Announcement • May 13
Shandong Gold Mining Co., Ltd., Annual General Meeting, Jun 03, 2026 Shandong Gold Mining Co., Ltd., Annual General Meeting, Jun 03, 2026, at 09:30 China Standard Time. Location: conference room of the company, no. 2503, jingshi road, licheng district, shandong province, jinan China Reported Earnings • May 05
First quarter 2026 earnings released: EPS: CN¥0.29 (vs CN¥0.20 in 1Q 2025) First quarter 2026 results: EPS: CN¥0.29 (up from CN¥0.20 in 1Q 2025). Revenue: CN¥32.5b (up 25% from 1Q 2025). Net income: CN¥1.45b (up 41% from 1Q 2025). Profit margin: 4.4% (up from 4.0% in 1Q 2025). Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Mar 30
Shandong Gold Mining Co., Ltd. to Report Q1, 2026 Results on Apr 30, 2026 Shandong Gold Mining Co., Ltd. announced that they will report Q1, 2026 results on Apr 30, 2026 Buy Or Sell Opportunity • Mar 30
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 5.7% to CN¥40.69. The fair value is estimated to be CN¥33.21, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 47%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 31% per annum over the same time period. New Risk • Mar 27
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (70% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (9.4% average weekly change). Large one-off items impacting financial results. Buy Or Sell Opportunity • Mar 02
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 42% to CN¥52.03. The fair value is estimated to be CN¥43.02, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 48%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 989% in the next 2 years. New Risk • Jan 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 7.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (71% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.5% average weekly change). Profit margins are more than 30% lower than last year (0.9% net profit margin). Announcement • Jan 30
Shandong Gold Mining Co., Ltd. Provides Earnings Guidance for the Year 2025 Shandong Gold Mining Co., Ltd. provided earnings guidance for the year 2025. After preliminary calculation, it is estimated that the Company will realise a net profit attributable to the owners of the parent company of RMB4,600 million to RMB4,900 million for the year 2025, representing an increase of RMB1,600 million to RMB1,900 million as compared with the corresponding period of the previous year, or a year-on-year increase of 56% to 66%. It is expected that the net profit attributable to the owners of the parent company after deducting non-recurring gains and losses will be RMB4,800 million to RMB5,100 million for the year 2025, representing an increase of RMB1,800 million to RMB2,100 million as compared with the corresponding period of the previous year, or a year-on-year increase of 60% to 71%. Buy Or Sell Opportunity • Jan 21
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 39% to CN¥51.47. The fair value is estimated to be CN¥42.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 48%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 988% in the next 2 years. Announcement • Dec 26
Shandong Gold Mining Co., Ltd. to Report Fiscal Year 2025 Results on Mar 27, 2026 Shandong Gold Mining Co., Ltd. announced that they will report fiscal year 2025 results on Mar 27, 2026 Reported Earnings • Oct 31
Third quarter 2025 earnings released: CN¥0.47 loss per share (vs CN¥0.13 profit in 3Q 2024) Third quarter 2025 results: CN¥0.47 loss per share (down from CN¥0.13 profit in 3Q 2024). Revenue: CN¥27.0b (up 27% from 3Q 2024). Net loss: CN¥2.18b (down 419% from profit in 3Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Oct 28
Now 21% undervalued Over the last 90 days, the stock has risen 18% to CN¥35.61. The fair value is estimated to be CN¥44.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 44%. Revenue is forecast to grow by 32% in 2 years. Earnings are forecast to grow by 133% in the next 2 years. Announcement • Oct 15
