湖南启元律师事务所 HUNAN QIYUAN LAW FIRM 湖南省长沙市芙蓉区建湘路 393 号 世茂环球金融中心 63 层 410007 Tel：(0731) 8295 3778 http://www.qiyuan.com 湖南启元律师事务所 关于湖南黄金股份有限公司 2024 年年度股东大会的 法律意见书 致：湖南黄金股份有限公司 湖南启元律师事务所（以下简称"本所"）受湖南黄金股份有限公司（以下简 称"公司"）委托，对公司 2024 年年度股东大会（以下简称"本次股东大会"）进 行现场见证，并根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上 市公司股东会规则》（以下简称"《股东会规则》"）等中国现行法律、法规、规 章和规范性文件以及《湖南黄金股份有限公司章程》（以下简称"《公司章程》"） 的相关规定，出具本法律意见书。 为出具本法律意见书，本所指派本所律师列席了本次股东大会，按照律师行 业公认的业务标准、道德规范和勤勉尽责精神，对本次股东大会进行了现场见证， 并核查和验证了公司提供的与本次股东大会有关的文件、资料和事实。 本所出具本法律意见书是基于公司向本所保证：公司已向本所提供了为出具 ...

湖南黄金股份有限公司（以下简称公司）第七届董事会第九次会议于 2025 年 5 月 7 日在长沙召开。本次会议的通知已于 2025 年 4 月 30 日通过电子邮件方 式送达给所有董事、监事和高管。会议应参会董事 6 人，实际参会董事 6 人。会 议由董事长王选祥先生主持，以现场和通讯相结合的方式进行，其中董事何永淼 先生以通讯表决的方式参加会议，公司部分监事及全体高管列席会议。会议的召 集、召开符合《公司法》和《公司章程》的规定，会议合法有效。经与会董事认 真审议，会议以记名投票表决方式通过了以下议案： 一、以 6 票赞成、0 票反对、0 票弃权审议通过了《关于制定<舆情管理制度> 的议案》。 证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-29 湖南黄金股份有限公司 第七届董事会第九次会议决议公告 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。 具体内容详见巨潮资讯网（http://www.cninfo.com.cn）上的《湖南黄金股份 有限公司舆情管理制度》。 湖南黄金股份有限公司 董 事 会 2025 年 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for Hunan Gold [3][7]. Core Views - The company benefits from rising gold and antimony prices, leading to significant year-on-year growth in performance [1][7]. - The revenue for 2024 reached 27.84 billion yuan, a year-on-year increase of 19.5%, with a net profit attributable to shareholders of 850 million yuan, up 73.1% year-on-year [1][2]. - The first quarter of 2025 saw a revenue of 13.12 billion yuan, representing a year-on-year increase of 67.8% [1][2]. Financial Data and Valuation - Total revenue projections for 2025 are estimated at 49.56 billion yuan, with a year-on-year growth of 78% [2][14]. - The net profit attributable to shareholders is expected to reach 2.087 billion yuan in 2025, reflecting a 147% increase year-on-year [2][14]. - The price-to-earnings (PE) ratio is projected to decrease from 31.8 in 2024 to 12.9 in 2025, indicating improved valuation attractiveness [2][14]. Production and Sales Performance - In 2024, the company produced 46.3 tons of gold, a decrease of 2.87% year-on-year, and 2.92 million tons of antimony, down 6.15% year-on-year [7]. - The company plans to produce 72.5 tons of gold and 39,500 tons of antimony in 2025 [7]. Profitability and Margins - The gross margin increased due to rising gold and antimony prices, with gold product unit revenue rising by 22.3% year-on-year [7]. - The overall gross margin improved by 0.74 percentage points, with specific increases in gold and antimony margins [7]. Shareholder Information - The major shareholder, Hunan Gold Group, holds a 35.06% stake in the company [3].

Group 1 - Hunan Gold has experienced a continuous decline for six trading days, with a cumulative drop of -15.05% [1] - The company was established as Hunan Chenzhou Mining Co., Ltd. on December 25, 2000, and was listed on the Shenzhen Stock Exchange on August 16, 2007 [1] - Four funds under Qianhai Kaiyuan Fund have entered the top ten shareholders of Hunan Gold, all of which have reduced their holdings in the first quarter of this year [1] Group 2 - The performance of Qianhai Kaiyuan funds shows negative returns, with Qianhai Kaiyuan Hong Kong and Shanghai Advantage Selection Mixed A yielding -0.14% this year, ranking 1049 out of 2307 [1] - Other funds under Qianhai Kaiyuan also reported negative returns, with Qianhai Kaiyuan Quality Enterprises Mixed A at -0.67%, Qianhai Kaiyuan China Scarce Assets Mixed A at -5.86%, and Qianhai Kaiyuan National Comparative Advantage Mixed A at -5.76% [1] - The average performance of similar funds and the CSI 300 index also reflects negative trends, indicating a challenging market environment [3]

