See the last page for disclaimer Source

FY11A Shares in issue (m) FY15F FY14F FY13F FY12A 12/31 年结 Year End 3 month average vol. 3 (HK$Market cap. m) 52 Weekshigh/low 52 (HK$) z z z z z z z z (01818 (01818 公司报告：招金矿业 HK) opn eot hoi iig(11 K Company Report:ZhaojinMining(01818 HK)

盈利能力受金价下跌侵蚀，下调至“中性”评级 Profitability ErodedByGoldPr

︰ The Company,The 公司扩产项目按计划进展顺利，维持公司矿金产量假设不变。 公司上半年业绩显著低于市场一致预期和我们的估计。 下调公司目标价至 格假设下调至 由于越来越多的投资者抛弃黄金资产，下调金价假设。 的矿金产量将增长 民币 US$1,200-1,800/oz in2013. US$1,200-1,800/oz wilder of ranges expectgoldtobetradedbetween US$1,350/oz and Revise down TP to HK$ 6.87 and maintain maintain 6.87and TP toHK$ down Revise projects of the Company progressed smoothly asscheduled. smoothly progressed Company ofthe projects asexpansion unchanged assumptions output mined Maintain 299.7 million. yoy toRMB yoy 2.37billion,total by 40% by toRMB netprofitdropped 23% increased revenue Althoughtotal ourestimation. and market consensus than lower significantly were Company the of results interim 2013 The 2013. 21.3tin to about 18% by increase to Company goldofthe of mined the output assets. gold abandoned investors more as goldpriceassumptions down Revise 23.7

(RMBm)

Turnover 亿元，但公司净利同比下跌 We revise down 2013 average gold pricesassumptionsto gold average down 2013 revise We

utiJnnItrainl Guotai Junan International. 总股数 (m) 5,741 8,584 7,750 7,351 7,603 市值 收入 1,350

个月平均成交股数 (‘000)

(HK$ m) 18% 6.87 美元/ 周高 至 港元并维持

/ Net Profit Profit Net 低 (RMB m) 盎司，并预计金价将在 21.3 股东净利 1,074 1,660 1,924

750 862 吨。 “

中性 40% 每股净利 ” (RMB) 评级。 至人民币 0.362 0.253 0.291 0.560 0.649 EPS 1,200-1,800 “

每股净利变动 2,919.1 Neutral 2.997 14.480 /4.460 我们将 公司收入同比增长 ( (44.2) (13.0) (19.8) △%) ice Plunge,Main 9,419.03 EPS 20,374.9 35.8 15.9

亿元。 ” 美元 我们预计公司 2013 . / 盎司的区间波动。 年的黄金平均价

市盈率

We expect PER 10.7 15.4 13.4 Major shareholder Free float (%) FY13 Netgearing (%) FY13 FY13 Est.NAV (HK$) FY13 (x) 7.2 6.2 23% 2013 至人 年 每股净资产

(RMB) 3 3. 3. 2. 2. BPS 自由流通比率 .087 467 290 220 834

ore Bloomberg, Source: International.Guotai Junan (70.0) (60.0) (50.0) (40.0) (30.0) (20.0) (10.0) 大股东 股价表现 Stock performance tain “Neutral” 10.0 10.0 20.0 30.0 40.0 平均股价（港元） Avg. share price(HK$) 相对恒指变动 % index %toHS Rel. 绝对变动 % Abs. % 股价变动 Change in Share Price

Share price Revised from 6-18m TP 评级： Rating: 0.0 0.0

u-2Nv1 e-3My1 Aug-13 May-13 Feb-13 Nov-12 Aug-12

% of return % of 市净率 每股估值（港元） (%) 净负债 PBR (x)

1.3 1.1 1.2 1.8 1.4 HSI Index : 目标价 原目标价: 股价： / 股东资金 每股股息 (RMB) 0.109 0.076 0.087 0.224 0.195

