INTERIM REPORT 中期報告 2025 CONTENTS 目錄 | CORPORATE INFORMATION | 公司資料 | 2 | | --- | --- | --- | | FINANCIAL HIGHLIGHTS | 財務摘要 | 4 | | REPORT ON REVIEW OF INTERIM FINANCIAL | 中期財務資料審閱報告 | 6 | | INFORMATION | | | | CONDENSED CONSOLIDATED STATEMENT OF PROFIT | 簡明綜合損益及其他全面收益表 | 9 | | OR LOSS AND OTHER COMPREHENSIVE INCOME | | | | CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合財務狀況表 | 11 | | FINANCIAL POSITION | | | | CONDENSED CONSOLIDATED STATEMENT OF | 簡明綜合權益變動表 | 13 | | CHANGES IN EQUITY | | | | CONDENSED CONSOLIDA ...

香港联交所最新资料显示，9月5日，股东蔡伟贤增持首钢资源(00639)5万股，每股作价2.72港元，总金 额为13.6万港元。增持后最新持股数目约为72.74万股，最新持股比例为0.01%。 ...

智通财经APP获悉，香港联交所最新资料显示，9月5日，股东蔡伟贤增持首钢资源(00639)5万股，每股 作价2.72港元，总金额为13.6万港元。增持后最新持股数目约为72.74万股，最新持股比例为0.01%。 ...

Group 1 - The core viewpoint of the article highlights a general increase in coal stocks in the Hong Kong market on September 8, with notable gains among various companies [1] Group 2 - Strength Development saw a rise of 2.6% [1] - China Qinfa, Yanzhou Coal Mining, China Coal Energy, and South Gobi all increased by over 2% [1] - China Shenhua rose by 1.5%, while Yida Zong also gained over 1% [1] - Shougang Resources followed the upward trend [1]

Group 1 - The core viewpoint of the article highlights a bullish trend in the coal sector of the Hong Kong stock market, driven by favorable macroeconomic conditions such as "loose monetary policy, low interest rates, and improved risk appetite" [1] - The report from Zhongtai Securities indicates that the coal industry is expected to enter a new upward cycle due to the "anti-involution" policy, which is anticipated to strengthen expectations for capacity reduction and promote high-quality development within the sector [1] - The report suggests that there is a time lag between policy expectations and their realization, indicating that sector rotation may occur imminently, and advises investors to focus on liquidity and risk appetite improvements rather than short-term earnings reports [1] Group 2 - The article lists several coal stocks that experienced gains, with notable increases including Strength Development up by 2.6%, China Qinfa and Yanzhou Coal Energy both up over 2%, and China Shenhua up by 1.5% [1] - The report emphasizes the importance of capturing investment opportunities arising from the dual catalysts of coal valuation recovery and performance elasticity, as the industry prepares for a new upward cycle [1]

第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 首鋼福山資源集團有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 不適用 FF301 第 3 頁 共 10 頁 v 1.1.1 第 2 頁 共 10 頁 v 1.1.1 FF301 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00639 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 5,091,065,770 | | 0 | | ...

Core Viewpoint - CICC has lowered coal price and cost assumptions, resulting in a 4% reduction in Shougang Resources' (00639) 2025/26E profit to HKD 8.92 billion and HKD 9.78 billion respectively [1] Group 1: Financial Performance - The company's 1H25 net profit attributable to shareholders decreased by 38% year-on-year to HKD 4.04 billion, which was better than CICC's expectations due to a smaller decline in profit driven by coal prices, as the cost reduction exceeded expectations [2] - 1H25 production of raw coking coal and premium coking coal increased by 17% and 19% year-on-year to 2.64 million tons and 1.54 million tons respectively, with 100% of raw coal being washed [2] - The average selling price of premium coking coal in 1H25 fell by 45% year-on-year to HKD 1,067 per ton, while the price of Shanxi main coking coal decreased by 36% to HKD 1,401 per ton [2] Group 2: Cost and Cash Flow - The unit production cost of raw coking coal improved significantly in 1H25, decreasing by 28% year-on-year to HKD 328 per ton, with cash costs down by 32% to HKD 241 per ton [3] - The net operating cash inflow in 1H25 was HKD 4.53 billion, a decrease of HKD 7.27 billion year-on-year, with available free funds amounting to HKD 94.75 billion as of the end of June [3] - The company plans to distribute an interim dividend of HKD 0.06, corresponding to a payout ratio of 76%, resulting in an interim dividend yield of approximately 2.2% based on the current share price [3] Group 3: Market Outlook - CICC maintains a cautiously optimistic view on the coking coal market for 2H25, noting a rebound in coking coal prices since July due to supply contraction in some regions, with prices rising from HKD 968 per ton in June to HKD 1,278 per ton by August 28 [4] - The average price of coking coal in 3Q25 was HKD 1,209 per ton, reflecting a 10% increase compared to 2Q25 [4] - Future price increases may depend on further supply reductions, as demand for coking coal is expected to contract due to weak steel demand and declining profits [4]