Group 1: Financial Performance and Projections - The company anticipates a performance exceeding 2 billion in 2025, contingent on gold prices at 700 thousand and antimony prices at 23 thousand [3] - The company will disclose the expected year-on-year growth for the semi-annual report in accordance with regulatory requirements [4] Group 2: Market Conditions and Product Insights - Antimony prices have seen an increase due to tight raw material supply since the beginning of the year [3] - The company’s antimony exports and imports have significantly decreased year-on-year due to external market conditions [4] Group 3: Corporate Actions and Strategic Plans - The company is actively pursuing the acquisition of the Wangu gold mine, with ongoing discussions with the controlling shareholder and local government [3][4] - The company has a priority acquisition right for the gold resources development project in Pingjiang County, as per the agreement signed in June 2021 [4] Group 4: Shareholder Engagement and Governance - The company is committed to enhancing shareholder returns and confidence through improved governance, internal controls, and operational efficiency [5] - The company plans to increase dividend payouts as part of its strategy to reward investors [5] Group 5: Operational Efficiency and Mergers - The absorption of two subsidiaries by the company’s wholly-owned subsidiary aims to improve operational efficiency [4] - The company is exploring the integration of antimony mines and smelting enterprises in Hunan Province and other regions [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company's performance in Q1 2025 met expectations, driven by significant increases in gold and antimony prices, with revenues reaching 13.121 billion yuan, a 91.58% increase quarter-on-quarter and a 67.83% increase year-on-year [2][3] - The average prices for antimony and gold in Q1 2025 rose by 76.90% and 37.22% respectively, contributing to the substantial revenue growth [3] - The company plans to produce 72.48 tons of gold and 39,500 tons of antimony in 2025, representing increases of 56% and 35% compared to 2024 [4] Summary by Sections Financial Performance - In Q1 2025, the company achieved a net profit of 332 million yuan, reflecting an 84.92% increase quarter-on-quarter and a 104.63% increase year-on-year [2] - Gross profit for Q1 2025 was 639 million yuan, with a gross margin of 4.87%, showing a decline due to the increased proportion of non-standard gold sales [3] Cost Management and Efficiency - The company reduced its operating expenses by 27.72% quarter-on-quarter, primarily due to a significant decrease in R&D expenses, which fell by 55.81% [3] - The asset-liability ratio at the end of Q1 2025 was 14.42%, continuing a downward trend [3] Market Outlook - The report highlights a positive outlook for antimony prices, anticipating a potential rise to 350,000 yuan per ton due to supply constraints and recovering export markets [4] - The company is expected to see revenue growth of 87.26% in 2025, with projected revenues of 52.13 billion yuan [10]

证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-27 湖南黄金股份有限公司 第七届监事会第八次会议决议公告 一、以 3 票赞成、0 票反对、0 票弃权审议通过了《2025 年第一季度报告》。 经认真审核，监事会认为：董事会编制和审核公司 2025 年第一季度报告的 程序符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反 映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 二、以 3 票赞成、0 票反对、0 票弃权审议通过了《关于变更子公司中南锑 钨贷款担保方及担保期限的议案》。 特此公告。 湖南黄金股份有限公司 监事会 2025年4月22日 本公司监事会及全体监事、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。 湖南黄金股份有限公司（以下简称公司）第七届监事会第八次会议于 2025 年 4 月 22 日以通讯表决方式召开。本次会议的通知已于 2025 年 4 月 18 日通过 电子邮件方式发送给所有监事。会议应参与表决监事 3 名，实际表决监事 3 名。 本次会议的召集、召开符合《公司法》和《公司章程》的规 ...

