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 ） 公司代码：600547 公司简称：山东黄金 山东黄金矿业股份有限公司 2025 年年度报告 山东黄金矿业股份有限公司 2025 年年度报告 （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年年度報告》及《山東黃金礦業股份有限公司2025年 年度報告摘要》，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 ...

Group 1 - Shandong Gold experienced a decline of 6.31%, trading at 46.00 CNY per share, with a transaction volume of 725 million CNY and a turnover rate of 0.44%, resulting in a total market capitalization of 212.057 billion CNY [1] - The company, established on January 31, 2000, and listed on August 28, 2003, is primarily engaged in gold mining, smelting, and the production and sale of gold and silver products, including standard gold bars and various investment gold bars [1] - The revenue composition of Shandong Gold includes 50.14% from purchased gold, 29.96% from self-produced gold, 9.75% from trading, 7.65% from small gold bars, and 2.50% from other sources [1] Group 2 - Yongying Fund has a fund that ranks among the top ten circulating shareholders of Shandong Gold, with the Gold Stock ETF (517520) newly entering the top ten shareholders in the third quarter, holding 29.6867 million shares, which is 0.64% of the circulating shares [2] - The Gold Stock ETF (517520), established on October 24, 2023, has a latest scale of 12.55 billion CNY, with a year-to-date return of 27.15%, ranking 3rd out of 5562 in its category, and a one-year return of 127.7%, ranking 5th out of 4285 [2] - The fund manager of the Gold Stock ETF is Liu Tingyu, who has a total fund asset scale of 28.048 billion CNY, with the best fund return during his tenure being 186.44% and the worst being 1.32% [2] Group 3 - Yongying Fund's fund has a significant position in Shandong Gold, having increased its holdings by 776,700 shares in the fourth quarter, totaling 30.4634 million shares, which accounts for 9.4% of the fund's net value, making it the second-largest holding [3] - The estimated floating loss for the fund today is approximately 94.4367 million CNY [3]

Core Viewpoint - The surge in gold prices has led to significant profit increases for gold companies, but the volatility in gold prices has also introduced uncertainty in the valuation of these stocks [1][4]. Group 1: Company Performance - Shandong Gold expects a net profit of 4.6 billion to 4.9 billion yuan for 2025, representing a year-on-year increase of 56% to 66% [2]. - Sichuan Gold anticipates a net profit of 420 million to 480 million yuan for 2025, with a growth of 69.23% to 93.40% [2]. - Western Gold forecasts a net profit of 425 million to 490 million yuan for 2025, reflecting a year-on-year increase of 46.78% to 69.23% [3]. Group 2: Market Dynamics - The international gold price has seen a year-to-date increase of approximately 25% as of January 28, 2026, followed by a significant correction [4]. - On February 2, 2026, several gold stocks, including Sichuan Gold and Shandong Gold, experienced sharp declines after previously hitting upper limits due to rising gold prices [5]. - The volatility in gold prices has led to a divergence in market expectations, with investors caught between high expectations for gold pricing and traditional views of cyclical reversals [5]. Group 3: Investment Insights - Investors should differentiate between "trends" and "volatility," focusing on long-term holdings of companies with low costs and high growth certainty while taking advantage of short-term market reactions [6]. - Key indicators for selecting mining stocks include "unit reserve market value," "gold cost per gram," and "reserve replacement rate," which provide deeper insights into a company's intrinsic value and long-term competitiveness [6]. - The investment logic for silver stocks is similar to that of gold stocks but is driven by industrial demand narratives, particularly in sectors like photovoltaics and AI hardware, which amplify price volatility and risk [8].

Core Viewpoint - Hunan Gold's long-awaited asset integration plan has been realized, marking a strategic transformation from a regional mining company to a national gold leader through the acquisition of Golden Tianyue and Central South Smelting, which includes the core assets of the Pingjiang Wangu gold mine valued at approximately 600 billion yuan [1][2]. Group 1: Asset Acquisition Details - The acquisition involves two main entities: Golden Tianyue, which holds mining rights and focuses on gold exploration and sales, and Central South Smelting, which specializes in processing difficult-to-treat gold concentrates [2]. - The transaction is a continuation of a strategic plan initiated five years ago, with Hunan Gold's board approving a nurturing agreement in 2021 to develop the Pingjiang gold resources before exercising a purchase option [2][3]. - The estimated gold resources in the Wangu gold mine are significant, with 300.2 tons confirmed at depths of up to 2000 meters, and projections suggesting over 1000 tons at depths of 3000 meters, translating to a total resource value of 600 billion yuan [2]. Group 2: Financial Projections and Performance - Hunan Gold plans to issue shares at 17.06 yuan each to finance the acquisition and related costs, with the final transaction price still pending completion of audits [3]. - The two target companies are already profitable, with projected revenues of 2.21 billion yuan and 2.796 billion yuan for Golden Tianyue and Central South Smelting respectively in 2025, contributing a combined net profit of 189 million yuan [3]. - Hunan Gold anticipates a significant increase in net profit for 2025, estimated between 1.27 billion yuan and 1.608 billion yuan, representing a year-on-year growth of 50% to 90% [6]. Group 3: Market Context and Industry Outlook - The gold price has seen a substantial increase, with a nearly 70% rise in 2025, contributing to the positive performance of Hunan Gold and the broader gold sector [6][8]. - Hunan Gold's revenue and net profit have shown consistent growth from 2021 to 2024, with 2024 revenues reaching 27.839 billion yuan and net profits of 847 million yuan, reflecting a 73.08% increase [7]. - The overall gold industry is expected to maintain high profitability due to supportive factors such as U.S. monetary policy, geopolitical tensions, and ongoing central bank gold purchases [8].

