登记机关：南昌市市场监督管理局 国泰君安证券股份有限公司 关于山东恒邦冶炼股份有限公司 对江西铜业集团财务有限公司 2024 年度风险评估报告的核查意见 国泰君安证券股份有限公司（以下简称"国泰君安"或"保荐人"）作为山 东恒邦冶炼股份有限公司（以下简称"恒邦股份"或"公司"）向不特定对象发 行可转换公司债券（以下简称"本次发行"）的保荐人，根据《证券发行上市保 荐业务管理办法》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业 务》《上市公司监管指引第 4 号——上市公司及其相关方承诺》《深圳证券交易所 股票上市规则》（2023 年 8 月修订）《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》（2023 年 12 月修订）等相关规定的要求，对江西 铜业集团财务有限公司（以下简称"财务公司"）的《山东恒邦冶炼股份有限公 司关于对江西铜业集团财务有限公司的风险评估报告》进行了专项核查，核查情 况及核查意见如下： 一、基本情况 江西铜业集团财务有限公司成立于 2006 年 12 月 8 日，是经国家金融监督管 理总局（原中国银保监会）批准设立的非银行金融机构。 企业名称：江西铜业集 ...

国泰君安证券股份有限公司 关于山东恒邦冶炼股份有限公司 2024 年度内部控制评价报告的核查意见 国泰君安证券股份有限公司（以下简称"国泰君安"或"保荐人"）作为山 东恒邦冶炼股份有限公司（以下简称"恒邦股份"或"公司"）向不特定对象发 行可转换公司债券（以下简称"本次发行"）的保荐人，根据《证券发行上市保 荐业务管理办法》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业 务》《深圳证券交易所股票上市规则》（2023 年 8 月修订）《深圳证券交易所上市 公司自律监管指引第 1 号——主板上市公司规范运作》（2023 年 12 月修订）等相 关规定的要求，对恒邦股份2024年度内部控制评价报告等相关事项进行了核查， 相关核查情况及意见如下： 一、保荐人进行的核查工作 国泰君安保荐代表人通过与恒邦股份董事、监事、高级管理人员、内部审计、 注册会计师等人员交谈，查阅了董事会、总经理办公会等会议记录、内部审计报 告、年度内部控制评价报告、监事会报告，以及各项业务和管理规章制度，从公 司内部控制环境、内部控制制度的建设、内部控制的实施情况等方面对其内部控 制制度的完整性、合理性及有效性进行了核查。 二、内部 ...

据证券时报，近期，多家机构再次上调了黄金目标价格，高盛将2025年底金价预测从此前的3100美元上 调到了3300美元。高盛表示，看涨黄金价格的主要原因在于央行对黄金的需求超出预期，且资金稳健流 入黄金ETF。 高盛预计亚洲大型央行可能在未来3~6年继续快速购金，中国等国的目标黄金储备比例或从目前8%提高 至20%~30%。此外，花旗、瑞银集团、法国巴黎银行等海外机构同样上调了黄金价格预期。 金信期货研报认为，在其稀缺特性、全球债务增长以及货币超发、美元信用下滑、央行购金需求持续的 大背景下，金价长期向上的驱动并不改变；而现在或者说此后一段时间全球仍将处于低利率时代，同时 联储进入新一轮降息周期，ETF资金流入成为中期强有力推手。维持2025年年报金价中枢将继续上扬的 观点，并上调目标区域至3340~3475美元/盎司。 贵金属板块逆市领涨，西部黄金涨超7%，赤峰黄金、山金国际、四川黄金等纷纷上涨。 3月31日，国际现货黄金价格再次刷新历史新高，突破3100美元/盎司。 | 伦敦金现 | | | SPTAUUSDOZ | | --- | --- | --- | --- | | 3105.645 | | | + ...

