Annual Report 2025

Extracted Document Text

This is a readable excerpt of the EGM normalized Markdown text. It helps search engines and researchers understand PDF, filing, or company-document content while the original source remains authoritative.

# Annual Report 2025

Source: https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0428/2026042804309.pdf
Fetched: 2026-09-26T02:07:09.511+00:00
Source artifact: 1d2d4663-2112-4f9e-b914-04ad86b74299
Normalizer input: text

## Content

# Annual Report 2025
年報 Annual Report
2025 2025
Annual Report 2025 年報 Integrate Resources,
Create Values,
整合資源，創造價值 Build Bene�ts
創造效益，回報社會 And Contribute To The Society
Content
Corporate Information 2
Chairman’s Statement 3
Management Discussion and Analysis 5
Biographical Information of Directors and Senior Management 38
Biographical Information of Strategic Development Committee 42
Corporate Governance Report 44
Directors’ Report 56
Independent Auditor’s Report 69
Consolidated Statement of Profit or Loss and 73
Other Comprehensive Income
Consolidated Statement of Financial Position 74
Consolidated Statement of Changes in Equity 76
Consolidated Statement of Cash Flows 78
Notes to the Consolidated Financial Statements 80
Summary Financial Information 148
Corporate Information
as at 18 March 2026
DIRECTORS REGISTERED OFFICE
Executive Directors: Harneys Fiduciary (Cayman) Limited
Gao Mingqing (Chairman, Chief Executive Officer) 4th Floor, Harbour Place,
Gao Jinzhu 103 South Church Street,
Liu Zhichun P.O. Box 10240,
Wang Guobiao (appointed on 31 March 2025)
Grand Cayman KY1-1002,
Wang Lixin (appointed on 3 February 2026)
Cayman Islands
Non-executive Director:
Wang Renxiang (Re-designated on 31 March 2025) CAYMAN ISLANDS SHARE REGISTRAR
AND TRANSFER OFFICE
Independent non-executive Directors: Maples Fund Services (Cayman) Limited
Tsang Wai Hung PO Box 1093, Boundary Hall
Wong Chi Ming Ming Cricket Square Grand Cayman KY1-1102
Wang Xin Cayman Islands
AUDIT COMMITTEE HONG KONG BRANCH SHARE
Tsang Wai Hung (Chairman) REGISTRAR
Wong Chi Ming Ming Tricor Investor Services Limited
Wang Xin
17/F, Far East Finance Centre
16 Harcourt Road
REMUNERATION COMMITTEE
Hong Kong
Wong Chi Ming Ming (Chairman)
Liu Zhichun
Wang Xin AUDITOR
Deloitte Touche Tohmatsu
NOMINATION COMMITTEE Certified Public Accountants
Tsang Wai Hung (Chairman) Registered Public Interest Entity Auditor
Wong Chi Ming Ming 35/F One Pacific Place
Wang Xin (resigned on 26 June 2025) 88 Queensway
Gao Jinzhu (appointed on 26 June 2025 ） Hong Kong
COMPANY SECRETARY LEGAL ADVISER
Wong Chi Wah (FCPA, FCCA)
as to Hong Kong Law
Dentons Hong Kong LLP
HEADQUARTER AND PRINCIPAL PLACE
OF BUSINESS IN THE PRC 3201 Jardine House
Xinzhuang Township Yifeng County 1 Connaught Place Central
Jiangxi Province Hong Kong
PRC
PRINCIPAL BANKER
PRINCIPAL PLACE OF BUSINESS IN THE Bank of China, Yifeng Branch
SOLOMON ISLANDS 239 Xinchang West Street
Gold Ridge Mine Site Yifeng County
Guadalcanal Jiangxi Province
Solomon Islands
PRC
PRINCIPAL PLACE OF BUSINESS
IN HONG KONG STOCK CODE
Unit 1, 28/F 3939
Singga Commercial Centre
144-151 Connaught Road West COMPANY WEBSITE
Hong Kong www.wgmine.com
Wanguo Gold Group Limited
2
Annual Report 2025
Chairman’s
Statement
Dear Shareholders,
On behalf of the board (the “Board”) of Directors (the “Directors”, each a “Director”) of Wanguo Gold Group Limited (the
“Company”), I am pleased to present the audited results of the Company and its subsidiaries (collectively referred to as the
“Group”) for the financial year ended 31 December 2025.
For the year ended 31 December 2025, the Group mined 1,076,822 tonnes of ores in our Xinzhuang Mine, of which it sold
copper in copper concentrates of 4,107 tonnes, iron concentrates of 57,083 tonnes, zinc in zinc concentrates of 4,191 tonnes,
sulfur concentrates of 293,087 tonnes, lead in lead concentrates of 1,216 tonnes, sulfur and iron concentrates of 69,811
tonnes, gold of 137 kg, silver of 7,189 kg and copper of 128 kg. The Group also mined 3,355,335 tonnes of ores in our Gold
Ridge Mine, of which it sold 2,099.05 kg gold doré and 57,860.90 tonnes of gold concentrates. We achieved revenue of
