招金集团获金都国投股权划转，宝鼎科技开启产业协同成长新周期

Core Viewpoint - Baoding Technology (宝鼎科技) is strengthening its control over the company through the acquisition by Zhaojin Group, which will enhance its capital strength and industrial resources, supporting its technological development and market expansion [1] Group 1: Acquisition and Control - Zhaojin Group will acquire 100% of the equity of Jindu State Capital Investment Group, which will result in Zhaojin Group holding 29.91% of Baoding Technology's total share capital [1] - The actual controller of Baoding Technology remains the Zhaoyuan Municipal People's Government, ensuring continued government support [1] Group 2: Production and Revenue Growth - Baoding Technology's wholly-owned subsidiary, Hexi Gold Mine, has completed the construction acceptance of its resource integration project, allowing it to officially enter production with an annual capacity of 300,000 tons [2] - The completion of this project is expected to significantly increase the company's gold ore extraction capacity, product gold output, and sales revenue, positively impacting profitability and competitive strength [2] Group 3: Market Trends and Financial Performance - The international gold price has been on the rise, with forecasts suggesting it could reach an average of $5,055 per ounce by Q4 2026, driven by factors such as central bank purchases and expectations of interest rate cuts [2] - In 2024, Baoding Technology's non-ferrous metal mining sector achieved revenue of 334 million yuan, a year-on-year increase of 27.43%, with a gross margin of 54.91% [3] - The company is expected to rapidly release its 300,000 tons/year production capacity, leveraging its resource endowment and cost advantages [3] Group 4: Diversification and Future Outlook - Baoding Technology's performance is not solely reliant on precious metals; its subsidiary Jinbao Electronics is also experiencing high growth, particularly in the PCB sector driven by emerging industries like AI and 5G [3][4] - Jinbao Electronics is positioned as a rare integrated high-tech supplier in the PCB industry, with its products covering various high-demand sectors [4] - The combination of gold production and high-end materials from Jinbao Electronics is anticipated to further enhance the company's profitability, entering a new growth cycle characterized by rising volume and price [4]