# Shandong Gold Mining (600547.SHG)

Canonical: https://gigainvestors.com/s/600547.SHG

Analysis as of: 2026-10-16T07:34:49.185Z. Financial observations: FY2000–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 25.41 per share; close as of 2026-10-15.

Estimated value: low CNY 12.02 per share, central CNY 14.33 per share, high CNY 16.27 per share. Buy at or below the central value CNY 14.33 per share. Valuation as of 2026-10-16T07:34:49.185Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.69×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.03×

- FY2018: 0.03×

- FY2019: 0.03×

- FY2020: 0.05×

- FY2021: 0.00×

- FY2022: 0.04×

- FY2023: 0.06×

- FY2024: 0.07×

- FY2025: 0.14×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 6.4%

- ROIC, second-lowest year: 3.9%

- Typical minus recent gross margin: -5.2 pp

- Typical gross margin (annual median): 11.3%

- Recent gross margin (lower of latest and 3-year median): 16.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.9%

- ROIC including acquisitions, ten-year median: 3.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.0%

- FY2017: 5.6%

- FY2018: 4.8%

- FY2019: 6.0%

- FY2020: 8.2%

- FY2021: 0.1%

- FY2022: 3.9%

- FY2023: 7.4%

- FY2024: 6.7%

- FY2025: 12.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.89×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 10B

- Net income, five-year total: CNY 11B

- Return on incremental invested capital: 26.1%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -1.8 pp

- Working capital / revenue, final three-year average: -0.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 6.77×

- FY2022: 0.98×

- FY2023: 0.99×

- FY2024: 0.99×

- FY2025: 1.00×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 5.6% vs 7.4%

- Per-share earnings: 0.31 to 0.57 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.1%

- Ordinary dilution, 5-year annual growth: 1.3%

- Market cap gain: CNY 124B

- Cumulative retained earnings: CNY 9.3B

- Diluted shares, 10-year annual growth: 5.1%

- Diluted shares, 5-year annual growth: 1.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.7%

- Per-share value change: CNY 0.26

- Per-share value, starting three-year median: CNY 0.31

- Per-share value, ending three-year median: CNY 0.57

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 0.0%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 53B

- Cumulative net income, 10 years: CNY 18B

- ROIC, first three-year median: 5.6%

- ROIC, last three-year median: 7.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.44

- FY2017: CNY 0.31

- FY2018: CNY 0.26

- FY2019: CNY 0.30

- FY2020: CNY 0.47

- FY2021: CNY -0.04

- FY2022: CNY 0.28

- FY2023: CNY 0.52

- FY2024: CNY 0.57

- FY2025: CNY 1.08

### accounting: pass

- Sloan accruals: -9.7%

- Receivables to sales index (DSRI): 0.83×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.32×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.94×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.0%

- FY2017: -6.1%

- FY2018: -4.2%

- FY2019: -5.0%

- FY2020: -5.9%

- FY2021: -2.6%

- FY2022: -1.9%

- FY2023: -3.4%

- FY2024: -6.5%

- FY2025: -9.7%

## Holders

## Price story

Down 53% since Jan 2026 · sales +26.4%

Story as of 2026-10-16T10:00:02.664Z; price observation 2026-10-15.

Price needs cash profits to grow 11.6% a year for ten years

### Sales · FY2024–2025

sales +26.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 50B 

- FY2017: CNY 51B 

- FY2018: CNY 56B 

- FY2019: CNY 63B 

- FY2020: CNY 64B 

- FY2021: CNY 34B 

- FY2022: CNY 50B 

- FY2023: CNY 59B 

- FY2024: CNY 83B 

- FY2025: CNY 104B 

### Gross margin · FY2025

gross margin 20%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 8.6% 

- FY2017: 8.9% 

- FY2018: 8.5% 

- FY2019: 9.5% 

- FY2020: 12.4% 

- FY2021: 10.3% 

- FY2022: 14.0% 

- FY2023: 16.5% 

- FY2024: 16.4% 

- FY2025: 20.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in gold; annual sales are CNY 104.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.185Z); FY2025: revenue 104287392000; grossProfit 20811703000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600547.SHG: Shandong Gold Mining Co., Ltd. engages in mining, smelting, processing, and precious metals in the People's Republic of China. It explores for silver, copper, iron, lead, and zinc metals. The company is also involved in manufacturing special equipment for gold mines; gold and non-ferrous metal mining and smelting; and building decoration materials, as well as invests in gold bars. In addition, it offers ecological restoration and environmental protection, investment and asset management, construction engineering, futures brokerage, and consulting and investigation services. Shandong Gold Mining Co., Ltd. was incorporated in 2000 and is based in Jinan, the People's Republic of China.

