Shanjin International Gold Co., Ltd. (000975)

Equity Research Report | Industry: Non-ferrous Metal Mining and Dressing (Gold) | Report Date: September 13, 2026 | The latest data date mentioned in the research notes is 2026-09-11 (see Shanjin International's announcement on completing the registration of change of the company's registered capital, published on 2026-09-11); the quote page also shows a timestamp of 2026-09-09 15:29:43 (Beijing time) (source: Securities Times quote trend page). The research notes contain multiple price snapshots at different points in time, with no unified single closing data date, so this section cannot determine a unique "price cutoff date"; the dates of the relevant price data have been annotated separately in each field.

This report is automatically compiled and generated by AI based on public information, for reference only, and does not constitute investment advice.

I. Core Summary

Shanjin International achieved operating revenue of RMB 9.659 billion in H1 2026, up 4.47% year-on-year; net profit attributable to parent was RMB 2.416 billion, up 51.43% year-on-year, and net profit attributable to parent after deducting non-recurring items was RMB 2.385 billion, up 49.23% year-on-year. The earnings growth was mainly driven by higher sales prices of mineral products and improvements in safety production, cost control, and operational efficiency, but there was clear divergence between quarters: in Q1 2026, net profit attributable to parent grew 100.89% year-on-year, while in Q2 it slowed to 13.39% year-on-year; Q2 revenue fell 24.43% year-on-year and 37.34% quarter-on-quarter, reflecting phased pressure on mineral gold production and sales volumes.

The company's core profit comes from its self-owned mine gold business. In 2025, mineral gold output was 7.60 tonnes, the selling price of mineral gold was RMB 774.08/gram, up 40.8% year-on-year, and the cost of mineral gold after consolidated amortization was RMB 142.18/gram, down 2.2% year-on-year, with the mineral gold gross margin reaching 81.63%. The company's all-in sustaining cost (AISC) is approximately RMB 207/gram, placing it in the leading tier of the global gold mining cost curve; at the same time, as of end-2025, gold reserves were 149.48 tonnes and gold resources were 280.94 tonnes, forming a resource base with high grade, low cost, and strong earnings elasticity.

The company's growth logic depends on output expansion and project execution, rather than pricing power over gold. The Osino project in Namibia is expected to commence production in H1 2027, with annual mineral gold output of approximately 5 tonnes after reaching full capacity; the Mangshi Huasheng gold mine is expected to resume production in 2026, and Qinghai Dachaidan is expanding capacity. If all related projects are implemented, the company's annual gold output is expected to increase from 7.60 tonnes to approximately 12.5 tonnes, but the above schedule and output are based on the company's application materials or institutional estimates, not performance commitments.

The company's financial structure is generally sound, with an asset-liability ratio of 18.65% at end-2025; the structure of monetary funds, accounts receivable, and accounts payable at end-2024 shows light working capital occupation; cash dividends and share repurchases for 2025 totaled RMB 1.433 billion, accounting for 48.22% of annual net profit attributable to parent. In addition, the company's H-share listing is still in progress, with the proposed issuance size not exceeding 15% of total share capital after issuance (including greenshoe); as of the available information, regulatory approval is still pending. On the technical side, the quote, turnover, and capital flow data in the available materials have inconsistent dates, and indicators such as moving averages, RSI, MACD, and Bollinger Bands are missing, so it is currently insufficient to form a reliable short-term trend judgment.

II. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Precious metals and non-ferrous metal mining and dressing (doré gold containing silver, lead concentrate containing silver, zinc concentrate containing silver, involving 4 metals)
• Metal trading (subsidiaries Shanghai Shenghong/Yintai Shenghong engage in precious metals/non-ferrous metals trading and supply chain services)

2.3 Industry Chain Upstream/Downstream Position and Cost-Profit Structure

Shanjin International's main business is precious metals and non-ferrous metal mining and dressing plus metal trading. It has 6 mining assets (3 producing gold mines: Heihe Locke, Jilin Banmiaozi, Qinghai Dachaidan; 1 producing lead-zinc-silver polymetallic mine: Yulong Mining; 1 suspended mine awaiting resumption: Mangshi Huasheng gold mine; 1 under construction: Namibia Osino). Doré gold has long contributed about 70% or more of gross profit (over 80% in H1 2024), making it the absolute core of profit. Under the 2025 annual report revenue structure: mineral gold revenue RMB 5.505 billion (+24%), mineral silver RMB 1.160 billion (+18%), lead concentrate RMB 169 million (+9%), zinc concentrate RMB 278 million (-4%) (Dongxing Securities 2026-03-09). The trading business volume is approximately RMB 9.98 billion, accounting for about 60% but contributing extremely low gross profit (this breakdown comes from overseas data providers Zonebourse/MarketScreener and has not been cross-checked item by item with the original annual report; the annual report's "by industry/by product" disclosure should prevail).

