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<h1>In 2025, a year when gold prices hit historic highs, Shandong Gold delivered a performance report card of &#34;both volume and price increase&#34;: <strong>achieving an annual operating revenue of 104.287 billion yuan, a year-on-year increase of 26.38%; net profit attributable to the parent company of 4.739 billion yuan, a year-on-year increase of 60.57%; and net profit after deducting non-recurring items attributable to the parent company of 4.993 billion yuan, a year-on-year increase of 66.91%, demonstrating significant profit elasticity.</strong></h1>
<p>From an operational perspective, increased mined gold production became another main theme: the company's mined gold production in 2025 reached 48.89 tons, a year-on-year increase of 5.89%. Of this, overseas mine production was 12.58 tons, a significant year-on-year increase of 60.20%, with its proportion in total production clearly rising and becoming the core driver of growth; domestic mines produced a total of 36.31 tons of gold, essentially flat year-on-year, continuing to solidify its position as a domestic leader.</p>
<p>In terms of shareholder returns, the company plans to distribute a cash dividend of 1.80 yuan per 10 shares (tax inclusive) to all shareholders. Coupled with the interim dividend implemented in October 2025 (1.7467 yuan per 10 shares), the total cash dividend for the full year amounts to 3.5467 yuan per 10 shares, totaling 1.635 billion yuan, representing 38.63% of the net profit attributable to ordinary shareholders for the 2025 consolidated financial statements after deducting perpetual bond interest.</p>
<h2>Revenue Exceeds 100 Billion, Profit Grows Faster, Non-Recurring Items Deducted Profit Higher Than Attributable Profit</h2>
<p>Driven by the rising gold prices and production expansion, the company's revenue and profit increased simultaneously in 2025, but profit growth was significantly faster than revenue:</p>
<ul>
<li>Operating Revenue: 104.287 billion yuan (+26.38%)</li>
<li>Total Profit: 9.089 billion yuan (+59.95%)</li>
<li>Net Profit Attributable to Parent Company: 4.739 billion yuan (+60.57%)</li>
<li>Net Profit Attributable to Parent Company After Deducting Non-Recurring Items: 4.993 billion yuan (+66.91%)</li>
</ul>
<p>Notably, the net profit after deducting non-recurring items is higher than the net profit attributable to the parent company, indicating that non-recurring gains and losses had a net drag on the attributable net profit during the reporting period, suggesting a higher &#34;gold content&#34; of the profit. Roughly calculated as net profit attributable to parent company / operating revenue, the company's net profit margin attributable to the parent company in 2025 was approximately 4.5%, up from about 3.6% in 2024.</p>
<h2>Quarterly Performance: Second Quarter Peaks, Fourth Quarter Declines, Profit Volatility and Non-Recurring Item Disturbances Coexist</h2>
<p>Looking at quarterly data, the profit peak in 2025 occurred in the second quarter:</p>
<ul>
<li>Q1: Revenue 25.935 billion yuan; Net Profit Attributable to Parent Company 1.026 billion yuan</li>
<li>Q2: Revenue 30.830 billion yuan; Net Profit Attributable to Parent Company 1.782 billion yuan (Highest single quarter of the year)</li>
<li>Q3: Revenue 27.017 billion yuan; Net Profit Attributable to Parent Company 1.148 billion yuan</li>
<li>Q4: Revenue 20.504 billion yuan; Net Profit Attributable to Parent Company 0.783 billion yuan (Lowest single quarter of the year)</li>
</ul>
<p>On a basis excluding non-recurring items, Q4 net profit after deduction was 1.048 billion yuan, significantly higher than the Q4 net profit attributable to the parent company, further confirming the disturbance of non-recurring items on the income statement for the quarter. In terms of cash flow, net operating cash flow was relatively strong in both Q2 and Q4 (approximately 7.977 billion yuan and 6.297 billion yuan, respectively), supporting the company's cash generation for the full year.</p>
<h2>Production and Structure: 48.89 Tons of Mined Gold Annually, Overseas Contributions as the Growth &#34;Engine&#34;</h2>
<p>The company's mined gold production in 2025 was 48.89 tons, an increase of 2.72 tons year-on-year. The increase primarily came from overseas:</p>
<ul>
<li>Domestic Mines: 36.31 tons, basically flat year-on-year</li>
<li>Overseas Mines: 12.58 tons, an increase of 4.73 tons year-on-year (+60.20%)</li>
</ul>
<p>The company disclosed that it has 13 domestic and overseas mines producing more than 1 ton of gold annually. By mine production, key domestic mines include Sanshandao Gold Mine (7,171 kg), Jiaojia Gold Mine (5,550 kg), and Xincheng Gold Mine (4,700 kg), among others; major overseas production comes from the Bellarador Gold Mine (7,157 kg on a 50% consolidated basis) and Yatela (5,424 kg).</p>
<p>The company attributes the domestic increase to capacity improvements from breakthroughs in production continuity projects at mines like Sanshandao, Jinzhou, and Guilaizhuang, as well as the resumption of operations at the Linglong mining area, capacity release from the technological renovation of Changtai Mining, and improvements in the grade of ore processed at some mines.</p>
<h2>Dividends and Shareholder Structure: 1.635 Billion Yuan Distributed Annually Through Two Dividends, Payout Ratio Approaching 40%</h2>
<p>The company's board of directors has deliberated and approved the profit distribution plan for 2025: a proposed cash dividend of 1.80 yuan per 10 shares (tax inclusive). Considering the interim dividend for the first half of 2025 that has already been implemented (1.7467 yuan per 10 shares), the total cash dividend for the full year amounts to 3.5467 yuan per 10 shares, totaling 1.635 billion yuan, representing 38.63% of the net profit attributable to ordinary shareholders for the 2025 consolidated financial statements after deducting perpetual bond interest.</p>
<p>In terms of equity structure, as of the end of the reporting period, the company's controlling shareholder, Shandong Gold Group Co., Ltd., held 35.17%; HKSCC Nominees Limited, the holder of H shares, held 21.59%. The total number of ordinary shareholders at the end of the reporting period was 121,661. The number of shareholders increased to 176,568 at the end of the month prior to the annual report's approval date, indicating increased shareholder activity.</p>
<p>As of the date the annual report was approved for publication, the company has outstanding corporate bonds, including two tranches of perpetual corporate bonds and multiple tranches of science and technology innovation corporate bonds, with a total balance of approximately 8 billion yuan and coupon rates ranging from approximately 2.12% to 3.22%. Among these, the two tranches of science and technology innovation perpetual corporate bonds issued in 2023 have a three-year interest calculation cycle, during which the company can choose to extend the term or repay the principal at maturity, providing more flexible maturity arrangements for the company during its expansion and overseas project advancement phases.</p>
<h2>Advancing the Jiaodong Base and Overseas Projects, Accelerating Deep Mining and &#34;Waste-Free Mines&#34;</h2>
<p>In terms of strategic advancement, the company stated it is accelerating the construction of a world-class gold production base in the Jiaodong region (including Jiaojia, Xincheng, and Sanshandao mines) and the Osino Resources twin-metals project in Namibia, as well as promoting the full production of the Katino Namutoni gold mine and Changtai Mining.</p>
<p>On the technological front, the company received a first prize in provincial science and technology progress in 2025 and led or participated in the formulation of 9 standards. In terms of engineering capabilities, the company announced the successful construction of the 2000-meter deep auxiliary shaft at the Sanshandao Gold Mine (Asia's deepest large-diameter vertical shaft), strengthening its capacity for deep resource development.</p>
<p>Regarding green and safe production, the company is advancing a three-year action plan for fundamental improvements in safety production and has made progress in tailings resource utilization – the &#34;Xinhui Company Tailings Backfilling Black Sheep Mountain Project&#34; was listed as one of Shandong Province's first pilot projects for backfilling large quantities of solid waste using tailings; Sanshandao Gold Mine and 6 other units received municipal &#34;Waste-Free Mine&#34; and &#34;Waste-Free Factory&#34; titles.</p>

