智通财经记者 | 牛其昌 正当国际金价不断刷新历史高点之时，深耕有色金属多年的盛屯矿业（600711.SH）将目标瞄准了海外金矿，公司计划以13.5亿元溢价收购加拿大一矿业公 司，从而将其位于非洲尚未投入运营的金矿资源揽入帐下。 盛屯矿业证券部相关负责人对智通财经表示，"此次并购谈判实际上是一个比较长期的过程，只是说刚好赶上金价攀升至历史高位的时间点，但我们也是十 分看好未来金价的上涨趋势"。 10月14日晚间，盛屯矿业发布公告称，公司拟通过加拿大全资子公司，以2.61亿加元的价格（约13.5亿元人民币）收购加拿大上市公司Loncor的100%股权， 从而获得其位于刚果（金）的Adumbi（下称"阿杜姆比"）金矿资产。 按照标的控制资源量188万盎司计算，盛屯矿业有望以13.5亿元的出价拿下价值高达78.96亿美元，约合人民币560亿元的顶级金矿。 但需要强调的是，就在标的金矿所在的伊图里省，中国驻刚果（金）大使馆今年7月刚发布通报，该地区非法武装持续作乱，针对中国公民和企业的暴力冲 突、武装抢劫和绑架等事件频发，明确中国公民切勿前往。 对于盛屯矿业来说，这笔13.5亿元的并购无异于一场"富贵险中求"的博弈。 ...

Core Viewpoint - The company, Shandong Gold Mining Co., Ltd., anticipates a significant increase in net profit for the first three quarters of 2025, driven by optimized production and rising gold prices [1][2]. Performance Forecast - The company expects a net profit attributable to shareholders of the parent company to be between 3.8 billion and 4.1 billion yuan for the first three quarters of 2025, representing an increase of 1.73 billion to 2.03 billion yuan compared to the same period last year, which is a year-on-year increase of 83.9% to 98.5% [2][3]. - The forecasted net profit, excluding non-recurring gains and losses, is expected to be between 3.78 billion and 4.08 billion yuan, reflecting an increase of 1.69 billion to 1.99 billion yuan year-on-year, or an increase of 80.5% to 94.8% [2][3]. Previous Year Performance - For the same period last year, the net profit attributable to shareholders of the parent company was 2.066 billion yuan, while the net profit after excluding non-recurring gains and losses was 2.094 billion yuan [3]. Reasons for Profit Increase - The company attributes the expected profit increase to several factors, including optimized production layout, enhanced core technology, improved management efficiency, and the rising price of gold. The company has also increased investment in various infrastructure projects and adjusted mining grades to utilize low-grade ore resources effectively [4]. - Additionally, the company is transitioning from outsourced mining operations to self-operated ones, which will further enhance production capabilities and support sustainable development in line with its "14th Five-Year Plan" [4].

Core Insights - A large gold mine has been discovered in the Qianhongquan-Heishan Beitan area of Yumen City, Gansu Province, with an additional gold resource of over 40 tons, equivalent to the resource volume of two large gold mines [1] Group 1 - The Qianhongquan gold mine was discovered through extensive geological surveys and large-scale geochemical exploration methods, highlighting the importance of these techniques in identifying significant mineral resources [2] - The discovery provides valuable guidance for finding gold mines related to resilient shear zones in the northern Gansu region, offering practical experience for similar geological explorations [2]

