Upcoming Dividend • May 14
Upcoming dividend of CN¥0.05 per share Eligible shareholders must have bought the stock before 21 May 2026. Payment date: 23 June 2026. Payout ratio is a comfortable 18% but the company is not cash flow positive. Trailing yield: 1.2%. Lower than top quartile of Hong Kong dividend payers (6.7%). Lower than average of industry peers (2.5%). Valuation Update With 7 Day Price Move • May 12
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$23.26, the stock trades at a trailing P/E ratio of 18.1x. Average forward P/E is 10x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 1,362% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$16.85 per share. Buy Or Sell Opportunity • May 06
Now 27% overvalued Over the last 90 days, the stock has fallen 3.1% to HK$21.22. The fair value is estimated to be HK$16.67, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 60%. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to HK$20.34, the stock trades at a trailing P/E ratio of 15.9x. Average forward P/E is 10x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 1,260% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$16.50 per share. Announcement • Apr 23
Lingbao Gold Group Company Ltd. has completed a Follow-on Equity Offering in the amount of HKD 779.98656 million. Lingbao Gold Group Company Ltd. has completed a Follow-on Equity Offering in the amount of HKD 779.98656 million.
Security Name: H Shares
Security Type: Common Stock
Securities Offered: 29,816,000
Price\Range: HKD 26.16
Discount Per Security: HKD 0.31
Transaction Features: Subsequent Direct Listing New Risk • Apr 23
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% 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. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). High level of non-cash earnings (29% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Announcement • Apr 16
Lingbao Gold Group Company Ltd. has filed a Follow-on Equity Offering in the amount of HKD 779.98656 million. Lingbao Gold Group Company Ltd. has filed a Follow-on Equity Offering in the amount of HKD 779.98656 million.
Security Name: H Shares
Security Type: Common Stock
Securities Offered: 29,816,000
Price\Range: HKD 26.16
Discount Per Security: HKD 0.31
Transaction Features: Subsequent Direct Listing Reported Earnings • Mar 27
Full year 2025 earnings released: EPS: CN¥1.21 (vs CN¥0.57 in FY 2024) Full year 2025 results: EPS: CN¥1.21 (up from CN¥0.57 in FY 2024). Revenue: CN¥13.1b (up 11% from FY 2024). Net income: CN¥1.54b (up 121% from FY 2024). Profit margin: 12% (up from 5.9% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has increased by 173% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 27
Lingbao Gold Group Company Ltd., Annual General Meeting, May 19, 2026 Lingbao Gold Group Company Ltd., Annual General Meeting, May 19, 2026. Announcement • Mar 16
Lingbao Gold Group Company Ltd. to Report Fiscal Year 2025 Results on Mar 26, 2026 Lingbao Gold Group Company Ltd. announced that they will report fiscal year 2025 results on Mar 26, 2026 Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$29.62, the stock trades at a trailing P/E ratio of 28.2x. Average trailing P/E is 18x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 2,475% over the past three years. New Risk • Mar 09
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 Hong Kong stocks, typically moving 10% 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 (63% net debt to equity). Share price has been volatile over the past 3 months (10% average weekly change). Valuation Update With 7 Day Price Move • Feb 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to HK$21.20, the stock trades at a trailing P/E ratio of 21.1x. Average forward P/E is 16x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 1,911% over the past three years. Announcement • Jan 23
Lingbao Gold Group Company Ltd. Appoints Huang Hui as Independent Non-Executive Director and Chairman of the Remuneration Committee, A Member of Audit Committee and Nomination Committee, Effective January 22, 2026 Lingbao Gold Group Company Ltd. announced that Mr. Huang Hui has been appointed as an independent non-executive Director and the chairman of the Remuneration Committee, and a member of each of the Audit Committee and Nomination Committee of the Company with effect from January 22, 2026. Mr. Huang, born in September 1976, was an associate professor from January 2010 to July 2014, and has been a professor in the Faculty of Law of the Chinese University of Hong Kong since August 2014. Mr. Huang specializes in corporate law, securities regulation, financial law, etc. Mr. Huang is an expert advisor of Shanghai Financial Court. He is also an adjunct professor of Law at the University of New South Wales, a Li Ka Shing visiting professor in McGill Law School, a “Jingtian Scholar” honorary professor at East China University of Political Science and Law, and a guest professor at China University of Political Science and Law. He serves as an arbitrator for the Kuala Lumpur Regional Centre for Arbitration, the Shenzhen Court of International Arbitration