Core Viewpoint - Mongolia Energy (00276.HK) announced a construction contract for a dust suppression wall at the Khushuut coal mine, with a total cost of approximately 5,863,022 HKD [1] Group 1: Contract Details - The contract was signed between MoEnCo, a subsidiary of Mongolia Energy, and the contractor on July 22, 2025, for a total of 2,689,459,685 Mongolian Tugrik [1] - Due to delays caused by the trial operation of the smart coal washing plant, MoEnCo has amended the contract to allow for winter construction, incurring an additional cost of 784,100,374 Mongolian Tugrik [1] - The total cost of the construction, including the change order, amounts to 3,473,560,059 Mongolian Tugrik, equivalent to approximately 7,572,360 HKD [1]

Core Viewpoint - Mongolia Energy (00276) announced a contract for the construction of a dust suppression wall at the Khushuut coal mine, with a total cost of 2.689 billion Mongolian Tugrik (approximately 5.863 million HKD) [1] Group 1: Contract Details - MoEnCo signed a contract with a contractor for the dust suppression wall on July 22, 2025 [1] - The construction progress was delayed due to the trial operation of the smart washing plant [1] - To ensure completion of the dust suppression wall by early next year, MoEnCo and the contractor signed a change order on November 28, 2025, allowing winter construction at an additional cost of 784 million Mongolian Tugrik (approximately 1.7093 million HKD) [1] Group 2: Total Project Cost - The total cost of the construction project, including the change order, amounts to 3.44 billion Mongolian Tugrik (approximately 7.5724 million HKD) [1]

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） 須予披露交易 於胡碩圖煤礦的新海關監管堆場建造抑塵牆 建造合約和工程變更單 二零二五年七月二十二日，MoEnCo與承辦商訂立位於胡碩圖煤礦新海關監管堆場之 抑塵牆建造合約，代價為2,689,459,685蒙古圖格里克(相當於約5,863,022港元)。 智慧洗煤廠試行營運導致抑塵牆施工進度延誤。由於MoEnCo欲抑塵牆建造工程於明 年年初完成，MoEnCo與承辦商於二零二五年十一月二十八日訂立工程變更單以修改 條款，使得冬季繼續施工，額外代價為784,100,374蒙古圖格里克（相當於約1,709,338 港元）。 合併計算工程變更單的代價，該建築的總價即為3,473,560,059蒙古圖格里克(相當於 約7,572,360港元)。 上市規則之涵義 ...

Group 1 - The core point of the news is that Dashdemberel Bat-Erdene increased his stake in Mongolian Energy (00276.HK) by purchasing 294,000 shares at an average price of HKD 0.7445 per share, raising his ownership from 4.98% to 5.15% [1][2]. Group 2 - The transaction involved a total investment of approximately HKD 219,000 [1]. - After the purchase, Dashdemberel Bat-Erdene's total shareholding reached 9,695,850 shares [2].

Core Viewpoint - Mongolian Energy (00276) reported a significant decline in revenue and an increase in losses for the six months ending September 30, 2025, indicating financial challenges for the company [1] Financial Performance - The company achieved revenue of HKD 871 million, representing a year-on-year decrease of 48.75% [1] - The loss attributable to shareholders was HKD 740 million, which is an increase of 67.11% compared to the previous year [1] - The basic loss per share was HKD 3.93 [1]

Core Viewpoint - Mongolia Energy (00276) reported a significant decline in revenue and an increase in losses for the six months ending September 30, 2025, indicating financial challenges for the company [1] Financial Performance - The company achieved revenue of HKD 871 million, representing a year-on-year decrease of 48.75% [1] - The loss attributable to shareholders was HKD 740 million, which expanded by 67.11% compared to the previous year [1] - The basic loss per share was HKD 3.93 [1]

Core Viewpoint - Mongolia Energy (00276.HK) reported a significant decline in revenue and incurred losses for the six months ending September 30, 2025, indicating financial challenges ahead [1] Financial Performance - Revenue decreased to HKD 871 million, down 48.8% from HKD 1.7 billion in the same period of 2024 [1] - The company confirmed net liabilities of approximately HKD 4.81 billion and net current liabilities of HKD 829.8 million [1] - The loss for the period was approximately HKD 740 million [1]

