智通财经5月13日电，恒邦股份收到深交所监管函，因公司有关安全事故及停产整顿的信息披露不及 时。 ...

本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演 APP,参与本次互动交流。活动时间为 2025 年 5 月 15 日（周四）15:00-16:30。届时 公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况和可持续发 展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 证券代码：002237 证券简称：恒邦股份 公告编号：2025-033 债券代码：127086 债券简称：恒邦转债 山东恒邦冶炼股份有限公司 关于参加山东辖区上市公司2025年度 投资者网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 为进一步加强与投资者的沟通交流，山东恒邦冶炼股份有限公司（以下简称"公 司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司联合举 办的"2025 年山东辖区上市公司投资者网上集体接待日活动"，现将相关事项公告 如下： 山东恒邦冶炼股份有限公司 董 事 会 2025 年 ...

Core Viewpoint - Recent fluctuations in gold prices have drawn significant market attention, with record trading volumes in gold futures and active performance of gold stocks in A-shares. However, expectations of a trade war easing and positive U.S. employment data have led to a recent decline in gold prices [1] Group 1: Identification of True Gold Stocks - Investors must identify what constitutes a true gold stock, which should primarily engage in gold mining and refining, rather than merely trading or processing gold [2] - Companies like China Gold and Zhou Dasheng, while involved in gold sales, do not qualify as true gold stocks as they operate in the retail or jewelry sector [2] - The proportion of gold mining and refining in a company's main business is crucial for determining its classification as a gold stock [2][3] Group 2: Importance of Gold Resource and Ore Grade - The global gold supply is limited, with 2023 production at 3,000 tons and proven reserves at 59,000 tons, indicating a mining lifespan of approximately 20 years [6] - The amount of gold resources a company possesses is a key factor in its valuation, with a direct correlation between resource quantity and market capitalization [6][7] - Ore grade is also significant; higher-grade mines yield more gold from the same resource, enhancing their value [8] Group 3: Correlation Between Gold Prices and Gold Stocks - Gold stock performance is strongly correlated with gold prices, with a correlation coefficient of 0.82 since 2009 [12] - However, during specific periods, such as 2014-2018, gold stocks were more influenced by overall market performance than gold prices [14][15] - The relationship between gold prices and gold stocks has shifted post-2019, with increased volatility in gold prices leading to a stronger correlation with gold stock performance [16][17] Group 4: Volatility of Gold Stocks - Gold stocks tend to exhibit greater volatility than gold prices, with significant fluctuations observed in the past [21] - Individual gold stocks can show substantial performance differences, influenced by factors such as company valuation and earnings [24] - The performance of gold stocks can diverge significantly from the broader gold industry index, highlighting the need for careful selection [22] Group 5: Market Outlook and Investment Considerations - Despite short-term fluctuations, the long-term outlook for gold remains positive, driven by factors such as trade tensions and the depreciation of the dollar [27][28] - Analysts suggest that while gold prices may experience temporary adjustments, the underlying bullish trend for gold is expected to continue [27] - Investors should consider both gold price trends and individual company fundamentals when investing in gold stocks [26]

Core Viewpoint - The article discusses the impact of rising international gold prices on different segments of the gold industry, highlighting the contrasting performance of upstream mining companies versus downstream consumers and the cautious attitudes of stakeholders in the industry [2][4]. Group 1: Industry Performance - Upstream mining companies have seen significant profit increases due to rising gold prices, while downstream consumer demand has decreased, particularly for jewelry, which is more sensitive to price [2][6]. - In 2024, the average net profit of 11 gold companies in the Shenwan sector reached 1.28 billion yuan, while Zijin Mining's gold production gross profit was 19.66 billion yuan, with a gross margin of nearly 56% [3]. - Companies like Shandong Gold and Hengbang have experienced declining profit margins due to rising costs, with Hengbang's gross margin dropping to 0.71% despite revenue growth [5][6]. Group 2: Consumer Demand and Inventory - China's gold consumption in 2024 fell by 9.58% year-on-year, with jewelry and industrial gold usage declining significantly, while gold bars and coins saw a 24.54% increase [6]. - Companies heavily reliant on gold jewelry, such as Zhou Daxing and Lao Fengxiang, reported substantial revenue declines, with Zhou Daxing's revenue dropping over 47% in the first quarter of the year [7]. - Some downstream companies, like Zhou Daxing, have seen inventory levels rise, indicating a mismatch between production and consumer demand [10]. Group 3: Caution Among Stakeholders - Several gold companies, including Hunan Gold and Chifeng Gold, have reduced their inventory levels by significant percentages, indicating a cautious approach to potential price volatility [9][11]. - Fund holdings in gold companies have decreased, with total holdings dropping from 2.40 billion shares in June 2024 to 1.13 billion shares in the first quarter of 2025, reflecting a cautious sentiment among institutional investors [11][12]. - The article emphasizes the complexity of gold pricing and the need for market participants to be vigilant, especially those who may be blindly chasing price increases [12].