证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-26 湖南黄金股份有限公司 具体内容详见巨潮资讯网（http://www.cninfo.com.cn）上的《湖南黄金股份 有限公司 2025 年第一季度报告》（公告编号：2025-1Q）。 本议案已经董事会审计委员会审议通过。 二、以 6 票赞成、0 票反对、0 票弃权审议通过了《关于变更子公司中南锑 钨贷款担保方及担保期限的议案》。 具体内容详见巨潮资讯网（http://www.cninfo.com.cn）上的《湖南黄金股份 有限公司关于变更子公司中南锑钨贷款担保方及担保期限的公告》（公告编号： 临 2025-28）。 特此公告。 湖南黄金股份有限公司 董 事 会 第七届董事会第八次会议决议公告 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。 湖南黄金股份有限公司（以下简称公司）第七届董事会第八次会议于 2025 年 4 月 22 日以通讯表决方式召开。本次会议的通知已于 2025 年 4 月 18 日通过 电子邮件方式送达给所有董事、监事和高管。会议应参与表决董 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 13,121,278,586.44, representing a year-on-year increase of 67.83% compared to CNY 7,818,319,389.83 in the same period last year[5] - Net profit attributable to shareholders was CNY 332,326,414.49, up 104.63% from CNY 162,401,970.99 in the previous year[5] - The total profit increased by 107.28%, amounting to CNY 20,671.47 million, primarily due to the rise in selling prices of gold and antimony products[10] - Operating profit for the current period was ¥400,467,333.23, compared to ¥195,183,928.34 in the previous period, indicating an increase of about 105.5%[21] - Net profit for the current period was ¥340,721,197.84, up from ¥166,543,752.52 in the previous period, reflecting a growth of approximately 104.5%[21] - The total comprehensive income for the current period was ¥271,518,236.49, compared to ¥150,792,969.48 in the previous period, indicating an increase of approximately 80.0%[21] Cash Flow - The net cash flow from operating activities increased by 208.10%, reaching CNY 226,823,273.61, compared to a negative cash flow of CNY 209,827,767.93 in the same period last year[5] - Operating cash inflow for the current period reached ¥13,177,260,855.17, a significant increase from ¥7,653,375,730.07 in the previous period, representing an increase of approximately 72.8%[22] - Cash outflow for purchasing goods and services was ¥12,390,345,985.77, compared to ¥7,362,268,644.36 in the previous period, indicating a rise of about 68.5%[22] - The net increase in cash and cash equivalents for the current period was ¥154,784,436.03, contrasting with a decrease of -¥286,489,260.17 in the previous period[23] - The ending balance of cash and cash equivalents was ¥1,241,574,330.45, up from ¥487,220,081.47 in the previous period[23] Assets and Liabilities - Total assets at the end of the reporting period were CNY 8,467,163,289.80, a 3.27% increase from CNY 8,198,902,634.81 at the end of the previous year[5] - The total assets increased to ¥8,467,163,289.80 from ¥8,198,902,634.81, marking a rise of about 3.3%[18] - Total liabilities decreased slightly to ¥1,220,562,944.14 from ¥1,224,016,058.89, a reduction of approximately 0.3%[18] - The total equity attributable to shareholders of the parent company rose to ¥7,168,663,222.92 from ¥6,905,344,236.53, an increase of about 3.8%[18] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 75,301, indicating a stable shareholder base[12] - The company reported a total of 421,436,119 shares held by Hunan Gold Group, making it the largest shareholder[13] - The top ten shareholders collectively hold significant stakes, with the largest being Hunan Gold Group at 421,436,119 shares[13] Operational Efficiency - The company's gross profit margin improved, with total revenue increasing by CNY 530,295.92 million, driven by higher sales volumes and prices of non-standard gold and antimony products[9] - The company is focusing on enhancing its operational efficiency and financial health through strategic asset management and investment[15] Government Support - The company received government subsidies amounting to CNY 12,258,501.67, contributing positively to its financial performance[6] Other Financial Metrics - Basic and diluted earnings per share both increased to CNY 0.28, doubling from CNY 0.14 in the previous year[5] - Research and development expenses for the current period were ¥56,726,486.44, down from ¥75,219,035.01 in the previous period, a decrease of approximately 24.6%[20] - The company reported a decrease in other comprehensive income, with a net amount of -¥69,202,961.35 compared to -¥15,750,783.04 in the previous period[21] Accounting and Governance - The company did not undergo an audit for the first quarter report[24] - The company plans to implement new accounting standards starting from 2025[24] - The board of directors meeting was held on April 22, 2025[25]

证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-28 湖南黄金股份有限公司 关于变更子公司中南锑钨贷款担保方及担保期限的公告 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、前次担保情况概述 湖南黄金股份有限公司（以下简称本公司或公司）第六届董事会第二十四次 会议和第六届监事会第二十二次会议审议通过了《关于全资子公司为其下属控股 子公司提供担保的议案》，全资子公司湖南辰州矿业有限责任公司（以下简称辰 州矿业）为其下属控股子公司湖南省中南锑钨工业贸易有限公司（以下简称中南 锑钨）提供总额不超过人民币 5 亿元的担保，期限自 2024 年 4 月 26 日至 2027 年 4 月 25 日，为期三年。在上述有效期内，担保额度可循环使用。具体内容详 见巨潮资讯网（http://www.cninfo.com.cn）上的《湖南黄金股份有限公司关于全 资子公司为其下属控股子公司提供担保的公告》（公告编号：临 2024-27）。截 至本公告披露日，该担保尚未实际发生。 二、本次担保变更情况 （一）变更原因 为优化公司组织架 ...