Focus on the gold industry track, planning to rename as Hong Kong Gold Industry Group.

ADD NEW ENERGY (02623) recently announced that it plans to change its company name to "Hong Kong Gold Industry Group Limited". On the surface, this seems like a simple name change, but in reality, it signifies a major shift in the company's development strategy and a glamorous transformation. If one were to only look at this announcement, it might be perceived as a rebranding. However, when considering the previous changes in ownership, investments in Australian gold mining companies, continued acquisitions of equity, and entry into domestic silver mining investments, it is clear that the name change is not the starting point, but rather the result. The core message it conveys is quite clear: the company is bidding farewell to its original "new energy" label and fully transitioning towards a focus on the gold industry in the precious metals business. This assessment is not based solely on the name itself, but rather on the capital and asset allocation changes that have already taken place in the company over the past few months. Firstly, there has been a change at the control level. In October 2025, following a change in major shareholders, with a new management team in place, market expectations regarding the company's future direction began to change. Subsequently, the company did not stop at just a conceptual change, but swiftly began substantial investments in gold resources. In February of this year, ADD NEW ENERGY participated in a share placement of Australian listed company Horizon Minerals Limited (HRZ), subscribing for a total of 36,574,077 HRZ shares at a subscription price of 1.08 Australian dollars per share, totaling approximately 39.5 million Australian dollars. It is worth noting that HRZ's fundraising this time had a clear purpose, primarily aimed at advancing the construction of a Western Australian gold processing center and converting existing nickel processing facilities into a gold processing hub. In other words, ADD NEW ENERGY is not investing in a vague resource story, but directly entering the field of gold resource development and processing capacity construction. Furthermore, on March 30th, the company announced its intention to acquire 37,700,000 HRZ shares, representing approximately 14.46% of its issued share capital, for a total consideration of approximately 40.716 million Australian dollars, to be paid through the issuance of new shares. If combined with the previously subscribed shares, the company's future stake in HRZ is expected to approach 20%. From participating in fundraising to continuing to increase its stake through acquisitions, this is no longer just a simple financial investment logic, but rather a clear move towards establishing a deeper connection around the gold resource platform. Simultaneously, the company's layout in domestic precious metal resources is also unfolding. According to disclosures, the company, through a joint venture as an investment platform, intends to acquire a 20% stake in Guixi Baojia Mining for 221 million RMB, which is mainly engaged in the mining and processing of silver, lead, and zinc ores. Although this transaction does not consist of purely gold assets, from the perspective of resource expansion, the company is evidently shifting from its original mining and trading framework towards a focus on gold, silver, and other precious metals. When connecting these actions, the logic becomes evident: first, the change in control, followed by investments and acquisitions in gold resources, expansion into precious metal assets, and finally, the company's name change. In other words, this name change is not about "telling a story first, then finding assets", but rather, after gradually establishing a presence in gold and precious metals, it is about unifying the capital narrative externally. This is where the market should truly pay attention. From a capital market perspective, the valuation logic for gold companies differs from that of traditional resource trading companies and new energy concept companies. The core pricing variables in the gold sector often revolve around not just short-term profits, but also resource quantity, the proportion of mine profits, and the ability to expand through mergers and acquisitions. Industry experience shows that the higher the proportion of mine business profits, the more willing the market is to give a higher valuation. At the same time, the "market value/equity resource quantity" is also a common valuation anchor for gold stocks. In other words, those who control more high-quality gold resources are more likely to receive a capital premium. Internationally, Agnico Eagle has long expanded its resource reserves through acquisitions, driving continuous outperformance of its stock price; domestically, Zijin Mining Group, Chifeng Jilong Gold Mining, and other companies have opened up growth opportunities through overseas resource integration. The underlying logic remains consistent: the growth of the gold industry fundamentally stems from the expansion of resources. Whether it is through investing in HRZ or advancing domestic precious metal mining projects, ADD NEW ENERGY's direction is pointing towards the same goal - transitioning from a singular business company to gradually becoming a gold industry platform with resource integration capabilities. Of course, the market will not immediately reassess the company simply because it has changed its name. While a name change can alter expectations, what truly determines the core valuation is whether there will be more high-quality gold assets coming in, whether the HRZ project will progress smoothly, and whether precious metal resources can be transformed into stable production, profits, and cash flow. However, at this current stage, ADD NEW ENERGY's proposed name change to "Hong Kong Gold Industry Group Limited" has clearly sent a signal: the company's main focus is shifting, no longer centered around telling a story about "new energy", but rather redefining itself around gold and precious metal resources. For the market, the significance of this name change does not lie in the removal of the words "new energy", but in whether the company is moving towards a new identity - as an integrator of gold resources, a platform for the precious metal industry, and a Hong Kong-listed gold asset worthy of revaluation.