Recent Insider Transactions • Apr 17
MD & Executive Director recently bought HK$347k worth of stock On the 13th of April, Wenli Fan bought around 130k shares on-market at roughly HK$2.67 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth HK$622k. Wenli has been a buyer over the last 12 months, purchasing a net total of HK$2.0m worth in shares. Recent Insider Transactions • Apr 07
MD & Executive Director recently bought HK$565k worth of stock On the 30th of March, Wenli Fan bought around 194k shares on-market at roughly HK$2.91 per share. This transaction increased Wenli's direct individual holding by 1x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth HK$622k. Wenli has been a buyer over the last 12 months, purchasing a net total of HK$1.3m worth in shares. Declared Dividend • Mar 28
Final dividend reduced to HK$0.06 Dividend of HK$0.06 is 71% lower than last year. Ex-date: 8th July 2026 Payment date: 23rd July 2026 Dividend yield will be 3.8%, which is higher than the industry average of 2.0%. Sustainability & Growth The dividend has increased by an average of 22% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 9.7% to bring the payout ratio under control. EPS is expected to grow by 82% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Mar 27
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: HK$0.12 (down from HK$0.30 in FY 2024). Revenue: HK$5.06b (flat on FY 2024). Net income: HK$632.5m (down 58% from FY 2024). Profit margin: 13% (down from 30% in FY 2024). Revenue exceeded analyst estimates by 22%. Earnings per share (EPS) missed analyst estimates by 40%. Revenue is expected to decline by 3.9% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in Hong Kong are expected to grow by 14%. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Mar 27
Shougang Fushan Resources Group Limited, Annual General Meeting, Jun 25, 2026 Shougang Fushan Resources Group Limited, Annual General Meeting, Jun 25, 2026. Announcement • Mar 16
Shougang Fushan Resources Group Limited to Report Fiscal Year 2025 Results on Mar 26, 2026 Shougang Fushan Resources Group Limited announced that they will report fiscal year 2025 results on Mar 26, 2026 Announcement • Feb 16
Shougang Fushan Resources Group Limited Provides Earning Guidance for the Year Ended 31 December 2025 Shougang Fushan Resources Group Limited provided earning guidance for the year ended 31 December 2025. For the period, the Group expected to record a consolidated profit attributable to owners of the Company within the range of approximately HKD 600 million to HKD 700 million for the Relevant Year, as compared with that of approximately HKD 1,494 million for the year ended 31 December 2024, representing a year-on-year decrease of approximately 60% to 53%. This decrease was primarily attributable to a year-on-year decrease of approximately 36% in the average realized selling prices of the Group's products, clean coking coal, during the Relevant Year. The decline in selling prices was primarily due to a looser supply-demand dynamic in the domestic coal market during 2025, which led to weak coal prices and a significant year-on-year decrease of approximately 30% in the market price of the Group's products, clean coking coal, thereby dragging down the Group's realized selling prices. Additionally, as disclosed in the 2025 interim report of the Company, the Group fully transitioned to mining lower coal seams since July 2024, resulting in changes in coal qualities, higher-priced low-sulfur clean coking coal had ceased production, which has further impacted the overall realized selling prices of the Group's products, clean coking coal, in the Relevant Year. Price Target Changed • Dec 24
Price target increased by 7.7% to HK$3.49 Up from HK$3.24, the current price target is an average from 5 analysts. New target price is 17% above last closing price of HK$2.98. Stock is up 18% over the past year. The company is forecast to post earnings per share of HK$0.21 for next year compared to HK$0.30 last year. Recent Insider Transactions • Dec 11
Independent Non-Executive Director recently bought HK$232k worth of stock On the 5th of December, Wai Yin Choi bought around 80k shares on-market at roughly HK$2.90 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$3.3m more in shares than they have sold in the last 12 months. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$3.27, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 14x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 96% over the past three years. Upcoming Dividend • Sep 25
Upcoming dividend of HK$0.06 per share Eligible shareholders must have bought the stock before 02 October 2025. Payment date: 06 November 2025. The company is paying out more than 100% of its profits and is paying out 79% of its cash flow. Trailing yield: 11%. Within top quartile of Hong Kong dividend payers (6.7%). Higher than average of industry peers (1.9%). Reported Earnings • Aug 31
