灵宝黄金发布2026年中期业绩，净利润同比增约50%但不派中期息

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong
Limited take no responsibility for the contents of this announcement, make no
representation as to its accuracy or completeness and expressly disclaim any liability
whatsoever for any loss howsoever arising from or in reliance upon the whole or any part
of the contents of this announcement.

Lingbao Gold Group Company Ltd.
靈寶黃金集團股份有限公司
(A joint stock limited company incorporated in the People’s Republic of China with limited liability)

(Stock Code: 3330)

ANNOUNCEMENT OF INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2026
The board (the “Board”) of directors (the “Directors”) of Lingbao Gold Group Company
Ltd. (the “Company”) is pleased to announce the unaudited interim results of the
Company and its subsidiaries (collectively referred to as the “Group”, “we” or “our”) for
the six months ended 30 June 2026 (the “Current Period”). The interim financial results
have been reviewed by the Company’s audit committee (the “Audit Committee”). In
addition, the Group’s external auditor has reviewed the interim financial report in
accordance with the Hong Kong Standard on Review Engagements 2410 “Review of
Interim Financial Information Performed by the Independent Auditor of the Entity”
issued by Hong Kong Institute of Certified Public Accountants (the “HKICPA”).

–1–

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
for the six months ended 30 June 2026 — unaudited
(Expressed in Renminbi Yuan)

Note
Revenue
Cost of sales

4

Gross profit
Other revenue
Other net losses
Selling and distribution expenses
Administrative expenses and other operating
expenses

5(b)

Six months
Six months
ended
ended
30 June 2026 30 June 2025
RMB’000
RMB’000
（Unaudited) （Unaudited)
7,988,239
(6,107,984)

7,792,736
(6,654,557)

1,880,255
54,334
(224,876)
(9,666)

1,138,179
41,912
(1,626)
(5,655)

(271,761)

(224,825)
947,985
(68,046)

Profit from operations
Finance costs

5(a)

1,428,286
(95,772)

Profit before taxation
Income tax

5
6

1,332,514
(325,051)

879,939
(209,898)

1,007,463

670,041

972,414
35,049

663,969
6,072

1,007,463

670,041

72.72

52.33

Profit for the period
Attributable to:
Equity shareholders of the Company
Non-controlling interests
Profit for the period
Basic and diluted earnings per share (RMB cents)

–2–

7

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
for the six months ended 30 June 2026 — unaudited
(Expressed in Renminbi Yuan)
Six months
Six months
ended
ended
30 June 2026 30 June 2025
RMB’000
RMB’000
（Unaudited) （Unaudited)
Profit for the period

1,007,463

670,041

61,181

985

54,493

2,544

Other comprehensive income for the period

115,674

3,529

Total comprehensive income for the period

1,123,137

673,570

Attributable to:
Equity shareholders of the Company
Non-controlling interests

1,082,682
40,455

666,725
6,845

Total comprehensive income for the period

1,123,137

673,570

Other comprehensive income for the period
(after tax and reclassification adjustments)
Item that may be reclassified subsequently to profit
or loss:
Exchange differences on translation of
financial statements of overseas subsidiaries
Items that will not be reclassified subsequently
to profit or loss:
Changes in fair value in equity instruments at fair
value through other comprehensive income
(“FVOCI”)

–3–

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at 30 June 2026 — unaudited
(Expressed in Renminbi Yuan)

Note
Non-current assets
Property, plant and equipment
Construction in progress
Intangible assets
Goodwill
Right-of-use assets
Financial assets at fair value through profit or loss
(“FVTPL”)
Financial assets at FVOCI
Non-current prepayments
Deferred tax assets

At
At
30 June 31 December
2026
2025
RMB’000
RMB’000
(Unaudited)
(Audited)

3,154,348
1,316,369
4,998,971
5,498
185,825

2,333,228
971,832
1,119,638
4,717
189,499

14,701
184,103
180,091
287,088

9,785
129,610
151,210
322,291

10,326,994

5,231,810

2,974,251
1,187,549
427,970
837,955
1,277,875

2,469,797
989,302
183,414
1,140,402
819,357

6,705,600

5,602,272

2,565,058
—
1,515,458
139,098
3,486
—
46,729

2,425,633
990,281
1,062,708
105,388
4,037
137,070
92,400

4,269,829

4,817,517

Net current assets

2,435,771

784,755

Total assets less current liabilities

12,762,765

6,016,565

Current assets
Inventories
Trade and other receivables
Financial assets at FVTPL
Restricted cash
Cash and cash equivalents

8
8
9

10
11
12
12

Current liabilities
Bank and other borrowings
Convertible bonds
Trade and other payables
Contract liabilities
Lease liabilities
Financial liabilities at FVTPL
Current tax payable

13
14
15
15

–4–

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(CONTINUED)
at 30 June 2026 — unaudited
(Expressed in Renminbi Yuan)

Note
Non-current liabilities
Bank borrowings
Other payables
Lease liabilities
Deferred tax liabilities

At
At
30 June 31 December
2026
2025
RMB’000
RMB’000
（Unaudited)
(Audited)

1,413,300
733,462
3,095
1,076,315

790,700
543,476
5,118
10,227

3,226,172

1,349,521

9,536,593

4,667,044

275,896
(26,879)
7,586,630

257,395
—
4,621,215

Total equity attributable to equity shareholders of
the Company
Non-controlling interests

7,835,647
1,700,946

4,878,610
(211,566)

TOTAL EQUITY

9,536,593

4,667,044

13
15

NET ASSETS
CAPITAL AND RESERVES
Share capital
Treasury shares
Reserves

16

–5–

NOTES TO THE CONDENSED INTERIM FINANCIAL REPORT
(Expressed in Renminbi Yuan unless otherwise indicated)
1

BASIS OF PREPARATION
This interim financial report has been prepared in accordance with the applicable disclosure
provisions of The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong
Limited (the “Listing Rules”) and Hong Kong Accounting Standard 34, Interim Financial Reporting,
(“HKAS 34”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”).
HKAS 34 is consistent with International Accounting Standard 34, Interim Financial Reporting,
(“IAS 34”) issued by the International Accounting Standards Board (“IASB”) and accordingly this
interim financial report is also prepared in accordance with IAS 34. It was authorised for issue on
26 August 2026.
The interim financial report has been prepared in accordance with the same accounting policies
adopted in the 2025 annual financial statements, except for the accounting policy changes that are
expected to be reflected in the 2026 annual financial statements. Details of any changes in accounting
policies are set out in note 2.
The interim financial report has been prepared on a historical cost basis. The interim financial report
is prepared on a going concern basis, as the Directors are satisfied that the Group has the ability to
continue as a going concern. In making this assessment, the Directors have assessed the potential cash
generation, the liquidity of the Group and existing funding available to the Group. On the basis of
these assessments, the Directors determined the use of the going concern basis of accounting to
prepare the interim financial report is appropriate.
The preparation of an interim financial report in conformity with HKAS 34 and IAS 34 requires
management to make judgements, estimates and assumptions that affect the application of policies
and reported amounts of assets and liabilities, income and expenses on a year-to-date basis. Actual
results may differ from these estimates.
The interim financial report contains condensed consolidated financial statements and selected
explanatory notes. The notes include an explanation of events and transactions that are significant to
an understanding of the changes in financial position and performance of the Company and its
subsidiaries (together “the Group”) since the 2025 annual financial statements. The condensed
consolidated interim financial statements and notes thereon do not include all of the information
required for a full set of financial statements prepared in accordance with HKFRS Accounting
Standards or IFRS Accounting Standards.

2

CHANGES IN ACCOUNTING POLICIES
The HKICPA and IASB have issued the following amendments that are first effective for the current
accounting period of the Group. Of these, the following developments are relevant to the Group’s
financial statements:
Amendments to HKFRS/IFRS
9 and HKFRS/IFRS 7
Amendments to HKFRS/IFRS
9 and HKFRS/IFRS 7

Amendments to the Classification and Measurement of
Financial Instruments
Contracts Referencing Nature-dependent Electricity

These amendments do not have material effect on the Group’s results and financial position for the
current interim period or prior accounting period. The Group has not applied any new standard or
interpretation that is not yet effective for the current accounting period.

–6–

3

SEGMENT REPORTING
The Group manages its businesses by divisions, which are organised by a mixture of business lines
(production processes, products and services) and geographical locations. In a manner consistent with
the way in which information is reported internally to the Group’s most senior executive management
for the purposes of resource allocation and performance assessment, the Group has identified five
reportable segments for the six months ended 30 June 2026 (2025: four reportable segments).
Operating segments with similar nature of the production process, products and services have been
aggregated to form the following reportable segments.
Mining — PRC
Mining — KR
Mining — PNG
Smelting
Retailing
(a)

Gold mining and mineral ores processing operations in the People’s
Republic of China (“PRC”)
Gold mining and mineral ores processing operations in the Kyrgyz
Republic (“KR”)
Gold mining and mineral ores processing operations in the Papua
New Guinea (“PNG”)
Gold and other metal smelting and refinery operations carried out
in the PRC
Gold and other jewellery retailing operations in the PRC

Segment results, assets and liabilities
Information regarding the Group’s reportable segments as provided to the Group’s most senior
executive management for the purposes of resource allocation and assessment of segment
performance for the periods is set out below.
Mining — PRC
2026
2025
RMB’000
RMB’000

Mining — KR
2026
2025
RMB’000
RMB’000

Revenue from external
customers
Inter-segment revenue
Sales taxes and levies

312,161
1,818,929
(95,803)

71,724
1,618,384
(75,292)

39,723
267,364
(104,467)

293,496
(103,113)

Reportable segment revenue

2,035,287

1,614,816

202,620

Reportable segment profit

1,210,760

949,664

—
—

As at 30 June/31 December
Reportable segment assets

Reportable segment liabilities

For the six months ended
30 June

Reversal/(provision) of
impairment on:
— Other receivables
— Inventories

Mining — PNG
2026
2025
RMB’000
RMB’000

—

411,194
—

Smelting
2026
2025
RMB’000
RMB’000

Retailing
2026
2025
RMB’000
RMB’000

Total
2026
2025
RMB’000
RMB’000

(10,205)

N/A
N/A
N/A

7,399,429
64,212
(78)

7,893,667
66,769
(144)

36,454
61
(169)

6,053
1,531
(159)

8,198,961
2,150,566
(210,722)

7,971,444
1,980,180
(178,708)

190,383

400,989

N/A

7,463,563

7,960,292

36,346

7,425

10,138,805

9,772,916

83,341

62,467

93,235

N/A

218,566

47,379

789

283

1,606,691

1,059,793

—
—

—
—

—
—

—
—

N/A
N/A

4,000
(532)

—
(1,053)

—
—

—
—

4,000
(532)

(1,053)

8,236,315

7,090,156

824,807

757,752

1,990,890

N/A

7,918,130

4,880,635

30,142

15,937

19,000,284

12,744,480

2,175,477

2,081,395

1,718,543

1,731,714

684,640

N/A

6,194,074

4,274,246

17,145

4,176

10,789,879

8,091,531

–7–

—

3

SEGMENT REPORTING (Continued)
(b)

Reconciliations of reportable segment revenues, profit or loss
Six months
ended
30 June 2026
RMB’000
(Unaudited)

Six months
ended
30 June 2025
RMB’000
(Unaudited)

Revenue
Reportable segment revenue
Elimination of inter-segment revenue

10,138,805
(2,150,566)

9,772,916
(1,980,180)

Consolidated revenue

7,988,239

7,792,736

Profit or loss
Reportable segment profit
Realisation/(elimination) of inter-segment profit

1,606,691
153,374

1,059,793
(6,148)

Reportable segment profit derived
from the Group’s external customers
Other net loss
Finance costs
Unallocated head office and corporate expenses

1,760,065
(224,876)
(95,772)
(106,903)

1,053,645
(1,626)
(68,046)
(104,034)

Consolidated profit before taxation
Income tax

1,332,514
(325,051)

879,939
(209,898)

Profit for the period

1,007,463

670,041

–8–

4

REVENUE
The principal activities of the Group are mining, processing, smelting and sales of gold and other
metallic products in the PRC.
Revenue represents the sales value of goods sold to customers, net of sales tax and value added tax.
Disaggregation of Revenue
Disaggregation of revenue from contracts with customers by major products lines is as follows:

Revenue from contracts with customers within the scope of HKFRS/IFRS 15
Six months
ended
30 June 2026
RMB’000
(Unaudited)

Six months
ended
30 June 2025
RMB’000
(Unaudited)

— Sales of gold
— Sales of other metals
— Sales of jewellery
— Others

7,943,639
200,773
36,448
18,101

7,862,157
101,258
5,613
2,416

Total revenue
Less: Sales taxes and levies

8,198,961
(210,722)

7,971,444
(178,708)

7,988,239

7,792,736

All revenue was recognised at a point in time under HKFRS/IFRS 15.

–9–

5

PROFIT BEFORE TAXATION
Profit before taxation is arrived at after charging/(crediting):

(a) Finance costs:
Interest expenses on bank loans
Interest expenses on lease liabilities
Imputed interest expenses on convertible bonds (note 14)
Other borrowing costs

(b) Other net losses/(gains):
Loss on changes in fair value of conversion rights from
convertible bonds (note 14)
Gain on changes in fair value of early redemption rights from
convertible bonds (note 14)
Net gain on changes in fair value of other financial
instruments at FVTPL
Net foreign exchange loss
Reversal of impairment of other receivables
Loss on disposal of property, plant and equipment
Donations
Penalties and compensation paid
Others

(c) Other items:
Depreciation of right-of-use assets
Amortisation of intangible assets
Depreciation of property, plant and equipment
Government grants
Write-down of inventories (note 10)
Bank interest income

– 10 –

Six months
ended
30 June 2026
RMB’000
(Unaudited)

Six months
ended
30 June 2025
RMB’000
(Unaudited)

32,548
180
22,114
40,930

27,851
620
—
39,575

95,772

68,046

258,916

—

(9,500)

—

(126,585)
66,768
(4,000)
56
4,329
11,328
23,564

(36,003)
8,413
—
3,922
4,605
3,984
16,705

224,876

1,626

4,876
49,247
158,016
(8,108)
532
(8,081)

4,565
46,584
153,368
(5,367)
1,053
(9,102)

6

INCOME TAX IN THE CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
Taxation in the condensed consolidated statement of profit or loss represents:

7

Six months
ended
30 June 2026
RMB’000
(Unaudited)

Six months
ended
30 June 2025
RMB’000
(Unaudited)

Current tax
Provision for the period
Under provision in respect of prior years

278,211
1,310

195,173
14,991

Deferred taxation

279,521
45,530

210,164
(266)

325,051

209,898

(a)

Under the Corporate Income Tax Law of the PRC, which was passed by the Fifth Plenary Session
of the Tenth National People’s Congress, effective from 1 January 2008, the Company and its
PRC subsidiaries are subject to income tax at the statutory rate of 25%, unless otherwise
specified.

(b)

Hong Kong profits tax rate in 2026 is 16.5% (2025: 16.5%). No provision for Hong Kong profits
tax is made as the subsidiary located in Hong Kong still has accumulated tax losses.

(c)

Kyrgyzstan corporate income tax rate in 2026 is 0% (2025: 0%).

(d)

Papua New Guinea corporate income tax rate in 2026 is 30%.

EARNINGS PER SHARE
(a)

Basic earnings per share
The calculation of basic earnings per share for the six-month period ended 30 June 2026 is based
on the earnings attributable to equity shareholders of the Company of RMB972,414,000
(six-month period ended 30 June 2025: RMB663,969,000) and weighted average number of
1,337,288,937 ordinary shares in issue during the six-month period ended 30 June 2026
(six-month period ended 30 June 2025: 1,268,710,862 ordinary shares).

– 11 –

7

EARNINGS PER SHARE (Continued)
(b)

Diluted earnings per share
During the six months period ended 30 June 2026, there were certain granted but unvested
restricted share whose vesting is contingent upon the satisfaction of specified future performance
conditions. As at the end of the reporting period, these performance conditions had not been
met and, based on available information, there remained significant uncertainty regarding their
achievement after the reporting period. Consequently, these shares were not considered dilutive
potential ordinary shares for the current period. Accordingly, they were excluded from the
calculation of diluted earnings per share for the period.
Because the diluted earnings per share amount is increased when taking convertible bonds into
account, the convertible bonds had an anti-dilutive effect on the basic earnings per share for the
period and were ignored in the calculation of diluted earnings per share. Therefore, the diluted
earnings per share amounts are based on the profit for the period and the profit attributable to
equity shareholders of the Company of RMB972,414,000, and the weighted average number of
ordinary shares of 1,337,288,937 outstanding during the period.

8

PROPERTY, PLANT AND EQUIPMENT AND CONSTRUCTION IN PROGRESS
Acquisitions and disposals of owned assets
During the six months ended 30 June 2026, acquisitions of property, plant and equipment and
additions of construction in progress of the Group amounted to approximately RMB217,213,000 and
RMB380,668,000, respectively (six months ended 30 June 2025: RMB19,939,000 and
RMB309,987,000, respectively). Items of property, plant and equipment with an aggregate net book
value of approximately RMB10,586,000 was disposed of during the six months ended 30 June 2026
(six months ended 30 June 2025: RMB4,791,000), resulting in a loss on disposal of RMB56,000 (six
months ended 30 June 2025: resulting in a loss on disposal of RMB3,922,000).
During the six months ended 30 June 2026, property, plant and equipment amounting to
RMB738,915,000 (six months ended 30 June 2025: Nil) was acquired through acquisition of
subsidiaries.