### Why customers stay

Margins ranged from 16.4% to 20% during 2023–25; it earns 6.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.185Z); FY2023: grossProfit / revenue = 16.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.185Z); FY2024: grossProfit / revenue = 16.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.185Z); FY2025: grossProfit / revenue = 20%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.185Z); 10-year return on capital observations [[2016,0.07993741478521249],[2017,0.05621266247026853],[2018,0.047637070256983834],[2019,0.060084461505318626],[2020,0.08170670639767895],[2021,0.0014207256144048368],[2022,0.03922682723631542],[2023,0.07422602362714147],[2024,0.06703919563976296],[2025,0.11987762960772823]]; median 0.0635618285725408. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 26.1% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.185Z); FY2016: growth capex 418859678.68000007; upkeep 1544410669; owner earnings 1292776149. Growth capex / owner earnings = 0.324000159659505.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.185Z); FY2018: growth capex 1188415460.7199998; upkeep 2438841400; owner earnings 1024093537. Growth capex / owner earnings = 1.1604559718259406.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.185Z); FY2019: growth capex 1530265246.96; upkeep 2644370000; owner earnings 1289468000. Growth capex / owner earnings = 1.1867415453194652.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.185Z); FY2020: growth capex 404943700.6962776; upkeep 4361991936.973722; owner earnings 249048063.02627754. Growth capex / owner earnings = 1.6259660716716806.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.185Z); FY2022: growth capex 1067866150.2399998; upkeep 3146282824; owner earnings 1222466398.0334394. Growth capex / owner earnings = 0.873534153542263.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.185Z); FY2023: growth capex 5258890891; upkeep 3922361000; owner earnings 2310298983.647983. Growth capex / owner earnings = 2.2762815238295104.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.185Z); FY2024: growth capex 15256574000; upkeep 4846394000; owner earnings 2935012536.593706. Growth capex / owner earnings = 5.198129074333139.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.185Z); FY2025: growth capex 5650526000; upkeep 7277976000; owner earnings 4969387296.89. Growth capex / owner earnings = 1.1370669385210281.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.185Z); Incremental return on capital 0.26141266297001303, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.185Z); Dividend observations: [[2016,483213655.64],[2017,629993538.03],[2018,902741524.44],[2019,219850133],[2020,307790187],[2021,223427269],[2022,223671476],[2023,2306151972],[2024,3243642000],[2025,1467284000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 54.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600547.SHG SharesStats.PercentInsiders = 54.722 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.6% yearly over ten years; actual growth was 15.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:49.185Z); Ten-year compound average after fade. Initial solved rate 0.15420618505564476. Price 25.41; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.26343665885854906 → FY2025 1.0779746841876867. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-11: CNY 19.46 per share

