Annual Results Announcement for the Year Ended 31 December 2025

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# Annual Results Announcement for the Year Ended 31 December 2025

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# Annual Results Announcement for the Year Ended 31 December 2025
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.
Wanguo Gold Group Limited
萬國黃金集團有限公司
(Incorporated in the Cayman Islands with limited liability)
(Stock Code: 3939)
ANNUAL RESULTS ANNOUNCEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
FINANCIAL HIGHLIGHTS:
Year ended 31 December
2025 2024
RMB ’000 RMB ’000 Increase
Revenue 3,161,200 1,875,561 68.5%
Cost of sales (813,067) (878,568) (7.5)%
Gross profit 2,348,133 996,993 135.5%
Gross profit margin 74.3% 53.2% 21.1p.pt
Profit before tax 2,096,401 805,753 160.2%
Profit attributable to owners of the Company 1,354,964 575,375 135.5%
Profit attributable to owners of the Company
excluded deferred tax 1,503,623 573,816 162.0%
• Revenue increased by 68.5% to approximately RMB3,161.2 million.
• Gross profit increased by 135.5% to approximately RMB2,348.1 million.
• Gross profit margin increased by 21.1 percentage points to 74.3%.
• Profit attributable to owners of the Company increased by 135.5% to approximately RMB1,355.0
million.
• Basic earnings per share was RMB31.04 cents (2024: RMB16.41 cents).
• The Board recommended the payment of a final dividend of RMB10.1 cents (equivalent to
approximately HK$11.2 cents) per share (2024: RMB14.5 cents per share or RMB3.625 cents per
share after share subdivision) and a special dividend of RMBnil cents (2024: RMB7.5 cents per
share or RMB1.875 cents per share after share subdivision).
1
The board (the “ Board ” ) of directors (the “ Directors ” ) of Wanguo Gold Group Limited (the
“Company”) is pleased to announce the following audited consolidated results of the Company and its
subsidiaries (collectively referred to as the “Group”) for the year ended 31 December 2025 together with
comparative figures for the year ended 31 December 2024.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
For the year ended 31 December 2025
2025 2024
NOTES RMB'000 RMB'000
Revenue 4 3,161,200 1,875,561
Cost of sales (813,067) (878,568)
Gross profit 2,348,133 996,993
Other income 5 29,377 6,665
Other gains and losses 6 69,934 2,828
Distribution and selling expenses (152,299) (54,706)
Administrative expenses (190,935) (133,772)
Finance costs 7 (7,809) (12,255)
Profit before tax 2,096,401 805,753
Income tax expense 8 (599,799) (114,573)
Profit for the year 9 1,496,602 691,180
Other comprehensive expense for the year
– Exchange differences on translation from
functional currency to presentation currency (9,035) (4,146)
Total comprehensive income for the year 1,487,567 687,034
Profit for the year attributable to:
Owners of the Company 1,354,964 575,375
Non-controlling interests 141,638 115,805
1,496,602 691,180
Total comprehensive income attributable to:
Owners of the Company 1,344,460 570,534
Non-controlling interests 143,107 116,500
1,487,567 687,034
Earnings per share
Basic (RMB cents) 10 31.04 16.41
Dilutive (RMB cents) 10 30.89 N/A
2
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
At 31 December 2025
2025 2024
NOTES RMB ’000 RMB ’000
Non-current assets
Property, plant and equipment 1,416,263 918,680
Right-of-use assets 53,231 54,621
Mining rights 12 232,628 212,974
Exploration and evaluation assets 13 311,814 237,657
Other intangible asset 14 312,165 312,165
Intangible assets 3,085 3,298
Deposit for purchase of property, plant and equipment 132,046 4,973
Deferred tax assets 7,263 5,747
Restricted bank balances 7,540 6,274
Other receivable 15 24,630 20,830
2,500,665 1,777,219
Current assets
Inventories 333,188 174,743
Trade and other receivables 15 619,761 331,095
Financial assets at fair value through profit or loss (“FVTPL”) 1,537,494 1,335,157
Amount due from a related company 16 3 3
Amount due from a non-controlling interest 16 45,547 –
Bank balances and cash
– restricted bank balances 3,308 3,258
– cash and cash equivalents 1,025,348 513,728
– term deposit 175,720 –
3,740,369 2,357,984
Current liabilities
Trade and other payables 17 267,134 156,082
Contract liabilities 11,256 3,853
Lease liabilities 1,094 761
Amounts due to related parties 18 615 655
Consideration payable to a former non-controlling shareholder
of a subsidiary 47,936 57,936
Tax payable 312,676 91,164
Bank borrowings 19 72,551 183,062
713,262 493,513
Net current assets 3,027,107 1,864,471
Total assets less current liabilities 5,527,772 3,641,690
3
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
At 31 December 2025
2025 2024
NOTES RMB ’000 RMB ’000
Non-current liabilities
Bank borrowings 19 56,000 77,600
Lease liabilities 2,024 2,283
Deferred income 3,152 4,010
Deferred tax liabilities 268,881 89,391
Provisions for restoration costs 20,085 15,085
350,142 188,369
Capital and reserves
Share capital 20 93,273 91,223
Reserves 4,622,507 3,043,355
Equity attributable to owners of the Company 4,715,780 3,134,578
Non-controlling interests 461,850 318,743
Total equity 5,177,630 3,453,321
5,527,772 3,641,690
4
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. GENERAL INFORMATION AND BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL
STATEMENTS
Wanguo Gold Group Limited is a public limited company incorporated in the Cayman Islands and its shares are listed
on the Main Board of The Stock Exchange of Hong Kong Limited.
The addresses of the registered office and principal place of business of the Company are disclosed in the corporate
information section of the annual report.
The principal activity of the Company is investment holding. The principal subsidiaries of the Company are (i) Jiangxi
