黄金超级周期下的资源王者：招金矿业(1818.HK)的"价量 双击"战略解析 3月18日，国际黄金价格站上3015美元/盎司的历史高位，国内沪金主力合约首次突破700元/克大关，突破了投资者心 理的重要关口。这一里程碑事件背后，是地缘冲突、美联储降息预期、全球央行购金潮等多重因素的交织共振。 映射到资本市场上，黄金板块自然值得重点关注。 其中，招金矿业年内累计涨幅达到37%，股价创近一年新高。同时，公司刚刚发布的2024年度报告备受关注。这份财 报不仅是其经营成果的集中展示，更将成为投资者研判黄金行业趋势的重要窗口。 2024年，招金矿业实现营收115.51亿元，同比增长37.12%，远超彭博一致预期；净利润约为18.51亿元，比去年同期增 长约120.81%；母公司股东应占溢利约为人民币14.51亿元，比去年同期大幅增长约111.35%。每股派息0.05元，相较于 去年同比增长25%。 进一步拆分，从2024年第一季度到第四季度，公司业绩呈现阶梯上升态势，收入从19.81亿元增长到34.65亿元，净利 润从2.79亿元增长到6.22亿元。 （来源：wind，国信证券经济研究所） 能够取得这一成绩，主要原因还 ...

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 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 ZHAOJIN MINING INDUSTRY COMPANY LIMITED* 招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） （股 份 代 號：1818） 截至二零二四年十二月三十一日止年度全年業績公告 財務概要 截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 年 度，本 集 團 收 入 約 人 民 幣11,550,680,000 元（2023年：人 民 幣8,423,618,000元），較 去 年 增 加 約37.12%。 截至二零二四年十二月三十一日止年度，本集團淨利潤約為人民幣 1,851,333,000 元（2023年：人 民 幣838,418,000元），較 去 年 增 加 約120.81%。 截 至 二 零 二 四 年 十 二 月 三 十 一 日 止 年 度，歸 屬 ...

Investment Rating - Buy rating maintained with a target price of HKD 17.39, implying a 32.7% upside from the current price [1][3] Core Views - Strong Q3 2024 performance with revenue of RMB 8.086 billion, up 26.64% YoY, and net profit attributable to shareholders of RMB 881 million, up 141.07% YoY [1] - Gold price surge driving profitability, with London spot gold reaching USD 2,648.8/oz, up 13.64% since June 2024 [1] - Incremental projects progressing well, including the full acquisition of Tietto and the development of the Haiyu Gold Mine, expected to contribute significantly to future growth [1] Financial Performance - Q3 2024 revenue reached RMB 3.458 billion, up 17.7% YoY, with net profit attributable to shareholders of RMB 328 million, up 192.86% YoY [1] - Forecasted net profit attributable to shareholders for 2024-2026: RMB 1.25 billion, RMB 1.98 billion, and RMB 2.7 billion, respectively [1] - EPS for 2024-2026 forecasted at RMB 0.37, RMB 0.58, and RMB 0.79, respectively [4] Gold Market and Company Positioning - Gold revenue accounted for 89% of total revenue and 99% of gross profit in H1 2024 [1] - Haiyu Gold Mine has a total gold resource of 562.37 tons and recoverable reserves of 212.21 tons, with an average grade of 4.42 g/t [1] - Tietto acquisition adds over 40 tons of gold reserves, with annual production expected to reach 5 tons [1] Valuation and Growth Prospects - Target price of HKD 17.39 based on 30x 2025 PE, reflecting strong growth potential from gold price trends and project developments [1] - Revenue growth forecasted at 53% in 2024, 23% in 2025, and 23% in 2026 [4] - Net profit growth forecasted at 82% in 2024, 57.8% in 2025, and 36.9% in 2026 [4] Financial Metrics - Gross margin improved to 45.2% in 2024E, 47.2% in 2025E, and 48.9% in 2026E [5] - Net margin expected to rise to 9.7% in 2024E, 12.4% in 2025E, and 13.9% in 2026E [5] - ROE forecasted at 6.4% in 2024E, 9.3% in 2025E, and 11.6% in 2026E [5]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company's Q3 2024 revenue increased by 17.8% YoY to RMB 3.25 billion, with net profit attributable to shareholders surging 169.7% YoY to RMB 350 million [4] - Adjusted net profit for Q3 2024 reached RMB 570 million, up 36% QoQ, meeting expectations [4] - The average Shanghai gold price in Q3 2024 rose to RMB 569/g, up RMB 17/g from Q2 2024 and RMB 109/g YoY [4] - The company's Haiyu gold mine project is progressing smoothly, with key underground connections completed, and is expected to commence production in mid-2025 [4] - The company established a joint venture with Zijin Mining to explore gold resource acquisitions and development opportunities [4] Financial Performance - The company's revenue is expected to grow from RMB 8.424 billion in 2023 to RMB 15.485 billion in 2026, with a CAGR of 22.5% [5] - Net profit attributable to shareholders is projected to