2025年4月23日，*ST金比(002762.SZ)发布2024年年度报告。截至2025年4月23日，共有9个机构投资者 披露持有*ST金比A股股份，合计持股量达410.97万股，占*ST金比总股本的1.16%。其中，机构投资者 包括J.P.Morgan Securities PLC-自有资金、高盛国际-自有资金、MORGAN STANLEY & CO. INTERNATIONAL PLC.、中信建投远见回报A、易方达中证万得并购重组指数(LOF)、中证2000、南方 中证2000ETF、西部利得量化优选一年持有期混合A、国泰中证2000ETF，机构投资者合计持股比例达 1.16%。相较于上一季度，机构持股比例合计下跌了0.65个百分点。 公募基金方面，本期较上一季度新披露的公募基金共计6个，主要包括中信建投远见回报A、易方达中 证万得并购重组指数(LOF)、中证2000、南方中证2000ETF、西部利得量化优选一年持有期混合A等。 外资态度来看，本期较上一期持股增加的外资基金共计1个，即高盛国际-自有资金，持股增加占比小幅 上涨。本期较上一季度新披露的外资机构有 2 家 ，包括J.P.Morgan Sec ...

在优化程序优化服务方面，一是优化分布式新能源消纳空间确定权限。分布式新能源消纳空间确定权 限，由省级电网公司优化调整为盟市供电公司。二是优化火电灵活性改造消纳新能源项目方案管理流 程。企业编制火电灵活性改造消纳新能源项目相关方案时，将新能源规划建设厂址需要取得省级电网公 司出具的同意意见，由省级电网公司出具调整为盟市供电公司出具。三是优化燃煤自备电厂可再生能源 替代工程项目评估流程。盟市能源主管部门会同相关部门组织燃煤自备电厂可再生能源替代工程项目评 估，如需省级电网公司配合，可会同盟市供电公司共同开展相关工作并出具评估意见，无需征得省级电 网公司同意。 同时，对煤炭矿区总体规划审批转报流程和煤矿项目核准转报流程也进行了优化。优化自治区能源局委 托自治区能源技术中心审查总规及总规环评环节，将委托自治区能源技术中心组织专家评审和征求相关 厅局意见并行办理，并压缩专家评审时间，煤炭矿区总体规划及总规环评转报国家时间由平均35个工作 日压减至20个工作日，压减时限43%。优化煤矿项目核准转报流程。通过加强与自治区有关厅局的沟通 对接，进一步缩短煤矿项目核准事项征求自治区自然资源、生态环境、水利、林草、文物等部门项目 ...

Production and Sales - The company produced approximately 4,244,300 tons of raw coal during the financial period, an increase from 2,680,600 tons in the previous year[5]. - Total sales for the period included about 1,006,900 tons of coking coal, 24,300 tons of thermal coal, and 28 tons of raw coal, compared to 906,700 tons, 141,800 tons, and 98 tons respectively in the previous year[6]. - The company completed approximately 8,759,300 cubic meters of stripping work during the fiscal period, with coking coal and thermal coal production of approximately 2,035,600 tons and 2,208,700 tons, respectively[27]. - The company transported approximately 1,662,300 tons of raw coking coal from Mongolia to Xinjiang during the fiscal period, an increase from 1,397,900 tons in the previous year[29]. - The company expects a total sales volume of 1.9 million tons for the year[16]. Financial Performance - Revenue for the financial period increased, with the average selling price for coking coal at approximately HKD 1,685.7 per ton, down from HKD 1,714.2 per ton in the previous year[6]. - The company reported a revenue of HKD 1,699,900,000 from the sale of coking coal, thermal coal, and raw coal, representing a 9.2% increase compared to the previous fiscal period[26]. - Revenue for the six months ended September 30, 2024, was HKD 1,699,926 thousand, an increase of 9.1% compared to HKD 1,557,257 thousand in the same period of 2023[98]. - Gross profit for the period was approximately HKD 640,700,000, with a gross margin of 37.7%, slightly up from 37.2% in the previous year[9]. - Gross profit for the same period was HKD 640,711 thousand, up from HKD 578,732 thousand, reflecting a gross margin improvement[98]. - The company reported a loss attributable to owners of HKD 442,906 thousand, a decrease in loss compared to HKD 546,838 thousand in the previous year, indicating a 19% improvement[101]. Costs and Expenses - The cost of sales for the period was approximately HKD 1,059,200,000, up from HKD 978,500,000 in the previous year, attributed to increased sales activities[7]. - The company incurred finance costs of HKD 343,148,000 during the reporting period[124]. - The company’s financial costs increased to HKD (345,432) thousand from HKD (339,164) thousand, reflecting a rise of 1.8%[98]. - The income tax expense for the six months ended September 30, 2024, was HKD 155,956, down from HKD 275,965 in the same period of 2023, representing a decrease of about 43.4%[137]. Impairment and Losses - The company recognized an impairment loss of HKD 598,500,000 during the financial period, a decrease from HKD 660,900,000 in the previous year, primarily due to a 