证券研究报告 | 季报点评 gszqdatemark 2025 10 26 年 月 日 赤峰黄金（600988.SH） 三季度产量环比提升，经营业绩显著改善 公司发布 2025 年三季报。前三季度实现营业收入 86.4 亿元，同比 +38.9%，归母净利润 20.6 亿元，同比增长 86.2%，扣非归母净利润 20.3 亿元，同比增长 95.1%；第三季度实现营业收入 33.7 亿元，同比增长 66.4%，环比增长 17.7%，归母净利润 9.5 亿元，同比增长 141%，环比 增长 52.5%，扣非归母净利润 9.1 亿元，同比增长 129%，环比增长 46.6%。 三季度公司盈利能力环比显著改善。第三季度公司毛利率为 52.7%，环比 增长 3.2pct，四项费用率 5.4%，环比下滑 0.7pct，净利率 30.5%，环比 增长 5.5pct。第三季度公司实现投资净收益 0.3 亿元，环比增加 1.05 亿 元，公允价值变动净收益 0.08 亿元，环比减少 0.73 亿元。 黄金板块： 量：前三季度实现产量 10.7 吨，同比下滑 0.4%，销量 10.7 吨，同比下 滑 2.6%，三季度实现产量 3. ...

证券研究报告 | 2025年10月26日 山金国际（000975.SZ）——三季报点评 优于大市 矿产金成本优势明显，新项目建设稳步推进 核心产品产销量数据：前三季度矿产金产量 5.59 吨，同比-10.99%，销量 5.98 吨，同比-8.14%，其中，25Q1/Q2/Q3 产量分别为 1.77/1.95/1.87 吨，销量 分别为 2.03/2.09/1.86 吨，Q3 产销量环比均有下降，前三季度产量略微不 及预期(略不及全年计划的 75%)，但由于销售部分去年年底的库存（24 年末 有约 540kg 库存），所以销量基本是符合预期。 黄金售价和成本数据：前三季度沪金均值为 750.35 元/克，其中 Q3 均值为 797.17 元/克，环比+3.11%。成本方面，公司前三季度矿产金合并摊销后克 金成本为 145.19 元/克，同比+1.67%，其中 Q1/Q2/Q3 合并摊销后克金成本 为 147.87/153.96/132.41 元/克，Q3 环比下降约 14%。 资源为先，未来成长性值得期待：1）Osino 主要资产为位于纳米比亚的 Twin Hills 金矿项目，金资源量 127.20 吨，金储 ...

10月21日，盛达资源盘中下跌2.04%，截至13:03，报24.00元/股，成交4.45亿元，换手率2.74%，总市值 165.59亿元。 资金流向方面，主力资金净流出6313.84万元，特大单买入3476.73万元，占比7.81%，卖出6717.60万 元，占比15.09%；大单买入9035.67万元，占比20.30%，卖出1.21亿元，占比27.20%。 盛达资源今年以来股价涨101.85%，近5个交易日跌8.47%，近20日涨7.05%，近60日涨49.07%。 责任编辑：小浪快报 截至9月30日，盛达资源股东户数3.97万，较上期增加14.24%；人均流通股16790股，较上期减少 12.46%。2025年1月-6月，盛达资源实现营业收入9.06亿元，同比增长6.34%；归母净利润7009.64万元， 同比减少15.03%。 分红方面，盛达资源A股上市后累计派现12.98亿元。近三年，累计派现1.20亿元。 机构持仓方面，截止2025年6月30日，盛达资源十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股2556.05万股，相比上期增加138.14万股。前海开源金银珠宝混合A（00130 ...

Company Overview - Shengda Resources is primarily engaged in the production and sales of silver-lead concentrate and zinc concentrate, as well as non-ferrous metal trading [1] - The company's revenue composition includes: lead concentrate (including silver) 46.04%, non-ferrous metal trading 23.91%, zinc concentrate (including silver) 20.44%, renewable metal 5.26%, silver ingots 2.28%, others 1.05%, and gold 1.02% [1] Financial Performance - For the first half of 2025, Shengda Resources achieved operating revenue of 906 million yuan, representing a year-on-year increase of 6.34% [2] - The net profit attributable to the parent company was 70.10 million yuan, a year-on-year decrease of 15.03% [2] - The company has cumulatively distributed dividends of 1.298 billion yuan since its A-share listing, with 12 million yuan distributed in the last three years [3] Stock Performance - As of September 24, Shengda Resources' stock price decreased by 2.01%, trading at 22.40 yuan per share, with a total market capitalization of 15.455 billion yuan [1] - The stock has increased by 88.39% year-to-date, with a 5.66% increase over the last five trading days, 37.42% over the last 20 days, and 45.93% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on September 2 [1] Shareholder Information - As of August 29, the number of shareholders for Shengda Resources was 30,000, a decrease of 0.94% from the previous period [2] - The average circulating shares per person increased by 0.94% to 22,258 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which holds 25.56 million shares, and new shareholder Qianhai Kaiyuan Gold and Silver Jewelry Mixed A, holding 10.09 million shares [3]

