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。 SHANDONG GOLD MINING CO., LTD. 山 東 黃 金 礦 業 股 份 有 限 公 司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司 ） （股 份 代 號：1787） 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條作出。 茲載列山東黃金礦業股份有限公司（「本公司」）在上海證券交易所網站(www.sse.com.cn)刊 登之《山東黃金礦業股份有限公司2025年度內部控制審計報告》及《山東黃金礦業股份有限 公司2025年度審計報告》，僅供參閱。 承董事會命 山東黃金礦業股份有限公司 董事長 韓耀東 中國濟南，2026年3月26日 於本公告日期，本公司執行董事為修國林先生、徐建新先生、湯琦先生和劉延芬女士； 本公司非執行董事為韓耀東先生和劉欽先生；及本公司獨立非執行董事為戰凱先生、劉 懷鏡先生和趙峰女士。 山东黄金矿业股份 ...

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - In 2025, listed companies' awareness and scale of participating in risk management reached a record high, with 1,731 companies issuing 4,740 risk management - related announcements, and risk management has been elevated to a strategic management height. Different industries and regions show different participation degrees [1][65]. - The report divides gold - related listed companies into two groups: risk management and non - risk management, and establishes an indicator evaluation system including profitability, operational capacity, and growth capacity to evaluate the impact of risk management on corporate financial performance [2][39]. - In terms of profitability, although hedging may reduce the gross profit margin on the book during the rising gold price cycle, it is better than blindly gambling in the market in terms of reducing income volatility, ensuring net profit quality, and enhancing shareholder returns [3][52]. - In terms of operational capacity, companies participating in risk management have built an operational firewall through the derivatives market, significantly improving asset turnover efficiency and fund - using efficiency, while non - risk management companies' inefficient operational capacity will restrict their cross - cycle development [3][58]. - In terms of growth capacity, the risk management group sacrifices some extreme excess profits during the unilateral rise of the gold price, successfully avoiding extreme drawdowns that may lead to business crises, and laying a foundation for sustainable development [3][64]. 3. Summary According to Relevant Catalogs 3.1 Introduction - **Research Background**: In recent years, due to multiple factors such as macro - economic fluctuations, intensified geopolitical risks, and strong gold - buying demand from global central banks, the precious metal market has entered a structural bull market, especially the gold price has repeatedly hit new highs. This has a profound and highly differentiated impact on the operating performance of gold - related listed companies, with upstream companies benefiting and downstream companies under pressure [9]. - **Research Purpose and Significance**: The report aims to explore the specific impact of gold - related listed companies' participation in risk management on their financial data. It can provide a theoretical basis and practical reference for improving corporate risk management quality and optimizing investment decisions, and also fill the gap in academic research on the financial impact mechanism of hedging in the gold industry [15]. 3.2 Analysis of Listed Companies' Participation in Risk Management Business - **Background of Listed Companies' Participation in Risk Management Business**: In 2025, about 1,731 listed companies issued about 4,740 risk management - related announcements. The hedging business announcements accounted for the largest proportion, with 1,711 announcements from about 1,433 companies, showing an increase compared to the previous year. The high volume of risk management business in 2025 was due to factors such as the sharp fluctuations in global commodity prices, the increasing awareness of risk management among listed companies, and the development of the domestic futures and options market [17][20][24]. - **Participation of Gold - Related Listed Companies in Risk Management Business**: Gold price fluctuations have different impacts on different parts of the gold industry chain. The report selected 78 gold - related listed companies. Upstream non - ferrous metal companies have a high participation rate in risk management, while downstream textile and clothing and retail companies show a mixed participation situation. Overall, the risk management of the gold industry chain shows a pattern of "upstream necessity and downstream selectivity" [33][34][38]. 3.3 Evaluation System for Listed Companies' Participation in Risk Management Business - **Profitability Evaluation Indicators**: The report selects gross profit margin, net profit margin, ROA, and ROE to form a complete profit analysis chain from operation to shareholder return, which can reflect the company's cost control, product pricing, and asset - using efficiency [42]. - **Operational Capacity Evaluation Indicators**: The report selects accounts receivable turnover, inventory turnover, total asset turnover, and current ratio to evaluate the company's asset operation efficiency and short - term liquidity, aiming to study whether hedging can optimize inventory turnover and improve accounts receivable management [44]. - **Growth Capacity Evaluation Indicators**: The report selects the year - on - year growth rates of total operating revenue, net profit, attributable net profit, and basic earnings per share to measure the company's sustainable growth trend from the dimensions of scale, attribution, and shareholder return [45]. 3.4 Effects of Gold - Related Listed Companies' Participation in Risk Management Business - **Profitability Data Comparison**: In terms of gross profit margin, the non - risk management group leads, but the risk management group sacrifices gross profit for stability. In terms of net profit margin, ROA, and ROE, the risk management group shows advantages, indicating that hedging can optimize the profit structure and improve capital efficiency [47][48][49]. - **Operational Capacity Data Comparison**: In terms of accounts receivable turnover, inventory turnover, and total asset turnover, the risk management group has an advantage, while the non - risk management group has a higher current ratio but lower capital - using efficiency. The risk management group has a more refined asset structure [53][54][55]. - **Growth Capacity Data Comparison**: The risk management group shows strong operational certainty in total operating revenue growth. In terms of net profit, attributable net profit, and basic earnings per share growth rates, the risk management group has more stable growth and can avoid extreme drawdowns, while the non - risk management group has volatile growth [59][60][61]. 3.5 Summary and Outlook - **Summary**: In 2025, listed companies' participation in risk management reached a new high, showing strong industry and regional characteristics. The report established an evaluation system to compare the financial performance of risk management and non - risk management groups in terms of profitability, operational capacity, and growth capacity, and found that risk management has positive effects [65][66][67]. - **Outlook**: Gold - related listed companies should embed risk management into the corporate governance system, adhere to the principle of combining futures and cash, optimize internal governance and cost control, pursue refined asset operation, and enhance information disclosure transparency [68][69][70].