13.6% decline in the average price of coking coal[18]. - The impairment loss for the Huoshot assets was HKD 598,493,000 for the six months ended September 30, 2024, compared to HKD 660,943,000 for the same period in 2023[154]. - The company has incurred an impairment loss of HKD 541,400,000 on property, plant, and equipment during the financial period[47]. Debt and Financing - The company reported a net debt of approximately HKD 3,121,200,000 and a net current liability of about HKD 4,751,800,000 as of September 30, 2024[44]. - The group’s convertible bonds and loan notes as of September 30, 2024, amounted to HKD 3,740,689,000, reflecting an increase from HKD 3,664,199,000 as of March 31, 2024[179]. - The company has received financing of HKD 1,900,000,000 from a major shareholder, with an unused balance of HKD 1,060,400,000 available until March 24, 2026[44]. - The company has a commitment from a major shareholder to not demand repayment of loans until sufficient cash is available, which is crucial for maintaining liquidity[114]. Assets and Liabilities - The total assets decreased from HKD 2,305,481 thousand as of March 31, 2024, to HKD 1,698,744 thousand as of September 30, 2024, a reduction of approximately 26.4%[103]. - Trade receivables increased to HKD 1,362,700 thousand from HKD 1,037,155 thousand, representing a growth of 31.3%[103]. - Inventory levels rose to HKD 531,341 thousand, up from HKD 402,669 thousand, indicating a 32% increase[103]. - The group’s trade payables as of September 30, 2024, totaled HKD 363,323,000, up from HKD 337,406,000 as of March 31, 2024[175]. - Other payables increased to HKD 1,236,265,000 from HKD 870,579,000, primarily due to an increase in other payables and tax liabilities[176]. Corporate Governance and Shareholder Information - The company has adhered to the corporate governance code principles and provisions, with a noted exception regarding the chairman's absence from the 2024 annual general meeting due to other commitments[86]. - The board of directors includes both executive and independent non-executive members, ensuring a balanced governance structure[97]. - The company has established written guidelines for employees regarding securities trading to enhance transparency and compliance[89]. - The company’s directors and key executives have no other disclosed interests in the company’s shares or related securities as of September 30, 2024[70]. Market and Economic Conditions - In the first half of 2024, China's GDP grew by 5%, reaching RMB 61.68 trillion (USD 8.49 trillion), with a 6.9% increase in exports driven by declining interest rates and rising external demand[21]. - In the first nine months of 2024, China imported 57.38 million tons of coking coal, a 25.8% increase, primarily from Mongolia and Russia[25]. - The global steel demand is projected to decline by 3% in China in 2024 due to the current real estate market conditions[60]. - The International Energy Agency forecasts that global coal demand will remain stable in 2024, with a slight decrease of 0.3% expected in 2025[61]. Stock and Share Options - The company has a total issued share capital of 15 billion shares with a par value of HKD 0.02 per share, maintaining a total amount of HKD 300 million as of September 30, 2024[192]. - The company has a total of 18,812,584 stock options available for grant under the 2022 stock option plan as of September 30, 2024[81]. - The company has not granted any stock options since the adoption of the 2022 stock option plan[81]. - The company has not exercised any stock options during the financial period, with 16.3 million options remaining unexercised at an average exercise price of HKD 1.310[197].

走进黄河"几字弯"南岸，一排排光伏板横卧山间、熠熠生辉，一座座风机矗立山脊、迎风转动，将太阳 能、风能源源不断地转化为清洁绿电……11月19日，内蒙古能源集团杭锦风光火储热生态治理项目光伏 区首单元并网发电，标志着内蒙古能源集团2023年擘画实施的670万千瓦新能源项目顺利收官。 作为"670"主体项目之一——杭锦风光火储热生态治理项目位于内蒙古鄂尔多斯市杭锦旗锡尼镇，是以 生态治理为立足点规划建设的风光火储热多能互补项目，建设规模为170万千瓦，其中风电建设规模160 万千瓦，光伏建设规模10万千瓦。项目采用电缆直埋敷设，有效减轻电磁干扰和电磁辐射，降低对周围 环境的影响，提高电力传输的可靠性和安全性，减少能源损耗和维护成本。 项目全容量并网投运后，年平均上网电量约34.46亿千瓦时，每年可节约标准煤约143万吨，减少二氧化 碳排放量370万吨、二氧化硫排放量524吨、氮氧化物排放量749吨、烟尘排放量150吨，对于保障地区能 源安全，提高清洁能源比例，促进经济社会可持续发展具有重要的战略意义。 此外，"670"矩阵中的另一个项目——鄂尔多斯采煤沉陷区100万千瓦光伏项目今年6月26日并网发电， 该项目实现 ...

Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 1,699,926, an increase of 9.1% from HKD 1,557,257 in the same period last year[1] - Gross profit for the same period was HKD 640,711, representing a 10.7% increase compared to HKD 578,732 in the previous year[1] - The company recorded a loss attributable to equity holders of HKD 442,906, an improvement from a loss of HKD 546,838 in the prior year[3] - The net loss for the period was HKD 442,906, with a basic and diluted loss per share of HKD 2.35, compared to HKD 2.91 in the previous year[1] - The company reported a loss attributable to ordinary equity holders of HKD 442,906,000 for the six months ended September 30, 2024, compared to a loss of HKD 546,838,000 for the same period in 2023, indicating a decrease in losses[35] Assets and Liabilities - The total assets decreased to HKD 2,409,021 from HKD 2,305,481 as of March 31, 2024, indicating a decline in asset value[5] - The company’s non-current assets decreased significantly from HKD 2,053,437 to HKD 1,505,047, reflecting a reduction in property, plant, and equipment[5] - The company’s total liabilities increased to HKD 7,160,847 from HKD 6,834,139, indicating a rise in financial obligations[5] - The group reported a net loss of approximately HKD 442,900,000 for the period ending September 30, 2024, with net liabilities of about HKD 3,121,200,000 and net current liabilities of approximately HKD 4,751,800,000[11] - Trade receivables as of September 30, 2024, amounted to HKD 386,937,000, a decrease from HKD 511,398,000 as of March 31, 2024[43] - The company reported a significant increase in trade payables, with amounts due within 30 days totaling HKD 150,539,000 as of September 30, 2024, compared to HKD 164,312,000 as of March 31, 2024[46] - The total debt portion of the convertible bonds increased to HKD 3,733,129,000 as of September 30, 2024, from HKD 3,491,687,000 as of March 31, 2024[47] - The company reported net liabilities of HKD 3.12 billion and net current liabilities of approximately HKD 4.75 billion as of September 30, 2024[92] Cash Flow and Financing - The company has prepared cash flow forecasts covering at least 12 months from September 30, 2024, indicating a focus on future liquidity management[9] - As of September 30, 2024, the group has convertible bonds and loan notes maturing within one year amounting to HKD 3,740,700,000 and HKD 642,400,000, respectively, along with cash and cash equivalents of HKD 75,500,000[10] - The group has committed to refinancing discussions with bondholders before the maturity dates of the convertible bonds and loan notes[10] - The group’s financial statements are prepared on a going concern basis, contingent on successful refinancing[11] - The company has a total borrowing of HKD 5.22 billion as of September 30, 2024, which includes convertible bonds, loan notes, and advances from a major shareholder[92] Operational Performance - Revenue from coal mining operations for the six months ending September 30, 2024, was HKD 1,699,926,000, with a segment loss of HKD 76,440,000[16] - The average selling price of coking coal decreased to HKD 1,685.7 per ton in the current fiscal period, down from HKD 1,714.2 per ton in the previous year, reflecting a cautious market sentiment due to oversupply in China[58] - The average selling price of thermal coal rose to HKD 44.0 per ton, up from HKD 19.3 per ton in the previous year, indicating a positive trend in this segment[58] - The company sold approximately 1,006,900 tons of coking coal, 24,300 tons of thermal coal, and 28 tons of raw coal during the fiscal period, compared to 906,700 tons, 141,800 tons, and 98 tons respectively in the previous year[58] - The production of coking coal and thermal coal reached approximately 2,035,600 tons and 2,208,700 tons respectively, compared to 1,582,200 tons and 1,098,400 tons in 2023[74] Impairment and Taxation - The company recognized an impairment loss of HKD 598,493,000 related to its Huoshotou mining assets for the six months ended September 30, 2024, compared to an impairment loss of HKD 660,943,000 in 2023, showing