Wanguo International Mining Group Ltd. (3939) AI Stock Analysis

• Market Cap: HK$73.81B
• Dividend Yield: 1.32%
• Average Volume (3M): 14.88M
• Price to Earnings (P/E): 72.9
• Beta (1Y): 0.05
• Revenue Growth: 31.24%
• EPS Growth: 58.16%
• Country: HK
• Employees: 1,123
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): 0.02
• Shares Outstanding: 4,425,308,600
• 10 Day Avg. Volume: 21,436,429
• 30 Day Avg. Volume: 14,879,475
• PEG Ratio: 0.27
• Price to Book (P/B): 3.01
• Price to Sales (P/S): 5.04
• P/FCF Ratio: 14.67
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: HK$19.20
• Price Target Upside: -45.52% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.61
• Revenue Forecast (FY): HK$5.78B

• Rating: 72 Outperform
• Price Target: HK$16.50 ▼(-53.18% Downside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is primarily supported by strong financial performance (profitability and growth) and a technically strong uptrend. These positives are tempered by elevated valuation (high P/E and low dividend yield) and uncertainty from missing recent cash flow details.

Positive Factors

High Profitability

Robust revenue growth combined with very strong gross and net margins demonstrates durable operational efficiency and effective cost control. High EBIT/EBITDA margins support sustainable internal cash generation, enabling reinvestment, margin resilience through cycles, and funding for critical capital projects.

Strong Balance Sheet

Very low leverage and a high equity ratio provide substantial financial flexibility and lower refinancing risk. This balance sheet strength supports stable capex funding, cushions commodity-driven revenue swings, and preserves strategic optionality for acquisitions or operational investments over the medium term.

Sustained Growth & Cash History

Strong top-line and EPS growth paired with a history of positive free cash flow indicate the company has been scaling profitably. Even with a 2024 cash-flow reporting gap, prior cash generation and high operating margins suggest continued capacity to fund operations, dividends, and reinvestment over coming quarters.

Negative Factors

Cash-Flow Visibility Gap

Missing 2024 OCF and FCF figures create a material visibility gap into current cash generation and liquidity. Without up-to-date cash-flow metrics it's harder to assess working capital trends, dividend sustainability, and the firm's ability to fund capex or absorb commodity shocks over the next several months.

Commodity Price Exposure

Revenue is directly linked to mined commodity sales, so commodity price volatility is a structural earnings risk. Persistent downcycles can compress margins and cash generation, complicate budgeting and investment decisions, and require larger liquidity buffers or hedging to stabilize medium-term cash flows.

Limited Forward Disclosure

The absence of guidance and public earnings highlights reduces forward visibility into management's plans and targets. Limited disclosure makes it harder for stakeholders to assess near-term strategy, capital allocation priorities, and execution risk, increasing uncertainty over the next 2-6 months.

Wanguo International Mining Group Ltd. Business Overview & Revenue Model

Company Description

Wanguo International Mining Group Limited, an investment holding company, engages in mining, ore processing, and sale of concentrate products in the People's Republic of China. The company offers copper concentrates, zinc concentrates, iron concentrates, sulfur concentrates, lead concentrates, and electrolytic copper and lead, as well as gold and silver by-products. It holds interest in the Xinzhuang mine located in Jiangxi Province, China; and 90% interest in the gold ridge mine located in the Solomon Islands. The company was formerly known as Multinational International Group Limited. Wanguo International Mining Group Limited was incorporated in 2011 and is headquartered in Yichun, the People's Republic of China.

How the Company Makes Money

Wanguo International Mining Group Ltd. generates revenue primarily through the sale of mined minerals and metals. The company's revenue model includes direct sales of extracted resources to industrial clients and trading companies, as well as potentially entering into long-term supply agreements to secure stable income streams. Key revenue streams come from the production of commodities such as gold, silver, copper, and other minerals, with fluctuations in market prices influencing earnings. Additionally, the company may benefit from strategic partnerships with other mining firms and entities that provide technological or logistical support, further enhancing its operational efficiency and profitability.