and the Shanghai International Economic and Trade Arbitration Commission. Mr. Huang has served as an independent non-executive director of Mao Geping Cosmetics Co. Ltd. since April 2024. In addition, he was an independent non-executive director of China Travel International Investment Hong Kong Limited from October 2018 to August 2025. Mr. Huang obtained his bachelor’s degree in engineering in June 1998 and bachelor’s degree in law in July 1999 and his master’s degree in law in December 2001, all from Tsinghua University in the PRC, and a PhD in law from the University of New South Wales, Australia in December 2005. As at the date of this announcement, the Board comprises five executive Directors, namely Mr. Chen Jianzheng, Mr. Wang Pinran, Mr. Xing Jiangze, Mr. He Chengqun and Ms. Zhao Li; two non-executive Directors, namely Mr. Zhang Feihu and Mr. Wang Guanran; and four independent non-executive Directors, namely Mr. Yeung Chi Tat, Mr. Bo Shao Chuan, Mr. Guo Michael Xinsheng and Mr. Huang Hui. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$22.26, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 15x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 2,199% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$13.74 per share. Announcement • Jan 09
Lingbao Gold Group Company Ltd. Provides Consolidated Earnings Guidance for the Year Ended December 31, 2025 Lingbao Gold Group Company Ltd. provided consolidated earnings guidance for the year ended December 31, 2025. For the year, the company expects to record a revenue ranging from approximately RMB 12,934,625,000 to approximately RMB 13,171,957,000 for the year ended 31 December 2025, representing an increase ranging from approximately 9% to 11% as compared with the revenue of approximately RMB 11,866,628,000 for the year ended 31 December 2024; and record a net profit ranging from approximately RMB 1,503,134,000 to approximately RMB 1,573,047,000 for the year ended 31 December 2025, representing an increase ranging from approximately 115% to 125% as compared with the net profit of approximately RMB 699,132,000 for the year ended 31 December 2024. Based on the information currently available, such increase in revenue and net profit was mainly attributable to a sustained year-on-year growth in gold output as the Group continuously optimised production organisation, strengthened production scheduling and maintained a stable production pace throughout the year, and continuous improvements in operational efficiency as the Group continued to rigorously implement cost-reduction and efficiency-enhancement measures. Combined with the favorable factors of rising gold market prices, the overall efficiency of the Group was significantly improved. Announcement • Dec 20
Lingbao Gold Group Company Ltd. Announces Resignation of Tan Chong Huat as Independent Non-Executive Director and Chairman of Remuneration and Review Committee and A Member of Each of the Audit Committee and Nomination Committee, with Effect from 19 December 2025 The board of directors of Lingbao Gold Group Company Ltd. announced Mr. Tan Chong Huat ("Mr. Tan") has tendered his resignation as an independent non-executive Director of the Company ("INED") with effect from 19 December 2025 due to his desire to devote more time on other personal endeavors. Upon his resignation, Mr. Tan ceased to be a chairman of remuneration and review committee ("Remuneration Committee") and a member of each of the audit committee (the "Audit Committee") and nomination committee (the "Nomination Committee") of the Company. Buy Or Sell Opportunity • Dec 01
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 9.4% to HK$17.07. The fair value is estimated to be HK$14.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 44%. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 70% in the next 2 years. New Risk • Nov 15
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 Hong Kong stocks, typically moving 10% 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 (63% net debt to equity). Share price has been volatile over the past 3 months (10% average weekly change). Buy Or Sell Opportunity • Nov 10
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 55% to HK$17.42. The fair value is estimated to be HK$14.13, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 44%. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 70% in the next 2 years. Buy Or Sell Opportunity • Oct 02
Now 30% overvalued after recent price rise Over the last 90 days, the stock has risen 103% to HK$20.42. The fair value is estimated to be HK$15.73, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 44%. Revenue is forecast to grow by 28% in 2 years. Earnings are forecast to grow by 70% in the next 2 years. Announcement • Sep 18
