SJI(SZ:000975) Zhong Guo Jin Rong Xin Xi Wang·2025-10-20 23:21Core Viewpoint - Shandong Gold International Co., Ltd. (referred to as "Shandong Gold International") has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for mining construction, exploration, acquisition of quality mining assets, and repayment of interest-bearing debts related to Osino [1][2]. Financial Performance - Shandong Gold International has shown continuous growth in recent years, with projected revenue exceeding 13 billion yuan in 2024. In the first half of 2025, revenue and profit increased by 42.2% and 47.64% year-on-year, respectively [2][11]. - The company's revenue from 2022 to 2024 was 8.373 billion yuan, 8.095 billion yuan, and 13.580 billion yuan, with a compound annual growth rate of 27.35%. The net profit during the same period was 1.247 billion yuan, 1.566 billion yuan, and 2.438 billion yuan, with a compound annual growth rate of 39.86% [10]. Mining Assets and Operations - Shandong Gold International has a comprehensive mining rights area of 259.9 square kilometers in China and 5,709.7 square kilometers in Namibia, indicating significant future exploration and resource potential [2][13]. - The company ranks sixth among gold producers in China and fourth in gold reserves, with gold resources reaching 284.6 tons (9,150.6 thousand ounces) as of June 30, 2025, nearly doubling from 146.7 tons (4,715.3 thousand ounces) as of December 31, 2023 [7][13]. Shareholding Structure - As of the latest feasible date, Shandong Gold Mining holds approximately 28.89% of the shares, making it the controlling shareholder. Other shareholders include Wang Shui with approximately 11.96% and other A-share shareholders with about 59.15% [5]. Cost Efficiency - The all-in sustaining cost for gold production in the fiscal year ending December 31, 2024, is projected to be 683.5 USD per ounce, placing it in the top 10% of global gold mining costs, compared to the global average of 1,438.1 USD per ounce [7].