Core Viewpoint - Hunan Gold (002155.SZ) plans to acquire 100% equity of Hunan Tianyue Mining Co., Ltd. and Hunan Zhongnan Gold Smelting Co., Ltd. through a share issuance, aiming to enhance resource integration and eliminate competition with its controlling shareholder, Hunan Gold Group [2][3][5]. Group 1: Acquisition Details - The acquisition involves purchasing 100% equity of Hunan Tianyue and Hunan Zhongnan from Hunan Gold Group and Tianyue Investment Group, with funds raised to cover transaction costs and support the companies' operations [3]. - The transaction is classified as a related party transaction since Hunan Gold Group is the controlling shareholder of Hunan Gold [3][4]. - The acquisition is expected to reduce related party transactions and enhance operational efficiency by integrating mining and smelting operations [5][6]. Group 2: Financial Projections - Hunan Tianyue and Hunan Zhongnan are projected to achieve revenues of 2.21 billion yuan and 2.796 billion yuan, respectively, by 2025, with net profits of approximately 64.55 million yuan and 124 million yuan [2][6]. - Hunan Gold anticipates a net profit of 1.27 billion to 1.608 billion yuan for 2025, representing a year-on-year growth of 50% to 90% [7][8]. - The company reported a revenue of 41.194 billion yuan for the first three quarters of 2025, a 96.26% increase year-on-year, with net profits of 1.029 billion yuan [8]. Group 3: Strategic Implications - The acquisition aligns with Hunan Gold's strategy to consolidate its resource capabilities and enhance its competitive position in the market [6][8]. - By integrating mining and smelting operations, Hunan Gold aims to increase its resource reserves and improve control over high-quality assets [6][7]. - This move is expected to solidify Hunan Gold's strategic position in the industry and enhance its core competitiveness [6].

Core Viewpoint - Hunan Gold plans to acquire 100% equity of Golden Tianyue and 100% equity of Central South Smelting to further enhance its industrial layout [2][7]. Group 1: Acquisition Details - The acquisition will be executed through the issuance of shares to Hunan Gold Group and Tianyue Investment Group for their combined 100% stake in Golden Tianyue, and to Hunan Gold Group for its 100% stake in Central South Smelting [2][4]. - Following the completion of the transaction, Golden Tianyue and Central South Smelting will become wholly-owned subsidiaries of the listed company [2][4]. - The transaction is expected to constitute a major asset restructuring and related party transaction, but will not constitute a restructuring listing [4]. Group 2: Strategic Rationale - Hunan Gold aims to enhance its gold resource reserves and strengthen the smelting segment of the gold mining industry chain, thereby improving control over the industry chain and capturing additional value from gold mining and smelting [8]. - The acquisition is seen as a continuation of previous agreements aimed at reducing investment risks and eliminating competition between Hunan Gold Group and the listed company in the mining area [7][8]. Group 3: Financial Performance - Hunan Gold has projected a net profit of between 1.27 billion to 1.608 billion yuan for the fiscal year 2025, representing a year-on-year increase of 50% to 90% [8]. - The expected increase in profits is attributed to the rise in sales prices of gold, antimony, and tungsten products during the reporting period [8][9].

Core Viewpoint - Hunan Gold plans to acquire 100% equity of Golden Tianyue and Zhongnan Smelting to further enhance its industrial layout [2][4] Group 1: Acquisition Details - The company intends to purchase 100% equity of Golden Tianyue from Hunan Gold Group and Tianyue Investment Group, and 100% equity of Zhongnan Smelting from Hunan Gold Group through a share issuance [2][4] - Following the completion of this transaction, Golden Tianyue and Zhongnan Smelting will become wholly-owned subsidiaries of the listed company [2] - The transaction is expected to constitute a major asset restructuring and related party transaction, but will not constitute a restructuring listing [4] Group 2: Strategic Rationale - Prior to this transaction, Hunan Gold was primarily engaged in the mining, smelting, and processing of gold and other non-ferrous metals [7] - Golden Tianyue focuses on mineral rights integration and exploration in the Wangu mining area, while Zhongnan Smelting specializes in the smelting of difficult-to-process gold concentrates [7] - The acquisition is seen as a continuation of previous agreements aimed at reducing investment risks and eliminating competition between Hunan Gold Group and the listed company in the Wangu mining area [7] Group 3: Financial Implications - The acquisition is expected to enhance the company's gold resource reserves and strengthen the gold mining industry's smelting segment, thereby improving the company's control over the industrial chain and increasing the added value from gold mining and smelting [8] - Hunan Gold anticipates a significant increase in net profit for the fiscal year 2025, projecting a range of 1.27 billion to 1.608 billion yuan, representing a year-on-year growth of 50% to 90% [9] - The rise in profits is attributed to the increase in sales prices of gold, antimony, and tungsten products during the reporting period [9]