GOAU

517520

01787

RING

600547

GOEX

GDXJ

<p>Shandong Gold achieved an annual operating revenue of 104.287 billion yuan, a year-on-year increase of 26.38%; net profit attributable to the parent company was 4.739 billion yuan, a year-on-year increase of 60.57%; net profit after deducting non-recurring items attributable to the parent company was 4.993 billion yuan, a year-on-year increase of 66.91%. The company's mined gold production in 2025 was 48.89 tons, a year-on-year increase of 5.89%. Of this, overseas mine production was 12.58 tons, a significant year-on-year increase of 60.20%</p>

- In 2025, Shandong Gold reported revenue of 1042.87 billion yuan and a net profit of 47.39 billion yuan, marking significant growth in both revenue and profit compared to the previous year.  
- The company's gold production reached 48.89 tons, with a notable increase from overseas mines, contributing as a core growth driver.  
- Shareholders will receive a total cash dividend of 3.5467 yuan per 10 shares, totaling 16.35 billion yuan, which represents 38.63% of the company's adjusted net profit after perpetual bond interest.

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VanEck Junior Gold Miners ETF

Gold Prices Rise, Overseas Production Surges, Shandong Gold's 2025 Revenue Exceeds 100 Billion Yuan, Net Profit Up Over 60% Year-on-Year, Annual Dividend Exceeds 1.6 Billion Yuan | Cailian Press