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]

★ 宏观动态 ★ 乘联分会：加征关税将进一步推动汽车芯片国产化进程 乘联分会发布2025年2月汽车智能网联洞察报告，其中指出，在经历了2021年芯片荒之后，国内众多车企 已经开始应用自主芯片产品，当前国内所有芯片国产化率大致能达到20%，国企背景的车企国产化率更 高。此次加征关税将进一步推动汽车芯片国产化进程，模拟芯片国产化替代时间较快，数字芯片目前主要 由外资主导。 国家外汇管理局：人民币汇率双向浮动，保持相对稳定 4月22日，国家外汇管理局副局长、新闻发言人李斌就2025年一季度外汇收支形势答记者问表示，人民币 汇率双向浮动，保持相对稳定。截至4月21日，境内人民币对美元即期汇率（CNY）为7.288，较2024年 末升值0.1%。4月以来，美方单边主义、保护主义行径引发国际金融市场剧烈波动，人民币对美元汇率先 贬后升，与4月3日美宣布对贸易伙伴加征所谓"对等关税"前的水平大体相当。人民币汇率双向浮动属于市 场正常变化，也反映了经济基本面对汇率的支撑作用。 今年一季度上海对东盟进出口总值同比增长7.1% 据上海海关信息，今年一季度，上海市对东盟进出口总值达1435.2亿元，同比增长7.1%。 中信银行(6 ...

A股复盘 | 中国红 / 2025.04.22 合约，上午涨幅均超1000%。 啊啊啊，昨天的文章被删了，我也没写什么太大尺度的内容吧！ 文章开始之前，允许我骄傲一下下！请看下图 虽然路透这标题一股浓浓的冷嘲热讽，但是作为内容数据提供商，我还是有点子 开心的！ 宝纸们啊，多看我的复盘内容，保准不错过任何一个小作文。 接下来我们准备整一个平台内容三天体验活动，敬请期待！ 金价真是八匹马都拉不回来了，一路冲到了3500美元/盎司。 还记得之前写得高盛他那些国际投行的预测嘛？ 高盛将2025年底的黄金价格预测从3300美元/盎司上调至3700美元/盎司，预计 波动区间为3650至3950美元/盎司，并设定上行尾部风险情景目标价为4500美 元。 瑞银将黄金价格预测上调至3500美元，指出中国市场无论是机构还是散户投资者 都有强劲的购买潜力——国内投资情绪非常乐观，并显示出被压抑的需求正在释 放。 不过鉴于这些网红UP（精准反指）一个个开始都开始入手黄金了，是不是得适度 获利了结了？ 据上证报报道，今日，黄金价格继续大涨，引发了期权市场"末日轮"效应。其 中，沪金2505购888最大涨幅9800%，沪金2505购89 ...

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 ...

Core Viewpoint - Hunan Gold (002155) has significantly increased its performance due to rising gold and antimony prices, with a buy rating assigned by Huaxin Securities [1] Financial Performance - In 2024, Hunan Gold reported total revenue of 27.839 billion yuan, a year-on-year increase of 19.46% - The net profit attributable to shareholders reached 847 million yuan, up 73.08% year-on-year - The net profit excluding non-recurring gains and losses was 870 million yuan, reflecting a 76.36% increase year-on-year [1] Production Data - Gold production decreased slightly to 46.33 tons, down 2.87% year-on-year, with self-produced gold at 3.71 tons, a decline of 6.13% - Antimony production totaled 29,209 tons, down 6.15%, with self-produced antimony at 15,227 tons, a decrease of 13.2% - Tungsten production increased to 1,008 standard tons, up 7.12%, with self-produced tungsten concentrate at 879 standard tons, a significant rise of 59.24% [2] Price Trends - The average price of antimony in 2024 was 129,756 yuan per ton, a substantial increase of 59.3% year-on-year - The average price of gold was 548.49 yuan per gram, up 22.14% compared to the same period in 2023 [3] Profit Forecast - Revenue forecasts for 2025, 2026, and 2027 are 38.269 billion, 39.209 billion, and 40.619 billion yuan respectively - Net profit forecasts for the same years are 2.200 billion, 2.286 billion, and 2.392 billion yuan respectively - The current stock price corresponds to price-to-earnings ratios of 13.1, 12.6, and 12.0 times for the respective years [4]

A股今日发力上扬，沪指一度逼近3300点，深证成指、创业板指等涨超1%，全A成交额增加逾1200亿元，重返万亿元上方。港股今日因假期休市。 具体来看，两市主要股指盘中震荡上扬，深证成指、创业板指、科创50指数等涨超1%，北证50指数涨近3%。截至收盘，沪指涨0.45%报3291.43点，深证成指涨 1.27%报9905.53点，创业板指涨1.59%报1944.32点，北证50指数涨2.63%，沪深北三市合计成交10738亿元，较此前一日增加1245亿元。 场内超4300股飘红，汽车产业链股拉升，雷迪克涨超11%，浙江荣泰、海联金汇、金杯汽车等涨停；造纸板块走强，可靠股份、顺灏股份、安妮股份、百亚股份等 涨停；医药板块上扬，舒泰神、迪哲医药等涨停，立方制药斩获5连板；黄金概念股爆发，四川黄金、赤峰黄金、湖南黄金、西部黄金等涨停；大飞机概念崛起， 博云新材、润贝航科、航发科技等涨停；人形机器人概念再度活跃，万达轴承、奥比中光等涨超10%，福莱新材涨停。 值得注意的是，多只黄金主题ETF大涨，黄金股ETF、黄金股票ETF罕见涨停，黄金股票ETF基金涨超9%。 黄金概念爆发 黄金概念股盘中大幅飙升，截至收盘，四川黄金 ...

证券代码：002155 证券简称：湖南黄金 公告编号：临 2025-25 湖南黄金股份有限公司 关于召开 2024 年度网上业绩说明会的公告 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。 湖南黄金股份有限公司（以下简称公司）《2024 年年度报告》及摘要已于 2025 年 4 月 11 日披露。为便于广大投资者更深入全面地了解公司情况，公司定 于 2025 年 4 月 25 日（星期五）15:00-17:00 在"价值在线"（www.ir-online.cn） 举办 2024 年度网上业绩说明会，与投资者进行沟通和交流，广泛听取投资者的 意见和建议。 一、会议召开时间及召开方式 召开时间：2025 年 4 月 25 日（星期五）15:00-17:00 召开方式：本次网上业绩说明会将采用网络远程文字交流的方式举行 二、公司出席人员 出席本次网上业绩说明会的人员有：董事长王选祥先生，总经理李希山先生， 独立董事陈爱文先生，财务总监湛飞清先生，副总经理兼董事会秘书王文松先生。 三、投资者参与方式 投 资 者 可 于 2025 年 4 月 ...