Shandong Gold Mining Co., Ltd. Provides Consolidated Earnings Guidance for the Period from 1 January 2025 to 30 September 2025 Shandong Gold Mining Co., Ltd. provided consolidated earnings guidance for the period from 1 January 2025 to 30 September 2025. For the period, the company expects after preliminary calculation, it is estimated that the company will realise a net profit attributable to the owners of the parent company of RMB 3.80 billion to RMB 4.10 billion for the first three quarters of 2025, representing an increase of RMB 1.73 billion to RMB 2.03 billion as compared with the corresponding period of the previous year, or a year-on-year increase of 83.9% to 98.5%. It is expected that the net profit attributable to the owners of the parent company after deducting non-recurring gains and losses will be RMB 3.78 billion to RMB 4.08 billion for the first three quarters of 2025, representing an increase of RMB 1.69 billion to RMB 1.99 billion as compared with the corresponding period of the previous year, or a year-on-year increase of 80.5% to 94.8%. In the first three quarters of 2025, the Company strategically optimized its production layout, strengthened core technological research, and enhanced meticulous management standards. While scientifically aligning project construction, the Company significantly improved operational efficiency, achieving synergistic gains in production efficiency, resource utilization, and project development pace. Concurrently, coupled with the upward trend in gold prices, the Company's profit recorded a substantial year-on-year increase. Price Target Changed • Oct 09
Price target increased by 8.5% to CN¥43.39 Up from CN¥39.98, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of CN¥43.26. Stock is up 59% over the past year. The company is forecast to post earnings per share of CN¥1.45 for next year compared to CN¥0.57 last year. Announcement • Sep 30
Shandong Gold Mining Co., Ltd. to Report Q3, 2025 Results on Oct 30, 2025 Shandong Gold Mining Co., Ltd. announced that they will report Q3, 2025 results on Oct 30, 2025 Buy Or Sell Opportunity • Sep 18
Now 23% undervalued Over the last 90 days, the stock has risen 13% to CN¥36.10. The fair value is estimated to be CN¥46.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Earnings per share has grown by 44%. Revenue is forecast to grow by 25% in 2 years. Earnings are forecast to grow by 122% in the next 2 years. Announcement • Sep 10
Shandong Gold Mining Co., Ltd. has completed a Follow-on Equity Offering in the amount of HKD 3.90117 billion. Shandong Gold Mining Co., Ltd. has completed a Follow-on Equity Offering in the amount of HKD 3.90117 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 136,500,000
Price\Range: HKD 28.58
Transaction Features: Regulation S; Rule 144A; Subsequent Direct Listing Announcement • Sep 02
Shandong Gold Mining Co., Ltd. has filed a Follow-on Equity Offering in the amount of HKD 3.90117 billion. Shandong Gold Mining Co., Ltd. has filed a Follow-on Equity Offering in the amount of HKD 3.90117 billion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 136,500,000
Price\Range: HKD 28.58
Transaction Features: Regulation S; Rule 144A; Subsequent Direct Listing Reported Earnings • Aug 28
Second quarter 2025 earnings released: EPS: CN¥0.40 (vs CN¥0.13 in 2Q 2024) Second quarter 2025 results: EPS: CN¥0.40 (up from CN¥0.13 in 2Q 2024). Revenue: CN¥30.8b (up 15% from 2Q 2024). Net income: CN¥1.78b (up 205% from 2Q 2024). Profit margin: 5.8% (up from 2.2% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.1% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 21
Dividend of CN¥0.15 announced Shareholders will receive a dividend of CN¥0.15. Ex-date: 24th July 2025 Payment date: 24th July 2025 Dividend yield will be 0.7%, which is lower than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (35% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 16% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 118% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 30
Shandong Gold Mining Co., Ltd. to Report First Half, 2025 Results on Aug 28, 2025 Shandong Gold Mining Co., Ltd. announced that they will report first half, 2025 results on Aug 28, 2025 Announcement • Jun 24
Shandong Gold Mining Co., Ltd.(SHSE:600547) dropped from Shanghai Stock Exchange 180 Value Index Shandong Gold Mining Co., Ltd. has been removed from Shanghai Stock Exchange 180 Value Index. Announcement • Jun 12