• The raw materials required for the company's production mainly come from self-produced ore (Lianchu Securities November 2024 research report); there is no price risk of being bottlenecked by externally purchased ore. The real cost inputs are ore grade, mining depth/method, as well as energy (electricity, diesel), beneficiation reagents (such as sodium cyanide, etc.), labor, and depreciation and amortization.
• No publicly disclosed, cross-verifiable percentage breakdown of operating costs (share of energy/reagents/labor/depreciation) was found for the company. This data is missing, and no fabricated breakdown ratios should be used.
• Verifiable unit costs (multi-year comparable): 2022 consolidated amortized cost per gram of gold RMB 167.54/gram (Guosen Securities 2024-01-02, referencing the 2022 annual report); 2025 mineral gold cost before/after consolidated amortization RMB 123.09/142.18 per gram (year-on-year -2.5%/-2.2%, Hua'an Securities 2026-03-22); all-in sustaining cost (AISC) approximately RMB 207/gram (exchange rate USD 1 = RMB 7.14), in the top 10% of the global gold mining AISC curve (Huayuan Securities 2026-07-21).
• AISC by mine (2025, Huayuan Securities): Heihe Locke approximately RMB 117/gram (grade 4.55 g/t, a high-grade domestic mine); Jilin Banmiaozi approximately RMB 206.7/gram.
• Conclusion: The company has strong upstream control (own ore bodies, mainly self-produced ore), with the focus on grade and mining cost management, rather than bargaining over commodity raw materials.
• Customers: Doré gold is mainly sold to gold refining and smelting enterprises (the smelting stage then refines it into standard gold and silver ingots or resells to jewelry processing enterprises); lead concentrate and zinc concentrate are mainly sold to downstream smelting enterprises, and silver is mainly enriched in lead concentrate and comprehensively recovered by smelters (2022 annual report summary; Lianchu Securities research report).
• Pricing mechanism: The selling price of doré gold is priced with reference to the Shanghai Gold Exchange price (gold and silver priced separately), and the sales platform is the controlling subsidiary Shanghai Shenghong and its subordinate company for unified external sales. The company has no pricing power over the gold price of its output and is a price-taker on output based on commodity benchmark prices; profit elasticity comes from the spread between market-linked selling prices and its own low costs.
• Customer concentration: No cross-verifiable disclosed figure for "combined share of top five customers" was found. This data is missing and must be based on the latest annual report disclosure, and must not be filled in based on imagination.
• Bargaining structure assessment: Gold/lead-zinc concentrate are standardized commodities, and smelters purchase at market benchmark prices/processing fees, so mining companies do not face "annual price reduction" clauses like automotive Tier-1 suppliers; the competitiveness of mining companies is more reflected in concentrate quality — the company itself stated that "the lead concentrate produced has relatively high precious metal content and is easy to sell; zinc concentrate has many associated minor metals, giving it a competitive advantage when sold to large smelters" (2022 annual report summary).
• H1 2024: Accounts receivable RMB 69.3371 million, accounts payable RMB 197 million, prepayments RMB 19.9456 million, monetary funds RMB 2.178 billion, financial expenses -RMB 7.8106 million (net interest income). Accounts receivable were only about RMB 69 million, while revenue in the same reporting period was about RMB 6.505 billion, with receivables/revenue ratio of about 1%. Extremely low receivables plus negative financial expenses indicate that sales are basically settled in cash/short credit terms, and the company is in a favorable position in downstream settlement, with very light working capital occupation. Asset-liability ratio: 18.57% at end-2024 (cninfo company highlights), 18.65% at end-2025 (East Money F9), significantly lower than major national gold mining enterprises. Limitation: the complete official value of "accounts receivable turnover days" was not obtained; the above H1 2024 structural data comes from a single third-party compilation post (55188 forum), not the original annual report, and has not been cross-checked item by item with the original interim report, so it is marked as pending annual report verification.
• Combined share of top five customers: No cross-verifiable value was retrieved; data is missing, and the latest annual report should prevail. Customer structure characteristics: downstream are gold refining and smelting enterprises and lead-zinc smelting enterprises. The company itself stated that its lead concentrate has relatively high precious metal content and is easy to sell, and its zinc concentrate has many associated minor metals, giving it a competitive advantage when sold to large smelters (2022 annual report summary). Also note: the company's controlling shareholder is Shandong Gold (28.89% stake), and the relationship between related-party transactions and the downstream customer structure should be based on the annual report's related-party transaction disclosure.

Shanjin International is at the left end of the smile curve (upstream resources/high gross margin): it sells standardized commodities (gold, silver, lead-zinc concentrate) and has no pricing power over gold prices, but凭借 high-grade ore bodies plus extremely low unit costs (AISC approximately RMB 207/gram, top 10% globally) it achieves mineral gold gross margins far above peers; the driver for further gross margin improvement in the future is not "price increases," but resource/output expansion (Osino expected to commence production in H1 2027, Huasheng gold mine expected to resume production in 2026, Qinghai Dachaidan capacity expansion) plus grade structure and cost control, i.e., "volume growth + conversion of cost advantage into profit advantage."

III. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The 2026 interim report was disclosed on 2026-08-19/20. H1 2026 net profit attributable to parent after deducting non-recurring items was RMB 2.385 billion (+49.23%), operating profit RMB 3.575 billion (+54.37%), total profit RMB 3.565 billion (+54.03%); H1 had no dividend, no bonus shares, and no capital reserve conversion. Q2 2026 net profit attributable to parent after deducting non-recurring items was RMB 935 million (+4.48% year-on-year, -35.57% quarter-on-quarter), revenue -37.34% quarter-on-quarter, net profit attributable to parent -26.63% quarter-on-quarter. Q1 2026 net profit attributable to parent after deducting non-recurring items was RMB 1.456 billion (+106%), revenue +182.4% quarter-on-quarter, net profit attributable to parent +172.2% quarter-on-quarter. 2025 EPS RMB 1.0702~1.0705, weighted ROE 21.56%, sales gross margin 31.82%, operating cash flow per share RMB 1.6855. 2024 EPS RMB 0.7826, weighted ROE 17.90%. 2023 EPS RMB 0.5129, ROE 12.90%. 2022 EPS RMB 0.4046. Sources: Huachuang Securities commentary 2026-08-21, China Securities Journal, East Money, China Fund News, Stockstar, Kaiyuan Securities, Pacific Securities, China Fortune Network, AAStocks, Reuters, MarketScreener, Investing.com. Data uncertainty: the Huaxin hx168 page lists 2025 net profit of RMB 3.268 billion, +37.02% year-on-year, coexisting with net profit attributable to parent of RMB 2.972 billion; the RMB 3.268 billion should be the net profit scope including minority interests, and the RMB 2.972 billion attributable to parent should prevail.