Investment Rating - The report maintains an "Accumulate" rating for the company [6][4]. Core Views - The company is expected to benefit from the upward fluctuation in gold prices and plans to expand its gold mining operations [3][4]. - In Q1 2025, the company reported revenue of 18.959 billion RMB, a year-over-year decrease of 8.88% but a quarter-over-quarter increase of 7.48%. The net profit attributable to the parent company was 156 million RMB, reflecting a year-over-year increase of 10.52% and a quarter-over-quarter increase of 116.59% [1][2]. Summary by Sections Financial Performance - In Q1 2025, the company's operating revenue and costs both decreased, with revenues down 8.88% year-over-year and costs down 9.34%. The decline in costs was greater than that of revenues, leading to an increase in gross profit to 606 million RMB and a gross margin of 3.20% [2]. - The company experienced a significant increase in investment income, up 34.32% year-over-year, primarily due to increased returns from its investment in the Wanguo Gold Group [2]. Strategic Outlook - The company aims to enhance its gold mining operations and is accelerating the construction of the Liaoshang Gold Mine project while seeking opportunities to acquire quality mines. The outlook for gold prices in 2025-2026 is positive, with expectations of continued upward movement [3][4]. - The report highlights that recent tariff impacts have led to historical highs in gold prices, suggesting a shift in asset preferences towards gold amid rising uncertainties in the global political and economic landscape [3]. Valuation Metrics - The earnings per share (EPS) estimates for 2025-2027 are projected at 0.74, 0.93, and 1.29 RMB, respectively. The target price is set at 12.18 RMB, based on a price-to-earnings (PE) ratio of 16.5 for 2025, which reflects a 20% discount compared to the average PE of comparable companies [4][7].

Core Viewpoint - The independent director of Hengbang Co., Ltd., Wang Yongmei, has expressed concerns regarding the company's Q1 2025 financial report and has cast a vote of abstention due to issues related to the auditing firm and data discrepancies [1][3]. Financial Performance - Hengbang Co., Ltd. reported a revenue of 18.959 billion yuan for Q1 2025, representing a year-on-year decrease of 8.88% compared to Q1 2024 [1]. - The company achieved a net profit attributable to shareholders of 156 million yuan, which is a year-on-year increase of 10.52% [1]. Governance and Audit Concerns - Wang Yongmei's abstention vote was influenced by her concerns over the change of the signing accountant and the lack of transparency regarding the auditing firm's compliance and professional diligence [3][4]. - She highlighted that the Q1 report did not adequately reflect the impact of safety incidents on the company's financial status and the risk correction mechanisms in place [3]. - Wang also pointed out anomalies in the relationships between revenue, net profit, inventory changes, and cash flow from operating activities, indicating insufficient evidence for proper judgment [3]. Director's Resignation - Following her previous dissenting votes, Wang Yongmei submitted her resignation as an independent director, citing her busy work schedule [5]. - The resignation will take effect after the election of a new independent director at the company's shareholders' meeting, although she is still required to fulfill her duties until then [5].