9

INTANGIBLE ASSETS
Acquisitions and disposals
During the six months ended 30 June 2026, additions of exploration and evaluation assets and mining
rights made by the Group amounted to approximately RMB47,271,000 and RMB11,600,000,
respectively (six months ended 30 June 2025: RMB25,863,000 and RMB157,297,000, respectively).
There is no disposal of intangible assets during the six months ended 30 June 2026 (six months ended
30 June 2025: Nil).
During the six months ended 30 June 2026, exploration and evaluation assets and mining rights
amounting to RMB423,606,000 and RMB3,404,345,000, respectively (six months ended 30 June 2025:
Nil) were acquired through acquisition of subsidiaries.

– 12 –

10

INVENTORIES

Gold ores
Gold concentrate and compound gold
Gold bullion
By-products
Spare parts and consumables

At
30 June
2026
RMB’000
(Unaudited)

At
31 December
2025
RMB’000
(Audited)

176,708
1,667,488
640,500
23,942
465,613

164,295
1,660,736
516,729
21,773
106,264

2,974,251

2,469,797

The analysis of the amount of inventories recognised as an expense and included in profit and loss is
as follows:

Carrying amount of inventories sold
Write-down of inventories

– 13 –

Six months
ended
30 June 2026
RMB’000
(Unaudited)

Six months
ended
30 June 2025
RMB’000
(Unaudited)

6,107,452
532

6,653,504
1,053

6,107,984

6,654,557

11

TRADE AND OTHER RECEIVABLES
As of the end of the reporting period, the ageing analysis of trade debtors and bills receivable (which
are included in trade and other receivables), based on the invoice date and net of loss allowance, is as
follows:
At
30 June
2026
RMB’000
(Unaudited)

At
31 December
2025
RMB’000
(Audited)

456,541
19,193

144,670
6,950

475,734

151,620

71,479
3,359

66,250
2,464

74,838

68,714

Financial assets measured at amortised cost

550,572

220,334

Purchase deposits
Less: Allowance for non-recoverability

752,552
(701,932)

761,572
(701,932)

50,620

59,640

586,357

709,328

1,187,549

989,302

Note

Within three months
Over three months but within one year
Trade debtors and bills receivable, net of loss allowance
Other receivables, net of loss allowance
Amounts due from related parties

Prepayments

(a)

(a)

For sales of gold and jewellery, the Group requests customers to pay cash in full immediately
upon the delivery. For sales of other metallic products, trade and bills receivables are due within
30 days to 180 days from the date of billing.

– 14 –

12

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

Cash at bank and in hand
Restricted cash can be analysed as follows
— Pledged deposits for letter of credit
— Pledged deposits for issuance of bank acceptance bills (note)
— Guarantee deposits for environment governance
— Guarantee deposits for gold, silver and copper futures
— Others

At
30 June
2026
RMB’000
(Unaudited)

At
31 December
2025
RMB’000
(Audited)

1,277,875

819,357

621,697
—
44,383
171,875
—

250,000
450,000
33,269
398,796
8,337

837,955

1,140,402

Note:
Certain guarantee deposits were pledged to secure the bank facilities lines for the Group to endorse
bank acceptance bills for settlement of trade payables.
The bank acceptance bills secured by pledged deposits were included in the category of secured bank
borrowings as disclosed in Note 13.

– 15 –

13

BANK AND OTHER BORROWINGS
The analysis of the carrying amount of bank borrowings is as follows:

Short-term bank and other borrowings:
— Bank and other borrowings
— Add: Current portion of long-term bank and other borrowings

Long-term bank and other borrowings:
— Bank and other borrowings
— Less: Current portion of long-term bank and other borrowings

At
30 June
2026
RMB’000
(Unaudited)

At
31 December
2025
RMB’000
(Audited)

2,012,558
552,500

2,058,583
367,050

2,565,058

2,425,633

1,965,800
(552,500)

1,157,750
(367,050)

1,413,300

790,700

3,978,358

3,216,333

At 30 June 2026 and 31 December 2025, the bank and other borrowings were repayable as follows:

Within one year or on demand
Over one year but within two years

– 16 –

At
30 June
2026
RMB’000
(Unaudited)

At
31 December
2025
RMB’000
(Audited)

2,565,058
1,413,300

2,425,633
790,700

3,978,358

3,216,333

13

BANK AND OTHER BORROWINGS (Continued)
At 30 June 2026 and 31 December 2025, the bank and other borrowings were secured as follows:

Bank and other borrowings
— Secured
— Unsecured

14

At
30 June
2026
RMB’000
(Unaudited)

At
31 December
2025
RMB’000
(Audited)

1,965,000
2,013,358

700,000
2,516,333

3,978,358

3,216,333

CONVERTIBLE BONDS
On 1 December 2025, the Company issued zero coupon convertible bonds with a nominal value of
HK$1,166,000,000. The convertible bonds had a original maturity date on or around 29 November
2026. The Company used the net proceeds for mergers and acquisition opportunities for overseas high
quality gold mining assets, replenishing the Company’s working capital and refinancing existing
indebtedness.
The bonds were convertible at the option of the bond-holders into ordinary H shares of the
Company of a nominal value of RMB0.20 each at an initial conversion price of HK$17.83 per H
share (subject to the adjustments in accordance with the terms of the convertible bonds) at any time
during the period commencing from the date of issue of the convertible bonds (i.e. 1 December 2025)
up to the date falling 10 days prior to the maturity date. Any convertible bonds not converted will be
redeemed at 101.51% of its outstanding principal amount on the maturity date (i.e. 29 November
2026).
The Company had the right to redeem, under specified situations as elaborated in the terms of the
convertible bonds, all but not some only of the convertible bonds at their “Early Redemption
Amount”, which was an amount calculated with reference to the principal amount of the relevant
convertible bonds generally representing for the bondholders a gross yield of 1.51% per annum.
The convertible bonds that contain liability, redemption option and conversion option components
were classified separately into their respective items on initial recognition. The fair value of various
components are determined based on the valuation conducted by Jones Lang LaSalle (“JLL”) at the
Completion date (i.e. 1 December 2025). The fair value of the convertible bonds as a whole of
HK$1,098,946,000 (equivalent to RMB1,059,626,000) is determined by using the Binomial Option
Pricing Model. The fair value of the liability component of the convertible bonds is calculated using
cash flows discounted at a rate based on an equivalent market interest rate for equivalent
non-convertible bonds. The fair value of the redemption option is determined by the difference
between the fair value of equivalent convertible bonds with redemption option and without
redemption option.
The effective interest rate of the liability component on initial recognition and the subsequent
recognition of interest expense on the convertible bonds was calculated using effective interest rate of
9.72% per annum.

– 17 –

14

CONVERTIBLE BONDS (Continued)
On 3 March 2026, the Company issued a notice to redeem all the outstanding convertible bonds at
the Early Redemption Amount of HK$1,005,035.49 for each HK$1,000,000 principal amount, with
redemption scheduled to take place on 2 April 2026. However, prior to the scheduled redemption
date, all of the convertible bonds were converted by the bond-holders into H shares from 3 February
2026 to 19 March 2026. Up to 19 March 2026, convertible bonds with nominal value of
HK$1,166,000,000 were converted to 65,395,378 H shares. Consequently, no redemption payment was
made.
The fair value of the redemption and conversion option at each of the conversion date are
determined based on the valuation conducted by JLL using the Binomial Option Pricing Model.
The movements of the convertible bonds and its derivative components during the year are set out
below:

Convertible
bonds
RMB’000

Early
Redemption
rights
RMB’000

Conversion
rights
RMB’000

Total
RMB’000

As at 1 December 2025, initial recognition
Direct transaction costs
Effective imputed interest
Changes in fair value

992,572
(12,258)
9,967
—

(3,261)
40
—

70,315
(868)
—

733

12,558

1,059,626
(13,086)
9,967
13,291

As at 31 December 2025 (Audited)

990,281

(2,488)

82,005

1,069,798

Effective imputed interest
Exchange difference
Changes in fair value
Conversion of convertible bonds

22,114
(3,221)
—

—
—

—
—

(1,009,174)

(9,500)
11,988

258,916
(340,921)

22,114
(3,221)
249,416
(1,338,107)

As at 30 June 2026 (Unaudited)

—

—

—

—

The major inputs for the valuation of the fair value of the redemption option derivative component
of the convertible bonds as at issue date, as at 31 December 2025 and as at the conversion dates are
as follows:

At Conversion dates

Adjusted share price (HKD)
Conversion price (HKD)
Risk-free rate
Volatility

19.07 to 24.55
17.83
2.10% to 2.29%
40.03% to 41.31%

– 18 –

At
31 December
2025
(Audited)

At issue date
1 December
2025
(Audited)

17.91
17.83
2.33%
40.04%

16.66
17.83
2.43%
40.03%

15

TRADE AND OTHER PAYABLES AND FINANCIAL LIABILITIES AT FVTPL
As of the end of the reporting period, the ageing analysis of trade creditors, based on the invoice
date, is as follows:
At
30 June
2026
RMB’000
(Unaudited)

At
31 December
2025
RMB’000
(Audited)

Current trade and other payables
Within 3 months
Over 3 months but within 6 months
Over 6 months but within 1 year
Over 1 year but within 2 years
Over 2 years

810,536
59,865
12,035
5,596
32,075

550,282
20,049
10,009
18,013
19,712

Total trade creditors
Other payables and accruals

920,107
482,067

618,065
341,688

1,402,174

959,753

1,956
61,547
10,867
112
4,293

1,696
62,547
10,339
—
—

34,509

28,373

1,515,458

1,062,708

—
—

55,065
82,005

—

137,070

225,381
78,613
429,468

307,014
122,963
113,499

733,462

543,476

Notes

Total
Interest payables
Payable for mining rights
Deferred income
Amount due to a related party
Decommissioning costs
Dividends payable to shareholders of
the Company, net of withholding tax

(b)
(c)

Financial liabilities at FVTPL
Gold, silver and copper future and forward contracts
Conversion rights of convertible bonds

Non-current other payables
Payable for long-term assets
Deferred income
Decommissioning costs

(a)
(b)
(c)

– 19 –

15

TRADE AND OTHER PAYABLES AND FINANCIAL LIABILITIES AT FVTPL (Continued)

Notes:

16

(a)

Payable for long-term assets represents non-current payables in respect of procurement of property,
plant and equipment, construction in progress and mining right which the liabilities are due to
be settled beyond twelve months after the reporting period.

(b)

Deferred income represents grants received from the government for the exploration of mines and
construction of mining related assets. When certain conditions are met, the government grants
are recognised as income over the periods necessarily to match them with the related costs of
assets constructed which they are intended to compensate over the periods and in the proportion
in which depreciation on those assets is charged.

(c)

The decommissioning costs relate to reclamation and closure costs relating to the Group’s mine
operations. The decommissioning costs are calculated as the net present value of estimated
future net cash flows of the reclamation and closure costs, discounted at 2.2% to 4.9% (2025:
4.9%), which amounted to RMB433,761,000 (as at 31 December 2025: RMB113,499,000) in total
as at 30 June 2026.

CAPITAL AND RESERVE
(a)

Share capital
Number of
Number of
domestic shares
H shares
of RMB0.20 each of RMB0.20 each

Registered, issued and fully paid:
As at 1 January 2025

Total number
of shares

Amounts
RMB’000

566,975,091

676,500,964

1,243,476,055

248,695

Conversion of domestic share to H shares (Note (i))
Subscription and issuance of H shares on 18 March 2025
(Note (ii))

(385,578,033)

385,578,033

—

—

—

43,500,000

43,500,000

8,700

As at 31 December 2025 (Audited)

181,397,058

1,105,578,997

1,286,976,055

257,395

—

65,395,378

65,395,378

13,079

—

29,816,000

29,816,000

5,964

—

(1,809,700)

(1,809,700)

(362)

—

(898,000)

(898,000)

(180)

181,397,058

1,198,082,675

1,379,479,733

275,896

Conversion of convertible bonds (Note 14)
Subscription and issuance of H shares on 22 April 2026
(Note (iii))
Cancellation of repurchased shares on 15 June 2026
(Note (iv))
Cancellation of repurchased shares on 26 June 2026
(Note (iv))
As at 30 June 2026 (Unaudited)

All Domestic shares and H shares are ordinary shares and rank pari-passu with the same rights
and benefits.

– 20 –

16

CAPITAL AND RESERVE (Continued)
(a)

Share capital (Continued)
(i)

On 23 January 2025, the conversion of an aggregate of 385,578,033 Domestic Shares of the
Company into 385,578,033 H Shares has been completed.

(ii)

Pursuant to a placing agreement entered into on 10 March 2025, 43,500,000 H Shares were
issued at the price of HKD5.38 per H Share. Gross proceeds and net proceeds from the
subscription amounted to approximately HKD234,030,000 (or RMB216,573,000 equivalent)
and HKD228,790,000 (or RMB211,724,000 equivalent), respectively. The placement of
share was completed on 18 March 2025.

(iii) Pursuant to a placing agreement entered into on 14 April 2026, 29,816,000 H Shares were
issued at the price of HKD26.16 per H Share. Gross proceeds and net proceeds from the
subscription amounted to approximately HKD779,987,000 (or RMB683,759,000 equivalent)
and HKD770,744,000 (or RMB667,057,000 equivalent), respectively. The placement of
share was completed on 22 April 2026.
(iv) The Company repurchased 4,542,600 of its shares on The Stock Exchange of Hong Kong
Limited (the “Hong Kong Stock Exchange”) at a total consideration of HKD76,550,000
(equivalent to RMB66,544,000). 2,707,700 repurchased shares were cancelled during the
period and the total amount paid for the repurchase of the cancelled shares of
HKD45,629,000 (equivalent to RMB39,665,000) has been charged to reduction of share
capital and share premium of RMB542,000 and RMB39,123,000, respectively, of the
Company. As at 30 June 2026, the Group had 1,834,900 repurchased shares (as at 31
December 2025: Nil) amounting to RMB26,879,000 (as at 31 December 2025: Nil)
classified as treasury shares, of which 1,538,400 were held for the share option scheme and
for raising capital in the future and remaining 296,500 were held for cancellation.
(b)

Dividends

(i)

Dividends payable to equity shareholders attributable to the interim period
The Directors of the Company do not recommend the payment of an interim dividend for
the six months ended 30 June 2026 (six months ended 30 June 2025: an interim dividend of
RMB0.164 per share was declared).

(ii)

Dividends payable to equity shareholders attributable to the previous financial year, approved
during the interim period
A dividend in respect of the year ended 31 December 2025 of RMB0.05 (year ended 31
December 2024: RMB0.08) per share, amounted to approximately RMB68,984,000 (year
ended 31 December 2024: RMB102,958,000) has been approved by the board of directors
on 26 March 2026. The dividend was approved at the annual general meeting of the
Company held on 19 May 2026. The relevant dividend amount of approximately
RMB62,848,000 (six months ended 30 June 2025: Nil) has been paid prior to the reporting
date and remaining dividend payable amount of RMB6,136,000 (as at 30 June 2025:
RMB102,958,000) is recognised as a liability to the condensed consolidated statement of
financial position as at 30 June 2026.

– 21 –

MANAGEMENT DISCUSSION AND ANALYSIS
REVIEW OF BUSINESS AND PROSPECT
In the first half of 2026, Lingbao Gold Group Company Ltd. (the “Company”, together
with its subsidiaries, the “Group”) produced approximately 6,891 kg (equivalent to
approximately 221,570 ounces) of gold bullion, representing a decrease of approximately
3,930 kg (equivalent to approximately 126,314 ounces) as compared with the
corresponding period of the previous year. The decrease in the production volume of gold
bullion was primarily due to the adjustment of the purchase and sales scale of the
Group’s compound gold business, which affected the decline in certain production
volume of compound gold. For the Current Period, the Group recorded a net profit of
approximately RMB1,007,463,000, representing an increase of approximately 50.36% as
compared with the net profit of approximately RMB670,041,000 for the six months
ended 30 June 2025. Such net profit performance was mainly attributable to the
following factors: (i) the Group strengthened production organization in the first half of
2026, tapped internal potential, implemented various measures to reduce costs and
increase efficiency, and the prices of the Group’s major products, namely gold, silver,
copper and sulphuric acid increased as compared with those for the corresponding period
of 2025; (ii) the Group completed the subscription transaction for 50%+1 share equity
interest in St Barbara Mining Pty Ltd (the “Target Company”) on 2 April 2026, the core
asset of which is the Simberi gold mine in operation located in Papua New Guinea. The
financial results of the Target Company since the completion date of the subscription
transaction have been consolidated into the Group’s consolidated financial statements,
which had a positive impact on the Group’s results; and (iii) the Group’s net profit was
affected by the recognition of a loss on fair value changes of convertible bonds of
approximately RMB249 million and related finance costs (including effective imputed
interest) of approximately RMB22.11 million (the Board hereby emphasizes that such
item is a non-cash item, solely attributable to the application and compliance with the
relevant accounting standards, does not involve any cash outflow and does not reflect the
Group’s underlying core operating performance), which significantly offset the profit of
core businesses. The basic earnings per share of the Company for the Current Period was
RMB0.73 (six months ended 30 June 2025: RMB0.52).
The Group’s mineral resources are mainly scattered in the regions of Henan, Xinjiang,
Inner Mongolia, Jiangxi and Gansu of the People’s Republic of China (the “PRC”),
Kyrgyz Republic (“KR”) and Papua New Guinea (the “PNG”). As at 30 June 2026, the
Group held 33 mining rights and exploration rights with a total exploration and mining
area of approximately 449 square kilometers. The total gold content (mineral resources)
was approximately 366 tonnes (11,800,000 ounces).