a slight improvement[40] - The total tax expense for the six months ended September 30, 2024, was HKD 155,956,000, a decrease from HKD 275,965,000 in 2023, primarily due to lower taxable profits[29] - The company has made a provision of HKD 29,900,000 for uncertain tax positions as of September 30, 2024, reflecting ongoing tax disputes[33] - An additional tax provision of HKD 132,100,000 was made due to a change in tax rate from 15% to 25% for a subsidiary, impacting the fiscal year 2023[87] - MoEnCo LLC received a revised tax demand from the Mongolian tax authority totaling approximately HKD 929.8 million due to alleged underreporting of sales revenue[88] Market and Economic Conditions - In the first half of 2024, China's GDP grew by 5%, reaching RMB 61.68 trillion (USD 8.49 trillion), with retail sales increasing by 3.7%[69] - In the first nine months of 2024, global crude steel production was 1,394 million tons, a decrease of 1.9% year-on-year, with China's production at 768.5 million tons, down 3.6%[71] - Global economic growth is projected to stabilize at 3.2% in 2024 and 2025, driven by declining inflation and looser monetary policies across various economies[106] - China's steel demand is forecasted to decline by 3% in 2024 and by an additional 1% in 2025 due to the current real estate market conditions[107] - Mongolia's coal exports reached 59.1 million tons in the first nine months of 2024, a 26.3% increase year-on-year, with a target of 78.1 million tons for the full year[109] Corporate Governance - The board emphasizes the importance of maintaining high corporate governance standards to protect and enhance shareholder interests[114] - The audit committee consists of three independent non-executive directors, ensuring appropriate professional qualifications and financial management expertise[118] - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ending September 30, 2024, with no objections to the accounting policies adopted by the company[118]

Financial Performance - In the fiscal year ending March 31, 2024, the company achieved a coal export volume of 2,707,100 tons, marking a new milestone despite a decrease in average selling price from HKD 2,123.4 per ton to HKD 1,796.5 per ton[11]. - The company's raw coal production surged by 164.95% to approximately 7,112,200 tons, compared to 2,864,400 tons in the previous fiscal year[11]. - The total coal sales volume for the fiscal year was approximately 1,873,600 tons, representing a 14.94% increase from 1,630,000 tons sold in the previous fiscal year[11]. - The average selling price of coking coal decreased, impacting the company's revenue despite increased export volumes[11]. - The total sales cost for the fiscal year was HKD 1,986,300,000, an increase from HKD 1,820,200,000 in the previous year[21]. - The gross profit margin remained stable at approximately 37.4%, compared to 37.3% in the previous year[22]. - Revenue from coal sales to customers in China and Mongolia rose by 9.22% to HKD 3,173,200,000 for the fiscal year[36]. - The company recorded a capital expenditure of approximately HKD 122.4 million during the fiscal year, down from HKD 227.2 million in the previous year[64]. - The company reported net liabilities of HKD 2,685.3 million and net current liabilities of approximately HKD 4,924.3 million as of March 31, 2024[62]. - The company has cash and bank balances of HKD 97.8 million as of March 31, 2024, compared to HKD 60.3 million in the previous year[63]. Market and Economic Conditions - Mongolia's GDP growth rate for 2023 was 7.1%, with a projected growth rate of 4.8% for 2024, driven by strong coal exports and a rebound in private consumption[8]. - Mongolia's coal production in 2023 reached approximately 81 million tons, a year-on-year increase of 118%, with exports to China amounting to 66.38 million tons, up 123% from the previous year[9]. - China's GDP growth for 2023 was 5.2%, exceeding the government's target, supported by a recovery in industrial and service sectors[7]. - The total trade volume between Mongolia and China reached approximately USD 17.6 billion in 2023, accounting for 72% of Mongolia's total trade, reflecting a 29% increase from 2022[8]. - The company anticipates that global economic growth will be 3.2% in 2024 and 2025, with Asia contributing approximately 60% of this growth[12]. Production and Operations - The company is focused on expanding coal production and exports to meet market demand, while navigating geopolitical risks and economic uncertainties[12]. - The company achieved record sales performance, selling about 1,742,900 tons of premium