Core Viewpoint - Hunan Gold plans to acquire 100% equity of Hunan Gold Tianyue Mining Co., Ltd. and 100% equity of Central South Smelting through a share issuance, aiming to enhance control over the Wangu Gold Mine area in Pingjiang, Hunan [2][5][8]. Group 1: Transaction Details - The transaction involves issuing shares to acquire assets from Hunan Gold Group and Tianyue Investment Group, with the issuance aimed at raising funds from no more than 35 specific investors [2][4]. - The acquisition is expected to constitute a major asset restructuring, with the company's stock resuming trading on January 26 [2][8]. - The final transaction price will be determined based on an evaluation by a qualified asset appraisal agency and will require approval from the relevant state-owned asset supervision authority [9][12]. Group 2: Resource and Financial Insights - The Wangu Gold Mine has significant potential, with over 40 gold veins discovered at depths exceeding 2000 meters, and a predicted gold reserve exceeding 1000 tons, valued at approximately 600 billion yuan based on current gold prices [5][15]. - Hunan Gold Tianyue is primarily engaged in the integration of mining rights, exploration, and the production and sale of gold concentrates, with projected revenues of 220 million yuan and a net profit of approximately 64.5 million yuan for 2025 [11][13]. - Central South Smelting focuses on the specialized smelting of difficult-to-process gold concentrates, with expected revenues of about 2.796 billion yuan and a net profit of around 124 million yuan for 2025 [13]. Group 3: Strategic Implications - The transaction aligns with the policy direction of "one mine, one entity" in the mining development sector, aiming for integrated development of the Wangu Mine area [8][14]. - By consolidating mining rights and smelting operations, the company aims to enhance resource reserves, improve control over quality assets, and strengthen its competitive position in the industry [13][16]. - The acquisition is seen as a continuation of previous agreements to mitigate competition between Hunan Gold Group and the listed company in the Pingjiang gold mining sector [16].

Group 1 - The company plans to acquire 100% equity of Golden Tianyue and Zhongnan Smelting through a share issuance to Hunan Gold Group and Tianyue Investment Group, making them wholly-owned subsidiaries after the transaction [1] - The company aims to raise funds from no more than 35 specific investors to cover transaction-related costs, project construction, and debt repayment [1] - The transaction price is not yet finalized as the audit and evaluation of the target companies are still ongoing [1] Group 2 - The acquisition of Golden Tianyue is a continuation of a previous agreement aimed at reducing investment risks and eliminating competition between Hunan Gold Group and the company in the mining sector [2] - Prior to the transaction, there were related party transactions between the company and Zhongnan Smelting, which will be eliminated post-acquisition, enhancing operational efficiency [2] Group 3 - The transaction is expected to increase the company's gold resource reserves and strengthen its control over the gold mining and smelting industry chain, thereby enhancing profitability and risk resilience [3] - The company forecasts a net profit of between 1.27 billion to 1.608 billion yuan for 2025, representing a year-on-year growth of 50% to 90%, driven by rising sales prices of gold, antimony, and tungsten products [3]

Group 1 - Shandong Gold Mining Co., Ltd. experienced a decline of 5.11% in stock price, reaching 48.84 CNY per share, with a trading volume of 1.574 billion CNY and a turnover rate of 0.88%, resulting in a total market capitalization of 225.149 billion CNY [1] - The company, established on January 31, 2000, and listed on August 28, 2003, is primarily engaged in gold mining, refining, and the production and sale of gold and silver bars, with its main revenue sources being purchased gold (50.14%), self-produced gold (29.96%), trading income (9.75%), small gold bars (7.65%), and other income (2.50%) [1] Group 2 - Penghua Fund has one fund heavily invested in Shandong Gold, specifically the Youse 50 (159880), which increased its holdings by 348,500 shares in the fourth quarter, totaling 677,800 shares, representing 2.97% of the fund's net value, making it the eighth largest holding [2] - The Youse 50 fund, established on March 8, 2021, has a current size of 883 million CNY, with a year-to-date return of 16.81% (ranking 190 out of 5542) and a one-year return of 117.85% (ranking 21 out of 4256) [2]