Shandong Gold Mining Co., Ltd. Approves Final Ordinary Dividend for the Year Ended 31 December 2024, Payable on or Before 15 August 2025 The AGM of Shandong Gold Mining Co., Ltd. has approved to distribute final ordinary dividend of RMB 1.48 per 10 Shares (tax inclusive) for the year ended 31 December 2024 to all Shareholders, based on the total share capital of the Company of 4,473,429,525 Shares as at the Board meeting on 27 March 2025. Such Profit Distribution will be distributed to the H Shareholders whose names appear on the register of members of the Company on 25 June 2025. The distribution of Profit Distribution above is denominated in RMB, and is to be paid to A Shareholders and investors participating in the Shanghai-Hong Kong Stock Connect Program in RMB and to H Shareholders in HKD. The exchange rate for the dividend calculation in Hong Kong dollar is based on the middle rate as published by the People's Bank of China (i.e. HKD=RMB 0.91502) on the date on which the AGM is held (i.e. 11 June 2025). As such, the cash dividend per H Share amounted to HKD 0.161745 (tax inclusive). The cheques for the Profit Distribution will be despatched by ordinary post to the H Shareholders who are entitled to the Profit Distribution on or before 15 August 2025 at their own risk. In case of joint shareholding, the cheques for the Profit Distribution will be posted to the first named person on the H Shareholders' register in respect of such joint shareholding. Ex-dividend date is 18 June 2025. Announcement • May 20
Shandong Gold Mining Co., Ltd., Annual General Meeting, Jun 11, 2025 Shandong Gold Mining Co., Ltd., Annual General Meeting, Jun 11, 2025, at 09:30 China Standard Time. Location: The Company's Meeting Room, Jinan, Shandong China Reported Earnings • Apr 29
First quarter 2025 earnings released: EPS: CN¥0.20 (vs CN¥0.13 in 1Q 2024) First quarter 2025 results: EPS: CN¥0.20 (up from CN¥0.13 in 1Q 2024). Revenue: CN¥25.9b (up 37% from 1Q 2024). Net income: CN¥1.03b (up 71% from 1Q 2024). Profit margin: 4.0% (up from 3.2% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 23
Price target increased by 14% to CN¥36.24 Up from CN¥31.78, the current price target is an average from 6 analysts. New target price is 16% above last closing price of CN¥31.34. Stock is up 6.9% over the past year. The company is forecast to post earnings per share of CN¥1.24 for next year compared to CN¥0.57 last year. Announcement • Apr 15
Shandong Gold Mining Co., Ltd. Provides Earnings Guidance for the Period from 1 January 2025 to 31 March 2025 Shandong Gold Mining Co., Ltd. provided Earnings Guidance for the period From 1 January 2025 to 31 March 2025. For the period, the company reported a net profit attributable to the owners of the parent company of RMB 950 million to RMB 1,130 million representing an increase of RMB 250 million to RMB 430 million as compared with the corresponding period of the previous year, or a year-on-year increase of 35.74% to 61.45%. It is expected that the net profit attributable to the owners of the parent company after deducting non-recurring gains and losses will be RMB 951 million to RMB 1,131 million for the first quarter of 2025, representing an increase of RMB 242 million to RMB 422 million as compared with the corresponding period of the previous year, or a year-on-year increase of 34.05% to 59.41%. In the first quarter of 2025, the Company strategically optimized production layouts, strengthened core technology breakthroughs, and enhanced the level of refined management. While scientifically aligning project construction, we significantly enhanced operational efficiency, achieving synergic growth in production efficiency, resource utilization, and project construction speed. Coupled with the upward trend in gold prices, the Company recorded a substantial year-on-year increase in profit, securing a "good start" in the first quarter. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to CN¥30.90, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 16x in the Metals and Mining industry in China. Total returns to shareholders of 42% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥36.18 per share. Major Estimate Revision • Apr 03
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from CN¥93.2b to CN¥96.4b. EPS estimate increased from CN¥1.10 to CN¥1.24 per share. Net income forecast to grow 123% next year vs 39% growth forecast for Metals and Mining industry in China. Consensus price target broadly unchanged at CN¥31.78. Share price was steady at CN¥26.19 over the past week. Reported Earnings • Mar 28
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: CN¥0.57 (up from CN¥0.42 in FY 2023). Revenue: CN¥82.5b (up 39% from FY 2023). Net income: CN¥2.95b (up 58% from FY 2023). Profit margin: 3.6% (up from 3.1% in FY 2023). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 24%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Jan 27
