Group 1: Gold Price Trends - In the first half of the year, the London spot gold price increased by 25.84%, reaching a historical high of $3,500 per ounce in late April [1] - Market predictions suggest that gold prices may challenge $3,700 to $4,000 per ounce within the next 18 months, indicating potential for further increases [1][3] - Despite significant gains in 2025, the current upward trend in gold prices is expected to continue, driven by geopolitical tensions and fluctuating tariff policies [3] Group 2: Performance of Gold Mining Companies - Several gold mining companies reported substantial growth in the first half of 2025, with 招金国际黄金股份有限公司 achieving a revenue of 196 million yuan, up 98.27% year-on-year [2] - 山金国际黄金股份有限公司 reported a revenue of 9.246 billion yuan, a 42.14% increase compared to the previous year, with net profit rising by 48.43% to 1.596 billion yuan [2] - 西部黄金股份有限公司 is expected to see the highest net profit growth of 141.66%, while 紫金矿业集团股份有限公司 anticipates a net profit of approximately 23.2 billion yuan [2] Group 3: Downstream Jewelry Companies - High gold prices have impacted gold jewelry consumption, but products with strong design and high added value remain popular, leading to good profitability for retailers [4] - 广东潮宏基实业股份有限公司 reported a revenue of 4.102 billion yuan, a 19.54% increase, with net profit rising by 44.34% to 331 million yuan [4] - 老铺黄金股份有限公司 experienced a revenue increase of 251% to 12.35 billion yuan, with adjusted net profit rising by 290.6% to 2.35 billion yuan [5] Group 4: Market Trends and Consumer Preferences - The jewelry industry is undergoing structural upgrades, with differentiated gold jewelry products gaining market favor, particularly those with strong design and cultural value [5] - The sales of investment-grade gold products, such as gold bars, are increasing due to their value retention attributes, while brands with strong design capabilities are expected to perform well [5]

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之內容概不負責，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分內容而產生或因依 賴該等內容而引致之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 此乃赤峰吉隆黃金礦業股份有限公司（「本公司」）登載於中華人民共和國上海證券交 易所網頁的公告。 承董事會命 赤峰吉隆黃金礦業股份有限公司 董事長兼執行董事 王建華 中國北京，2025年8月22日 截至本公告日期，本公司執行董事為王建華先生、楊宜方女士、呂曉兆先生及高波先生；非執行 董事為張旭東先生；以及獨立非執行董事為毛景文博士、沈政昌博士、胡乃連先生及黃一平博士。 （於中華人民共和國註冊成立的股份有限公司） (H股股份代號：6693) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 赤峰吉隆黄金矿业股份有限公司 2025 年半年度报告摘要 第一节 重要提示 1.本半年度报告摘要来自半年度报告全文，为全面了解赤峰吉隆黄金矿业股份有限公司（以下简 称"公司""本公司" ...

Market Movements - US stock index futures are all up, with Dow futures rising by 0.33%, S&P 500 futures by 0.28%, and Nasdaq futures by 0.22% [1] - European indices also show positive movement, with Germany's DAX up 0.08%, UK's FTSE 100 up 0.05%, France's CAC 40 up 0.25%, and the Euro Stoxx 50 up 0.30% [2][3] - WTI crude oil increased by 0.31% to $63.72 per barrel, while Brent crude oil rose by 0.19% to $67.80 per barrel [4] Federal Reserve Insights - Market is focused on Jerome Powell's speech at the Jackson Hole conference, which is seen as a pivotal moment for future Fed policy [5] - There is a 73.5% probability that the Fed will cut rates by 25 basis points in September, with at least one more cut expected this year [5] - Analysts have differing views on the likelihood of a September rate cut, with Goldman Sachs suggesting Powell will not explicitly signal a cut, while Yardeni Research estimates the probability at 40% [5] Corporate Earnings and Forecasts - HSBC predicts that AI adoption could help US companies reduce operating costs by 1%, potentially offsetting 25% of the cost increase from tariffs, and supports a bullish outlook for the S&P 500 to reach 7000 points by year-end [6] - UBS notes that the effective tariff rate in the US has exceeded 18%, with expectations of a GDP growth decline of about 1 percentage point due to tariffs [6] Individual Company Performance - Gold Fields (GFI.US) reported a net profit of $1.02 billion for the first half of the year, significantly up from $389 million the previous year, and announced an interim dividend of 7 Rand per share [8] - Zoom (ZM.US) achieved a 7% year-over-year increase in enterprise sales, reaching $730.7 million, exceeding analyst expectations [9] - Ross Stores (ROST.US) reported sales of $5.53 billion for the quarter, a 2% increase year-over-year, and adjusted EPS of $1.56, surpassing market expectations [9] Chinese Stocks Performance - Pre-market trading shows significant gains for several Chinese stocks, including Miniso (MNSO.US) up over 8%, NIO (NIO.US) up over 5%, and Pinduoduo (PDD.US) up over 4% [10]

