证券代码：000975 证券简称：山金国际 公告编号：2024-058 第九届监事会第七次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 山金国际黄金股份有限公司 三、以3票同意，0票反对，0票弃权，审议通过了关于为子公司提供担保额 度预计的议案。 详见同日披露于《中国证券报》《证券时报》《上海证券报》及巨潮资讯网 的《关于为子公司提供担保额度预计的公告》。 以上第一、二、三项议案将提交公司2025年第一次临时股东大会审议。 特此公告。 山金国际黄金股份有限公司（以下简称"公司"）第九届监事会第七次会议 通知于2024年12月17日以电子邮件向全体监事送达，公司全体监事以通讯方式进 行了表决，公司于2024年12月19日（含当日）前收到全体监事的表决结果。会议 由公司监事会主席张莺女士主持，应出席监事3人，实际出席监事3人。 本次会议的召开和表决程序符合《中华人民共和国公司法》和《山金国际黄 金股份有限公司章程》等法律、法规的有关规定。经与会监事认真审议，以记名 投票表决的方式通过了如下决议： 山金国际黄金股份有限公司监事会 一、以3票同意，0票 ...

山金国际黄金股份有限公司 山金国际黄金股份有限公司 舆情管理制度 二○二四年十二月 1 舆情管理制度 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道、不实报道； （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动信息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较 大影响的事件信息。 第一章 总 则 第一条 为提高山金国际黄金股份有限公司（以下简称"公司"）应对各类 舆情的能力，建立快速反应和应急处置机制，及时、妥善处理各类舆情对公司股 票及其衍生品种交易价格、公司商业信誉及正常生产经营活动造成的影响，切实 保护投资者合法权益，根据《深圳证券交易所股票上市规则》等相关法律法规的 规定和《山金国际黄金股份有限公司章程》（以下简称"《公司章程》"），特 制定本制度。 第三条 舆情信息的分类： （一）重大舆情：指传播范围较广，严重影响公司公众形象或正常经营活动， 使公司已经或可能遭受损失，已经或可能造成公司股票及其衍生品种交易价格变 动的负面舆情； （二）一般舆情：指除重大舆情之外的其他舆情 ...

Investment Rating - The investment rating for the company is "Buy" (initial coverage) [2] Core Insights - The company is a leading domestic gold producer, primarily engaged in precious and non-ferrous metal mining and trading, with a focus on gold resources [3][13] - The company has five major mining operations in China, including high-grade gold mines, and is expanding its overseas presence [4][5][13] - The company has shown strong financial performance, with significant revenue growth expected in the coming years due to rising gold prices and operational efficiency [6][22] Summary by Sections Company Overview - The company has evolved through multiple transformations, establishing itself as a key player in the precious metals sector, particularly gold mining [13][15] - In 2023, the company produced 7.01 tons of gold, ranking sixth among domestic gold mining companies [13] Business Layout - The company operates five major mines: Heilongjiang Heihe, Qinghai Dachaidan, Jilin Banmiaozi, Yunnan Mangshi, and Inner Mongolia [4][17] - The company is focusing on enhancing its mining operations and exploring new projects to increase gold production [4][5] Competitive Advantages - The entry of state-owned capital has provided the company with significant advantages, including improved financing conditions and strategic support for expansion [5][20] - The company has a clear strategic direction for future growth, focusing on both domestic and international markets [5][20] Gold Price Outlook - The long-term outlook for gold prices remains positive, supported by increasing U.S. national debt and central bank gold purchases [6][22] - Short-term fluctuations may occur, but the overall trend is expected to be upward due to macroeconomic factors [6][22] Financial Forecast and Investment Recommendations - Revenue projections for 2024-2026 are estimated at 135.87 billion, 158.07 billion, and 169.11 billion yuan, respectively, with net profits expected to grow significantly [6][7][22] - The company's current market valuation suggests a favorable investment opportunity based on its growth potential and industry positioning [6][22]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][7]. Core Insights - The company has benefited from the rise in gold prices, achieving a record high in Q3 performance with a net profit of 652 million yuan, a 14% increase quarter-on-quarter [3]. - For the first three quarters of 2024, the company reported a revenue of 12.071 billion yuan, a year-on-year increase of 70%, and a net profit of 1.727 billion yuan, up 54% year-on-year [3]. - The company has maintained stable gold production, with a production target of no less than 8 tons for 2024, achieving a total production of 6.28 tons in the first three quarters [4]. - The cost of gold production has shown a decreasing trend, with the unit sales cost for gold in Q3 at 134.97 yuan/g, down 1.08 yuan/g from Q2 [5]. - The completion of the acquisition of Osino Resources Corp. has opened up future growth potential, adding approximately 127.2 tons of gold resources and expected annual production capacity of 5 tons [6]. - Profit forecasts for 2024-2026 indicate a strong gold price environment, with projected net profits of 2.402 billion yuan, 2.714 billion yuan, and 3.008 billion yuan, representing year-on-year growth rates of 68.66%, 12.96%, and 10.84% respectively [7]. Financial Summary - The company reported a revenue of 8.106 billion yuan for 2023, with projections of 16.335 billion yuan for 2024, reflecting a growth rate of 101.52% [8]. - The net profit for 2023 was 1.424 billion yuan, with expectations of 2.402 billion yuan in 2024, indicating a growth rate of 68.66% [10]. - The earnings per share (EPS) are projected to increase from 0.51 yuan in 2023 to 0.87 yuan in 2024 [10].