Shandong Gold Mining Co., Ltd. Provides Earnings Guidance for the Period from 1 January 2024 to 31 December 2024 After preliminary calculation, it is estimated that Shandong Gold Mining Co., Ltd. will realize a net profit attributable to the owners of the parent company of RMB 2,700 million to RMB 3,200 million for the period from 1 January 2024 to 31 December 2024, representing an increase of RMB 372 million to RMB 872 million as compared with the corresponding period of the previous year, or a year-on-year increase of 15.98% to 37.46%. It is expected that the net profit attributable to the owners of the parent company after deducting non-recurring gains and losses will be RMB 2,725 million to RMB 3,225 million for the year 2024, representing an increase of RMB 512 million to RMB 1,012 million as compared with the corresponding period of the previous year, or a year-on-year increase of 23.14% to 45.73%. In the year 2024, the Company strengthened the role of strategic leadership, emphasized production organization, continuously optimized production layout, and strengthened technical management and technological innovation to enhance the production operation rate and resource utilization rate. The Company continuously elevated the level of meticulous management and operational efficiency through technological innovation, process optimization, asset revitalization, centralized procurement and creation of benefits with policies. In addition, the rise in gold prices in the year 2024 also promoted the increase in the Company's profits. Announcement • Jan 02
Shandong Gold Mining Co., Ltd. Announces Resignation of Wang Yunmin as an Independent Non-Executive Director and Member of Strategy Committee, Member of Audit Committee, Chairman of Nomination Committee and Member of Remuneration and Appraisal Committee The board of directors of Shandong Gold Mining Co., Ltd. recently received a written resignation report from Mr. Wang Yunmin, an independent non-executive director of the Company. In accordance with the relevant regulations on part-time work management of academicians of the Chinese Academy of Engineering, Mr. Wang Yunmin tendered his resignation as an independent non-executive director and a member of the strategy committee, a member of the audit committee, a chairman of the nomination committee and a member of the remuneration and appraisal committee of the sixth session of the board of directors of the Company. Mr. Wang Yunmin will cease to hold any position in the Company after the resignation. Announcement • Dec 27
Shandong Gold Mining Co., Ltd. to Report Fiscal Year 2024 Results on Mar 28, 2025 Shandong Gold Mining Co., Ltd. announced that they will report fiscal year 2024 results on Mar 28, 2025 Major Estimate Revision • Nov 04
Consensus EPS estimates fall by 19%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from CN¥77.1b to CN¥83.4b. EPS estimate fell from CN¥0.894 to CN¥0.726 per share. Net income forecast to grow 95% next year vs 39% growth forecast for Metals and Mining industry in China. Consensus price target broadly unchanged at CN¥31.47. Share price fell 4.2% to CN¥26.18 over the past week. Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: CN¥0.13 (vs CN¥0.08 in 3Q 2023) Third quarter 2024 results: EPS: CN¥0.13 (up from CN¥0.08 in 3Q 2023). Revenue: CN¥21.2b (up 53% from 3Q 2023). Net income: CN¥881.8m (up 147% from 3Q 2023). Profit margin: 4.2% (up from 2.6% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • Oct 18
Shandong Gold Mining Co., Ltd. Approves Interim Dividend for the six months ended 30 June 2024, Payable on 29 November 2024 Shandong Gold Mining Co., Ltd. approved interim dividend of RMB 0.8 per 10 share for the six months ended 30 June 2024, Payable on 29 November 2024, Ex-dividend date 24 October 2024 and Record date 31 October 2024. Announcement • Oct 15
