Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 12.64 billion yuan in 2025, representing a year-on-year increase of 40.0%, and a net profit attributable to shareholders of 3.08 billion yuan, up 74.7% year-on-year [1] - The company is planning a significant share transfer that may lead to a change in actual control [1] - The gold production for 2025 was 14.5 tons, a decrease of 4.3% year-on-year, with sales volume down 5.1% to 14.4 tons [2] - The average selling price of gold in Q4 2025 was 941 yuan per gram, an increase of 160 yuan per gram from the previous quarter [2] - The overall sales cost for the company in 2025 was 326 yuan per gram, an increase of 47 yuan per gram year-on-year [2] - The company expects gold production to increase to 14.7 tons in 2026, a year-on-year growth of 1.3% [3] - Revenue projections for 2026-2028 are 16.14 billion yuan, 19.42 billion yuan, and 21.40 billion yuan, respectively, with net profits of 5.14 billion yuan, 5.80 billion yuan, and 6.01 billion yuan [3] Financial Summary - In 2025, the company reported a gross profit of 6.6 billion yuan from gold sales, which accounted for 90% of total revenue [2] - The earnings per share (EPS) for 2025 was 1.62 yuan, with a projected EPS of 2.71 yuan for 2026 [5] - The company's net asset return rate (ROE) for 2025 was 23.0% [5] - The price-to-earnings (P/E) ratio is projected to be 15.1 for 2026, decreasing to 12.9 by 2028 [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致之任何損失承擔任何責任。 Chifeng Jilong Gold Mining Co., Ltd. 赤峰吉隆黃金礦業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） (H股股份代號：6693) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 此乃赤峰吉隆黃金礦業股份有限公司（「本公司」）登載於中華人民共和國上海證券交 易所網頁的公告。 承董事會命 赤峰吉隆黃金礦業股份有限公司 董事長兼執行董事 王建華 中國北京，2026年3月20日 截至本公告日期，本公司執行董事為王建華先生、高波先生、楊宜方女士、呂曉兆先生及趙強先 生；非執行董事為張旭東先生；以及獨立非執行董事為黃一平博士、胡乃連先生、李厚民博士及 蔣琪博士。 让更多的人因赤峰黄金的发展而受益 | 1 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，不存在虚假记 载、误导性陈述或重大遗漏，并承 ...

Core Insights - The report highlights the significant growth in the multi-metal reserves of the company, with a notable increase in revenue and net profit for the year 2025, indicating a stable upward cycle in performance [5][6][9] - The company has successfully enhanced its gold production cost advantages, maintaining a competitive position in the global market [7][9] Company Performance - In 2025, the company achieved an operating revenue of 171 billion yuan, a year-on-year increase of 25.9%, and a net profit of 29.7 billion yuan, up 36.7% [5] - The basic earnings per share (EPS) for 2025 was reported at 1.1 yuan, reflecting a growth of 36.8% [5] - The company’s multi-metal resource reserves have significantly increased, with gold reserves rising by 9% to 149.48 tons and silver reserves increasing by 282% to 2701.48 tons [6][7] Revenue and Cost Analysis - The revenue from gold sales in 2025 reached 55.05 billion yuan, a 24% increase year-on-year, while silver sales grew by 18% to 11.60 billion yuan [7] - The production costs for gold were reported at 142.18 yuan per gram, showing a decrease of 2.2%, which contributed to an increase in gross margin to 81.63% [7][8] Shareholder Returns - The company has established a diversified investor return system, with a cash dividend of 4.8 yuan per 10 shares, totaling 1.332 billion yuan, resulting in a dividend payout ratio of 44.82% for 2025 [8] - The company has also initiated a share buyback program, with a total repurchase amounting to 34.09 million yuan by the end of 2025 [8] Future Outlook - The company forecasts operating revenues of 209.18 billion yuan, 261.05 billion yuan, and 303.96 billion yuan for the years 2026 to 2028, with net profits expected to reach 50.33 billion yuan, 79.42 billion yuan, and 103.52 billion yuan respectively [9]

Investment Rating - The report maintains a "Recommended" rating for the company [2][13]. Core Insights - The company achieved a revenue of 17.1 billion yuan in 2025, representing a year-on-year growth of 25.9%, and a net profit attributable to shareholders of 2.97 billion yuan, up 36.7% year-on-year [3]. - The company's multi-metal reserves have significantly increased, with gold production cost advantages further strengthening, indicating a stable upward cycle in performance [3][5]. - The exploration investment decreased by 36.4% to 112 million yuan in 2025, yet the successful exploration activities led to a substantial increase in multi-metal resources, with new additions of gold (16.62 tons), silver (296.57 tons), and lead-zinc (38,300 tons) [4]. - The company’s gold reserves increased by 9% year-on-year to 149.48 tons, with notable increases in several domestic mines [4]. - The company’s revenue from mineral gold rose by 24% to 5.505 billion yuan, while the production of various metals showed mixed results, with gold production down by 5.47% to 7.60 tons [5]. - The company’s production cost advantages are further reinforced, with unit production costs for gold at 142.18 yuan/gram, maintaining a gross margin of 81.63% [11]. - The company has established a diversified investor return system through cash dividends and share buybacks, with a dividend payout rate of 44.82% for 2025 [12]. Financial Projections - The company is expected to achieve revenues of 20.92 billion yuan, 26.10 billion yuan, and 30.40 billion yuan for 2026, 2027, and 2028 respectively, with net profits projected at 5.03 billion yuan, 7.94 billion yuan, and 10.35 billion yuan [13][14]. - The earnings per share (EPS) are forecasted to be 1.81 yuan, 2.86 yuan, and 3.73 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 16.82x, 10.66x, and 8.18x [13][14].