Financial Performance - Revenue for the third quarter reached RMB 5.57 billion, a year-on-year increase of 120.65%[3] - Net profit attributable to shareholders for the third quarter was RMB 652.29 million, up 69.99% year-on-year[3] - Total revenue for the quarter reached 12,071,290,485.67 RMB, a significant increase from 7,095,031,594.72 RMB in the same period last year[15] - Net profit attributable to the parent company's shareholders was 1,727,381,567.52 RMB, up from 1,118,347,234.31 RMB in the previous year[17] - Operating profit rose to 2,496,897,955.88 RMB, compared to 1,729,878,814.25 RMB in the previous year[16] - The company's total comprehensive income reached 1,912,106,325.50 RMB, up from 1,235,281,935.22 RMB in the same period last year[17] - Basic earnings per share for the third quarter were RMB 0.2349, up 69.97% year-on-year[3] - Basic earnings per share (EPS) stood at 0.6221 RMB, up from 0.4028 RMB in the same period last year[17] - The company's weighted average return on equity for the period was 14.41%, an increase of 4.20 percentage points year-on-year[3] Asset and Liability Changes - Total assets as of the end of the reporting period were RMB 18.20 billion, an increase of 11.68% compared to the end of the previous year[3] - The company's total assets increased from CNY 16,298,948,219.83 to CNY 18,202,850,412.53, an increase of 11.7%[14] - The company's total assets grew to 18,202,850,412.53 RMB, compared to 16,298,948,219.83 RMB in the previous year[15] - The company's total equity increased to 14,365,487,139.65 RMB, up from 13,368,647,266.02 RMB, reflecting improved financial health[15] - Total liabilities increased to 3,837,363,272.88 RMB from 2,930,300,953.81 RMB, reflecting a rise in financial obligations[15] - The company's long-term debt increased to 1,161,511,061.58 RMB, compared to 64,081,155.55 RMB in the previous year[15] Production and Sales - Gold production for the period was 6.28 tons, with a sales volume of 6.51 tons and a gross margin of 73.10%[7] - Silver production reached 122.82 tons, with a sales volume of 122.08 tons and a gross margin of 47.72%[7] - Lead concentrate production was 7,955.69 tons, with a sales volume of 7,841.43 tons and a gross margin of 41.06%[7] - Zinc concentrate production was 11,026.01 tons, with a sales volume of 11,776.52 tons and a gross margin of 40.41%[7] Cash Flow and Liquidity - Operating cash flow for the period was RMB 3.00 billion, a year-on-year increase of 43.65%[6] - Sales of goods and services received cash of 12,953,375,930.59 yuan, a significant increase from the previous period's 7,696,651,981.34 yuan[18] - Total cash inflows from operating activities reached 16,386,187,587.19 yuan, compared to 7,754,320,969.34 yuan in the previous period[19] - Cash outflows for purchasing goods and services were 8,879,842,448.97 yuan, up from 4,653,846,072.84 yuan in the previous period[19] - Net cash flow from operating activities was 3,003,742,997.72 yuan, an increase from 2,090,951,237.62 yuan in the previous period[19] - Cash inflows from investment activities totaled 7,930,275,961.05 yuan, compared to 3,879,122,930.06 yuan in the previous period[19] - Net cash flow from investment activities was -3,422,364,564.66 yuan, a significant decrease from 475,039,367.10 yuan in the previous period[19] - Cash inflows from financing activities were 1,541,258,459.97 yuan, up from 489,431,751.36 yuan in the previous period[19] - Net cash flow from financing activities was -59,935,209.22 yuan, an improvement from -1,352,094,573.44 yuan in the previous period[19] - The net increase in cash and cash equivalents was -474,788,227.57 yuan, compared to 1,217,429,466.81 yuan in the previous period[19] - The ending balance of cash and cash equivalents was 1,361,339,531.28 yuan, down from 2,007,272,021.00 yuan in the previous period[20] Balance Sheet Changes - The company's monetary funds decreased from CNY 3,030,592,423.10 to CNY 2,246,704,715.03, a decrease of 25.9%[13] - The company's intangible assets increased from CNY 6,447,087,662.45 to CNY 8,286,503,718.80, an increase of 28.5%[14] - The company's accounts receivable increased from CNY 42,039,764.45 to CNY 64,687,687.69, an increase of 53.9%[14] - The company's prepayments increased from CNY 32,838,068.02 to CNY 46,123,934.28, an increase of 40.5%[14] - The company's other receivables increased from CNY 56,167,706.12 to CNY 87,968,317.09, an increase of 56.6%[14] - The company's inventory decreased from CNY 1,484,606,151.21 to CNY 1,342,720,710.95, a decrease of 9.6%[14] - The company's fixed assets decreased from CNY 2,712,874,112.68 to CNY 2,673,460,832.56, a decrease of 1.5%[14] - The company's construction in progress increased from CNY 388,173,172.06 to CNY 597,178,651.68, an increase of 53.8%[14] Strategic Investments and Acquisitions - The company completed the acquisition of Osino Resources