Core Viewpoint - The stock of Biou Group (9893.HK) surged nearly 24% during trading, reaching a new high of 1.35 HKD, with a market capitalization of 4.8 billion HKD, driven by rising prices of precious metals like gold and silver [1] Company Summary - Biou Group's core asset, Anhui Jinding Mine, is becoming a significant support for the company's performance due to its mature gold extraction technology and stable production capacity [1] - In the full year of 2025, Anhui Jinding produced approximately 850 kilograms of gold-bearing mud with a gold content of about 20%, translating to an estimated pure gold output of around 170 kilograms [1] - The copper-gold co-mining resources are also impressive, with 77.9 million tons of copper-gold ore mined in 2024, an average gold grade of 0.66 g/t, and the processing of copper-gold concentrate yielding 19,100 tons with a significantly improved average gold grade of 16.75 g/t, laying a solid foundation for the continuous release of gold production capacity [1] Industry Summary - Analysts suggest that with the continuous rise in prices of gold and copper, along with increasing attention on the sector, Biou Group, which possesses a unique business model and a clear growth path, is likely to undergo a value reassessment [1]

Core Viewpoint - The stock of Biyou Group (9893.HK) surged nearly 24% to a new high of 1.35 HKD, driven by rising prices of precious metals like gold and silver, leading to a market capitalization of 4.8 billion HKD [1] Group 1: Company Performance - Biyou Group's core asset, Anhui Jinding Mine, is becoming a significant support for the company's performance due to its mature gold extraction technology and stable production capacity [1] - In 2025, Anhui Jinding produced approximately 850 kilograms of gold-bearing mud with a gold content of about 20%, translating to a pure gold output of around 170 kilograms [1] - The copper-gold co-mining resources are also impressive, with 77.9 million tons of copper-gold ore mined in 2024, an average gold grade of 0.66 g/t, and a processed output of 19,100 tons of copper-gold concentrate with an enhanced average gold grade of 16.75 g/t, laying a solid foundation for continuous gold production [1] Group 2: Market Outlook - Analysts suggest that with the continuous rise in prices of gold and copper, along with increasing attention on the company, Biyou Group, which possesses a unique business model and clear growth path, is likely to undergo a value reassessment [1]

Core Insights - On October 15, Shengda Metal Resources Co., Ltd. hosted a site visit for 17 institutions, including Changjiang Securities and Founder Securities, to understand the operations of its subsidiary, Sichuan Honglin Mining Co., Ltd. [1] - Honglin Mining was established in November 2008 and obtained a mining license for the Caiyuanzi Copper-Gold Mine in 2019, which has a production capacity of 396,000 tons per year and a mineral area of 0.68 square kilometers [1][2] - The mine has confirmed six industrial ore bodies, with a total resource of 6.056 million tons of ore, containing 17,049 kg of gold and 29,015 tons of copper, indicating good exploration potential [1] Company Operations - The tailings pond construction faced geographical and climatic challenges but was completed three months ahead of schedule, set to be operational by September 2025 [2] - Currently, Honglin Mining is in a trial production phase from September 10 to December 10, 2025, after completing infrastructure and obtaining trial production permits [2] Investor Engagement - During the Q&A session, investors inquired about various operational aspects, including tailings filling with a utilization rate of 53.75% and product pricing coefficients ranging from 90% to 95% based on moisture and metal content [3] - The gold recovery rate is estimated at 91%-92%, while copper recovery is between 91%-94%, with trial production yielding copper-gold concentrate containing 90-100 grams of gold per ton [3] - The company anticipates reaching full production by 2026 and aims to stabilize production from 2027 to 2029, with ongoing deep exploration and resource expansion efforts [3]

问：产品计价系数？ 每批次产品的计价系数取决于该批次产品的水分、金属含量， 计价系数不固定，大概在 90%-95%之间。 盛达金属资源股份有限公司投资者关系活动记录表 编号：2025-006 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | √现场参观 | | | □其他 长江证券（叶如祯）、方正证券（熊宇航）、国盛证券（张航、王 | | | 瀚晨）、国泰君安证券（兰洋）、华泰证券（马晓晨）、民生证券 | | | （王作燊）、浙商证券（沈家悦）、创金合信基金（黄超）、海富 | | 活动参与人员 | 通基金（蒋旭杰）、鹏华基金（曾欣）、平安基金（陈默、王华）、 | | | 中汇（北京）私募基金（忻盛溢）、东方证券资管（杨帅）、工银 | | | 安盛资管（赵博容）、深圳华安合鑫资管（张琪）、太平资管（邵 | | | 一真）、海港人寿保险（康子冉）（不同机构类别按拼音排序） | | 时间 | 年 月 日 2025 10 15 | | 地点 | 四川鸿林矿业有限公司 | | 形式 | 现场参观 ...