coking coal, up from 1,351,600 tons in the previous year[20]. - The production of coking coal and thermal coal reached approximately 3,101,400 tons and 4,010,800 tons, respectively, compared to 2,481,900 tons and 382,500 tons in 2023[37]. - Approximately 1,900,600 tons of raw coal were processed, resulting in about 1,536,500 tons of raw coking coal, with an average recovery rate of 80.84%[38]. - The first quarter of 2024 saw a 28.14% increase in coal exports from Mongolia to 17.66 million tons compared to the same period last year[35]. Regulatory and Compliance - The new Environmental Impact Assessment Regulation requires project implementers to assess both environmental and social impacts, enhancing the standards for environmental assessments[51]. - The company is committed to sustainable development and environmental protection, focusing on compliance with local laws and regulations[52]. - Environmental regulations in Mongolia are stringent, with potential fines or suspension of operations for non-compliance, which could significantly impact the group's business and financial performance[86]. - The group must comply with environmental laws, and failure to do so could lead to significant operational and financial repercussions[86]. Governance and Corporate Structure - The company has a comprehensive governance structure in place to enhance shareholder value and ensure compliance with corporate governance codes[101]. - The board of directors consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors[110]. - The company has implemented a custom trading code for directors that is stricter than the standard code outlined in the listing rules[106]. - The company has established a continuous operation procedure to identify, assess, and manage significant risks faced by the group[153]. - The independent auditor, Ernst & Young, was appointed at the 2023 annual general meeting, responsible for providing an independent opinion on the financial statements[146]. Risks and Challenges - The group faces risks related to coal market cyclicality and price volatility, which could impact future business performance[76]. - The group is sensitive to Mongolia's tax policies and incentives, with potential impacts on profitability if tax rates are increased or policies tightened[94]. - Changes in China's coal import policies could adversely affect the group's operations, as all coal customers are located in Xinjiang[89]. - The group faces operational risks due to reliance on contractors for mining activities and the potential for disruptions in fuel supply or transportation routes, particularly through the 311 km Huoshot Road to Xinjiang[88]. Future Outlook - The company plans to construct a new coal processing plant with an annual capacity of 5 million tons to enhance production efficiency and reduce costs[15]. - The company anticipates that China's coking coal imports will remain high due to ongoing domestic supply issues[15]. - The company plans to closely monitor market conditions and adjust operational plans accordingly to optimize coal production and transportation[42].

Financial Performance - Revenue for the fiscal year ending March 31, 2024, was HKD 3,173,215,000, representing a 9.2% increase from HKD 2,905,309,000 in the previous year[3] - Gross profit increased to HKD 1,186,888,000, up 9.4% from HKD 1,085,096,000 year-over-year[3] - The company reported a profit attributable to shareholders of HKD 1,677,921,000, compared to a loss of HKD 1,603,099,000 in the previous year[3] - Basic and diluted earnings per share for the year were HKD 8.92, a significant improvement from a loss of HKD 8.52 per share in the prior year[3] - The segment profit for coal mining was HKD 2,018,216,000 for the year ending March 31, 2024, a significant recovery from a segment loss of HKD 358,250,000 in the previous year[26] - The company reported a total revenue of HKD 3,173,215,000 for the year ending March 31, 2024, compared to HKD 2,905,309,000 for the previous year, representing an increase of approximately 9.2%[26] Assets and Liabilities - Non-current assets increased to HKD 2,305,481,000, up from HKD 1,161,834,000 in the previous year, indicating a growth of 98.2%[6] - Current assets rose to HKD 1,909,880,000, compared to HKD 1,638,993,000, reflecting a 16.5% increase[6] - The company reported a net current liability of HKD 4,924,259,000, worsening from HKD 784,950,000 in the previous year[6] - Total liabilities increased significantly to HKD 6,834,139,000 from HKD 2,423,943,000, marking a 182.5% rise[6] - Total assets increased to HKD 4,215,361,000 as of March 31, 2024, up