Industry Overview - The mining industry is a cornerstone of the global economy, increasingly intertwined with human activities. In 2024, the top 40 non-gold mining companies experienced a 3% year-on-year decline in revenue and a 10% drop in EBITDA due to rising costs, leading to a decrease in EBITDA margins. Conversely, gold mining companies saw a 15% increase in revenue and a 32% rise in EBITDA, somewhat masking the performance decline of non-gold mining firms [1][8][11]. Multi-Sector Support and Cross-Industry Opportunities - Mining provides essential mineral support for six core sectors: energy and power, transportation, food, healthcare, construction, and manufacturing. Cross-sector development presents opportunities, such as mining companies investing in zero-emission power production and participating in cross-regional railway projects, enhancing operational efficiency and promoting social welfare [1][21][16]. Concentration Risk and Response Measures - There is a mismatch in the geographical distribution of mineral reserves and production, leading to concentration risks that are susceptible to regional issues. Countries are responding by formulating critical mineral strategies, increasing investments, and ensuring supply security. Companies are investing in processing stages, exploring alternative materials, and innovating technologies, while end-users stabilize supply chains through agreements and investments. For instance, Indonesia has enhanced its position in the global nickel market through export restrictions on nickel ore, promoting processing capacity growth [1][34][25]. Market Dynamics - In 2024, the number and scale of mining transactions declined, with energy transition minerals accounting for a lower proportion of transactions compared to previous years. The industry is witnessing trends such as consolidation (especially in gold and silver), divestment of non-core assets, vertical integration, diversification, technology-driven mergers and acquisitions, and increased government involvement [2][40][43]. 2035 Outlook - The report analyzes seven driving factors impacting the mining industry, including population growth, urbanization, energy transition, and environmental impacts. It is anticipated that population growth and urbanization will increase mineral demand over the next decade, while energy transition will drive demand for critical minerals. Technological advancements will enhance efficiency, and changes in human capital and funding support will reshape the landscape, with government regulation and policy collaboration being crucial [2][51][55]. Conclusion and Appendix - Collaboration across sectors is essential, with mining companies encouraged to cooperate in downstream research and development, infrastructure construction, and talent cultivation. The appendix provides geographical distribution data for reserves and production of various minerals, including copper and lithium, along with information about the report's authors and contact details [2][4][11].

Core Viewpoint - Gansu Green Mineral Investment Development Fund (Limited Partnership) plans to reduce its shareholding in Jinhui Mining Co., Ltd. by up to 29,340,000 shares, representing a maximum of 3% of the company's total share capital [2][3] Shareholder Holding Situation - As of the announcement date, Gansu Green Mineral Investment Development Fund holds 61,600,000 shares, accounting for 6.30% of the total shares [2][3] Reduction Plan Details - The reduction plan includes: - A maximum of 9,780,000 shares through centralized bidding, not exceeding 1% of the total share capital - A maximum of 19,560,000 shares through block trading, not exceeding 2% of the total share capital - The total reduction will occur within three months starting from September 10, 2025, to December 10, 2025 [2][3][4] Reason for Reduction - The reduction is based on the actual operational needs of Gansu Green Mineral Investment Development Fund [3][4] Compliance with Previous Commitments - The fund has previously committed not to transfer or manage shares acquired before the IPO for 12 months post-listing, and this reduction plan is consistent with that commitment [4]

Core Viewpoint - JinHui Mining Co., Ltd. reported a significant increase in revenue and profit for the first half of 2025, indicating strong operational performance and a positive outlook for future growth [1][5]. Financial Performance - As of June 30, 2025, the company's total assets reached RMB 7,490,603,026.37, reflecting an 8.61% increase compared to the previous year [3]. - The operating revenue for the reporting period was RMB 791,609,650.96, representing a 10.50% increase from RMB 716,420,268.76 in the same period last year [5]. - The total profit amounted to RMB 293,191,476.61, which is a 22.81% increase compared to RMB 238,730,291.99 from the previous year [5]. - The company plans to distribute a cash dividend of RMB 2.00 per share, totaling RMB 195,600,000.00, based on the total share capital of 97,800,000 shares [1]. Shareholder Information - The total number of shareholders as of the reporting period was 22,319 [6]. - The largest shareholder, Gansu Yate Investment Group Co., Ltd., holds 50.61% of the shares, amounting to 495,000,000 shares, with a significant portion pledged [6]. - Other notable shareholders include Weixian Aoya Industrial Co., Ltd. and Gansu Green Mineral Investment Development Fund, holding 6.71% and 6.30% respectively [6].