Financial Performance - Revenue for the six months ended September 30, 2025, was HKD 871,143,000, a decrease of 48.7% compared to HKD 1,699,926,000 for the same period in 2024[4] - Gross profit for the same period was HKD 84,401,000, down 86.8% from HKD 640,711,000 in 2024[4] - The company reported a loss attributable to equity holders of HKD 740,152,000, compared to a loss of HKD 442,906,000 in the previous year, representing a 67.3% increase in losses[5] - The basic and diluted loss per share for the period was HKD 3.93, compared to HKD 2.35 in 2024[5] - Other income for the period was HKD 13,178,000, significantly higher than HKD 3,490,000 in the previous year[4] - The pre-tax loss for the six months ended September 30, 2025, was HKD 671.2 million, while for the same period in 2024, it was HKD 286.9 million[22] - The company's income tax expenses for the six months ended September 30, 2025, amounted to HKD 68,965,000, a decrease of 55.7% compared to HKD 155,956,000 for the same period in 2024[8] - The basic and diluted loss per share for the six months ended September 30, 2025, was HKD (740,152,000), compared to HKD (442,906,000) for the same period in 2024[28] Assets and Liabilities - Total assets as of September 30, 2025, were HKD 1,542,407,000, down from HKD 1,789,261,000 as of March 31, 2025[7] - The company’s net current liabilities increased to HKD 829,820,000 from HKD 5,284,487,000, indicating a significant deterioration in liquidity[7] - Non-current liabilities included convertible bonds amounting to HKD 4,327,209,000 as of September 30, 2025[8] - As of September 30, 2025, the company has recognized a net debt of approximately HKD 4.81 billion and a net current liability of about HKD 829.8 million, resulting in a loss of approximately HKD 740.2 million for the period[13] - Accounts receivable as of September 30, 2025, totaled HKD 856,484,000, down from HKD 1,092,671,000[34] - Trade payables as of September 30, 2025, amounted to HKD 271,482,000, a decrease from HKD 301,305,000[35] - The debt portion of convertible bonds as of September 30, 2025, was HKD 3,064,671,000[36] - The company has a financing arrangement with a major shareholder, providing HKD 1.9 billion, with an outstanding amount of HKD 856.4 million as of September 30, 2025[12] Tax and Legal Matters - The total tax amount reassessed by the Mongolian Tax Dispute Resolution Committee for the fiscal years 2017 to 2020 is MNT 412.3 billion (approximately HKD 902.6 million)[11] - MoEnCo LLC received a revised tax demand from the Mongolian tax authorities, adjusting the total tax amount to 413,400,000,000 Mongolian Tugrik (approximately HKD 929,800,000) due to alleged underreporting of sales revenue[25] - The total provision for tax liabilities was HKD 955,600,000, which includes tax provisions and penalties of HKD 409,000,000[27] - MoEnCo is currently in legal proceedings to challenge the tax reassessment amounting to approximately HKD 902,600,000[26] - The company disagrees with the tax assessment based on processed coal market prices, as it exports unprocessed raw coal, which naturally has a lower selling price[71] - The tax dispute resolution committee ruled that MoEnCo must pay a total of 412.3 billion Mongolian Tugrik (approximately HKD 902.6 million) for the 2017-2020 tax years[71][78] - MoEnCo agreed to pay a settlement amount of 120.8 billion Mongolian Tugrik (approximately HKD 279 million) to the Mongolian tax authorities, primarily for the 2022 and 2023 tax years, to be paid in six installments[72][78] - The company has taken steps to resolve its tax disputes to address the issue of the auditor's disclaimer of opinion on the financial statements[75] - The company is actively seeking constructive dialogue with the Mongolian tax authorities to reach an amicable resolution regarding the tax disputes[74][78] Operational Performance - For the six months ended September 30, 2025, the coal mining segment reported revenue of HKD 871.1 million with a segment loss of HKD 332.2 million[17] - For the six months ended September 30, 2024, the coal mining segment reported revenue of HKD 1.70 billion with a segment loss of HKD 76.4 million[18] - Sales volume for coking coal was approximately 851,000 tons, down from 1,006,900 tons in the previous year[46] - Average selling price for coking coal was HKD 1,016.4 per ton, down from HKD 1,685.7 per ton in the previous year[46] - The production of coking coal and thermal coal was approximately 1.68 million tons and 895,100 tons, respectively, down from 2.04 million tons and 2.21 million tons in the previous fiscal period[61] - Approximately 1.53 million tons of raw coal were processed, resulting in about 1.20 million tons of washed coking coal, with recovery rates of 79.5% and 74.9% for the processing plants[62] - The company transported about 1.35 million tons of raw coking coal from Mongolia to Xinjiang during the fiscal period, down from 1.66 million tons in the previous year[63] - The largest customer accounted for approximately 61.3% of the company's revenue during the fiscal period, with sales of about 488,100 tons of washed coking coal[64] - Mongolia's coal exports increased by 2.3% year-on-year to 62.61 million tons in the first nine months of 2025, with China remaining the primary market[59] Strategic Initiatives - The company adopted a defensive strategy to mitigate the impact of declining coal prices in China[46] - The company implemented cost-saving measures, including renegotiating transportation terms with carriers[47] - The advanced smart coal washing plant for dry coal selection has recently commenced trial operations, expected to enhance operational efficiency and product quality[88] Employee and Governance - The company employed 780 full-time employees across Hong Kong, Mongolia, and China as of September 30, 2025[90] - The company has adopted a customized code for securities trading by directors, which is less stringent than the standard code outlined in the listing rules[94] - All directors confirmed compliance with the securities trading regulations during the financial period ending September 30, 2025, with no violations reported among relevant employees[96] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the six months ending September 30, 2025, and found no objections to the accounting methods adopted by the company[97] Market Conditions - China's GDP grew by 5.2% year-on-year in the first half of 2025, indicating strong economic resilience[57] - Global crude steel production decreased by 1.6% year-on-year to 1,373.8 million tons, with China's production at 746.3 million tons, down 2.9%[57] - The average export price of Chinese steel dropped by 9.5% year-on-year in the first nine months of 2025, reflecting a strategy of price reduction to increase volume[58] - In the first nine months of 2025, China's total coal production reached 3.57 billion tons, representing a year-on-year increase of 2%[59] - During the same period, China imported over 34.59 million tons of coal, a decrease of 11.1% year-on-year, with coking coal imports down by 6.4%[59] - The Mongolian economy continues to face pressure due to declining coal demand and prices, impacting public finances and leading to delays in infrastructure projects[66] Future Outlook - The company has no specific future plans regarding significant investments or capital assets as of the announcement date[84] - There were no significant investments or acquisitions involving subsidiaries or joint ventures during the financial period[83] - The company has not engaged in any buybacks, sales, or redemptions of its listed securities during the financial period[91] - The company has no significant contingent liabilities as of September 30, 2025[86]

