Summary of Conference Call Company and Industry - The conference call involved **Hunan Gold** and discussed the **gold mining industry** in China, particularly focusing on the **Wanfang mining area** where a significant gold deposit was discovered. Core Points and Arguments 1. **Discovery of Gold Deposit**: A substantial gold deposit of **1,000 tons** with a peak grade of **138 grams per ton** was discovered in the Wanfang mining area, which has garnered significant attention from the market [4][5][10]. 2. **Company's Stake**: Hunan Gold holds a **51% stake** in the Wanfang mining area, which positions the company to benefit directly from the new discovery [4][10]. 3. **Mining Operations**: Current mining operations are primarily at depths of **600 to 1,000 meters**, with potential for deeper exploration up to **2,000 to 3,000 meters** in the future [9][12][24]. 4. **Resource Evaluation**: The cumulative discovered resource in the area is reported to be over **300 tons**, but this figure may not reflect the current available resources due to historical extraction [6][22]. 5. **Government Collaboration**: The company is working with the **Pingjiang government** on restructuring efforts related to the mining operations, which is expected to proceed smoothly [7][10]. 6. **Market Dynamics**: There is a notable price disparity between domestic and international gold prices, with domestic prices around **150,000 CNY** per ton compared to international prices nearing **300,000 CNY** [16][17]. 7. **Export Regulations**: Current export regulations are stringent, affecting the volume of gold that can be exported, which may impact the company's sales strategy [14][15][26]. 8. **Future Plans**: The company plans to inject additional mining rights into its operations, with ongoing discussions about the valuation and acquisition of these rights [20][28]. Other Important but Possibly Overlooked Content 1. **Technological Advancements**: The potential for automation in mining operations is being explored, which could facilitate deeper mining in the future [12]. 2. **Investor Sentiment**: There is a strong investor interest in the developments at Hunan Gold, particularly regarding the implications of the new gold discovery on the company's future profitability [29]. 3. **Regulatory Environment**: The regulatory landscape surrounding mining operations and exports is complex and may evolve, impacting operational strategies [30]. This summary encapsulates the key discussions and insights from the conference call, highlighting the strategic position of Hunan Gold in the gold mining sector and the implications of recent discoveries and market conditions.

Group 1 - Hunan Gold's stock price has reached the daily limit, achieving two consecutive trading limit-ups [1] - Significant breakthroughs in exploration at the Wangu Gold Mine in Pingjiang County, Hunan, have been reported, with over 40 gold veins discovered at depths exceeding 2000 meters, and the highest gold grade reaching 138 grams per ton [2] - The cumulative gold resource amount discovered in the core exploration area is 300.2 tons [2] Group 2 - The company's stock price increase is driven by market sentiment, with actual mining conditions and true reserves to be confirmed by future official disclosures [3]

湖南黄金回应湖南一矿床黄金远景储量超千吨：由公司控股股东持有 对公司没有实质性影响 财联社11 月21日电，湖南黄金尾盘突然拉升，最终实现涨停，收报每股16.73元。 消息面上，湖南省地质院11月21日宣布，湖南平江县万古金矿田探矿获重大突破。 专家会商认为，湘东万古金矿田矿床规模属于超大型，预测地下3000米以上远景黄金储量超1000吨，以 现行金价计算资源价值达6000亿元。 对此，记者以投资者身份致电湖南黄金，该公司证券部相关人士表示，相关消息提及的矿产由公司控股 股东持有，但该消息对于公司没有实质性的影响。 (21财经) ...

湖南黄金股份有限公司章程 第一章 总则 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 公司系依照《公司法》和其他有关规定成立的股份有限公司（以下 简称"公司"）。 公司由湖南辰州矿业有限责任公司依法整体变更而成立，在长沙经济技术开 发区管理委员会注册登记。 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。 第九条 公司全部资产分为等额股 ...

证券代码：002155 证券简称：湖南黄金 公告编号：临 2024-61 湖南黄金股份有限公司 关于完成工商变更登记的公告 统一社会信用代码：914300001891221230 类型：其他股份有限公司（上市） 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 2024 年 3 月 23 日、2024 年 4 月 15 日召开第六届董事会第二十三次会议、2023 年度股东大会，审议通过 了《关于变更注册地址并修订<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 2024 年 3 月 26 日、2024 年 4 月 16 日刊载于巨潮 资讯网（http://www.cninfo.com.cn）上的《第六届董事会第二十三次会议决议公 告》（公告编号：临 2024-07）、《关于变更注册地址并修订<公司章程>的公告》 （公告编号：临2024-15）和《2023年度股东大会决议公告》（公告编号：临2024-23）。 二、进展情况 近日，公司完成了《公司章程》备案等工 ...