Province Yifeng Wanguo Mining Company Ltd (“Yifeng Wanguo”), located in Jiangxi Province, the PRC, which is
engaged in mining and processing of ores and sales of processed concentrates in the PRC, and (ii) GRML, located
in the Solomon Islands, which is engaged in exploration, mining and processing of mineral resources, and sales of
processed gold concentrates and gold doré in the Solomon Islands.
As at 31 December 2025, Victor Soar Investments Limited, a company incorporated in the British Virgin Islands,
wholly owned and controlled by Mr. Gao Mingqing who is the chairman and executive director of the Company, held
approximately 25.57% of the issued shares of the Company, being the single largest shareholder of the Company.
The consolidated financial statements are presented in Renminbi (“RMB”), which is different from the Company’s
functional currency of Hong Kong dollars (“HK$”). The consolidated financial statements are presented in RMB, as the
operation of one of the Group’s principal subsidiaries is principally conducted in the PRC.
5
2. APPLICATION OF NEW AND AMENDMENTS TO HONG KONG FINANCIAL REPORTING STANDARDS
(“HKFRSs”)
Amendments to HKFRSs Accounting Standard that are mandatorily effective for the current year
In the current year, the Group has applied the following amendments to HKFRSs Accounting Standard issued by the
Hong Kong Institute of Certified Public Accountants (“HKICPA”) for the first time, which are mandatorily effective
for the Group’s annual period beginning on 1 January 2025 for the preparation of the consolidated financial statements:
Amendments to HKAS 21 Lack of Exchangeability
The application of the amendments to HKFRSs Accounting Standard in the current year has had no material impact on
the Group’s financial positions and performance for the current and prior years and/or on the disclosures set out in these
consolidated financial statements.
New and amendments to HKFRSs Accounting Standard in issue but not yet effective
The Group has not early applied the following new and amendments to HKFRSs that have been issued but are not yet
effective:
Amendments to IAS 21 Translation to a Hyperinflationary Presentation Currency3
Amendments to HKFRS 9 and HKFRS 7 Amendments to the Classification and Measurement of Financial
Instruments2
Amendments to HKFRS 9 and HKFRS 7 Contracts Referencing Nature-dependent Electricity2
Amendments to HKFRS 10 and HKAS 28 Sale or Contribution of Assets between an Investor and
its Associate or Joint Venture1
Amendments to HKFRS Accounting Standards Annual Improvements to HKFRS Accounting Standards
– Volume 112
HKFRS 18 Presentation and Disclosure in Financial Statements3
1
Effective for annual periods beginning on or after a date to be determined.
2
Effective for annual periods beginning on or after 1 January 2026.
3
Effective for annual periods beginning on or after 1 January 2027.
Except for the new HKFRS mentioned below, the directors of the Company anticipate that the application of all other
amendments to HKFRSs will have no material impact on the consolidated financial statements in the foreseeable future.
HKFRS 18 “Presentation and Disclosure in Financial Statements”
HKFRS 18, which sets out requirements on presentation and disclosures in financial statements, will replace HKAS
1 “Presentation of Financial Statements”. This new HKFRS Accounting Standard, while carrying forward many of
the requirements in HKAS 1, introduces new requirements to present specified categories and defined subtotals in
the statement of profit or loss; provide disclosures on management-defined performance measures in the notes to
the financial statements and improve aggregation and disaggregation of information to be disclosed in the financial
statements. In addition, some HKAS 1 paragraphs have been moved to HKAS 8 “Accounting Policies, Changes in
Accounting Estimates and Errors” and HKFRS 7 “Financial Instruments: Disclosures”. Minor amendments to HKAS 7
“Statement of Cash Flows” and HKAS 33 “Earnings per Share” are also made.
HKFRS 18, and amendments to other standards, will be effective for annual periods beginning on or after 1 January
2027, with early application permitted. HKFRS 18 requires retrospective application with specific transition provisions.
The application of the new standard is not expected to have significant impact on the financial performance and
positions of the Group in terms of recognition and measurement. However, it is expected to affect the structure and
presentation of the consolidated statement of profit or loss.
6
3. BASIS OF PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS AND MATERIAL
ACCOUNTING POLICY INFORMATION
3.1 Basis of preparation of consolidated financial statements
The consolidated financial statements have been prepared in accordance with HKFRSs Accounting Standard
issued by the HKICPA. For the purpose of preparation of the consolidated financial statements, information is
considered material if such information is reasonably expected to influence decisions made by primary users. In
addition, the consolidated financial statements include applicable disclosures required by the Rules Governing
the Listing of Securities on The Stock Exchange (“Listing Rules”) and disclosure requirements of the Hong
Kong Companies Ordinance (“HKCO”).
3.2 Material accounting policy information
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled
by the Company and its subsidiaries. Control is achieved when the Company:
• has power over the investee;
• is exposed, or has rights, to variable returns from its involvement with the investee; and
• has the ability to use its power to affect its returns.
The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are
changes to one or more of the three elemen

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