Shandong Gold Mining Co., Ltd. Provides Earnings Guidance for the Nine Months Ended 30 September 2024 Shandong Gold Mining Co., Ltd. provided earnings guidance for the nine months ended 30 September 2024. For the period, the company estimated that the Company will realise a net profit attributable to the owners of the parent company of RMB 1,850 million to RMB 2,250 million for the first three quarters of 2024, representing an increase of RMB 505 million to RMB 905 million as compared with the corresponding period of the previous year, or a year-on-year increase of 37.52% to 67.26%. It is expected that the net profit attributable to the owners of the parent company after deducting non-recurring gains and losses will be RMB 1,877 million to RMB 2,277 million for the first three quarters of 2024, representing an increase of RMB 597 million to RMB 997 million as compared with the corresponding period of the previous year, or a year-on-year increase of 46.68% to 77.93%. New Risk • Oct 09
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 0.6% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Sep 30
Shandong Gold Mining Co., Ltd. to Report Q3, 2024 Results on Oct 29, 2024 Shandong Gold Mining Co., Ltd. announced that they will report Q3, 2024 results on Oct 29, 2024 Major Estimate Revision • Sep 04
Consensus revenue estimates increase by 14% The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from CN¥69.2b to CN¥78.5b. EPS estimate unchanged at CN¥0.885. Net income forecast to grow 110% next year vs 39% growth forecast for Metals and Mining industry in China. Consensus price target broadly unchanged at CN¥30.97. Share price fell 9.6% to CN¥25.35 over the past week. New Risk • Aug 31
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 29
Second quarter 2024 earnings released: EPS: CN¥0.13 (vs CN¥0.081 in 2Q 2023) Second quarter 2024 results: EPS: CN¥0.13 (up from CN¥0.081 in 2Q 2023). Revenue: CN¥26.8b (up 87% from 2Q 2023). Net income: CN¥783.2m (up 135% from 2Q 2023). Profit margin: 2.9% (up from 2.3% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 11
Dividend increased to CN¥0.14 Dividend of CN¥0.14 is 100% higher than last year. Ex-date: 17th July 2024 Payment date: 17th July 2024 Dividend yield will be 0.5%, which is lower than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (28% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 130% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jun 28
Shandong Gold Mining Co., Ltd. to Report First Half, 2024 Results on Aug 29, 2024 Shandong Gold Mining Co., Ltd. announced that they will report first half, 2024 results on Aug 29, 2024 Announcement • Jun 08
Shandong Gold Mining Co., Ltd. Approves Cash Dividend for the Year 2023, Payable on or Before 30 July 2024 Shandong Gold Mining Co., Ltd. announced at annual general meeting held on June 6, 2024, the shareholders approved to distribute cash dividend of RMB 1.4 (tax inclusive) for every 10 Shares to all Shareholders, based on the total share capital of the Company of 4,473,429,525 Shares as at the Board meeting on 28 March 2024. Such Profit Distribution will be distributed to the H Shareholders whose names appear on the register of members of the company on 20 June 2024. The cheques for the Profit Distribution will be despatched by ordinary post to the H Shareholders who are entitled to the Profit Distribution on or before 30 July 2024 at their own risk. Announcement • May 18
Shandong Gold Mining Co., Ltd., Annual General Meeting, Jun 06, 2024 Shandong Gold Mining Co., Ltd., Annual General Meeting, Jun 06, 2024, at 09:00 China Standard Time. Location: conference room of the company, no. 2503, jingshi road, licheng district, shandong province, jinan China Reported Earnings • Apr 27
First quarter 2024 earnings released: EPS: CN¥0.13 (vs CN¥0.07 in 1Q 2023) First quarter 2024 results: EPS: CN¥0.13 (up from CN¥0.07 in 1Q 2023). Revenue: CN¥19.0b (up 45% from 1Q 2023). Net income: CN¥699.9m (up 110% from 1Q 2023). Profit margin: 3.7% (up from 2.5% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Major Estimate Revision • Apr 05
Consensus revenue estimates increase by 11% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from CN¥62.2b to CN¥69.1b. EPS estimate increased from CN¥0.636 to CN¥0.859 per share. Net income forecast to grow 106% next year vs 34% growth forecast for Metals and Mining industry in China. Consensus price target up from CN¥24.67 to CN¥28.26. Share price rose 5.3% to CN¥29.74 over the past week. Price Target Changed • Apr 02
Price target increased by 15% to CN¥28.26 Up from CN¥24.67, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of CN¥29.07. Stock is up 28% over the past year. The company is forecast to post earnings per share of CN¥0.86 for next year compared to CN¥0.42 last year. Announcement • Mar 29
