Company Research - Futu Holdings (FUTU) is rated "Buy" with a target price of $195.00, representing a potential upside of 15.71% from the current price of $168.52[3][14] - Haitong International (1882) is rated "Buy" with a target price of HKD 30.00, maintaining the same EPS estimates for 2025 and 2026[2][12] - China Resources Beer (291) is rated "Buy" with a target price of HKD 35.00, reflecting an 18x PE for 2025, with a projected EPS growth of 8% for 2026[2][28] Financial Performance - Futu Holdings expects total revenue to grow from HKD 10,008 million in 2023 to HKD 19,531 million in 2025, a growth rate of 43.7%[12] - The net profit for Futu Holdings is projected to increase from HKD 4,279 million in 2023 to HKD 9,413 million in 2025, representing a growth of 73.3%[12] - China Resources Beer reported a net profit of HKD 57.9 billion for the first half of 2025, a year-on-year increase of 23%[24] Market Trends - Futu Holdings is leveraging its technology and regulatory licenses to capture the cross-border wealth management market, with a focus on Southeast Asia and Web 3.0 innovations[10][8] - China Resources Beer is focusing on premiumization, with high-end product sales growing over 10%, significantly outperforming the industry[25][27] - Haitong International's overseas sales surged by 34.7% year-on-year, driven by demand in Southeast Asia and a strategic focus on key industry clients[20]

Investment Rating - The report maintains a "Recommended" rating for the company [2][14]. Core Views - The company achieved a record high in revenue and net profit during the first half of 2025, with revenue reaching 9.246 billion yuan, a year-on-year increase of 42.14%, and net profit attributable to shareholders at 1.596 billion yuan, up 48.43% [3]. - The company's gold reserves have increased significantly, with an additional 3.85 tons of gold metal discovered, and the exploration area has expanded by 2.7% [4]. - The company is focusing on optimizing production processes and enhancing profitability, with a notable increase in gold gross margin from 71.89% to 79.15% [6]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a gold production of 3.72 tons, with a sales volume of 4.12 tons, achieving a sales rate of 111% [5]. - The gross margin for gold production improved significantly, reflecting the company's effective cost control and the rising global gold prices [6]. Resource Expansion - The company has made substantial progress in resource exploration, with a total exploration area of 5,984 square kilometers, and plans to continue increasing its resource reserves through exploration and potential acquisitions [4]. - The company is advancing its projects in Namibia and China, with expected production increases in the coming years [5]. Industry Outlook - The report indicates a favorable industry outlook, with gold prices expected to rise due to supply-demand dynamics and market conditions [14]. - The company is well-positioned within the industry, maintaining a low debt ratio of 20.09%, which provides financial flexibility [13]. Future Projections - Revenue projections for the company are optimistic, with expected revenues of 17.75 billion yuan in 2025, 20.23 billion yuan in 2026, and 22.12 billion yuan in 2027 [15]. - The company anticipates a significant increase in gold production capacity, potentially exceeding 15 tons annually by 2027 [5].

Core Viewpoint - Long Resources (01712) experienced a significant stock increase of over 7%, with a current price of 5.32 HKD and a trading volume of 5.9085 million HKD, following the announcement of its strong financial performance for the first half of 2025 [1] Financial Performance - The company reported customer revenue of 54.46 million AUD, representing a year-on-year increase of 77.52% [1] - Net profit reached 12.692 million AUD, showing a remarkable year-on-year growth of 543.94% [1] - Basic and diluted earnings per share were reported at 8.03 AUD cents [1] Production and Contributing Factors - The increase in profit was primarily attributed to higher gold grades and recovery rates, leading to the production of 13,475 ounces of gold at the Vammala plant, compared to 8,164 ounces in the same period last year [1] - The average gold price during the period also rose, contributing positively to the financial results [1] - Additionally, processing fees from nearby operator Botnia Exploration AB's gold-bearing ore provided a significant positive contribution [1]

万国黄金集团(3939.HK)盘中跌超6%，报32.8港元，截至目前成交额放大至近11亿港元。 消息面上，公司昨晚公布，以先旧后新方式配售2250万股，占扩大后股本约2.03%；每股配售价32.55港 元，较昨日收市价35港元折让7%，集资7.32亿港元，净额估计约为7.22亿港元，当中约50%拟用作有关 金岭矿勘探及开发项目的拨款，及约50%用作集团一般营运资金。 另外，股东Prominence Investment Holding Company Limited按每股32.55港元出售750万股，套现2.44亿 港元。紧随先旧后新出售、认购及减持出售完成后，Prominence持股由3.71%降至2.95%。Prominence最 终实益拥有人为魏嘉明及吴振兴。 ...

购买价32.55港元较股份于最后交易日在联交所所报收市价每股35.00港元折让约7.00%。扣除专业费用 及实付开支后，认购事项所得款项净额估计约为7.22亿港元。公司拟将认购所得款项净额用作(1)有关金 岭矿(集团在其中采矿)勘探及开发项目的拨款；及(3)集团一般营运资金。先旧后新出售及减持出售为同 时进行并将同步完成，但并非互为条件。 格隆汇8月21日丨万国黄金集团(03939.HK)发布公告，2025年8月21日(交易时段前)，公司、先旧后新卖 方及减持卖方与配售代理订立协议，据此，(1)先旧后新卖方同意出售，而配售代理个别(而非共同或共 同及个别)同意作为先旧后新卖方的代理按尽力基准促使不少于6名承配人按每股股份32.55港元的价格 购买先旧后新卖方持有的2250万股股份；(2)先旧后新卖方有条件同意以主事人身份按认购价(相等于购 买价每股股份32.55港元)认购，而公司有条件同意发行最多2250万股新股份(相等于先旧后新卖方根据协 议实际出售的先旧后新出售股份数目)；及(3)减持卖方同意出售，而配售代理个别(并非共同或共同及个 别)同意作为减持卖方的代理按尽力基准促使购买人按每股减持出售股份32.5 ...

