Core Viewpoint - The article discusses the significant decline of the US dollar, which has fallen below the 98 mark, leading to a rise in Asian currencies and increased interest in gold as a safe-haven asset [1][3]. Currency and Dollar Performance - The US dollar index has dropped to a three-year low, with a decline of over 1.4% on April 21, 2025, and a year-to-date increase of approximately 11.38% for the euro against the dollar and 12% for the yen [3][4]. - Goldman Sachs estimates that the dollar is overvalued by 20%, attributing this to the adverse effects of US tariff policies on the dollar's credibility [2][4]. Gold Market Dynamics - Gold has emerged as the primary beneficiary of the dollar's decline, with record inflows into gold funds amounting to $8 billion in the past week, surpassing stock fund inflows of $7.9 billion [5][6]. - The price of gold futures reached over $3,400 per ounce, while domestic gold prices exceeded 800 yuan per gram, reflecting a strong demand for gold as a hedge against dollar asset risks [2][5]. Investment Trends - The inflow into gold ETFs has been robust, with a continuous increase for 12 weeks, marking the longest streak since 2022. The total inflow for the first quarter of 2025 reached $21 billion, with 226 tons of gold added [6]. - In China, gold ETF inflows were approximately 5.6 billion yuan in March, contributing to a total asset management scale of 101 billion yuan, a record high [6]. Economic Outlook - Analysts suggest that the ongoing issues with the dollar's credibility are likely to persist, with the US economy facing potential recession or stagflation. This situation may lead to increased investment in precious metals [7].

中国国际金融股份有限公司 关于湖南白银股份有限公司 发行股份购买资产并募集配套资金暨关联交易 之 2024 年度募集资金存放与使用情况的专项核查意见 中国国际金融股份有限公司（以下简称"中金公司"、"独立财务顾问"）作 为湖南白银股份有限公司（曾用名"郴州市金贵银业股份有限公司"，以下简称 "湖南白银"或"公司"）发行股份购买资产并募集配套资金暨关联交易之独立 财务顾问，根据《上市公司重大资产重组管理办法》《上市公司监管指引第 2 号 ——上市公司募集资金管理和使用的监管要求》《深圳证券交易所股票上市规则》 《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》等 相关法律、法规和规范性文件的规定，对公司 2024 年度募集资金存放与使用情 况进行了审慎核查，核查情况及意见如下： 一、募集资金基本情况 （一）募集资金金额、资金到账时间 经中国证券监督管理委员会《关于同意郴州市金贵银业股份有限公司发行股 份购买资产并募集配套资金注册的批复》（证监许可[2024]174 号）核准，湖南白 银向湖南省矿产资源集团有限责任公司（曾用名"湖南有色产业投资集团有限责 任公司"）发行股份募集资金不超过 3 ...

湖南白银股份有限公司 2024 年度监事会工作报告 2024 年，湖南白银股份有限公司（以下简称"公司"） 监事会严格按照《公司法》《证券法》《公司章程》及《监 事会议事规则》等有关规定和要求，本着对全体股东负责的 态度，依法独立行使职权，认真履行监督职责。报告期内， 监事会共召开 6 次会议，并依法列席报告期内董事会和股东 大会，对公司经营活动、财务状况、重大决策、股东大会召 开程序以及董事、高级管理人员履行职责实施了有效监督， 切实有效地保障了股东、公司和员工的合法权益。现将监事 会在 2024 年度工作情况报告如下： 一、2024 年度监事会会议召开情况 报告期内，公司监事会共召开了 6 次会议，会议的召集 与召开程序、出席会议人员的资格、会议表决程序、表决结 果和决议内容均符合法律法规和《公司章程》的规定，会后 对有关信息进行了及时披露，具体情况如下： （一）2024 年 3 月 1 日，组织召开了第五届监事会第十 六次现场会议，审议通过了《关于选举公司第六届监事会非 职工代表监事的议案》； （二）2024 年 3 月 8 日，组织召开了第五届监事会第十 七次现场会议，审议通过了《关于拟与湖南黄金珠宝 ...

