Core Viewpoint - Chifeng Jilong Gold Mining Co., Ltd. plans to hold a performance briefing on November 7, 2025, to discuss its Q3 2025 operational results and financial status, inviting investors to participate actively [1] Group 1 - The company aims to provide a comprehensive understanding of its Q3 2025 performance [1] - The briefing will take place on the Dongfang Caifu roadshow platform from 4:00 PM to 5:00 PM [1] - The event is designed to address investor concerns and facilitate communication [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告 全部或任何部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Chifeng Jilong Gold Mining Co., Ltd. 赤峰吉隆黃金礦業股份有限公司 （H股股份代號：6693） （於中華人民共和國註冊成立的股份有限公司） 關於召開2025年第三季度業績說明會的公告 本公告乃由赤峰吉隆黃金礦業股份有限公司（「本公司」或「公司」）自願作出。 重要內容提示： 1 • 會議召開時間：2025年11月7日（星期五）下午4:00-5:00（香港時間） • 會議召開方式：東方財富路演平台網絡文字互動 • 投資者可於2025年11月4日至11月7日下午5:00前登錄東方財富路演平台 (http://roadshow.eastmoney.com/luyan/4963585)或掃描下方二維碼，或通過 郵箱IR@cfgold.com向公司提問，公司將在說明會上對投資者普遍關注的 問題進行回答。 為便於廣大投資者更全面深入地了解公司2025年第三季度經營成果、財 務狀況等 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告 全部或任何部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 上述補充資料並不影響公佈所載的其他資料，除上文披露者外，通函及公告 所披露的所有其他資料均維持不變。 承董事會命 Chifeng Jilong Gold Mining Co., Ltd. 赤峰吉隆黃金礦業股份有限公司 （H股股份代號：6693） （於中華人民共和國註冊成立的股份有限公司） 有關董事會換屆選舉的補充公告 茲提述赤峰吉隆黃金礦業股份有限公司（「本公司」，連同其附屬公司為「本集 團」）日期為2025年10月14日的通函（「通函」）及本公司日期為2025年10月10日及 2025年10月31日的公告（「公告」），內容有關（其中包括）本公司董事（「董事」）會 （「董事會」）換屆選舉。除文義另有所指外，此公告所用詞彙與該通函及公告 所界定者具有相同涵義。 董事會謹此提供蔣琪博士履歷詳情的補充資料： 2020年1月至2022年4月期間，其曾任山東新華錦國際股份有限公司（一家在上 海證券交易所上市的公司 ...

Core Viewpoint - The global mining industry is undergoing a significant transformation driven by a new round of technological revolution and industrial change, with increasing demand for mineral resources from emerging industries and a focus on energy transition [1][3]. Group 1: Mining Investment and Discoveries - In 2024, China's geological exploration investment reached 115.99 billion yuan, marking four consecutive years of growth, with a cumulative investment of nearly 450 billion yuan since the 14th Five-Year Plan [1]. - A total of 150 new mineral sites were discovered in 2024, including 49 large, 54 medium, and 47 small sites, with notable discoveries in ordinary fluorite, lithium, gold, and iron [3][4]. Group 2: Demand and Supply Dynamics - China is the world's largest producer, consumer, and trader of mineral resources, with 13 minerals accounting for 50% of global production and 23 minerals for over 50% of global consumption [3]. - The demand for minerals such as iron, copper, and energy resources is expected to remain high, driven by the growth of the new energy industry, with lithium and rare earths projected to see several-fold increases in demand by 2050 [4][6]. Group 3: International Cooperation and Strategic Needs - China's reliance on imports for strategic minerals poses a significant challenge, necessitating enhanced international mining cooperation to address domestic supply gaps [6][7]. - The need for Chinese mining companies to expand overseas has become essential, as accessing high-quality resources abroad can reduce long-term operational costs and enhance profitability [7]. Group 4: Green and Intelligent Mining Development - The global shift towards green and low-carbon development is driving a massive demand for new energy minerals, leading to a transformation in mining practices towards smart and sustainable operations [8][9]. - The implementation of new technologies such as digital twins, AI, and cloud computing is becoming prevalent in mining, with a focus on ecological restoration and sustainable practices [9][10]. Group 5: Regulatory Framework and Future Outlook - The new Mineral Resources Law, effective from July 1, introduces comprehensive regulations for ecological restoration and strategic mineral reserves, enhancing legal confidence for international mining investments [10]. - The mining sector is advancing towards a model that emphasizes security, technological advancement, and sustainable development, aiming for a balance between economic, social, and environmental benefits [10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [15]. Core Insights - The company achieved a record high net profit attributable to shareholders of 9.51 billion yuan in Q3 2025, with a year-on-year increase of 140.98% [4]. - Revenue for the first three quarters of 2025 reached 86.44 billion yuan, reflecting a year-on-year growth of 38.91% [4]. - The company’s gold production for Q1-Q3 2025 was 10.71 tons, with a slight year-on-year decrease of 0.41%, but Q3 production saw a quarter-on-quarter increase of 15.68% [5]. - The report highlights ongoing project developments, including the discovery of a large-scale gold-copper deposit at Wanxiang Mining, which is expected to significantly contribute to profit growth [7]. Financial Performance - The company’s revenue is projected to grow from 90.26 billion yuan in 2024 to 183.45 billion yuan in 2027, with a compound annual growth rate of 24.99% to 5.88% [11]. - Net profit attributable to shareholders is expected to rise from 1.76 billion yuan in 2024 to 5.96 billion yuan in 2027, with growth rates of 119.46% to 7.75% [11]. - The company’s price-to-earnings (P/E) ratio is forecasted to decrease from 32.09 in 2024 to 9.49 in 2027, indicating improving valuation metrics [11]. Cost and Production Insights - The average gold sales cost for Q1-Q3 2025 was approximately 327 yuan per gram, a year-on-year increase of 16% [6]. - The report notes that the cost of production at the Vasa mine has increased significantly due to various factors, including tax rate hikes and operational cost increases [6]. Future Outlook - The report anticipates stable growth in gold production and sales, with projected net profits of 34.28 billion yuan, 55.34 billion yuan, and 59.64 billion yuan for 2025, 2026, and 2027 respectively [9]. - The company is expected to benefit from ongoing mining project developments and improved operational efficiencies, contributing to overall profitability [7].

证券代码：600988 证券简称：赤峰黄金 公告编号：2025-055 重要内容提示： 投资者可于2025年11月4日（星期二）至11月7日（星期五）下午17:00前 登录东方财富路演平台（http://roadshow.eastmoney.com/luyan/4963585）或扫描 本公告中下方二维码，或通过邮箱IR@cfgold.com向公司提问。 一、说明会类型 赤峰吉隆黄金矿业股份有限公司（以下简称"公司"）已于 2025 年 10 月 25 日披露公司《2025 年第三季度报告》。公司将针对 2025 年第三季度的经营成 果、财务指标等与投资者进行互动交流和沟通，在信息披露允许的范围内就投 资者普遍关注的问题进行回答。欢迎广大投资者积极参与。 二、说明会召开的时间、地点 （一）会议召开时间：2025 年 11 月 7 日（星期五）下午 16:00-17:00 （二）会议召开地点：东方财富路演平台 1 赤峰吉隆黄金矿业股份有限公司 关于召开2025年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任 ...

呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 600988 | 說明 | | 於上海證券交易所上市之A股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,663,911,378 | RMB | | 1 RMB | | 1,663,911,378 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 1,663,911,378 | RMB | | 1 RMB | | 1,663,911,378 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 赤峰吉隆黃金礦業股份有限公司 | 2. 股份分類 ...

Market Overview - The precious metals sector declined by 1.09% compared to the previous trading day, with Hunan Gold leading the decline [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Individual Stock Performance - The closing prices and performance of key stocks in the precious metals sector are as follows: - Chifeng Jilong Gold: 29.92, +0.44%, volume 435,700, turnover 1.273 billion [1] - Hengbang Shares: 13.27, +0.30%, volume 314,900, turnover 411 million [1] - Sichuan Gold: 27.29, -0.07%, volume 116,600, turnover 314 million [1] - Western Gold: 27.42, -0.29%, volume 173,400, turnover 468 million [1] - Yancheng Technology: 24.45, -0.41%, volume 273,000, turnover 650 million [1] - Shandong Gold: 35.69, -0.97%, volume 457,200, turnover 1.612 billion [1] - Zhaojin Mining: 11.99, -1.07%, volume 373,000, turnover 442 million [1] - Hunan Silver: 6.35, -1.24%, volume 1,079,900, turnover 677 million [1] - Zhongquan Gold: 21.83, -1.53%, volume 778,500, turnover 1.683 billion [1] - Shanshe International: 21.27, -1.94%, volume 380,300, turnover 799 million [1] Fund Flow Analysis - The precious metals sector experienced a net outflow of 546 million from institutional investors, while retail investors saw a net inflow of 642 million [3][4] - The detailed fund flow for individual stocks indicates significant outflows for several companies, including: - Hunan Gold: -35.73 million from institutional investors, with a retail inflow of 33.07 million [4] - Shandong Gold: -42.38 million from institutional investors, with a retail inflow of 62.53 million [4] - Hunan Silver: -81.81 million from institutional investors, with a retail inflow of 81.13 million [4] ETF Performance - The gold stock ETF (product code: 159562) tracks the CSI Hong Kong and Shanghai Gold Industry Stock Index and has seen a 5-day change of +1.13% [6] - The ETF's current price-to-earnings ratio is 23.91, with a recent net outflow of 8.262 million from institutional investors [6]

