflecting ongoing demand challenges [2][14] - Gold prices have decreased by 2.90% to $3,286.10 per ounce, influenced by geopolitical tensions and a reduction in SPDR gold holdings, indicating a temporary decline in gold's safe-haven appeal [3][15] - The rare earth sector is experiencing upward momentum, driven by export controls and stable production levels, with expectations of improved supply-demand dynamics and potential price support [3][27][30] Summary by Sections 1. Overview of Bulk and Precious Metals Market - Copper prices are on the rise, with a slight increase in inventory and a decrease in processing fees indicating potential supply issues [1][13] - Aluminum prices are stabilizing, but demand remains weak as indicated by declining operating rates in the industry [2][14] - Precious metals, particularly gold, are facing downward pressure due to geopolitical factors and reduced investment interest [3][15] 2. Updates on Bulk and Precious Metals Fundamentals 2.1 Copper - The copper market is experiencing a robust demand outlook, with potential supply constraints due to declining processing fees and reduced operating rates in key sectors [1][13] 2.2 Aluminum - The aluminum market is stabilizing, but the demand outlook remains weak, as evidenced by declining operating rates in the aluminum cable sector [2][14] 2.3 Precious Metals - Gold prices are under pressure due to geopolitical tensions and a decrease in ETF holdings, reflecting a temporary decline in its safe-haven status [3][15] 3. Updates on Minor Metals and Rare Earths - The rare earth sector is expected to benefit from improved supply-demand dynamics and stable production levels, with potential price support anticipated [3][27][30] - The antimony market is facing downward price pressure, but upcoming regulatory changes may provide a demand boost [4][31] - Molybdenum prices are stabilizing, with low inventory levels and strong demand from the steel sector indicating a positive outlook [4][32] 4. Updates on Energy Metals - Lithium prices have shown slight declines, but production levels are increasing, indicating a stable supply outlook [5] - Cobalt prices have increased, reflecting strong demand in battery applications, while nickel prices are mixed with slight fluctuations [5]

Group 1 - Hengbang Co., Ltd. plans to establish a joint venture with Huasheng Development with a registered capital of 10 million yuan, where Hengbang will contribute 8 million yuan (80%) and Huasheng will contribute 2 million yuan (20%) [1] - Hunan Gold's subsidiary Anhua Zhazi Creek Smelting Plant will undergo temporary maintenance starting from the end of June 2025, expected to last no more than 30 days [2] - Defu Technology's subsidiary signed supply agreements for lithium battery copper foil products with two leading global companies, with contract durations of 3 years and 5 years respectively [3] Group 2 - Binjiang Group won the rights to two residential land parcels for a total price of 4.368 billion yuan [5] - Zhong'an Technology announced the resignation of its executive vice president and board secretary due to personal reasons [7] - Changqing Technology's project for special polymer materials and electronic materials has officially commenced production, adding a capacity of 120,500 tons per year [10] Group 3 - Gansu Energy received approval from the China Securities Regulatory Commission to publicly issue bonds totaling up to 2 billion yuan [10] - Shuoshi Biology obtained a medical device registration certificate for an in vitro diagnostic reagent, valid until June 2030 [12] - Yawen Co., Ltd. plans to issue shares to specific investors, with the application accepted by the Shenzhen Stock Exchange [13] Group 4 - Guoyao Modern's subsidiary received approval for the listing of a raw material drug, which is a selective anticholinergic agent [16] - Inner Mongolia First Machinery's subsidiary signed a railway freight car procurement contract worth 130 million yuan [18] - Xining Special Steel plans to raise up to 1 billion yuan through a private placement to its controlling shareholder [39] Group 5 - Huadong Medicine's subsidiary received approval for a clinical trial of a new injectable drug targeting advanced solid tumors [29] - Warner Pharmaceutical's compound potassium hydrogen phosphate injection passed the consistency evaluation for generic drugs [30] - North Special Technology plans to raise up to 300 million yuan through a private placement for a production base project in Thailand [30] Group 6 - Xiangyang Technology is the first candidate for a 533 million yuan Airbus project [45] - Haishun New Materials intends to acquire 100% of Guangdong Zhengyi Packaging [46] - Jida Zhengyuan's shareholder plans to reduce their stake by up to 0.73% due to personal financial needs [47]

证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-37 湖南黄金股份有限公司 关于子公司安化渣滓溪冶炼厂临时检修停产的公告 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。 综合考虑近期市场情况和年度设备检修计划安排，安化渣滓溪冶炼厂决定自 2025 年 6 月末临时检修停产，停产时间预计不超过 30 天。 二、安化渣滓溪基本情况 安化渣滓溪成立于 1989 年 06 月 03 日，注册资本人民币 29,000 万元，主要 从事金、锑、钨的勘探、开采、选冶；锑及锑制品、钨及钨制品、碎石的生产、 销售等。 2024 年度，安化渣滓溪自产精锑 6,250 吨。截至 2024 年 12 月 31 日，安化 渣滓溪总资产 75,383.69 万元，净资产 56,783.71 万元；2024 年度，实现营业收 入 64,793.83 万元，净利润 24,167.48 万元（以上数据已经审计）。 2025 年 1-3 月，安化渣滓溪自产精锑 1,374 吨。截至 2025 年 3 月 31 日，安 化渣滓溪总资产 84,079. ...

Core Viewpoint - Hunan Gold's subsidiary, Anhua Zhazi Creek Smelting Plant, will temporarily suspend production for maintenance, expected to last no more than 30 days, starting from the end of June 2025, due to market conditions and annual equipment maintenance plans [1] Company Summary - The smelting plant primarily engages in the exploration, mining, and smelting of gold, antimony, and tungsten [1] - In the first quarter of 2025, the plant produced 1,374 tons of refined antimony, generating revenue of 244.02 million yuan and a net profit of 113.74 million yuan [1] - The temporary suspension for maintenance is not expected to have a significant impact on the company's overall performance [1]

Core Viewpoint - Hunan Gold (002155) announced that its subsidiary, Anhua Zhazi Creek Smelting Plant, will undergo temporary maintenance starting from the end of June 2025, with an expected downtime of no more than 30 days. The maintenance is not anticipated to significantly impact the company's operating performance [1]. Financial Performance - In 2024, the company achieved an operating income of 648 million yuan and a net profit of 242 million yuan [1]. - For the first quarter of 2025 (January to March), the company reported an operating income of 244 million yuan and a net profit of 114 million yuan [1]. Operations - Anhua Zhazi Creek primarily engages in the exploration, mining, selection, and production sales of gold, antimony, and tungsten [1]. - The company will monitor the maintenance progress and fulfill its information disclosure obligations [1].