Core Viewpoint - Despite the significant increase in gold prices, Shandong Gold's profit margins for some products have declined, indicating a disconnect between revenue growth and profitability [1][3][9]. Financial Performance - The company reported a revenue of 82.5 billion yuan and a net profit of 2.952 billion yuan, representing year-on-year increases of 39.21% and 26.8% respectively [1]. - In 2024, the international spot gold price peaked at 2,790 USD/ounce and ended the year at 2,624 USD/ounce, marking an approximate 27% increase compared to the previous year [1]. Product Performance - Revenue from self-produced gold, purchased gold, and small gold bars was 25.03 billion yuan, 36.76 billion yuan, and 10.34 billion yuan respectively [3]. - The gross margin for self-produced gold was 47.05%, while the margins for purchased gold and small gold bars were below 2% [3]. - The gross margin for self-produced gold decreased by 1.86 percentage points compared to the previous year, despite the rise in gold prices [3][4]. Cost Analysis - The cost of self-produced gold increased by 45.17%, outpacing the revenue growth of 40.08%, leading to a decline in gross margin [4]. - Significant increases in costs were noted in outsourced production expenses (up 71.42%) and manufacturing costs (up 57.51%) [6]. - The overall cost structure showed that raw material costs rose by 64.02% to 52.21 billion yuan, with raw materials now constituting 70.6% of the total costs [8]. Industry Context - The trend of declining profit margins in the gold refining sector is not unique to Shandong Gold, as similar patterns were observed in Hengbang Shares, which reported a decrease in gross margin despite revenue growth [6][9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.52 RMB [7][8]. Core Views - The company achieved a revenue of 75.801 billion RMB in 2024, a year-on-year increase of 15.59%, while the net profit attributable to shareholders was 537 million RMB, up 4.07% year-on-year [1][2]. - The report highlights that the company's main business revenue increased due to higher production and prices of gold and copper, but profitability did not increase due to lower processing fees and increased impairment losses [2][3]. - The forecast for gold prices is optimistic, with expectations of a continued upward trend in 2025-2026, driven by economic uncertainties and increased demand for gold as a safe-haven asset [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 17.640 billion RMB, an increase of 18.53% year-on-year, but a net profit of 72.186 million RMB, down 31.55% year-on-year [1]. - The overall production and operation of the company remained stable, with significant contributions from rare metals and by-products, which saw a gross profit increase of 406 million RMB compared to 2023 [2]. Future Outlook - The company is expected to benefit from rising prices of its main products, with net profit projected to increase to 844 million RMB in 2025 [1][4]. - The report anticipates that the supply-demand dynamics for copper will improve, potentially leading to higher copper prices in the coming years [3][4]. Valuation Metrics - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.74 RMB, 0.93 RMB, and 1.29 RMB respectively, reflecting a significant growth trajectory [4][6]. - The report provides a comparison of the company's price-to-earnings (PE) ratio with peers, suggesting a valuation of 15.6 times PE for 2025, which is lower than the industry average of 19.5 times [4][12].

Core Viewpoint - Shandong Hengbang Smelting Co., Ltd. reported a revenue of 75.8 billion yuan for 2024, marking a year-on-year increase of 15.59%, with a net profit of 537 million yuan, up 4.07% from the previous year. The company plans to distribute a cash dividend of 1.41 yuan per 10 shares to all shareholders [2]. Group 1: Financial Performance - The company achieved a total revenue of 75.8 billion yuan, reflecting a 15.59% increase year-on-year [2]. - The net profit attributable to shareholders was 537 million yuan, representing a 4.07% growth compared to the previous year [2]. - The revenue from precious metal smelting reached 58.861 billion yuan, accounting for 77.65% of total revenue, with a year-on-year growth of 55.71% [3]. Group 2: Product Output and Capabilities - The company produced 95.98 tons of gold, 825.68 tons of silver, 194,100 tons of electrolytic copper, and 113,690 tons of sulfuric acid in 2024 [2]. - Hengbang Smelting has established three pyrometallurgical production lines, with an annual production capacity of 98.33 tons of gold, 1,000 tons of silver, 250,000 tons of electrolytic copper, and 130,000 tons of sulfuric acid [2]. - The company has completed the registration of gold resource reserves amounting to 150.38 tons [2]. Group 3: Strategic Focus and Market Position - The company is focused on increasing self-supply of raw materials to reduce external dependency [2]. - Hengbang Smelting is leveraging its technological and process advantages in the recovery of multi-metal resources and is expanding into high-purity metal new materials, including semiconductor materials [3].