– 22 –

1.

Mining Segment

Revenue and production
Our mining business mainly comprises the sales of gold concentrates and compound
gold. Most of the gold concentrates and compound gold were sold to the Group’s
smelting plant as intra-group sales.
The following table sets forth the analysis on the production and sales volume of the
mining segment by product category:

Unit

For the six months ended 30 June
2026
2025
Approximate
Approximate
production Approximate production Approximate
volume sales volume
volume sales volume

Gold concentrates
(contained gold)
Compound gold

kg
kg

2,363
614

2,307
640

2,499
386

2,514
386

Total
Total

kg
Ounce

2,977
95,725

2,947
94,750

2,884
92,731

2,900
93,243

The Group’s total revenue from the mining segment for the Current Period was
approximately RMB2,638,896,000, representing an increase of approximately 46.18%
from approximately RMB1,805,199,000 for the corresponding period in 2025. The
increase in total revenue from the mining was attributable to the Group’s mining
segment implementing various measures to tighten up operational management and
production organization, effectively releasing the production capacity of existing
mines, as well as the consolidation of mining revenue from the Target Company
since the completion date of the subscription transaction into the total revenue of the
mining segment, and the impact of higher gold prices. Among them, revenue from
Mining — PRC was approximately RMB2,035,287,000 (six months ended 30 June
2025: RMB1,614,816,000), revenue from Mining — KR was approximately
RMB202,620,000 (six months ended 30 June 2025: RMB190,383,000), and revenue
from Mining — PNG was approximately RMB400,989,000 (six months ended 30
June 2025: nil). During the Current Period, the turnover in Henan, Xinjiang, KR
and PNG accounted for approximately 70.74%, 6.39%, 7.68% and 15.19% of the
total turnover from the mining segment, respectively. Compared to the corresponding
period of the previous year, the production of compound gold in mining segment
increased by approximately 228 kg to approximately 614 kg, while the production of
gold concentrates decreased by approximately 136 kg to approximately 2,363 kg
during the Current Period.

– 23 –

Segment results
The Group’s total profit of the mining segment for the Current Period was
approximately RMB1,387,336,000, representing an increase of approximately 37.07%
as compared with the total profit of approximately RMB1,012,131,000 for the
corresponding period in 2025, among which, the profit from Mining — PRC was
approximately RMB1,210,760,000 (six months ended 30 June 2025:
RMB949,664,000), and the profit from Mining — KR was approximately
RMB83,341,000 (six months ended 30 June 2025: profit of approximately
RMB62,467,000), and the profit from Mining — PNG was approximately
RMB93,235,000 (six months ended 30 June 2025: nil). The segment result to segment
revenue ratio of the Group’s mining segment for the Current Period was
approximately 52.57%, compared with approximately 56.07% in the corresponding
period in 2025.
During the Current Period, the profit of the Mining — PRC segment increased by
approximately 27.49% as compared with that in the corresponding period in 2025,
mainly attributable to the fact that domestic mines seized market opportunities,
tightened production organisation, effectively released production capacity, and
explored cost reduction and efficiency enhancement in multiple dimensions, leading
to an improvement in profitability on a year-on-year basis.
During the Current Period, the Mining — KR segment, being Full Gold, optimised
its processing plant processes and achieved a steady improvement in processing
capacity, while focusing on refined management, and recorded a segment profit of
RMB83,341,000 (30 June 2025: segment profit of approximately RMB62,467,000).
During the Current Period, the Mining — PNG segment recorded a segment profit
of RMB93,235,000.
Based on the above, the production volume of the Group’s mining segment increased
as compared with that of the corresponding period in 2025, and the overall profit of
the mining segment increased by approximately 37.07% as compared with that of the
corresponding period in 2025.

– 24 –

2.

Smelting Segment
The Group’s existing melting plant is situated in Henan Province, and is capable of
processing gold, silver, copper products and sulphuric acid. Its main products include
gold bullion, silver, copper products and sulphuric acid. The following table sets
forth the analysis on the production and sales volume of the smelting segment by
product category:

Unit

For the six months ended 30 June
2026
2025
Approximate
Approximate
production Approximate production Approximate
volume sales volume
volume sales volume

Gold bullion
(processed from
gold
concentrates)

kg
ounce

4,251
136,676

4,220
135,697

4,597
147,789

4,617
148,449

Gold bullion
(processed from
compound gold
purchased
externally)

kg
ounce

2,640
84,894

2,561
82,333

6,224
200,095

6,225
200,150

Silver

kg
ounce

3,869
124,388

3,580
115,098

4,442
142,813

4,313
138,679

Copper products

tonne

990

1,088

845

829

Sulphuric acid

tonne

39,132

38,589

39,346

38,851

Sales and production
The Group’s total revenue from the smelting segment for the Current Period was
approximately RMB7,463,563,000, representing a decrease of approximately 6.24%
from approximately RMB7,960,292,000 for the corresponding period in 2025.
The decrease in the total revenue of the smelting segment for the Current Period was
primarily attributable to a year-on-year decrease in the production and sales volume
of compound gold.

– 25 –

Segment results
The Group’s smelting segment recorded a profit of RMB218,566,000 for the Current
Period (compared with a profit of approximately RMB47,379,000 recorded in the
corresponding period in 2025). The smelting segment capitalized on market
opportunities arising from rising prices of gold, silver, copper and sulphuric acid
products, implemented refined management controls, strictly controlled various
expenses, and carried out energy-saving technical improvements, thereby achieving
cost reduction and efficiency enhancement.
CONSOLIDATED OPERATING RESULTS
Revenue
The following table sets forth the analysis on the Group’s sales by product category:
For the six months ended 30 June
2026
Product name

Amount

Sales volume

(RMB’000)

2025
Average unit
price
(RMB per
kg/tonne)

(RMB’000)

Amount

Sales volume

Average unit
price
(RMB per
kg/tonne)

Gold bullion
Silver
Copper products
Sulphuric acid
Gold concentrates/
compound gold
Others

6,868,827
60,437
97,126
41,691

6,781 kg
3,580 kg
1,088 tonnes
38,589 tonnes

1,012,878
16,882
89,274
1,080

7,537,559
31,393
56,541
13,324

10,842 kg
4,313 kg
829 tonnes
38,851 tonnes

695,176
7,278
68,217
343

1,074,812
56,068

1,140 kg

942,506

324,016
8,611

471 kg

687,208

Revenue before tax
Less: Sales taxes and
levies

8,198,961

7,971,444

210,722

(178,708)

7,988,239

7,792,736

The Group’s revenue for the Current Period was approximately RMB7,988,239,000,
representing an increase of 2.51% as compared with the corresponding period in 2025.
The increase was primarily attributable to the rise in prices.

– 26 –

Gross profit and gross profit margin
The Group’s gross profit and gross profit margin for the Current Period were
RMB1,880,255,000 and 23.54%, respectively, and the gross profit and gross profit margin
for the corresponding period of the previous year were RMB1,138,179,000 and 14.61%,
respectively. The increase in gross profit margin was attributable to the Group’s
deepened technological and process innovation, multi-dimensional efforts to unlock cost
reduction and efficiency improvement potential, strict implementation of refined
management, as well as the year-on-year increase in market prices of major products.
REVIEW OF THE FIRST HALF OF 2026
Since the beginning of 2026, with a focus on its overall development strategy and annual
work objectives, the Group, amidst considerable fluctuations in gold prices, continued to
concentrate on optimising internal production organisation, cost control and efficiency
improvement, while steadily advancing key works and projects. In terms of resource
growth, the Group pursued a dual-pronged approach of “both internal and external
expansion”, achieving breakthrough progress in both exploration of existing mineral
resources and overseas resource acquisitions, thereby driving the transformation of the
Group’s development paradigm from “relying on market-driven growth” to “building
upon endogenous growth momentum”. Looking back at the work in the first half of
2026, it generally presents the following characteristics:
(I) Positive progress in key project construction and license approvals
Through the concerted efforts of the Group’s headquarters and its mining units, the
Duolanasayi Gold Mine of Habahe Huatai Gold Company Limited (“Huatai”)
completed its reconstruction and expansion project of the Duolanasayi Gold Mine
and successfully obtained the Work Safety Permit. Tongbai Xingyuan Mining
Company Limited (“Xingyuan”) completed the final acceptance inspection for the
major safety facility change at its Shangshanghe-Laowan ore section, and obtained
the Work Safety Permit in July. Nanshan branch of Lingbao Gold Group Company
Ltd. (“Nanshan Branch”) passed the final acceptance inspection for the safety
facilities of the underground mining production system at the Qiangma mining area
of the Lingjin No. 1 Mine, and obtained the Work Safety Permit in July. The
Longtougou Tailings Dam of Nanshan Branch, the Baihua Concentrator, and the
green upgrading project of the smelting branch of Lingbao Gold Group Company
Ltd. (“Smelting Branch”) successively obtained environmental impact assessment
approvals. The implementation of these key initiatives has laid a solid foundation for
the Company’s lawful, compliant, safe, efficient, sustainable and stable production.

– 27 –

(II) Continuous breakthroughs in exploration of existing mineral resources, steadily enhancing
resource security
During the first half of 2026, the Group achieved successive progress and
breakthroughs in resource exploration at Huatai, Xingyuan, Nanshan Branch,
Chifeng Jinchan Mining Co., Ltd. (“Jinchan”) and Full Gold Mining Limited
Liability Company (“Full Gold”), laying a resource security foundation for future
capacity expansion and depth extension. Notably, Huatai submitted a resource
report compliant with the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves (the “JORC Code”, 2012 edition), which was
announced on 7 August, resulting in a surge in the gold metal content (Mineral
Resources) of Huatai and its subsidiary, Habahe Huayuan Mining Company
Limited, from 13.20 tonnes at the end of 2025 to 53.94 tonnes. Concurrently, the
Company accelerated the digital transformation of its resource management
functions by establishing standardised technical operating procedures, conducting
tiered technical training programmes, and promoting the adoption of
three-dimensional digital applications in geology, survey and mining operations,
thereby achieving a “three-dimensional, efficient, high-quantity, rapid, high-quality
and cost-effective” outcome.
(III) Substantial breakthroughs were achieved in overseas mergers and acquisitions and
resource expansion, further improving the Company’s global footprint
In early April, the Group completed the subscription and closing of a 50% + 1 share
of the equity interest in St Barbara Mining Pty Ltd (the “Target Company”), thereby
acquiring an interest in the Simberi gold mine project and injecting new momentum
into the Group’s global development. With the Group’s management and technical
teams stationed at the project site, the Target Company achieved sequential growth
in both gold production and operating profit in the second quarter of 2026 following
the acquisition closing, demonstrating the initial results of post-investment
integration and the accelerated release of synergistic benefits, and realizing the
expected goal of “integrating upon acquisition and enhancing efficiency through
integration.” This overseas investment represents a tripartite collaboration among the
Company, the Target Company, and the Government of Papua New Guinea,
constituting an important practice in the implementation of the “Belt and Road”
Initiative and is also regarded by the Government of Papua New Guinea as a model
project for attracting foreign investment.

– 28 –

(IV) An initial framework for information technology applications and collaborative systems
has taken shape
In terms of production informatization and intelligence, the Group has achieved
near-full coverage of mining data acquisition, unified data sources and reporting
standards, completed the integration of quality inspection linkage and metal balance
reconciliation, and continued to enhance its system integration capabilities. The
Baihua Concentrator of Nanshan Branch has realized automatic collection of core
equipment data and, with the assistance of artificial intelligence (“AI”) technology, is
exploring particle size recognition and automatic ore volume estimation, providing
strong support for cost control and process optimization. The unmanned driving of
electric locomotives at the Qiangma Mining Area of Nanshan Branch has
successfully completed trial operations, and the shaft intelligent platform is operating
stably, with steady improvements in safety and dispatch efficiency. In terms of
management informatization, the Group’s asset management system, PMS project
management system, SRM procurement system, and others have been successively
launched, promoting online collaboration between core business operations and
management, and significantly enhancing operational control efficiency. In terms of
cutting-edge technology exploration, the Group has deployed the Lingjin AI Agent
across multiple scenarios, including drilling data analysis and evaluation Agent,
intelligent ore blending Agent, beneficiation intelligent analysis Agent, management
report consolidation, invoice verification, data screening and anomaly identification,
and trend analysis, with the benefits of intelligent empowerment gradually becoming
evident.
(V) Talent recruitment and pipeline development were promoted in a coordinated manner
In terms of social recruitment, the Group recruited a total of 62 individuals in the
first half of 2026, of whom talent in key technical positions such as geology,
surveying, mining, mineral processing, metallurgy, electromechanical engineering, and
safety accounted for 50%, effectively strengthening the core technical workforce. In
terms of campus recruitment, the Group conducted targeted recruitment campaigns
at key industry universities including China University of Geosciences, China
University of Mining and Technology, and Central South University, with 55 new
graduates onboarded in the first batch, providing a strong pool of young talent for
subsequent pipeline development.
OUTLOOK FOR THE SECOND HALF OF 2026
The Group will grasp the cyclical fluctuations in gold prices, deepen internal quality and
efficiency improvement, intensively promote key projects, and strengthen the growth of
endogenous driving forces. At the same time, the Group will continue to properly expand
external resources, firmly seize opportunities for external growth, and continuously
enhance its core competitiveness and risk resilience. Key tasks for the second half of
2026 include:

– 29 –

(I) Intensively promoting key engineering projects
Nanshan Branch will steadily advance the commissioning of the underground mining
production system at the Qiangma mining area to rapidly release mining capacity,
while accelerating efforts to ensure that the Longtougou tailings dam completes
safety acceptance and water and soil conservation acceptance and is put into
operation within the year. Xingyuan will strive to complete the renewal of its safety
production permit, obtain a new mining license for 1 million tonnes (above –350
meters), and complete the field acceptance and review of the deepening production
exploration project before the end of 2026, thereby laying the foundation for
subsequent production increases and capacity expansion. Full Gold will accelerate the
launch of the new tailings dam project and enter the construction preparation phase
as soon as possible. The construction of Jinchan’s 60,000-tonne/year underground
mining technical transformation project is planned to reach the halfway mark of the
overall project by 2026, with the aim of completing it ahead of schedule and passing
the acceptance inspection.
(II) Promoting efficient resource replenishment through mine-based exploration
Continuous drilling will be carried out in the deep sections covered by mining
concessions of the Duolanasayi Gold Mine of Huatai and the deep sections covered
by mining concessions of Laowan Gold Mine of Xingyuan, to lay the foundation for
future deepening; infill exploration will be conducted in the exploration concessions
surrounding Duolanasayi to upgrade resource estimates, while general prospecting
will be carried out in the southern part of the concession; Nanshan Branch, Jinchan
and Full Gold will conduct mine-based exploration and deep blind-ore prospecting in
the deep and peripheral areas within their mining concessions. Simberi Gold
Company Limited and Nord Australex Nominees (PNG) Limited in Papua New
Guinea are currently formulating a three-year exploration plan to commence drilling
as soon as possible.
(III) Deepening overseas operations and resource expansion
The Group will focus on the construction and operation of the Simberi gold mine
project to drive a strategic transformation of its overseas layout from project
acquisitions to “operational management + continuous expansion”. Regarding the
Simberi gold mine project, the professional team established by the Group will take
overall charge of management and production operations, fully leverage its technical,
managerial and supply chain advantages, steadily advance the renovation and
expansion project, strictly control quality and progress, and ensure that production is
commenced on schedule and to quality standards. In terms of new project expansion,
the Group will accelerate the pace of screening and evaluation, rigorously select
projects with superior resource endowments, favourable policy environments and high
economic feasibility, continue to deepen its global layout, and make every effort to
build a sustainable overseas resource development ecosystem.

– 30 –

(IV) Driving cost reduction and efficiency enhancement across the entire value chain through
technological and process innovation
The Group will promote process innovation through scientific and technological
advances and implement cost-reduction and efficiency-enhancement measures
throughout the entire mining and mineral processing chain. In particular, it will
cooperate with leading research institutions such as the Mining and Metallurgy
Technology Group and Central South University to pilot mechanized high-efficiency
mining methods at its various mines. Upon successful piloting, these methods will
provide important support for the digital and intelligent transformation, capacity
expansion and efficiency enhancement, and intrinsic safety of each mine. Based on
the production conditions of each mine, the Group will adopt classified and targeted
measures to accelerate the deployment of mechanized equipment: Xingyuan will
introduce rock drilling jumbos, load-haul-dump vehicles and supporting haulage
equipment to form a complete mechanized ore extraction operation line; Huatai will
introduce remotely controlled mining equipment and intelligent shotcrete robots to
enhance underground construction efficiency and safety standards; and Full Gold
will pilot mechanized mesh-and-shotcrete support to replace traditional steel arch
support, thereby simplifying processes and reducing costs without compromising
safety. Meanwhile, the Group will accelerate the joint development with equipment
manufacturers of UBM, a specialized mining equipment for extremely thin ore
bodies, in a bid to break through the technological bottleneck of mechanized mining
in narrow spaces and thin ore veins as soon as possible, thereby providing
equipment support for safe, efficient, low-cost and sustainable production at its
mines.
(V) Deepening reform of the internal management system
The Group will take the optimization of its organizational performance system as the
starting point, benchmark against industry-leading enterprises, and systematically
establish a closed-loop chain linking strategic objectives, budget management,
performance appraisal and operational analysis, so as to effectively channel
management requirements into business objectives, resource allocation and
application of results, and comprehensively enhance internal management efficiency.
At the same time, the Group will continue to intensify its talent recruitment efforts,
enhance compensation competitiveness, improve office and living environments,
strengthen team development and corporate culture building, and create a favorable
environment for attracting, nurturing, retaining and making the best use of talent in
all respects.