Core Viewpoint - The report from CICC indicates a downward adjustment in coal price and cost assumptions, leading to a 4% reduction in Shougang Resources' (00639) estimated profits for 2025/26 to HKD 8.92 billion and HKD 9.78 billion respectively. The current stock price corresponds to a P/E ratio of 15.8x/14.4x for 2025/26E, with an enhanced relative attractiveness of dividends due to changes in risk appetite. The target price remains unchanged at HKD 3.00, implying an 8% upside potential based on a P/E ratio of 17.1x/15.6x for 2025/26E [1]. Group 1 - The company's 1H25 performance exceeded expectations, with a net profit attributable to shareholders declining by 38% year-on-year to HKD 4.04 billion, which was better than anticipated due to a smaller decline in profits driven by coal prices, as cost reductions were greater than expected [2]. - Production recovery was noted, with 1H25 raw coking coal and premium coking coal output increasing by 17% and 19% year-on-year to 2.64 million tons and 1.54 million tons respectively. The premium coking coal sales rose by 16% year-on-year to 1.55 million tons, primarily due to the resumption of operations at the Xingwu coal mine [2][3]. - The average selling price of premium coking coal in 1H25 fell by 45% year-on-year to HKD 1,067 per ton, while the price of Shanxi main coking coal decreased by 36% to HKD 1,401 per ton. The decline in selling prices was attributed to changes in coal quality and the commencement of full-scale mining at the Xingwu coal mine [2]. Group 2 - Significant improvement in unit production costs was observed, with the unit production cost of raw coking coal decreasing by 28% year-on-year to HKD 328 per ton. Cash costs fell by 32% year-on-year to HKD 241 per ton, and cash costs excluding uncontrollable costs decreased by 31% year-on-year to HKD 185 per ton [3]. - The net operating cash inflow for 1H25 was HKD 4.53 billion, a year-on-year decrease of HKD 7.27 billion. As of the end of June, the company had available free funds of HKD 94.75 billion, which, after excluding the year-end dividend for 2024, amounted to HKD 84.06 billion [3]. - The company plans to distribute an interim dividend of HKD 0.06, corresponding to a payout ratio of 76%, resulting in an interim dividend yield of approximately 2.2% based on the current stock price [3]. Group 3 - In 3Q25, coking coal prices have rebounded, with the price of Liulin No. 9 coking coal rising from a low of HKD 968 per ton in June to HKD 1,278 per ton by August 28. The average price since 3Q25 has been HKD 1,209 per ton, reflecting a 10% increase compared to 2Q25 [4]. - The outlook for coking coal prices remains cautiously optimistic, dependent on whether domestic supply can contract further, amidst weak steel demand and declining profits, which may still lead to expectations of reduced coking coal demand [4].