Core Viewpoint - Dazhong Mining's stock increased by 5.51% on September 19, reaching a price of 12.25 CNY per share, with a trading volume of 1.04 billion CNY and a turnover rate of 0.68%, resulting in a total market capitalization of 18.473 billion CNY [1] Company Overview - Dazhong Mining Co., Ltd. is located at 55 Huanghe Street, Baotou City, Inner Mongolia, established on October 29, 1999, and listed on May 10, 2021 [1] - The company's main business includes iron ore mining, production and sales of iron concentrate and pellets, as well as processing and sales of manufactured sand and gravel [1] - Revenue composition: iron concentrate 71.07%, pellets 20.48%, sulfuric acid 4.58%, sand and gravel 2.73%, others 0.81%, zinc concentrate 0.32%, lithium ore 0.02% [1] Fund Holdings - Xinhua Fund has a significant holding in Dazhong Mining, with the Xinhua Active Value Flexible Allocation Mixed A Fund (001681) holding 127,100 shares, accounting for 1.91% of the fund's net value, ranking as the tenth largest holding [2] - The fund has generated an estimated floating profit of approximately 81,300 CNY today [2] - The Xinhua Active Value Flexible Allocation Mixed A Fund was established on December 21, 2015, with a latest scale of 57.4815 million CNY, yielding 7.36% year-to-date, ranking 6178 out of 8172 in its category; over the past year, it achieved a return of 32.45%, ranking 4925 out of 7980; since inception, it has returned 40.58% [2]

Company Overview - Shengda Resources experienced a decline of 5.05% on September 18, with a stock price of 20.13 CNY per share, a trading volume of 526 million CNY, a turnover rate of 3.82%, and a total market capitalization of 13.889 billion CNY [1] - The company, established on June 22, 1995, and listed on August 23, 1996, is located in Fengtai District, Beijing, and primarily engages in the production and sale of silver-lead concentrate and zinc concentrate, as well as non-ferrous metal trading [1] Revenue Composition - The main business revenue composition of Shengda Resources includes: - Lead concentrate (including silver) 46.04% - Non-ferrous metal trading 23.91% - Zinc concentrate (including silver) 20.44% - Recycled renewable metal 5.26% - Silver ingots 2.28% - Others 1.05% - Gold 1.02% [1] Fund Holdings - According to data, one fund under Dongfang Fund has a significant holding in Shengda Resources. The Dongfang Cyclical Optimal Flexible Allocation Mixed A Fund (004244) held 100,000 shares in the second quarter, accounting for 3.76% of the fund's net value, making it the fourth-largest holding [2] - The fund has a total scale of 37.5949 million CNY and has achieved a return of 20.18% year-to-date, ranking 4440 out of 8172 in its category; over the past year, it has returned 28.84%, ranking 5414 out of 7980 [2] - The fund manager, Fang Jianwei, has been in the position for 7 years and 67 days, with the best fund return during his tenure being 86.65% and the worst being -16.73% [2]

Group 1 - The core point of the news is that Shengda Resources experienced a decline of 5.05% in its stock price, reaching 20.13 CNY per share, with a trading volume of 526 million CNY and a turnover rate of 3.82%, resulting in a total market capitalization of 13.889 billion CNY [1] - Shengda Resources, established on June 22, 1995, and listed on August 23, 1996, is primarily engaged in the production and sale of silver-lead concentrate and zinc concentrate, as well as non-ferrous metal trading [1] - The revenue composition of Shengda Resources includes: lead concentrate (containing silver) 46.04%, non-ferrous metal trading 23.91%, zinc concentrate (containing silver) 20.44%, renewable energy metals 5.26%, silver ingots 2.28%, others 1.05%, and gold 1.02% [1] Group 2 - From the perspective of fund holdings, one fund under China Merchants Fund has a significant position in Shengda Resources, specifically the China Merchants Anze Stable Profit 9-Month Holding Period Mixed A Fund (019698), which reduced its holdings by 62,700 shares in the second quarter, now holding 105,800 shares, accounting for 0.95% of the fund's net value [2] - The estimated floating loss for the fund today is approximately 113,200 CNY [2] - The China Merchants Anze Stable Profit 9-Month Holding Period Mixed A Fund was established on November 14, 2023, with a latest scale of 87.4268 million CNY, and has achieved a year-to-date return of 11.11% [2]