– 31 –

(VI) Accelerating the in-depth promotion and application of informatization and
intelligentization
In the informatization transformation, the Group adheres to a results-oriented
approach, focusing on high-value scenarios to drive automation replacing manual
labour, informatization enhancing efficiency, and intelligentization empowerment. In
terms of automation, the Group will focus on advancing the processing automation
at Xingyuan and Huatai, the phase II of processing automation at Baihua
Concentrator of Nanshan Branch, and the implementation of individual smart
scenarios in smelting, while simultaneously initiating research on underground
unmanned operations and digital equipment to accelerate the process towards
reduced-manning and unmanned operations. In terms of safety informatization, the
Group will rapidly advance the monitoring of systems safety, microseismic
monitoring, and slope monitoring, and integrate them with AI large model
capabilities to achieve intrinsic safety enhancement, ensuring real-time control over
the mine safety defence line. In terms of production informatization, leveraging
paperless office and smart analytics platforms, the Group will deepen the application
of MES systems at Xingyuan, Nanshan Branch and Smelting Branch, promote the
pilot implementation of metal balance at Nanshan and the paperless rollout of
geological exploration reports, and advance the construction of the smart factory
management and control platform for the refinery and the group-wide safety
production operation command centre. In terms of management informatization, the
Group will accelerate the implementation of the group fund management and control
system, strengthen the application of the PMS project refined management, and
progressively advance the construction of the group-wide integrated budget
management and control platform. In terms of deep AI application, the Group will
deepen the in-depth reuse of self-developed scenarios including the Lingjin AI Agent,
AI ore blending, AI processing plant data analytics, AI resource modelling and AI
video analytics, accelerate the integration of AI with business operations, and propel
informatization from a phase of auxiliary implementation into a new stage of value
realisation and large-scale reuse.
(VII) Firmly holding the red line and bottom line of safety and environmental protection
The Group will continue to increase rigid investment in safety and environmental
protection, focus on various sources of risk to advance intrinsic safety reconstruction
and risk source mitigation, improve the dual prevention mechanism of risk
classification control and hidden danger investigation and rectification, and strictly
enforce the safety production and ecological environmental protection responsibilities
of all employees at every level. This will consolidate the foundation for safe and
green development, and strive to create a safe, stable, well-regulated, orderly and
environmentally friendly production and operation environment, providing a solid
guarantee for the Group’s steady operations.

– 32 –

FINANCIAL REVIEW
Liquidity and Financial Resources
The Group generally finances its acquisitions and operations with internally generated
funds and bank loans. The cash and cash equivalents and pledged deposits as at 30 June
2026 amounted to RMB2,115,830,000 (31 December 2025: RMB1,959,759,000).
The total equity of the Company as at 30 June 2026 amounted to RMB9,536,593,000
(31 December 2025: RMB4,667,044,000). As at 30 June 2026, the Group had current
assets of RMB6,705,600,000 (31 December 2025: RMB5,602,272,000) and current
liabilities of RMB4,269,829,000 (31 December 2025: RMB4,817,517,000). The current
ratio was 157.05% (31 December 2025: 116.29%).
As at 30 June 2026, the Group had total outstanding bank and other borrowings of
approximately RMB3,978,358,000 (with interest rates ranging from 1.01% to 3.5% per
annum). Approximately RMB2,565,058,000 should be repayable within one year, and
approximately RMB1,413,300,000 should be repayable over one year. The gearing ratio
as at 30 June 2026 was 23.36% (31 December 2025: 29.69%), which was calculated by
total borrowings divided by total assets.
As at 30 June 2026, the Group had unutilised banking facilities related to unsecured
bank borrowings of approximately RMB1,519,830,000, which could be drawn down by
the Group to finance its operations. Based on past experience and communication with
banks, the Board believes that the Company has the ability to renew or secure banking
facilities upon maturity, to ensure its continuing operation for the 12-month period from
1 July 2026 to 30 June 2027.
In order to effectively lower the debt ratio and improve the financing ability of the
Group, the Group will take the following measures:
1)

Continuing refined management to tap internal potential and continuously enhance
the gross profit margin of products from self-owned mines. At the same time,
optimising the production capacity layout and allocation to strengthen the capability
of generating operating cash flow;

2)

Improving the capital allocation mechanism to accelerate capital turnover and enhance
utilisation efficiency. On this basis, continuing to optimise the scale of liabilities and
maintain a healthy capital structure;

3)

Strengthening communication with banks and other financial institutions, leveraging
the sustained improvement in the Company’s performance and cash flow to deepen
mutual trust between the Group and banks, effectively reducing financing costs;

– 33 –

4)

Making full use of the advantages of high inventory liquidity and quick realisation in
the gold mining industry, reasonably allocating low-cost supply chain financing
products, and broadening financing channels;

5)

Optimising the financing maturity structure by replacing part of the short-term
borrowings with medium and long-term loans to improve liability matching,
effectively alleviating short-term repayment pressure, and preventing liquidity risks;

6)

Completing the issue of HK$1,166 million zero coupon convertible bonds due 2026
(the “Convertible Bonds”) under general mandate (as detailed in the announcements
dated 25 November 2025 and 1 December 2025, respectively). The net proceeds from
the placing are intended to be used for potential merger and acquisition
opportunities in the gold industry, supplementing the working capital of the
Company, and refinancing existing debts.
On 24 November 2025 (after trading hours), the Company and the Lead Manager
entered into the Subscription Agreement, pursuant to which and subject to
fulfillment of certain conditions contained therein, the Company has agreed to issue,
and the Lead Manager has agreed to subscribe and pay for, or to procure
subscribers to subscribe and pay for, the Convertible Bonds in a principal amount of
HK$1,166 million. Assuming full conversion of the Convertible Bonds at the initial
Conversion Price of HK$17.83 per H Share, the Convertible Bonds will be
convertible into approximately 65,395,401 H Shares.
The issue of the Convertible Bonds in an aggregate principal amount of
HK$1,166,000,000 was completed on 1 December 2025. As at the date of this
announcement, all of the Convertible Bonds in an aggregate principal amount of
HK$1,166 million have been fully converted into 65,395,378 H Shares at a
conversion price of HK$17.83 per H Share within the conversion period commencing
from 3 February 2026 to 19 March 2026; and

7)

Completing the placing of new H shares under the general mandate to no less than
six placees (as detailed in the announcements dated 14 April 2026, 17 April 2026
and 22 April 2026, respectively) to raise funds for the Company and, at the same
time, broaden its shareholder and capital base. All placees are professional
institutions and/or individual investors. As all conditions for the completion of the
Subscription have been satisfied, the Company, pursuant to the terms and conditions
of the Placing and Subscription Agreement, allotted and issued 29,816,000 new H
Shares to the seller on 22 April 2026, at a price of HK$26.16 per Subscription
Share. The Subscription Shares represent approximately 2.16% of the Company’s
issued share capital as enlarged by the Subscription. The net proceeds received by the
Company from the Subscription (after deducting all costs and expenses) amounted to
approximately HK$770.7 million. The net proceeds from the placing are intended to
be used for acquisitions and constructions for overseas high quality gold mining
assets, exploration and expansion of mineral reserves and replenishment of general
working capital.
– 34 –

Security and Guarantee
For details of securities and guarantees of the Group as at 30 June 2026, please refer to
Note 13 — Bank Borrowings to these financial statements in this announcement.
Market Risks
The Group is exposed to various types of market risks, including fluctuations in gold
prices and other commodity prices, as well as changes in interest rates, foreign exchange
rates and inflation.

Gold price and other commodities price risk
The Group’s revenue and profit for the Current Period were affected by fluctuations in
the gold prices and other commodities prices as all our products were sold at market
prices and such fluctuations in prices were beyond our control. The Group does not use
and strictly prohibits the use of commodity derivative instruments or futures for
speculation purpose. All commodity derivative instruments are used to minimise the
potential price fluctuation of gold and other commodities.

Interest rate risk
The Group is exposed to risks associated with the fluctuation in interest rates on our
debt obligations. The Group undertakes debt obligations for general corporate purposes
such as support of capital expenditure and working capital requirements. The Group’s
bank loans bear interest rates that are subject to adjustment made by our lenders in
accordance with changes of the relevant regulations of the People’s Bank of China. If the
People’s Bank of China increases the interest rates, our finance costs will increase
accordingly. In addition, to the extent that we may need to raise our debt financing in
the future, upward fluctuations in interest rates will increase the cost of new debt.
At present, the Group has not entered into any agreements or purchased any instruments
to hedge against its interest rate risk.

Exchange rate risk
The Group’s transactions are mainly denominated in Renminbi. As such, fluctuations in
exchange rates may affect the international and domestic gold prices, and our operational
results may be affected.
In addition to the foregoing, the exchange rate risks to which the Group exposes are
mainly caused by certain bank deposits, trade and other receivables, trade and other
payables and bank loans, which are denominated in foreign currencies. The currency risk
is primarily United States dollars.

– 35 –

Fluctuations in exchange rates may adversely affect the value of our net assets, earnings
and any dividends we declare when they are being converted or translated into Hong
Kong dollars.
At present, the Group has not entered into any agreements or purchased any instruments
to hedge against its foreign exchange risk.
Contractual Obligations
As at 30 June 2026, the Group’s total capital commitments in respect of the contracted
costs which was not provided for in the financial statements was approximately
RMB90,073,000 (31 December 2025: RMB32,890,000), representing an increase of
approximately RMB57,183,000.
Capital Expenditure
For the Current Period, the Group’s capital expenditure was approximately
RMB749,954,000, representing an increase of approximately 86.22% from approximately
RMB402,720,000 for the corresponding period in 2025.
The Group’s capital expenditure mainly relates to the construction of mining shafts and
renewal of mining rights for other relevant subsidiaries, expansion of project equipment
and upgrading of production equipment.
Contingent Liabilities
As at 30 June 2026, the Group had no material contingent liabilities.
Human Resources
The emolument policy of the employees of the Group is set up by the management on
the basis of their merits, qualifications and competence.
As at 30 June 2026, the Group had an aggregate of 3,718 employees (as at 31 December
2025: 3,670 employees). The Group recruited and promoted individual persons according
to their capabilities and development potential. The Group determined the remuneration
packages of all employees including the Directors with reference to individual
performance and prevailing market salary scale.
For the six months ended 30 June 2026, the Group’s total employee compensation
(including salaries and bonuses) amounted to approximately RMB223.6 million,
representing an increase of approximately RMB56.6 million, or approximately 33.9%, as
compared with approximately RMB167.0 million for the corresponding period in 2025.
The increase in employee compensation was primarily attributable to (i) an increase in
headcount and adjustments to employee remuneration; (ii) a year-on-year increase in
bonuses.

– 36 –

The Group is dedicated to the training and development of its employees, and provides
its employees with abundant training opportunities and diversified training programs. The
Group provides introductory training and orientation for all new employees, as well as
on-the-job training to continually improve its employees’ technical, professional and
management skills. The Company has also developed salary incentive policies for the
purpose of providing incentives and rewards to eligible participants, including the
employees of the Group, who contribute to the success of the Group’s operations. The
Group has also implemented a share award scheme to provide incentives and/or rewards
to eligible participants in recognition of their contributions to the development and
achievements of the Group.
Share Award Scheme
The Company adopted a share award scheme on 5 August 2025, with the aim of, among
others, providing incentives and/or rewards to eligible participants in recognition of their
contributions to the development and achievements of the Group. The share award
scheme took effect from the date of adoption and shall be valid for a term of ten years.
On 5 November 2025, the Company granted awards involving 6,608,000 H Shares to 89
selected employee participants in accordance with the terms of the share award scheme.
Although such awards have been granted, no recognition was made in respect of this
matter for the year ended 31 December 2025 and the Current Period. Therefore, there
was no shares that may be issued due to the grant of award, if any, for the year ended
31 December 2025 and the Current Period. Further information about the share award
scheme will be disclosed in the 2026 Interim Report of the Company.
Funding and Treasury Policy
The Group maintains a prudent funding and treasury policy. Surplus funds are
maintained in the form of cash deposits with licensed banks and licensed financial
institution. To manage liquidity risk, the Board of Directors closely monitors the Group’s
liquidity position to ensure that the liquidity structure of the Group’s assets, liabilities
and other commitments can meet its funding requirements from time to time.
Significant Investments, Material Acquisition and Disposal of Subsidiaries, Associates and
Joint Ventures
The Group entered into a discloseable transaction to subscribe 50% + 1 share of the
equity interest in the Target Company, whose core asset is the Simberi gold mine in
operation located in Papua New Guinea, at a total consideration of AUD389 million.
Upon completion, Simberi project is expected to help increase the Group’s gold resource
base, expand its production scale and overseas presence, and provide stable recurring
income source through existing oxide ore production and development of sulfide ore
resources for ten years in the future.

– 37 –

On 2 April 2026, all conditions precedent under the Equity Placing Agreement were
satisfied or waived, the completion of the subscription took place in accordance with the
terms and conditions of the Equity Placing Agreement, and upon such completion, the
consideration was fully settled and satisfied, with the Company beneficially holding 50%
+ 1 share of the equity interest in the Target Company. As such, the Target Company
has become a non-wholly-owned subsidiary of the Company, and the financial results of
the Target Company has been consolidated into and recorded in the consolidated
financial statements of the Group.
For further details, please refer to the Company’s announcements (the “Announcements”)
dated 10 December 2025, 30 December 2025, 13 February 2026 and 2 April 2026. Unless
the context otherwise requires, capitalised terms used herein shall have the same
meanings as those defined in the Announcements.
Save as disclosed otherwise in this announcement, the Group did not hold any other
material investments as at 30 June 2026 and the date of this announcement, and there
was no other material acquisition or disposal of subsidiaries, associates or joint ventures
by the Group during the Current Period.
Future Plans for Material Investments or Capital Assets
Save as disclosed otherwise in this announcement, the Group did not have any other
future plans relating to material acquisitions, investments or capital assets as at 30 June
2026 and the date of this announcement.
Purchase, sale or redemption of listed securities of the Company
For the six months ended 30 June 2026, as the Board considered that the price of the
Company’s shares did not reflect their intrinsic value, and the share repurchase program
could reflect the Board’s confidence in the Company’s development prospects, pursuant
to the mandates granted by the Company’s shareholders at the general meetings of the
Company held on 17 September 2025 and 19 May 2026 to repurchase shares of the
Company, the Company repurchased an aggregate of 4,542,600 H Shares on The Stock
Exchange of Hong Kong Limited at a total consideration of approximately HK$76
million, representing approximately 0.3293% of the Company’s total issued share capital
(H Shares (including treasury shares) + domestic shares) as at 30 June 2026. During the
Current Period, the Company cancelled an aggregate of 2,707,700 H Shares.
Concurrently, the Company converted 1,538,400 H Shares into treasury shares during the
period. The remaining 296,500 H Shares were subsequently cancelled on 3 July 2026.

– 38 –

Details of the repurchase made by the Company are as follows:

Month

May 2026
June 2026

Total
Number of
Highest
Lowest consideration
shares purchase price purchase price
(before
repurchased
per share
per share
expenses)
HK$
HK$
HK$
3,154,700
1,387,900

19.22
16.00

4,542,600

15.70
12.99

57,034,274
19,363,563
76,397,837

Save as disclosed above, neither the Company nor any of its subsidiaries has purchased,
redeemed or sold any of the Company’s listed securities (including sale of treasury
shares) during the six months ended 30 June 2026.
As at 30 June 2026, the Company held 1,538,400 treasury shares.

– 39 –

ISSUE FOR CASH OF EQUITY SECURITIES
During the Current Period under review and as at the date of this announcement, the
Company has conducted/completed the following fund-raising activity(ies) for cash:
Date of
announcement/
circular/prospectus

Fund raising activity

Net proceeds raised
(approximately)

Intended use of the
net proceeds

Actual use of the
net proceeds as at 30 June 2026

Possible mergers and
acquisitions
opportunities in gold
industry

Approximately HKD77.8 million
has been used for the
acquisition of the gold mine in
Ecuador according to the
intended use and
approximately HKD151.0
million is expected to be fully
utilized on or before
December 2026.