Corp. at a price of CAD 1.90 per share, adding approximately 127.2 tons of gold resources to its reserves[12] Research and Development - Research and development expenses amounted to 93,589,873.89 RMB, indicating a focus on innovation and new technologies[16]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a significant increase in revenue and profit for the first three quarters of 2024, with total revenue reaching 12.071 billion yuan, a year-on-year increase of 70%, and net profit attributable to shareholders of 1.727 billion yuan, up 54% year-on-year [4] - The company continues to focus on cost reduction and efficiency improvement, although there was a slight decline in production volume [4] - The conversion of exploration rights to mining rights for the Yulong Mining project is expected to enhance the company's silver business and open up further growth opportunities [4][5] - The company has completed the acquisition of Osino, adding approximately 127.2 tons of gold resources, indicating a strong growth potential [5] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 5.566 billion yuan, a year-on-year increase of 121% and a quarter-on-quarter increase of 49% [4] - The average selling prices for gold and silver in Q3 2024 were 569 yuan/gram and 7.5 yuan/gram, respectively, showing year-on-year increases of 24% and 30% [4] - The company’s sales costs for gold and silver were 142.80 yuan/gram and 2.75 yuan/gram for the first three quarters of 2024 [4] Earnings Forecast and Valuation - The company is expected to experience rapid profit growth over the next three years, with projected EPS for 2024, 2025, and 2026 being 0.86, 0.98, and 1.20 yuan per share, respectively [5][6] - The estimated reasonable value range for the stock is between 22.30 and 23.15 yuan per share, based on a PE ratio of 26-27 times for 2024 [5] Business Segmentation and Profitability - The company’s revenue from gold and silver segments is projected to grow significantly, with gold revenue expected to reach 4.592 billion yuan in 2024 [7] - The gross margin for the gold business is anticipated to be around 74.28% in 2024, indicating strong profitability [7] Market Comparison - The company is compared with peers such as Shandong Gold and Chifeng Jilong Gold, with an average EPS of 0.93 for 2024 and a PE ratio of 26.8 [8]

Investment Rating - The report maintains a "Buy" rating for the company with a target price indicating an expected return of over 20% within the next six months [5][12]. Core Views - The company has shown strong performance in the first three quarters of 2024, with revenue reaching 12.071 billion yuan, a year-on-year increase of 70.14%, and a net profit of 1.727 billion yuan, up 54.46% year-on-year [1][4]. - The rising gold prices and stable production and sales of mineral products have contributed to the company's robust profitability [2][3]. - The company completed the acquisition of Osino in Namibia, which is expected to add significant gold production capacity starting in 2026, further enhancing growth prospects [3]. Financial Performance Summary - For Q3 2024, the company reported revenue of 5.566 billion yuan, a year-on-year increase of 120.65%, and a net profit of 652 million yuan, up 69.99% year-on-year [1]. - The gross margin for gold production was approximately 73.1% for the first three quarters, reflecting an improvement of 1.21 percentage points compared to the first half of the year [2]. - The company has revised its profit forecasts for 2024-2026, expecting net profits of 2.604 billion yuan, 3.416 billion yuan, and 3.963 billion yuan respectively, with corresponding EPS of 0.94, 1.23, and 1.43 yuan per share [4][7]. Production and Cost Analysis - The company produced 6.28 tons of gold and 122.8 tons of silver in the first three quarters of 2024, with Q3 production showing slight declines in gold but stable silver production [2]. - The unit cost of gold production decreased to approximately 142.8 yuan per gram, while the gross margin for silver production was around 47.7%, reflecting a decline of 1.45 percentage points compared to the first half of the year [2]. Growth Strategy - The company aims to increase its gold production targets to 8 tons in 2024, 12 tons in 2025, and 15 tons in 2026, with a long-term goal of reaching 28 tons by 2030 [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has benefited from rising gold prices, leading to a significant increase in gross profit margins for its mining operations [1] - In the first three quarters of 2024, the company achieved a revenue of 12.071 billion yuan, a year-on-year increase of 70.14%, and a net profit attributable to shareholders of 1.727 billion yuan, up 54.46% year-on-year [1] - The company has successfully optimized its cost structure, with a period expense ratio of 2.81% in the first three quarters of 2024, a decrease of 0.87 percentage