Wanguo International Mining Group Ltd. Financial Statement Overview

Summary

Strong income statement performance (revenue growth and high profitability margins) and a stable balance sheet with low leverage support a solid score. The main drag is cash-flow visibility, as 2024 operating cash flow and free cash flow figures are not reported, increasing uncertainty around current liquidity and cash generation.

Income Statement

Wanguo International Mining Group Ltd. demonstrates strong revenue growth with Total Revenue increasing from 1.31 billion in 2023 to 1.88 billion in 2024. The Gross Profit Margin improved to 53.2%, and the Net Profit Margin rose to 30.7%. Both EBIT Margin and EBITDA Margin are robust at 41.8% and 48.2%, respectively, indicating high operational efficiency and profitability.

Balance Sheet

The company's Balance Sheet shows a healthy Equity Ratio of 75.8%, with Stockholders' Equity significantly outweighing Total Liabilities, suggesting financial stability. The Debt-to-Equity Ratio is low at 0.08, indicating minimal leverage risk. Return on Equity increased to 18.4%, showcasing effective utilization of equity to generate profits.

Cash Flow

Cash Flow analysis indicates potential concerns due to the absence of reported Operating Cash Flow and Free Cash Flow figures for 2024. However, historically, the company maintained positive Free Cash Flow, and the Operating Cash Flow to Net Income Ratio was favorable in previous years, suggesting that cash generation capabilities have been strong.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.19B	1.88B	1.32B	681.42M	2.01B	1.39B
Gross Profit	1.38B	996.99M	619.24M	315.68M	316.21M	157.41M
EBITDA	1.26B	903.24M	532.32M	271.18M	275.72M	136.88M
Net Income	921.86M	575.38M	335.39M	180.54M	193.43M	86.71M
Balance Sheet
Total Assets	4.72B	4.14B	2.36B	2.04B	1.80B	1.45B
Cash, Cash Equivalents and Short-Term Investments	2.03B	1.85B	171.61M	67.94M	116.29M	36.66M
Total Debt	152.30M	263.71M	205.05M	189.66M	128.45M	107.91M
Total Liabilities	826.91M	681.88M	601.14M	588.36M	471.35M	454.85M
Stockholders Equity	3.50B	3.13B	1.41B	1.15B	1.04B	712.59M
Cash Flow
Free Cash Flow	774.20M	644.23M	192.26M	-15.60M	-86.01M	33.95M
Operating Cash Flow	1.07B	843.28M	350.00M	166.97M	145.92M	85.20M
Investing Cash Flow	-1.44B	-1.56B	-159.06M	-182.35M	-226.92M	-78.24M
Financing Cash Flow	828.99M	1.05B	-87.66M	-34.27M	160.71M	25.04M

Wanguo International Mining Group Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 35.24
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3939, the sentiment is Positive. The current price of 35.24 is above the 20-day moving average (MA) of 16.16, above the 50-day MA of 12.56, and above the 200-day MA of 9.07, indicating a bullish trend. The MACD of 1.43 indicates Positive momentum. The RSI at 56.77 is Neutral, neither overbought nor oversold. The STOCH value of 64.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:3939.

Wanguo International Mining Group Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
2245	76 Outperform	HK$43.85B	15.55	24.57%	1.89%	60.77%	100.45%
3939	72 Outperform	HK$73.81B	72.93	36.46%	1.32%	31.24%	58.16%
1205	67 Neutral	HK$4.40B	11.86	4.82%	6.84%	160.79%	-28.92%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
0769	55 Neutral	HK$1.95B	-15.63	―	―	10.29%	47.66%
9696	52 Neutral	HK$95.93B	-31.98	-4.63%	2.80%	-39.59%	69.00%
1091	44 Neutral	HK$2.57B	-4.46	-14.35%	―	-31.35%	-71.37%

Wanguo International Mining Group Ltd. Corporate Events

Wanguo Gold Strengthens Board with Appointment of Veteran Gold Executive

Wanguo Gold Group Limited has appointed veteran gold-industry executive Wang Lixin as an executive director with effect from 3 February 2026, strengthening the board with more than three decades of experience in gold mining and smelting operations. Wang, currently vice general manager at substantial shareholder Shandong Humon Smelting, has held senior roles at major Chinese gold producers and will serve an initial three-year term with annual general meeting re-election requirements, a move that further aligns the interests of the Group and its 15.13% shareholder Humon and is expected to deepen operational and strategic expertise at board level.