The sharp H1 2026 profit increase was mainly driven by a significant year-on-year rise in mineral gold selling prices (Q1 2026 mineral gold average price approximately RMB 1,069.7/gram, +62.3% year-on-year), while Q2 revenue turning negative year-on-year and falling 37% quarter-on-quarter indicates a phased decline in production and sales volumes (output slightly under pressure), so profit growth was lower than in Q1. Institutions generally slightly lowered earnings forecasts following the H1 output decline, with consensus expectations showing a downward revision over the past month: 2026E EPS fell from RMB 2.0173 (18 institutions) to RMB 1.8648 (19 institutions). The Osino project is expected to commence production in H1 2027, adding approximately 5 tonnes of gold capacity, and is a key variable for subsequent growth.

3.2 Earnings Forecast

Forecast data source: East Money institutional forecast summary (emweb.securities.eastmoney.com/ProfitForecast, as of approximately 2026-09-01, type=web basis, 19 institutions): 2026E revenue RMB 20.66 billion, net profit attributable to parent RMB 5.176 billion, EPS RMB 1.8648, ROE 28.76%; 2027E revenue RMB 25.38 billion, net profit attributable to parent RMB 7.223 billion, EPS RMB 2.6032, ROE 32.22%; 2028E revenue RMB 28.75 billion, net profit attributable to parent RMB 8.669 billion, EPS RMB 3.1233, ROE 31.36%. Tonghuashun iFinD summary (as of 2026-09-01, 17 institutions): 2026 net profit highest RMB 6.269 billion, lowest RMB 4.401 billion, average RMB 5.212 billion (+75.40% year-on-year); the 15-institution version as of 2026-08-20 had an average of RMB 5.532 billion, +86.15% year-on-year, highest RMB 6.269 billion, lowest RMB 5.015 billion, indicating downward revision of expectations. The same site's type=soft page (fewer institutions, suspected to be an earlier snapshot) gives 2026E EPS RMB 1.9432 (13 institutions)/net profit RMB 5.396 billion, 2027E RMB 2.6765/RMB 7.430 billion, 2028E RMB 3.3625/RMB 9.336 billion. Representative single-institution forecasts (note the distinction between single-institution and multi-institution central estimates): Guosheng Securities 2026-08-21: 2026-28E revenue RMB 18.0/25.1/27.6 billion, net profit attributable to parent RMB 4.40/6.52/7.24 billion, corresponding PE 16.9/11.4/10.3 (Buy); Soochow Securities 2026-08-26: 2026-28E revenue RMB 20.030/24.987/27.714 billion, net profit attributable to parent RMB 4.866/7.319/8.659 billion, EPS RMB 1.75/2.64/3.12, PE 15.84/10.53/8.90 (Buy); Hua'an Securities 2026-08-27: 2026-28E net profit attributable to parent RMB 4.847/6.783/8.246 billion, PE 15.66/11.19/9.20 (Buy); Huatai Securities 2026-08-21: 2026E net profit RMB 5.326 billion; Guosen Securities 2026-08-20: 2026E RMB 4.742 billion; China Post Securities 2026-09-01: 2026E RMB 5.216 billion; Pacific Securities 2026-05-13: 2026-28E net profit attributable to parent RMB 5.25/6.57/8.47 billion, EPS RMB 1.89/2.37/3.05; Kaiyuan Securities 2026-05-05: 2026-28E net profit attributable to parent RMB 5.994/8.451/10.073 billion, EPS RMB 2.16/3.04/3.63, PE 12.1/8.6/7.2 (optimistic basis after Q1, significantly above the post-H1 central estimate).

3.3 Valuation Level and Institutional Ratings

There are key uncertainties in the current valuation level, and price information differs considerably across sources and dates: approximately RMB 26.80 (Sina rating snapshot, corresponding to mid-to-late August 2026), Soochow's implied price of approximately RMB 27.6 (2026-08-25), Baidu Stock Connect showing RMB 25.39 (snapshot date unknown, suspected September 2026), and the current price of RMB 30.49 at the time of Huachuang's 2026-03-08 annual report commentary. Based on total share capital of 2.777 billion shares (2,772,527,436 shares after the registered capital change), the corresponding total market capitalization is approximately RMB 70.5 billion~76.0 billion (depending on price of RMB 25.4~27.6). PE (based on consensus EPS, using a rough price range around RMB 26): 2026E PE ≈ 26/1.86 ≈ 14x, 2027E PE ≈ 26/2.60 ≈ 10x, 2028E PE ≈ 26/3.12 ≈ 8x; consistent with each brokerage's self-reported PE (2026E 15.8~16.9x, 2027E 10.5~11.4x, 2028E 8.9~10.3x). PB: based on 2025 net assets per share attributable to parent of RMB 5.3725, the PB calculation content in the research notes is incomplete, and data is missing; the net assets per share (attributable to parent) series is 2022 RMB 3.93 → 2023 RMB 4.1634 → 2024 RMB 4.6749 → 2025 RMB 5.3725, approximately RMB 6.47 in H1 2026 (cfi.cn shows RMB 6.47 for 2026-06 and RMB 6.04 for 2025-12). Target price dispersion is large (RMB 30.87~41.20, even RMB 50.50), mainly depending on gold price assumptions and the Osino production schedule (expected to commence production in H1 2027, adding approximately 5 tonnes of gold capacity).