Market Movements - US stock index futures are all up, with Dow futures rising by 0.33%, S&P 500 futures by 0.28%, and Nasdaq futures by 0.22% [1] - European indices also show positive movement, with Germany's DAX up 0.08%, UK's FTSE 100 up 0.05%, France's CAC40 up 0.25%, and the Euro Stoxx 50 up 0.30% [2][3] - WTI crude oil increased by 0.31% to $63.72 per barrel, while Brent crude oil rose by 0.19% to $67.80 per barrel [4] Federal Reserve Insights - Market is focused on Jerome Powell's upcoming speech at the Jackson Hole Economic Symposium, which is anticipated to be a pivotal moment for future Fed monetary policy [5] - According to CME FedWatch, traders are betting on a 73.5% probability of a 25 basis point rate cut at the Fed's September meeting, with at least one more cut expected this year [5] - Analysts warn that if Powell does not confirm or suggest a rate cut, it could lead to significant repricing of bond yields and risk assets [5] Company Performance - Goldman Sachs predicts Powell will not explicitly signal a rate cut in his speech, while Yardeni Research estimates the probability of a September cut at only 40% [6] - HSBC suggests that despite tariffs impacting US corporate profit margins, the rapid adoption of AI could help reduce operational costs by 1%, potentially offsetting 25% of the cost increase from tariffs [6] - UBS indicates that the effective tariff rate in the US has exceeded 18%, with expectations of a stabilization around 15% by mid-2026, suggesting that companies are beginning to pass on tariff costs to consumers [6] Individual Company News - Gold Fields (GFI.US) reported a net profit of $1.02 billion for the first half of the year, doubling from $389 million year-over-year, and announced an interim dividend of 7 Rand ($0.3948) per share [8] - Zoom (ZM.US) achieved its strongest growth in 11 quarters, with enterprise sales up 7% to $730.7 million, exceeding analyst expectations [9] - Ross Stores (ROST.US) reported sales of $5.53 billion for the quarter, a 2% increase year-over-year, and adjusted EPS of $1.56, surpassing market expectations [9] - Chinese stocks are mostly up in pre-market trading, with notable gains for Miniso (MNSO.US) up over 8%, NIO (NIO.US) up over 5%, and Pinduoduo (PDD.US) up over 4% [10]

Core Viewpoint - The board of directors of Chifeng Jilong Gold Mining Co., Ltd. has approved the 2025 semi-annual report and various governance system amendments to enhance corporate governance and operational standards [1][2]. Group 1: Board Meeting Details - The 39th meeting of the 8th board of directors was held on August 22, 2025, with all 9 directors present [1]. - The meeting was convened in accordance with relevant laws and the company's articles of association [1]. Group 2: Approval of Semi-Annual Report - The board unanimously approved the 2025 semi-annual report with a vote of 9 in favor, 0 against, and 0 abstentions [1]. - The report was reviewed and approved by the board's audit committee prior to the meeting [1]. Group 3: Amendments to Governance Systems - The board approved several amendments to governance systems to improve operational standards: - Revision of the Audit Committee's working rules, approved with a unanimous vote [1]. - Revision of the Remuneration and Assessment Committee's working rules, also approved unanimously [1]. - Revision of the Strategic and Sustainable Development Committee's working rules, approved with unanimous support [1]. - Revision of the Authorization Management System, which received unanimous approval [2].