increase from RMB 686 million in 2023 to RMB 2.775 billion in 2026, with a CAGR of 59.2% [5] - Gross margin is forecasted to improve from 40.0% in 2023 to 50.2% in 2026 [5] - ROE is expected to rise from 3.6% in 2023 to 11.0% in 2026 [5] Operational Highlights - The company's Haiyu gold mine is expected to reach full production capacity of 16 tons/year by end-2027 [4] - The company's self-produced gold output is projected to nearly triple from 2023 to 2028 [4] - The company reduced its interest-bearing debt by RMB 840 million in Q3 2024 [4] Valuation Metrics - The company's PE ratio is expected to decline from 56.8x in 2023 to 14.6x in 2026 [8] - The PB ratio is forecasted to decrease from 2.07x in 2023 to 1.61x in 2026 [8] - EPS is projected to grow from RMB 0.21 in 2023 to RMB 0.82 in 2026 [8]

招金矿业（01818.HK）2024 年三季报点评 ➢ 事件：公司发布 2024 年三季报。2024Q1-Q3 公司实现营业收入 78.4 亿 元，同比增长 25.7%，实现净利润为 8.8 亿元，同比增长 141.1%，扣非归母净 利 9.39 亿元，同比增长 54.46%。单季度看，2024Q3 公司实现营收 28.3 亿元， 同比增长 3.27%，环比下降 8.13%；实现净利润 3.28 亿元，同比增长 191.55%， 环比下降 1.08%，扣非归母净利 3.86 亿元，同比增长 65.96%，环比增长 12.08%， 业绩基本符合我们预期。 ➢ 分析：金价高企是公司业绩表现优异的核心原因。价格：2024Q1-Q3COMEX 金均价 2290 美元/盎司，同比+18.58%；Q3 单季度 COMEX 金均价 2473 美元 /盎司，同比+28.39%，环比+5.76%。费用：公司费用水平略有降幅。根据原始 公布报表计算，2024 年前三季度研发/管理/财务费用分别为 1.98/7.69/3.38 亿 元，占营收比重 2.44%/9.51%/4.18%，同比下降 0.91/1.21/0.85pct。利 ...

Financial Performance - Total operating revenue for the first nine months of 2024 reached RMB 8,085,655,612.48, a 26.6% increase from RMB 6,384,637,812.81 in the same period of 2023[12]. - Net profit attributable to shareholders for the first nine months of 2024 was RMB 880,640,882.68, compared to RMB 365,308,789.29 in the same period of 2023, representing a 141.1% increase[12]. - Basic earnings per share for the first nine months of 2024 was RMB 0.26, up from RMB 0.11 in the same period of 2023[12]. - The company reported a total operating profit of RMB 1,658,939,261.16 for the first nine months of 2024, compared to RMB 790,712,631.46 in the same period of 2023, reflecting a significant increase[12]. Assets and Liabilities - As of September 30, 2024, the total assets of Zhaojin Mining Industry Company Limited increased to RMB 53.17 billion from RMB 46.74 billion as of December 31, 2023, representing a growth of approximately 13.4%[2][3][4][6]. - The company's current assets rose to RMB 15.24 billion from RMB 13.04 billion, marking an increase of about 16.8%[2][7]. - The total liabilities increased to RMB 28.68 billion from RMB 24.58 billion, indicating a rise of about 16.5%[4][5]. - The total current liabilities rose to RMB 15.49 billion from RMB 12.24 billion, indicating an increase of approximately 26.5%[4][5]. - Current liabilities increased from RMB 8,601,616,669.89 to RMB 11,630,444,742.24 during the same period[9]. - The company's equity attributable to shareholders rose to RMB 20.68 billion from RMB 18.78 billion, an increase of approximately 10.1%[6]. Cash Flow - The net cash flow from operating activities for the first nine months of 2024 was RMB 1,544,790,680.06, a significant increase from RMB 355,931,067.49 in the same period of 2023, representing a growth of approximately 334%[14]. - Total cash inflow from operating activities reached RMB 28,416,130,852.39, compared to RMB 16,592,541,369.56 in 2023, indicating a year-over-year increase of about 71%[14]. - Cash outflow from operating activities was RMB 26,871,340,172.33, up from RMB 16,236,610,302.07 in the previous year, reflecting a rise of approximately 65%[14]. - The net cash flow from financing activities was RMB 4,312,776,898.21, compared to RMB 2,520,071,500.22 in 2023, showing an increase of about 71%[15]. - Cash inflow from financing activities totaled RMB 121,588,256,264.04, a substantial increase from RMB 47,670,248,607.00 in the prior year, marking an increase of approximately 154%[15]. - The total cash outflow for financing activities was RMB 117,275,479,365.83, compared to RMB 45,150,177,106.78 in 2023, reflecting a significant increase of approximately 160%[15]. Inventory and Receivables - The inventory value increased significantly from RMB 5.15 billion to RMB 6.38 billion, representing a growth of about 24%[2][3]. - The company reported a significant increase in accounts receivable from RMB 217.35 million to RMB 310.07 million, a growth of about 42.6%[2][3]. Research and Development - Research and development expenses for the first nine months of 2024 were RMB 197,657,687.57, a decrease from RMB 214,359,798.60 in the same period of 2023[12].