Core Viewpoint - The company has faced scrutiny regarding the accuracy and completeness of its quarterly report, particularly due to the dissenting opinion of an independent director regarding the financial disclosures and the impact of a recent safety incident [3][36]. Financial Data Summary - Derivative financial assets decreased by 84.64% compared to the beginning of the year, primarily due to reduced fair value changes from temporary pricing arrangements caused by rising metal prices [6]. - Accounts receivable decreased by 41.89%, attributed to a reduction in sales receivables [6]. - Accounts receivable financing increased by 106.06%, driven by an increase in sales transactions settled via bank acceptance bills [6]. - Other receivables rose by 103.82%, mainly due to an increase in futures margin deposits [6]. - Inventory increased by 40.18%, influenced by rising metal market prices and reserves from a subsidiary's multi-metal mining project [6]. Liabilities and Equity Changes - Short-term borrowings increased by 67.81%, reflecting higher raw material procurement [9]. - Derivative financial liabilities surged by 81,333.99%, linked to increased fair value losses from temporary pricing arrangements due to rising metal prices [9]. - Contract liabilities rose by 302.00%, due to increased advance payments for products like phosphate [11]. - Tax payable increased by 155.95%, primarily due to higher value-added tax [12]. Income Statement Highlights - Sales expenses increased by 49.43%, mainly due to higher wages and business expenses [15]. - Financial expenses rose by 42.82%, attributed to increased interest expenses from a larger debt scale due to higher inventory [15]. - Other income increased by 75.09%, driven by tax incentives for advanced manufacturing enterprises and increased government subsidies [15]. - Investment income grew by 34.32%, primarily from increased returns on investments in a gold company [16]. - Credit impairment losses surged by 313.87%, due to higher provisions for bad debts [17]. Cash Flow Analysis - Net cash flow from operating activities decreased by 307.92%, mainly due to rising inventory prices and reserves for a multi-metal mining project [21]. - Net cash flow from investing activities decreased by 68.40%, attributed to increased cash outflows from investment activities [21]. - Net cash flow from financing activities increased by 231.06%, reflecting higher cash inflows from financing activities [21]. - The net increase in cash and cash equivalents decreased by 140.56%, primarily due to reduced net cash flow from operating activities [21]. Corporate Governance and Management Changes - The company appointed a new director and chairman, Xiao Xiaojun, following the resignation of Zhang Fan due to work adjustments [22]. - An independent director expressed concerns regarding the accuracy of the quarterly report, particularly about the change in the signing accountant and the implications of a recent safety incident [36].

Core Viewpoint - Wang Yongmei, an independent director of Hengbang Co., Ltd., has submitted her resignation and voted abstention on the company's Q1 report due to concerns over the audit firm's compliance and the abnormal relationships in the financial data [1][2]. Group 1: Financial Performance - Hengbang Co., Ltd. reported Q1 revenue of 18.959 billion yuan, a decrease of 8.88% compared to Q1 2024 [1]. - The net profit attributable to shareholders was 156 million yuan, an increase of 10.52% year-on-year [1]. Group 2: Audit Concerns - Wang Yongmei expressed concerns regarding the change of signing accountant, stating that the report did not objectively reflect the audit firm's lack of compliance awareness and professional prudence [2]. - She highlighted that the Q1 report's discussions on safety production did not adequately reflect the impact of accidents on the company's financial status and risk correction mechanisms [2]. - Wang noted that there were abnormal relationships in the data regarding revenue, net profit, inventory, and cash flow from operating activities, lacking sufficient evidence for judgment [2]. Group 3: Director's Actions and Background - Wang Yongmei had previously voted against 20 items in the board meeting held on March 26, 2024, and did not provide written confirmation for the 2024 annual report [5][8]. - She has a strong academic background, serving as a professor at Peking University and holding positions in various financial committees [8]. - Despite her resignation, Wang is still required to fulfill her duties as an independent director until a new director is elected [9].

