中经记者 庄灵辉 深圳报道 实控人因涉嫌非法吸收公众存款罪被逮捕后不久，登云股份（002715.SZ）再因监管警示引发市场关 注。 日前，广东证监局决定对登云股份及相关责任人采取出具警示函措施，主要因登云股份对子公司担保事 项未及时提交董事会审议，也未及时履行信息披露义务。因同一事项，深交所也向登云股份及相关责任 人下发监管函。 为保障相应3400万元借款承担连带责任保证的追偿权，登云股份转让北京黄龙相应股权时，提出由北京 黄龙以所持汉阴黄龙30%的股权作质押，于相应股权转让协议签署当日，与公司同步签订《股权质押合 同》并办理标的股权质押登记手续；益科正润则承诺在股权转让协议签署时向登云股份出具《不可撤销 反担保书》，无条件为登云股份相应连带责任保证提供反担保。 业绩再度转亏 登云股份于2021年收购北京黄龙，切入黄金矿采选等相关领域。不久前，登云股份明确要继续深耕汽车 零部件行业。 《中国经营报》记者注意到，登云股份近年来业绩有所承压。2023年度，登云股份归母净利润一度扭 亏，但此后呈下滑态势。2025年度，登云股份预计归母净利润将再度由盈转亏。 担保事项延迟信披 经监管查明，2025年4月27日及7月1 ...

格隆汇1月26日丨登云股份（维权）(002715.SZ)公布，预计2025年归属于上市公司股东的净利 润-1,800.00万元～-1,300.00万元，扣除非经常性损益后的净利润-1,000.00万元～-700.00万元。2025年度 利润下降主要原因：因工程建设等因素影响，黄金矿采选业务产量大幅下降，导致毛利率大幅下降；黄 金矿采选业务产销量同比大幅下降，同比利润下滑较多；此外，本期公司出售了北京黄龙金泰矿业有限 公司75%的股权，出现了账面亏损，导致公司本期净利润及扣非后净利润大幅下降。 ...

每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 （记者 王晓波） 每经AI快讯，登云股份1月26日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润为-1300万 元到-1800万元，同比由盈转亏。基本每股收益-0.0942元到-0.1304元。上年同期基本每股收益0.0372 元。2025年度利润下降主要原因：因工程建设等因素影响，黄金矿采选业务产量大幅下降，导致毛利率 大幅下降；黄金矿采选业务产销量同比大幅下降，同比利润下滑较多；此外，本期公司出售了北京黄龙 金泰矿业有限公司75%的股权，出现了账面亏损，导致公司本期净利润及扣非后净利润大幅下降。 ...

登云股份公告，预计2025年度净利润为负值，预计归属于上市公司股东的净利润为-1800万元至-1300万 元，上年同期为513.15万元。2025年度利润下降主要原因：因工程建设等因素影响，黄金矿采选业务产 量大幅下降，导致毛利率大幅下降；黄金矿采选业务产销量同比大幅下降，同比利润下滑较多；此外， 本期公司出售了北京黄龙金泰矿业有限公司75%的股权，出现了账面亏损，导致公司本期净利润及扣非 后净利润大幅下降。 ...

Group 1 - The actual controller of Dongyun Co., Yang Tao, has been arrested for illegal public deposit collection, but the company's operations remain normal [2][4] - Dongyun Co. has previously announced multiple instances of judicial freezing of shares held by its controlling shareholder [2][4] - If the frozen shares are enforced and transferred, it may lead to a change in the company's controlling shareholder and affect control stability [2][5] Group 2 - Dongyun Co. specializes in automotive parts manufacturing, primarily producing automotive valves, and reported losses in the first three quarters of 2025 [3][6] - The company is the first A-share listed company in the valve sector, with its main revenue still derived from valve sales [7] - In 2023 and 2024, Dongyun Co. reported total revenues of 544 million yuan and 511 million yuan, respectively, with automotive parts revenue close to 449 million yuan and 419 million yuan [7] - Despite positive net profits in 2023 and 2024, the company reported a net loss of 2.68 million yuan in the first three quarters of 2025, a decline of 123.83% year-on-year [7]