基本数据 收盘价 HK$13.56 总市值(百万港元) 46,136.45 总股本(百万股) 3,402.39 财务摘要 [Table_Forcast] (百万元) 2023A 2024E 2025E 2026E 营业收入 8424 11322 15414 18971 (+/-) (%) 7% 34% 36% 23% 归母净利润 686 1262 1974 2818 (+/-) (%) 71% 84% 56% 43% 每股收益(元) 0.14 0.37 0.58 0.83 P/E 88.15 33.28 21.27 14.90 资料来源：浙商证券研究所 招金矿业(01818) 报告日期：2024 年 09 月 27 日 深聚潜力，"招"金而来 ——招金矿业深度报告 投资要点 1、行业核心：第三轮黄金大牛市 若中期内美国难以同时满足"经济好+通胀低"这 2 个条件，则金价有望保持长牛， 进而带动贵金属公司盈利能力的增长。 2、龙头地方国企，紫金入股彰显潜力 公司控股股东为招金集团，实控人为招远市人民政府；A 股龙头矿业公司紫金矿业入 股成为公司第二大股东，彰显公司深厚的发展潜力。 3、纯正黄金股，资源雄厚，产量 ...

Investment Rating - The report maintains a **Buy** rating for Zhaojin Mining (1818) with a target price of **HKD 17.39**, representing a **26.2% upside** from the current price [1][3] Core Views - Zhaojin Mining's performance has significantly improved, driven by **higher gold prices** and **increased production volume** [1] - The company's **overseas projects** are progressing steadily, with substantial potential for future production growth [1] - The **gold price** is expected to remain high, supported by **Fed rate cut expectations** and **central bank gold purchases**, providing a stable foundation for the company's performance [1] Financial Performance - In H1 2024, Zhaojin Mining achieved **RMB 4.627 billion** in revenue, a **34.24% YoY increase**, and **RMB 553 million** in net profit attributable to shareholders, a **118.62% YoY surge** [1] - The company's **gold production** reached **13.18 tons**, up **12% YoY**, with self-produced gold at **9 tons** (+6.9% YoY) and smelted gold at **4.18 tons** (+24.8% YoY) [1] - The **cost per gram of gold** decreased by **RMB 4.7**, leading to a **3.72 percentage point increase** in gross margin [1] Gold Price Trends - The **London gold spot price** reached **USD 2,322.7/oz** by the end of June 2024, up **over 13%** from the beginning of the year, breaking the **USD 2,300/oz** threshold [1] - The **Shanghai Gold Exchange Au9999 price** rose to **RMB 549.88/g**, a **14.4% increase** from the start of the year [1] Production Expansion - Zhaojin Mining completed the **full acquisition of Tietuo Mining**, which has a **gold resource reserve of over 40 tons** and is expected to produce **4-5 tons annually** [1] - The company acquired a **70% stake in Ruihai Mining**, which owns the **largest single gold mine in China** (Haijing Gold Mine) with a **total gold resource of 562.37 tons** and **mineable reserves of 212.21 tons** [1] - The **Haijing Gold Mine** is expected to reach **15 tons of annual production** by 2027 [1] Financial Forecasts - The report forecasts **net profit attributable to shareholders** of **RMB 1.25 billion** in 2024, **RMB 1.98 billion** in 2025, and **RMB 2.7 billion** in 2026 [1] - Revenue is projected to grow to **RMB 12.85 billion** in 2024, **RMB 15.85 billion** in 2025, and **RMB 19.41 billion** in 2026, with **YoY growth rates of 53%, 23%, and 23%**, respectively [2] - **EPS** is expected to increase to **RMB 0.37** in 2024, **RMB 0.58** in 2025, and **RMB 0.79** in 2026 [2] Valuation Metrics - The target price of **HKD 17.39** is based on a **30x PE multiple** for 2025 [1] - The current **PE ratio** is **33.8x** for 2024, **21.4x** for 2025, and **15.6x** for 2026 [2] Industry and Market Position - Zhaojin Mining operates in the **non-ferrous metals industry** and is positioned as a leading gold producer with significant **resource reserves** and **production capacity** [3] - The company's **major shareholders** include **Zhaojin Group (37.15%)** and **Zijin Mining (20%)** [3]