Core Viewpoint - The company is currently managing challenges posed by increased rainfall during the rainy season in Fiji, but has implemented measures to ensure that production operations at the Vatukoula gold mine remain unaffected [1] Group 1: Production Operations - The rainy season has led to increased rainfall, which presents challenges for the production operations at the Vatukoula gold mine [1] - The company has deployed comprehensive measures in advance to address these challenges, ensuring that operations have not been impacted by the rainy season [1] Group 2: Mine Management and Upgrades - The company is committed to strengthening monitoring and management during the rainy season to ensure the safe operation of the mine [1] - The technical upgrade work at the Vatukoula gold mine is progressing as planned, with completion expected by the end of 2026 [1] - The daily processing capacity of tailings at the Vatukoula gold mine has stabilized at 1,300 tons, while the daily processing of ore is approximately 1,000 tons [1] - Relevant updates regarding the technical upgrades will be disclosed in the company's 2025 annual report as required [1]

Group 1 - The Hang Seng Index Company announced the results of the quarterly review for the Hang Seng Index series as of December 31, 2025, with Lingbao Gold (03330) being included in the Hang Seng Composite Index [1] - The changes will be implemented after the market closes on March 6, 2026, and will take effect on March 9, 2026, leading to adjustments in the eligible stocks for the Hong Kong Stock Connect [1] - According to a report by CICC, Lingbao Gold is likely to be included in the Hong Kong Stock Connect due to meeting various criteria, including market capitalization, liquidity, and listing duration [1] Group 2 - Lingbao Gold announced on February 3, 2026, that it issued and allocated 336,500 new shares following the exercise of conversion rights by holders of convertible bonds, with a conversion price of HKD 17.83 per share for an outstanding convertible bond amounting to HKD 6 million [1]

Group 1 - A mining accident occurred at the Cangzhuang Gold Mine in Zhaoyuan City on February 7, resulting in 7 fatalities due to a hoisting accident [2][5][9] - The company, Zhaojin Mining Industry (1818.HK), experienced a significant stock drop of over 8% following the news of the accident [3] - Investigations are underway regarding the company's failure to report the incident promptly, with multiple senior officials from the mine being detained [5][7] Group 2 - Cangzhuang Gold Mine is owned by Zhaojin Mining Industry, which acquired 100% ownership for 426 million yuan in December 2009 [10] - The mine has a total gold metal content of 16.115 tons and a mineral reserve of 3.386287 million tons, with an average grade of 4.8 grams per ton [10] - Zhaojin Mining Industry is a major comprehensive mining company engaged in the exploration, mining, processing, and sale of gold and other metal products [10]