10月14日，山东黄金（证券代码：600547）披露2025年前三季度业绩预增公告，预计2025年前三季度实 现归属于母公司所有者的净利润为38.0亿元至41.0亿元，与上年同期相比增加17.3亿元到20.3亿元，同比 增加83.9%到98.5%。实现归属于母公司所有者的扣除非经常性损益后的净利润为37.8亿元至40.8亿元， 与上年同期相比增加16.9亿元到19.9亿元，同比增加80.5%到94.8%。 今年以来，国际金价持续攀升。特别是进入第三季度后的8月底以来，黄金价格迅速上涨。山东黄金业 绩预告发布当日，国际金价盘中一度突破4170美元/盎司，创下历史新高。 另一方面，山东黄金还在推进矿山采掘外委施工逐步转为自营，进一步增加生产设备的购置、更新及产 业工人的配备，从而推动公司更加长远、健康、可持续发展。 值得注意的是，10月11日，山东黄金的控股股东山东黄金集团有限公司与山东重工集团有限公司签署了 战略合作协议。根据战略合作协议，双方将在矿山装备研发与应用、绿色物流运输、全球资源共享等领 域开展更深层次合作，发挥协同优势，共同推动产业高端化、智能化、绿色化转型。 山东黄金表示，由于统筹优化生产布局，强 ...

Group 1: Mongolian Mining Operations - MONGOL MINING's wholly-owned subsidiary ER operates the UHG coking coal mine, while KEX operates the BN coking coal mine, both located in Umnugobi province, Mongolia [1] - In Q3 2025, the combined sales of washed coking coal products from ER and KEX reached 2,303.2 thousand tons, representing a 32% increase quarter-on-quarter and a 13% increase year-on-year [1] - The total raw coal extraction from UHG and BN mines for the quarter ending September 30, 2025, was 3,604.3 thousand tons, showing a 5% increase from the previous quarter but a 16% decrease compared to the same quarter in 2024 [1] Group 2: Gold Mining Operations - The company holds a 50% interest in EM, which owns and operates the BKH gold mine located in Bayankhongor province, Mongolia [2] - The commercial production of gold at the BKH mine commenced on September 14, 2025, with a ceremony attended by various stakeholders [2] - In the quarter ending September 30, 2025, EM sold 342 ounces of gold and 96 ounces of silver, with the average gold price at $3,805.18 per ounce and silver at $44.15 per ounce [2]

智通财经APP讯，MONGOL MINING(00975)发布公告，集团的全资附属公司Energy Resources LLC(ER) 经 营 Ukhaa Khudag (UHG)焦煤煤矿，集团控股附属公司Khangad Exploration LLC(KEX)经营Baruun Naran(BN)焦煤煤矿，两者均位于蒙古国Umnugobi盟(省)。集团为蒙古国内最大的洗选焦煤产品生产商 及出口商。 BKH矿场的商业黄金生产于2025年9月14日举行的官方仪式上启动。公司、Erdene Resource Development Corporation及EM的管理层、员工及承包商以及来自工业和矿产资源部、蒙古银行和 Bayankhongor盟(省)的官方代表出席了是次仪式。 于截至2025年9月30日止季度，EM向蒙古银行及获授权商业银行售出342盎司黄金及96盎司白银，黄金 加权平均价格为3805.18美元╱盎司，白银加权平均价格为44.15美元╱盎司，乃使用以图格里克(当地货 币)计值的现货价及适用图格里克兑美元汇率计算。 于截至2025年9月30日止季度成功完成施工及调试后，BKH矿场有望于2025年第四季 ...

Core Viewpoint - The performance of Hong Kong-listed companies in various sectors shows a positive trend for the third quarter of 2025, particularly in the non-ferrous metals and cement industries, while the real estate sector exhibits significant performance divergence among companies [1]. Non-Ferrous Metals Industry - Companies in the non-ferrous metals sector are expected to report substantial profit increases for the first three quarters of 2025, with Kinglong Permanent Magnet forecasting a net profit of 505 million to 550 million yuan, representing a year-on-year growth of 157% to 179% [2]. - Kinglong attributes its growth to a focus on stable and compliant operations, market expansion, and efficiency improvements through technological innovation and inventory management [2]. - Shandong Gold anticipates a net profit of 3.8 billion to 4.1 billion yuan for the same period, reflecting an increase of 83.9% to 98.5% year-on-year, driven by optimized production and rising gold prices [3]. Cement and Building Materials Industry - China National Building Material expects to turn a loss into a profit, projecting a profit of approximately 2.95 billion yuan for the first three quarters of 2025, compared to a loss of about 684 million yuan in the same period last year [4]. - The profit increase is attributed to lower sales costs of cement and concrete, higher prices for fiberglass, and increased sales of wind turbine blades and coatings, despite a decline in cement sales [4]. - Recent policies, including carbon emissions trading proposals, are expected to support the building materials industry, with analysts predicting continued price increases for cement due to seasonal demand and rising coal prices [5]. Real Estate Industry - The real estate sector shows significant performance divergence, with companies like China Resources Land reporting a 7.5% year-on-year increase in regular income for September 2025, while Greentown China reported contract sales of approximately 107.9 billion yuan for the first nine months of 2025 [6][7]. - The market is witnessing a recovery in high-quality urban properties, while lower-tier cities are still stabilizing, indicating a potential gradual recovery in the housing market [8]. - Analysts believe that ongoing government policies aimed at improving housing quality will further stimulate demand for high-quality residential properties [8].