Revenue and Profit Growth - Revenue for the period reached approximately RMB 4,627,203,000, a year-on-year increase of 34.24%[13] - Net profit for the period was approximately RMB 726,420,000, a year-on-year increase of 98.82%[14] - Profit attributable to owners of the parent company was approximately RMB 552,793,000, a year-on-year increase of 118.62%[16] - Revenue increased by 34.24% to RMB 4,627,203,000 compared to the same period last year, driven by higher gold sales prices and increased sales volume[21] - Net profit surged by 98.82% to RMB 726,420,000, primarily due to increased sales gross profit and reduced financial costs[22] - Revenue for the six months ended June 30, 2024, increased to RMB 4,627,203 thousand, up from RMB 3,446,912 thousand in the same period in 2023, representing a growth of 34.2%[82] - Gross profit for the six months ended June 30, 2024, was RMB 1,976,643 thousand, compared to RMB 1,344,407 thousand in the same period in 2023, an increase of 47.0%[82] - Net profit attributable to owners of the parent company for the six months ended June 30, 2024, was RMB 552,793 thousand, up from RMB 252,858 thousand in the same period in 2023, a significant increase of 118.6%[82] - Total revenue for the six months ended June 30, 2024, increased by 34.2% to RMB 4,627,203 thousand compared to the same period in 2023[101] Production and Cost Efficiency - Total gold production for the period was approximately 13,178.35 kilograms (423,693.18 ounces), a year-on-year increase of 11.98%[15] - Copper production for the period was approximately 4,082 tons, a year-on-year increase of 54.15%[15] - Total gold production reached 13,178.35 thousand kilograms (approximately 423,693.18 ounces), with mineral gold production at 8,997.03 thousand kilograms (289,261.02 ounces)[20] - Comprehensive gold production cost decreased by 2.18% to RMB 209.99 per gram, attributed to increased gold production and cost control measures[23] - Gross profit rose by 47.03% to RMB 1,976,643,000, with gross margin improving from 39.00% to 42.72%[25] - Depreciation and amortization expenses totaled RMB 592,786 thousand, with gold mining business accounting for 88.1% of the total[98] - Cost of goods sold for the first half of 2024 was RMB 2,650,560 thousand, an increase from RMB 2,102,505 thousand in the same period of 2023[107] Financial Performance and Costs - Basic and diluted earnings per share were RMB 0.12, a year-on-year increase of 200.00%[17] - Comprehensive net assets per share as of June 30, 2024, were RMB 7.21, compared to RMB 6.43 on June 30, 2023[18] - Other income and gains increased by 29.56% to RMB 383,824,000, mainly due to the rise in fair value of financial assets[26] - Financial costs decreased by 15.11% to RMB 264,207,000, driven by a lower weighted average financing interest rate[29] - The company's financial costs for the six months ended June 30, 2024, decreased to RMB 264,207 thousand from RMB 311,238 thousand in the same period in 2023, a reduction of 15.1%[82] - The company's income tax expense for the six months ended June 30, 2024, was RMB 226,659 thousand, compared to RMB 85,615 thousand in the same period in 2023, an increase of 164.7%[82] - The company's share of profits from associates for the six months ended June 30, 2024, was RMB 4,112 thousand, compared to RMB 2,374 thousand in the same period in 2023, an increase of 73.2%[82] - The company's share of losses from joint ventures for the six months ended June 30, 2024, was RMB 478 thousand, compared to no loss in the same period in 2023[82] Asset and Liability Management - Total assets increased by 12.14% to RMB 52,557,541,000 as of June 30, 2024, compared to RMB 46,867,396,000 as of December 31, 2023[34] - Net assets grew