IV. Recent News and Announcements

4.1 2026 Interim Results Pre-Increase Announcement

Announcement date the evening of 2026-07-13 (Cninfo number 1225421270, published in newspapers on July 14): Expected H1 2026 net profit attributable to parent RMB 2.35–2.48 billion, +47.27%~+55.41% year-on-year; net profit attributable to parent after deducting non-recurring items RMB 2.28–2.41 billion, +42.65%~+50.79% year-on-year; basic EPS RMB 0.8472–0.8941; prior-year same period net profit attributable to parent RMB 1.5957 billion, EPS RMB 0.5747. The reason for the change was "focusing on safety production and cost control, improving operational efficiency, while benefiting from year-on-year increases in mineral product sales prices." The announcement explicitly stated "not audited by an accounting firm."

4.2 2026 Q1 Results Preview

Announcement date 2026-04-08: Expected Q1 2026 net profit attributable to parent RMB 1.35–1.44 billion, +94.57%~+107.54% year-on-year; net profit attributable to parent after deducting non-recurring items RMB 1.37–1.50 billion, +94.68%~+113.15% year-on-year; EPS RMB 0.4865–0.5189. Reasons included "year-on-year increases in gold and silver prices."

4.3 2026 Interim Report Official Disclosure

Disclosure date 2026-08-20: H1 2026 revenue RMB 9.659 billion, +4.47% year-on-year; net profit attributable to parent RMB 2.416 billion, +51.43% year-on-year; the company plans no cash dividend, no bonus shares, and no capital reserve conversion. Q2 revenue was approximately RMB 3.72 billion, approximately -24% year-on-year and approximately -37% quarter-on-quarter; Q2 net profit attributable to parent was approximately RMB 1.02 billion, approximately +13% year-on-year and approximately -27% quarter-on-quarter (Q2 weakened quarter-on-quarter, mainly due to a phased decline in mineral gold production and sales). H1 net profit attributable to parent of RMB 2.416 billion was basically in line with the preview midpoint of RMB 2.415 billion, and the preview has been fulfilled.

4.4 Key Points from the 2026-09-02 Earnings Briefing

The company stated that its all-in sustaining cost of gold has long been globally leading; in the current and next year, due to grade declines at Qinghai Dachaidan and Jilin Banmiaozi and rising labor and raw material costs, the cost per gram of gold is expected to increase somewhat compared with before; after the Osino (Namibia) project commences production next year (2027) and is consolidated, it will also bring upward cost pressure.

4.5 Share Repurchase Plan and Implementation Results (Fully Completed and Cancelled with Capital Reduction)

Trigger/proposal: Announced 2025-04-14, then Chairman Liu Qin proposed repurchasing part of the company's shares, with total repurchase funds of RMB 100–200 million, and the repurchased shares to be cancelled in accordance with law to reduce registered capital. Plan approved: reviewed and approved at the 12th meeting of the 9th Board of Directors on 2025-04-29 and at the 2025 Second Extraordinary General Meeting on 2025-05-15. Source of funds was own funds and a special repurchase loan, using centralized bidding, with a price cap of RMB 29.70/share, and a term of 12 months from the date of approval by the general meeting (Announcement 2025-015, Repurchase Report 2025-022). Price cap adjustment: due to the implementation of the 2025 annual equity distribution, the cap was adjusted from RMB 29.70/share to RMB 29.22/share, effective from the ex-rights and ex-dividend date of 2026-04-24 (Announcement 2026-020). Implementation results (Announcements 2026-024/2026-025, 2026-05-15 and 2026-05-22): first repurchase on 2025-06-23; implementation period 2025-06-23 to 2026-04-24; cumulative repurchase of 4,194,829 shares, accounting for 0.15% of total share capital at that time; highest transaction price RMB 29.68, lowest RMB 17.85, average transaction price approximately RMB 24.08; total transaction amount RMB 101,003,852.43 (approximately RMB 101 million, excluding transaction fees), reaching the lower limit of the plan and not exceeding the upper limit. Cancellation and share capital change: all repurchased shares have been cancelled, and total share capital changed from 2,776,722,265 shares to 2,772,527,436 shares.

4.6 Completion of Registered Capital Change Registration and Issuance of New Business License

Announced 2026-09-10 (No. 2026-050): completion of registered capital change registration and issuance of new business license; registered capital changed from RMB 2.777 billion to RMB 2.773 billion (Two Hundred Seventy-Seven Million, Two Hundred Fifty-Two Thousand, Seven Hundred and Thirty-Six Yuan), legal representative Bi Hongtao.

4.7 2025 Annual Profit Distribution and Shareholder Returns

2025 annual profit distribution proposal (Announcement 2026-011, Board of Directors 2026-03-05, announcement 2026-03-06). The company disclosed: completed profit distribution and share repurchase cancellation for 2025, achieving the highest dividend since listing, with cash dividends plus share repurchases totaling RMB 1.433 billion, accounting for 48.22% of annual net profit attributable to parent (source: 2026-09-02 earnings briefing transcript). The ex-rights and ex-dividend date for the 2025 annual equity distribution was 2026-04-24.

4.8 2025 Annual General Meeting and 2025 Fourth Extraordinary General Meeting

2025 Annual General Meeting: held 2026-03-26 (announcement of resolutions 2026-03-27). 2025 Fourth Extraordinary General Meeting: held 2025-12-25 (Announcement 2025-063, including proposals to reappoint the 2025 annual audit institution and 2026 external donations, etc.).