Investment Rating - The report maintains a "Recommended" rating for the company [2][13]. Core Insights - The company achieved a revenue of 17.1 billion yuan in 2025, representing a year-on-year growth of 25.9%. The net profit attributable to shareholders reached 2.97 billion yuan, up 36.7% year-on-year, with basic earnings per share of 1.1 yuan, also up 36.8% year-on-year. The increase in multi-metal reserves, including gold, silver, lead, zinc, and copper, along with rising metal prices, has driven revenue growth. The company's cost advantage in gold production has further strengthened, indicating a stable upward performance cycle in the company's operations [3][5]. Resource Exploration and Reserves - The company has made significant progress in resource exploration, with a notable increase in multi-metal reserves. In 2025, the company invested 112 million yuan in exploration, a decrease of 36.4% from 2024. However, successful exploration activities led to an increase in multi-metal resources, with new additions of 16.62 tons of gold, 296.57 tons of silver, and 38,300 tons of lead and zinc. By the end of 2025, the company held gold resources of 280.94 tons (up 1.3% year-on-year), silver at 8,021.29 tons (up 1.1%), lead at 636,400 tons (up 4.7%), zinc at 1,241,200 tons (down 2.4%), and copper at 137,800 tons (up 8%) [4][5]. Revenue Growth and Cost Advantages - The company's revenue from mineral gold reached 5.505 billion yuan in 2025, an increase of 24% year-on-year. Revenue from mineral silver grew by 18% to 1.16 billion yuan, while lead concentrate revenue increased by 9% to 169 million yuan. However, the production of various metals did not align with revenue growth, with gold production down 5.47% to 7.60 tons and silver down 16.30% to 164.10 tons. The company is expected to adjust production dynamically in response to rising prices and has plans for new production from Osino gold mine in 2027 and the resumption of production at Huasheng gold mine in 2026 [5][11]. Financial Performance and Shareholder Returns - The company has established a diversified investor return system through cash dividends and share buybacks. For 2025, the company plans to distribute cash dividends of 4.8 yuan per 10 shares, totaling 1.332 billion yuan, with a dividend payout ratio of 44.82%. The company has also initiated a share buyback plan with a total amount not less than 100 million yuan and not exceeding 200 million yuan. The return on equity (ROE) increased from 17.7% in 2024 to 21.3% in 2025, while the return on assets (ROA) rose from 14.1% to 16.8% [12].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 37.8 yuan, indicating an expectation of over 20% outperformance against the benchmark index in the next six months [2][16]. Core Insights - The company's revenue for 2025 reached 17.099 billion yuan, a year-on-year increase of 25.86%, while the net profit attributable to shareholders was 2.972 billion yuan, up 36.75% year-on-year [2]. - The increase in gold prices significantly contributed to the company's performance, with gold and silver prices rising by 43% and 35% respectively in 2025 [8]. - The company plans to produce 7-8 tons of gold in 2026, maintaining production levels for other metals [8]. - The company has made significant investments in resource exploration, with a total of 112 million yuan spent, resulting in a substantial increase in resource reserves [8]. - The company is also advancing its overseas projects, including the construction of the Twin Hills gold mine in Namibia, expected to commence production in the first half of 2027 [8]. Financial Summary - In 2025, the company achieved a gross profit margin of 31.83%, an increase of 1.9 percentage points year-on-year [8]. - The projected net profits for 2026, 2027, and 2028 are 4.776 billion yuan, 7.161 billion yuan, and 7.655 billion yuan respectively, reflecting year-on-year growth rates of 60.7%, 49.9%, and 6.9% [9]. - The company’s earnings per share (EPS) for 2025 is projected at 1.07 yuan, with estimates of 1.72 yuan, 2.58 yuan, and 2.76 yuan for the following years [9].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 37.8 yuan [2][8]. Core Insights - The company's revenue for 2025 reached 17.099 billion yuan, a year-on-year increase of 25.86%, while the net profit attributable to shareholders was 2.972 billion yuan, up 36.75% year-on-year [2][9]. - Gold and silver prices increased significantly in 2025, with gold prices rising by 43% and silver prices by 35%, contributing to the company's strong performance [8]. - The company plans to distribute a cash dividend of 4.8 yuan per 10 shares, with a payout ratio of approximately 45% [2]. Financial Performance - The company achieved a gold production of 7.60 tons in 2025, a decrease of 5.47% year-on-year, and a silver production of 164.10 tons, down 16.30% year-on-year [8]. - The gross profit margin for gold increased to 31.83%, up 1.9 percentage points year-on-year, while the gross profit margin for silver was 52.81%, an increase of 0.38 percentage points [8]. - The company’s exploration investment was 112 million yuan, resulting in a significant increase in resource reserves, with gold resources amounting to 280.94 tons by the end of 2025 [8]. Future Projections - The company expects net profits for 2026, 2027, and 2028 to be 4.776 billion yuan, 7.161 billion yuan, and 7.655 billion yuan, respectively, representing year-on-year growth rates of 60.7%, 49.9%, and 6.9% [9]. - The projected revenue for 2026 is 20.112 billion yuan, with a year-on-year growth rate of 17.6% [9].