by 10.28% to RMB 24,530,094,000 as of June 30, 2024, from RMB 22,244,326,000 as of December 31, 2023[35] - Total liabilities rose by 13.83% to RMB 28,027,447,000 as of June 30, 2024, compared to RMB 24,623,070,000 as of December 31, 2023[36] - Leverage ratio increased to 42.74% as of June 30, 2024, from 40.03% as of December 31, 2023[36] - Outstanding bank loans and other borrowings totaled RMB 12,543,162,000 as of June 30, 2024, up from RMB 9,767,317,000 as of December 31, 2023[32] - Fixed-rate interest-bearing bank loans and other borrowings accounted for 54.85% of total interest-bearing borrowings as of June 30, 2024, down from 57.74% as of December 31, 2023[32] - Non-current assets increased by 14.86% to RMB 38,858,227,000 as of June 30, 2024, compared to RMB 33,830,534,000 as of December 31, 2023[34] - Current assets grew by 5.08% to RMB 13,699,314,000 as of June 30, 2024, from RMB 13,036,862,000 as of December 31, 2023[34] - Total assets increased to RMB 40,273,504 thousand as of June 30, 2024, compared to RMB 34,623,705 thousand at the end of 2023[87] - Net current liabilities rose to RMB 1,415,277 thousand from RMB 793,171 thousand at the end of 2023[87] - Non-current assets grew to RMB 38,858,227 thousand, up from RMB 33,830,534 thousand at the end of 2023[86] - Property, plant, and equipment increased to RMB 17,942,129 thousand from RMB 16,495,003 thousand at the end of 2023[86] - Other intangible assets surged to RMB 16,005,177 thousand, compared to RMB 12,550,869 thousand at the end of 2023[86] - Current assets totaled RMB 13,699,314 thousand, up from RMB 13,036,862 thousand at the end of 2023[86] - Total equity increased to RMB 24,530,094 thousand from RMB 22,244,326 thousand at the end of 2023[87] - Comprehensive reserves grew to RMB 9,999,703 thousand, compared to RMB 8,516,038 thousand at the end of 2023[88] - Net profit for the period was RMB 412,379 thousand[88] - Total comprehensive income for the period was RMB 632,768 thousand[88] - Total equity as of June 30, 2024, reached RMB 21,015,949,000, compared to RMB 20,047,452,000 at the beginning of the year, reflecting a growth of 4.8%[89] - Net profit for the period amounted to RMB 252,858,000, with a significant contribution from other comprehensive income of RMB 136,797,000[89] - The company issued permanent capital instruments worth RMB 999,056,000 during the period, strengthening its financial position[89] - Total comprehensive income for the period was RMB 194,770,000, driven by a profit of RMB 116,061,000 and other comprehensive income adjustments[89] - The company paid dividends of RMB 130,816,000 for the year 2022, reflecting a commitment to shareholder returns[89] - The company's reserves stood at RMB 8,229,190,000 as of June 30, 2024, slightly down from RMB 8,281,297,000 at the end of 2022[89] Cash Flow and Financing Activities - Cash and cash equivalents decreased by 23.56% to RMB 2,229,078,000, primarily due to increased cash outflows from investment activities[30] - The company plans to issue ultra-short-term financing bills not exceeding RMB 10 billion and corporate bonds not exceeding RMB 6 billion[59] - The company issued the first tranche of ultra-short-term financing bills in 2024 with a face value of RMB 1 billion, a term of 89 days, and an annual interest rate of 2.28%[61] - The company issued the second tranche of ultra-short-term financing bills in 2024 with a face value of RMB 1 billion, a term of 60 days, and an annual interest rate of 1.78%[61] - Issued RMB 1 billion in ultra-short-term financing notes with a 180-day term and an annual interest rate of 1.88% on May 11, 2024[62] - Issued RMB 1 billion in ultra-short-term financing notes with a 267-day term and an annual interest rate of 1.85% on June 5, 2024[62] - Issued RMB 1 billion in medium-term notes with a 3-year term and an annual interest rate of 2.30% on May 15, 2024[63] - Issued RMB 1 billion in