Core Viewpoint - On February 10, 2026, Zhaojin Mining (1818.HK) opened significantly lower, dropping over 8% during trading, with a closing price of HKD 32.34 per share, representing a decline of 6.59% and a total market capitalization of HKD 114.8 billion [1][12]. Incident Summary - A fatal accident occurred at the Zhaojin Mining's Cangzhuang Gold Mine on February 7, resulting in the death of 7 individuals due to a hoisting accident [14][20]. - The local emergency management bureau reported that the company failed to promptly report the incident, with confirmation of the accident only occurring after a tip-off on February 9 [16][22]. - Eleven individuals, including the mine manager and various deputy managers, have been detained for investigation related to the incident [18][20]. Company Background - Cangzhuang Gold Mine is a subsidiary of Zhaojin Mining, acquired in December 2009 for HKD 426 million, and is one of China's top 100 non-ferrous metal mining companies [20]. - The mine has a gold metal content of 16.115 tons and a mineral reserve of 338.6287 million tons, with an average grade of 4.8 grams per ton. Recent assessments have increased the total reserves to over 20 tons [20]. Regulatory Issues - The Cangzhuang Gold Mine has faced regulatory scrutiny, having been penalized twice in 2025 for safety violations, including a fine of HKD 30,000 for non-compliance with safety equipment standards [22][24]. - The mine was also fined HKD 25,000 for failing to meet emergency preparedness requirements, highlighting ongoing safety management issues [12][24].

Group 1 - Sichuan Gold Co., Ltd. experienced a significant drop in stock price, closing at 59.56 yuan per share with a total market value of 25.015 billion yuan [1] - The company, established on August 16, 2006, primarily engages in the mining and sales of gold, with its main product being gold concentrate, accounting for 100% of its revenue [1] Group 2 - From the perspective of major fund holdings, one fund from Guotai Fund has a significant position in Sichuan Gold, with 1,000 shares held, representing 0.03% of the fund's net value [2] - The fund, Guotai Preferred Navigation One-Year Holding Period Mixed Fund (FOF) (013279), has reported a year-to-date return of 37.12% and a one-year return of 127.62%, ranking 5th out of 1,325 in its category [2] - The fund manager, Zeng Hui, has a tenure of 2 years and 86 days, with the fund's total assets amounting to 10.489 billion yuan and a best return of 119.23% during his tenure [3]

Core Viewpoint - Sichuan Gold announced an expected net profit for the fiscal year 2025 ranging from 420 million to 480 million yuan, representing a year-on-year increase of 69.23% to 93.40% [1] Group 1: Financial Performance - The anticipated increase in net profit is primarily attributed to a rise in the sales volume of gold concentrate and an increase in gold prices [1]

Core Viewpoint - Multiple gold concept stocks have issued risk warnings regarding trading, indicating potential volatility in the market due to significant price increases [1][2]. Group 1: Stock Performance and Risk Warnings - On January 28, several gold concept stocks, including China Gold, Western Gold, and Hunan Gold, experienced a surge, with some reaching the daily limit up, while others rose over 5% [1]. - China Gold reported a cumulative stock price increase of 46.42% from January 23 to January 28, significantly outpacing the Shanghai Composite Index's increase of 0.7% during the same period [1]. - Sichuan Gold announced that its stock price had deviated by over 20% for two consecutive trading days and over 100% in the last ten trading days, indicating abnormal trading fluctuations [2]. Group 2: Company Announcements and Market Conditions - Silver Nonferrous and other companies have cautioned investors about the potential for price declines following significant short-term gains, urging rational investment decisions [2]. - Western Gold highlighted the heightened interest in the gold market, reminding investors to make prudent decisions given the company's involvement in gold mining and refining [2]. - Yuguang Gold Lead noted that its stock price had deviated significantly, and the volatility in non-ferrous metal prices could impact its profitability, particularly with uncertainties surrounding future silver prices [2].

Group 1 - A-share gold concept stocks experienced a surge, with over 30 stocks including Feinan Resources and Xiaocheng Technology hitting the 20% limit up [1] - The gold and silver market is currently seeing significant price increases, impacting the performance of companies in the sector [1] Group 2 - Silver Color, which has seen a seven-day trading limit increase, reported a revenue of 72.643 billion yuan and a net profit of -215 million yuan for the first nine months of 2025, with an expected annual net loss of 450 million to 675 million yuan [2] - Sichuan Gold, which has seen a seven-day trading limit increase, faces risks including gold price volatility, single mine operation, and rising production costs [2] - Yuguang Gold Lead, with a four-day trading limit increase, is affected by low raw material self-sufficiency and fluctuating silver prices, which could impact profitability [3] - China Gold, also with a four-day trading limit increase, continues its main business in gold jewelry without mining rights, urging consumers to make rational investment decisions [3] - Western Gold, with a three-day trading limit increase, has not identified any significant media reports affecting stock prices and emphasizes the importance of rational investment [3] - Chifeng Gold, focusing on gold mining, reports normal internal operations and anticipates a positive impact on performance due to recent price increases [3]