- 2016-12: CNY 18.63 per share

- 2017-01: CNY 18.89 per share

- 2017-02: CNY 18.91 per share

- 2017-03: CNY 18.26 per share

- 2017-04: CNY 18.43 per share

- 2017-05: CNY 14.57 per share

- 2017-06: CNY 14.76 per share

- 2017-07: CNY 16.29 per share

- 2017-08: CNY 16.65 per share

- 2017-09: CNY 16.04 per share

- 2017-10: CNY 15.06 per share

- 2017-11: CNY 15.37 per share

- 2017-12: CNY 15.91 per share

- 2018-01: CNY 16.21 per share

- 2018-02: CNY 13.23 per share

- 2018-03: CNY 14.82 per share

- 2018-04: CNY 14.24 per share

- 2018-05: CNY 14.46 per share

- 2018-06: CNY 12.20 per share

- 2018-07: CNY 12.48 per share

- 2018-08: CNY 11.53 per share

- 2018-09: CNY 12.08 per share

- 2018-10: CNY 13.42 per share

- 2018-11: CNY 13.80 per share

- 2018-12: CNY 15.43 per share

- 2019-01: CNY 15.65 per share

- 2019-02: CNY 16.63 per share

- 2019-03: CNY 15.86 per share

- 2019-04: CNY 14.88 per share

- 2019-05: CNY 15.86 per share

- 2019-06: CNY 21.01 per share

- 2019-07: CNY 21.49 per share

- 2019-08: CNY 28.49 per share

- 2019-09: CNY 24.21 per share

- 2019-10: CNY 22.70 per share

- 2019-11: CNY 21.49 per share

- 2019-12: CNY 23.30 per share

- 2020-01: CNY 23.19 per share

- 2020-02: CNY 24.23 per share

- 2020-03: CNY 24.53 per share

- 2020-04: CNY 25.92 per share

- 2020-05: CNY 26.50 per share

- 2020-06: CNY 26.16 per share

- 2020-07: CNY 30.72 per share

- 2020-08: CNY 28.99 per share

- 2020-09: CNY 25.50 per share

- 2020-10: CNY 23.78 per share

- 2020-11: CNY 23.84 per share

- 2020-12: CNY 23.62 per share

- 2021-01: CNY 22.21 per share

- 2021-02: CNY 22.21 per share

- 2021-03: CNY 21.31 per share

- 2021-04: CNY 19.36 per share

- 2021-05: CNY 21.37 per share

- 2021-06: CNY 19.22 per share

- 2021-07: CNY 17.56 per share

- 2021-08: CNY 18.00 per share

- 2021-09: CNY 19.61 per share

- 2021-10: CNY 19.92 per share

- 2021-11: CNY 19.10 per share

- 2021-12: CNY 18.82 per share

- 2022-01: CNY 18.75 per share

- 2022-02: CNY 20.76 per share

- 2022-03: CNY 21.50 per share

- 2022-04: CNY 19.16 per share

- 2022-05: CNY 18.39 per share

- 2022-06: CNY 18.56 per share

- 2022-07: CNY 18.29 per share

- 2022-08: CNY 17.90 per share

- 2022-09: CNY 17.13 per share

- 2022-10: CNY 17.30 per share

- 2022-11: CNY 20.45 per share

- 2022-12: CNY 19.16 per share

- 2023-01: CNY 19.79 per share

- 2023-02: CNY 18.98 per share

- 2023-03: CNY 22.04 per share

- 2023-04: CNY 25.70 per share

- 2023-05: CNY 25.25 per share

- 2023-06: CNY 23.48 per share

- 2023-07: CNY 24.39 per share

- 2023-08: CNY 26.23 per share

- 2023-09: CNY 25.11 per share

- 2023-10: CNY 23.89 per share

- 2023-11: CNY 23.20 per share

- 2023-12: CNY 22.87 per share

- 2024-01: CNY 20.57 per share

- 2024-02: CNY 21.69 per share

- 2024-03: CNY 28.23 per share

- 2024-04: CNY 28.87 per share

- 2024-05: CNY 28.81 per share

- 2024-06: CNY 27.38 per share

- 2024-07: CNY 29.42 per share

- 2024-08: CNY 27.00 per share

- 2024-09: CNY 29.29 per share

- 2024-10: CNY 26.40 per share

- 2024-11: CNY 24.46 per share

- 2024-12: CNY 22.63 per share

- 2025-01: CNY 24.33 per share

- 2025-02: CNY 23.33 per share

- 2025-03: CNY 26.88 per share

- 2025-04: CNY 30.30 per share

- 2025-05: CNY 30.00 per share

- 2025-06: CNY 31.93 per share

- 2025-07: CNY 29.37 per share

- 2025-08: CNY 33.36 per share

- 2025-09: CNY 39.33 per share

- 2025-10: CNY 36.04 per share

- 2025-11: CNY 36.46 per share

- 2025-12: CNY 38.71 per share

- 2026-01: CNY 54.55 per share

- 2026-02: CNY 47.31 per share

- 2026-03: CNY 40.25 per share

- 2026-04: CNY 34.38 per share

- 2026-05: CNY 28.87 per share

- 2026-06: CNY 23.09 per share

- 2026-07: CNY 28.20 per share

- 2026-08: CNY 37.85 per share

- 2026-09: CNY 27.30 per share

- 2026-10: CNY 26.57 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 4.52 per share, central CNY 6.42 per share, high CNY 7.52 per share

- FY2017: low CNY 1.33 per share, central CNY 1.64 per share, high CNY 1.83 per share

- FY2018: low CNY 3.27 per share, central CNY 3.83 per share, high CNY 4.42 per share

- FY2019: low CNY 4.20 per share, central CNY 5.17 per share, high CNY 5.90 per share

- FY2020: low CNY 4.11 per share, central CNY 4.52 per share, high CNY 5.05 per share

- FY2021: low CNY 1.89 per share, central CNY 1.94 per share, high CNY 2.00 per share

- FY2022: low CNY 4.51 per share, central CNY 4.82 per share, high CNY 5.23 per share

- FY2023: low CNY 5.31 per share, central CNY 5.72 per share, high CNY 6.27 per share

- FY2024: low CNY 5.92 per share, central CNY 6.51 per share, high CNY 7.29 per share

- FY2025: low CNY 12.00 per share, central CNY 14.37 per share, high CNY 16.37 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:35.537Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations