Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to a sharp drop in the selling price of premium coking coal, despite an increase in coal production [1][2]. Financial Performance - The company achieved a revenue of 2.1 billion HKD in 1H25, a year-on-year decrease of 17%, mainly impacted by a 45% drop in the selling price of premium coking coal [1]. - The net profit attributable to shareholders was 404 million HKD, down 51.7% year-on-year, aligning with the performance warning issued on August 8 [1]. - The company declared a dividend of 0.06 HKD per share, down from 0.09 HKD in 1H24, with the payout ratio increasing to 76% from 53% year-on-year [1]. Production and Cost Management - The company reported a recovery in raw coking coal production, reaching 2.64 million tons (+17.3% year-on-year) and premium coking coal production at 1.54 million tons (+19.4% year-on-year) [2]. - The increase in production was attributed to a return to average production levels from 2021-2023, following a temporary suspension last year [2]. - The company improved its washing technology, achieving a premium coal washing yield of approximately 58.3%, up 1 percentage point from 1H24 [2]. - The production cost of raw coal was 328 RMB per ton, a decrease of 27.6% year-on-year, driven by lower resource taxes, reduced depreciation, and cost-cutting measures [3]. Outlook and Valuation - For the second half of 2025, while resource taxes are expected to rise with coking coal prices, the company anticipates maintaining cost control, projecting an 8.2% year-on-year decrease in production costs [3]. - The company maintains its net profit estimates for 2025-2027 at 1.05 billion, 1.19 billion, and 1.19 billion HKD, respectively, and continues to use a Dividend Discount Model (DDM) for valuation [3]. - The target price remains at 3.4 HKD, with a "buy" rating upheld due to stable dividend expectations and high payout ratios [3].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 3.40 [2][8]. Core Views - The company reported a revenue of HKD 2.1 billion for 1H25, a year-on-year decrease of 17%, primarily due to a 45% drop in the selling price of coking coal, although a 17.3% increase in raw coal production partially offset this decline [5][6]. - The net profit attributable to the parent company for 1H25 was HKD 404 million, down 51.7% year-on-year, aligning with the performance warning issued earlier [5][6]. - The company declared a dividend of HKD 0.06 per share for 1H25, down from HKD 0.09 in 1H24, with a payout ratio of 76% for 1H25 compared to 53% in 1H24 [5][6]. - The company expects production levels to stabilize in 2H25, with a focus on improving washing technology to counteract quality declines [6][7]. - The company has successfully reduced production costs by 27.6% year-on-year to HKD 328 per ton in 1H25, contributing to maintaining a low-cost advantage [7][8]. Financial Projections - Revenue projections for the company are as follows: HKD 5,057 million for 2024, HKD 4,358 million for 2025E, and HKD 4,607 million for 2026E [5][8]. - The net profit attributable to the parent company is projected to be HKD 1,494 million for 2024, HKD 1,047 million for 2025E, and HKD 1,191 million for 2026E [5][8]. - The company maintains a stable dividend expectation with a projected payout ratio of 80% from 2025 to 2035 [8]. Valuation Metrics - The company’s current market capitalization is HKD 14,102 million, with a closing price of HKD 2.77 as of August 28 [2][5]. - The price-to-earnings (PE) ratio is projected to be 9.20 for 2024 and 13.13 for 2025E, while the price-to-book (PB) ratio is expected to be 0.83 for 2024 and 0.80 for 2025E [5][8]. - The expected dividend yield is 11.01% for 2024, decreasing to 6.09% for 2025E [5][8].

