一个跌停将中国中冶（601618.SH/1618.HK）资产剥离背后的争议摆上台面。 来源：智通财经 中国中冶计划以606.76亿元总价，将旗下中冶置业、中冶铜锌、瑞木管理等核心资产打包出售给控股股 东中国五矿集团及其关联方。此次交易的核心矛盾，集中在"剥离资产的价值失衡"与"企业战略转型的 模糊性"两大焦点上。一边是资不抵债、持续巨亏的地产业务被剥离，被业内视为"甩掉包袱"；另一边 却是盈利能力最强、正处价值上升期的矿产资源业务被同步出售，这让投资者难以理解公司转型逻辑。 更让市场疑虑的是，交易标的中部分资产评估增值率悬殊，从-45.18%到419666.17%的极端差异，缺乏 充分透明的评估说明，进一步加剧了市场对交易公允性的质疑。 | | 评估值(亿元) | 评估增值率 | | --- | --- | --- | | 中冶置业100%股权 | 312.37 | -45.18% | | 有色院100%股权 | 104.96 | 125.53% | | 中冶铜锌100%股权 | 122.41 | 182.99% | | 瑞木管理100%股权 | 0.1 | 419666.17% | | 中冶金吉67.02% ...

一个跌停将中国中冶（601618.SH/1618.HK）资产剥离背后的争议摆上台面。 中国中冶计划以606.76亿元总价，将旗下中冶置业、中冶铜锌、瑞木管理等核心资产打包出售给控股股 东中国五矿集团及其关联方。此次交易的核心矛盾，集中在"剥离资产的价值失衡"与"企业战略转型的 模糊性"两大焦点上。一边是资不抵债、持续巨亏的地产业务被剥离，被业内视为"甩掉包袱"；另一边 却是盈利能力最强、正处价值上升期的矿产资源业务被同步出售，这让投资者难以理解公司转型逻辑。 更让市场疑虑的是，交易标的中部分资产评估增值率悬殊，从-45.18%到419666.17%的极端差异，缺乏 充分透明的评估说明，进一步加剧了市场对交易公允性的质疑。 数据来源：公司 公告、智通财经研究部 甩卖"出血点"地产业务 在此次606.76亿元的资产出售方案中，中冶置业100%股权及相关债权以312.37亿元的评估值占据半壁江 山，而其-45.18%的评估增值率（即评估值较账面值大幅缩水），直接揭示了这部分资产的"烫手"程 度。作为中国中冶旗下负责综合地产业务的核心平台，中冶置业早已成为公司的"利润黑洞"。 财务数据显示，2024年中冶置业扣非后净 ...

Core Viewpoint - Shandong Gold International Co., Ltd. (referred to as "Shandong Gold International") has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for mining construction, exploration, acquisition of quality mining assets, and repayment of interest-bearing debts related to Osino [1][2]. Financial Performance - Shandong Gold International has shown continuous growth in recent years, with projected revenue exceeding 13 billion yuan in 2024. In the first half of 2025, revenue and profit increased by 42.2% and 47.64% year-on-year, respectively [2][11]. - The company's revenue from 2022 to 2024 was 8.373 billion yuan, 8.095 billion yuan, and 13.580 billion yuan, with a compound annual growth rate of 27.35%. The net profit during the same period was 1.247 billion yuan, 1.566 billion yuan, and 2.438 billion yuan, with a compound annual growth rate of 39.86% [10]. Mining Assets and Operations - Shandong Gold International has a comprehensive mining rights area of 259.9 square kilometers in China and 5,709.7 square kilometers in Namibia, indicating significant future exploration and resource potential [2][13]. - The company ranks sixth among gold producers in China and fourth in gold reserves, with gold resources reaching 284.6 tons (9,150.6 thousand ounces) as of June 30, 2025, nearly doubling from 146.7 tons (4,715.3 thousand ounces) as of December 31, 2023 [7][13]. Shareholding Structure - As of the latest feasible date, Shandong Gold Mining holds approximately 28.89% of the shares, making it the controlling shareholder. Other shareholders include Wang Shui with approximately 11.96% and other A-share shareholders with about 59.15% [5]. Cost Efficiency - The all-in sustaining cost for gold production in the fiscal year ending December 31, 2024, is projected to be 683.5 USD per ounce, placing it in the top 10% of global gold mining costs, compared to the global average of 1,438.1 USD per ounce [7].

Core Viewpoint - Shanjin International Gold Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with joint sponsors including CITIC Securities, CICC, and UBS [1] Company Overview - Shanjin International Gold, established in 2000 and listed on the Shenzhen Stock Exchange, is one of China's leading gold producers, engaged in the exploration, mining, and trading of gold, silver, lead, zinc, and other non-ferrous metals [1] - According to Frost & Sullivan, Shanjin International Gold is the most profitable gold producer among listed companies in China, based on gold mining gross profit margin and cost efficiency [1] - The company operates six mining enterprises in China and Namibia [1] Financial Performance - For the years 2022, 2023, and 2024, Shanjin International Gold's revenues are projected to be RMB 8.373 billion, RMB 8.095 billion, and RMB 13.580 billion, respectively [1] - The corresponding profits for the same years are expected to be RMB 1.247 billion, RMB 1.566 billion, and RMB 2.438 billion [1]

Group 1 - The core viewpoint of the news highlights the recent trading performance and financial metrics of Hunan Silver, indicating a decline in stock price and significant trading activity in margin financing and securities lending [1][2]. - As of September 4, Hunan Silver's stock price dropped by 3.67%, with a trading volume of 1.247 billion yuan. The margin financing data shows a net buy of 4.9439 million yuan for the day, with a total margin balance of 630 million yuan [1]. - The margin financing balance of Hunan Silver accounts for 4.92% of its circulating market value, indicating a high level of leverage compared to the past year [1]. Group 2 - As of June 30, the number of shareholders for Hunan Silver increased to 88,000, a rise of 21.3%, while the average circulating shares per person decreased by 17.56% to 25,127 shares [2]. - For the first half of 2025, Hunan Silver reported a revenue of 4.529 billion yuan, reflecting a year-on-year growth of 35.59%, and a net profit attributable to shareholders of 62.197 million yuan, up 7.01% year-on-year [2]. Group 3 - Hunan Silver has cumulatively distributed 162 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3].