Lingbao Gold Group Company Ltd. Announces Interim Dividend for the Six Months Ended 30 June 2025, Payable on or About 22 October 2025 The Board announced that Lingbao Gold Group Company Ltd. will pay an interim dividend for the six months ended 30 June 2025 of RMB 0.164 (tax inclusive) per share on or about 22 October 2025. Payment will be made to the shareholders whose names appeared on the register of members of the Company at the close of business on 28 September 2025. Dividends payable to holders of H Shares will be paid in Hong Kong dollars. The interim dividend payable in Hong Kong dollars will be converted from RMB at the average middle rate of RMB to Hong Kong dollars as announced by the People's Bank of China for the period from 14 September 2025 to 17 September 2025, and it is RMB 0.912755 to HKD 1.00. Accordingly, the amount of interim dividend payable for each H Share is HKD0.179676 (tax inclusive). Such interim dividend will be paid by Bank of China (Hong Kong) Trustees Ltd, the Company's receiving agent in Hong Kong, and would be mailed by Computershare Hong Kong Investor Services Limited to the holders of H Shares who are entitled to receive the same by ordinary post at their own risk on or about 22 October 2025. Upcoming Dividend • Sep 12
Upcoming dividend of CN¥0.16 per share Eligible shareholders must have bought the stock before 19 September 2025. Payment date: 22 October 2025. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of Hong Kong dividend payers (6.5%). Lower than average of industry peers (2.0%). Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to HK$15.60, the stock trades at a trailing P/E ratio of 15.2x. Average forward P/E is 13x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 1,668% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$15.87 per share. Buy Or Sell Opportunity • Aug 27
Now 22% undervalued Over the last 90 days, the stock has risen 13% to HK$12.05. The fair value is estimated to be HK$15.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 44%. Revenue is forecast to grow by 26% in 2 years. Earnings are forecast to grow by 38% in the next 2 years. Announcement • Aug 15
Lingbao Gold Group Company Ltd. to Report First Half, 2025 Results on Aug 26, 2025 Lingbao Gold Group Company Ltd. announced that they will report first half, 2025 results on Aug 26, 2025 Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$11.59, the stock trades at a trailing P/E ratio of 19.6x. Average forward P/E is 10x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 1,108% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$15.89 per share. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to HK$10.30, the stock trades at a trailing P/E ratio of 17.4x. Average forward P/E is 10x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 1,080% over the past three years. Upcoming Dividend • May 28
Upcoming dividend of CN¥0.08 per share Eligible shareholders must have bought the stock before 04 June 2025. Payment date: 31 July 2025. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Hong Kong dividend payers (7.7%). Lower than average of industry peers (4.4%). Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$10.04, the stock trades at a trailing P/E ratio of 17x. Average forward P/E is 9x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 1,029% over the past three years. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$8.65, the stock trades at a trailing P/E ratio of 14.5x. Average forward P/E is 8x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 777% over the past three years. Declared Dividend • Mar 31
Dividend of CN¥0.08 announced Shareholders will receive a dividend of CN¥0.08. Ex-date: 4th June 2025 Payment date: 31st July 2025 Dividend yield will be 1.0%, which is lower than the industry average of 2.0%. Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: CN¥0.57 (vs CN¥0.32 in FY 2023) Full year 2024 results: EPS: CN¥0.57 (up from CN¥0.32 in FY 2023). Revenue: CN¥11.9b (up 13% from FY 2023). Net income: CN¥698.0m (up 119% from FY 2023). Profit margin: 5.9% (up from 3.0% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 95% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 29
Lingbao Gold Group Company Ltd., Annual General Meeting, May 27, 2025 Lingbao Gold Group Company Ltd., Annual General Meeting, May 27, 2025. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to HK$7.26, the stock trades at a trailing P/E ratio of 25.5x. Average forward P/E is 8x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 658% over the past three years. Announcement • Mar 18
Lingbao Gold Group Company Ltd. has completed a Follow-on Equity Offering in the amount of HKD 234.03 million. Lingbao Gold Group Company Ltd. has completed a Follow-on Equity Offering in the amount of HKD 234.03 million.
Security Name: H shares
Security Type: Common Stock
Securities Offered: 43,500,000
Price\Range: HKD 5.38
Discount Per Security: HKD 0.12
Transaction Features: Subsequent Direct Listing Announcement • Mar 15
Lingbao Gold Group Company Ltd. to Report Fiscal Year 2024 Results on Mar 28, 2025 Lingbao Gold Group Company Ltd. announced that they will report fiscal year 2024 results at 4:00 PM, China Standard Time on Mar 28, 2025 Announcement • Mar 12
Lingbao Gold Group Company Ltd. has filed a Follow-on Equity Offering in the amount of HKD 234.03 million. Lingbao Gold Group Company Ltd. has filed a Follow-on Equity Offering in the amount of HKD 234.03 million.