11 March 2025 and
18 March 2025

Issue and allotment of HKD228.8 million
43,500,000 new H
Shares under the
General Mandate

25 November 2025
and 1 December
2025

Issue of HKD1,166
HKD1,151.6 million Possible mergers and
Approximately HKD926.8
million zero coupon
acquisitions
million has been used for
convertible bonds
opportunities in gold
replenishment for the working
due 2026 under
industry; replenishment
capital and repaying existing
General Mandate
for the Company’s
loans according to the
working capital and
intended use, and
refinancing for existing
approximately HKD224.8
indebtedness
million is expected to be fully
utilized on or before
December 2026.

14 April 2026,
17 April 2026 and
22 April 2026

Issue and allotment of HKD770.7 million
29,816,000 new
H shares under the
General Mandate

Acquisitions and
Unused as at 30 June 2026 and
constructions for
approximately HKD770.7
overseas high-quality
million is expected to be fully
gold mining assets,
utilized on or before
exploration and
December 2026 according to
expansion of mineral
the intended use.
reserves and
replenishment of
general working capital

EVENTS AFTER THE CURRENT PERIOD
Save as disclosed otherwise in this announcement, there were no other material events
occurred after the Current Period.
INTERIM DIVIDEND
The Board does not recommend the payment of interim dividend for the six months
ended 30 June 2026 (six months ended 30 June 2025: RMB0.164).

– 40 –

CORPORATE GOVERNANCE
The Company is committed to maintaining and promoting high standards of corporate
governance, which is essential to the Group’s development and protection of the interests
of its shareholders. The Company has adopted the relevant code provisions of the
Corporate Governance Code as set out in Part 2 of Appendix C1 (the “Corporate
Governance Code”) to the Rules Governing the Listing of Securities of the Stock
Exchange (the “Listing Rules”) as the basis for its corporate governance practices.
The Board is of the view that the Company has complied with all the applicable code
provisions set out in the Corporate Governance Code during the Current Period. The
Board will continue to review and monitor the corporate governance practices of the
Company with the aim of maintaining a high standard of corporate governance.
MODEL CODE FOR SECURITIES TRANSACTIONS
The Company has adopted the Model Code for Securities Transactions by Directors of
Listed Issuers (the “Model Code”) as set out in Appendix C3 to the Listing Rules as its
code of conduct regarding dealings in the securities of the Company by the Directors, the
supervisors of the Company (the “Supervisors”) and the Group’s employees who, because
of his/her office or employment, are likely to possess inside information. Specific
enquiries have been made by the Company to all the Directors and the Supervisors, and
all of the Directors and the Supervisors have confirmed that they have complied with the
Model Code during the Current Period. No incident of non-compliance of the Model
Code by the employees was identified by the Company during the Current Period.
AUDIT COMMITTEE
The Audit Committee comprises four independent non-executive Directors and one
non-executive Director, namely, Mr. Yeung Chi Tat (Chairman), Mr. Zhang Feihu,
Mr. Bo Shao Chuan, Mr. Guo Michael Xinsheng and Mr. Huang Hui. An Audit
Committee meeting was held on 24 August 2026 to review the unaudited interim financial
report for the six months ended 30 June 2026. BDO Limited, the Group’s external
auditor, has carried out a review of the interim financial report for the six months ended
30 June 2026 in accordance with the Hong Kong Standard on Review Engagements 2410
“Review of Interim Financial Information Performed by the Independent Auditor of the
Entity” issued by the HKICPA.

– 41 –

PUBLICATION OF RESULTS ANNOUNCEMENT AND INTERIM REPORT
This results announcement has been published on the website of The Hong Kong
Exchanges and Clearing Limited (the “HK Exchange”), www.hkexnews.hk, and the website
of the Company, www.irasia.com/listco/hk/lingbao. The 2026 Interim Report will be
despatched (if requested) to shareholders in due course and published on the websites of
the HK Exchange and the Company.
By order of the Board
Lingbao Gold Group Company Ltd.
Chen Jianzheng
Chairman
Lingbao City, Henan Province, the PRC
26 August 2026

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.

– 42 –

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其
準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部份內容而
產生或因倚賴該等內容而引致的任何損失承擔任何責任。

Lingbao Gold Group Company Ltd.
靈寶黃金集團股份有限公司
（於中華人民共和國註冊成立的股份有限公司）

（股份代號：3330）

截至二零二六年六月三十日止六個月
中期業績公告
靈寶黃金集團股份有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其
附屬公司（統稱「本集團」或「我們」）截至二零二六年六月三十日止六個月（「本期間」）的未
經審核中期業績。此中期財務業績已經本公司審核委員會（「審核委員會」）審閱。另外，
本集團之外部核數師已按照香港會計師公會（「香港會計師公會」）頒佈的香港審閱工作準
則第2410號「實體的獨立核數師審閱中期財務資料」審閱中期財務報告。

–1–

簡明綜合損益表
截至二零二六年六月三十日止六個月 — 未經審核
（以人民幣元表示）

附註

收入
銷售成本

4

毛利
其他收入
其他虧損淨額
銷售及分銷開支
行政開支及其他經營開支

5(b)

截至
截至
二零二六年 二零二五年
六月三十日 六月三十日
止六個月
止六個月
人民幣千元 人民幣千元
（未經審核） （未經審核）
7,988,239
(6,107,984)

7,792,736
(6,654,557)

1,880,255
54,334
(224,876)
(9,666)
(271,761)

1,138,179
41,912
(1,626)
(5,655)
(224,825)
947,985
(68,046)

經營溢利
融資成本

5(a)

1,428,286
(95,772)

除稅前溢利
所得稅

5
6

1,332,514
(325,051)

879,939
(209,898)

1,007,463

670,041

972,414
35,049

663,969
6,072

1,007,463

670,041

72.72

52.33

本期溢利
以下人士應佔：
本公司權益股東
非控股權益
本期溢利
每股基本及攤薄盈利（人民幣分）

7

–2–

簡明綜合損益及其他全面收益表
截至二零二六年六月三十日止六個月 — 未經審核
（以人民幣元表示）
截至
截至
二零二六年 二零二五年
六月三十日 六月三十日
止六個月
止六個月
人民幣千元 人民幣千元
（未經審核） （未經審核）
本期溢利

1,007,463

670,041

本期其他全面收益（除稅後及經重新分類調整）
其後可能重新分類至損益的項目：
換算海外附屬公司財務報表而產生的匯兌差額
其後將不會重新分類至損益的項目：
按公允價值計入其他全面收益（「按公允價值計入
其他全面收益」）的股本工具公允價值變動

61,181

985

54,493

2,544

本期其他全面收益

115,674

3,529

本期全面收益總額

1,123,137

673,570

以下人士應佔：
本公司權益股東
非控股權益

1,082,682
40,455

666,725
6,845

本期全面收益總額

1,123,137

673,570

–3–

簡明綜合財務狀況表
於二零二六年六月三十日 — 未經審核
（以人民幣元表示）

附註
非流動資產
物業、廠房及設備
在建工程
無形資產
商譽
使用權資產
按公允價值計入損益（「按公允價值計入損益」）的
金融資產
按公允價值計入其他全面收益的金融資產
非流動預付賬款
遞延稅項資產

於
於
二零二六年 二零二五年
六月
十二月
三十日
三十一日
人民幣千元 人民幣千元
（未經審核）
（經審核）
3,154,348
1,316,369
4,998,971
5,498
185,825

2,333,228
971,832
1,119,638
4,717
189,499

14,701
184,103
180,091
287,088

9,785
129,610
151,210
322,291

10,326,994

5,231,810

2,974,251
1,187,549
427,970
837,955
1,277,875

2,469,797
989,302
183,414
1,140,402
819,357

6,705,600

5,602,272

2,565,058
—
1,515,458
139,098
3,486
—
46,729

2,425,633
990,281
1,062,708
105,388
4,037
137,070
92,400

4,269,829

4,817,517

流動資產淨值

2,435,771

784,755

總資產減流動負債

12,762,765

6,016,565

流動資產
存貨
應收賬款及其他應收賬款
按公允價值計入損益的金融資產
受限制現金
現金及現金等價物

8
8
9

10
11
12
12

流動負債
銀行及其他借貸
可換股債券
應付賬款及其他應付賬款
合約負債
租賃負債
按公允價值計入損益的金融負債
應付即期稅項

13
14
15
15

–4–

簡明綜合財務狀況表（續）
於二零二六年六月三十日 — 未經審核
（以人民幣元表示）

附註
非流動負債
銀行借貸
其他應付賬款
租賃負債
遞延稅項負債

於
於
二零二六年 二零二五年
六月
十二月
三十日
三十一日
人民幣千元 人民幣千元
（未經審核）
（經審核）

1,413,300
733,462
3,095
1,076,315

790,700
543,476
5,118
10,227

3,226,172

1,349,521

9,536,593

4,667,044

275,896
(26,879)
7,586,630

257,395
—
4,621,215

本公司權益股東應佔權益總額
非控股權益

7,835,647
1,700,946

4,878,610
(211,566)

合計權益

9,536,593

4,667,044

13
15

資產淨值
股本及儲備
股本
庫存股份
儲備

16

–5–

簡明中期財務報告附註
（以人民幣元表示，除另有說明外）
1

編製基準
本中期財務報告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）的適用披露規定及香港
會計師公會（「香港會計師公會」）頒佈的《香港會計準則》第34號中期財務報告（「香港會計準則第34號」）
而編製。香港會計準則第34號與國際會計準則理事會（「國際會計準則理事會」）頒佈的國際會計準則
第34號中期財務報告（「國際會計準則第34號」）一致，因此本中期財務報告亦根據國際會計準則第34
號編製。其已於二零二六年八月二十六日獲授權刊發。
編製中期財務報告時採用了與二零二五年年度財務報表相同的會計政策，惟預計將於二零二六年年
度財務報表反映的會計政策變更除外。會計政策任何變更的詳情載於附註2。
本中期財務報告乃按歷史成本基準編製。由於董事信納本集團有能力持續經營，因此本中期財務報
告按持續經營基準編製。於作出此項評估時，董事已評估本集團潛在現金產生、流動資金以及本集
團現有可用資金。基於此等評估，董事認為使用持續經營會計基準編製中期財務報告屬恰當。
於編製符合香港會計準則第34號及國際會計準則第34號之中期財務報告時，管理層須作出判斷、估
計及假設，而該等判斷、估計及假設會影響政策的應用及按年初至今基準計算的資產及負債、收入
及支出之報告金額。實際結果可能與有關估計有所不同。
本中期財務報告載有簡明綜合財務報表及選定的說明附註，其中包括解釋對了解本公司及其附屬公
司（統稱「本集團」）自二零二五年年度財務報表以來的財務狀況及表現變動具有重要意義的事件及交
易。簡明綜合中期財務報表及其附註並不包括根據香港財務報告準則會計準則或國際財務報告準則
會計準則編製整套財務報表所需的全部資料。

2

會計政策變動
香港會計師公會及國際會計準則理事會已發佈下列於本集團的當前會計期間首次生效的修訂本。其
中，以下發展與本集團財務報表相關：
香港財務報告準則╱國際財務 金融工具的分類及計量（修訂本）
報告準則第9號及香港財務
報告準則╱國際財務報告準則
第7號（修訂本）
香港財務報告準則╱國際財務 涉及依賴自然能源生產電力的合約
報告準則第9號及香港財務
報告準則╱國際財務報告準則
第7號（修訂本）
該等修訂本對本集團在當前中期期間或過往會計期間的業績及財務狀況均無重大影響。本集團並未
應用任何尚未於本會計期間生效的新訂準則或詮釋。

–6–

3

分部報告
本集團按業務組合（生產流程、產品及服務）及地區劃分分部及進行管理。本集團截至二零二六年六
月三十日止六個月按照與向最高行政管理人員內部呈報資料以進行資源分配及表現評估一致的方式，
識別下列五個報告分部（二零二五年：四個報告分部）。具有相似性質的生產流程、產品及服務的經
營分部已整合，形成以下呈報分部。
採礦 — 中國
採礦 — 吉國
採礦 — 巴新
冶煉
零售
(a)

於中華人民共和國（「中國」）的黃金開採及選煉業務
於吉尔吉斯共和國（「吉國」）的黃金開採及選煉業務
於巴布亞新幾內亞（「巴新」）的黃金開採及選煉業務
於中國開展的黃金及其他金屬冶煉及精煉業務
於中國的黃金及其他珠寶零售業務

分部業績、資產及負債
為了分配資源及評估期內分部表現，提供予本集團最高行政管理人員的本集團呈報分部的有關
資料載列如下。
截至六月三十日止六個月

採礦 — 中國
採礦 — 吉國
採礦 — 巴新
冶煉
零售
總計
二零二六年 二零二五年 二零二六年 二零二五年 二零二六年 二零二五年 二零二六年 二零二五年 二零二六年 二零二五年 二零二六年 二零二五年
人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元

來自外間客戶的收入
分部之間的收入
銷售稅及徵費

312,161
1,818,929
(95,803)

71,724
1,618,384
(75,292)

39,723
267,364
(104,467)

293,496
(103,113)

(10,205)

不適用
不適用
不適用

7,399,429
64,212
(78)

7,893,667
66,769
(144)

36,454
61
(169)

6,053
1,531
(159)

8,198,961
2,150,566
(210,722)

7,971,444
1,980,180
(178,708)

呈報分部收入

2,035,287

1,614,816

202,620

190,383

400,989

不適用

7,463,563

7,960,292

36,346

7,425

10,138,805

9,772,916

呈報分部溢利

1,210,760

949,664

83,341

62,467

93,235

不適用

218,566

47,379

789

283

1,606,691

1,059,793

撥回╱（計提）下列項目的減值：
— 其他應收賬款
— 存貨

—
—

—
—

—
—

—
—

—
—

不適用
不適用

4,000
(532)

—
(1,053)

—
—

—
—

4,000
(532)

(1,053)

於六月三十日╱十二月三十一日
呈報分部資產

8,236,315

7,090,156

824,807

757,752

1,990,890

不適用

7,918,130

4,880,635

30,142

15,937

19,000,284

12,744,480

呈報分部負債

2,175,477

2,081,395

1,718,543

1,731,714

684,640

不適用

6,194,074

4,274,246

17,145

4,176

10,789,879

8,091,531

—

411,194
—

–7–

—

3

分部報告（續）
(b)

呈報分部收入及損益對賬
截至
二零二六年
六月三十日
止六個月
人民幣千元
（未經審核）

截至
二零二五年
六月三十日
止六個月
人民幣千元
（未經審核）

收入
呈報分部收入
分部之間的收入抵銷

10,138,805
(2,150,566)

9,772,916
(1,980,180)

綜合收入

7,988,239

7,792,736

損益
呈報分部溢利
分部之間的溢利變現╱（抵銷）

1,606,691
153,374

1,059,793
(6,148)

來自本集團外間客戶的呈報分部溢利
其他虧損淨額
融資成本
未分配總部及公司開支

1,760,065
(224,876)
(95,772)
(106,903)

1,053,645
(1,626)
(68,046)
(104,034)

綜合除稅前溢利
所得稅

1,332,514
(325,051)

879,939
(209,898)

本期溢利

1,007,463

670,041

–8–

4

收入
本集團的主要業務為在中國開採、選煉、冶煉及銷售黃金及其他金屬產品。
收入指扣除銷售稅及增值稅後，向客戶銷售貨品的銷售價值。
收入分拆
按主要產品線劃分的來自客戶合約的收入分拆如下：

香港財務報告準則╱國際財務報告準則第15號範疇內的來自客戶合約的收入
截至
二零二六年
六月三十日
止六個月

截至
二零二五年
六月三十日
止六個月

人民幣千元
（未經審核）

人民幣千元
（未經審核）

— 銷售黃金
— 銷售其他金屬
— 銷售珠寶
— 其他

7,943,639
200,773
36,448
18,101

7,862,157
101,258
5,613
2,416

總收入
減：銷售稅及徵費

8,198,961
(210,722)

7,971,444
(178,708)

7,988,239

7,792,736

根據香港財務報告準則╱國際財務報告準則第15號，所有收入於時間點確認。

–9–

5

除稅前溢利
除稅前溢利已扣除╱（計入）下列各項：

(a) 融資成本：
銀行貸款的利息開支
租賃負債的利息開支
可換股債券的推算利息開支（附註14）
其他借貸成本

(b) 其他虧損╱（收益）淨額：
可換股債券轉換權公允價值變動所產生的虧損（附註14）
可換股債券提早贖回權公允價值變動所產生的收益（附註14）
按公允價值計入損益的其他金融工具公允價值變動的收益
淨額
外匯虧損淨額
其他應收款項減值撥回
出售物業、廠房及設備的虧損
捐款
已付罰款及賠償金
其他

(c) 其他項目：
使用權資產折舊
無形資產攤銷
物業、廠房及設備折舊
政府補助金
存貨撇減（附註10）
銀行利息收入

– 10 –

截至
二零二六年
六月三十日
止六個月
人民幣千元
（未經審核）

截至
二零二五年
六月三十日
止六個月
人民幣千元
（未經審核）

32,548
180
22,114

27,851
620
—

40,930

39,575

95,772

68,046

258,916
(9,500)

—
—

(126,585)
66,768
(4,000)
56
4,329
11,328
23,564

(36,003)
8,413
—

224,876

1,626

4,876
49,247
158,016
(8,108)
532
(8,081)

4,565
46,584
153,368
(5,367)
1,053
(9,102)