Core Viewpoint - Shengda Resources has shown significant stock price appreciation and strong financial performance, indicating potential growth in the non-ferrous metal industry, particularly in lead and zinc production and trading [1][2]. Group 1: Stock Performance - As of February 25, Shengda Resources' stock price increased by 2.01% to 50.72 CNY per share, with a trading volume of 720 million CNY and a turnover rate of 2.17%, resulting in a total market capitalization of 34.995 billion CNY [1]. - Year-to-date, the stock price has risen by 63.82%, with a 7.53% increase over the last five trading days, a 20.82% increase over the last 20 days, and a remarkable 125.82% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on February 3 [1]. Group 2: Financial Performance - For the period from January to September 2025, Shengda Resources reported a revenue of 1.652 billion CNY, reflecting an 18.29% year-on-year growth, and a net profit attributable to shareholders of 323 million CNY, which is a 61.97% increase compared to the previous year [2]. - The company has distributed a total of 1.298 billion CNY in dividends since its A-share listing, with 120 million CNY distributed over the past three years [3]. Group 3: Shareholder Structure - As of February 10, the number of shareholders for Shengda Resources was 76,200, a decrease of 14.94% from the previous period, while the average number of circulating shares per person increased by 17.57% to 8,754 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 16.6334 million shares, a decrease of 8.9271 million shares from the previous period, while Qianhai Kaiyuan Gold and Silver Jewelry Mixed A increased its holdings by 1.1311 million shares to 11.2169 million shares [3].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for investment [9]. Core Insights - The company is a leading silver producer with a strong focus on the silver industry and is expanding into gold mining, leveraging its high-quality silver resources for growth potential [3][11]. - The company has a robust resource base with approximately 12,000 tons of silver and 34 tons of gold by the end of 2024, with a near-term production capacity of nearly 2 million tons per year [3][20]. - The company is actively pursuing resource acquisitions and expansions, including a significant investment in Honglin Mining to gain control over the Caiyuanzi copper-gold mine, which is expected to start trial production in September 2025 [6][49]. Summary by Sections Company Overview - Established in 1995, the company became publicly listed in 2011 through a major asset swap, acquiring a 62.96% stake in Yindu Mining [3][12]. - The company has expanded its resource base through acquisitions, including several mining companies, enhancing its production capacity and resource reserves [3][4]. Resource Base - The company currently owns nine mining operations, with significant silver and gold reserves, including the Yindu Mining with an annual production capacity of 900,000 tons and a silver reserve of 1,436 tons [4][20]. - The company is also developing new projects, such as the Dongsheng Mining, which is expected to start production in 2026, and has recently acquired stakes in I-chun Jinshi and Guangxi Jinshi to further enhance its resource portfolio [7][20]. Financial Performance - The company forecasts revenues of 2.79 billion yuan, 4.52 billion yuan, and 5.62 billion yuan for 2025-2027, with corresponding net profits of 580 million yuan, 1.34 billion yuan, and 1.74 billion yuan, reflecting significant growth rates [9]. - The company has maintained a stable revenue scale, with mining operations contributing nearly 100% of its profits, and a healthy asset-liability ratio, indicating financial stability [26][32]. Future Growth Potential - The company is positioned to benefit from the tight balance of silver supply and demand, with ongoing projects like the Caiyuanzi copper-gold mine expected to diversify its revenue streams and reduce reliance on silver alone [9][11]. - The company is committed to sustainable mining practices, with several of its operational mines recognized as green mines, ensuring long-term operational viability [20].

Core Viewpoint - The company, Chifeng Jilong Gold Mining Co., Ltd., is experiencing growth in revenue and profit, driven by its main business in gold and non-ferrous metal mining, with significant overseas revenue contributions due to the depreciation of the RMB [4][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 company's main business includes gold and non-ferrous metal mining and resource recycling [8]. - The revenue composition of the company 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 [9]. Market Activity - On February 12, the stock price of Chifeng Gold increased by 0.08%, with a trading volume of 2.133 billion yuan and a turnover rate of 3.34%. The total market capitalization is 72.691 billion yuan [1]. - The stock has shown no significant trend in net inflow from major investors, with a net outflow of 2.1359 million yuan on the day of analysis [5][6]. Business Operations - The company operates a multi-metal mine in Laos, primarily engaged in copper mining and smelting [3]. - The overseas revenue accounted for 69.11% of total revenue, benefiting from the depreciation of the RMB [4]. Strategic 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].