Core Viewpoint - Northern Mining (00433) has announced a conditional agreement to sell all issued shares of its subsidiary, Jiulong Investment (Shanghai) Co., Ltd., to buyer Li Xiaolong for HKD 1 million, marking a strategic shift to focus on its mining operations [1] Group 1: Transaction Details - The sale involves the entire issued share capital of Jiulong Investment (Shanghai) Co., Ltd. [1] - The transaction price is set at HKD 1 million, payable in cash upon completion [1] - Following the sale, mining operations will become the sole primary business of the remaining group [1] Group 2: Business Focus - The mining business primarily involves the exploration, production, and sale of molybdenum concentrate in China [1] - The mining operations have been conducted through the subsidiary Shaanxi Luonan Jiulong Mining Co., Ltd. since December 2009 [1] Group 3: Financial Performance - The group's financial performance has mainly stemmed from the chemical trading operations of Anhui Tongxin and its subsidiaries [1] - The aluminum trading business, which commenced in the second half of 2024, has generated only minimal revenue and does not hold any significant assets [1] - Other members of the group do not operate any business or hold any significant assets [1] Group 4: Strategic Rationale - The board believes that the proposed sale represents a valuable opportunity to reshape the group's business strategy and reallocate resources to develop its core mining operations [1]

Core Viewpoint - Northern Mining (00433) has entered into a conditional sale agreement to sell all issued shares of its subsidiary, Jiulong Investment (Shanghai) Co., Ltd., to buyer Li Xiaolong for HKD 1 million, with cash payment upon completion [1] Group 1: Transaction Details - The sale is set to be completed on December 4, 2025, after trading hours [1] - The mining business will become the sole major operation of the remaining group, focusing on the exploration, production, and sale of molybdenum concentrate in China [1] - The sale price for the shares is HKD 1 million, payable in cash at completion [1] Group 2: Business Strategy - The financial performance of the group has primarily stemmed from the chemical trading operations of Anhui Tongxin and its subsidiaries [1] - The group plans to launch its aluminum metal trading business in the second half of 2024, which has generated only minimal revenue since its inception and holds no significant assets [1] - The board believes that the proposed sale represents a valuable opportunity to reshape the group's business strategy and reallocate resources towards developing its core mining operations [1]

Core Viewpoint - The company, Chifeng Jilong Gold Mining Co., Ltd., is experiencing fluctuations in stock performance and is involved in various metal mining operations, with a significant focus on gold and other non-ferrous metals [1][9]. Company Overview - Chifeng Jilong Gold Mining Co., Ltd. is located in Inner Mongolia and was established on June 22, 1998. It was listed on April 14, 2004. The main business includes gold and non-ferrous metal mining and resource recycling [8]. - The company's revenue composition is as follows: gold accounts for 90.03%, electrolytic copper 3.76%, and other products including zinc concentrate, rare earth products, and molybdenum concentrate make up the remainder [8]. Financial Performance - For the period from January to September 2025, the company achieved a revenue of 8.644 billion yuan, representing a year-on-year growth of 38.91%. The net profit attributable to shareholders was 2.058 billion yuan, with a year-on-year increase of 86.21% [9]. - The company has distributed a total of 387 million yuan in dividends since its A-share listing, with the same amount distributed over the past three years [10]. Market Position and Trends - The company’s main products include gold, electrolytic copper, and other non-ferrous metals, with a significant portion of its sales based on the market prices of these metals [2]. - The overseas revenue contribution is 69.11%, benefiting from the depreciation of the Chinese yuan [4]. Recent Developments - The company is collaborating with Xiamen Tungsten Co., Ltd. to develop rare earth resources in Laos, with a project that has an estimated resource of 101 million tons of ore and 25,500 tons of rare earth oxides [4]. - The company’s stock has seen a recent decline of 0.24%, with a trading volume of 838 million yuan and a market capitalization of 56.309 billion yuan [1]. Technical Analysis - The average trading cost of the stock is 29.12 yuan, with the current price approaching a resistance level of 29.66 yuan. There are indications of accumulation, but the strength of this accumulation is weak [7].