4.9 H-Share Issuance and Listing Progress

Started preliminary preparation for H-share listing in June 2025; submitted application to the Hong Kong Stock Exchange on 2025-09-24 for issuance of H shares and listing on the Main Board, and submitted filing application to the CSRC on 2025-09-26 (Announcement 2025-09-25). Re-submitted application to the Hong Kong Stock Exchange and published application materials on 2026-03-27 (Announcement 2026-014), and advanced CSRC filing on the same day. Proposed issuance size: not exceeding 15% of total share capital after this issuance (including greenshoe). Latest progress (as of retrieval): on 2026-08-07, the company's interactive platform stated that "the Hong Kong listing work is progressing normally and still requires approval, verification, or filing by regulatory authorities such as the CSRC and the Hong Kong Stock Exchange"; at the 2026-09-02 earnings briefing, the company stated it had completed domestic and overseas regulatory review, updated and submitted materials, and conducted investor roadshow presentations, and "is currently awaiting approval from the International Department of the CSRC." Uncertainty note: whether the H-share listing can pass filing/approval and ultimately be implemented is uncertain, and the timing of approval is undetermined.

4.10 Changes in Top Ten Tradable Shareholders (Reporting Period 2026-06-30)

Reporting period 2026-06-30, disclosed 2026-08-20: Shandong Gold Mining Co., Ltd. held 802.25 million shares, accounting for 31.79% of tradable shares (28.94% of total share capital, unchanged during the reporting period); Hong Kong Central Clearing (Northbound) 118.87 million shares, 4.71%, increased by approximately 9.1416 million shares; Wang Shui 3.29% (+7,500 shares); National Social Security Fund Portfolio 112 0.96% (-4.80 million shares); Yongying CSI Shanghai-Hong Kong-Shenzhen Gold Industry ETF 0.84% (-4.9566 million shares); National Social Security Fund Portfolio 106 0.79% (unchanged); Invesco Great Wall-China Life Traditional Insurance Portfolio 0.78% (new entry); Xu Xueren 0.76% (unchanged); Southern CSI Shenwan Non-ferrous Metals ETF 0.69% (-3.3739 million shares); China Life Dividend-Individual Dividend 005L product 0.66% (new entry). Note: Different platforms show different figures for "percentage of total share capital" and "percentage of tradable shares"; for example, Shandong Gold is shown in one place as 28.94% and in another as 28.89%, so the disclosure basis in periodic reports should prevail.

4.11 Personnel/Governance: Xu Jianxin Elected as Non-Independent Director

At the 2026 Second Extraordinary General Meeting on 2026-09-07 (Announcement 2026-047), Xu Jianxin was elected as a non-independent director of the 9th Board of Directors.

4.12 Trading Anomaly: Entry onto the Dragon-Tiger List/Trading Public Information

On 2026-01-21, due to the cumulative deviation of price increases over three consecutive trading days reaching 20%, it entered the Dragon-Tiger List/trading public information.

4.13 Operational/Resource and M&A-Related Announcement Clues

2025 exploration investment RMB 111.981 million (all capitalized); annual exploration added total resources of 16.62 tonnes of gold, 296.57 tonnes of silver, and 38,300 tonnes of lead-zinc. Completed the full acquisition of Yunnan Western Mining Co., Ltd., obtaining the Dagangba gold mine exploration right (35.6 square kilometers); controlling subsidiary Mangshi Huasheng Gold Mine Development Co., Ltd. obtained the Mengwen gold and polymetallic mine exploration right (20.38 square kilometers). The Osino (Namibia) gold mine project is steadily progressing and is expected to commence production in H1 2027, with annual mineral gold output of approximately 5 tonnes after reaching full capacity.

4.14 Latest Institutional Views (For Reference)

Pacific Securities 2026-09-04/09-06: Buy (maintained); China Post Securities 2026-09-01: Buy; Guosen Securities 2026-08-20: Overweight. There were 3 research reports in the past 3 months, 2 Buy and 1 Overweight. Multi-brokerage earnings forecasts (note these are institutional forecasts, not company disclosures): Soochow Securities 2026-08-26 expects 2026E revenue RMB 20.030 billion and net profit attributable to parent RMB 4.866 billion; Guosheng Securities 2026-08-21 expects 2026–2028 net profit attributable to parent RMB 4.40/6.52/7.24 billion; Pacific Securities expects Osino to commence production in 2027. These are single-institution bases, not multi-institution consensus values.

4.15 Uncertainty/Limitations Note

1) This summary is based on retrieved public announcements and reports, and the "current year-month" is inferred to be September 2026; it was not possible to open each original exchange announcement PDF for verification one by one, and most figures come from the electronic editions of the three major securities newspapers, Cninfo reprints, and F10 pages. The original announcements on Cninfo (cninfo) should be the final basis. 2) There is mixed use of company names: the same target is labeled "Shanjin International" and "Yintai Gold/Yintai Resources" on different platforms; these are the same 000975.SZ entity and should not be treated as different companies. 3) The 2026H1 results preview was "unaudited"; the official interim report (2026-08-20) net profit attributable to parent of RMB 2.416 billion was consistent with the preview midpoint and has been mutually corroborated; however, Q2 single-quarter data are mostly "back-calculated" values by media/research reports, not separately disclosed by the company. 4) The H-share issuance size (≤15% of total share capital after issuance, including greenshoe) and the timing of approval are uncertain; as of retrieval, it was "awaiting approval from the International Department of the CSRC." 5) The "percentage of total share capital/percentage of tradable shares" bases for shareholder stakes differ across platforms (e.g., Shandong Gold 28.89% vs 31.79%), and citations must specify the basis and reporting period (2026-06-30). 6) Capital flow data (e.g., main force net outflow of approximately RMB 18 million on 2026-09-09) comes from third-party (wlstock) statistics, is an estimated basis, and is for reference only.