Security Name: H shares
Security Type: Common Stock
Securities Offered: 43,500,000
Price\Range: HKD 5.38
Transaction Features: Subsequent Direct Listing Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$5.82, the stock trades at a trailing P/E ratio of 20.4x. Average forward P/E is 6x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 484% over the past three years. Buy Or Sell Opportunity • Mar 04
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 85% to HK$5.37. The fair value is estimated to be HK$4.37, however this is not to be taken as a sell 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 22%. Revenue is forecast to grow by 66% in 2 years. Earnings are forecast to grow by 284% in the next 2 years. New Risk • Feb 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 79% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Shareholders have been substantially diluted in the past year (79% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$5.54, the stock trades at a trailing P/E ratio of 19.5x. Average trailing P/E is 11x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 440% over the past three years. Announcement • Jan 21
Lingbao Gold Group Company Ltd. Provides Consolidated Earnings Guidance for the Year Ended December 31, 2024 Lingbao Gold Group Company Ltd. provided consolidated earnings guidance for the year ended December 31, 2024. For the year, the company expects to (i) record a revenue ranging from approximately RMB 11,587,049,000 to RMB 11,903,060,000 for the year ended 31 December 2024, representing an increase ranging from approximately 10% to 13% as compared with the revenue of RMB 10,533,681,000 for the year ended 31 December 2023; and (ii) record a net profit ranging from approximately RMB 617,457,000 to RMB 705,665,000 for the year ended 31 December 2024, representing an increase ranging from approximately 110% to 140% as compared with the net profit of RMB294,027,000 for the year ended 31 December 2023. Based on the information currently available, such increase in revenue and net profit was mainly attributable to the Group's multiple measures to overcome the impact of the policies and infrastructure renovation implemented in the first half of the year and its full efforts to catch up with production in the second half of the year, and the optimization and enhancement of processing and mining technologies, the obvious results of changes in refined management and the significant improvement in overall operating efficiency, as well as the increase in the price of gold, which is a major product of the Group. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$4.04, the stock trades at a trailing P/E ratio of 14.3x. Average trailing P/E is 11x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 283% over the past three years. New Risk • Jan 10
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 Hong Kong stocks, typically moving 11% 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: Major Risk Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (5.0% increase in shares outstanding). Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$3.29, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 10x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 247% over the past three years. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$3.50, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 10x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 285% over the past three years. Announcement • Oct 29
Lingbao Gold Group Company Ltd. Provides Group Earnings Guidance for the Third Quarter Ended 30 September 2024 Lingbao Gold Group Company Ltd. provided group earnings guidance for the third quarter ended 30 September 2024. The Company informed the shareholders of the Company (the Shareholders) and the prospective investors of the Company that, based on the preliminary assessment of the unaudited consolidated management accounts of the Group for the three months ended 30 September 2024 (the 2024 Third Quarter) and the information currently available, the Group expects to record a net profit of not less than RMB 150.0 million for the 2024 Third Quarter, primarily attributable to full resumption of normal production of mining segment in the 2024 Third Quarter and gradual improvement of overall operating efficiency. Reported Earnings • Aug 31
First half 2024 earnings released: EPS: CN¥0.13 (vs CN¥0.16 in 1H 2023) First half 2024 results: EPS: CN¥0.13. Revenue: CN¥4.28b (down 27% from 1H 2023). Net income: CN¥152.5m (up 8.7% from 1H 2023). Profit margin: 3.6% (up from 2.4% in 1H 2023). The increase in margin was driven by lower expenses. Announcement • Aug 16
Lingbao Gold Group Company Ltd. to Report First Half, 2024 Results on Aug 28, 2024 Lingbao Gold Group Company Ltd. announced that they will report first half, 2024 results on Aug 28, 2024 Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$3.11, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 10x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 222% over the past three years. Announcement • May 31
Lingbao Gold Group Company Ltd. Announces Final Dividend for the Year Ended 31 December 2023, Payable on 31 July 2024 Lingbao Gold Group Company Ltd. announced final dividend of RMB 0.065 per share for the year ended 31 December 2023. Date of shareholders' approval is 29 May 2024; Ex-dividend date is 31 May 2024; Record date is 07 June 2024; Payment date is 31 July 2024. Upcoming Dividend • May 24