medium-term notes with a 3-year term and an annual interest rate of 2.26% on June 14, 2024[63] - Approved the issuance of up to RMB 2 billion in perpetual corporate bonds and up to RMB 6 billion in medium-term notes during the 2024 first extraordinary general meeting[65][66] - Completed the placement of 132 million new H shares at HKD 13.20 per share, raising approximately HKD 1.7424 billion in gross proceeds and HKD 1.7253 billion in net proceeds[67] - As of June 30, 2024, approximately HKD 216.29 million of the placement proceeds remained unused, with no significant changes expected in the use of funds[67] - Issued the fifth tranche of ultra-short-term financing bills on July 11, 2024, with a face value of RMB 1 billion, a 90-day term, and an annual interest rate of 1.72%[71] - Issued the third tranche of medium-term notes (innovation notes) on August 21, 2024, with a face value of RMB 1 billion, a 3-year term, and an annual interest rate of 2.27%[74] - Cash flow from operating activities for the six months ended June 30, 2024, was RMB 30,440,000, a significant improvement from a negative RMB 463,336,000 in the same period last year[90] - Cash outflow from operating activities was RMB 199,078,000, primarily due to income tax payments of RMB 229,518,000[90] - Investment activities resulted in a net cash outflow of RMB 4,100,130 thousand, primarily due to the purchase of a subsidiary for RMB 2,942,238 thousand and property, plant, and equipment for RMB 881,546 thousand[91] - Financing activities generated a net cash inflow of RMB 3,614,050 thousand, driven by new bank and other borrowings of RMB 84,852,277 thousand and new corporate bonds of RMB 1,998,113 thousand[91] - Cash and cash equivalents decreased by RMB 685,158 thousand, with the ending balance at RMB 2,229,078 thousand compared to RMB 6,342,573 thousand in the same period last year[92] Strategic Investments and Acquisitions - The company completed the acquisition of 100% equity in Tietto Minerals Limited and the controlling stake in the Komahun Gold Mine, expanding its presence in the West African mining market[20] - Geological exploration investment amounted to RMB 42 million, adding 14.31 tons of gold metal reserves[20] - The company plans to focus on production organization to increase output and efficiency, particularly at key mines such as Xiadian, Dayingezhuang, and Zaozigou, aiming to improve recovery rates and expand production capacity[42] - The company will accelerate the construction of key projects, including the Ruihai Mining project and capacity expansion projects at Xiadian and Dayingezhuang mines, to ensure timely completion and operational effectiveness[42] - The company aims to enhance resource reserves by increasing geological exploration efforts and accelerating mergers and acquisitions of mining rights in key domestic and overseas areas[42] - The company will continue to implement ESG principles, focusing on safety, green development, compliance, and harmonious operations to improve overall operational quality[42] - The company successfully acquired a 90.52% stake in Tietto Minerals Limited for AUD 651,864,000 (RMB 3,081,164,000), enhancing its overseas operations and profitability[122] - Tietto Minerals contributed RMB 197,984,000 to the company's revenue and RMB 18,214,000 to its consolidated profit for the six months ending June 30, 2024[126] Shareholder and Management Information - As of June 30, 2024, the total number of shareholders is 1,271, with 2 holding domestic shares and 1,269 holding H-shares[45] - Shandong Zhaojin Group Co., Ltd. holds 18.18% of the company's registered capital, with 93.58% of the total domestic shares and 18.89% of the total H-shares[47] - Zijin Mining Group Co., Ltd. holds 19.22% of the company's registered capital, with 23.86% of the total H-shares[47] - Van Eck Associates Corporation, as the investment manager for VanEck Gold Miners ETF, holds 