| 证券代码：002237 | 证券简称：恒邦股份 | 公告编号：2025-031 | | --- | --- | --- | | 债券代码：127086 | 债券简称：恒邦转债 | | 山东恒邦冶炼股份有限公司 第九届董事会 2025 年第一次临时会议决议公告 《2025 年第一季度报告》（公告编号：2025-032）详见 2025 年 4 月 28 日《证 券时报》《中国证券报》《上海证券报》《证券日报》和巨潮资讯网 （http://www.cninfo.com.cn）。 三、备查文件 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 山东恒邦冶炼股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日以电子 邮件等方式向全体董事发出了《关于召开第九届董事会 2025 年第一次临时会议的通 知》，会议于 2025 年 4 月 25 日以书面传签的方式召开并形成决议。会议应参加表 决董事 9 人，实际参加表决董事 9 人。会议由董事长肖小军先生召集，本次会议的 召集、召开和表决程序符合《公司法》《公司章程》的有关规定，会议合法 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥18,959,157,265.86, a decrease of 8.88% compared to ¥20,807,523,447.39 in the same period last year[6] - Net profit attributable to shareholders increased by 10.52% to ¥156,347,446.50 from ¥141,464,839.90 year-on-year[6] - The net profit for the current period is CNY 152,796,359.72, an increase of 11.8% compared to CNY 136,936,686.00 in the previous period[25] - The total comprehensive income for the current period is CNY 158,595,180.15, up from CNY 140,272,265.86 in the previous period[25] - Basic earnings per share rose by 16.67% to ¥0.14 from ¥0.12 in the same period last year[6] - Basic earnings per share increased to CNY 0.14 from CNY 0.12 in the previous period, reflecting improved profitability[25] Cash Flow - The net cash flow from operating activities was negative at -¥2,632,897,310.80, a decrease of 307.92% compared to ¥1,266,276,067.64 in the previous year[6] - The net cash flow from operating activities is CNY -2,632,897,310.80, a significant decline compared to CNY 1,266,276,067.64 in the previous period[28] - Cash flow from financing activities generated a net inflow of CNY 3,298,210,663.35, compared to CNY 996,267,163.78 in the previous period, indicating increased financing activity[29] - The cash flow from investing activities shows a net outflow of CNY -1,294,175,890.64, worsening from CNY -768,523,199.11 in the previous period[29] Assets and Liabilities - Total assets at the end of the reporting period reached ¥29,701,643,041.88, reflecting a 20.13% increase from ¥24,724,087,996.28 at the end of the previous year[6] - Current assets totaled ¥20,883,124,867.58, an increase of 29.00% from ¥16,085,135,704.33 at the beginning of the period[21] - Total liabilities reached ¥19,805,081,812.37, an increase of 32.00% from ¥14,989,314,397.89[23] - Non-current assets totaled ¥8,818,518,174.30, reflecting a stable position compared to previous figures[22] Inventory and Costs - The company's inventory increased by 40.18% compared to the beginning of the year, primarily due to rising metal market prices and reserves from subsidiaries[10] - Total operating costs amounted to ¥18,705,167,874.00, down 8.83% from ¥20,519,583,493.17 in the prior period[24] - Inventory increased significantly to ¥14,918,220,017.67, up from ¥10,641,879,733.06, indicating a rise of 40.66%[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 52,741[15] - Jiangxi Copper Co., Ltd. holds 44.48% of shares, amounting to 510,643,360 shares[15] - Yantai Hengbang Group Co., Ltd. holds 5.89% of shares, amounting to 67,674,706 shares[15] - The company has a total of 273,028,960 unrestricted shares held by major shareholders[16] - The company has a pledge of 11,700,000 shares by Jiangxi Copper Co., Ltd.[15] Financing Activities - The net cash flow from financing activities increased by 231.06%, indicating a rise in cash inflows from financing activities[12] - The company plans to issue convertible bonds, with a remaining bond amount of RMB 3,159,328,200[17] - The company has experienced a reduction in convertible bond amounts due to conversions, with 6,718 bonds reduced[17] Incidents and Management Changes - A significant safety incident occurred on March 23, 2025, involving a major scalding accident[18] - The company has appointed a new signing accountant, Zhang Min, to replace Li Yuan due to his departure[19] - The company is in the process of transferring mining rights and shares from Jiangxi Copper, fulfilling commitments to avoid competition[19] Research and Development - Research and development expenses were ¥56,315,022.46, slightly up from ¥55,067,027.53, indicating continued investment in innovation[24] Foreign Exchange Impact - The company reported a foreign exchange impact on cash and cash equivalents of CNY 20,715,644.51, compared to CNY 5,272,394.40 in the previous period[29] Audit Status - The company has not undergone an audit for the first quarter report[30]