Core Insights - The successful first spin of the turbine for the Jinshan Phase III project marks a significant milestone in the commissioning process, paving the way for subsequent grid connection and full-load testing [1][2] Group 1: Project Overview - The Jinshan Phase III project commenced construction in September 2023, aiming to create a national quality engineering project and establish a benchmark for green coal power [2] - The project utilizes advanced technologies, including high-efficiency ultra-supercritical tower boilers and the fourth-generation 1 million kilowatt turbine models, which outperform similar units [2] Group 2: Technical Achievements - The turbine successfully reached a stable speed of 3000 RPM during its first spin, with all operational parameters meeting technical specifications [1] - The project has been recognized in the fifth batch of major technological equipment in the energy sector by the National Energy Administration, highlighting the company's commitment to technological innovation and environmental sustainability [2] Group 3: Future Plans - The company plans to proceed with grid connection tests and preparations for a 168-hour full-load trial run, ensuring timely commissioning to support heating and industrial steam needs in Hohhot [2]

Core Insights - Inner Mongolia is undergoing a significant transformation in its energy sector, leveraging its abundant coal, wind, and solar resources to drive a comprehensive energy revolution [1][7][8] Traditional Energy Industry Transformation - Inner Mongolia is developing a modern coal chemical industry that converts coal into various chemical products, with a projected local conversion utilization scale exceeding 100 million tons by 2024 [1][3] - The Guoneng Baotou Coal Chemical Company operates the world's first coal-to-olefins demonstration facility, converting 3 million tons of coal into 1.8 million tons of methanol and 600,000 tons of polyethylene annually, generating approximately 6 billion yuan in revenue [3] New Energy Industry Development - Inner Mongolia has become the first province in China to exceed 100 million kilowatts of installed renewable energy capacity, with a total of 150 million kilowatts, surpassing thermal power installations [8] - The region is actively constructing large-scale wind and solar energy projects, transforming desert areas into significant renewable energy bases [13][15] Future Energy Industry Initiatives - The region has launched the largest green hydrogen project in China, producing 320,000 tons of green ammonia annually, marking a shift towards large-scale commercial operations in the green hydrogen sector [16][18] - Inner Mongolia is developing a comprehensive green hydrogen industry, including the establishment of hydrogen corridors and pipelines, aiming to become a national leader in green hydrogen production and applications [18] New Energy Storage Development - Inner Mongolia is initiating multiple new energy storage projects, with a total of 34 projects started in the first half of the year, aiming for a storage capacity of 10.32 million kilowatts by the end of 2024 [20][21] - The region is focusing on new energy storage as a stabilizing and regulating component of the power system, essential for integrating renewable energy into the grid [21] Electricity Market Reform - Inner Mongolia is leading in green electricity trading, with a total of 76.2 billion kilowatt-hours traded in 2024, and is establishing cooperative relationships for green electricity trading with several provinces [23] - The region is committed to enhancing its energy industry advantages to ensure national energy security and contribute to China's modernization efforts [23]