Core Viewpoint - The performance of upstream mining companies has improved significantly in the first half of 2025, with net profits showing notable growth, attributed mainly to the increase in gold sales prices compared to the same period last year [1] Group 1: Industry Overview - Gold prices have remained high, fluctuating between $3100 and $3450, benefiting upstream mining companies and leading to an increase in exploration budgets and M&A activities [1] - The positive sentiment towards gold investments has led to the introduction of customized products, such as a unique gold keycap keyboard by JD.com [1] Group 2: Company Performance - Shandong Gold (600547) expects a net profit of 25.5 billion to 30.5 billion yuan, an increase of 84.3% to 120.5% year-on-year, driven by optimized production and rising gold prices [2] - Zhongjin Gold (600489) anticipates a net profit of 26.14 billion to 28.75 billion yuan, reflecting a growth of 50% to 65%, due to effective production organization and cost reduction [2] - Western Gold (601069) projects a net profit of 1.3 billion to 1.6 billion yuan, with a year-on-year increase of 96.35% to 141.66%, attributed to higher gold sales prices and increased sales volume [2] - Chifeng Gold (600988) expects a net profit of 10.8 billion to 11.3 billion yuan, a rise of 52.01% to 59.04%, due to a 41.76% increase in gold sales prices [3] - Shanjin International (000975) forecasts a net profit of 15.4 billion to 16.4 billion yuan, up 43.24% to 52.55%, benefiting from gold price increases and operational efficiency [3] - Hunan Gold (002155) anticipates a net profit of approximately 6.13 billion to 7.01 billion yuan, with a growth of 40% to 60%, driven by rising sales prices of gold and antimony products [3]

Core Insights - Baodi Mining (601121.SH) reported a total operating revenue of 721 million yuan for the first half of 2025, an increase of 138 million yuan compared to the same period last year, marking a year-on-year growth of 23.65% [1] - The net profit attributable to shareholders was 61.59 million yuan, a decrease of 41.26 million yuan from the same period last year, reflecting a year-on-year decline of 40.11% [1] - The net cash inflow from operating activities was 259 million yuan, an increase of 22.59 million yuan compared to the same period last year, achieving a year-on-year growth of 9.55% [1] Financial Metrics - The latest debt-to-asset ratio is 41.00%, which is an increase of 0.49 percentage points from the previous quarter and an increase of 1.76 percentage points from the same period last year [3] - The latest gross profit margin is 33.77%, which is an increase of 2.51 percentage points from the previous quarter but a decrease of 15.78 percentage points from the same period last year [3] - The latest return on equity (ROE) is 1.99%, a decrease of 1.37 percentage points from the same period last year [3] - The diluted earnings per share are 0.08 yuan, a decrease of 0.05 yuan from the same period last year, reflecting a year-on-year decline of 38.46% [3] - The total asset turnover ratio is 0.11 times, an increase of 0.02 times from the same period last year, achieving a year-on-year growth of 16.49% [3] - The inventory turnover ratio is 3.32 times, a decrease of 0.05 times from the same period last year, reflecting a year-on-year decline of 1.54% [3] Shareholder Structure - The number of shareholders is 31,000, with the top ten shareholders holding a total of 541 million shares, accounting for 67.57% of the total share capital [3] - The largest shareholder is Xinjiang Geological Mining Investment (Group) Co., Ltd., holding 35.2% of the shares [3] - Other significant shareholders include Tulufan Jinyuan Mining Co., Ltd. (17.2%) and Xinjiang Haiyi Equity Investment Co., Ltd. (4.65%) [3]

Core Viewpoint - The board of directors of Xinjiang Baodi Mining Co., Ltd. held its 15th meeting of the 4th session, where several key resolutions were passed regarding the company's half-year report and financial management strategies [1][2][3] Group 1: Meeting Resolutions - The board approved the "2025 Half-Year Report and its Summary" which was reviewed by the Audit and Compliance Management Committee [1] - The board approved the use of up to RMB 225 million of temporarily idle raised funds for cash management, allowing for the purchase of safe, liquid investment products with capital preservation agreements [2] - The board approved the "Special Report on the Storage and Actual Use of Raised Funds for the First Half of 2025," which was also reviewed by the Audit and Compliance Management Committee [3] - The board approved the report on the execution of the "Quality Improvement and Efficiency Enhancement Action Plan" for the first half of 2025 [3]