3,922
4,605
3,984
16,705

6

簡明綜合損益表的所得稅
簡明綜合損益表所示的稅項為：

7

截至
二零二六年
六月三十日
止六個月
人民幣千元
（未經審核）

截至
二零二五年
六月三十日
止六個月
人民幣千元
（未經審核）

即期稅項
期內撥備
過往年度撥備不足

278,211
1,310

195,173
14,991

遞延稅項

279,521
45,530

210,164
(266)

325,051

209,898

(a)

根據第十屆全國人民代表大會第五次全體會議通過並於二零零八年一月一日生效的中國企業所
得稅法，除非另有說明，本公司及其中國附屬公司均須按25%的法定稅率繳納所得稅。

(b)

二零二六年香港利得稅稅率為16.5%（二零二五年：16.5%）。由於位於香港的附屬公司仍有累計
稅項虧損，故並無作出香港利得稅撥備。

(c)

二零二六年吉爾吉斯斯坦企業所得稅稅率為0%（二零二五年：0%）。

(d)

二零二六年巴布亞新幾內亞企業所得稅稅率為30%。

每股盈利
(a)

每股基本盈利
截至二零二六年六月三十日止六個月期間的每股基本盈利是按本公司權益股東應佔盈利人民幣
972,414,000元（截至二零二五年六月三十日止六個月期間：人民幣663,969,000元）及截至二零二
六年六月三十日止六個月期間已發行普通股加權平均數1,337,288,937股（截至二零二五年六月三
十日止六個月期間：1,268,710,862股普通股）計算。

– 11 –

7

每股盈利（續）
(b)

每股攤薄盈利
截至二零二六年六月三十日止六個月期間，若干已授出但尚未歸屬之受限制股份，其歸屬取決
於達成指定未來業績條件。於報告期末，該等業績條件尚未達成，且根據現有資料，於報告期
後能否達成仍存在重大不確定性。因此，該等股份於本期間不被視為具攤薄潛力之普通股。據
此，該等股份於計算本期間之攤薄每股盈利時不獲計入。
由於計入可換股債券後每股攤薄盈利金額有所增加，可換股債券對本期間之每股基本盈利具有
反攤薄效應，故於計算每股攤薄盈利時不予理會。因此，每股攤薄盈利金額乃根據本期間溢利
及 本 公 司 權 益 股 東 應 佔 溢 利 人 民 幣972,414,000元，以 及 本 期 間 已 發 行 普 通 股 之 加 權 平 均 數
1,337,288,937股計算。

8

物業、廠房及設備及在建工程
收購及處置所擁有的資產
截至二零二六年六月三十日止六個月，本集團分別收購約人民幣217,213,000元物業、廠房及設備以
及增置人民幣380,668,000元在建工程（截至二零二五年六月三十日止六個月：分別為人民幣19,939,000
元 及 人 民 幣309,987,000元）。截 至 二 零 二 六 年 六 月 三 十 日 止 六 個 月，處 置 總 賬 面 淨 值 約 人 民 幣
10,586,000元（截至二零二五年六月三十日止六個月：人民幣4,791,000元）的物業、廠房及設備項目，
產生處置虧損人民幣56,000元（截至二零二五年六月三十日止六個月：產生處置虧損人民幣3,922,000
元）。
截至二零二六年六月三十日止六個月，透過收購附屬公司而取得之物業、廠房及設備金額為人民幣
738,915,000元（截至二零二五年六月三十日止六個月：無）。

9

無形資產
收購及處置
截至二零二六年六月三十日止六個月，本集團分別增置勘探及評估資產以及採礦權約人民幣47,271,000
元及人民幣11,600,000元（截至二零二五年六月三十日止六個月：分別為人民幣25,863,000元及人民幣
157,297,000元）。截至二零二六年六月三十日止六個月，並無處置無形資產（截至二零二五年六月三
十日止六個月：無）。
截至二零二六年六月三十日止六個月，透過收購附屬公司而取得之勘探及評估資產以及採礦權金額
分別為人民幣423,606,000元及人民幣3,404,345,000元（截至二零二五年六月三十日止六個月：無）。

– 12 –

10

存貨
於二零二六年
於二零二五年
六月三十日 十二月三十一日
人民幣千元
人民幣千元
（未經審核）
（經審核）
金礦石
金精礦及合質金
金錠
副產品
備用零件及消耗品

176,708
1,667,488
640,500
23,942
465,613

164,295
1,660,736
516,729
21,773
106,264

2,974,251

2,469,797

截至
二零二六年
六月三十日
止六個月
人民幣千元
（未經審核）

截至
二零二五年
六月三十日
止六個月
人民幣千元
（未經審核）

6,107,452
532

6,653,504
1,053

6,107,984

6,654,557

確認為支出並計入損益的存貨金額分析如下：

已售存貨賬面值
存貨撇減

– 13 –

11

應收賬款及其他應收賬款
截至報告期末，應收債項及應收票據（計入應收賬款及其他應收賬款）根據發票日期並扣除虧損準備
的賬齡分析如下：

附註

三個月內
超過三個月但少於一年

於二零二六年
於二零二五年
六月三十日 十二月三十一日
人民幣千元
人民幣千元
（未經審核）
（經審核）
456,541
19,193

144,670
6,950

475,734

151,620

71,479
3,359

66,250
2,464

74,838

68,714

按攤銷成本計量的金融資產

550,572

220,334

採購按金
減：不可收回撥備

752,552
(701,932)

761,572
(701,932)

50,620

59,640

586,357

709,328

1,187,549

989,302

應收債項及應收票據（已扣除虧損準備）

(a)

其他應收賬款（已扣除虧損準備）
應收關聯方款項

預付款項

(a)

就銷售黃金及珠寶而言，本集團要求客戶在付運時即時以現金繳付全數貨款。就銷售其他金屬
產品而言，應收賬款及應收票據於發票日期起計30天至180天到期。

– 14 –

12

現金及現金等價物及受限制現金
於二零二六年
於二零二五年
六月三十日 十二月三十一日
人民幣千元
人民幣千元
（未經審核）
（經審核）
銀行及手頭現金
受限制現金可分析如下
— 信用證的已抵押存款
— 發行銀行承兌匯票的已抵押存款（附註）
— 環境治理的擔保存款
— 黃金、銀及銅期貨的擔保存款
— 其他

1,277,875

819,357

621,697
—
44,383
171,875
—

250,000
450,000
33,269
398,796
8,337

837,955

1,140,402

附註：
若干擔保存款已予質押，以擔保授予本集團的銀行融資額度，從而就清償貿易應付款項為銀行承兌
匯票背書。
由已抵押存款提供保證的銀行承兌匯票計入附註13所披露之有抵押銀行借貸類別。

– 15 –

13

銀行及其他借貸
銀行借貸的賬面值分析如下：:
於二零二六年
於二零二五年
六月三十日 十二月三十一日
人民幣千元
人民幣千元
（未經審核）
（經審核）
短期銀行及其他借貸：
— 銀行及其他借貸
— 加：長期銀行及其他借貸的即期部分

長期銀行及其他借貸：
— 銀行及其他借貸
— 減：長期銀行及其他借貸的即期部分

2,012,558
552,500

2,058,583
367,050

2,565,058

2,425,633

1,965,800
(552,500)

1,157,750
(367,050)

1,413,300

790,700

3,978,358

3,216,333

於二零二六年六月三十日及二零二五年十二月三十一日，銀行及其他借貸的還款期如下：
於二零二六年
於二零二五年
六月三十日 十二月三十一日
人民幣千元
人民幣千元
（未經審核）
（經審核）
一年內或於要求時
超過一年但於兩年內

– 16 –

2,565,058
1,413,300

2,425,633
790,700

3,978,358

3,216,333

13

銀行及其他借貸（續）
於二零二六年六月三十日及二零二五年十二月三十一日，銀行及其他借貸的抵押情況如下：
於二零二六年
於二零二五年
六月三十日 十二月三十一日
人民幣千元
人民幣千元
（未經審核）
（經審核）
銀行及其他借貸
— 有抵押
— 無抵押

14

1,965,000
2,013,358

700,000
2,516,333

3,978,358

3,216,333

可換股債券
於二零二五年十二月一日，本公司發行面值1,166,000,000港元的零息可換股債券，該等可換股債券的
原到期日為二零二六年十一月二十九日或前後。本公司已將所得款項淨額用於海外優質黃金礦業資
產的併購整合、補充本公司營運資金以及為現有債務進行再融資。
債券持有人可選擇於可換股債券發行日期（即二零二五年十二月一日）起至到期日前第十日止期間內
任何時間，按初始轉換價每股H股17.83港元（可根據可換股債券條款作出調整）將債券轉換為本公司
每股面值人民幣0.20元之H股普通股。任何未獲轉換之可換股債券將於到期日（即二零二六年十一月
二十九日）按未償還本金額之101.51%予以贖回。
根據可換股債券條款所載特定情況，本公司有權按「提前贖回金額」贖回全部而非僅部分可換股債券，
有關金額乃參考相關可換股債券本金計算，通常為債券持有人提供每年1.51%的總收益率。
包含負債、贖回選擇權及轉換權部分的可換股債券在初始確認時分別分類為各自的項目。各組成部
分之公允價值乃根據仲量聯行（「仲量聯行」）於完成日期（即二零二五年十二月一日）進行的估值而確
定。可換股債券整體之公允價值為1,098,946,000港元（相當於人民幣1,059,626,000元），乃採用二項式
期權定價模式釐定。可換股債券負債部分之公允價值乃採用就等值非可換股債券按基於等值市場利
率之比率貼現之現金流量計算。贖回選擇權之公允價值由有贖回選擇權及無贖回選擇權之等值可換
股債券之公允價值差額釐定。
初步確認時之負債部分及就可換股債券隨後確認之利息開支之實際利率按實際年利率9.72%計算。

– 17 –

14

可換股債券（續）
於二零二六年三月三日，本公司發出通知，擬按提早贖回金額（每1,000,000港元本金對應1,005,035.49
港元）贖回所有尚未轉換之可換股債券，贖回預定於二零二六年四月二日進行。然而，惟於預定贖回
日期之前，所有可換股債券已由債券持有人於二零二六年二月三日至二零二六年三月十九日期間轉
換為H股。截至二零二六年三月十九日，面值為1,166,000,000港元之可換股債券已轉換為65,395,378
股H股。因此，並無作出贖回付款。
贖回選擇權及轉換權於各轉換日期之公允價值乃根據仲量聯行採用二項式期權定價模式進行的估值
而確定。
年內可換股債券及其各衍生工具部分之變動載列如下：
可換股債券
人民幣千元

提前贖回權
人民幣千元

轉換權
人民幣千元

總計
人民幣千元

於二零二五年十二月一日，初始確認
直接交易成本
實際推算利息
公允價值變動

992,572
(12,258)
9,967
—

(3,261)
40
—

70,315
(868)
—

733

12,558

1,059,626
(13,086)
9,967
13,291

於二零二五年十二月三十一日（經審核）

990,281

(2,488)

82,005

1,069,798

實際推算利息
匯兌差額
公允價值變動
可換股債券轉換

22,114
(3,221)
—

—
—

—
—

(1,009,174)

(9,500)
11,988

258,916
(340,921)

22,114
(3,221)
249,416
(1,338,107)

—

—

—

—

於二零二六年六月三十日（未經審核）

於發行日期、二零二五年十二月三十一日及轉換日期，可換股債券之贖回選擇權衍生工具部分之公
允價值估值的主要輸入數據如下：

於二零二五年
於轉換日期 十二月三十一日
（經審核）
經調整股價（港元）
轉換價（港元）
無風險利率
波幅

19.07至24.55
17.83
2.10%至2.29%
40.03%至41.31%

– 18 –

17.91
17.83
2.33%
40.04%

於發行日期
二零二五年
十二月一日
（經審核）
16.66
17.83
2.43%
40.03%

15

應付賬款及其他應付款項及按公允價值計入損益的金融負債
於報告期末時，按發票日期計算之貿易應付款項賬齡分析如下：

附註

於二零二六年
於二零二五年
六月三十日 十二月三十一日
人民幣千元
人民幣千元
（未經審核）
（經審核）

即期應付賬款及其他應付賬款
三個月內
超過三個月但少於六個月
超過六個月但少於一年
超過一年但少於兩年
超過兩年

810,536
59,865
12,035
5,596
32,075

550,282
20,049
10,009
18,013
19,712

應付賬款總額
其他應付賬款及應計費用

920,107
482,067

618,065
341,688

1,402,174

959,753

1,956
61,547
10,867
112
4,293
34,509

1,696
62,547
10,339
—
—

1,515,458

1,062,708

—
—

55,065
82,005

—

137,070

225,381
78,613
429,468

307,014
122,963
113,499

733,462

543,476

總計
應付利息
應付採礦權款項
遞延收入
應付關聯方款項
清拆成本
應付本公司股東股息，扣除預扣稅

(b)
(c)

按公允價值計入損益的金融負債
黃金、銀及銅期貨及遠期合約
可換股債券轉換權

非流動其他應付賬款
應付長期資產款項
遞延收入
清拆成本

(a)
(b)
(c)

– 19 –

28,373

15

應付賬款及其他應付款項及按公允價值計入損益的金融負債（續）
附註：

16

(a)

應付長期資產款項指與收購物業、廠房及設備、在建工程及採礦權有關的非即期應付賬款，負
債須於報告期結束後十二個月方到期清償。

(b)

遞延收入指從政府收取的補助金，以勘探礦物及興建採礦相關資產。當符合若干條件時，將於
政府補助金與相關建築資產成本相配期間確認為收入，該等補助金擬按該等資產扣除的折舊比
例彌補該等期間的成本。

(c)

清拆成本與本集團採礦營運有關的復墾及閉礦成本相關。於二零二六年六月三十日，清拆成本
按復墾及閉礦成本估計未來淨現金流量的淨現值計算，按2.2%至4.9%貼現（二零二五年：4.9%），
總額為人民幣433,761,000元（於二零二五年十二月三十一日：人民幣113,499,000元）。

股本及儲備
(a)

股本
每股面值人民幣
0.20元的內資股
數目

每股面值人民幣
0.20元的H股
數目

股份總數

金額
人民幣千元

已註冊、已發行及繳足：
於二零二五年一月一日

566,975,091

676,500,964

1,243,476,055

248,695

內資股轉換為H股（附註(i)）
於二零二五年三月十八日認購及發行H股（附註(ii)）

(385,578,033)
—

385,578,033
43,500,000

—

—

43,500,000

8,700

於二零二五年十二月三十一日（經審核）

181,397,058

1,105,578,997

1,286,976,055

257,395

—
—
—
—

65,395,378
29,816,000
(1,809,700)
(898,000)

65,395,378
29,816,000
(1,809,700)
(898,000)

13,079
5,964
(362)
(180)

181,397,058

1,198,082,675

1,379,479,733

275,896

可換股債券轉換（附註14）
於二零二六年四月二十二日認購及發行H股（附註(iii)）
於二零二六年六月十五日註銷回購之股份（附註(iv)）
於二零二六年六月二十六日註銷回購之股份（附註(iv)）
於二零二六年六月三十日（未經審核）

所有內資股及H股均為普通股並同股同權。

– 20 –

16

股本及儲備（續）
(a)

股本（續）
(i)

於二零二五年一月二十三日，本公司合共385,578,033股內資股已完成轉換為385,578,033股
H股。

(ii)

根據於二零二五年三月十日訂立的配售協議，按每股H股5.38港元的價格發行43,500,000股
H股。認 購 事 項 所 得 款 項 總 額 及 所 得 款 項 淨 額 分 別 約 為234,030,000港 元（或 折 合 人 民 幣
216,573,000元）及228,790,000港元（或折合人民幣211,724,000元）。配售股份已於二零二五
年三月十八日完成。

(iii) 根據於二零二六年四月十四日訂立的配售協議，按每股H股26.16港元的價格發行29,816,000
股H股。認購事項所得款項總額及所得款項淨額分別約為779,987,000港元（或折合人民幣
683,759,000元）及770,744,000港元（或折合人民幣667,057,000元）。配售股份已於二零二六
年四月二十二日完成。
(iv) 本 公 司 於 香 港 聯 合 交 易 所 有 限 公 司（「香 港 聯 交 所」）購 回 其4,542,600股 股 份，總 代 價 為
76,550,000港元（折合人民幣66,544,000元）。期內，2,707,700股已購回股份被註銷，而就購
回股份所支付之總金額45,629,000港元（折合人民幣39,665,000元）已分別計入本公司之股本
及股份溢價，金額分別為人民幣542,000元及人民幣39,123,000元。於二零二六年六月三十
日，本集團持有1,834,900股（金額為人民幣26,879,000元）已購回股份（於二零二五年十二月
三十一日：無）被分類為庫存股份，其中1,538,400股（於二零二五年十二月三十一日：無）
留作日後購股權計劃及集資用途，其餘296,500股會被註銷。
(b)

股息

(i)

中期期間應付權益股東的股息
本公司董事不建議就截至二零二六年六月三十日止六個月派付中期股息（截至二零二五年
六月三十日止六個月：已宣派中期股息每股人民幣0.164元）。

(ii)