V. Share Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

The research notes confirm that 000975.SZ is Shanjin International Gold Co., Ltd. (formerly Yintai Gold/Yintai Resources), a Shenzhen-listed gold and non-ferrous metals mining company. Regarding quotes, the price snapshots appearing in the notes are inconsistent with one another (RMB 25.39, RMB 25.98, RMB 27.60), and some pages contain values of unclear meaning such as "+0.18," making it impossible to determine whether they are prices for the same trading day; therefore, this section cannot provide a unified closing price and price change. Regarding technical indicators, the notes only provide links to technical analysis pages such as Investing.com and TradingView, without excerpting any specific values for RSI, MACD, moving averages, Bollinger Bands, or 52-week high/low, so quantitative technical judgment lacks a data basis. Regarding capital flows, the notes include capital flow data at multiple time points, including 2026-06-02, June 29, July 21, September 4, and a certain week (weekly gain 17.52%, main force net inflow RMB 344 million), but the time points are discontinuous, date labeling is incomplete, and the stock ownership corresponding to some turnover data (such as RMB 2.894 billion) is uncertain, so recent capital trends cannot be inferred from them. Overall, the data available for technical analysis have multiple gaps, and the key levels, scenario ranges, and volume thresholds in the outlook below need to be recalibrated after obtaining complete, uniformly dated quote and indicator data.

5.3 Short-Term Trend Outlook (Next Week, Scenario Projection, For Reference Only)

⚠️ Risk Warning: The following content is only a subjective scenario projection based on the limited data contained in the research notes and does not constitute any investment advice; technical indicator data in the notes are missing, the basis for range values is incomplete, please refer to it with caution.

① Key Technical Levels

② Next-Week Scenarios (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (subjective weight judgment: weight cannot be provided (insufficient data)): If the price fluctuates around the quote range of RMB 25.39~25.98 contained in the notes, and there is no new news or directional drive from the sector (gold/non-ferrous), it may remain range-bound. Trigger/confirmation conditions: turnover remains within the recent range shown in the notes (e.g., different trading day levels corresponding to RMB 90.119 million to RMB 1.768 billion), with no obvious volume-driven directional choice. The relative weight of this scenario is based on subjective judgment under the current state of insufficient information, not a statistical probability.
• Weaker downside (subjective weight judgment: weight cannot be provided (insufficient data)): If the price breaks below the lower quote appearing in the notes (RMB 25.39) and the gold/non-ferrous metals sector weakens in tandem, it may trend weaker downside. Headlines appearing in the notes such as "fell on heavy volume -7.07%" and "main force distributing" (source: Jiufang Zhitou) show that heavy-volume declines and main force net outflows have occurred historically (for example, main force net outflow of RMB 13.6012 million and a heavy-volume decline with turnover of RMB 1.768 billion), but the corresponding dates are unknown and cannot be directly used to infer next week's trend. Trigger/confirmation conditions: heavy-volume decline and continued main force net outflow. The weight of this scenario is subjective judgment, not a statistical probability.
• Rebound and strengthening (subjective weight judgment: weight cannot be provided (insufficient data)): If the gold/non-ferrous metals sector strengthens and is accompanied by a shift to main force net inflow (the notes have shown cases such as single-day main force net buying of RMB 134 million, single-week main force net inflow of RMB 344 million, and ETF net inflow of RMB 25.8182 million, but the dates are discontinuous), it may rebound and strengthen, testing upward toward the upper end of the quotes in the notes (RMB 25.98, RMB 27.60). Trigger/confirmation conditions: turnover significantly expands versus the recent average and main force funds continue to net inflow. The weight of this scenario is subjective judgment, not a statistical probability.

③ Capital and Liquidity Background

The research notes do not provide liquidity data such as turnover rate or recent daily turnover ranges. Regarding turnover, values such as RMB 90.119 million, RMB 1.768 billion, and RMB 2.894 billion appear in the notes, but they correspond to different trading days, date labeling is incomplete, and the stock corresponding to the RMB 2.894 billion item is uncertain, so normal liquidity levels cannot be characterized. Regarding shareholder structure, the notes only list links to third-party shareholder information pages (source: Zonebourse), without excerpting specific data such as the top ten shareholders, number of shareholders, or institutional (public funds/social security/QFII) holdings, so chip concentration and institutional participation cannot be judged; such data are usually disclosed quarterly and lag by more than one quarter, and the actual structure may have changed. Based on the available information, order book depth and impact costs cannot be assessed; please refer to the latest disclosed data.

The research notes do not provide the stock's recent normal turnover range, so volume confirmation thresholds cannot be calibrated; after obtaining continuous daily turnover data, a specific standard such as "a single-day turnover continuously expanding above RMB X million is regarded as a signal of capital involvement" can be set accordingly. This threshold cannot currently be provided.

④ Points to Watch (Observation Ideas Only, Not Trading Instructions)

• Watch the actual trading days and unified closing data corresponding to the quotes contained in the notes (RMB 25.39, RMB 25.98, RMB 27.60), in order to re-determine resistance and support ranges (observation idea, not trading instruction)
• Watch the trend of the gold and non-ferrous metals sector and continuous data on main force capital flows (capital flow data in the notes are discontinuous in time points; the latest series needs to be supplemented) (observation idea, not trading instruction)
• Watch changes in trading volume; after determining the normal turnover range, use the direction of volume expansion as an observation signal for capital entry or exit (observation idea, not trading instruction)
• Watch the latest disclosure of shareholder structure and institutional holdings (existing data are missing and lagging), in order to assess chip concentration and liquidity (observation idea, not trading instruction)

The above scenario projection is based on data contained in the research notes (including the 2026-09-11 announcement date, 2026-06-02 capital flow, 2026-09-04 ETF fund data, and undated quote prices, etc.) and historical prices and technical indicator calculations. Short-term stock prices will also be disturbed by multiple factors such as news, capital, and the broader market environment. Technical indicators themselves have lag and limitations, do not guarantee actual future trends, and do not constitute buy or sell advice. Please make independent judgments in light of the latest market information and bear investment risks yourself.