Core Insights - Shandong Gold expects net profit attributable to shareholders to reach between 3.8 billion to 4.1 billion RMB for the first three quarters of 2025, representing a year-on-year increase of 83.9% to 98.5% [2] - The increase in profit is attributed to optimized production layout, enhanced core technology, improved management efficiency, and favorable gold price trends [2] Financial Performance - For the years 2024 to Q2 2025, the company projects revenues of 82.518 billion RMB, 25.935 billion RMB, and 56.766 billion RMB, with year-on-year growth rates of 39.21%, 36.81%, and 24.01% respectively [4] - Net profit attributable to shareholders for the same period is expected to be 2.952 billion RMB, 1.026 billion RMB, and 2.808 billion RMB, with year-on-year growth rates of 26.80%, 46.62%, and 102.98% respectively [4] - The company's debt-to-asset ratio is reported at 63.54%, 63.63%, and 63.11% during the same period [4] Company Overview - Shandong Gold was established on January 31, 2000, with a registered capital of approximately 4.609 billion RMB [3] - The company primarily engages in gold mining and processing, as well as the production and sales of mining equipment and construction materials [3] - The company has 69 subsidiaries, including various financial and investment management firms [4]

Group 1 - The core point of the article is that Shandong Gold Mining Co., Ltd. forecasts a significant increase in its earnings for the first three quarters of the year, projecting profits between 3.8 billion to 4.1 billion yuan, representing a growth of 83.9% to 98.5% compared to the same period last year [3] - The company attributes this growth to optimized production layout, enhanced core technology, and improved management levels, which have significantly boosted operational efficiency [3] - The rise in gold prices during the period has also contributed to the substantial increase in profits [3] Group 2 - Shandong Gold plans to increase investments in various infrastructure projects, enhance production equipment, and update workforce arrangements in response to favorable gold price conditions [3] - The company intends to gradually shift from outsourcing mining operations to self-operated mining [3] - Despite a 5% drop in stock price to 38 HKD on Wednesday, the company's stock has more than doubled this year [3]

Group 1 - Shandong Gold (600547)(01787) announced a significant increase in net profit for the first three quarters, expected to be between 3.8 billion to 4.1 billion yuan, representing a year-on-year increase of 83.9% to 98.5% [1][1][1] - The company attributed the profit growth to optimized production layout, enhanced technical efforts, improved management efficiency, and rising gold prices [1][1][1] - In the first quarter, Shandong Gold reported a net profit of 1.03 billion yuan, while the second quarter net profit was 1.782 billion yuan [1][1][1] Group 2 - Gold prices have been influenced by external factors, including the U.S. government shutdown, which has led to a rapid increase in gold prices in October [1][1][1] - Following a ceasefire agreement between Israel and Hamas, there was a temporary cooling of geopolitical tensions in the Middle East, resulting in a price correction for gold as some investors took profits [1][1][1] - From early September to October 10, the price of gold in London surged by 507.25 USD per ounce, indicating potential risks of a price correction after significant short-term increases [1][1][1]