Core Viewpoint - South African gold producer Gold Fields (GFI.US) reported significant profit growth in the first half of the year, driven by record gold prices and increased production, while also announcing an increase in interim dividends [1][2] Financial Performance - The company achieved a net profit of $1.02 billion for the six months ending June 30, a substantial increase from $389 million in the same period last year [1] - Core profit rose from $320.7 million to $1.027 billion year-on-year [1] - Basic earnings per share increased from $0.43 to $1.15, falling within the forecast range of $1.09 to $1.21 [1] - The interim dividend was set at 7 Rand ($0.3948) per share, significantly up from 3 Rand in the first half of 2024 [1] Production Metrics - Gold equivalent production in Q2 reached 585,000 ounces, up from 551,000 ounces in the previous quarter, aligning with the production guidance [1] - Total production for the first half of the year grew by 24%, reaching 1.136 million ounces [1] - All-in sustaining costs increased from $1,861 per ounce in Q1 to $2,054 per ounce, consistent with expectations [1] Market Conditions - The increase in production was supported by operational improvements at mines in Chile, South Africa, Peru, and Australia, which had previously faced production cuts due to adverse weather and geological conditions [2] - Gold prices have seen a strong upward trend, rising approximately 27% this year following a significant increase in 2024, driven by heightened demand for safe-haven assets amid trade tensions and geopolitical risks [2] - The average gold selling price for the company rose by 40% year-on-year to $3,089 per ounce, marking a historical high [2] Future Outlook - The company maintains its full-year gold equivalent production guidance of 2.25 to 2.45 million ounces [2] - It confirmed its cost forecast, projecting all-in sustaining costs to remain in the range of $1,500 to $1,650 per ounce for the year [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the price trend of precious metals is on the rise, which provides the company with earnings elasticity. The company achieved significant year-on-year growth in revenue and net profit for the first half of 2025, with revenue reaching 9.246 billion yuan (up 42.14%) and net profit at 1.596 billion yuan (up 48.43%) [7] - The company has demonstrated excellent cost control and benefits from the stable upward trend in precious metal prices. The report notes that the production of gold, silver, zinc, and lead has been affected by seasonal factors and declining ore grades, with respective production figures of 3.72 tons of gold, 61.83 tons of silver, 7,916.57 tons of zinc, and 4,354.42 tons of lead, showing year-on-year changes of -11%, -25%, +41%, and -14% [7] - The average selling prices for gold and silver increased significantly, with gold priced at 724.83 yuan per gram (up 39%) and silver at 6.33 yuan per gram (up 19%) [7] - The company is progressing well with overseas mining projects, including the Osino gold mine in Namibia, which is expected to start production in the first half of 2027 [7] - The company is also increasing its resource reserves, with significant exploration results in Qinghai province, adding 3.85 tons of gold metal [7] - The report anticipates a favorable environment for gold investments due to expected rapid declines in real interest rates in the U.S. [7] Financial Projections - The company’s total revenue is projected to grow from 13.585 billion yuan in 2024 to 22.311 billion yuan in 2027, with a compound annual growth rate (CAGR) of 18.99% [1] - Net profit is expected to increase from 2.173 billion yuan in 2024 to 6.352 billion yuan in 2027, reflecting a CAGR of 41.57% [1] - The report adjusts the company's net profit forecasts for 2025-2027 to 3.483 billion yuan, 4.487 billion yuan, and 6.352 billion yuan respectively, with corresponding P/E ratios of 15.62, 12.12, and 8.56 [7][8]

