Investment Rating - The report maintains a "Recommended" rating for the company [3] Core Views - The company achieved a revenue of 43.535 billion yuan in 2025, representing a year-on-year increase of 3.72%. The net profit attributable to shareholders was 1.966 billion yuan, up 36.14% year-on-year [9] - The report highlights that supply disruptions in tin from Myanmar, Indonesia, and the Democratic Republic of the Congo persist, while demand driven by AI in electronics is expected to recover steadily, leading to a potential upward trend in tin prices [9] - The company plans to produce 90,000 tons of tin, 125,000 tons of copper, and 135,000 tons of zinc in 2026, maintaining stable production guidance [9] Financial Forecasts and Indicators - Revenue projections for 2026-2028 are as follows: 55.072 billion yuan in 2026, 55.399 billion yuan in 2027, and 55.729 billion yuan in 2028, with growth rates of 26.5%, 0.6%, and 0.6% respectively [2] - The net profit attributable to shareholders is forecasted to be 4.591 billion yuan in 2026, 4.592 billion yuan in 2027, and 4.684 billion yuan in 2028, with growth rates of 133.5%, 0.0%, and 2.0% respectively [2] - The report indicates that the company’s PE ratio is projected to be 12x for 2026 and 2027, and 11x for 2028, while the PB ratio is expected to decrease from 2.5x in 2025 to 1.5x in 2028 [2][10]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company reported a revenue of 1.724 billion yuan for 2025, representing a year-on-year growth of 12.00%. The net profit attributable to shareholders was 542 million yuan, up 13.69% year-on-year [4] - In Q4 2025, the company achieved a revenue of 544 million yuan, with a year-on-year increase of 24.49% and a quarter-on-quarter increase of 40.21%. The net profit attributable to shareholders for Q4 was 196 million yuan, reflecting a year-on-year growth of 54.33% and a quarter-on-quarter growth of 110.75% [4] - Zinc and lead concentrate production for 2025 was 71,800 tons and 22,500 tons, respectively, marking increases of 16.61% and 8.90% year-on-year [4] Financial Performance - The company expects to achieve revenues of 2.034 billion yuan, 2.462 billion yuan, and 2.766 billion yuan for 2026, 2027, and 2028, respectively, with year-on-year growth rates of 18.00%, 21.03%, and 12.34% [6] - The net profit attributable to shareholders is projected to be 689 million yuan, 834 million yuan, and 1 billion yuan for the same years, with growth rates of 27.12%, 20.97%, and 19.91% [6] - The company’s earnings per share (EPS) are expected to be 0.70 yuan, 0.85 yuan, and 1.02 yuan for 2026, 2027, and 2028, respectively [6] Production and Expansion - The company is actively promoting resource expansion and production increase, with the new 1.5 million tons/year flotation plant at Xiejiaogou having completed trial operations [6] - The acquisition of the remaining 51% stake in Gansu Haosen Mining Co., Ltd. has been completed, and the integration of the Jianglu mining area is fully accomplished [6] - High-grade ore bodies have been discovered in the Dongpo lead-zinc mine, with lead grades ranging from 0.80% to 38.86% and silver grades from 2 g/t to 309 g/t [6]

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 ...