中期期間獲批准的上一個財政年度應付權益股東的股息
截至二零二五年十二月三十一日止年度每股人民幣0.05元的股息（截至二零二四年十二月
三十一日止年度：人民幣0.08元）約為人民幣68,984,000元（截至二零二四年十二月三十一
日止年度：人民幣102,958,000元），已於二零二六年三月二十六日獲董事會批准。股息已
於二零二六年五月十九日舉行的本公司股東週年大會上獲得批准。相關股息金額約人民幣
62,848,000元（截至二零二五年六月三十日止六個月：無）已於報告日期前支付，而剩餘應
付股息金額人民幣6,136,000元（於二零二五年六月三十日：人民幣102,958,000元）已於二零
二六年六月三十日的簡明綜合財務狀況表確認為負債。

– 21 –

管理層討論及分析
業務回顧及展望
於二零二六年上半年度，靈寶黃金集團股份有限公司（「本公司」，連同其附屬公司統稱
「本 集 團」）生 產 金 錠 約6,891公 斤（約221,570盎 司），比 去 年 同 期 減 少 約3,930公 斤（約
126,314盎司），金錠生產減少的主要原因為本集團合質金業務採銷規模調整，影響合質
金部分產量下降。於本期間，本集團錄得淨利潤人民幣約1,007,463千元，較截至二零二
五年六月三十日止六個月的淨利潤約人民幣670,041千元增加約50.36%。該純利表現主要
由於以下因素影響：(i)主要得益於本集團二零二六年上半年加強生產組織，深挖內潛，
多措並舉降本增效，並得益於本集團主要產品黃金、銀、銅、硫酸價格與二零二五年同
期相比的上漲；(ii)本集團於二零二六年四月二日完成St Barbara Mining Pty Ltd（「目標
公 司」」）的50%+1股 股 權 的 認 購 交 易，目 標 公 司 之 核 心 資 產 為 位 於 巴 布 亞 新 幾 內 亞 之
Simberi在產金礦。目標公司自完成認購交易日以來的財務業績已於本集團的綜合財務報
表內進行綜合併入，對本集團業績產生積極影響；(iii)本集團純利受可換股債券公允價值
變動損失約人民幣2.49億元及相關財務費用（包括實際推算利息）約人民幣2,211萬元的入
賬影響（董事會謹此強調該事項屬於非現金項目，僅歸因於對相關會計準則的應用及遵
守，不涉及任何現金流出，亦不反映本集團的基礎核心經營表現），大幅抵銷了核心業務
的溢利。本期間本公司每股基本盈利為人民幣0.73元（二零二五年六月三十日止六個月：
人民幣0.52元）。
本集團礦山資源主要分別位於中華人民共和國（「中國」）河南、新疆、內蒙古、江西、甘
肅、吉爾吉斯共和國（「吉國」）及巴布亞新幾內亞（「巴新」）。截至二零二六年六月三十日
擁有33個採礦權及勘探權，總探採面積約449平方公里，總黃金金屬量（礦產資源量）約
366噸（11.8百萬盎司）。

– 22 –

1.

採礦分部

收入及生產
採礦業務主要包括銷售金精粉及合質金。大部分金精粉及合質金銷售予本集團的冶
煉廠作為本集團內公司間的銷售。
下表載列採礦分部按產品分類的生產及銷售數量之分析：

單位

截至六月三十日止六個月
二零二六年
二零二五年
概約
概約
概約
概約
生產數量
銷售數量
生產數量
銷售數量

金精粉（含量金）
合質金

公斤
公斤

2,363
614

2,307
640

2,499
386

2,514
386

合計
合計

公斤
盎司

2,977
95,725

2,947
94,750

2,884
92,731

2,900
93,243

本集團於本期間的採礦分部總收入約為人民幣2,638,896千元，較二零二五年同期約
人民幣1,805,199千元增加約46.18%，採礦總收入的增幅得益於本集團採礦分部多舉
措緊抓經營管理與生產組織，有效釋放存量礦山產能，同時目標公司自完成認購交
易日以來的採礦收入已併入採礦分部總收入，及黃金價格上漲影響。其中，來自中
國境內的採礦收入為約人民幣2,035,287千元（二零二五年六月三十日止六個月：人民
幣1,614,816千元），來自吉國的採礦收入為約人民幣202,620千元（二零二五年六月三
十日止六個月：人民幣190,383千元）及來自巴新的採礦收入為約人民幣400,989千元
（二零二五年六月三十日止六個月：無）。本期間，河南、新疆、吉國及巴新之營業額
分別佔採礦分部總營業額約70.74%、6.39%、7.68%及15.19%。與上年同期相比，本
期間採礦分部合質金生產增加約228公斤至約614公斤，金精粉生產減少約136公斤至
約2,363公斤。

– 23 –

分部業績
本集團採礦分部於本期間的溢利總額約人民幣1,387,336千元，較二零二五年同期溢
利總額約人民幣1,012,131千元增加約37.07%。其中，來自中國境內採礦的溢利為約
人民幣1,210,760千元（二零二五年六月三十日止六個月：人民幣949,664千元），來自
吉國採礦的溢利為約人民幣83,341千元（二零二五年六月三十日止六個月：溢利為約
人民幣62,467千元）；來自巴新採礦的溢利為約人民幣93,235千元（二零二五年六月三
十 日 止 六 個 月：無）。本 集 團 於 本 期 間 的 採 礦 業 務 分 部 業 績 與 分 部 收 入 比 率 約 為
52.57%，二零二五年同期約56.07%。
於本期間，中國境內採礦分部的盈利比二零二五年同期增加約27.49%，主要因國內
各礦山把握市場機遇，緊抓生產組織，有效釋放產能，多維度深挖降本增效空間，
盈利能力同比提升。
於本期間，吉國採礦分部富金公司優化選廠工藝，實現處理能力的穩步提升，同時
緊抓精細化管理，錄得分部盈利人民幣83,341千元（二零二五年六月三十日：分部盈
利約人民幣62,467千元）。
於本期間，巴新採礦分部錄得分部盈利人民幣93,235千元。
綜合上述情況，本集團採礦分部產量比二零二五年同期增加，採礦分部的整體溢利
比二零二五年同期增加約37.07%。

– 24 –

2.

冶煉分部
本集團現時之冶煉廠位於河南省，能綜合回收金、銀、銅產品及硫酸。其主要產品
包括金錠、銀、銅產品及硫酸。下表載列冶煉分部按產品分類的生產及銷售數量之
分析：

單位
金錠（通過金精粉
加工）

截至六月三十日止六個月
二零二六年
二零二五年
概約
概約
概約
概約
生產數量
銷售數量
生產數量
銷售數量

公斤
盎司

4,251
136,676

4,220
135,697

4,597
147,789

4,617
148,449

金錠（通過外購合質 公斤
金加工）
盎司

2,640
84,894

2,561
82,333

6,224
200,095

6,225
200,150

銀

公斤
盎司

3,869
124,388

3,580
115,098

4,442
142,813

4,313
138,679

銅產品

噸

990

1,088

845

829

硫酸

噸

39,132

38,589

39,346

38,851

銷售及生產
本集團冶煉分部於本期間的總收入約為人民幣7,463,563千元，較二零二五年同期約
人民幣7,960,292千元減少約6.24%。
本期間內，冶煉分部的總收入減少主要由於合質金產銷數量同比下降。

– 25 –

分部業績
本集團冶煉分部於本期間，錄得盈利人民幣218,566千元（二零二五年同期錄得盈利
約人民幣47,379千元）。冶煉分部緊抓黃金、白銀、銅、硫酸產品價格上漲市場機遇，
實施精細化管控，嚴控各項費用支出，落實節能技改，實現降本增效。

綜合經營業績
收入
下表載列本集團按產品分類的銷售分析：
截至六月三十日止六個月
二零二六年
產品名稱

金額

銷售數量

（人民幣千元）

二零二五年
每單位
平均售價
金額
（人民幣元
公斤╱噸）（人民幣千元）

金錠
銀
銅產品
硫酸
金精粉╱合質金
其他

6,868,827
60,437
97,126
41,691
1,074,812
56,068

稅前收入
減：銷售稅金及附加

8,198,961
210,722

7,971,444
(178,708)

7,988,239

7,792,736

6,781公斤
3,580公斤
1,088噸
38,589噸
1,140公斤

1,012,878
16,882
89,274
1,080
942,506

7,537,559
31,393
56,541
13,324
324,016
8,611

銷售數量

10,842公斤
4,313公斤
829噸
38,851噸
471公斤

每單位
平均售價
（人民幣元
公斤╱噸）
695,176
7,278
68,217
343
687,208

本集團本期間的收入約為人民幣7,988,239千元，較二零二五年同期增加2.51%。主要受價
格上漲影響。

– 26 –

毛利及毛利率
本集團本期間的毛利及毛利率分別為人民幣1,880,255千元及23.54%，上年同期毛利及毛
利率分別為人民幣1,138,179千元及14.61%。毛利率增長是由於本集團深化技術與工藝創
新，多維度深挖降本增效空間，嚴格落實精細化管理，同時得益於主要產品市場價格同
比增長。

2026年上半年回顧
自2026年以來，本集團圍繞發展總體戰略及本年度工作目標，在黃金價格出現較大波動
的情況下，繼續聚焦做好內部生產組織及控本增效，重點工程與項目持續穩步推進，在
資源增長上實現「內外並舉」，存量礦山資源勘探與海外資源併購都取得突破性進展，推
動企業發展邏輯由「依託市場紅利增長」向「依靠內生動力增長」轉變。回顧2026年上半年
工作，總體呈現以下特點：
（一）重點工程建設和證照辦理取得積極進展。
經過集團總部與礦山單位合力攻堅，哈巴河華泰黃金有限責任公司（「華泰公司」）多
拉納薩依金礦完成改擴建工程建設，順利取得安全生產許可證；桐柏興源礦業有限
公司（「興源公司」）上上河 — 老灣礦段安全設施重大變更完成竣工驗收，7月份取得
安全生產許可證；靈寶黃金集團股份有限公司南山分公司（「南山分公司」）靈金一礦
槍馬礦區地下開採生產系統安全設施通過竣工驗收，7月份取得安全生產許可證；南
山分公司龍頭溝尾礦庫、白樺選廠、靈寶黃金集團股份有限公司冶煉分公司（「冶煉
分公司」）綠色化升級項目相繼取得環評批覆。這些重點工作的落地，為公司依法合
規、安全高效、持續穩定生產奠定了堅實基礎。

– 27 –

（二）存量礦山資源勘探不斷突破，資源保障能力穩步提升。
2026年上半年本集團在華泰公司、興源公司、南山分公司、赤峰金蟾礦業有限公司
（「金蟾公司」）及富金有限責任公司（「富金公司」）的資源勘探工作相繼取得進展及突
破，為後續擴能擴深奠定資源保障基礎，其中華泰公司提交適用《澳大拉西亞勘查結
果、礦產資源與礦石儲量報告規範》
（「JORC規範」，2012年版）的資源量報告並於8
月7日進行公告，使華泰公司及其附屬子公司哈巴河縣華源礦業有限公司金屬量（礦
產資源量）由2025年底的13.20噸躍升至53.94噸。同時，本公司加快在資源工作中的
信息化轉型，制定標準化技術操作流程，分層開展技術培訓，推動實現地質、測量、
採礦工作三維數位化應用，達到「立體高效、多快好省」效果。
（三）海外併購與資源拓展取得實質突破，進一步完善公司的全球化佈局。
4月初，本集團完成對澳大利亞聖巴巴拉礦業私人有限公司（「目標公司」）50%+1股權
的認購交割，由此獲得Simberi金礦項目權益，為集團的全球化發展注入新動能。隨
著本集團的經營管理團隊及技術團隊入駐項目現場，自併購交割以來的2026年第二
季度，目標公司在黃金產量及經營溢利都取得環比增長，凸顯本次投後整合的初步
成效與協同紅利的加速釋放，實現了「併購即整合、整合即增效」的預期目標。本次
海外投資實現了本公司、澳大利亞聖巴巴拉公司及巴布亞新幾內亞政府的三方合作，
這是踐行「一帶一路」倡議的重要實踐，也被巴布亞新幾內亞政府視為吸引外資的示
範性項目。

– 28 –

（四）信息化應用與協同體系初步成型。
生產信息化與智慧化方面，本集團實現礦山資料獲取基本全覆蓋，統一資料來源與
報表口徑，完成質檢聯動與金屬平衡對接，系統集成能力持續增強。南山分公司白
樺選廠實現核心設備資料自動採集，並借助AI技術探索細微性識別與礦量自動估算，
有力支撐成本管控與工藝優化。南山分公司槍馬礦區電機車無人駕駛成功試運行，
豎井智慧化平台穩定運行，安全與調度效率穩步提升。管理信息化方面，本集團的
資產管理系統、PMS項目管理系統、SRM採購系統等陸續上線，推動核心業務與管
理的線上協同，運營管控效能顯著增強。前沿技術探索方面，本集團應用靈金AI智
慧體在鑽孔數據分析評估Agent、智慧配礦Agent、選礦智慧分析Agent、管理報表合
併、票據驗證、數據篩選與異常識別、趨勢分析等多個場景落地，智慧化賦能成效
逐步顯現。
（五）人才引進與梯隊建設協同推進。
社 會 招 聘 方 面，本 集 團2026年 上 半 年 累 計 引 進62人，其 中 地、測、採、選、冶、機
電、安全等關鍵技術崗位人才佔比達50%，核心技術力量得到有效充實。校園招聘方
面，在中國地質大學、中國礦業大學、中南大學等行業重點院校開展專項招聘，首
批入職55人，為後續梯隊建設儲備了強有力的新生力量。

2026年下半年展望
本集團將把握金價週期波動趨勢，深耕內部提質增效，攻堅推進重點項目，強化內生動
力增長，同時繼續做好外部資源拓展，緊抓外延式增長機遇，不斷提升核心競爭力和抗
風險能力。2026年下半年重點工作包括：

– 29 –

（一）攻堅推進重點工程項目。
南山分公司將穩步推進槍馬礦區地下開採生產系統投產，快速釋放採礦產能，同時
加快龍頭溝尾礦庫年內完成安全驗收、水保驗收並投入運行。興源公司將力爭在年
底前完成安全生產許可證延續、取得100萬噸新採礦許可證（–350米以上）、完成擴深
生產勘探項目野外驗收評審，為後續增產擴能奠定基礎。富金公司加速啟動新尾礦
庫項目建設，儘快進入施工籌備階段。金蟾公司6萬噸╱年地下開採技術改造項目施
工，計畫2026年整體工程過半，力爭提前竣工，通過驗收。
（二）就礦找礦推動資源高效補給。
華泰公司多拉納薩依金礦採礦權深部、興源公司老灣採礦權深部將持續鑽探，為未
來擴深打下基礎；多拉納薩依外圍探礦權將進行加密勘探以升級資源量，並在礦權
南部進行普查找礦工作；南山分公司、金蟾公司、富金公司在採礦權範圍內深邊部
開展就礦找礦、攻深找盲探礦工作。巴布亞新幾內亞Simberi Gold Company Limited
和Nord Australex Nominees (PNG) Limited正在制定三年探礦規劃，以儘快開展鑽
探工作。
（三）深耕海外運營與資源拓展。
本集團將以Simberi金礦項目建設運營為核心，推動海外佈局從項目併購向「運營管
理+持續拓展」的戰略轉型。Simberi金礦項目方面，本集團組建的專業團隊將全面統
籌管理與生產運營，充分發揮技術、管理及供應鏈優勢，穩步推進改擴建工程，嚴
格把控品質與進度，確保按期保質投產。新項目拓展方面，本集團將加快篩選與評
估節奏，嚴選資源稟賦優、政策環境好、經濟可行性高的項目，繼續深化全球化佈
局，全力構建可持續的海外資源發展生態。

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（四）以技術與工藝創新驅動全鏈條降本提效。
本集團將以科技創新推動工藝革新，把降本增效措施落實到採礦、選礦全鏈條；通
過與礦冶科技集團、中南大學等頭部科研院所開展合作，在各礦山單位推行機械化
高效採礦方法試驗，試驗成功後，將為各礦山數字化、智慧化轉型、擴產增效、本
質安全提供重要支撐；立足各礦山生產條件，分類施策、精准部署，加快機械化裝
備落地：興源公司配套引進鑿岩台車、鏟運機及配套運輸設備，形成完整的機械化
出礦作業線；華泰公司引入遠程遙控採礦裝備和智慧噴漿機器人，提升井下施工效
率與安全水準；富金公司試點以機械化掛網噴漿支護替代傳統鋼架支護，在保障安
全前提下簡化工藝、降低成本。同時，本集團加快與設備廠商聯合研發極薄礦體專
用採礦設備UBM，力爭早日突破窄空間、薄礦脈機械化開採技術瓶頸，為礦山實現
安全、高效、低成本、可持續生產提供裝備保障。
（五）深化內部管理體系變革。
本集團將以組織績效體系優化為切入點，對標行業內標桿企業，系統打通戰略目標、
預算管理、績效考核與經營分析的閉環鏈條，推動管理要求向經營目標、資源配置
和結果應用有效貫通，全面提升內部管理效能。同時，本集團將持續加大人才引進
力度，提升薪酬競爭力，改善辦公與生活環境，加強團隊培育和企業文化建設，全
方位打造人才引育留用的良好環境。