points year-on-year [1] - The company is expected to continue its growth trajectory, with projected net profits of 2.22 billion yuan, 2.72 billion yuan, and 3.24 billion yuan for 2024, 2025, and 2026 respectively [1][2] Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 12.071 billion yuan, a 70.14% increase year-on-year, and a net profit of 1.727 billion yuan, a 54.46% increase year-on-year [1] - The gross profit margin for gold mining increased to 73.10% in Q3 2024, up from 71.89% in H1 2024, primarily due to rising gold prices [1] - The average gold price on the Shanghai Gold Exchange in Q3 2024 was 569.4 yuan per gram, a year-on-year increase of 23.87% [1] Future Projections - The company expects to see continued revenue growth, with projected revenues of 11.793 billion yuan in 2024, 13.881 billion yuan in 2025, and 16.127 billion yuan in 2026 [2][3] - The net profit attributable to shareholders is projected to reach 2.223 billion yuan in 2024, 2.721 billion yuan in 2025, and 3.243 billion yuan in 2026 [2][3] - The company's gross margin is expected to improve from 33.9% in 2024 to 35.7% in 2026 [2][3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][12]. Core Views - The report highlights that the company's mining business maintains stable gross margins, and the investment income has turned positive, contributing significantly to profit performance. The report remains optimistic about the company's performance under high gold prices supported by inflation and geopolitical risks [1][2]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 5.566 billion yuan, with a year-on-year growth of 120.65% and a quarter-on-quarter growth of 49.17%. The net profit attributable to shareholders was 0.652 billion yuan, reflecting a year-on-year increase of 69.99% and a quarter-on-quarter increase of 14.04%. The basic earnings per share were 0.23 yuan, up 69.97% year-on-year [1][4]. - The gross margin for gold mining remained stable, with a unit cost of approximately 142.8 yuan per gram, down 2.55% from the first half of the year. The gross margin for gold was about 73.1%, an increase of 1.21% from the first half [1][6]. Mining Operations - The company reported gold production and sales of 2.12 tons and 2.1 tons respectively in Q3 2024, showing a slight decrease of 2.75% and 1.41% quarter-on-quarter. Silver production and sales were 40.58 tons and 47.95 tons, with a quarter-on-quarter decrease of 33.87% in production but an increase of 7.78% in sales [1][6]. Investment and Resource Expansion - The acquisition of Osino Resources Corp. in August 2024 added approximately 127.2 tons of gold resources to the company's reserves, marking a successful overseas resource expansion. Domestically, the company obtained exploration rights for new mining projects, further enhancing its resource base [1][4]. Market Outlook - The report indicates that gold prices are expected to remain high due to inflation and geopolitical risks. Recent economic data from the U.S. suggests a soft landing for the economy, which supports the outlook for gold prices. The report emphasizes the dual support for gold prices from inflation expectations and geopolitical risks [1][4]. Future Projections - The company is projected to achieve revenues of 14.47 billion yuan, 15.14 billion yuan, and 15.98 billion yuan for the years 2024, 2025, and 2026 respectively. The net profit attributable to shareholders is expected to be 2.28 billion yuan, 2.59 billion yuan, and 2.81 billion yuan for the same years, with corresponding P/E ratios of 23.6, 20.8, and 19.2 [1][4][9].

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Insights - The company achieved record high performance in Q3 2024, with revenue of 12.071 billion yuan, a year-on-year increase of 70.14%, and a net profit attributable to shareholders of 1.727 billion yuan, up 54.46% year-on-year [2]. - The increase in gold prices and investment income are the main drivers of the company's performance growth [2]. - The company completed the equity transfer of the Namibia gold mine, which is expected to start production in early 2027, with an estimated annual gold output of 5 tons [2]. - The strategic planning is continuously being implemented, with significant growth potential projected for the future [2]. Financial Performance Summary - For the first three quarters of 2024, the company produced 6.28 tons of gold, achieving 78.5% of its annual target, with a sales volume of 6.51 tons [2]. - The average gold price for the first three quarters of 2024 was 2,290 USD/ounce, an increase of 18.58% year-on-year [2]. - The company's gross profit margins for gold, silver, lead, and zinc were 73.1%, 47.7%, 41.1%, and 40.4% respectively [2]. - The projected net profit for 2024-2026 is adjusted to 2.311 billion, 2.881 billion, and 3.335 billion yuan respectively, with corresponding PE ratios of 23, 19, and 16 [2][3].