from HKD 2,800,827,000 a year earlier, indicating a growth of approximately 50.7%[28][29] - The total liabilities decreased slightly to HKD 6,900,614,000 as of March 31, 2024, compared to HKD 7,137,673,000 in the previous year[28][29] Cash Flow and Financing - The company is actively seeking to refinance its convertible bonds and loan notes due in 2025 and 2024, respectively, to manage its debt obligations[10] - Future cash flow estimates are based on the assumption of successful negotiations with bondholders before the maturity dates[11] - The company received financing of HKD 1,900,000,000 from Mr. Lu, with an outstanding balance of HKD 1,006,700,000 as of March 31, 2024, including principal of HKD 968,400,000 and accrued interest of HKD 38,300,000[12] - The company has committed to not requesting repayment of the loan principal and accrued interest until it has sufficient cash available, ensuring liquidity is not affected[12] - The company plans to negotiate refinancing with holders of convertible bonds and loan notes totaling HKD 4,244,700,000, which are due within one year[69] Tax and Regulatory Matters - The company plans to appeal against the revised tax assessment from the Mongolian tax authority, which adjusted the total tax payable to approximately HKD 929,800 thousand[40] - The company has recognized an additional tax provision of HKD 273,000 thousand as of March 31, 2024, due to uncertain tax positions[40] - MoEnCo received a tax demand letter from the Mongolian tax authority for approximately HKD 406,400,000 (USD 52,100,000) related to tax audits from 2017 to 2020, which includes additional taxes and penalties[111] - Following an appeal, MoEnCo received a revised tax demand letter adjusting the total tax owed to approximately HKD 929,800,000, primarily due to claims of underreported sales revenue[112] Operational Highlights - Mongolian Energy achieved record sales of approximately 1,742,900 tons of coking coal in the fiscal year, up from 1,351,600 tons in 2023[75] - The average selling price for coking coal decreased to approximately HKD 1,796.5 per ton from HKD 2,123.4 per ton in 2023[75] - The company completed approximately 17,570,900 cubic meters of stripping works, with coking coal and thermal coal production of approximately 3,101,400 tons and 4,010,800 tons, respectively, compared to 2,481,900 tons and 382,500 tons in the previous year[92] - The company transported approximately 2,707,100 tons of raw coking coal from Mongolia to Xinjiang during the fiscal year[94] - The company sold approximately 945,500 tons of washed coking coal to its largest customer, accounting for about 54.04% of the company's revenue for the fiscal year[96] Governance and Compliance - The company has adhered to the corporate governance code, with the board recognizing the importance of maintaining high governance standards to protect shareholder interests[132] - The audit committee consists of three independent non-executive directors, ensuring appropriate professional qualifications and financial management expertise[136] - The company has not engaged in the purchase, sale, or redemption of its listed securities during the fiscal year[130] Market and Economic Outlook - The global economic growth forecast for 2024 and 2025 is projected at 3.2%, with approximately 60% of this growth expected to come from Asia[124] - China's GDP growth target for 2024 is set at 5%, but challenges remain, particularly in the real estate sector, which continues to exert pressure[124] - Global steel demand is expected to increase by 1.7% in 2024, with stainless steel consumption projected to grow by 3.6%[125] - China's coal imports reached a historical high last year, driven by price advantages and slow domestic production, with imports expected to continue increasing in 2024[127]

Production and Sales - For the six months ending September 30, 2023, Mongolia Energy Corporation produced approximately 2,680,600 tons of raw coal, an increase of 41.5% compared to 1,894,300 tons in the same period of 2022[9]. - The company sold approximately 1,048,598 tons of coal during this period, up from 968,800 tons in 2022, representing a 8.3% increase[9]. - The total production of coking coal and thermal coal was approximately 1,582,200 tons and 1,098,400 tons, respectively, compared to 1,429,000 tons and 465,300 tons in the previous year[33]. - The average recovery rate for processed raw coal was 82.6%, with approximately 784,400 tons of raw coking coal produced from 950,100 tons of raw coal processed[36]. - The company completed approximately 8,927,100 cubic meters of stripping work during