Core Insights - The article discusses the recent research conducted by the well-known private equity firm, Huanfang Quantitative, on a listed company, Shanjin International, focusing on its gold production and strategic plans for the future [1] Company Overview - Shanjin International reported a decrease in gold production in the first half of 2023 compared to the same period last year, but the company is implementing various measures to recover production in the second half [1] - The trading company experienced losses in the first half of the year primarily due to the net profit from the consolidation of overseas company entities [1] - The Heihe Luoke Dong'an gold mine is noted for its high-grade gold, with geological exploration concentrated on newly acquired exploration rights [1] - The company has acquired two exploration rights in Yunnan, which will be integrated with Huasheng Gold Mine for unified development [1] - The mining rights for the Qinghai Dachaidan fine crystal ditch are currently being processed [1] Strategic Planning - Shanjin International released a strategic plan for 2023, aiming to achieve its goals through existing mine management and the exploration of mineral resource projects [1] - The cost of gold sales is expected to increase slightly in the first half of 2025, but the overall increase is not significant [1] - The Osino project is anticipated to commence production in the first half of 2027, with an average annual gold output of 5 tons [1] - Future growth in gold production over the next 2-3 years is expected to primarily come from the Osino project and external acquisition projects [1] - The company's dividend policy remains stable, with the contribution rate of gold-producing mines to the company's net profit reaching 95.87% for the fiscal year 2024 [1]

机构：天风证券 研究员：刘奕町/曾先毅 受益金铜价格上行，业绩同比高增 公司25H1 实现营收41.55 亿元，yoy+178.36%，实现归母净利润14.34 亿元，同比+732.36%；其中Q2 实 现营收22 亿元，同比+107.7%，环比+12.5%，归母净利润8.25 亿元，同比+2244.8%，环比+35.6%。 长山壕矿：25H1 产量年化超过全年指引，成本稳中有降量：25H1 黄金产量1.43 吨，Q1/2 分别为 0.74/0.69 吨。25H1 黄金销售1.7吨，Q1/2 分别0.9/0.79 吨。 甲玛矿：年化产量超指引，折价系数、副产收益环比升高，成本环比下降量：25H1 黄金产量1.36 吨， Q1/2 分别为0.7/0.66 吨；25H1 黄金销售1.3吨，Q1/2 分别0.65 吨。25H1 铜产量3.5 万吨，Q1/2 分别 1.7/1.8 万吨；25H1铜销售3.4 万吨，Q1/2 分别1.7/1.8 万吨。H1 副产银86 吨，铅2.1 万吨，锌1.1 万吨， 钼453 吨。 价：25H1 伦铜均价9442 美元/吨，Q1/2 分别为9340/9480 美元/盎司；金银等副 ...

Core Viewpoint - The company, WanGuo Gold Group (03939), plans to place 22.5 million shares, representing 2.1% of the current share capital, at a price range of HKD 32.55 to HKD 33.25, which is a discount of 5% to 7% compared to the closing price of HKD 35 on August 20, aiming to raise up to HKD 748 million for the expansion of its gold mine in the Solomon Islands [1] Group 1 - The share placement is set to have a 90-day lock-up period for the company and a 30-day lock-up period for selling shareholders [1] - CITIC Lyon Securities is appointed as the sole global coordinator and joint placement agent for the share placement [1] - The major shareholder, Prominence Investment Holding, plans to reduce its stake by selling 7.5 million shares at the same price range, potentially raising up to HKD 249 million [1]

智通财经APP获悉，据报道，万国黄金集团(03939)计划配售2250万股，相当于目前股本2.1%，配股价 范围32.55港元至33.25港元，较8月20日收市价35港元折让5%至7%，集资最多7.48亿港元，用于扩展所 罗门群岛的金矿等。公司设90天禁售期，减持股东设30天禁售期，中信里昂证券担任独家整体协调人及 联合配售代理。 大股东Prominence Investment Holding计划以相同作价(32.55港元至33.25港元)减持750万股，相当于现有 股本0.7%，套现最多2.49亿港元。 ...

Financial Performance - The company achieved a revenue of 924,564.50 million CNY in the first half of 2025, representing a 42.14% increase compared to the same period last year [4] - Operating profit reached 231,548.26 million CNY, up by 48.14% year-on-year [4] - Net profit attributable to shareholders was 159,573.31 million CNY, reflecting a growth of 48.43% compared to the previous year [4] Resource Development - The company added 3.85 tons of gold metal with a grade of 5.79 g/t through geological exploration in the first half of 2025 [4] - Acquired 52.0709% equity in Yunnan Western Mining Co., gaining exploration rights over an area of 35.6 square kilometers [4] - The company is advancing the Osino project in Namibia, with production expected to commence in the first half of 2027, projected to yield an annual average of 5 tons of gold [6] Production and Operations - Gold production for the first half of 2025 was 3.72 tons, with expectations to recover production in the second half of the year [5] - The company is integrating two newly acquired exploration rights in Yunnan with the Huasheng project for unified development [5] - The cost of gold sales increased by 3.02% year-on-year, attributed to changes in mining methods and ore grades [6] Strategic Planning - The company's strategic plan aims to enhance existing mining operations while pursuing high-margin mineral resource projects [6] - Future growth in gold production is anticipated to come from the Osino project and potential acquisitions [6] - The company maintains a commitment to high cash dividends, aiming for stable dividend policies to reward shareholders [6] Profit Contribution - Gold products contributed 95.87% to the net profit attributable to shareholders, with silver, lead, and zinc making up the remainder [7]