The most recent analyst rating on (HK:3939) stock is a Buy with a HK$15.50 price target. To see the full list of analyst forecasts on Wanguo International Mining Group Ltd. stock, see the HK:3939 Stock Forecast page.

Wanguo Gold Announces Board Composition and Committee Structure

Wanguo Gold Group Limited has announced the composition of its board of directors, which includes five executive directors, one non-executive director and three independent non-executive directors, reflecting a governance structure designed to balance management leadership with independent oversight. The company has also detailed the membership and chairmanship of its three key board committees—Audit, Remuneration and Nomination—assigning independent non-executive directors to lead these committees, a move that underscores its emphasis on corporate governance, regulatory compliance and investor confidence in board supervision.

The most recent analyst rating on (HK:3939) stock is a Buy with a HK$15.50 price target. To see the full list of analyst forecasts on Wanguo International Mining Group Ltd. stock, see the HK:3939 Stock Forecast page.

Wanguo Gold Hires Ex-Zijin Chief as Advisor and Forms Strategic Development Committee

Wanguo Gold Group Limited has appointed renowned mining executive and former Zijin Mining chairman Chen Jinghe as its Chief Advisor, effective 2 February 2026, under a four-year renewable service agreement. Chen will provide strategic guidance on development strategy, management systems, capital operations, major M&A, project construction and technological upgrades, with the board emphasizing his expected contribution to advancing the Gold Ridge Mine and future acquisition projects and enhancing investment value for all shareholders, including Zijin Mining. In tandem, the company has established a Strategic Development Committee to shape its medium- and long-term growth path, including mine acquisitions and major strategic initiatives, appointing Chen as director of the committee and experienced mining veteran Zhang Songlin as a member, underscoring a concerted push to professionalize strategic planning and strengthen its competitive positioning in the mining sector.

The most recent analyst rating on (HK:3939) stock is a Buy with a HK$15.50 price target. To see the full list of analyst forecasts on Wanguo International Mining Group Ltd. stock, see the HK:3939 Stock Forecast page.

Wanguo Gold Forecasts Profit Surge on Strong Gold Prices and Higher Sales

Wanguo Gold Group Limited has issued a positive profit alert, indicating that unaudited consolidated results for the year ended 31 December 2025 are expected to show profit attributable to shareholders of between RMB1.4 billion and RMB1.5 billion. This would represent a sharp year-on-year increase of approximately 143% to 161% from RMB575 million in 2024, driven mainly by higher sales volumes and higher prices of its gold products, underscoring the group’s strengthened earnings momentum amid favourable gold market conditions and potentially enhancing its appeal to investors ahead of the full annual results due in March 2026.

The most recent analyst rating on (HK:3939) stock is a Buy with a HK$15.50 price target. To see the full list of analyst forecasts on Wanguo International Mining Group Ltd. stock, see the HK:3939 Stock Forecast page.

Wanguo Gold Reports Arson Attack on Solomon Islands Gold Ridge Mine, Operations Unaffected

Wanguo Gold Group Limited reported that an arson incident occurred on 20 January 2026 at the Gold Ridge Mine in Guadalcanal, Solomon Islands, where unknown individuals entered the open-pit area at night and damaged more than ten pieces of machinery, though no injuries were reported and production continues as normal. The company is cooperating with the Royal Solomon Islands Police Force and local landowners amid a broader government crackdown on illegal gold panning, and it plans to enhance on-site safety measures and maintain close communication with the Solomon Islands authorities to protect its assets and preserve stable operations at the project.