Group 1 - The core viewpoint of the news is that Shengda Resources has seen a significant increase in its stock price, rising by 5.04% to 22.72 CNY per share, with a trading volume of 785 million CNY and a turnover rate of 5.31%, resulting in a total market capitalization of 15.676 billion CNY [1] - Shengda Resources specializes in the production and sales of silver-lead concentrate and zinc concentrate, with its main business revenue composition being: lead concentrate (including silver) 46.04%, non-ferrous metal trading 23.91%, zinc concentrate (including silver) 20.44%, renewable metal 5.26%, silver ingots 2.28%, others 1.05%, and gold 1.02% [1] Group 2 - From the perspective of fund holdings, Huafu Fund has a significant position in Shengda Resources, with its Huafu Strategy Selected Mixed A Fund (410006) holding 30,600 shares, accounting for 5% of the fund's net value, making it the fourth largest holding [2] - The Huafu Strategy Selected Mixed A Fund has achieved a year-to-date return of 18.43%, ranking 4488 out of 8246 in its category, and a one-year return of 49%, ranking 3201 out of 8054 [2]

Group 1 - The core viewpoint of the news is that Shengda Resources has seen a significant increase in its stock price, rising by 5.34% to reach 20.71 CNY per share, with a trading volume of 357 million CNY and a turnover rate of 2.65%, resulting in a total market capitalization of 14.289 billion CNY [1] - Shengda Resources is primarily engaged in the production and sale of silver-lead concentrate and zinc concentrate, with its main business revenue composition being: lead concentrate (including silver) 46.04%, non-ferrous metal trading 23.91%, zinc concentrate (including silver) 20.44%, renewable energy metals 5.26%, silver ingots 2.28%, others 1.05%, and gold 1.02% [1] Group 2 - From the perspective of major fund holdings, data shows that one fund under Dacheng Fund has a significant position in Shengda Resources, specifically the Dacheng Positive Return Flexible Allocation Mixed A Fund (001365), which held 141,200 shares in the second quarter, accounting for 3.91% of the fund's net value, ranking as the tenth largest holding [2] - The Dacheng Positive Return Flexible Allocation Mixed A Fund (001365) has a total scale of 53.5249 million CNY and has achieved a year-to-date return of 24.92%, ranking 3415 out of 8174 in its category, with a one-year return of 33.74%, ranking 4755 out of 7981 [2]

Group 1 - The stock of Shengda Resources fell by 5.03% on September 4, closing at 18.71 CNY per share, with a trading volume of 601 million CNY and a turnover rate of 4.63%, resulting in a total market capitalization of 12.909 billion CNY [1] - Shengda Resources, established on June 22, 1995, and listed on August 23, 1996, is primarily engaged in the production and sale of silver-lead concentrate and zinc concentrate, as well as non-ferrous metal trading [1] - The revenue composition of Shengda Resources includes: lead concentrate (containing silver) 46.04%, non-ferrous metal trading 23.91%, zinc concentrate (containing silver) 20.44%, renewable metal 5.26%, silver ingots 2.28%, others 1.05%, and gold 1.02% [1] Group 2 - Huafu Fund has a significant holding in Shengda Resources, with its Huafu Strategy Selected Mixed A Fund (410006) holding 30,600 shares, accounting for 5% of the fund's net value, making it the fourth-largest holding [2] - The Huafu Strategy Selected Mixed A Fund was established on December 24, 2008, with a latest scale of 7.9819 million CNY, achieving a year-to-date return of 13.93% and a one-year return of 40.06% [2] - The fund manager, Deng Xiang, has been in the position for 1 year and 156 days, with the fund's total asset scale at 51.4812 million CNY during his tenure, achieving a best return of 18.02% and a worst return of -7.01% [2]