Summary of the Conference Call for Western Mining Company Overview - **Company**: Western Mining - **Industry**: Mining and Metallurgy Key Financial Performance - **2025 Financial Results**: - Revenue: CNY 616.87 billion, up 23% year-on-year [3] - Total profit: CNY 70.69 billion, up 18% year-on-year [3] - Net profit: CNY 61.52 billion, up 16% year-on-year [3] - Net profit attributable to shareholders: CNY 36.43 billion, up 24% year-on-year [3] - Operating cash flow: CNY 102 billion, up 24% year-on-year [3] - **2026 Financial Targets**: - Revenue target: CNY 560 billion [2][10] - Total profit target: CNY 60 billion [10] Production and Resource Management - **Resource Reserves**: - Copper: 8.4346 million tons - Lead: 1.3682 million tons - Zinc: 2.3699 million tons - Molybdenum: 41.39 thousand tons - Iron: 278 million tons - Nickel: 26.83 thousand tons - Gold: 259 tons - Silver: 3,280 tons [3] - **Production Plans for 2026**: - Copper: 172,000 tons - Lead: 63,400 tons - Zinc: 127,600 tons [5][10] Capital Expenditure and Projects - **2026 Capital Expenditure**: CNY 31.5 billion, with CNY 24 billion allocated to the Yulong Copper Mine Phase III project [2][15] - **Yulong Copper Mine Phase III**: Expected to increase processing capacity to 30 million tons/year, with production starting in early 2027 [2][6][14] - **Acquisition of Chating Copper Mine**: CNY 8.6 billion paid in January 2026, with a target to reach full production by 2030 [2][4][9] Profit Distribution and Dividends - **2025 Dividend Distribution**: Total cash dividends of CNY 238.3 million, with a lower distribution ratio due to capital needs for projects [4][7] - **Future Dividend Policy**: Commitment to maintain a minimum payout ratio of 30%, subject to capital expenditure needs [7] Challenges and Risks - **Asset Impairment**: CNY 638 million impairment recorded in 2025 due to falling vanadium prices and economic challenges in mining operations [5][8] - **Market Conditions**: Anticipated stable copper prices around CNY 100,000 per ton, with potential for increases due to geopolitical factors [13] Other Notable Points - **Smelting Operations**: Expected profitability in the smelting segment starting from Q1 2026, with significant improvements noted since September 2025 [12][13] - **Financial Company Performance**: Daily average fund collection reached CNY 10.6 billion in 2025, an increase of CNY 2 billion year-on-year [3] This summary encapsulates the key points from the conference call, highlighting the financial performance, production plans, capital expenditures, and strategic initiatives of Western Mining.

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company's revenue for 2025 reached 112.39 billion RMB, representing a year-on-year growth of 48.28%. The net profit attributable to shareholders was 638 million RMB, up 18.81% year-on-year. The growth was primarily driven by increased sales prices and volumes, along with a continuous decline in expense ratios [1][2]. - Despite fair value losses and increased income tax impacting net profit, the company is expected to benefit from rising gold prices and strong revenue growth in the sulfur segment. The upcoming expansion of mining operations is anticipated to enhance profit elasticity [1][4]. - The report highlights a positive outlook for copper and gold prices, citing historical data that supports gold's role as a risk hedge during geopolitical tensions. The supply constraints in copper and robust demand are expected to lead to a price increase [3][4]. Summary by Relevant Sections Financial Performance - The company's operating income for 2025 was 112.39 billion RMB, with a year-on-year increase of 48.28%. The net profit attributable to the parent company was 638 million RMB, reflecting an 18.81% increase year-on-year. The gross profit margin was 2.03%, down 0.43 percentage points year-on-year [1][2]. - The company experienced a fair value loss of 134 million RMB due to changes in the fair value of hedging positions, negatively impacting performance. Investment income increased by 145 million RMB, primarily due to the reduction of equity in a subsidiary [2]. Future Outlook - The company is projected to achieve net profits of 1.46 billion RMB, 1.96 billion RMB, and 3.40 billion RMB for the years 2026, 2027, and 2028, respectively. This represents an upward revision of 36.91% and 32.55% for 2026 and 2027 compared to previous estimates [4][11]. - The target price for the company's stock is set at 17.54 RMB, based on a price-to-earnings ratio of 17.2x for 2026, reflecting the company's strong earnings stability [4][6].

Core Viewpoint - The Shenzhen Gold and Jewelry Association has reiterated the need for real-name registration for gold transactions exceeding 20,000 yuan, aiming to enhance compliance and protect consumer rights amid rising risks in the market [1][4][10]. Group 1: Regulatory Changes - The association's recent initiative marks the second emphasis on the "real-name registration" policy in two years, following a similar requirement from the police in April 2024 [1][3]. - The initiative is a response to recent fraudulent activities involving gold transactions, with the police urging strict adherence to real-name registration for transactions above 20,000 yuan [4][9]. - The association has outlined nine specific recommendations to improve operational compliance, including the installation of surveillance systems and the reporting of suspicious transactions [10]. Group 2: Market Conditions - As of March 19, gold prices have been volatile due to geopolitical risks and expectations of interest rate cuts, with spot gold prices dropping below $4,600 per ounce [2]. - The current prices for gold jewelry and bars in Shenzhen are reported at 1,217 yuan per gram and 1,088 yuan per gram, respectively [2]. Group 3: Implementation Challenges - Despite the new initiative, many merchants in the Shenzhen gold market have not yet adopted the real-name registration as a standard practice, with transactions often conducted through mobile payment platforms without strict identification checks [5][6]. - The association's secretary emphasized the importance of this initiative in reducing fraudulent activities and protecting consumer interests, noting that previous implementations had positive effects [5][10]. Group 4: Industry Impact - The recent regulatory push comes in the wake of financial risks affecting the gold market, particularly following incidents involving a gold pre-order platform facing repayment difficulties [11]. - The need for the industry to separate financial risks from traditional gold trading practices is highlighted as crucial for the future of the Shenzhen gold market, which is known for its "front shop, back factory" model [11].