Upcoming dividend of CN¥0.065 per share Eligible shareholders must have bought the stock before 31 May 2024. Payment date: 31 July 2024. Trailing yield: 2.2%. Lower than top quartile of Hong Kong dividend payers (7.5%). In line with average of industry peers (2.2%). Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$3.72, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 12x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 202% over the past three years. Reported Earnings • Apr 28
Full year 2023 earnings released: EPS: CN¥0.32 (vs CN¥0.28 in FY 2022) Full year 2023 results: EPS: CN¥0.32 (up from CN¥0.28 in FY 2022). Revenue: CN¥10.5b (up 4.0% from FY 2022). Net income: CN¥318.1m (up 32% from FY 2022). Profit margin: 3.0% (up from 2.4% in FY 2022). The increase in margin was driven by higher revenue. Production and reserves: Gold Proved and probable reserves (ore): 0.133 Mt Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 26
Lingbao Gold Group Company Ltd. has completed a Follow-on Equity Offering in the amount of HKD 81.288736 million. Lingbao Gold Group Company Ltd. has completed a Follow-on Equity Offering in the amount of HKD 81.288736 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 26,916,800
Price\Range: HKD 3.02
Transaction Features: Subsequent Direct Listing Announcement • Apr 19
Lingbao Gold Group Company Ltd. has filed a Follow-on Equity Offering in the amount of HKD 81.288736 million. Lingbao Gold Group Company Ltd. has filed a Follow-on Equity Offering in the amount of HKD 81.288736 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 26,916,800
Price\Range: HKD 3.02
Transaction Features: Subsequent Direct Listing Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 34% After last week's 34% share price gain to HK$3.22, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 11x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 185% over the past three years. Announcement • Apr 02
Lingbao Gold Group Company Ltd., Annual General Meeting, May 29, 2024 Lingbao Gold Group Company Ltd., Annual General Meeting, May 29, 2024. Reported Earnings • Mar 29
Full year 2023 earnings released: EPS: CN¥0.32 (vs CN¥0.28 in FY 2022) Full year 2023 results: EPS: CN¥0.32 (up from CN¥0.28 in FY 2022). Revenue: CN¥10.5b (up 4.0% from FY 2022). Net income: CN¥318.1m (up 32% from FY 2022). Profit margin: 3.0% (up from 2.4% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 35% per year. Announcement • Mar 14
Lingbao Gold Group Company Ltd. to Report Fiscal Year 2023 Results on Mar 27, 2024 Lingbao Gold Group Company Ltd. announced that they will report fiscal year 2023 results on Mar 27, 2024 Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$1.95, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 10x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 59% over the past three years. New Risk • Mar 03
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 50% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (16% operating cash flow to total debt). Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Minor Risk Profit margins are more than 30% lower than last year (1.7% net profit margin). Announcement • Mar 01
Lingbao Gold Group Company Ltd. has completed a Follow-on Equity Offering in the amount of HKD 43.60092 million. Lingbao Gold Group Company Ltd. has completed a Follow-on Equity Offering in the amount of HKD 43.60092 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 32,538,000
Price\Range: HKD 1.34
Transaction Features: Subsequent Direct Listing Announcement • Feb 23
Lingbao Gold Group Company Ltd. has filed a Follow-on Equity Offering in the amount of HKD 43.60092 million. Lingbao Gold Group Company Ltd. has filed a Follow-on Equity Offering in the amount of HKD 43.60092 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 32,538,000
Price\Range: HKD 1.34
Transaction Features: Subsequent Direct Listing Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to HK$1.38, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 9x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 27% over the past three years. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to HK$1.54, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 9x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 35% over the past three years. Reported Earnings • Sep 02
First half 2023 earnings released: EPS: CN¥0.16 (vs CN¥0.21 in 1H 2022) First half 2023 results: EPS: CN¥0.16 (down from CN¥0.21 in 1H 2022). Revenue: CN¥5.84b (up 50% from 1H 2022). Net income: CN¥140.4m (down 22% from 1H 2022). Profit margin: 2.4% (down from 4.6% in 1H 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Sep 01
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: 1.7% Last year net profit margin: 3.7% 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 (15% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.7% net profit margin). Shareholders have been diluted in the past year (37% increase in shares outstanding). New Risk • Aug 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 37% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (37% increase in shares outstanding). Valuation Update With 7 Day Price Move • May 09
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to HK$1.85, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 8x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 87% over the past three years. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to HK$1.39, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 7x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 36% over the past three years. Reported Earnings • Mar 21
Full year 2022 earnings released: EPS: CN¥0.28 (vs CN¥0.15 in FY 2021) Full year 2022 results: EPS: CN¥0.28 (up from CN¥0.15 in FY 2021). Revenue: CN¥10.1b (up 90% from FY 2021). Net income: CN¥240.2m (up 85% from FY 2021). Profit margin: 2.4% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. 
