Group 1 - The core viewpoint of the articles highlights that Shanjin International has a closing price of 21.23 yuan, with a PE ratio of 20.29, which is the lowest in 12 days, and a total market value of 589.50 billion yuan [1] - Shanjin International ranks first in the precious metals industry with an average industry PE of 36.77 and a median of 28.68 [2] - The company experienced a net inflow of 516.97 million yuan in major funds on November 28, with a total inflow of 5759.80 million yuan over the past five days [1] Group 2 - Shanjin International's main business includes the mining and trading of precious and non-ferrous metals, with key products being alloy gold (including silver), lead concentrate (including silver), and zinc concentrate (including silver) [1] - For the latest financial performance, the company reported a revenue of 149.96 billion yuan for the third quarter of 2025, representing a year-on-year increase of 24.23%, and a net profit of 24.60 billion yuan, up 42.39% year-on-year, with a gross profit margin of 28.39% [1]

Group 1 - The core viewpoint of the articles highlights the strong performance of Shanjin International in the precious metals industry, with a notable market position and financial growth [1][2] - As of November 27, Shanjin International's closing price was 20.94 yuan, reflecting a 1.31% increase, with a rolling PE ratio of 20.01 times and a total market capitalization of 58.145 billion yuan [1] - The company ranks first in the precious metals industry, which has an average PE ratio of 36.24 times and a median of 28.62 times [1][2] Group 2 - As of the third quarter of 2025, 171 institutions held shares in Shanjin International, including 160 funds, 5 brokerages, and other entities, with a total shareholding of 1,200.0686 million shares valued at 27.398 billion yuan [1] - The main business of Shanjin International includes the mining and trading of precious and non-ferrous metals, with key products being refined gold (including silver), lead concentrate (including silver), and zinc concentrate (including silver) [1] - The latest financial results for the third quarter of 2025 show that the company achieved an operating income of 14.996 billion yuan, a year-on-year increase of 24.23%, and a net profit of 2.460 billion yuan, a year-on-year increase of 42.39%, with a gross profit margin of 28.39% [1]

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或依賴該等內容而引致的任何損 失承擔任何責任。 Shanjin International Gold Co., Ltd. 山 金 國 際 黃 金 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） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而刊 發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知 悉、接納並向山金國際黃金股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）、本公司的聯席保薦人、整 體協調人、顧問及包銷團成員表示同意： 本申請版本不會向於美國的人士刊發或分發，當中所述證券並無亦不會根據1933年美國證券法登記，且在根據 1933年美國證券法辦理登記手續或取得豁免前不得於美國發售或出售。不會於美國公開發售證券。 本申請版本及當中所載資料均不構成於美國或任何其他禁 ...

Investment Rating - The report maintains a "Recommended" rating for Shengda Resources [1] Core Views - The company's revenue for the first half of 2025 was 906 million yuan, a year-on-year increase of 6.34%, while the net profit attributable to shareholders was 70 million yuan, a year-on-year decrease of 15.03% [5] - The company is experiencing a significant increase in taxes and additional charges, which has negatively impacted its performance [5] - The mining projects are progressing steadily, with clear increases in precious metal production expected [5] Financial Performance Summary - In Q2 2025, the company's revenue was 554 million yuan, a year-on-year decrease of 5.99% but a quarter-on-quarter increase of 57.01% [5] - The net profit for Q2 2025 was 62 million yuan, down 32.28% year-on-year but up 646.15% quarter-on-quarter [5] - The company has seen an increase in silver production by 13.06% year-on-year, while lead production decreased by 1.08% and zinc production increased by 4.63% [5] Project Development Summary - The company is advancing its mining projects, with the Silver City Mining's exploration rights integration expected to yield new mining licenses in the second half of the year [5] - The Jinshan Mining has completed resource increases, with confirmed ore resources increasing by 1.82 million tons and silver metal by 608.67 tons [5] - The company anticipates production of 500 kg of gold in the first year after the completion of the Honglin Mining project, with full production expected to reach 1-1.5 tons per year [5] Investment Recommendations - The company is positioned as a leading silver producer in China and is expanding into the gold sector, which is expected to enhance its valuation [5] - The projected net profits for 2025-2027 are 546 million, 917 million, and 1.025 billion yuan, respectively, with corresponding EPS of 0.79, 1.22, and 1.36 [6][7] - The report suggests that the company is likely to experience dual improvements in performance and valuation due to its expansion into precious metals [5]

Group 1 - The core viewpoint of the articles highlights that Shanjin International's stock closed at 18.37 yuan, with a 1.72% increase, and a rolling PE ratio of 18.94 times, indicating strong market performance compared to the industry average [1][2] - Shanjin International ranks second in the precious metals industry, which has an average PE ratio of 33.79 times and a median of 33.48 times, showcasing its competitive position within the sector [1][2] - As of the 2025 semi-annual report, 189 institutions hold shares in Shanjin International, with a total holding of 119,286.40 million shares valued at 22.593 billion yuan, indicating significant institutional interest [1] Group 2 - The company's main business involves the mining and trading of precious and non-ferrous metals, with key products including refined gold (containing silver), lead concentrate (containing silver), and zinc concentrate (containing silver) [1] - For the 2025 semi-annual report, Shanjin International reported an operating income of 9.246 billion yuan, a year-on-year increase of 42.14%, and a net profit of 1.596 billion yuan, reflecting a year-on-year growth of 48.43%, with a gross profit margin of 29.98% [1]