6.37% of the company's registered capital and 7.91% of the total H-shares[48] - State Street Bank & Trust Company holds 5.63% of the company's registered capital and 6.99% of the total H-shares, with shares available for lending[48] - Key executives, including Chairman Jiang Guipeng and Executive Director Duan Lei, hold small percentages of H-shares, with Jiang Guipeng holding 0.004% and Duan Lei holding 0.0007% of the total H-shares[51] - The company has a total of 6,801 employees as of June 30, 2024[59] - The company proposed a final dividend of RMB 0.04 per share (pre-tax) for the year ended December 31, 2023[59] - The company's directors, supervisors, and senior management hold shares and related interests as disclosed under the Securities and Futures Ordinance[52] - The company's total remuneration for key management personnel increased to RMB 6,044 thousand from RMB 4,693 thousand[139] Market and Price Trends - The average price of Au9999 gold on the Shanghai Gold Exchange was RMB 514.12 per gram, an increase of 18.98% compared to the same period last year[19] - The London spot gold price reached USD 2,330.90 per ounce at the end of June, an increase of 12.34% from the beginning of the year[19] - Revenue from gold sales accounted for 92.9% of total revenue, reaching RMB 4,299,037 thousand[102] - Mainland China contributed RMB 4,557,731 thousand to total revenue, representing 98.5% of total revenue[104] - Revenue recognized at a point in time was RMB 4,704,440 thousand, accounting for 98.5% of total revenue[104] - Total revenue for the first half of 2024 reached RMB 3,446,912 thousand, with gold mining contributing RMB 3,163,084 thousand, copper mining contributing RMB 127,866 thousand, and other segments contributing RMB 155,962 thousand[106] - Revenue from mainland China accounted for RMB 3,535,171 thousand, while overseas revenue was RMB 7,963 thousand[106] Financial Instruments and Fair Value - The fair value of financial assets and liabilities as of June 30, 2024, shows a total of RMB 2,137,759 thousand, with RMB 1,542,886 thousand classified as Level 1, RMB 326,105 thousand as Level 2, and RMB 268,768 thousand as Level 3[148] - The fair value of financial liabilities as of June 30, 2024, totals RMB 13,002,558 thousand, including RMB 4,858,398 thousand for interest-bearing bank and other borrowings and RMB 8,144,160 thousand for corporate bonds[142] - The fair value of financial assets as of June 30, 2024, includes RMB 574,291 thousand for equity investments designated at fair value through other comprehensive income and RMB 1,264,533 thousand for financial assets at fair value through profit or loss[148] - The sensitivity analysis indicates that a 1% increase/decrease in the discount rate would result in a decrease/increase in fair value by RMB 2,026,000 and RMB 2,083,000, respectively, for financial assets included in other long-term assets[147] - The fair value of non-listed equity investments is estimated using market-based valuation techniques, with adjustments made for liquidity and size differences among comparable companies[144] - The fair value of financial assets measured at fair value through other comprehensive income (FVTOCI) is RMB 656,878 thousand for equity investments[150] - The fair value of financial assets measured at fair value through profit or loss (FVTPL) is RMB 1,500,538 thousand, with RMB 1,166,842 thousand in Level 1

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 會 對 因 本 公 告 全 部 或 任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 招金礦業股份有限公司 ZHAOJIN MINING INDUSTRY COMPANY LIMITED* （於中華人民共和國註冊成立的股份有限公司） （股份代號：1818） 截至二零二四年六月三十日止六個月中期業績公告 財務概要 – 1 – B_table indent_4.5 mm N_table indent_4 mm • 於本期間，收入約為人民幣4,627,203,000元，比去年同期增長了約34.24%。 • 於本期間，淨利潤約為人民幣726,420,000元，比去年同期增長了約98.82%。 • 於本期間，母公司股東應佔溢利約為人民幣552,793,000元，比去年同期增長 約118.62%。 • 於本期間，母公司普通股股東應佔之每股基本及攤薄盈利約為人民幣0.12元， 比去年同期增長了約200.00%。 • 董事會不建議派發截至二零 ...