Analysis Report on Major Asset Restructuring of Hunan Gold

Based on the collected information, I now present to you an in-depth analysis report on the major asset restructuring of Hunan Gold.

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Hunan Gold Co., Ltd. (Stock Code: 002155.SZ) issued a suspension announcement on January 12, 2026, announcing that it is planning a

[1][2]. This restructuring is expected to constitute a major asset restructuring and connected transaction, but [3].

The company’s shares have been suspended from trading since the market opened on January 12, 2026. The expected suspension period will not exceed 10 trading days, and the transaction plan will be disclosed no later than January 26, 2026[1].

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One of the core strategic intentions of this restructuring is to

[1]. Zhongnan Smelting, as the core supplier for Hunan Gold’s daily procurement of non-standard gold, has a large-scale connected transaction with Hunan Gold:

• In the first half of 2025, the
  amount of goods purchased by Hunan Gold from Zhongnan Smelting reached RMB 1.164 billion
  [1]
• There was an accounts receivable of RMB 8.48 million and accounts payable of RMB 0.1712 million

Injecting 100% equity of Zhongnan Smelting into the listed company will effectively reduce connected transactions and improve the company’s governance level.

Although Hunan Gold is one of the top ten gold-producing enterprises in China, its

[2]:

Indicator	Data
Gold production in H1 2025	37,344 kg
Self-produced gold	1,722 kg
Resource self-sufficiency rate	Approximately 4.6%

Acquiring the Wangu Gold Ore Field under Gold Tianyue will significantly increase the company’s

[2].

The restructuring is being advanced against the backdrop of continuously rising gold prices, with a precise timing:

• On January 12, 2026,
  spot gold broke through $4,600 per ounce for the first time in history
  [3]
• The full-year gold price increase in 2025 exceeded 70%
• Hunan Gold’s net profit in the first three quarters of 2025 increased by
  73.56% year-on-year
  [1]

Injecting high-quality gold assets will directly benefit from the rising gold prices and enhance shareholder returns.

According to the “Industry Cultivation Agreement” signed between Hunan Gold and Hunan Gold Group in June 2021, the

[1]. This restructuring is an important measure for the controlling shareholder to fulfill its commitment and “inject” its gold resources into the listed company platform[3].

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Item	Details
Establishment Date	June 2021
Registered Capital	RMB 800 million
Equity Structure	Hunan Gold Group holds 51% stake; Hunan Tianyue Investment Group holds 49% stake
Core Assets	Prospecting and mining rights of the Wangu Gold Ore Field in Pingjiang County, Hunan Province
Business Scope	Mining and processing of gold minerals; investment, development and utilization of gold, non-ferrous metals, rare earth metals, non-metallic and other mineral resources, as well as production and sales of related products, etc.

Item	Details
Establishment Date	August 2006
Registered Capital	RMB 813 million
Equity Structure	Hunan Gold Group holds 100% stake
Core Business	Gold smelting and refining processing
Production Capacity	Annual processing capacity of 80,000 tons of gold concentrate, with an annual gold output of 4 tons
Role	Core supplier for Hunan Gold’s daily procurement of non-standard gold

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Located in Pingjiang County, Hunan Province, the Wangu Gold Ore Field is situated in the

, and major breakthroughs have been made in its exploration[1][3]:

Indicator	Data
Cumulative proven gold resources	300.2 tons
Exploration Depth	More than 40 gold ore veins discovered at a depth of less than 2,000 meters underground
Highest Grade	138 g/t
Prospective reserves at a depth of less than 3,000 meters	Expected to exceed 1,000 tons
Resource Valuation	Approximately RMB 600 billion

The Wangu Gold Ore Field has now become

[1].

The resources of the Wangu Gold Ore Field are distributed among multiple entities[1]:

Asset Owner	Number of Mining/Prospecting Rights
Wholly-owned subsidiary of Hunan Gold (Gold Cave Mining)	1 mining right + 3 prospecting rights
Gold Tianyue (subsidiary controlled by the controlling shareholder)	5 mining rights + 7 prospecting rights
Other private entities	Surrounding prospecting rights and unzoned blank areas

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If this restructuring is successfully completed, Hunan Gold’s

:

• Newly added resources: Approximately 300.2 tons (core area of the Wangu Gold Ore Field)
• Potential prospective resources: Over 1,000 tons
• Resource value: Approximately RMB 600 billion

Compared with the company’s current market capitalization (RMB 35.894 billion before suspension), the resource value far exceeds the market capitalization, highlighting huge appreciation potential.

1. Resource Value Reassessment
   : The injected super-large gold mine resources will significantly increase the company’s NAV (Net Asset Value) valuation
2. Smelting Capacity Integration
   : The annual gold production capacity of 4 tons of Zhongnan Smelting will directly enhance the company’s performance
3. Elimination of Connected Transactions
   : Reducing connected procurement to improve profit quality and transparency
4. Scale Effect
   : Forming an integrated industrial chain of “mining and processing - smelting - manufacturing”

Indicator	Current Level	Post-Restructuring Expectation
Resource Self-Sufficiency Rate	~4.6%	Significantly improved
Resource Reserves	Limited	More than 300 tons added
Market Capitalization	RMB 35.894 billion	Resource value of RMB 600 billion
Connected Transactions	RMB 1.164 billion/year	Significantly reduced

According to the company’s third quarterly report of 2025[1][3]:

Financial Indicator	Amount	Year-on-Year Change
Operating Revenue	RMB 20.989 billion (first three quarters)<br>RMB 41.194 billion (first three quarters)	+96.26% year-on-year
Net Profit Attributable to Parent Company	RMB 0.667 billion (first three quarters)<br>RMB 1.029 billion (first three quarters)	+54.28% year-on-year<br>+73.56% year-on-year

The injection of Zhongnan Smelting’s annual gold production capacity of 4 tons is expected to directly increase the company’s

.

• When the prospecting results of the Wangu Gold Ore Field were released in November 2024
  , Hunan Gold
  recorded 4 consecutive daily limit-ups
  [1]
• After the announcement of this restructuring, the market has positive expectations
• Against the backdrop of continuously record-high gold prices, the injection of high-quality assets is expected to further
  boost investor confidence

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• As of the announcement date, the parties to the transaction are still negotiating, and the
  specific transaction plan has not yet been determined
  [1]
• The final number and proportion of transferred shares, transaction price, payment method, performance compensation arrangement, etc. are still under discussion
• The transaction still needs to go through necessary external approval and internal decision-making procedures, and can only be formally implemented after being approved by regulatory authorities[2]

• The final gold resources that can be injected into the listed company shall be subject to the reserves reviewed and filed with the Hunan Provincial Department of Natural Resources for the “integrated exploration” project of the Wangu Mining Area[1]
• The actual resource volume may differ from expectations

• Although the current gold price is at a high level,
  future price fluctuations may affect the expected returns of the restructuring

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Hunan Gold’s current major asset restructuring has clear strategic intentions:

1. Resource Integration
   : Inject high-quality gold resources under the controlling shareholder into the listed company to resolve horizontal competition and connected transactions
2. Improve Self-Sufficiency Rate
   : Significantly increase the company’s gold resource reserves and self-sufficiency capacity by acquiring the resources of the Wangu Gold Ore Field
3. Seize Opportunities
   : Expand production capacity to enhance shareholder returns against the backdrop of continuously rising gold prices

If the restructuring is successfully completed, Hunan Gold’s

. Considering that the resource value of the Wangu Gold Ore Field reaches RMB 600 billion, far exceeding the company’s current market capitalization (RMB 35.894 billion), this restructuring is of great strategic significance to the listed company.

Investors should pay close attention to the transaction plan disclosed subsequently, focusing on core terms such as

.

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[1] The Paper - “Will the Super-Large Wangu Gold Ore Field Be Injected? Hunan Gold Suspends Trading to Plan Major Asset Restructuring” (https://www.thepaper.cn/newsDetail_forward_32369356)

[2] CFi.net - “[Suspension] Hunan Gold (002155): Suspension Announcement for Planning Major Asset Restructuring” (https://www.cfi.net.cn/p20260112000529.html)

[3] Securities Times - “Hunan Gold Plans to Acquire Two Gold Companies, Involving the Super-Large Wangu Gold Ore Field” (https://www.stcn.com/article/detail/3589559.html)"