Financial Performance - The company's operating revenue for the year reached ¥8,313,104,638.16, representing a 61.76% increase compared to ¥5,139,090,733.56 in the previous year[19]. - The net profit attributable to shareholders was ¥169,767,192.07, a significant turnaround from a loss of ¥160,687,611.48, marking a 205.65% improvement[19]. - The net cash flow from operating activities was ¥698,043,409.60, a remarkable increase of 1,218.66% from -¥62,399,710.32 in the previous year[19]. - Total assets increased by 31.86% to ¥5,520,712,852.94 from ¥4,186,799,550.62 at the end of the previous year[19]. - The net assets attributable to shareholders rose by 99.57% to ¥3,289,851,596.26 from ¥1,648,476,606.24 at the end of the previous year[19]. - The weighted average return on equity improved to 5.78% from -9.21% in the previous year[19]. - The company reported a basic earnings per share of ¥0.06, a recovery from a loss of ¥0.07 per share in the previous year[19]. - The company achieved an operating income of approximately 8.3 billion yuan, a year-on-year increase of 61.76%, and a net profit of about 170 million yuan, up 205.65%[42]. Strategic Initiatives - The company plans to expand its market presence through strategic acquisitions and partnerships, including transactions with Hunan Mineral Resources Group and Hunan Gold Group[17]. - The strategic plan for 2024-2030 focuses on "real industry development + capital operation" with a goal to become a leading enterprise in the silver, lead, and zinc industry[43]. - The company is actively expanding its silver product sales channels and enhancing cultural tourism integration through its subsidiary Jinfu Silver[30]. - The company has shown a commitment to enhancing its operational capabilities and financial stability following its restructuring process initiated in 2020[17]. Environmental and Safety Compliance - The company has established a safety and environmental protection system, conducting seven emergency drills throughout the year[45]. - The company has complied with environmental protection regulations, with all projects passing environmental assessments and maintaining valid administrative licenses[160]. - The company was rated as a blue card enterprise in the 2023 environmental credit evaluation by the Hunan Provincial Ecological Environment Department[161]. - Hunan Baiyin Co., Ltd. has established a wastewater treatment system with a daily capacity of 120m³ for acidic wastewater and 3600m³ for total wastewater, ensuring compliance with relevant pollution discharge standards[163]. - The company achieved a goal of "zero fire accidents, zero environmental pollution incidents, and zero new occupational cases" throughout the year[177]. Governance and Management Changes - The company reported a leadership change with multiple executives, including the Chairman and General Manager, stepping down on March 19, 2024, due to a board reshuffle[100]. - The new Chairman, Li Guangmei, and the new General Manager, Kang Rulong, were elected on March 19, 2024[101]. - The company experienced a significant turnover in its board, with 12 members, including independent directors, leaving their positions due to the board restructuring[100]. - The company plans to expand its management team with the election of new executives, including the Vice Chairman and several board members, to enhance governance[101]. Risk Management - The company faces risks related to raw material procurement, including potential cost mismatches if market prices rise before raw materials are priced[79]. - The company has implemented strict risk control measures for its commodity futures hedging activities, focusing on effective hedging against raw material and product price fluctuations[79]. - The company's risk management framework includes measures for price volatility, liquidity, funding, internal control, and technology risks[79]. Research and Development - Research and development expenses increased by 808.68% to ¥41,373,678.51, primarily due to the acquisition of Baoshan Mining[62]. - The number of R&D personnel increased by 167.19% to 171, with a significant rise in the number of bachelor's degree holders[63]. - The company added five new research and development projects during the year, enhancing its development quality[64]. Investor Relations and Transparency - The company has a comprehensive disclosure strategy, utilizing multiple media outlets for transparency[15]. - The company emphasizes the importance of investor awareness regarding investment risks associated with environmental and market factors[4]. - The company actively engages in investor relations management, ensuring timely and accurate information disclosure[176]. Shareholder and Financial Commitments - The company reported a plan not to distribute cash dividends or issue bonus shares for the fiscal year 2024[4]. - The company has not engaged in speculative derivative investments during the reporting period[80]. - The company guarantees the authenticity, accuracy, and completeness of the provided information and documents, ensuring no false records, misleading statements, or significant omissions exist[191].