Group 1 - The stock price of Shanjin International is 18.26 yuan, down 0.60% from the previous trading day, with a trading volume of 313,900 shares and a transaction amount of 575 million yuan [1] - Shanjin International's main business includes gold exploration, mining, and sales, operating six mining enterprises, and ranks sixth in gold production among publicly listed gold mining companies in China for 2024 [1] - The company reported a revenue of 9.246 billion yuan for the first half of 2025, a year-on-year increase of 42.14%, and a net profit attributable to shareholders of 1.596 billion yuan, up 48.43% year-on-year [1] Group 2 - The company has initiated a secondary listing plan in Hong Kong, intending to issue H-shares and list on the Hong Kong Stock Exchange [1] - On August 20, the company hosted a research meeting with 27 institutions, including Galaxy Fund, discussing its operational performance for the first half of the year and progress in international expansion [1]

Core Viewpoint - Several Hong Kong stocks experienced sharp declines following the announcement of mid-term results or share reduction news, indicating that disappointing earnings or share sales can trigger significant price drops in a market where many stocks have seen substantial gains this year [1][2]. Group 1: Company Performance - AAC Technologies reported a revenue of HKD 13.32 billion for the six months ending June 30, 2025, representing an 18.4% year-on-year increase, with a net profit attributable to shareholders rising by 63.1% to HKD 876 million [6]. - The company's gross margin decreased to 20.7%, down 0.8 percentage points year-on-year, primarily due to changes in product mix [6]. - The acoustic business generated revenue of HKD 3.52 billion, a 1.8% increase, but its gross margin fell by 2.7 percentage points to 27.2% [6]. - The optical business showed significant improvement, with revenue reaching HKD 2.65 billion, a 19.7% increase, and a gross margin improvement of 5.5 percentage points to 10.2% [7]. Group 2: Market Reactions - AAC Technologies' stock price fell over 14% after the mid-term results were released, with the lowest price reaching HKD 43.06 per share [3][4]. - China Resources Power's stock dropped over 8% following its mid-term results, which showed a profit attributable to shareholders of HKD 7.872 billion, a decrease of 15.9% from the previous year [8][11]. - The average on-grid electricity price for the company's coal-fired power plants fell by 6.1% to HKD 391.2 per megawatt-hour, contributing to the profit decline [11]. Group 3: Share Issuance and Reductions - The share price of WanGuo Gold Group fell sharply due to placement and reduction news, with a maximum drop of about 9% [12][13]. - The company announced a placement of 22.5 million shares at HKD 32.55 per share, raising approximately HKD 732 million, with half allocated for exploration and development projects [15]. - Lao Pu Gold also saw a significant drop in stock price, with a maximum decline of about 8% after announcing mid-term results showing a revenue increase of 249.4% to HKD 14.18 billion [12][17].

Group 1 - The core transaction involves the placement of 30 million shares at a price of HKD 32.55 per share, representing a 7% discount from the closing price of HKD 35 on August 20, with a total transaction value of HKD 977 million, increasing the total number of shares by approximately 2% [1] - The funds raised from the issuance of new shares will be used to finance the expansion of the Gold Ridge mine in the Solomon Islands and cover general operating costs [1] - The transaction was coordinated by CITIC Securities, with Guotai Junan, Macquarie, and First Shanghai participating as joint placement agents, highlighting the competitive landscape in the Hong Kong capital market [1] Group 2 - The joint placement agency role marks the first placement business undertaken by the Hong Kong subsidiary after the merger of Guolian Minsheng, representing a significant breakthrough in international business [2] - Participation in this transaction allows the Hong Kong subsidiary to accumulate operational experience in the international capital market, expand client resources, and enhance brand recognition [2] - The successful execution of this project lays a solid foundation for the Hong Kong subsidiary to engage in more large-scale international financial transactions in the future [2] Group 3 - The Hong Kong subsidiary of Guolian Minsheng Securities has demonstrated strong development momentum, supported by the resources of Guolian Minsheng Securities and its local market experience [3] - The team is well-versed in the operational rules of the Hong Kong and international capital markets, providing comprehensive and personalized financial services across various fields [3] - The subsidiary actively collaborates with internationally renowned financial institutions to enhance its international competitiveness and aims for sustainable high-quality development in the international business sector [3]