Shandong Gold Mining Co., Ltd. to Report Q1, 2024 Results on Apr 27, 2024 Shandong Gold Mining Co., Ltd. announced that they will report Q1, 2024 results on Apr 27, 2024 Reported Earnings • Mar 29
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: CN¥0.40 (up from CN¥0.20 in FY 2022). Revenue: CN¥59.3b (up 18% from FY 2022). Net income: CN¥2.27b (up 154% from FY 2022). Profit margin: 3.8% (up from 1.8% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Mar 29
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 23% to CN¥28.23. The fair value is estimated to be CN¥23.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.8% over the last 3 years. Earnings per share has grown by 39%. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 77% in the next 2 years. Announcement • Mar 29
Shandong Gold Mining Co., Ltd. Proposes Final Dividend for the Year Ended 31 December 2023, Payable by 31 August 2024 Shandong Gold Mining Co., Ltd. proposed Final ordinary dividend of RMB 1.4 per 10 share for the year ended 31 December 2023. Payment date 31 August 2024. Announcement • Mar 13
Shandong Gold Mining to Buy 70% Stake in Mining Firm Shandong Gold Mining Co., Ltd. (SHSE:600547) announced that it plans to buy 70% stake in mining firm for CNY 471.1 million ($65.57 million). Price Target Changed • Feb 02
Price target decreased by 7.1% to CN¥24.67 Down from CN¥26.55, the current price target is an average from 5 analysts. New target price is 18% above last closing price of CN¥20.88. Stock is up 4.7% over the past year. The company is forecast to post earnings per share of CN¥0.48 for next year compared to CN¥0.20 last year. Announcement • Feb 01
Shandong Gold Mining Co., Ltd. Provides Earnings Guidance for the Year Ended 31 December 2023 Shandong Gold Mining Co., Ltd. provided earnings guidance for the year ended 31 December 2023. After preliminary calculation, the Company expects to realise total profit of RMB 3,100 million to RMB 3,800 million for the year 2023, representing an increase of RMB 1,094 million to RMB 1,794 million as compared with the corresponding period of the previous year, or a year-on-year increase of 54.51% to 89.40%. It is estimated that the company will realise a net profit attributable to the owners of the parent company of RMB 2,000 million to RMB 2,500 million for the year 2023, representing an increase of RMB 754 million to RMB 1,254 million as compared with the corresponding period of the previous year, or a year-on-year increase of 60.53% to 100.66%. It is expected that the net profit attributable to the owners of the parent company after deducting non-recurring gains and losses is RMB 1,800 million to RMB 2,350 million for the year 2023, representing an increase of RMB 496 million to RMB 1,046 million as compared with the corresponding period of the previous year, or a year-on-year increase of 38.01% to 80.18%. Board Change • Jan 19
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Non-Executive Director Feng Zhao was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Jan 14
Shandong Gold Mining Co., Ltd. Announces Resignation of Wang Lijun as Non-Executive Director Shandong Gold Mining Co., Ltd. received a written resignation report from Mr. Wang Lijun, a director of the Company on 12 January 2024. Mr. Wang Lijun applied for resignation as a non-executive director of the sixth session of the board of directors of the Company, a member of the strategy committee of the sixth session of the board of directors and a member of the nomination committee of the sixth session of the board of directors of the Company due to change of work positions. Mr. Wang Lijun will cease to hold any position in the Company and its subsidiaries after the resignation. Announcement • Dec 30
Shandong Gold Mining Co., Ltd. to Report Fiscal Year 2023 Results on Mar 29, 2024 Shandong Gold Mining Co., Ltd. announced that they will report fiscal year 2023 results on Mar 29, 2024 Reported Earnings • Oct 29
Third quarter 2023 earnings released: EPS: CN¥0.08 (vs CN¥0.016 in 3Q 2022) Third quarter 2023 results: EPS: CN¥0.08 (up from CN¥0.016 in 3Q 2022). Revenue: CN¥13.9b (up 39% from 3Q 2022). Net income: CN¥357.0m (up 161% from 3Q 2022). Profit margin: 2.6% (up from 1.4% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Oct 13