The most recent analyst rating on (HK:3939) stock is a Hold with a HK$14.50 price target. To see the full list of analyst forecasts on Wanguo International Mining Group Ltd. stock, see the HK:3939 Stock Forecast page.

Wanguo Gold Group Pledges HK$7 Million for Post-Disaster Relief in Hong Kong

Wanguo Gold Group Limited has announced a donation of HK$7 million to aid in the relief and reconstruction efforts following a devastating fire at Wang Fuk Court in Tai Po District, Hong Kong. This initiative underscores the company’s dedication to corporate social responsibility and its commitment to supporting communities in times of need.

The most recent analyst rating on (HK:3939) stock is a Hold with a HK$31.00 price target. To see the full list of analyst forecasts on Wanguo International Mining Group Ltd. stock, see the HK:3939 Stock Forecast page.

Wanguo Gold Group Implements Share Subdivision to Enhance Liquidity

Wanguo Gold Group Limited has announced the effective implementation of a share subdivision, which took effect on November 25, 2025. This move temporarily alters the trading arrangements, with a new temporary counter opened for trading subdivided shares in board lots of 8,000 shares under the stock code ‘2979’. The original counter will resume trading in subdivided shares in smaller board lots of 500 shares starting December 9, 2025. This strategic adjustment is expected to enhance the liquidity of the company’s shares and potentially attract more investors.

The most recent analyst rating on (HK:3939) stock is a Hold with a HK$31.00 price target. To see the full list of analyst forecasts on Wanguo International Mining Group Ltd. stock, see the HK:3939 Stock Forecast page.

Wanguo Gold Group Announces Share Subdivision Approval

Wanguo Gold Group Limited, a company incorporated in the Cayman Islands, announced the successful passage of a resolution at its Extraordinary General Meeting (EGM) held on November 21, 2025. The resolution involved a share subdivision, where each ordinary share with a par value of HK$0.1 will be subdivided into four shares of HK$0.025 each, effectively increasing the total number of shares while maintaining the same share capital value. This move is expected to enhance the liquidity of the company’s shares and potentially attract a broader base of investors.

The most recent analyst rating on (HK:3939) stock is a Hold with a HK$31.00 price target. To see the full list of analyst forecasts on Wanguo International Mining Group Ltd. stock, see the HK:3939 Stock Forecast page.

Wanguo Gold Group Announces Feasibility Study for Gold Ridge Mine Expansion

Wanguo Gold Group Limited has announced a summary of a feasibility study for the expansion of the Gold Ridge Mine in the Solomon Islands. The study, prepared by Zijin (Xiamen) Engineering Design Co. Ltd, highlights the strategic location and infrastructure of the mine, which is connected by a paved road to the capital’s airport. This development is expected to enhance the company’s operational capabilities and strengthen its position in the gold mining industry, potentially benefiting shareholders and attracting potential investors.

The most recent analyst rating on (HK:3939) stock is a Hold with a HK$35.00 price target. To see the full list of analyst forecasts on Wanguo International Mining Group Ltd. stock, see the HK:3939 Stock Forecast page.

Wanguo Gold Group Chairman Increases Shareholding, Signaling Confidence in Company’s Growth

Wanguo Gold Group Limited announced that its founder and chairman, Mr. Gao Mingqing, has increased his shareholding in the company by purchasing 1,010,000 ordinary shares through his wholly-owned entity, Victor Soar Investments Limited. This acquisition, which now brings Mr. Gao’s total interest to approximately 25.57% of the company’s issued share capital, reflects his strong confidence in the company’s growth prospects and long-term potential. The company assures that it maintains a sufficient public float of shares, advising shareholders and potential investors to exercise caution when dealing with its securities.

The most recent analyst rating on (HK:3939) stock is a Hold with a HK$30.00 price target. To see the full list of analyst forecasts on Wanguo International Mining Group Ltd. stock, see the HK:3939 Stock Forecast page.