the fiscal period, compared to 8,814,200 cubic meters in the previous year[33]. Financial Performance - Revenue decreased by 16.6% to HKD 1,557,300,000, down from HKD 1,866,200,000 in the previous year due to a decline in average coal prices[10]. - The gross profit margin for the period was approximately 37.2%, down from 42.5% in the previous year, primarily due to lower average selling prices[13]. - The company reported a revenue of HKD 1,557.3 million from the sale of coking coal, thermal coal, and raw coal, representing a 16.6% decrease compared to the previous fiscal period[32]. - Gross profit for the same period was HKD 578,732, down 27.0% from HKD 792,276 in the previous year[91]. - The company reported a loss attributable to equity holders of HKD 546,838, an improvement of 26.7% from a loss of HKD 745,949 in 2022[93]. Costs and Expenses - The cost of sales for the period was HKD 978,500,000, a decrease from HKD 1,074,000,000 in 2022, with cash costs at HKD 947,000,000[12]. - Administrative expenses increased significantly due to provisions for tax penalties following a tax audit by the Mongolian tax authority[14]. - The total finance costs increased to HKD 339,164,000 in 2023 from HKD 293,491,000 in 2022, primarily due to higher interest expenses on convertible bonds[119]. - Employee benefits expenses decreased to HKD 66,897,000 in 2023 from HKD 72,703,000 in 2022, showing a reduction in overall personnel costs[120]. Impairment and Fair Value Changes - The impairment loss for the fiscal period was HKD 660.9 million, an increase from HKD 548.6 million in the previous year, primarily due to a 25% drop in the average price of coking coal[21]. - The company recognized a gain of HKD 326,300,000 from the fair value change of convertible bonds, compared to a loss of HKD 418,600,000 in the previous year[15]. - The company recognized an impairment loss of HKD 660,943,000 on its Huoshotuo related assets, which is an increase from the impairment loss of HKD 548,597,000 in 2022[134]. Assets and Liabilities - As of September 30, 2023, the company reported net liabilities of HKD 4,915,000,000 and net current liabilities of approximately HKD 747,900,000[49]. - The company has cash and bank balances of HKD 75,600,000 as of September 30, 2023, compared to HKD 60,300,000 as of March 31, 2023, with a current ratio of 0.76[49]. - The total current assets increased to HKD 2,339,201 from HKD 1,638,993, reflecting a growth of 42.7%[95]. - Current liabilities rose to HKD 3,087,123, up from HKD 2,423,943, indicating a 27.4% increase[95]. - The total liabilities as of September 30, 2023, included net debt of approximately HKD 4,915,000,000, indicating a challenging financial position[105]. Shareholder Information - As of September 30, 2023, Mr. Lu holds a total of 634,324,270 shares, representing 337.18% of the issued share capital[69]. - Cheng Yu Tung Family (Holdings) Limited and its affiliates collectively hold 2,698,101,424 shares, accounting for 1,434.20% of the issued share capital[72]. - The total equity held by major shareholders exceeds 5% of the issued share capital, indicating significant ownership concentration[72]. - The company has not granted any stock options under the 2022 Share Option Scheme during the financial period[75]. Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2023[89]. - The company has adhered to the corporate governance code principles and provisions, with a noted exception regarding the attendance of the chairman at the annual general meeting[79]. - The company emphasizes the importance of high-level corporate governance practices to protect and enhance shareholder interests[79]. Market and Economic Conditions - The average selling price for premium coal was approximately HKD 1,714.2 per ton, down from HKD 2,224.3 per ton in 2022, reflecting a significant price drop[10]. - The expected average annual growth rate for coking coal prices over the next four years is projected to be -6.63%[25]. - The comprehensive profit of China's coal mining and washing industry decreased by 26.5% year-on-year to RMB 578.3 billion in the first nine months of 2023[31]. - The global economic growth is expected to slow down, with China's GDP growth forecast revised down from 5.5% to 5.1% for 2023[60].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致之任何損失承擔任何責任。 MONGOLIA ENERGY CORPORATION LIMITED 蒙古能源有限公司* （於百慕達註冊成立之有限公司） （股份代號：276） 截至二零二三年九月三十日止六個月 中期業績 蒙古能源有限公司（「本公司」）之董事會（「董事會」）謹此宣佈本公司及其附屬公司（「本集 團」）截至二零二三年九月三十日止六個月（「本財政期間」）之簡明綜合業績連同去年同期 之比較數字如下： 簡明綜合損益表 截至二零二三年九月三十日止六個月 截至九月三十日止六個月 二零二三年 二零二二年 附註 千港元 千港元 （未經審核） （未經審核） 收入 3 1,557,257 1,866,241 ...