Shandong Gold Mining Co., Ltd. Provides Earnings Guidance for the Nine Months Ended September 30, 2023 Shandong Gold Mining Co., Ltd. provided earnings guidance for the nine months ended September 30, 2023. For the period from 1 January 2023 to 30 September 2023, The company announced that, based on the preliminary review and assessment of the unaudited consolidated management accounts of the group for the nine months ended 30 September 2023 (the ‘First Three Quarters of 2023’) pursuant to China Accounting Standards for Business Enterprises: After preliminary calculation, the company expects to realise an estimated net profit attributable to shareholders of the company in the range of RMB 1,200 million to RMB 1,400 million for the first three quarters of 2023, representing an increase of RMB 507 million to RMB 707 million, or 73.17% to 102.03% as compared with the corresponding period of the previous year. The main reasons for the expected profit in the results for the period: For the first three quarters of 2023, the company strengthened the role of strategic leadership, insisted on reform and innovation, strengthened the organization and management of production and steadily promoted the construction of intelligent mines to improve the production operation rate and resource utilization rate. The Company deeply promoted the systematic cost reduction and efficiency enhancement work of "all employees, all positions, all factors and all processes" and deeply tapped the potential for cost reduction in various production and operation areas to improve operation efficiency. At the same time, the Company further strengthened the research and analysis team building, and carried out market tracking research to comprehensively enhance the ability of price research and judgement, grasp the price trend and take full advantage of high gold price, resulting in sales prices of gold better than those in the same period last year. New Risk • Sep 30
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.1% Last year net profit margin: 3.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (7.2% operating cash flow to total debt). Minor Risk Profit margins are more than 30% lower than last year (2.1% net profit margin). Announcement • Sep 30
Shandong Gold Mining Co., Ltd. to Report Q3, 2023 Results on Oct 28, 2023 Shandong Gold Mining Co., Ltd. announced that they will report Q3, 2023 results on Oct 28, 2023 Buying Opportunity • Sep 20
Now 21% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be CN¥32.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.8% over the last 3 years. Earnings per share has declined by 17%. Revenue is forecast to grow by 31% in 2 years. Earnings is forecast to grow by 175% in the next 2 years. Price Target Changed • Sep 19
Price target increased by 13% to CN¥26.35 Up from CN¥23.36, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of CN¥26.28. Stock is up 51% over the past year. The company is forecast to post earnings per share of CN¥0.52 for next year compared to CN¥0.20 last year. Buying Opportunity • Sep 05
Now 20% undervalued Over the last 90 days, the stock is up 4.0%. The fair value is estimated to be CN¥32.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.8% over the last 3 years. Earnings per share has declined by 17%. Revenue is forecast to grow by 32% in 2 years. Earnings is forecast to grow by 174% in the next 2 years. Reported Earnings • Aug 30
Second quarter 2023 earnings released: EPS: CN¥0.078 (vs CN¥0.039 in 2Q 2022) Second quarter 2023 results: EPS: CN¥0.078 (up from CN¥0.039 in 2Q 2022). Revenue: CN¥14.3b (down 12% from 2Q 2022). Net income: CN¥547.0m (up 239% from 2Q 2022). Profit margin: 3.8% (up from 1.0% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Aug 18
Shandong Gold Mining Co., Ltd. to Report Q2, 2023 Results on Aug 29, 2023 Shandong Gold Mining Co., Ltd. announced that they will report Q2, 2023 results on Aug 29, 2023 Announcement • Jul 14
Shandong Gold Mining Provides Consolidated Earnings Guidance for the Six Months Ended 30 June 2023 The board of directors (the "Board") of the Shandong Gold Mining Co., Ltd. announced shareholders and potential investors of the Company that, based on the preliminary review and assessment of the unaudited consolidated management accounts of the Group for the six months ended 30 June 2023 (the "First Half of 2023") prepared pursuant to China Accounting Standards for Business Enterprises: The Company expects to realise an estimated net profit attributable to shareholders of the Company of RMB 800 million to RMB 950 million in the First Half of 2023, representing an increase of RMB 244 million to RMB 394 million, or 43.90% to 70.88% as compared with the corresponding period of the previous year. The Company expects to realise an estimated net profit attributable to shareholders of the Company after deducting the non-recurring gains and losses of RMB 802 million to RMB 952 million in the First Half of 2023, representing an increase of RMB 191 million to RMB 341 million, or 31.34% to 55.91% as compared with the corresponding period of the previous year. Announcement • Jun 28