Core Viewpoint - Hengbang Co., Ltd. reported a revenue growth of 15.6% and a net profit increase of 4.07% for the year 2024, indicating a positive financial performance and a diversified business strategy. Group 1: Financial Performance - The company achieved an operating revenue of 75.801 billion yuan and a net profit attributable to shareholders of 537 million yuan in 2024 [1] - The proposed cash dividend is approximately 1.41 yuan per 10 shares, representing 30.16% of the net profit for the year [3] Group 2: Production Capacity and Innovation - Hengbang Co. has established three pyrometallurgical systems, with an annual production capacity of 98.33 tons of gold, 1,000 tons of silver, 250,000 tons of electrolytic copper, and 1.3 million tons of sulfuric acid [1] - The company has developed a core production process for arsenic treatment and has successfully innovated in the field of arsenic recycling, creating a global model for arsenic management [2] - As of the end of 2024, the company holds 27 invention patents and 58 utility model patents, with several technologies being internationally leading in gold smelting and resource recovery [2] Group 3: Resource Management and Future Outlook - The company has completed the registration of gold resources with a confirmed reserve of 150.38 tons, ensuring a stable supply of raw materials for future operations [3] - Hengbang Co. is actively expanding into high-purity metal materials for the semiconductor industry, aiming to enhance its high-value-added business segments [3] - The company plans to leverage its technological and scale advantages to optimize its business layout and drive sustainable growth in high-quality development [3]

Core Viewpoint - Hengbang Co., Ltd. (002237.SZ) reported a net profit growth of 4.07% for 2024, with significant increases in revenue driven by gold sales, despite concerns raised by an independent director regarding the integrity of the annual report and audit process [1][2]. Financial Performance - The company achieved an operating revenue of 75,800.75 million yuan, a year-on-year increase of 15.59% [1] - Operating costs amounted to 73,938.74 million yuan, reflecting a 15.90% increase compared to the previous year [1] - Operating profit reached 617.04 million yuan, up 8.98% year-on-year [1] - Total profit was reported at 596.51 million yuan, marking a 7.21% increase from the prior year [1] - Net profit attributable to shareholders was 536.72 million yuan, representing a growth of 4.07% year-on-year [1] Production Metrics - The company produced 95.98 tons of gold, an increase of 29.91% compared to the previous year [1] - Silver production decreased by 13.31% to 825.68 tons [1] - Electrolytic copper production fell by 4.39% to 194,100 tons [1] - Sulfuric acid production decreased by 14.00% to 1,136,900 tons [1] Dividend Distribution - The company declared a cash dividend of 1.41 yuan per 10 shares to all shareholders [1] Audit Concerns - Independent director Wang Yongmei voted against the annual report and did not sign a written confirmation, raising concerns about the report's reliability [2] - The accounting firm allegedly concealed the fact of changing the signing accountant and failed to communicate with the audit committee, which constitutes a violation [2] - The reasons for the resignation of the previous auditor remain unclear, and there are doubts about the competence of the new auditor, potentially affecting audit quality [2]

恒邦股份:2024年报净利润5.37亿 同比增长4.07% 二、前10名无限售条件股东持股情况 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.4700 | 0.4500 | 4.44 | 0.4300 | | 每股净资产（元） | 8.17 | 7.67 | 6.52 | 7.2 | | 每股公积金(元) | 2.8 | 2.63 | 6.46 | 2.63 | | 每股未分配利润(元) | 3.83 | 3.55 | 7.89 | 3.15 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 758.01 | 655.77 | 15.59 | 500.47 | | 净利润(亿元) | 5.37 | 5.16 | 4.07 | 4.99 | | 净资产收益率(%) | 5.67 | 5.88 | -3.57 | 6.22 | 数据四舍五入，查看更多财务数据>> 前十大流通股东累计持有： 4 ...

山东恒邦冶炼股份有限公司 内部控制审计报告 | | | 一、内部控制审计报告 1-2 和信会计师事务所（特殊普通合伙） 二○二五年三月二十六日 山东恒邦冶炼股份有限公司内部控制审计报告 报告正文 内部控制审计报告 和信审字（2025）第 000230 号 山东恒邦冶炼股份有限公司全体股东： 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是恒邦公司 董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，恒邦公司于 2024 年 12 月 31 日按照《企业内部控制基本规范》和 相关规定在所有重大方面保持了有效的财务报告内部控制。 和信会计师事务所（特殊 ...