Production and Sales Performance - For the fiscal year ending March 31, 2023, the company's coal production increased by 56.9% to approximately 2,864,400 tons compared to 1,825,300 tons in the previous fiscal year[10]. - The company's coal sales volume reached approximately 1,630,000 tons, representing a 62.7% increase from 1,001,800 tons in the previous fiscal year[10]. - The company produced approximately 2,864,400 tons of raw coal in the fiscal year, an increase from 1,825,300 tons in 2022, and sold about 1,630,000 tons of coal, up from 1,001,800 tons in the previous year[18]. - The production of coking coal and thermal coal was approximately 2,481,900 tons and 382,500 tons, respectively, compared to 1,390,500 tons and 434,800 tons in 2022[36]. - The company sold approximately 710,000 tons of premium coking coal to its largest customer, accounting for about 53.6% of the company's revenue for the fiscal year[39]. Financial Performance - The company's revenue reached HKD 2,905,300,000 in the fiscal year, a significant increase from HKD 1,562,700,000 in 2022, driven by improved cross-border policies and increased coal sales[19]. - The average selling price for premium coal was approximately HKD 2,123.4 per ton, compared to HKD 1,918.4 per ton in 2022, while the average price for thermal coal was HKD 55.4 per ton, up from HKD 52.3 per ton[19]. - The sales cost for the fiscal year was HKD 1,820,200,000, an increase from HKD 948,000,000 in 2022, primarily due to increased sales volume and inflationary pressures[20]. - The gross profit margin for the fiscal year was approximately 37.3%, down from 39.3% in 2022, influenced by rising sales costs and impairment losses on outdated thermal coal[21]. - Revenue from coal sales to customers in China and Mongolia reached HKD 2,905,300,000, an increase of 85.9% compared to the previous fiscal year[35]. Economic Outlook - The company anticipates a global economic growth slowdown to 2.8% in 2023, with a rebound expected to 3.0% in 2024[11]. - The company aims for a GDP growth target of approximately 5% in China as the country implements post-COVID reopening policies[11]. - Mongolia's GDP is projected to grow from 2.5% in 2022 to 5% in 2023, supported by increased coal exports to China following the easing of COVID-19 restrictions[13]. - The global GDP growth rate for 2022 was reported at 3.4%, with China's GDP growth at 3%, the lowest in nearly half a century[6]. - The company noted that the geopolitical tensions and banking crises in the US and Europe pose risks to global economic stability in 2023[11]. Market Dynamics - The global steel demand growth rate is projected to be 2.3% for 2023 and 1.7% for 2024, with China's steel demand expected to grow by 2% this year[12]. - The company operates in a cyclical coal market, heavily influenced by global supply and demand, particularly in China[70]. - The company faces risks from potential changes in coal import policies in Xinjiang, which could adversely affect operations[83]. - The company is exploring alternative measures to secure additional washing capacity due to delays in a coal washing plant project in Xinjiang[28]. - The company plans to continue increasing its focus on coal exports to China to mitigate potential unforeseen challenges in the global market[13]. Regulatory and Compliance Issues - The company’s mining operations are subject to extensive government regulations, which may change and impact operations[73]. - The company’s coal mining licenses are valid for an initial period of 30 years, with options for two additional 20-year renewals[74]. - The company is sensitive to changes in Mongolia's tax policies, which could affect profitability and operational sustainability[88]. - Environmental regulations in Mongolia are stringent, and non-compliance could lead to fines or suspension of operations, impacting financial performance[80]. - The company has established an environmental management team to ensure compliance with Mongolian environmental laws and regulations[53]. Corporate Governance - The company has adopted a board diversity policy to enhance the composition of the board, considering factors such as gender, age, and professional experience[107]. - The board currently consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors[106]. - The company has implemented a custom code for securities trading that is stricter than the standard code outlined in the listing rules[101]. - The company has established mechanisms to maintain the independence of the board and ensure informed decision-making[111]. - The board is responsible for maintaining an effective risk management and internal control system to protect shareholder investments and group assets[148]. Risk Management - The company faces risks related to capital investment in mining, which may exceed original budgets and not achieve expected economic viability[72]. - The company relies on multiple contractors for mining activities, and any unforeseen issues could severely impact operations, particularly if fuel supply from Mongolia is disrupted[82]. - The company’s operations are subject to the risk of license revocation if it fails to comply with mining regulations or environmental laws[81]. - The internal auditor employed a risk-based approach to evaluate the adequacy, effectiveness, and compliance of control measures, with results reported to the audit committee[149]. - The company does not have a foreign exchange hedging policy but will monitor foreign exchange risks and consider hedging when necessary[64]. Shareholder Relations - The company ensures that all shares have equal voting rights and entitlement to dividends, as outlined in its articles of association and Bermuda company law[153]. - Shareholders holding at least 10% of the paid-up capital have the right to request the board to convene a general meeting within two months of the request[154]. - The company amended its articles of association to comply with core shareholder protection standards and allow hybrid or electronic meetings[160]. - The company has a commitment to transparency, allowing shareholders to submit written inquiries to the company secretary[159]. - The company has not revised its dividend policy during the fiscal year, considering various financial factors[118].