VI. Industry Landscape and Competitor Analysis

6.1 Industry Status

China's gold mining industry is highly concentrated and has entered a "resource + scale-driven" stage, with major enterprises mostly having state-owned/state-controlled backgrounds. China's gold mine output in 2024 was 377.24 tonnes; the top three accounted for 61.53% of output, the top five 81.08%, and the top ten 98.65%; China's gold reserves in 2024 were 2,279.57 tonnes, with Zijin Mining accounting for more than 60% of reserve share (Qianzhan Industry Research Institute, moomoo reprint 2026-04-27). Shanjin International belongs to the type with high-quality resources, relatively small output, but leading profitability quality/gross margin.

6.2 Competitive Landscape

• By output tier: in 2024, those with output >50 tonnes were Henan Yuguang Gold & Lead, Zijin Mining, and Shandong Gold; those with 10-50 tonnes were Hunan Gold, Sichuan Gold, China National Gold, Baiyin Nonferrous, and Chifeng Gold (Qianzhan Industry Research Institute).
• Shanjin International's mineral gold output in 2025 was 7.60 tonnes, significantly smaller than Zijin, Shandong Gold, China National Gold, and Chifeng Gold, but it wins through low cost, high grade, and high gross margin: its 2022 cost per gram of gold of RMB 167.54/gram was one of the lowest among peers (Huibo Intelligent Investment Research comparison); Shandong Gold's 2023 self-produced gold cost was RMB 230.38/gram; Chifeng Gold's 2025 AISC was RMB 372.63/gram.
• Resource endowment: as of end-2025, resources were 280.94 tonnes of gold (+1.3%), 8,021.29 tonnes of silver (+1.1%), 636,400 tonnes of lead (+4.7%), 1.2412 million tonnes of zinc (-2.4%), and 137,800 tonnes of copper (+8%) (Dongxing Securities 2026-03-09 citing the 2025 annual report); 2025 gold reserves were 149.48 tonnes (+9%), fourth nationwide (Huayuan Securities 2026-07-21).
• Growth projects: Osino Twin Hills is expected to commence production in H1 2027, with average annual output of approximately 5.04 tonnes after reaching full capacity; Huasheng gold mine is expected to resume production in 2026, with annual output of approximately 2-3 tonnes; the H-share application materials state that after all projects are implemented, annual gold output is expected to increase from 7.60 tonnes to 12.5 tonnes (+64%), and Dongxing Securities estimates it may exceed 18 tonnes by 2028. The above are all brokerage estimates/company H-share application material bases, not company performance commitments.
• Core risks: small output scale, mine service life and grade continuity; resource volume vs reserve volume bases cannot be mixed (280.94 tonnes is resource volume, 149.48 tonnes is reserve volume); Osino resource volume has two coexisting figures of 99.21 tonnes and 127.20 tonnes (also appearing in the same Guosen Securities article), and the annual report/prospectus should prevail.

6.3 Major Competitors

Shanjin International is clearly smaller than Zijin Mining, Shandong Gold, China National Gold, and Chifeng Gold in the output tier, but it wins through low cost, high grade, and high gross margin: its 2022 cost per gram of gold of RMB 167.54/gram was one of the lowest among peers, significantly lower than Shandong Gold's 2023 self-produced gold cost of RMB 230.38/gram and Chifeng Gold's 2025 AISC of RMB 372.63/gram; its 2025 mineral gold gross margin was 81.63% (+8.09pct). Its revenue and profit scale (2025 revenue RMB 17.1 billion, net profit attributable to parent RMB 2.97 billion, mineral gold output 7.60 tonnes) are significantly behind Zijin and Shandong Gold, but its profitability quality (gross margin/net margin) ranks among the top in the industry. The core risks are small output scale, mine service life, and grade continuity.