Shandong Gold Mining Co., Ltd. to Report First Half, 2023 Results on Aug 30, 2023 Shandong Gold Mining Co., Ltd. announced that they will report first half, 2023 results on Aug 30, 2023 Announcement • Jun 08
Shandong Gold Mining Co., Ltd. Approves Final Ordinary Dividend for the Year Ended 31 December 2022, Payable on July 18, 2023 Shandong Gold Mining Co., Ltd. approved Final ordinary dividend of RMB 0.7 per 10 share for the year ended 31 December 2022. Ex-dividend date is 13 June 2023, Record date is 20 June 2023 and Payment date is 18 July 2023. Announcement • May 17
Shandong Gold Mining Co., Ltd., Annual General Meeting, Jun 07, 2023 Shandong Gold Mining Co., Ltd., Annual General Meeting, Jun 07, 2023, at 09:00 China Standard Time. Location: the conference room of the Company, No. 2503, Jingshi Road, Licheng District, Jinan, Shandong Province, Hong Kong China Agenda: To approve the 2022 Work Report of the Board of Directors; to approve the 2022 Work Report of the Supervisory Committee; to approve the 2022 Work Report of the Independent Non-executive Directors; to approve the 2022 Final Financial Report; to approve the 2023 Financial Budget Report; to approve the resolution on the Company's 2022 Annual Report and its extracts; to approve the profit distribution proposal for 2022; to approve the resolution regarding the appointment of auditor for 2023; and to discuss other matters. Reported Earnings • Apr 29
First quarter 2023 earnings released: EPS: CN¥0.07 (vs CN¥0.05 in 1Q 2022) First quarter 2023 results: EPS: CN¥0.07 (up from CN¥0.05 in 1Q 2022). Revenue: CN¥13.1b (down 2.8% from 1Q 2022). Net income: CN¥332.8m (up 5.7% from 1Q 2022). Profit margin: 2.5% (up from 2.3% in 1Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Metals and Mining industry in China. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to CN¥24.85, the stock trades at a forward P/E ratio of 55x. Average forward P/E is 14x in the Metals and Mining industry in China. Total loss to shareholders of 3.9% over the past three years. Announcement • Jan 31
Shandong Gold Mining Co., Ltd. Provides Earnings Guidance for the Year Ended 31 December 2022 Shandong Gold Mining Co., Ltd. provided earnings guidance for the year ended 31 December 2022. After preliminary calculations, the Company expects to realise an estimated net profit attributable to owners of the parent company of RMB 1,000 million to RMB 1,300 million in the Year of 2022, as compared with the corresponding period of the previous year, turning losses into profits. The Company expects to realise an estimated net profit attributable to owners of the parent company (after deducing the non-recurring gains and losses) of RMB 1,063 million to RMB 1,363 million in the Year of 2022, as compared with the corresponding period of the previous year, turning losses into profits. Major Estimate Revision • Jan 04
Consensus EPS estimates fall by 23% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from CN¥61.9b to CN¥57.1b. EPS estimate also fell from CN¥0.34 per share to CN¥0.27 per share. Net income forecast to grow 27% next year vs 48% growth forecast for Metals and Mining industry in China. Consensus price target up from CN¥18.63 to CN¥20.55. Share price rose 2.7% to CN¥19.58 over the past week. Price Target Changed • Jan 03
Price target increased to CN¥20.22 Up from CN¥17.65, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of CN¥19.49. Stock is up 3.1% over the past year. The company is forecast to post earnings per share of CN¥0.34 next year compared to a net loss per share of CN¥0.043 last year. Board Change • Nov 16
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. 4 experienced directors. 1 highly experienced director. Non-Executive & Non Independent Director Li Jun Wang is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. 