– 31 –

（六）加快信息化、智慧化的深度推廣應用。
本集團在信息化轉型中堅持實用導向，聚焦高價值場景，推動自動化替人、信息化
提效、智慧化賦能。其中自動化方面將重點推進興源公司和華泰公司選礦自動化、
南山分公司白樺選廠選礦自動化二期及冶煉智慧化單場景落地，同步啟動井下無人
化運行和數字化裝備研究，加快少人化、無人化進程；安全信息化方面，快速推進
提升系統安全監測、微震監測、邊坡監測並結合AI大模型能力，實現本質增安，確
保礦山安全防線即時掌控；生產信息化方面將以無紙化辦公和智慧分析平台為抓手，
深化興源公司、南山分公司、冶煉分公司MES系統應用，推動南山金屬平衡試點和
地勘報表無紙化落地，推進精煉廠智慧工廠管控平台、集團化安全生產運營指揮中
心建設；管理信息化方面加快集團資金管控系統落地，加強PMS項目精細化管理應
用，逐步推進集團全面預算一體化管控平台的建設；AI深度應用方面將深化自研靈
金AI助手、AI配礦、AI選廠數據分析、AI資源模型及AI視頻分析等場景的深度複
用，加速AI與業務融合，推動信息化從輔助實施全面轉入價值落地與規模複用的新
階段。
（七）守牢安全環保紅線底線。
本集團將持續加大安全環保剛性投入，聚焦各類風險源推進本質安全化改造與風險
源頭化解，健全風險分級管控和隱患排查治理雙重預防機制，層層壓實全員安全生
產與生態環保責任，夯實安全綠色發展根基，全力營造安全平穩、規範有序、綠色
環保的生產經營環境，為企業穩健運營提供堅實保障。

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財務回顧
流動資金及財務資源
本集團一般透過內部產生資金及銀行貸款為收購及營運提供資金。於二零二六年六月三
十日，現金及現金等價物以及已抵押存款為人民幣2,115,830千元（二零二五年十二月三
十一日：人民幣1,959,759千元）。
於二零二六年六月三十日，本集團的權益總額為人民幣9,536,593千元（二零二五年十二
月三十一日：人民幣4,667,044千元）。於二零二六年六月三十日，本集團擁有流動資產人
民幣6,705,600千元（二零二五年十二月三十一日：人民幣5,602,272千元）及流動負債人民
幣4,269,829千 元（二 零 二 五 年 十 二 月 三 十 一 日：人 民 幣4,817,517千 元）。流 動 比 率 為
157.05%（二零二五年十二月三十一日：116.29%）。
於二零二六年六月三十日，本集團共有約人民幣3,978,358千元的未償還銀行及其他借貸，
年利率介於1.01%至3.5%，約人民幣2,565,058千元須於一年內償還，而約人民幣1,413,300
千元須於一年以上償還。於二零二六年六月三十日的負債比率為23.36%（二零二五年十
二月三十一日：29.69%），乃按總借貸除以資產總值計算。
於二零二六年六月三十日，本集團有未動用與無抵押銀行借款有關的銀行融資約人民幣
1,519,830千元，該等融資可提取以資助本集團運作。基於過往經驗及與銀行的溝通情況，
董事會認為有能力於到期時續訂或重新獲取銀行融資。以確保二零二六年七月一日至二
零二七年六月三十日的12個月期間持續經營。
為了有效降低負債比率及提升本集團融資能力，本集團將採取以下措施：
1)

持續精細化管理，挖掘內部潛力，不斷提升自有礦山產品毛利率。同時，優化產能
佈局與配置，增強經營性現金流創造能力；

2)

完善資金調配機制，加快資金週轉，提高利用效率。在此基礎上，持續優化負債規
模，保持健康資本結構；

3)

加強與銀行等金融機構的溝通，依託公司業績與現金流的持續改善，深化銀企互信，
切實降低融資成本；

– 33 –

4)

充分利用黃金礦產行業存貨流動性強、變現快的優勢，合理配置低成本的供應鏈金
融產品，拓寬融資渠道；

5)

優化融資期限結構，通過置換部分短期借款為中長期貸款，改善負債匹配度，有效
緩解短期還款壓力，防範流動性風險；

6)

完成根據一般授權發行於二零二六年到期的1,166百萬港元零息可換股債券（「可換股
債券」）
（詳情見日期為二零二五年十一月二十五日及二零二五年十二月一日的公告）。
配售事項所得款項淨額擬用於黃金行業可能的併購機會、補充本公司營運資金以及
為現有債務進行再融資。
二零二五年十一月二十四日（交易時間後），本公司及牽頭經辦人簽署認購協議，根
據該協議並在達成所載若干條件的前提下，本公司已同意發行，而牽頭經辦人同意
認購和支付（或促使認購人認購和支付）本金為1,166百萬港元的可換股債券。假設按
初 始 轉 換 價 每 股H股17.83港 元 悉 數 轉 換 可 換 股 債 券，則 可 換 股 債 券 將 轉 換 為 約
65,395,401股H股。
本金總額為1,166,000,000港元的可換股債券已於二零二五年十二月一日完成發行。
於本公告日期，本金總額為1,166百萬港元的全部可換股債券已於轉換期間（由二零
二六年二月三日至二零二六年三月十九日）按每股H股17.83港元的轉換價悉數轉換
為65,395,378股H股；及

7)

為本公司籌集資金並同時拓闊其股東及資本基礎，完成根據一般授權配售新H股予
不少於六名承配人（詳情見日期為二零二六年四月十四日、二零二六年四月十七日及
二零二六年四月二十二日的公告）。所有承配人為專業機構及╱或個人投資者。由於
認購事項完成的所有條件均已達成，本公司已根據配售及認購協議的條款及條件，
於二零二六年四月二十二日按每股認購股份26.16港元，向賣方配發及發行29,816,000
股新H股。認購股份佔經認購擴大的本公司已發行股本的約2.16%。本公司自認購事
項收取的所得款項淨額（經扣除所有成本及開支後）為約770.7百萬港元。配售事項所
得款項淨額擬用於收購及建設海外優質金礦資產、勘探及擴充礦產儲量以及補充一
般營運資金。

– 34 –

抵押及擔保
有關本集團於二零二六年六月三十日的抵押及擔保詳情，請參閱本公告財務報表附註13
— 銀行借貸。
市場風險
本集團需承受各種市場風險，包括金價及其他商品價值波動，以及利率、外幣匯率及通
脹的變動。

金價及其他商品價值風險
本集團於本期間的收入及溢利受金價及其他商品價值波動所影響，原因為本集團的產品
均按市場價格出售，有關價格波動並不受本集團控制。本集團沒有並嚴禁利用商品衍生
工具或期貨作投機用途，所有商品衍生工具皆用於規避金價及其他商品價值的任何潛在
波動。

利率風險
本集團面對有關債項利率波動的風險。本集團就支援資本開支及營運資金需求等一般企
業用途而產生債務承擔。本集團的銀行貸款利率或會由放款人根據有關中國人民銀行規
例的變動而作出調整。倘中國人民銀行調高利率，則本集團的融資成本將會上升。此外，
倘本集團日後需要進行債務融資，則利率上調將會使新增債項的成本增加。
目前，本集團並無訂立任何協議或購買任何工具以對沖其利率風險。

匯率風險
本集團之交易主要以人民幣進行。因此，匯率波動可能影響國際及本地金價，並對本集
團的經營業績構成影響。
除了上述以外，本集團面臨匯率風險主要是以外匯計算的某些銀行存款、應收賬款及其
他應收賬款、應付賬款及其他應付賬款及銀行貸款。主要引起匯率風險是美元。

– 35 –

匯率波動或會使本集團兌換或換算成港元的資產淨值、盈利及任何宣派的股息有不利影
響。
目前，本集團並無訂立任何協議或購買任何工具以對沖其外匯風險。
合約責任
於二零二六年六月三十日，本集團就有關訂約成本並未在財務報表內撥備的資本承擔總
數分別為約人民幣90,073千元（二零二五年十二月三十一日：人民幣32,890千元），增加
約人民幣57,183千元。
資本支出
於本期間，本集團的資本開支約人民幣749,954千元，較二零二五年同期約人民幣402,720
千元增加約86.22%。
本集團的資本開支主要涉及礦井建築工程及其他相關子公司續期採礦權、拓展項目的設
備及更新生產設備等。
或然負債
於二零二六年六月三十日，本集團並無重大或然負債。
人力資源
管理層已根據本集團僱員的功績、資歷及勝任能力釐訂其薪酬政策。
於二零二六年六月三十日，本集團共有3,718名僱員（於二零二五年十二月三十一日：3,670
名僱員）。本集團根據個人能力及發展潛力聘請及晉升僱員。本集團參照個人表現及現行
市場薪金水平釐定所有僱員（包括董事）的薪酬待遇。
截至二零二六年六月三十日止六個月，本集團的員工薪酬總額（包括工資及獎金）約為人
民幣223.6百萬元；相較於二零二五年同期約為人民幣167.0百萬元，增加約人民幣56.6百
萬元，增幅約為33.9%。員工薪酬總額增加主要原因一是員工人數增加及員工薪酬調整，
二是獎金同比增加。

– 36 –

本集團致力培訓及發展僱員，為員工提供豐富的培訓機會和多元化的培訓方案。本集團
為所有新僱員提供入職培訓及指導，以及在職培訓以持續提升僱員的技術、專業及管理
能力。本公司亦已制定薪酬激勵政策以向為本集團業務成就作出貢獻的合資格參與者（包
括本集團僱員）提供激勵及獎勵。本集團亦已實施一項股份獎勵計劃，旨在向合資格參與
者提供激勵及╱或獎勵，以表彰他們對本集團的發展及成就所作出的貢獻。
股份獎勵計劃
本公司於二零二五年八月五日採納股份獎勵計劃，旨在（其中包括）就合資格參與者對本
集團發展及成就所作之貢獻向其提供激勵及╱或獎賞。股份獎勵計劃自採納日期起生效，
有效期為十年。
於二零二五年十一月五日，本公司根據其股份獎勵計劃的條款向89名選定僱員參與者授
出涉及6,608,000股H股的獎勵。儘管相關獎勵已授予，截至二零二五年十二月三十一日
止年度及本期間並無就此事項予以確認。因此，截至二零二五年十二月三十一日止年度
及本期間，並無因授出獎勵（如有）而可能發行之股份。有關股份獎勵計劃的進一步資料
將於本公司二零二六年中期報告中披露。
資金及庫務政策
本集團維持審慎的資金及庫務政策。盈餘資金以現金存款的方式存放於持牌銀行及持牌
金融機構。為管理流動資金風險，董事會密切監控本集團的流動資金狀況，確保本集團
資產、負債及其他承擔的流動資金架構能夠滿足其不時資金需求。
重大投資、重大收購及出售附屬公司、聯營公司及合營公司
本集團訂立一項須予披露交易，以認購目標公司（其主要資產為位於巴布亞新幾內亞的
Simberi在產金礦）的50%+1股股權，總代價為3.89億澳元。完成後，Simberi項目預期將
增加本集團的黃金資源儲存量、生產規模及海外佈局，並憑藉現有的氧化礦生產及未來
十年規劃的硫化礦開發，提供穩定經常性收入來源。

– 37 –

於二零二六年四月二日，股權配售協議項下所有先決條件均已獲達成或豁免，而根據股
權配售協議的條款及條件，認購事項之完成已落實，於完成後，代價已悉數支付及清償，
而本公司實益擁有目標公司50%+1股股權。據此，目標公司已成為本公司的非全資附屬
公司，目標公司的財務業績已於本集團的綜合財務報表內進行併表及記錄。
有關更多詳情，請參閱本公司日期為二零二五年十二月十日、二零二五年十二月三十日、
二零二六年二月十三日及二零二六年四月二日的公告（「該等公告」）。除文意另有所指外，
本公告所用詞彙與該等公告所界定者具有相同涵義。
除本公告其他章節所披露者外，於二零二六年六月三十日及本公告日期，本集團並無持
有任何其他重大投資，且本集團於本期間概無重大收購或出售附屬公司、聯營公司或合
營公司。
重大投資或資本資產的未來計劃
除本公告其他章節所披露者外，於二零二六年六月三十日及本公告日期，本集團並無任
何其他有關重大收購、投資或資本資產的未來計劃。
購買、出售或贖回本公司上市證券
截至二零二六年六月三十日止六個月，鑒於董事會認為本公司股價未能反映其內在價值，
而股份回購計劃可彰顯董事會對本公司發展前景的信心，根據本公司股東於二零二五年
九月十七日及二零二六年五月十九日舉行之本公司股東大會上取得購回本公司股份之授
權，本公司於香港聯合交易所有限公司購回合共4,542,600股H股，總代價約為76百萬港
元，佔本公司於二零二六年六月三十日已發行股本（H股（包括庫存股份）+內資股）總額
約0.3293%。本 公 司 於 本 期 間 註 銷 合 共2,707,700股H股。同 時，本 公 司 於 本 期 間 轉 化
1,538,400股H股為庫存股。其餘下的296,500股H股亦於二零二六年七月三日被註銷。

– 38 –

本公司所作出之回購詳情如下：

月份

所購回
股份數目

每股
最高購買價
港元

二零二六年五月
二零二六年六月

3,154,700
1,387,900

19.22
16.00

4,542,600

每股 總代價（扣除
最低購買價
開支前）
港元
港元
15.70
12.99

57,034,274
19,363,563
76,397,837

除上文所披露者外，本公司或其任何附屬公司於截至二零二六年六月三十日止六個月概
無購買、贖回或出售本公司任何上市證券（包括出售庫存股份）。
於二零二六年六月三十日，本公司持有1,538,400股庫存股。

– 39 –

發行股本證券以換取現金
於本回顧期內及於本公告日期，本公司已進行╱完成下列集資活動以換取現金：
公告╱通函╱
招股章程日期

集資活動

籌集所得款項
淨額（概約）

於二零二六年六月三十日
所得款項淨額之擬定用途 所得款項淨額之實際用途

二零二五年
三月十一日及
二零二五年
三月十八日

根據一般授權發行及配 228.8百萬港元
發43,500,000股新H
股

黃金行業可能的併購機會 約77.8百萬港元已按擬定用途用
於收購厄瓜多爾金礦，約151.0
百萬港元預期於二零二六年十
二月或之前悉數動用。

二零二五年
十一月二十五日
及二零二五年
十二月一日

根據一般授權發行二零 1,151.6百萬港元
二六年到期1,166百
萬港元零息可換股債
券

黃金行業可能的併購機
約926.8百萬港元已按擬定用途用
會；補充本公司營運資
於補充營運資金及償還現有貸
金及為現有債務再融資
款，約224.8百萬港元預期於二
零二六年十二月或之前悉數動
用。

二零二六年
四月十四日、
二零二六年
四月十七日及
二零二六年
四月二十二日

根據一般授權發行及配 770.7百萬港元
發29,816,000股新H
股

收購及建設海外優質金礦 於二零二六年六月三十日前未使
資產、勘探及擴充礦物
用，及約770.7百萬港元預期於
儲量以及補充一般營運
二零二六年十二月或之前按擬
資金
定用途悉數動用。

本期間後事項
除本公告另有披露外，於本期間後並無發生其他重大事項。

中期股息
董事會不建議就截至二零二六年六月三十日止六個月派發中期股息（截至二零二五年六
月三十日止六個月：人民幣0.164元）。

– 40 –

企業管治
本公司致力維持及推廣高水平的企業管治，對本集團的發展及保障股東利益至為重要。
本公司已採納聯交所證券上市規則（「上市規則」）附錄C1第二部分所載企業管治守則（「企
業管治守則」）的相關守則條文作為其企業管治常規的基礎。
董事會認為，於本期間，本公司已遵守企業管治守則所載的所有適用守則條文。董事會
將繼續檢討及監察本公司的企業管治常規，務求維持高水平的企業管治。

證券交易標準守則
本公司已採納上市規則附錄C3所載上市發行人董事進行證券交易的標準守則（「標準守
則」）作為董事、本公司監事（「監事」）及因其職位或受僱而可能擁有內幕消息的本集團僱
員買賣本公司證券的行為守則。本公司已向全體董事及監事作出特定查詢，而全體董事
及監事已確認，於本期間，彼等一直遵守標準守則。於本期間，本公司並無發現任何僱
員違反標準守則的事件。

審核委員會
審核委員會由四名獨立非執行董事及一名非執行董事組成，即楊志達先生（主席）、張飛
虎先生、薄少川先生、郭新生先生及黃輝先生。於二零二六年八月二十四日舉行審核委
員會會議，以審閱截至二零二六年六月三十日止六個月的未經審核中期財務報告。本集
團的外部核數師香港立信德豪會計師事務所有限公司已按照香港會計師公會頒佈的香港
審閱工作準則第2410號「實體的獨立核數師審閱中期財務資料」審閱截至二零二六年六月
三十日止六個月的中期財務報告。

– 41 –

刊載業績公告及中期報告
本業績公告已於香港交易及結算所有限公司（「港交所」）網站(www.hkexnews.hk)及本公
司的網站(www.irasia.com/listco/hk/lingbao)刊登。二零二六年中期報告將會於適當時候寄
發予股東（如有要求），並將會載列於港交所網站及本公司之網站。
承董事會命
靈寶黃金集團股份有限公司
董事長
陳建正
中國河南省靈寶市
二零二六年八月二十六日

於本公告日期，董事會包括五名執行董事，即陳建正先生、王品然先生、邢江澤先生、
何成群先生及趙理女士；兩名非執行董事，即張飛虎先生及王冠然先生；及四名獨立非
執行董事，即楊志達先生、薄少川先生、郭新生先生及黃輝先生。

– 42 –