DPS

(%) 1 个月 1 M 26.6 26.2 5.8 Zhaojin Zhaojin [email protected] 股息率 Zhaojin Group 37.3% +86 75523976671 Kevin Guo Yield 3 28 August 2013 2013 28 August (%)

个月 2.8 1.9 2.2 5.5 4.8 3 M (4.3) (7.9) 5.9 Neutral HK$6.87 中性 Maintained 净资产收益率 HK$6.990 Page 1of 7 HK$8.47 (47.1) (36.6) 1 1 Y 郭勇 (维持) 年 ROE (%) 29.4 16.5 45.9 9.6 12.2 27.7 25.7 7.5 9.1

Company Report 招金矿业 (01818 HK) GTJA Research 国泰君安研究

of netprofit. Additionally, thesaleofgol reduced theCompany intentionally 1H2013 tolower which profit. led The prices drop ofgold Table 1 Main projects under construction scheduled. asexpansion projects unchanged as Maintain the assumptions Company smoothly of gold output mined progressed output 3.73 tons.The yoy to 21.53% tons,but to8.63 yoy 10.99% by Company increased ofthe gold outputofmined The yoy toRMB2.37billio by 23% total increased Although revenue results 2013interim Company the The of significan were See the last page for Page disclaimer 2 exploration. and acquisitions years through coming We explored. expect further and acquired are mines more gold company,will cont district outside Zhaoyuan mines gold webelieve cons district inZhaoyuan mines gold Although district. Zhaoyuan far. minesso gold rese and resources gold speaking, Generally Miningstarted mines.Zhaojin ofexisting further exploration re and resources ofgold growth compelling tons.The to 356 of18.2 at aCAGR grew reserves gold time, At themean tons. 690 tonsto from 180 inthepastCompany significantly increased Gold fewyears. CompanyThe keeps andexploration. expanding its acquisitions through resources gold start toraiseinterest rate. robust recovery. tobearmarket point turning We the believe as in 2014-2015 slowly We pricestodecline expectgold tobe expectgold and toUS$1,350/oz pricesassumptions gold goldETF,SPDR, thelargest to 300tons byabout has declined gold abandoned moreinvestors Besides, robustmomentum. gains QE scaleback might Reserve thatFederal indicate more signs However, for goldprices. strongsupport banks provide are ofmajorcentralthere monetary policies andloose environment immediately,bear market weexpe do neither Revisegold priceassumptionsas down Source: TheCompany, Guotai Junan International. Mining Baiyun Mining Canzhuang Mine Gold Zaozigou Mining Qinghe most which contributed 2.44 tons,

about 18% to 21.3 tin2013. 18%to21.3 about We ofminedgoldtheCompany newcommenceproduction. asseveral by expecttheoutput accelerate mines toincrease to 2013 in fewyears. Weofminedgold tomaintaindistrict isexpected rateinthenext fastergrowth growth expect theoutput most oftheexp 2.44 tons.As to6.18tons yoy % 4.0 about by increased inZhaoyu thanthoselocated grew faster bywas mi outputcontributed stable,gold while district mined byminesinZhaoyuan contributed Projects The output of mined gold oftheCompany outputofminedgold The mainta

ansion projects are located outside Zhaonyuan di outside Zhaonyuan arelocated projects ansion Liaoning Province Province Liaoning Xinjiang Province Province Xinjiang oftheoutputgrowth. However, Province Gansu Province of mined gold contributed by mines outside by mines contributed gold ofmined Zhaoyuan Zhaoyuan Location Location

an district. According totheCompany,an district.According t in 1H2013, while the output outsideZhaoyu theoutput while 1H2013, in more investors abandonedgoldassets. ct gold prices to advance further to record high levels. Global low interest rate interest low Global levels. high torecord further toadvance prices ct gold