Core Viewpoint - Shougang Fushan Resources reported a 38% year-on-year decline in attributable net profit to HK$404 million for 1H25, which was better than expected due to a milder decline in earnings driven by a larger-than-anticipated reduction in costs despite falling coal prices [1]. Production and Sales - Raw and clean coking coal output increased by 17% and 19% year-on-year to 2.64 million tons and 1.54 million tons, respectively, with 100% of raw coal being washed. Clean coking coal sales volume rose 16% year-on-year to 1.55 million tons, primarily due to a temporary production suspension at Xingwu Coal Mine in 1H24 [1][2]. Price Trends - The average selling price of clean coking coal fell 45% year-on-year to Rmb1,067 per ton in 1H25. This decline was steeper than the 36% and 39% year-on-year decreases in Shanxi main coking coal prices at Jingtang Port and Shanxi Liulin No.9 coking coal, respectively. The price drop was attributed to a shift in coal quality following the full mining of lower-group coal at Xingwu Coal Mine [2]. Cost Management - The unit production cost of raw coking coal decreased by 28% year-on-year to Rmb328 per ton in 1H25. Cash costs fell 32% year-on-year to Rmb241 per ton, while cash costs excluding uncontrollable expenses declined 31% year-on-year to Rmb185 per ton [3]. Cash Flow and Dividends - Net operating cash inflow decreased by Rmb727 million year-on-year to Rmb453 million in 1H25. As of the end of June, the company held available free funds of HK$9.48 billion (HK$8.41 billion excluding the 2024 final dividend). The firm plans to pay an interim dividend of HK$0.06 per share for 1H25, resulting in a payout ratio of 76% and a dividend yield of approximately 2.2% based on the current share price [4]. Market Outlook - Coking coal prices rebounded in 3Q25, with a cautiously optimistic outlook for coking coal fundamentals in 2H25. Prices have risen since July, supported by tightening supply in certain regions. The price of Liulin No.9 coking coal increased from Rmb968 per ton in June to Rmb1,278 per ton by August 28, with a quarterly average of Rmb1,209 per ton in 3Q25, up 10% compared to 2Q25 [5]. Future Projections - The upside for coking coal prices will depend on domestic supply contractions, influenced by expectations of weaker demand amid sluggish steel consumption and declining profit margins. Coking coal imports, particularly from Mongolia, may see marginal improvement as coal prices recover [5]. Financial Adjustments - The company has lowered its coal price and cost assumptions, cutting its 2025 and 2026 earnings forecasts by 4% to HK$892 million and HK$978 million, respectively. The stock is currently trading at 15.8x and 14.4x 2025e and 2026e P/E ratios. The company maintains an OUTPERFORM rating with a target price of HK$3.00, implying 17.1x and 15.6x 2025e and 2026e P/E ratios and offering an 8% upside [5].

Core Viewpoint - The company's performance in 1H25 exceeded expectations despite a 38% year-on-year decline in net profit to HKD 404 million, primarily due to falling coal prices, but the decline was less than anticipated due to a greater reduction in costs [1] Production and Sales - In 1H25, the production of raw coking coal and premium coking coal increased by 17% and 19% year-on-year to 2.64 million tons and 1.54 million tons, respectively, with 100% of raw coal being washed [2] - The sales volume of premium coking coal rose by 16% year-on-year to 1.55 million tons, largely due to the resumption of production after the temporary shutdown of the Xingwu coal mine last year [2] Price and Cost Analysis - The average selling price of premium coking coal in 1H25 decreased by 45% year-on-year to RMB 1,067 per ton, while the price of Shanxi main coking coal fell by 36% to RMB 1,401 per ton [2] - The unit production cost of raw coking coal improved significantly, decreasing by 28% year-on-year to RMB 328 per ton, with cash costs down by 32% to RMB 241 per ton [2] Cash Flow and Dividends - The net operating cash inflow in 1H25 was HKD 453 million, a year-on-year decrease of 7.27 million [2] - As of the end of June, the company had available free funds of HKD 9.475 billion, which, after excluding the year-end dividend for 2024, amounts to HKD 8.406 billion [2] - The company plans to distribute an interim dividend of 6 HK cents, corresponding to a payout ratio of 76% and a dividend yield of approximately 2.2% based on the current share price [2] Market Trends - In 3Q25, coking coal prices have started to rebound, with the price of Liulin No. 9 coking coal rising from a low of RMB 968 per ton in June to RMB 1,278 per ton by August 28, with an average price of RMB 1,209 per ton in 3Q25, reflecting a 10% increase from 2Q25 [3] - Future price increases may depend on further reductions in domestic supply, as demand for coking coal is expected to contract due to weak steel demand and declining profits [3] Profit Forecast and Valuation - The company has revised down its coal price and cost assumptions, reducing its earnings forecast for 2025 and 2026 by 4% to HKD 892 million and HKD 978 million, respectively [3] - The current share price corresponds to a price-to-earnings ratio of 15.8x for 2025 and 14.4x for 2026, with a target price maintained at HKD 3.00, implying an 8% upside potential [3]