First half 2025 earnings released: EPS: HK$0.079 (vs HK$0.17 in 1H 2024) First half 2025 results: EPS: HK$0.079 (down from HK$0.17 in 1H 2024). Revenue: HK$2.10b (down 17% from 1H 2024). Net income: HK$404.1m (down 52% from 1H 2024). Profit margin: 19% (down from 33% in 1H 2024). Revenue is expected to decline by 1.0% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Hong Kong are expected to grow by 5.3%. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Declared Dividend • Aug 30
First half dividend of HK$0.06 announced Shareholders will receive a dividend of HK$0.06. Ex-date: 2nd October 2025 Payment date: 6th November 2025 Dividend yield will be 9.8%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is not adequately covered by earnings (100% earnings payout ratio). However, it is covered by cash flows (79% cash payout ratio). The dividend has increased by an average of 23% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 11% to bring the payout ratio under control. EPS is expected to grow by 12% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Aug 18
Shougang Fushan Resources Group Limited to Report First Half, 2025 Results on Aug 28, 2025 Shougang Fushan Resources Group Limited announced that they will report first half, 2025 results on Aug 28, 2025 Announcement • Jul 03
Shougang Fushan Resources Group Limited Appoints Chang Cun as A Member of the Nomination Committee, Effective July 1, 2025 The board of directors of Shougang Fushan Resources Group Limited announced that Ms. Chang Cun ("Ms. Chang"), a non-executive director of the Company, will be appointed as a member of the Nomination Committee of the Company ("Nomination Committee") with effect from 1 July 2025. Upcoming Dividend • Jul 02
Upcoming dividend of HK$0.21 per share Eligible shareholders must have bought the stock before 09 July 2025. Payment date: 24 July 2025. Payout ratio and cash payout ratio are on the higher end at 100% and 79% respectively. Trailing yield: 10%. Within top quartile of Hong Kong dividend payers (7.3%). Higher than average of industry peers (3.9%). Reported Earnings • May 03
Full year 2024 earnings: EPS in line with expectations, revenues disappoint Full year 2024 results: EPS: HK$0.30 (down from HK$0.38 in FY 2023). Revenue: HK$5.06b (down 14% from FY 2023). Net income: HK$1.49b (down 21% from FY 2023). Profit margin: 30% (down from 32% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is expected to decline by 4.5% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Hong Kong are expected to grow by 5.8%. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Apr 19
Deputy MD & Executive Director recently bought HK$1.5m worth of stock On the 10th of April, Zhaoqiang Chen bought around 640k shares on-market at roughly HK$2.37 per share. This transaction amounted to 47% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$4.4m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Apr 13
Deputy MD & Executive Director recently bought HK$202k worth of stock On the 8th of April, Dongming Wang bought around 86k shares on-market at roughly HK$2.35 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$1.7m more in shares than they have sold in the last 12 months. Reported Earnings • Mar 28
Full year 2024 earnings: EPS in line with expectations, revenues disappoint Full year 2024 results: EPS: HK$0.30 (down from HK$0.38 in FY 2023). Revenue: HK$5.06b (down 14% from FY 2023). Net income: HK$1.49b (down 21% from FY 2023). Profit margin: 30% (down from 32% in FY 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.3%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is expected to decline by 3.6% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Hong Kong are expected to grow by 5.6%. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Mar 28
Shougang Fushan Resources Group Limited, Annual General Meeting, Jun 30, 2025 Shougang Fushan Resources Group Limited, Annual General Meeting, Jun 30, 2025. Announcement • Mar 17
Shougang Fushan Resources Group Limited to Report Fiscal Year 2024 Results on Mar 27, 2025 Shougang Fushan Resources Group Limited announced that they will report fiscal year 2024 results on Mar 27, 2025 Recent Insider Transactions • Dec 02
Chairman of the Board recently bought HK$271k worth of stock On the 25th of November, Rucai Ding bought around 102k shares on-market at roughly HK$2.66 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$1.2m. Rucai has been a buyer over the last 12 months, purchasing a net total of HK$1.5m worth in shares. Recent Insider Transactions • Nov 26