global economic risks mitigate further and macro economy gains gains economy further andmacro risksmitigate economic global be that loose monetary policy come policy monetary be thatloose to acquire gold mines since its listing, and it had acquired many minessinceits listing,andithadacquired to acquiregold serves was mainly contributed by the newly acquired mines and and mines acquired newly bythe contributed was mainly serves resources grew at aCAGR resourcesgrew Production capacity(t/d) capacity(t/d) Production d as gold plunged in 1H2013 which also contributed to the drop tothedrop whichcontributed also in1H2013 plunged d asgold average gold prices dropped by pricesdropped gold average which startyear might sincethe ined double-digital growth sinceits listing. growth double-digital ined traded between wilder ranges of US$1,200-1,800/oz in 2013. 2013. in US$1,200-1,800/oz of wilder ranges between traded less than 1000 tons this year.less than1000tonsthis We average revisedown 2013 the Company to continue to expand its gold resources in the in the toexpandits resources gold tocontinue the Company n, total by netprofit dropped tly lower than market consensus and our estimation. estimation. our and consensus tly market lowerthan the profitability oftheCompany bywas theprofitability eroded the seriously titute the main part of gold resources and reserves ofthe andreserves titute themainpart resources ofgold rves outside Zhaoyuan district grew faster than that in districtgrew thatin faster than outside Zhaoyuan rves ribute most of the gold reserves growth in the future as future as inthe growth mostofthe goldreserves ribute assets and turn to other assets this year. assets this assets andturntoother by Goldhold 2,000 2,000 2,000 1,150 Zhaoyuan District increased by 33.33% yoy to yoy to by33.33% Districtincreased Zhaoyuan strict, the output of mines outside Zhaoyuan ofminesoutsideZhaoyuan strict, theoutput he output of mined gold in Zhaoyuan district district inZhaoyuan ofminedgold he output % in 2006-2012, increased from 130 tons from130 increased 2006-2012, % in the output ofsmelt the an district increased by 33.3% yoy 33.3% to by districtincreased an We do not expect gold to enter into We into goldtoenter donotexpect of 25.1% in 2006-2012, increased increased of 25.1%in2006-2012, 40% yoy to RMB 299.7 million. yoy RMB299.7million. 40%to end of 2013 as U.S. economy asU.S.economy of2013 end nes outside Zhaoyuan district district nes outside Zhaoyuan 8.8% yoy toRMB307.3/g. 8.8% to the end and central banks banks central and end tothe Planned production time production Planned Gold resources held by the held Goldresources 2H2013 2H2013 2H2012 2H2012 2H2013 2H2013 2H2013 2H2013 ed gold dropped by by ed dropped gold

Mined gold output gold Mined of7

Company Report Zhaojin Mining 招金矿业 (01818 HK) 28 August 2013 Figure 1 Gold resource and reserve ofthe Company See the last page for Page disclaimer 3 wh to HK$6.87, Mining of we downZhaojin TP Hence, revise wedownprices. Asaresult, EPStoRMB0. FY13-FY15 revise theprofitability However, gold. saleofrefined bottom andmore signific dropped of theCompany asseve in 2013 18% by increase to oftheCompany gold mined support will strongly which exploration, and acquisition through Revise down TP toHK$ 6.87, and maintain “Neutral”. Source: TheCompany, Guotai Junan International. 100 200 300 400 500 600 700 800 0 0620 0820 0021 2012 2011 2010 2009 2008 2007 2006 t gold resource antly in 1H2013, we thedropto contra in 1H2013, antly expect gold reservegold The Company holds abundant gold resource and keeps expanding it it expanding and keeps resource gold abundant holds Company The c seuvln o1xF1 E n anan“eta” “Neutral”. PE,andmaintain FY13 to15x ich isequivalent 362, 0.291, 0.253, down by 36 0.253,down 362, 0.291, ral new gold mines commence production. Although net profit profit net Although production. minescommence new gold ral of the Company isstillseriousl of theCompany Source: Bloomberg, Guotai Junan International. Figure 2 the output growth of mined gold. We expect the output of of output expect the We gold. growthofmined output the 1,100 1,300 1,500 1,700 1,900 2,100 500 700 900 a-0Jl1 a-1Jl1 a-2Jl1 a-3Jul-13 Jan-13 Jul-12 Jan-12 Jul-11 Jan-11 Jul-10 Jan-10 odpie (US$/oz) Gold prices ct in 2H2013 as gold prices rebound from the fromthe pricesrebound asgold ct in2H2013 %, 48% and 40%, respectively. 40%,respectively. %, 48%and y eroded by the drop of gold of gold by drop y the eroded of7