Investment Rating - The report maintains a "Buy" investment rating for the company [14] Core Views - The company has achieved significant production growth, with total copper production reaching 506,900 tons in 2025, a year-on-year increase of 27%. The revenue for 2025 is reported at $6.218 billion, reflecting a 39% increase compared to the previous year [5][10] - The main copper mine, Las Bambas, produced 410,800 tons in 2025, marking a 27% increase year-on-year, driven by operational efficiency improvements and strategic upgrades [6] - The company is expanding its operations, with Kinsevere and Khoemacau mines also showing production increases and ongoing expansion projects [7][9] Summary by Sections Financial Performance - The company reported a record revenue of $6.218 billion in 2025, up 39% year-on-year, with net profit after tax increasing to $955.2 million, a 161% rise [10] - EBITDA reached $3.412 billion, a 67% increase, while EBIT rose to $1.999 billion, up 102% [10] Production and Cost Guidance - Las Bambas is expected to produce between 380,000 to 400,000 tons of copper in 2026, with C1 costs projected between $1.20 to $1.40 per pound [6] - Kinsevere's production is guided at 65,000 to 75,000 tons for 2026, with C1 costs between $2.50 to $2.90 per pound [8] - Khoemacau's production guidance for 2026 is set at 48,000 to 53,000 tons, with C1 costs expected to be between $2.00 to $2.30 per pound [9] Capital Expenditure - The total capital expenditure for 2025 was $1.081 billion, with significant investments in Las Bambas and Khoemacau expansion projects. The expected capital expenditure for 2026 is projected to be between $1.6 billion to $1.7 billion [11][12] Future Outlook - The company forecasts revenues of $7.046 billion in 2026, with net profit expected to reach $984 million, reflecting continued growth in production and favorable market conditions [14]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant growth in copper production, with a total production of 506,900 tons in 2025, representing a year-on-year increase of 27%. The revenue for 2025 reached $6.218 billion, up 39% year-on-year, with net profit after tax soaring to $955 million, a 161% increase [5][10] - The main copper mine, Las Bambas, achieved a production of 410,800 tons in 2025, marking a 27% increase from the previous year, driven by operational efficiency improvements and strategic upgrades [6] - The company is expanding its operations, with Kinsevere and Khoemacau mines also showing production increases and ongoing expansion projects [7][9] Summary by Sections Basic Data - Current stock price is HKD 8.45, with a total market capitalization of HKD 1,025.9 billion and total shares outstanding of 12,140.5 million [2] Market Performance - The company has experienced a strong financial performance, with record revenue and operating cash flow [10] Investment Highlights - Las Bambas mine's production reached 410,800 tons in 2025, with a C1 cost of $1.12 per pound, down from $1.51 per pound in 2024 [6] - Kinsevere mine produced 52,800 tons in 2025, with a C1 cost of $3.12 per pound, showing a decrease from $3.26 per pound in 2024 [7] - Khoemacau mine's production was 42,100 tons in 2025, with a C1 cost of $1.97 per pound, down from $2.54 per pound in 2024 [9] Financial Performance - The company achieved record revenue of $6.218 billion in 2025, with EBITDA reaching $3.412 billion, a 67% increase year-on-year [10] - The forecast for 2026-2028 indicates continued revenue growth, with projected revenues of $7.046 billion in 2026 and net profits of $984 million [14] Capital Expenditure - Capital expenditure for 2025 was $1.081 billion, with plans for $1.6 billion to $1.7 billion in 2026, focusing on expansion projects [11][12] Future Outlook - The company expects to maintain strong production levels and profitability, with a projected C1 cost for Las Bambas in 2026 between $1.20 and $1.40 per pound [6] - The Khoemacau expansion project is expected to enhance production capacity significantly, with first copper concentrate output anticipated in mid-2028 [13]