Investment Rating - The report maintains a "Recommended" rating for Chifeng Gold [2][12]. Core Views - Chifeng Gold's performance is accelerating due to continuous optimization of mining and gold selection plans, with significant growth in revenue and net profit [3][6]. - The company achieved a revenue of 8.644 billion yuan, a year-on-year increase of 38.91%, and a net profit of 2.058 billion yuan, up 86.21% year-on-year [3][12]. - The third quarter saw a revenue of 3.372 billion yuan, reflecting a 66.39% year-on-year increase, and a net profit of 951 million yuan, up 140.98% year-on-year [3][4]. Summary by Sections Financial Performance - In the first three quarters, the total gold production was 10,705.28 kg, a slight decrease of 0.41% year-on-year, while sales were 10,669.23 kg, down 2.56% year-on-year [4]. - The third quarter's gold production was 3,951 kg, an increase of 23.55% year-on-year, driven by improved production lines and mining operations [4][5]. - The average selling price of gold increased by 44.13% year-on-year, leading to a rise in gross margin from 41.96% in Q3 2024 to 49.89% in Q3 2025 [5][6]. Cost and Profitability - The all-in sustaining cost for gold production was 356.37 yuan per gram, up 24.81% year-on-year, with domestic costs at 256.88 yuan per gram [5][6]. - The company's profitability improved significantly, with the return on equity (ROE) rising from 16.66% to 20.14% [6][12]. Future Projections - Revenue projections for 2025-2027 are 13.319 billion yuan, 15.631 billion yuan, and 17.654 billion yuan, respectively, with net profits expected to be 3.244 billion yuan, 3.969 billion yuan, and 4.701 billion yuan [12][13]. - The company anticipates a compound annual growth rate (CAGR) of 11.3% for gold production from 2025 to 2027 [4][12].

Core Viewpoint - Northern Mining (00433) reported a significant increase in revenue and profit for the six months ending June 30, 2025, primarily driven by increased sales of molybdenum concentrate and a recovery in mining operations [1] Financial Performance - The company achieved revenue of HKD 926 million, representing a year-on-year increase of 49% [1] - Profit attributable to shareholders was HKD 70.137 million, a turnaround from a loss of HKD 58.543 million in the same period last year [1] - Basic earnings per share were HKD 0.56 [1] Operational Highlights - The increase in revenue was mainly due to higher sales volumes of molybdenum concentrate [1] - The recovery of the mining business led to significant improvements in capacity and operational efficiency [1] - The stabilization of mining operations had a major positive impact on the overall performance of the group [1]

Core Viewpoint - North Mining (00433) reported a significant increase in revenue and profit for the six months ending June 30, 2025, primarily driven by increased sales of molybdenum concentrate and a recovery in mining operations [1] Financial Performance - The company achieved revenue of HKD 926 million, representing a year-on-year increase of 49% [1] - Profit attributable to owners amounted to HKD 70.137 million, a turnaround from a loss of HKD 58.543 million in the same period last year [1] - Basic earnings per share were HKD 0.0056 [1] Operational Highlights - The increase in revenue was mainly due to a rise in the sales volume of molybdenum concentrate [1] - The recovery of mining operations led to significant improvements in capacity and operational efficiency [1] - The stabilization of mining operations had a major positive impact on the overall performance of the group [1]

Core Viewpoint - The significant increase in gold prices has led to impressive financial results for Chifeng Jilong Gold Mining Co., Ltd, with a forecasted net profit for the first half of 2025 reaching between 1.08 billion to 1.13 billion yuan, marking a year-on-year growth of 52.01% to 59.04% [1][2][3] Financial Performance - For the first half of 2025, Chifeng Jilong Gold expects a net profit of 1.08 billion to 1.13 billion yuan, a substantial increase compared to the previous year [2][3] - The company reported a net profit of 1.764 billion yuan for the full year of 2024, which was a 119.46% increase year-on-year [2] - The first quarter of 2025 showed a net profit of 483 million yuan, reflecting a year-on-year growth of 141.10% [3] Sales and Pricing - The average gold sales price increased by approximately 41.76% year-on-year during the reporting period, contributing to the profit growth [1][3] - The company’s revenue from gold sales has seen a significant rise, with the proportion of gold revenue increasing from 78.48% in 2021 to 88.40% in 2024 [1][7] Company Strategy and Growth - Chifeng Jilong Gold aims to become a globally recognized major gold producer, focusing on high-quality development and global resource layout [1][6] - The company has expanded its resource base through strategic acquisitions, significantly increasing its gold reserves over the years [6][7] - As of the first quarter of 2025, the total assets of Chifeng Jilong Gold reached 22.48 billion yuan, with a debt ratio of 38.62%, indicating a strong financial position [7] Industry Context - Several gold companies are also reporting positive earnings forecasts, driven by high gold prices, with notable increases in net profits across the sector [4][5] - Other companies in the industry, such as Shandong Gold and Hunan Gold, are also projecting significant profit growth for the first half of 2025, reflecting a broader trend in the gold market [4]