Company Report Zhaojin Mining 招金矿业 (01818 HK) 28 August 2013

Price Treatment Tolling Smelted Gold Gold Mined Sales Volume(kg) Table 3 Key assumptions of Zhaojin Mining See the last page for Page disclaimer 4 Source: Guotai Junan International. SG&A/Revenue Mined Gold(RMB/g) Unit Cost Gold(RMB/g) Effective income tax Effective income Interest rate Dividend payout ratio payout Dividend MI rate EPS

FY13 FY13 -13.0% -25.0% -30.0% (Old) 21,341 21,341 -2.0% -6.0% 0.565 8,723

179 315 447

(New) FY13 FY13 -13.0% -25.0% -30.0% 21,341 21,341 -2.0% -6.0% 0.362 6,886

184 285 447

Changes (%) -10% -36% -21%

0Pts 0Pts 0Pts 0Pts 0Pts 3% 0% 0% -13.0% -25.0% -30.0% 24,543 24,543 FY14 FY14 (Old) -5.0% -2.0% 0.553 8,287

182 300 469 (New) -13.0% -25.0% -30.0% 24, FY14 FY14 -5.0% -2.0% 0. 6,

187 265 543 543 469 291 542 Changes (%) -12% -48% -21%

0Pts 0Pts 0Pts 0Pts 0Pts 3% 0% 0% -13.0% -25.0% -30.0% FY15 FY15 28,224 28,224 (Old) -5.0% -2.0% 0.424 7,872

186 275 493

(New) -13.0% -25.0% -30.0% 28,224 28,224 FY15 FY15 -5.0% -2.0% 0.253 6,215

191 260 493

Changes (%) -40% -21% of7

0Pts 0Pts 0Pts 0Pts 0Pts -5% 0% 3% 0%

Company Report Zhaojin Mining 招金矿业 (01818 HK) 28 August 2013 Ltd Fields Gold Kinross GoldCorp Ltd Ashanti Anglogold Newmont MiningCorp MiningLtd Newcrest Goldcorp Inc Barrick GoldCorp Table 3Zhaojin’s PeerComparison See the last page for Page disclaimer 5 Source: Bloomberg, Guotai Junan International. Average Weighted Simple Average CoLtd-H Lingbao Gold Res International Gold CoLtd-H MiningGroup Zijin -H MiningIndustry Zhaojin Average Weighted Simple Average Corp-A Gold Zhongjin Co Lt-A Mining Shandong Gold CoLtd-A MiningGroup Zijin Average Weighted Simple Average Company 600547 CH 600489 CH 601899 CH 2099 HK 2899 HK NCM AU 1818 HK ABX CN G CN

3330 HK ANG SJ ANG K CN GFI SJ GFI NEM US Stock Code Stock

ZAr ZAr AUD HKD ZAr ZAr CNY HKD CNY CAD CAD CNY HKD HKD

USD CAD Currency

Last price Last 14,971.00 14,971.00 5,675.00 5,675.00 13.74 13.74 25.35 25.35 22.98 22.98 21.52 32.87 33.29 1.89 1.89 9.96 9.96 2.53 2.53 1.85 1.85 6.99 6.99 6.19

10.1 10.1 18.3 14.0 14.8 18.8 15.0 10.5 10.4 15.2 12A n.a. n.a. 8.2 8.2 7.2 6.4 8.6 9.9 7.3 8.5 9.1 9.4

PE 13.4 13.4 16.7 25.1 12.0 13.0 18.8 19.6 24.4 18.9 15.4 21.5 20.9 25.0 19.6 17.7 20.1 22.2 34.1 13F n.a. 7.9 7.9