VII. Risk Warning

• Gold price fluctuation risk: The company's output gold is mainly priced with reference to the Shanghai Gold Exchange price, and it is a price-taker with no pricing power over gold selling prices; H1 2026 profit growth was already mainly driven by higher mineral product selling prices. If gold prices fall back, revenue, gross margin, and profit elasticity may narrow simultaneously.
• Output and grade decline risk: The company has disclosed grade declines at Qinghai Dachaidan and Jilin Banmiaozi in the current and next year; Q2 2026 revenue fell 24.43% year-on-year and 37.34% quarter-on-quarter, accompanied by a phased decline in mineral gold production and sales. If grade declines or production fluctuations continue, they may weaken the profit contribution of existing mines.
• Cost increase risk: The company expects rising labor and raw material costs to push the cost per gram of gold higher than before, and the consolidation of the Osino project after production may also bring upward cost pressure; if cost growth in energy, reagents, labor, and depreciation and amortization exceeds gold selling price growth, the current low-cost and high-gross-margin advantages may narrow.
• Project construction and production commencement below expectations risk: The Osino project is expected to commence production in H1 2027, with annual mineral gold output of approximately 5 tonnes after reaching full capacity; Huasheng gold mine is expected to resume production in 2026, and Dachaidan has capacity expansion plans. The above timetable and output are company application materials or institutional estimates. If delayed by construction, approval, operations, or overseas project execution factors, the company's output expansion and earnings forecasts may be below expectations.
• Resource continuity and reserve basis risk: At end-2025, the company's gold resources were 280.94 tonnes and reserves were 149.48 tonnes, and the two cannot be mixed; the Osino project resource materials also contain two coexisting figures of 99.21 tonnes and 127.20 tonnes. If subsequent exploration, feasibility studies, or reserve verification results are lower than existing materials, it may affect project value and long-term mine service life judgments.
• Overseas operations and approval risk: The Osino project is located in Namibia, and project production commencement and consolidation involve overseas construction, operations, and regulatory environments; at the same time, the company's H-share listing still requires approval, verification, or filing by regulatory authorities such as the CSRC and the Hong Kong Stock Exchange, and as of the available materials it is still awaiting approval from the International Department of the CSRC, so listing timing and implementation results are uncertain.
• Quarterly performance volatility risk: Q1 2026 net profit attributable to parent grew 100.89% year-on-year, while Q2 year-on-year growth fell to 13.39%, and Q2 net profit attributable to parent fell 26.63% quarter-on-quarter; if mineral gold production and sales, prices, or project progress continue to show quarterly fluctuations, full-year performance realization may be below market forecasts.
• Technical and market data incompleteness risk: Existing price snapshots are inconsistent among RMB 25.39, RMB 25.98, and RMB 27.60, turnover and capital flow data correspond to inconsistent dates, and indicators such as moving averages, RSI, MACD, Bollinger Bands, and 52-week high/low are missing, so short-term trends, support/resistance, or capital direction cannot be confirmed based on them.

VIII. Conclusion and Outlook

Shanjin International's fundamental characteristics are "relatively small output scale, outstanding resource grade and cost advantages." Rising gold prices can quickly translate into profit growth. In 2025, net profit attributable to parent was RMB 2.972 billion, up approximately 36.8%–37.0% year-on-year; in H1 2026, net profit attributable to parent further increased 51.43%, with gross margin rising to 42.53%. If gold prices remain at a relatively high level and production at existing mines remains stable, the company still has strong profit elasticity and cash generation capability.

Medium-term growth mainly depends on the construction, resumption, and capacity expansion progress of projects such as Osino, Huasheng gold mine, and Dachaidan. Institutional consensus forecasts show net profit attributable to parent for 2026–2028 of RMB 5.176 billion, RMB 7.223 billion, and RMB 8.669 billion, respectively, but recent consensus expectations have already been revised downward due to the H1 output decline. Forecast results are relatively sensitive to gold price assumptions, project production schedules, and the degree of capacity release.

Subsequent assessment should focus on mineral gold production and sales, cost per gram of gold, progress of projects under construction and resuming production, changes in gold prices, and H-share listing approval progress. The company has indicated that in the next two years, due to grade declines at Dachaidan and Banmiaozi and rising labor and raw material costs, the cost per gram of gold may rise, and Osino consolidation may also bring cost pressure; therefore, whether future performance can further transform from "price-driven" to "output-driven" is the key to whether its growth logic can continue to be realized.

Data Sources

• Shanjin International (000975.SZ) In-depth F9-PC_HSF9 Materials
• Shanjin International (sz000975)
• Shanjin International Listed Company Information - Shanjin International Listed Company Information
• Shanjin International: Announcement on Completion of Registration of Change of Company Registered Capital_Jiufang Zhitou
• Shanjin International Gold Co., Ltd.: Actionnaires Dirigeants et Profil Société | 000975 | CNE0000012L4 | Zonebourse - 3d8b629c448.Kpn0IWgOJzUsp4_3isEDMpfEEPclmlmaFMaioZLOlkg
• [Yintai Resources [000975] - Stocks issued by Yintai Resources Co., Ltd.](https://baike.baidu.com/item/%E9%93%B6%E6%B3%B0%E8%B5%84%E6%BA%90%5B000975%5D/19151855?noadapt=1#1)
• Shanjin International Gold Co., Ltd. : Top Fondos de inversión | 000975 | CNE0000012L4 | MarketScreener España
• Shanjin International Gold Co., Ltd.: Fonds d'Investissement et OPCVM en Position | 000975 | CNE0000012L4 | Zonebourse
• Yintai Gold Co., Ltd.: azionisti, dirigenti e profilo società | 000975 | CNE0000012L4 | MarketScreener - d9e497546d028e94bd618a1f5.WIuKyFiYqkgoXGV4egHvUOl-fusv8TtIkn63NjMWopE
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• Entry page_Baike_East Money
• Shanjin International (000975)_Company Profile_China Fortune Network
• Yintai Gold (000975) Company Profile-Quote Center-Hexun
• Yintai Gold
• Yintai Gold-Yintai Official Website
• Yintai Gold Co., Ltd.
• Listed Company
• Yintai Gold Co., Ltd. - 2023
• Yintai Gold (000975): Low Cost, High Profitability, Entering a New Journey of Development
• Shanjin International (000975): Rising Gold Prices + Cost Optimization, 2025 Net Profit Attributable to Parent Up 37% Year-on-Year
• Shanjin International (000975): Rising Gold Prices Boost Profit, Bullish on Company Growth
• Shanjin International (000975): Resource Endowment Builds Cost Advantage, Incremental Projects Drive Growth Realization_Jiufang Zhitou
• Shanjin International (000975): Multi-metal Reserves Continue to Rise, Cost Advantage Transforms into Profit Advantage - Shanjin International (000975): Multi-metal Reserves Continue to Rise, Cost Advantage Transforms into Profit Advantage