Chairman of the Board recently bought HK$1.2m worth of stock On the 22nd of November, Rucai Ding bought around 448k shares on-market at roughly HK$2.67 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Rucai's only on-market trade for the last 12 months. New Risk • Oct 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.8% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (3.3% increase in shares outstanding). Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to HK$2.95, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 83% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$3.10 per share. Upcoming Dividend • Sep 26
Upcoming dividend of HK$0.09 per share Eligible shareholders must have bought the stock before 03 October 2024. Payment date: 07 November 2024. Payout ratio is on the higher end at 90%, however this is supported by cash flows. Trailing yield: 10%. Within top quartile of Hong Kong dividend payers (8.4%). Higher than average of industry peers (3.2%). Announcement • Sep 24
Shougang Fushan Resources Group Limited Appoints Li Zeping as Independent Non-Executive Director, Member of the Nomination and Remuneration Committee and Change in Composition of Board Committees The board of directors of Shougang Fushan Resources Group Limited announced that Mr. Li Zeping (‘Mr. Li’) has been appointed as an independent non-executive director of the Company, a member of the nomination committee of the Company (the ‘Nomination Committee’) and a member of the remuneration committee of the Company (the ‘Remuneration Committee’) with effect from 24 September 2024. Mr. Li, aged 63, holds a Master of Science degree in Applied Accounting and Finance from Hong Kong Baptist University. Mr. Li has held positions at institutions such as the Bank of China Head Office's Oriental Trust and Investment Company (now Bank of China's investment management department). He later served in several senior management roles at China Orient Asset Management Co., Limited (then known as China Orient Asset Management Company), including deputy general manager of the headquarters investment management department and the Nanjing office (now known as the Jiangsu Branch), where he was responsible for supervision and management, human resources management, investment management, and asset disposal review, etc. Additionally, he later also served as a director at Golden Credit Rating International Co. Ltd., chairman of the supervisory board at China National Foreign Trade Financial & Leasing Co. Ltd., chief supervisor at Bangxin Asset Management Co. Ltd., and served again at China Orient Asset Management Co., Limited as supervisor (general manager level) of the Comprehensive Planning and Strategic Coordination Department. Mr. Li has organized the engagement of accounting firms to conduct audits and due diligence on regulatory bodies' board of directors, senior management and risk management, accumulating extensive experience of over 10 years in financial asset management and corporate governance. He has demonstrated exceptional expertise in supervising the performance of boards and senior management. Mr. Li has not held any directorships in any listed public companies in Hong Kong or overseas in the 3 years prior to the date of this announcement, and does not have any other major appointments or professional qualifications. As at the date of this announcement, Mr. Li: does not have any interests or is not deemed to have any interests or short positions in any shares, underlying shares or debentures of the Company or its associated corporations within the meaning of Part XV of the Securities and Future Ordinance; does not hold any position with the Company or any of its subsidiaries; does not have any relationship with any directors, senior management, substantial shareholders (as defined under the Listing Rules) or controlling shareholders (as defined under the Listing Rules) of the Company; and save as disclosed above, has no other information that should be disclosed pursuant to Rule 13.51(2)(h) to (v) of the Listing Rules, and the Company is not aware of any other matters that need to be brought to the attention of the Shareholders in relation to the appointment. Change in the composition of board committees: The Board further announced that, with effect from 24 September 2024, Mr. Li is appointed as a member of each of the Nomination Committee and Remuneration Committee. After Mr. Li's appointment becomes effective: The Nomination Committee is composed of five Directors, namely Mr. Ding Rucai (chairman of the Nomination Committee), Mr. Shi Yubao, Mr. Choi Wai Yin, Mr. Chen Jianxiong and Mr. Li. The Remuneration Committee is composed of four Directors, namely Mr. Shi Yubao (chairman of the Remuneration Committee), Mr. Choi Wai Yin, Mr. Chen Jianxiong and Mr. Li. Declared Dividend • Aug 31