Investment Rating - The report maintains a "Recommended" rating for Hunan Gold (002155.SZ) based on its potential to benefit from rising commodity prices [3]. Core Views - The company reported a revenue of 20.99 billion yuan for the first three quarters of 2024, a year-on-year increase of 11.93%, and a net profit attributable to shareholders of 667 million yuan, up 73.56% year-on-year. However, the Q3 performance was slightly below expectations due to a decline in sales volume [1]. - The decline in production and sales was primarily due to the suspension of operations at its subsidiary, Xinlong Mining, which affected the company's output and sales figures [1]. - The average gold price for the first three quarters of 2024 was 2,290 USD/ounce, an increase of 18.58% year-on-year, while the average price for Q3 was 2,473 USD/ounce, up 28.39% year-on-year [1]. - The company is focusing on exploration and resource enhancement, with a plan for a new three-year exploration initiative from 2024 to 2026 [1]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 5.855 billion yuan, a year-on-year increase of 1.40% but a quarter-on-quarter decrease of 19.98%. The net profit attributable to shareholders was 229 million yuan, up 118.57% year-on-year but down 17.02% quarter-on-quarter [1]. - The gross profit margin for the first three quarters was 7.61%, an increase of 1.04 percentage points year-on-year, while the net profit margin was 3.22%, up 1.13 percentage points year-on-year [1]. Production and Sales - The company's self-produced gold sales decreased by 4.61% year-on-year, and self-produced antimony sales fell by 15.66% due to the suspension of Xinlong Mining and export controls on antimony products [1]. - The company has a resource reserve of 68 million tons of ore, with 307,324 tons of antimony metal and 141,756 kilograms of gold metal as of the end of 2023 [1]. Profit Forecast and Investment Suggestions - The company is expected to benefit from rising prices, with projected net profits for 2024-2026 at 891 million, 1.195 billion, and 1.410 billion yuan, respectively. The report suggests a price-to-earnings ratio of 23, 17, and 14 for these years based on the stock price as of October 28 [2][1].

Investment Rating - The report maintains a "Buy" rating for Hunan Gold (002155.SZ) [1][2] Core Views - In the first three quarters of 2024, Hunan Gold achieved revenue of 20.989 billion yuan, a year-on-year increase of 11.93%, and a net profit attributable to shareholders of 667 million yuan, up 73.56% year-on-year [1] - The decline in sales volume has impacted Q3 performance, with gold and antimony production volumes decreasing by 4.61% and 15.66% year-on-year, respectively [1] - The report highlights a significant increase in antimony prices, with the latest overseas antimony ingot price exceeding 250,000 yuan/ton, indicating potential for recovery in export rhythms and demand from the photovoltaic glass sector [1] Summary by Sections Financial Performance - For Q3 2024, revenue was 5.855 billion yuan, down 19.98% quarter-on-quarter but up 1.40% year-on-year; net profit was 229 million yuan, down 17.02% quarter-on-quarter but up 118.57% year-on-year [1] - The company reported a gross profit of 585 million yuan and a gross margin of 9.99% for Q3 2024, reflecting a quarter-on-quarter increase [1] Cost and Expenses - Q3 2024 saw a significant rise in management expenses, which increased by 57.81% quarter-on-quarter to 202 million yuan, contributing to a higher expense ratio [1] - The asset-liability ratio at the end of Q3 2024 was 15.87%, indicating a stable capital structure [1] Future Projections - Revenue projections for 2024-2026 are 28.845 billion yuan, 31.400 billion yuan, and 31.843 billion yuan, respectively, with net profits expected to be 916 million yuan, 1.350 billion yuan, and 1.410 billion yuan [2][4] - The report anticipates an EPS of 0.76 yuan for 2024, increasing to 1.12 yuan in 2025 and 1.17 yuan in 2026, with corresponding PE ratios of 22.12, 15.01, and 14.37 [2][4]