RMB3,161.2 million, gross profit of RMB2,438.1 million and profit attributable to owners of the Company of RMB1,355.0
million.
The Company has achieved remarkable success through relentless perseverance, rooted in our unwavering commitment to
“pursuing origins with dedication and deepening our expertise without pause.” We stand tall in our industry, grounded in
our mission to relentlessly seek out premium resources. We explore the unknown, persevere through adversity, and advance
through challenges, laying a solid foundation for growth with hard work and dedication. Every success embodies the
collective effort of our colleagues, and each achievement is hard-won. We cherish every gain and safeguard every step of
growth. With steady, pragmatic strides and an unyielding spirit, we have carved out a path of progress for Wanguo within the
mining sector.
2026 marks a pivotal year as the Group advances toward becoming a world-class modern mining enterprise. We will seize
the current favorable development opportunities, harness natural endowments, unlock resource potential, and forge ahead
with unwavering perseverance. Facing future challenges, we possess the confidence, capability, and courage to overcome any
obstacle－for the blood of Wanguo people pulses with the spirit of relentless striving; and the mark of perseverance is etched
into our very bones.
We will broaden our horizons to expand our industrial footprint, strengthen our core competitiveness with more formidable
capabilities, and solidify our development foundations with a pragmatic approach. Let our aspirations become the powerful
engine driving us forward, as we write a new chapter on the path of high-quality development.
On behalf of the Group, I would like to take this opportunity to express my sincere gratitude to all of our customers, business
partners and investors for their support and trust to the Group. In addition, I would like to express my heartfelt thanks to our
Directors and employees for their dedication and contribution to the Group.
By order of the Board
Gao Mingqing
Chairman and Chief Executive Officer
18 March 2026
Wanguo Gold Group Limited
4
Annual Report 2025
Management
Discussion and Analysis
MARKET REVIEW
Gold
In 2025, gold delivered an exceptional performance, recording one of the strongest annual gains in decades. Prices rose from
the mid-US$2,000s per ounce at the start of the year to successive record highs above US$4,000 per ounce in the fourth
quarter. The year’s lower levels were seen early on amid a relatively firm U.S. dollar and residual monetary tightening,
while the annual peak reflected intensified geopolitical tensions, sustained central-bank purchases, renewed ETF inflows,
expectations of U.S. rate cuts and a weaker dollar.
In the first quarter, prices advanced sharply as safe-haven demand strengthened and investment flows accelerated.
The second quarter was marked by heightened volatility, with trade and geopolitical developments driving spikes, followed
by brief corrections due to profit-taking and cross-asset repricing.
Momentum re-accelerated in the third quarter as easing expectations became more firmly embedded and official-sector
demand remained robust, pushing gold to fresh highs.
Wanguo Gold Group Limited
5
Annual Report 2025
MARKET REVIEW (Continued)
Gold (Continued)
In the fourth quarter, prices surpassed the US$4,000 milestone before experiencing limited pullbacks on intermittent hawkish
policy signals.
The year concluded with gold consolidating near record levels in December, closing strongly and reinforcing its role as a
strategic hedge amid persistent global uncertainty.
Silver
In 2025, silver delivered an exceptional performance, significantly outperforming gold over the same period. Prices rose from
approximately US$24-26 per ounce at the beginning of the year to record highs above US$80 per ounce before year-end,
representing a gain of more than 200% and exceeding gold’s already strong annual advance. Early-year price levels reflected
macro uncertainty and a relatively firm U.S. dollar, while the annual peak was driven by a combination of robust industrial