Supply - The total gold supply reached a historical high of 1,313 tons in Q3 2025, with a year-on-year increase of 3%, driven by record mineral production and improved recycling rates [2][3] - Year-to-date, the gold supply has increased by 1% to a record 3,717 tons, with the recycling volume showing the largest growth of 3% to 1,041 tons [2] Demand - In Q3 2025, gold demand (excluding OTC and others) reached 1,258 tons, marking a year-on-year increase of 5% and a quarter-on-quarter increase of 16% [3] - Investment demand surged to 537.2 tons, reflecting a year-on-year growth of 47% and a quarter-on-quarter growth of 13% [3] - Central bank purchases amounted to 219.9 tons, up 10% year-on-year and 28% quarter-on-quarter [3] Jewelry - Jewelry demand saw a decline across almost all markets year-on-year, primarily due to record gold prices impacting consumer purchasing power [4] - Despite the decline in consumption volume, the total jewelry spending reached $41 billion, a 13% increase year-on-year [4] Investment - The surge in gold prices in Q3 was largely attributed to accelerated investment demand across all forms, including gold bars, coins, and ETFs [5] - Year-to-date investment demand has reached 1,566 tons, only 6% lower than the peak in the first three quarters of 2020, with total investment value for the first nine months reaching $161 billion, more than double the previous year [5] Central Banks - Central banks remained significant contributors to gold demand, with net purchases estimated at 220 tons in Q3, a 28% increase from the previous quarter [6] - Year-to-date, central banks have added 634 tons to their gold reserves, exceeding the average of 400-500 tons per year prior to 2022 [6] Industrial Demand - The expected seasonal growth in electronic product demand did not materialize in Q3, influenced by record gold prices and companies seeking cost-saving measures [7][8] Long-term Outlook - The ongoing U.S. government shutdown and expectations of interest rate cuts are likely to support gold prices, alongside global concerns over debt and currency [9] - The U.S. national debt has surpassed $38 trillion, with significant fiscal deficits projected, which may further bolster gold's appeal as a safe-haven asset [9] Investment Opportunities - The rise in gold prices has enhanced profit expectations for gold resource stocks, which are currently undervalued, presenting potential investment opportunities [10] - Notable stocks to consider include Chifeng Jilong Gold Mining (600988.SH), Shandong Gold International (000975.SZ), and China National Gold Group (02099) [10]

Core Viewpoint - The non-ferrous metal mining sector is experiencing a correction, but the mining ETF (561330) has shown a year-to-date increase of over 80%, indicating potential for re-entry after the pullback [1]. Group 1: Copper Market Insights - The copper market is facing supply disruptions, with Antofagasta, a major Chilean copper producer, announcing that its 25-year copper production may only meet the lower guidance limit due to inflation-related capital expenditure cuts [3]. - Several projects, including Kamoa-Kakula and Grasberg, have lowered their medium-term production guidance by nearly 500,000 tons, leading to a significant reduction in copper supply growth compared to last year [3]. - The mid-term copper supply is expected to remain tight, providing upward support for copper prices [3]. Group 2: Gold Market Dynamics - After a rapid increase over the past two months, gold prices are experiencing heightened volatility, but the long-term upward trend remains intact [3]. - Factors such as excessive money supply, fiscal deficit monetization, and global geopolitical instability are driving demand for gold as a safe-haven asset [3]. - The combination of a potential Federal Reserve interest rate cut cycle, increased macroeconomic uncertainty abroad, and a global trend towards de-dollarization is expected to support gold prices in the medium to long term [3]. Group 3: Non-Ferrous Metals Sector Outlook - According to Dongfang Securities, the non-ferrous metals sector is entering a new cycle driven by supply-demand balance, resource strategic importance, and the transformation of old and new industries [4]. - Industrial metals like copper are gaining attention due to improved supply-demand dynamics, while strategic resources such as lithium and rare earths are seeing sustained demand growth amid the energy transition [4]. - Overall, the non-ferrous metals industry is benefiting from structural supply-demand contradictions and the overlapping demands of new and old industries, exhibiting independent operational characteristics [4]. Group 4: Mining ETF (561330) Performance - The mining ETF (561330) has outperformed the CSI Non-Ferrous Index by nearly 10% year-to-date as of October 31, 2025, due to its concentrated holdings in leading companies [5]. - The ETF tracks the CSI Non-Ferrous Metals Mining Theme Index, which consists of 37 components, with the top ten stocks accounting for 7.26% of the index, indicating a more precise capture of market trends compared to the broader index [5]. - The higher concentration of gold, copper, and rare earths in the mining ETF, which makes up 54.9% of the index, enhances its responsiveness to favorable catalysts in these sectors [8].