Report Information - Report Name: Funds Flow and Key Seats' Position Changes Daily Report [1] - Date: March 13, 2026 [1] - Data Date: March 12, 2026 [2] Core Content Funds Inflow and Outflow of Varieties - The report presents data on the inflow and outflow of funds in various varieties, but the specific varieties and their inflow/outflow details are not clearly described other than the outflow ratio percentages shown in the graph [2] Key Seats' Position Changes - **Morgan Chase**: Shows net positions and daily position changes (same - color for increasing positions, opposite - color for decreasing positions) for multiple products like CSI 1000 Futures, etc. The net position and daily position change percentages range from - 4% to 10% [2] - **Qiankun Futures**: Displays net positions and daily position changes for products such as stainless steel, iron ore, etc. The net position and daily position change percentages range from - 10% to 20% [2] - **UBS Futures**: Presents data on net positions and daily position changes for products like CSI 500 Futures, etc. The net position and daily position change percentages range from - 6% to 4% [2] - **CITIC Futures**: Shows net positions and daily position changes for products like Treasury bond futures. The net position and daily position change percentages range from - 15% to 15% [3] - **Guotai Junan**: Displays position change percentages for certain products, with the range from - 30% to 15% [3]

Group 1: Report Industry Investment Ratings - Not provided in the given content Group 2: Core Views of the Report - The Middle - East conflict has eased, and the market risk appetite has recovered. However, the sustainability of the unilateral repair trend needs to be observed. The view on the stock index is still neutral and volatile. [2] - Gold is stable above the 20 - day moving average, maintaining a range of $5000 - 5250, and the fluctuation is narrowing. Silver is also narrowing in fluctuation, with a range of $80 - 90. Platinum and palladium follow the trend of gold and silver, with platinum in the range of $2000 - 2200 and palladium in the range of $1590 - 1690. [2] - Steel prices have a rising central value, and attention should be paid to the previous high pressure. Iron ore is in a wide - range shock. Coal and coke can be bought at low prices. [2] - For non - ferrous metals, copper, zinc, and tin can be considered for long - term low - buying. Aluminum and aluminum alloy can be bought on dips. Nickel can be operated in the range of 136,000 - 145,000 and consider buying call options. [2] - In the new energy sector, polysilicon and industrial silicon are in a shock state. Lithium carbonate can be temporarily observed and short - term interval operations can be tried. [2] - In the energy and chemical sector, crude oil can be observed or bought at low prices. Many chemical products are affected by oil prices and have large fluctuations. [2] - In the agricultural products sector, soybeans and their products are in a shock - upward trend. Livestock products such as pigs are in a shock - downward trend. Grains such as corn are in a high - level shock. Oils and fats, sugar, and other products have different trends. [2] Group 3: Summaries by Catalog Stock Index - The market risk appetite has recovered, but the sustainability of the unilateral repair trend needs to be observed. It is recommended to construct a bull spread of out - of - the - money put options on the far - month contracts, keep a low position, and the view is still neutral and volatile. [2] Precious Metals - Gold is stable above the 20 - day moving average, maintaining a range of $5000 - 5250, and the fluctuation is narrowing. Silver is also narrowing in fluctuation, with a range of $80 - 90. Platinum and palladium follow the trend of gold and silver, with platinum in the range of $2000 - 2200 and palladium in the range of $1590 - 1690. It is recommended to sell out - of - the - money call options to earn time value. [2] Steel and Iron - Steel prices have a rising central value, and attention should be paid to the previous high pressure. Iron ore is in a wide - range shock. Coal and coke can be bought at low prices. [2] Non - Ferrous Metals - Copper, zinc, and tin can be considered for long - term low - buying. Aluminum and aluminum alloy can be bought on dips. Nickel can be operated in the range of 136,000 - 145,000 and consider buying call options. [2] New Energy - Polysilicon and industrial silicon are in a shock state. Lithium carbonate can be temporarily observed and short - term interval operations can be tried. [2] Energy and Chemical - Crude oil can be observed or bought at low prices. Many chemical products are affected by oil prices and have large fluctuations. Some products can consider positive spreads or stop - profit operations. [2] Agricultural Products - Soybeans and their products are in a shock - upward trend. Livestock products such as pigs are in a shock - downward trend. Grains such as corn are in a high - level shock. Oils and fats, sugar, and other products have different trends. [2]