Core Viewpoint - Baoding Technology (002552) has demonstrated strong financial performance in Q3 2025, driven by its dual business model of "electronic materials + gold mining," which provides robust growth momentum [1][5][6] Financial Performance - In the first three quarters of 2025, the company achieved revenue of 2.172 billion yuan, a year-on-year increase of 3.13%, and a net profit of 539.425 million yuan, up 28.02% [1] - In Q3 2025, revenue reached 777 million yuan, reflecting a year-on-year growth of 24.16%, while net profit surged to 29.936 million yuan, marking an impressive increase of 183.45% [1] Business Segments - The company operates in two main sectors: electronic materials, including electronic copper foil and copper-clad laminates (CCL), and gold mining [2][3] - Baoding Technology's subsidiary, Jinbao Electronics, is one of the few domestic companies with integrated capabilities in the design, R&D, and production of electronic copper foil and CCL, establishing itself as a key supplier in the PCB industry [2] - The electronic materials segment is expected to generate revenue of 2.529 billion yuan in 2024, a growth of 7.27% [2] Market Trends - The global PCB market for servers and data storage is projected to grow significantly, with an expected market size of 10.916 billion USD in 2024, up 33.1%, and a compound annual growth rate (CAGR) of 11.6% from 2024 to 2029 [1] - The rising demand for data centers and servers, driven by the AI development wave, is expected to bolster the company's electronic materials business [5] Gold Mining Operations - Baoding Technology's subsidiary, Hexi Gold Mine, has completed the first phase of its resource integration project, which is now in production with an annual capacity of 300,000 tons [3] - The gold mining segment is projected to achieve revenue of 334 million yuan in 2024, a year-on-year increase of 27.43%, with a gross margin of 54.91% [4] - The company benefits from a strong gold market, with predictions of gold prices reaching 4,980 USD per ounce in the next 12 months, a 27% increase from current levels [4] Strategic Outlook - The dual business model of electronic materials and gold mining is expected to enhance Baoding Technology's profitability and competitive edge in high-growth sectors [5][6] - The company's integrated approach in the electronic materials sector and the expansion of its gold mining operations are anticipated to provide sustained revenue growth and profitability [6]

Group 1 - The core point of the article highlights the recent performance of Shanjin International, which saw a 5.22% increase in stock price, reaching 22.16 CNY per share, with a trading volume of 629 million CNY and a market capitalization of 61.532 billion CNY [1] - Shanjin International is primarily engaged in precious and non-ferrous metal mining and trading, with gold as its main product. The revenue composition includes copper trading (33.67%), gold (32.30%), silver trading (17.01%), and other metals [1] Group 2 - Xinhua Fund has a significant holding in Shanjin International, with its Xinhua Industry Cycle Rotation Mixed A Fund increasing its stake by 33,300 shares in the second quarter, now holding 398,700 shares, which represents 5.65% of the fund's net value [2] - The Xinhua Industry Cycle Rotation Mixed A Fund has achieved a year-to-date return of 26.33% and a one-year return of 21.58%, ranking 3533 out of 8244 and 5167 out of 8080 in its category, respectively [2]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Views - The company is experiencing rapid profit release and significant growth in production, with strong internal potential for future increases in gold output [4][2]. - The company has a robust resource endowment, with a total gold resource of 131.8 tons and a stable annual production of 5-5.5 tons since 2022, showing a substantial increase of 59.8% in gold production in the first half of 2025 [3][34]. Summary by Sections Company Overview - The company, established in 2002 and listed in 2006, has transitioned from a state-owned enterprise to a mixed-ownership model, currently controlled by Shenzhen Jieshi Weiye Holdings [1][9]. - It operates five mining bases and one smelting facility, with a production capacity of 7,000 tons of ore and 1,000 tons of gold concentrate daily, resulting in an annual output of 30 tons of gold and silver each, along with other products [1][10]. Financial Performance - In the first half of 2025, the company achieved a revenue of 7.8 billion RMB, marking an 82% year-on-year increase, primarily driven by its gold smelting business [2][16]. - The net profit attributable to shareholders reached 664 million RMB in the first half of 2025, reflecting a staggering growth of 335.3% compared to the previous year [2][16]. Resource Endowment and Potential - As of the end of 2024, the company holds 37 mining and exploration rights over an area of 216.04 square kilometers, with a total gold resource of 131.8 tons [3][34]. - The company’s mining operations are concentrated in Henan, Xinjiang, and Kyrgyzstan, with 72% of mining revenue generated from the Henan region in the first half of 2025 [34][39]. Investment Recommendations - The report forecasts net profits of 1.55 billion RMB, 2.05 billion RMB, and 2.75 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.21, 1.60, and 2.14 RMB [4][5]. - The valuation metrics suggest a P/E ratio of 13X for 2025, indicating a favorable investment opportunity given the expected growth trajectory [4][5].

Core Viewpoint - The company is facing significant pressure in its valve export business due to the complex and changing international economic environment, prompting a strategic decision to divest from its gold mining operations to focus on its core business [1] Group 1: Business Strategy - The company plans to transfer 75% of its stake in Beijing Huanglong Jintai Mining Co., Ltd. to its affiliate Yike Zhengrun Investment Group Co., Ltd. for a consideration of 137 million yuan [1] - After the transaction, the company will retain a 25% stake in Beijing Huanglong, but it will no longer be included in the company's consolidated financial statements [1] Group 2: Financial Implications - The divestment is aimed at ensuring the healthy and sustainable development of the company by enhancing the competitiveness of its core business [1] - The company anticipates challenges in managing both the valve business and the gold mining operations simultaneously, given the current international situation and its asset status [1]