15.2 15.2 19.6 24.3 25.8 13.3 14.9 17.9 17.9 21.2 13.8 18.7 19.2 19.7 22.3 22.8 10.7 19.0 30.2 24.2 14F 8.6 8.6

15.3 15.3 20.7 32.5 20.0 13.8 16.5 16.9 18.0 22.2 20.1 16.4 17.4 19.3 25.2 15.2 16.7 17.6 19.3 11.6 11.6 15F 8.8 8.8

12A 1.3 1.3 1.1 0.5 1.0 1.2 2.0 2.9 3.1 2.9 4.3 2.0 1.0 1.0 0.8 0.7 1.2 1.2 0.7 1.2 1.0

PB 13F 13F 1.2 1.2 1.1 0.5 0.9 1.1 1.8 2.5 2.7 2.8 3.6 1.6 1.2 1.1 0.9 0.9 1.4 1.3 0.9 1.2 1.2

14F 14F 1.1 1.1 1.0 0.5 0.8 1.0 1.7 2.3 2.4 2.6 3.3 1.5 1.2 1.1 0.9 0.9 1.3 1.3 1.0 1.2 1.2 15F 15F 1.1 1.1 0.9 0.5 0.7 1.0 1.6 2.1 2.2 2.5 2.8 1.3 1.1 1.0 0.9 0.9 1.2 1.2 0.9 1.1 1.1

ROE(%) of7 13F 13F (0.4) 15.3 15.3 14.7 19.7 13.2 14.2 10.1 10.1 14.6 11.2 11.2 3.8 3.8 9.7 6.6 5.9 3.4 4.5 6.8 5.2 4.0 3.4 7.1 7.1

Company Report Zhaojin Mining 招金矿业 (01818 HK) 28 August 2013 Figure 3 Financial Statements and Ratios See the last page for Page disclaimer 6 Source: TheCompany, Guotai Junan International. Cash at end of year endof Cash at year beginningof Cash at changeincash Net financing from Cash flows Others Dividend paid bankborrowings Net Share issue investing from Cash flows Others Capex operating from Cash flows Adjust for depre.&amort. Net income (RMBm) Year endDec31st DPS EPS shareholders’ to attributable profit Net interests Minority Discontinued operation taxIncome andMI before tax Profit ofanassociate Profit costs Finance Profit from operation SG&A revenuesandgains Other Gross profit COGS Revenue (RMBm) Year endDec31st Others Changes inWC Profit before MI operation fromcontinuing Profit ex operating Other

penses

Cash Flow Statement Flow Cash (2,677) (2,677) (2,340) (2,340) (2,269) (2,269) FY11A FY11A 2,378 2,378 ,8 2,287 1,660 1,660 1,721 1,721 ,4 1,246 ,2 1,224 1,660 1,660 3,064 3,064 0.224 0.224 0.560 1,723 1,723 5,741 5,741 ,7 2,079 Income Statement Statement Income (670) (564) (138) (458) (347) (112)

(61) (98) 2 122 8 782 6 464 490 276 5 654 (2) 72 7 0

(3,908) (1,800) (1,437) (1,165) (1,745) FY12A FY12A 2,873 2,873 ,6 2,665 1,924 1,924 2,047 2,047 ,5 1,351 ,4 1,246 1,924 1,924 ,1 2,718 3,695 3,695 0.649 0.195 0.195 2,047 2,047 7,603 7,603 ,2 1,922 (618) (219) (851) (577) (123) (219)

(95) (72) 2 125 0 105 606 0 10 55 0 0

(1,627) (1,627) (1,700) (4,681) (1,073) (1,073) FY13E FY13E FY13E 1,722 1,722 ,6 1,461 1,074 1,074 1,096 1,096 ,7 1,470 ,5 1,351 1,074 1,074 2,671 2,671 0.362 1,096 1,096 7,351 7,351 0.109 0.109 2,819 2,819 (408) (342) (322) (365) (342) (956) (116)