Core Viewpoint - Hunan Silver (002716) reported significant financial growth in 2024, with total revenue reaching 8.313 billion yuan, a year-on-year increase of 61.76%, and a net profit of 170 million yuan, up 205.65%. However, the company's stock price fell sharply, indicating a lack of market confidence despite strong financial results [1][4][6]. Financial Performance - The company's revenue for 2024 was 8.313 billion yuan, reflecting a 61.76% increase year-on-year, while net profit was 170 million yuan, marking a 205.65% growth [4]. - The growth was primarily driven by rising prices of precious metals like silver and gold, along with an expansion in production scale [4]. - Despite the revenue and profit growth, the company's gross margin was only 6.55%, significantly lower than the industry average, indicating room for improvement in cost control and product value enhancement [4]. Production Metrics - Hunan Silver produced 761.08 tons of silver in 2024, a 28.35% increase year-on-year, and 2,683.28 kilograms of gold, up 35.52% [4]. - However, the production of lead ingots decreased by 8.59% to 62,500 tons, which may impact overall profitability, especially in a volatile lead price market [4]. Subsidiary Performance - The performance of subsidiaries varied, with Baoshan Mining achieving record highs in revenue, profit, and tax contributions due to increased production capacity [5]. - Conversely, Xizang Jinhe Mining faced slow progress in exploration and resource expansion, leading to uncertainty in future mining development [5]. - Jinfu Silver, the main platform for silver product sales, experienced slow retail growth despite market reforms, while Baiyin City needs to enhance its cultural tourism integration to improve competitiveness [5]. Market Sentiment - Despite strong financial results, Hunan Silver's stock price fell to the limit down on April 9, indicating weak market confidence [6]. - Concerns regarding the low gross margin, mixed subsidiary performance, and fluctuations in precious metal prices contributed to the stock's poor performance [6]. - The company has outlined a "High-Quality Development Strategic Plan (2024-2030)" with a "1234" development strategy, but market skepticism remains regarding its execution and sustainability of future growth [6].

目 录 一、非经营性资金占用及其他关联资金往来情况的专项 | | | 二、非经营性资金占用及其他关联资金往来情况汇总表…………… 第 3 页 三、附件…………………………………………………………… 第 4—7 页 (一) 本所营业执照复印件……………………………………… 第 4 页 (二) 本所执业证书复印件……………………………………… 第 5 页 (三) 本所签字注册会计师执业证书复印件……………… 第 6—7 页 非经营性资金占用及其他关联资金往来情况的 专项审计说明 天健审〔2025〕2-204 号 湖南白银股份有限公司全体股东： 我们接受委托，审计了湖南白银股份有限公司（以下简称湖南白银公司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度 的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所有者权益变 动表，以及财务报表附注，并出具了审计报告。在此基础上，我们审计了后附的 湖南白银公司管理层编制的 2024 年度《非经营性资金占用及其他关联资金往来 情况汇总表》（以下简称汇总表）。 一、对报告使用者和使用目的的限定 本报告仅供湖南白银公 ...

中国国际金融股份有限公司 关于湖南白银股份有限公司 发行股份购买资产并募集配套资金暨关联交易 之 2024 年度业绩承诺实现情况的核查意见 中国国际金融股份有限公司（以下简称"中金公司"、"独立财务顾问"）作为湖 南白银股份有限公司（曾用名"郴州市金贵银业股份有限公司"，以下简称"湖南白 银"或"公司"）发行股份购买资产并募集配套资金暨关联交易之独立财务顾问，根 据《上市公司重大资产重组管理办法》等相关规定，对业绩承诺方关于业绩承诺实 现情况进行了审慎核查，核查情况及意见如下： 一、本次交易方案概述 公司于 2023 年 4 月 18 日召开的第五届董事会第十六次会议及 2023 年 5 月 24 日召开的 2023 年第一次临时股东大会审议通过了《关于〈郴州市金贵银业股份有 限公司发行股份购买资产并募集配套资金暨关联交易报告书（草案）〉及其摘要》 等与本次交易相关的议案，同意公司通过发行股份的方式购买湖南省矿产资源集团 有限责任公司（曾用名"湖南有色产业投资集团有限责任公司"，以下简称"矿产资 源集团"）和湖南黄金集团有限责任公司（以下简称"湖南黄金集团"）合计持有的 湖南宝山有色金属矿业有限责任公司（以下 ...

目 录 | 一、内部控制审计报告…………………………………………第 | | 1—2 | 页 | | --- | --- | --- | --- | | 二、附件……………………………………………………… | 第 | 3—6 | 页 | | (一) 本所营业执照复印件………………………………… | | 第 3 | 页 | | (二) 本所执业证书复印件………………………………… | | 第 4 | 页 | | (三) 本所签字注册会计师执业证书复印件………… | 第 | 5—6 | 页 | 内部控制审计报告 天健审〔2025〕2-202 号 湖南白银股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了湖南白银股份有限公司（以下简称湖南白银公司）2024 年 12 月 31 日 的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》以及《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，并评价其有效性是湖南 白银公司董事会的责任。 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 ...

二、业绩承诺完成情况的说明………………………………………第 3—4 页 关于湖南宝山有色金属矿业有限责任公司 目 录 | | | 业绩承诺完成情况的鉴证报告 天健审〔2025〕2-205 号 湖南白银股份有限公司全体股东： 我们鉴证了后附的湖南白银股份有限公司（以下简称湖南白银公司）管理层 编制的《关于湖南宝山有色金属矿业有限责任公司 2024 年度业绩承诺完成情况 的说明》。 一、对报告使用者和使用目的的限定 本鉴证报告仅供湖南白银公司年度报告披露时使用，不得用作任何其他目的。 我们同意将本鉴证报告作为湖南白银公司 2024 年度报告的必备文件，随同其他 文件一起报送并对外披露。 二、管理层的责任 湖南白银公司管理层的责任是提供真实、合法、完整的相关资料，按照深圳 证券交易所的相关规定编制《关于湖南宝山有色金属矿业有限责任公司 2024 年 度业绩承诺完成情况的说明》，并保证其内容真实、准确、完整，不存在虚假记 录、误导性陈述或重大遗漏。 三、注册会计师的责任 我们的责任是在实施鉴证工作的基础上对湖南白银公司管理层编制的上述 说明独立地提出鉴证结论。 第 1 页 共 4 页 四、工作概述 我们按照中国注册会 ...

| | | | 一、审计报告……………………………………………………… | 第 1—5 页 | | --- | --- | | 二、财务报表……………………………………………………… 第 | 6—13 页 | | （一）合并资产负债表…………………………………………… | 第 6 页 | | （二）母公司资产负债表………………………………………… | 第 7 页 | | （三）合并利润表………………………………………………… | 第 8 页 | | （四）母公司利润表……………………………………………… | 第 9 页 | | （五）合并现金流量表……………………………………………第 | 10 页 | | （六）母公司现金流量表…………………………………………第 | 11 页 | | （七）合并所有者权益变动表……………………………………第 | 12 页 | | （八）母公司所有者权益变动表…………………………………第 | 13 页 | | 三、财务报表附注……………………………………………… 第 | 14—102 页 | | 四、附件………………………………………………………… 第 | 103—106 页 ...