湖南黄金股份有限公司（以下简称公司）第七届董事会第四次会议于 2024 年 10 月 28 日以通讯表决方式召开。本次会议的通知已于 2024 年 10 月 18 日通 过电子邮件方式送达给所有董事、监事和高管。会议应参与表决董事 7 人，实 际表决董事 7 人。本次会议的召集、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，会议以传真表决方式通过了以下议 案： 证券代码：002155 证券简称：湖南黄金 公告编号：临 2024-59 一、以 7 票赞成、0 票反对、0 票弃权审议通过了《2024 年第三季度报告》。 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 2024 年第三季度报告》（公告编号：2024-3Q）。 第七届董事会第四次会议决议公告 本议案已经董事会审计委员会审议通过。 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。 特此公告。 湖南黄金股份有限公司 董 事 会 2024 年 10 月 28 日 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥5,854,662,976.34, an increase of 1.40% year-on-year, while the total revenue for the year-to-date period was ¥20,989,478,458.12, up 11.93% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥228,749,470.26, representing a significant increase of 118.57% year-on-year, with a year-to-date net profit of ¥666,826,170.54, up 73.56%[2]. - The basic earnings per share for Q3 2024 was ¥0.19, reflecting a 111.11% increase year-on-year, while the diluted earnings per share also stood at ¥0.19[2]. - The net profit for the third quarter of 2024 reached CNY 676,499,835.39, a significant increase from CNY 391,529,292.33 in the same period last year, representing a growth of approximately 72.9%[18]. - Operating profit for the quarter was CNY 787,793,484.04, compared to CNY 443,539,012.63 in the previous year, indicating an increase of about 77.6%[18]. - Total revenue from operating activities amounted to CNY 21,476,434,116.06, up from CNY 19,389,551,568.11 year-over-year, reflecting a growth of approximately 10.7%[20]. - The total profit for the quarter was CNY 779,673,073.71, compared to CNY 442,467,227.90 in the same period last year, representing an increase of approximately 76.1%[18]. - The company reported a total comprehensive income of CNY 674,017,939.83 for the quarter, compared to CNY 390,569,686.36 in the previous year, an increase of approximately 72.7%[19]. Assets and Liabilities - The company's total assets at the end of Q3 2024 amounted to ¥8,085,855,845.84, a 6.60% increase from the end of the previous year[2]. - The equity attributable to shareholders increased to ¥6,724,666,943.04, marking an 8.27% rise compared to the end of the previous year[2]. - Total liabilities decreased slightly to ¥1,283,504,687.20 from ¥1,294,260,381.55, a reduction of approximately 0.6%[16]. - The company's deferred income tax assets increased to ¥80,359,472.88 from ¥71,025,982.69, representing a growth of approximately 13.1%[16]. - The company's unallocated profits rose to ¥3,919,260,421.43 from ¥3,408,225,169.71, indicating an increase of about 15%[16]. Cash Flow - The company's cash and cash equivalents at the end of Q3 2024 amount to ¥783,454,379.24, down from ¥817,068,438.24 at the beginning of the period[14]. - The net cash flow from operating activities for Q3 2024 was CNY 398,348,162, a decrease of 23.3% compared to CNY 519,635,887 in Q3 2023[21]. - Total cash outflow from operating activities reached CNY 21,078,085,954, up from CNY 18,869,915,680, indicating a year-over-year increase of 11.7%[21]. - The net cash flow from investing activities was -CNY 208,472,551, an improvement from -CNY 224,676,938 in the same period last year[21]. - The net cash flow from financing activities was -CNY 222,309,234.04, compared to -CNY 325,751,652.80 in the previous year, showing a reduction in cash outflow[21]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 79,299[11]. - Hunan Gold Group Co., Ltd. holds 35.06% of shares, totaling 421,436,119 shares[11]. - The company has a total of 10 major shareholders, with the top 10 holding a significant portion of shares[12]. - The total number of shares held by the top 10 unrestricted shareholders is 421,436,119 shares[12]. Operational Metrics - The sales volume of self-produced gold decreased by 4.61% year-on-year, while the sales volume of self-produced antimony fell by 15.66% due to factors such as the suspension of operations at a subsidiary and export controls[5]. - The average selling price of gold increased by 19.36% year-on-year, and the average selling price of antimony rose by 43.33%[5]. - Research and development expenses decreased to CNY 194,874,303.79 from CNY 206,976,844.50, a reduction of about 5.3%[18]. Other Financial Information - The company reported a significant increase in government subsidies, with other income rising by ¥11,026,300, reflecting a 242.42% year-on-year increase[8]. - The company paid CNY 721,088,707.57 in employee compensation, slightly up from CNY 705,893,360.19 in the previous year[21]. - Tax payments increased to CNY 340,375,597.06 from CNY 260,577,272.33, reflecting a rise of 30.6% year-over-year[21]. - The report for Q3 2024 was not audited, indicating that the figures may be subject to change upon final review[22].

一、以 3 票赞成、0 票反对、0 票弃权审议通过了《2024 年第三季度报告》。 经认真审核，监事会认为：董事会编制和审核公司 2024 年第三季度报告的 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。 特此公告。 湖南黄金股份有限公司 监 事 会 证券代码：002155 证券简称：湖南黄金 公告编号：临 2024-60 湖南黄金股份有限公司 第七届监事会第四次会议决议公告 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）第七届监事会第四次会议于 2024 年 10 月 28 日以通讯表决方式召开。本次会议的通知已于 2024 年 10 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 人，实际表决监事 3 人。本次会议的召集、召开符合《公司法》和《公司章程》的规定，会议合法有 效。经与会监事认真审议，会议以传真表决方式通过了以下议案： 2024 年 10 月 28 日 ...