(22) 2 123 2 120 650 784 312 1 81 73 0 0

(1,008) (1,334) (1,400) (5,381) (2,029) FY14E FY14E 1,380 1,380 1,172 1,172 1,163 1,163 1,470 1,470 0.291 2,369 2,369 7,750 7,750 0.087 0.087 1,328 1,328 2,060 2,060 (308) (281) (258) (293) (281) (106) (302)

(18) 237 862 124 879 862 879 436 74 66 0 0

(6,207) (1,200) (1,200) (2,242) (1,116) FY15E FY15E 1,020 1,020 1,273 2,376 8,584 1,288 1,288 1,163 2,279 0.076 0.253 (255) (225) (311) (311) (111)

(15) 750 765 765 124 125 426 962 899 750 112 58 0 0 0

ROA ROA Long-term Long-term borrowings Total assets Trade receivables Non-current assets Net intangibles Net PPE Gross Gross Margin Year endDec31st Shareholder’s equity Minority interests Other payables Trade payables Short-term borrowings Non-current Non-current liabilities Others Current assets Others Inventories Cash&cash equivalents Others ROCE ROCE ROE Net Margin Total Liabilities Current liabilities Others (RMBm) Year endDec31st Net Gearing Gearing Net Rmb) CF(mn Free

13,291 13,291 FY11A FY11A 53.4% 28.9% 25.4% 32.5% 12.5% 27.7% 9,329 9,329 1,679 1,679 1,246 1,246 3,962 3,962 1,510 1,510 2,383 2,383 6,584 6,584 2,131 2,131 1,225 1,225 1,538 1,538 3,178 3,178 4,927 6,294 6,294 3,911 (262) Financial Ratios 414 327 704 539 362 Balance Sheet Sheet Balance 46

(1,872) (1,872) FY12A FY12A FY12A FY12A 17,968 17,968 13,588 60.8% 22.2% 10.7% 25.7% 25.3% 48.6% 3,766 3,766 1,026 2,740 4,380 1,351 1,657 4,558 7,373 8,404 8,404 8,720 4,954 3,168 2,011 986 844 365 420 408 32

FY13E FY13E FY13E FY13E 18,718 18,718 13,282 45.9% 13.1% 12.2% 14.6% 36.3% 3,701 3,701 1,128 2,573 5,436 1,470 1,823 3,998 7,461 9,156 9,156 8,697 4,995 2,926 2,573 2,573 1,036 1,036 1,119 5.7% 357 866 401 590 801

FY14E FY14E 19,819 19,819 14,428 48.4% 10.0% 30.6% 11.1% 3,954 3,954 1,241 2,713 5,391 1,163 2,005 4,489 7,935 9,759 9,759 9,177 5,224 3,024 2,713 2,713 1,139 1,139 9.1% 4.3% (72) 377 883 441 615 845

of7

FY15E FY15E 10,284 10,284 10,496 21,679 15,717 54.0% 27.7% 6,127 6,127 3,694 4,370 1,365 3,004 5,962 1,253 3,004 1,288 2,205 5,378 8,133 (301) 8.6% 3.5% 7.5% 8.7% 898 486 526 935 417