First half dividend reduced to HK$0.09 Dividend of HK$0.09 is 10% lower than last year. Ex-date: 3rd October 2024 Payment date: 7th November 2024 Dividend yield will be 10%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is covered by both earnings (60% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 9.5% over the next 3 years. However, it would need to fall by 34% to increase the payout ratio to a potentially unsustainable range. Announcement • Aug 20
Shougang Fushan Resources Group Limited to Report First Half, 2024 Results on Aug 29, 2024 Shougang Fushan Resources Group Limited announced that they will report first half, 2024 results on Aug 29, 2024 Announcement • Jul 12
Shougang Fushan Resources Group Limited Announces Executive Changes Shougang Fushan Resources Group Limited announces that Mr. Wong Keith Shing Cheung ("Mr. Wong") has resigned as the company secretary of the Company (the "Company Secretary") and has ceased to be an authorised representative of the Company (the "Authorised Representative") under Rule 3.05 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited due to his personal career development in other aspects with effect from 11 July 2024. The Board announced that Ms. Kong Ling Yan ("Ms. Kong") has been appointed as the Company Secretary and the Authorised Representative with effect from 11 July 2024. Ms. Kong, admitted as a solicitor in Hong Kong, holds a Master's degree in CorporateGovernance, a Bachelor's degree in Law, a Bachelor's degree in Economics and the Postgraduate Certificate in Laws (PCLL). She is also a member of the Law Society of Hong Kong, a fellow member of the Hong Kong Chartered Governance Institute, and a fellow member of the Chartered Governance Institute. Ms. Kong has extensive experience in corporate and commercial legal matters, regulatory compliance for Hong Kong listed companies, corporate governance, as well as company secretarial matters. She previously served as the company secretary of the Company, thus possessing a relative understanding of the Company's operations. Announcement • May 31
Shougang Fushan Resources Group Limited Announces Board and Committee Changes The Board of Shougang Fushan Resources Group Limited announced that Mr. Japhet Sebastian Law ("Mr. Law"), an Independent Non-executive Director, retired by rotation at the Annual General Meeting held on 30 May 2024 and did not offer himself for re-election as he wishes to devote more time to other business activities. As a result, he ceased to be an Independent Non-executive Director, a member of the Audit Committee, a member of the Nomination Committee and the chairman of the Remuneration Committee upon the conclusion of the Annual General Meeting. The Board also announces that Mr. Shi Yubao ("Mr. Shi"), an Independent Non-executive Director, has been appointed as a member of the Audit Committee, a member of the Nomination Committee and the chairman of the Remuneration Committee with effect from 30 May 2024 respectively. Mr. Shi Yubao, aged 70, was appointed Non-executive Director in September 2019, and was re- designated as Independent Non-executive Director in March 2024. Mr. Shi is a senior economist and a senior political affairs specialist. He graduated from Chongqing University with a master degree in business administration. Mr. Shi has extensive experience in the fields of corporate management, strategic planning and economic. Previously, Mr. Shi held various senior positions in Chongqing Changan Industry (Group) Co. Ltd. including the chairman of its board of directors, chairman of its labour union, general manager, etc. In addition, he served as the factory director of the automobile manufacturing plants of Changan Automobile (Group) Company Limited, the chairman of the board of directors of Chongqing Changan Real Estate Development Co. Ltd. and Changan Minsheng APLL Logistics Co. Ltd., a company listed in Hong Kong, respectively, and the chairman of supervisory committee of Chongqing Changan Automobile Co. Ltd., a company listed in Shenzhen. Mr. Shi also served as the external director of Shougang Group Co. Ltd. Mr. Shi was a member of the 14th and 15th executive committee of China National General Labour Union, a member of the 2nd and 3rd labour union committee of Chongqing General Labour Union and a member of the expert group jury panel of Chongqing Enterprise Management Excellence Evaluation Committee. Currently, he is the independent director of Chengdu Haoneng Technology Co. Ltd., a company listed on the Shanghai Stock Exchange. Upcoming Dividend • May 31