demand, persistent supply deficits, strong investment inflows, expectations of U.S. monetary easing and dollar weakness.
In the first half of the year, silver advanced steadily, breaking above US$35 per ounce as demand from solar, electronics
and electrification sectors remained resilient and investment flows strengthened alongside the broader precious-metals rally.
Although intermittent profit-taking caused short-term volatility, the underlying trend remained constructive.
Momentum accelerated in the second half, with silver surpassing US$50, then US$75, and ultimately exceeding US$80
per ounce for the first time on record. Strong physical demand, constrained inventories and sustained investor positioning
underpinned the rally.
In the final month of 2025, prices consolidated near record levels, closing the year firmly higher and highlighting silver’s
dual role as both a leveraged precious-metal exposure and a critical industrial commodity.
Wanguo Gold Group Limited
6
Annual Report 2025
Management Discussion and Analysis
MARKET REVIEW (Continued)
Copper
In 2025, copper delivered a strong annual performance, rising by roughly 35-40% on the London Metal Exchange and
approaching US$12,000 per metric ton at its peak. The year’s lower levels were recorded earlier in the period amid mixed
demand signals and macro uncertainty, while the annual high reflected tightening supply conditions, declining inventories
and sustained demand linked to electrification and infrastructure investment. (Sources: Trading Economics; Reuters; market
commentary from major financial institutions.)
In the first quarter, prices advanced as industrial activity and infrastructure demand remained resilient, supported by
expectations of improved global growth.
During the second quarter, copper experienced periods of consolidation and volatility, as trade policy uncertainty and regional
inventory fluctuations tempered momentum despite constructive long-term fundamentals.
In the third quarter, prices strengthened further on signs of tightening physical markets and improving investor sentiment,
bringing benchmarks close to historic highs.
In the fourth quarter, copper consolidated near elevated levels, closing the year firmly as markets balanced supply constraints
against steady industrial demand, reinforcing copper’s central role in the global energy transition narrative.
Iron
In 2025, iron ore prices exhibited moderate volatility, generally fluctuating between US$95 and US$140 per metric ton (62%
Fe CFR China). Prices were supported early in the year by seasonal steel restocking and infrastructure activity, while mid-
year softness reflected uneven property-sector demand in China and ample global supply. By the end of the year, iron ore
stabilized near the US$110-120 per ton range as steel production discipline and steady seaborne demand helped balance the
market.
In the first quarter, prices firmed toward the US$120-130 per ton level as mills replenished inventories following winter
production controls and infrastructure spending showed seasonal improvement.
During the second quarter, iron ore softened toward the lower end of its annual range, pressured by cautious steel output,
persistent weakness in China’s property sector, and steady shipments from major exporters including Australia and Brazil.
In the third quarter, prices recovered modestly as steel margins improved and short-term supply disruptions tightened prompt
availability, lifting benchmarks back above US$110 per ton.
In the fourth quarter, iron ore consolidated within a narrower band, closing the year around US$115 per ton. Stable steel
production and measured supply growth contributed to a more balanced market, underscoring iron ore’s continued sensitivity
to Chinese demand dynamics and global supply discipline.
Wanguo Gold Group Limited
7
Annual Report 2025
Management Discussion and Analysis
MARKET REVIEW (Continued)
Zinc
In 2025, zinc experienced a cyclical

[Excerpt trimmed for readability. Open the original source for the complete filing or document.]