Group 1 - The company Baodi Mining (601121.SH) reported a revenue of 721 million yuan for the first half of the year, representing a year-on-year increase of 23.65% [1] - The net profit attributable to shareholders of the listed company was 61.59 million yuan, showing a year-on-year decline of 40.11% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 54.05 million yuan, which is a year-on-year decrease of 41.20% [1] - The basic earnings per share were reported at 0.08 yuan [1]

Core Insights - Trump proposes collaboration with Russia to develop rare earth minerals and lift export bans on aircraft parts [1] - US Treasury Secretary Basent suggests immediate interest rate cuts by the Federal Reserve [1] - Canadian central bank maintains current monetary policy amid trade uncertainties [2] - Chicago Fed President Goolsbee expresses caution regarding the economy, indicating reluctance to support rate cuts without clear signs of job market deterioration [2] Market Developments - US Energy Department allocates $1 billion for mineral security projects to ensure supply chain safety [1] - Mortgage rates for 30-year fixed contracts drop to 6.67%, marking the largest decline since February [1] - Korean ICT exports reach $22.19 billion in July, up 14.5% year-on-year, with semiconductor exports increasing by 31.2% [2] Global Market Dynamics - Dow Jones Industrial Average rises by 1.04% to 44,922.27 points, S&P 500 increases by 0.32% to 6,466.58 points, and Nasdaq Composite grows by 0.14% to 21,713.14 points [3] Commodity Prices - COMEX gold futures rise by 0.24% to $3,407.00 per ounce, while COMEX silver futures increase by 1.44% to $38.55 per ounce [4] Oil and Bond Markets - US oil main contract decreases by 0.68% to $62.74 per barrel, Brent crude falls by 0.54% to $65.76 per barrel [5] - US Treasury yields decline across various maturities, with the 2-year yield down by 5.84 basis points to 3.668% [5] Currency Movements - US dollar index drops by 0.28% to 97.80, while the euro appreciates by 0.27% against the dollar [5]

Core Viewpoint - The company has significantly underperformed its revenue forecasts for rental income and mineral sales for the fiscal year ending March 31, 2025, primarily due to ongoing market challenges and operational disruptions caused by natural disasters [1][2] Group 1: Financial Performance - The company projected rental income of approximately HKD 10.27 million and mineral sales of about HKD 13.02 million for the fiscal year ending March 31, 2025, but actual figures were HKD 7.55 million for rental income and HKD 0 for mineral sales, resulting in discrepancies of approximately 29.57% and 100% respectively [1] - As of March 31, 2025, the company held cash and cash equivalents of approximately HKD 7.943 million, with trade payables amounting to about HKD 47.449 million, and other payables totaling around HKD 110.92 million [2] Group 2: Operational Challenges - The company faced a record high vacancy rate due to a prolonged downturn in the Chinese market, which contributed to the rental income shortfall [1] - Typhoon Yagi caused significant damage to the Jiuyuan and Jinhao mines, delaying operational recovery and the completion of necessary licensing processes [1][2] - To restore operations at Jiuyuan mine, the company needs to invest approximately RMB 7 million for critical improvements, while Jinhao mine requires around RMB 100 million for equipment, infrastructure, and regulatory compliance [2] Group 3: Financing Efforts - The company is actively seeking diverse financing solutions, including project loans from financial institutions and potential strategic partnerships, to expedite the licensing process and improve financial stability [2] - The company is committed to addressing its outstanding debts and is pursuing financing negotiations and fundraising activities to enhance its financial condition and advance mining operations [2]

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，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Zhong Jia Guo Xin Holdings Company Limited 中加國信控股股份有限公司 （於百慕達註冊成立之有限公司） （股份代號：899） 自願性公告 業務最新情況 本公告乃由中加國信控股股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）自 願公佈，旨在向本公司股東（「股東」）及潛在投資者提供本集團最新業務發展情況。 本公司董事（「董事」）會（「董事會」）謹此通知根據截至二零二五年三月三十一日止年 度的年度報告，集團曾於二零二四年四月一日作出預測（「預測」），預期截至二零二五年 三月三十一日止年度將實現租金收入約1027萬港元及礦產銷售約1302萬港元。而實際該年度 租金收入約755萬港元，礦產銷售為0港元，較預測值分別出現約29.57%（「租金差額」）及 100%（「礦產差額」）的差額（統稱「差額」）。 公司本預期，在新冠疫情限制措施解除後，中國經濟將在2024年有所好 ...