Company Report Zhaojin Mining 招金矿业 (01818 HK) 28 August 2013 18months Time Horizon:6to SengIndex Hong KongHang The Benchmark: Company Rating Definition See the last page for Page disclaimer 7 Website: www.gtja.com.hk Tel.: (852) Fax: 2509-9118 (852) 2509-7793 MillenniumPlaz Block,Grand 27/F., Low Guotai JunanSecurities(HongK © 2013 compani subject GuotaiJunananditsgroup law regulation or toapplicable contrary would be use or jurisdictionin any publication,availability where suchdistribution, fordistribut intended at,or isnotdirected This ResearchReport where necessaryand ownfinancial consulttheir mutable situation,souncertaintymay contain.Investorsshouldunderstand objectivesandits andcomprehendtheinvestment rel ofthefutu estimates andforecastsderivedfromtheassumptions someforward-l accuracy ResearchReportmay completenessoftheinformationanddataherein.This contain the and not guarantee ofthein the accuracy toensure made hasbeen best effort Though be contraryAny inthisreportmay opinionsexpressed differorto investproprietarily). or underwriter an This ResearchReportdoesnotconstitute DISCLAIMER Guotai its Junanand groupcompanies relationships Resear havenothadinvestmentbanking with mentionedinthis theissuer (4) s HoldingsLimited-H ChenmingPaper ExceptforShandong The in Analysts theirassociates financial and do nothaveany (3) The Analysts theirassociates and (2) (1) OF DISCLOSURE INTERESTS 18months Time Horizon:6to SengIndex Hong KongHang The Benchmark: Definition Sector Rating ecnrr ooiin rivsmn eiin aeb h se aaeetadivsmn akn ruso utiJnn investmentbankinggroupsofGuotaiJunan. orinvestmentasset managementand decisionsmade be contraryby toopinions the executiv persons, dealersandotherprofessional includinginvestmentbanking,serv research reports, co itsgroup Junanand Guotai Junan"). Limited ("Guotai (Hong Kong) Neutral Accumulate Buy Rating Underperform Underperform Neutral Outperform Rating Sell Reduce capitalization ofthe issuerment Holdings Company Guotaiand its Junan Limited(08240), groupcomp Report within the preceding 12 months. preceding12months. within the Report Relative Performance is 5% to 15%; is5%to15%; Relative Performance Relative Performance <-15%; Relative Performance Relative Performance is -5% to -15%; is-5%to-15%; Relative Performance Relative Performance >15%; Relative Performance or the fundamental outlook of the company or sector is unfavorable. outlookofthecompany sectorisunfavorable. or or thefundamental outlookofthecompany sectorisunfavorable. or or thefundamental outlookofthecompany sectorisneutral. or or thefundamental outlookofthecompany sectorisfavorable. or or thefundamental outlookofthecompany sectorisfavorable. or or thefundamental Definition Definition Relative Performance is -5% to 5%; is-5%to5%; Relative Performance or the fundamental outlookofthesectorisunfavorable. or thefundamental outlookofthesectorisneutral. or thefundamental outlookofthesectorisfavorable. or thefundamental Definition Definition Relative Performance is -5% to 5%; is-5%to5%; Relative Performance Relative Performance >5%; Relative Performance Relative Performance <-5%; Relative Performance ioned in this Research Report. ioned inthisResearchReport.

a, 181 Queen’s Road Central, Hong Kong. HongKong. RoadCentral, a, 181Queen’s ong) Limited.AllRightsReserved. ong) do not serve as an officerdo notserveasan of theiss es to any registration or licensingr es toany or registration invitation or offer to acquire, purchase or invitationacquire, purchase orofferto advisers prior to any investmentdecision. advisers priortoany es of Guotai Junan group of companies. groupofcompanies. es ofGuotaiJunan ion to or use by, any person or entity who entityisacitizenorre person or any oruseby, ion to opinions orinvestment strategiesexpressedorally or inwriopinions he placing agent, lead manager, spo placing agent,leadmanager, the example, ices andetc.(for formation and data containedinthis data and formation hares (01812) and China City Railway China and Transportationhares (01812) Technology re politicalandeconomicre conditions with unpredicta inherently terestsissuer mentionedinthisResearch inrelationtothe

mpanies may do business that relates to companiescovered in may businessthatrelatesto do mpanies uer mentioned in thisResearchReport. uer mentionedin anies do not hold equal to or more than 1% of the market ofthe than1% equaltoormore anies donothold equirement withinequirement suchjurisdiction. subscribe forsecuriti Any expressed inthisreportma opinions Research Report, GuotaiJ ResearchReport, es byGuotai Juna sident of or located or located sident of tten form by sales tten formby or which would which or Report. n Securities unan does does unan ated risks, y or differ ble and ble and ch ooking of7 nsor,

Company Report Zhaojin Mining 招金矿业 (01818 HK) 28 August 2013