Upcoming dividend of HK$0.18 per share Eligible shareholders must have bought the stock before 07 June 2024. Payment date: 26 July 2024. Payout ratio is a comfortable 74% and this is well supported by cash flows. Trailing yield: 7.8%. Within top quartile of Hong Kong dividend payers (7.6%). Higher than average of industry peers (2.1%). Reported Earnings • Apr 28
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: HK$0.38 (down from HK$0.54 in FY 2022). Revenue: HK$5.89b (down 28% from FY 2022). Net income: HK$1.89b (down 30% from FY 2022). Profit margin: 32% (down from 33% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 10%. Revenue is expected to decline by 3.4% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Hong Kong are expected to grow by 7.0%. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 13% per year. New Risk • Apr 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.3% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • Mar 29
Final dividend reduced to HK$0.18 Dividend of HK$0.18 is 36% lower than last year. Ex-date: 7th June 2024 Payment date: 26th July 2024 Dividend yield will be 10%, which is higher than the industry average of 2.0%. Sustainability & Growth Dividend is covered by both earnings (74% earnings payout ratio) and cash flows (32% cash payout ratio). The dividend has increased by an average of 6.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 2.8% over the next 2 years. However, it would need to fall by 17% to increase the payout ratio to a potentially unsustainable range. Announcement • Mar 28
Shougang Fushan Resources Group Limited, Annual General Meeting, May 30, 2024 Shougang Fushan Resources Group Limited, Annual General Meeting, May 30, 2024. Reported Earnings • Mar 28
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: HK$0.38 (down from HK$0.54 in FY 2022). Revenue: HK$5.89b (down 28% from FY 2022). Net income: HK$1.89b (down 30% from FY 2022). Profit margin: 32% (down from 33% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 11%. Earnings per share (EPS) also missed analyst estimates by 10%. Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Mar 27
Shougang Fushan Resources Group Limited Proposes Final Dividend for the Year Ended 31 December 2023, Payable on 26 July 2024 Shougang Fushan Resources Group Limited proposed final dividend of HKD 0.18 per share for the year ended 31 December 2023 at its annual general meeting to be held on 30 May 2024. Ex-dividend date is 07 June 2024. Record date is 11 June 2024. Payment date is 26 July 2024. Announcement • Mar 16
Shougang Fushan Resources Group Limited to Report Fiscal Year 2023 Results on Mar 27, 2024 Shougang Fushan Resources Group Limited announced that they will report fiscal year 2023 results on Mar 27, 2024 Announcement • Mar 13
Shougang Fushan Resources Group Limited Announces Board Changes The board of directors (the "Board") of Shougang Fushan Resources Group Limited announced that Ms. Chang Cun, non- executive director of the Company, has been appointed as a member of the audit committee of the Company (the "Audit Committee") with effect from 13 March 2024. Ms. Chang Cun, aged 45, was appointed non-executive director of the Company in July 2018. Ms. Chang is a certified public accountant in China and a certified internal auditor. She holds a bachelor degree in economics from Beijing Institute of Business and a master degree in management from Beijing Technology and Business University. Ms. Chang has extensive experience in accounting, auditing, financial and insurance businesses. Previously, Ms. Chang held various positions in Funde Sino Life Insurance Co. Ltd., a substantial shareholder of the Company. Currently, she is the director, deputy general manager and chief auditor of Funde Insurance Holdings Co., Ltd, the director and chief auditor of Funde Sino Life Insurance Co. Ltd., the chief auditor of Sino Life AMC, and also the chief supervisor of The National Trust Co. Ltd. respectively. Following the appointment of Ms. Chang Cun as a member of the Audit Committee, the Company has complied with the requirement of Rule 3.21 of the Listing Rules. The Board announced that Mr. Shi Yubao, a non-executive director of the Company, has been re-designated as an independent non-executive director of the Company with effect from 13 March 2024. Mr. Shi Yubao, aged 70, was appointed non-executive director of the Company in September 2019. Mr. Shi is a senior economist and a senior political affairs specialist. He graduated from Chongqing University with a master degree in business administration. Mr. Shi has extensive experience in the fields of corporate management, strategic planning and economic. Previously, Mr. Shi held various senior positions in Chongqing Changan Industry (Group) Co. Ltd. including the chairman of its board of directors, chairman of its labour union, general manager, etc. In addition, he served as the factory director of the automobile manufacturing plants of Changan Automobile (Group) Company Limited, the chairman of the board of directors of Chongqing Changan Real Estate Development Co. Ltd. and Changan Minsheng APLL Logistics Co. Ltd., a company listed in Hong Kong, respectively, and the chairman of supervisory committee of Chongqing Changan Automobile Co. Ltd., a company listed in Shenzhen. Mr. Shi also served as the external director of Shougang Group Co. Ltd. ("Shougang Group") from February 2015 to May 2019. Mr. Shi was a member of the 14th and 15th executive committee of China National General Labour Union, a member of the 2nd and 3rd labour union committee of Chongqing General Labour Union and a member of the expert group jury panel of Chongqing Enterprise Management Excellence Evaluation Committee. Currently, he is the independent director of Chengdu Haoneng Technology Co. Ltd., a company listed on the Shanghai Stock Exchange. Price Target Changed • Jan 25
Price target increased by 7.2% to HK$3.24 Up from HK$3.02, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of HK$3.22. Stock is up 9.2% over the past year. The company is forecast to post earnings per share of HK$0.42 for next year compared to HK$0.54 last year. Announcement • Jan 12
Shougang Fushan Resources Group Limited Announces Demise of Mr. Shen Zongbin, Independent Non-Executive Director of the Company and A Member of Each of the Audit Committee, Nomination Committee and Remuneration Committee The board of directors of Shougang Fushan Resources Group Limited is deeply saddened to learn that Mr. Shen Zongbin (Mr. Shen), an independent non-executive director of the Company and a member of each of the audit committee, nomination committee and remuneration committee of the Company, has passed away recently. Following the passing away of Mr. Shen, the number of members of the audit committee of the Company is temporarily below the minimum number as required under Rule 3.21 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The Company will identify suitable candidate to fill the vacancy of a member of the audit committee of the Company in order to fulfill the aforesaid requirement under Rule 3.21 of the Listing Rules as soon as practicable and will use its best endeavor to meet the time period set forth in Rule 3.23 of the Listing Rules. Further announcement will be made by the Company upon fulfillment of the aforesaid requirements. Upcoming Dividend • Sep 21
Upcoming dividend of HK$0.10 per share at 14% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 09 November 2023. Payout ratio is on the higher end at 82%, however this is supported by cash flows. Trailing yield: 14%. Within top quartile of Hong Kong dividend payers (8.0%). Higher than average of industry peers (1.7%). Price Target Changed • Sep 19
Price target increased by 9.8% to HK$3.02 Up from HK$2.75, the current price target is an average from 4 analysts. New target price is 14% above last closing price of HK$2.65. Stock is down 1.5% over the past year. The company is forecast to post earnings per share of HK$0.42 for next year compared to HK$0.54 last year. Reported Earnings • Sep 01
First half 2023 earnings released: EPS: HK$0.24 (vs HK$0.32 in 1H 2022) First half 2023 results: EPS: HK$0.24 (down from HK$0.32 in 1H 2022). Revenue: HK$3.44b (down 26% from 1H 2022). Net income: HK$1.23b (down 23% from 1H 2022). Profit margin: 36% (up from 35% in 1H 2022). The increase in margin was driven by lower expenses. Revenue is expected to decline by 5.5% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in Hong Kong are expected to grow by 7.3%. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Sep 01
Shougang Fushan Resources Group Limited Announces an Interim Dividend for the Six Months Ended 30 June 2023, Payable on 9 November 2023 Shougang Fushan Resources Group Limited announced an interim dividend of HKD 0.1 per share for the six months ended 30 June 2023. Ex-dividend date is 28 September 2023, Record date is 29 September 2023 and Payment date is 9 November 2023. Announcement • Aug 19
Shougang Fushan Resources Group Limited to Report Q2, 2023 Results on Aug 30, 2023 Shougang Fushan Resources Group Limited announced that they will report Q2, 2023 results on Aug 30, 2023 Major Estimate Revision • Jun 22
Consensus revenue estimates fall by 10% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from HK$7.00b to HK$6.29b. EPS estimate fell from HK$0.447 to HK$0.384 per share. Net income forecast to shrink 29% next year vs 39% growth forecast for Metals and Mining industry in Hong Kong . Consensus price target down from HK$3.43 to HK$2.89. Share price fell 5.8% to HK$1.95 over the past week. Price Target Changed • Jun 19
Price target decreased by 10% to HK$3.18 Down from HK$3.54, the current price target is an average from 3 analysts. New target price is 57% above last closing price of HK$2.02. Stock is down 34% over the past year. The company is forecast to post earnings per share of HK$0.45 for next year compared to HK$0.54 last year. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to HK$2.07, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 93% over the past three years. Upcoming Dividend • Jun 02
Upcoming dividend of HK$0.28 per share at 18% yield Eligible shareholders must have bought the stock before 09 June 2023. Payment date: 28 July 2023. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 18%. Within top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (3.3%). Announcement • Jun 01
Shougang Fushan Resources Group Limited Announces the Retirement of Liu Qingshan as Executive Director, Deputy Managing Director of the Company and A Member of the Executive Committee The Board of Shougang Fushan Resources Group Limited also announced that Mr. Liu Qingshan (Mr. Liu), an Executive Director, retired by rotation at the Annual General Meeting and did not offer himself for re-election as he wishes to devote more time to the project development of the Group. As a result, he ceased to be an Executive Director, deputy managing director of the Company and a member of the Executive Committee upon the conclusion of the Annual General Meeting. Mr. Liu will continue to serve within the Group. Reported Earnings • Mar 24
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: EPS: HK$0.54 (up from HK$0.50 in FY 2021). Revenue: HK$8.21b (up 16% from FY 2021). Net income: HK$2.72b (up 7.0% from FY 2021). Profit margin: 33% (down from 36% in FY 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 11%. Revenue is expected to decline by 11% p.a. on average during the next 2 years, while revenues in the Metals and Mining industry in Hong Kong are expected to grow by 6.0%. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Non-Executive Director Zongbin Shen was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Oct 21
Independent Non-Executive Director recently bought HK$115k worth of stock On the 12th of October, Wai Yin Choi bought around 50k shares on-market at roughly HK$2.30 per share. This transaction amounted to 9.1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth HK$1.3m. Insiders have collectively bought HK$2.8m more in shares than they have sold in the last 12 months. Upcoming Dividend • Sep 22
Upcoming dividend of HK$0.15 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 04 November 2022. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 18%. Within top quartile of Hong Kong dividend payers (8.5%). Higher than average of industry peers (5.6%). Recent Insider Transactions • Sep 06
Deputy MD & Executive Director recently bought HK$1.3m worth of stock On the 2nd of September, Zhaoqiang Chen bought around 500k shares on-market at roughly HK$2.51 per share. This transaction amounted to 82% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought HK$3.2m more in shares than they have sold in the last 12 months. Reported Earnings • Sep 01
First half 2022 earnings released: EPS: HK$0.32 (vs HK$0.13 in 1H 2021) First half 2022 results: EPS: HK$0.32 (up from HK$0.13 in 1H 2021). Revenue: HK$4.66b (up 91% from 1H 2021). Net income: HK$1.61b (up 139% from 1H 2021). Profit margin: 35% (up from 28% in 1H 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 24% compared to a 2.5% growth forecast for the Metals and Mining industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment deteriorated over the past week After last week's 16% share price decline to HK$2.79, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 123% over the past three years. Upcoming Dividend • Jul 01
Upcoming dividend of HK$0.32 per share Eligible shareholders must have bought the stock before 08 July 2022. Payment date: 29 July 2022. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 12%. Within top quartile of Hong Kong dividend payers (7.8%). Higher than average of industry peers (4.8%). Valuation Update With 7 Day Price Move • Jun 20
Investor sentiment deteriorated over the past week After last week's 17% share price decline to HK$3.06, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Metals and Mining industry in Hong Kong. Total returns to shareholders of 127% over the past three years. Price Target Changed • May 20
Price target increased to HK$3.57 Up from HK$3.02, the current price target is an average from 4 analysts. New target price is 9.4% above last closing price of HK$3.26. Stock is up 60% over the past year. The company is forecast to post earnings per share of HK$0.52 for next year compared to HK$0.50 last year. 
