First-year stock price trend: From the verge of delisting to the phoenix nirvana
Difficult stage (2020-2024Q2)
Three consecutive years of losses resulted in the *ST delisting warning being implemented in May 2024, with the stock price reaching as low as 0.89 yuan
Overseas business accounted for 98% of the proportion of operations, resulting in loss of operations out of control, and a loss of 127 million yuan in deducting non-operating items in 2023
Historical problems: Regulatory penalties such as violations of related transactions, account freezes
Turning point (2024Q3-2025Q1)
Shandong Zhaojin Group strategically invested in October 2024 and completed the controlling equity acquisition in January 2025
Revenue in 2024 was RMB 333 million, and the loss narrowed by 89.61% in 2025Q1
Successfully "removed the hat" on June 5, 2025, and the stock price started a main upward trend
Expand period (2025Q2 to the present)
Gold price hit a record high (London gold price of $2,900/ounce) catalytic market
The stock price reached 9.45 yuan on June 9, 2025, an increase of more than 10 times from the lowest point
2. The core driving factors of ten times increase
(I) Strategic restructuring and reshaping value
Zhaojin Group injects political and business resources to optimize the operational efficiency of Fiji gold mines
Split the non-performing assets of real estate and place zirconium titanium sand ore to improve resource reserves
(II) Industry cycle resonance
The gold bull market from 2024 to 2025: Fed rate cut expectations + geopolitical conflict drives gold prices to rise by 25%
The prices of strategic metals such as tungsten and molybdenum soared simultaneously
(III) Market value management art
The total share capital is 774 million shares, and the market value is still less than 10 billion after ten times, which is convenient for capital manipulation
Q1 2025 revenue increased by 95.79% year-on-year, and manufacturing performance reversed expectations
(IV) Market sentiment boosted
"Removal of the hat" node accurately connects to the hype of gold concept
The relay of hot money has formed a wealth effect, and the Oriental Wealth stock bar is at the forefront of popularity
3. Investment inspiration and risk warning
(I) Replicable investment logic
Difficult reversal model: Focus on ST stocks taken over by state-owned assets, especially resource companies
Cycle timing: The commodity bull market is an amplifier of resource stock market
Market value space: Small-cap stocks (<5 billion) are more elastic in asset restructuring
(II) Current risk warning
Dynamic PE has exceeded 300 times, and the performance has not turned a substantial loss
There are still geopolitical risks in the operation of the Fiji mining area
The short-term increase is too large, and there is pressure to pull back on the technical side
IV. Operation suggestions
Radical investors: You can participate in the continuity of the gold market with a light position and set a stop loss of 8.5 yuan
Robust investors: Wait for Q2 financial report to verify profitability before making a decision
Long-term allocation: You need to observe the subsequent asset injection plan of Zhaojin Group