Core Viewpoint - Shougang Resources (00639.HK) reported a significant decline in its mid-year performance for 2025, with revenues dropping by 17% year-on-year, primarily due to a substantial decrease in the average selling price of premium coking coal [1] Financial Performance - The company's revenue for the first half of 2025 was HKD 2.101 billion, a decrease of 17% compared to the previous year [1] - Gross profit fell to HKD 642 million, down 55% year-on-year [1] - Profit attributable to shareholders was HKD 404 million, a decline of 52%, with basic earnings per share at HKD 0.0794 [1] - The company proposed an interim dividend of HKD 0.06 per ordinary share [1] Operational Highlights - The decrease in revenue was mainly attributed to a 45% year-on-year drop in the average selling price of premium coking coal, which offset a 16% increase in sales volume and the positive impact of newly established coal trading operations [1] - The group produced approximately 2.64 million tons of raw coking coal, an increase of 17% year-on-year, with premium coking coal production rising by 19% to about 1.54 million tons [1] - Premium coking coal sales volume increased by 16% year-on-year, although the sales growth was less than production due to inventory changes as of June 30, 2025 [1] - Premium coking coal sales accounted for 100% of the group's revenue, aligning with the company's long-term strategy focused on premium coking coal sales [1] - The company also ventured into coal trading, achieving a trading volume of approximately 570,000 tons, which contributed to diversifying the group's revenue sources [1]

Core Insights - Shougang Resources (00639) reported a mid-year performance for 2025 with revenue of approximately HKD 2.101 billion, a year-on-year decrease of 17% [1] - Gross profit fell to HKD 642 million, representing a significant decline of 55% compared to the previous year [1] - Profit attributable to shareholders was HKD 404 million, down 52% year-on-year, with basic earnings per share at HKD 0.0794 and an interim dividend of HKD 0.06 per ordinary share [1] Revenue Analysis - The decrease in revenue was primarily attributed to a substantial drop of 45% in the average selling price of premium coking coal, which offset a 16% increase in sales volume and the positive impact of expanding coal trading operations [1] Profitability Factors - The significant reduction in profit was mainly due to the 55% decline in gross profit, amounting to approximately HKD 791 million [1] - Additionally, the decrease in the proportion of fire transportation sales, along with effective cost measures, led to a reduction in sales and distribution expenses by approximately HKD 34 million year-on-year [1] - Foreign exchange gains increased by approximately HKD 31 million year-on-year, while the provision for withholding tax on dividends decreased by about HKD 26 million due to a decline in profits from a major subsidiary established in China [1]

Core Viewpoint - Shougang Resources (00639) reported a significant decline in its mid-year performance for 2025, with revenues dropping by 17% year-on-year, primarily due to a sharp decrease in the average selling price of premium coking coal [1] Financial Performance - Revenue for the period was approximately HKD 2.101 billion, a decrease of 17% compared to the previous year [1] - Gross profit fell to HKD 642 million, representing a 55% year-on-year decline [1] - Profit attributable to shareholders was HKD 404 million, down 52% year-on-year [1] - Basic earnings per share were HKD 0.0794, with an interim dividend of HKD 0.06 per ordinary share [1] Operational Insights - The decrease in revenue was mainly attributed to a 45% year-on-year drop in the average selling price of premium coking coal, which offset a 16% increase in sales volume and the positive impact of expanding coal trading operations [1] - The significant reduction in gross profit was approximately HKD 791 million year-on-year [1] - Sales and distribution expenses decreased by about HKD 34 million due to a lower proportion of fire transportation sales and effective cost measures [1] - Foreign exchange gains increased by approximately HKD 31 million year-on-year, while the provision for withholding tax on dividends decreased by about HKD 26 million due to a decline in profits from a major subsidiary established in China [1]

EF001 免責聲明 | 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的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 首鋼福山資源集團有限公司 | | 股份代號 | 00639 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 中期股息 - 截至二零二五年六月三十日止六個月 | | 公告日期 | 2025年8月28日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年6月30日 | | 宣派股息 | 每 股 0.06 HKD | | 股東批准日期 | 不適用 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.06 HKD | | 匯率 | 1 HKD : 1 ...

[Financial Summary](index=1&type=section&id=Financial%20Summary) The financial summary presents key performance indicators and financial position for the six months ended June 30, 2025, highlighting significant declines in revenue and profit Financial Summary for the Six Months Ended June 30 (HKD Million): | Indicator | 2025 | 2024 | Percentage Change | | :--- | :--- | :--- | :--- | | Revenue | 2,101 | 2,532 | -17% | | Gross Profit | 642 | 1,433 | -55% | | Gross Margin | 31% | 57% | | | Adjusted Gross Margin1 | 40% | 57% | | | Profit for the Period | 481 | 983 | -51% | | Profit Attributable to Owners | 404 | 837 | -52% | | EBITDA2 | 934 | 1,666 | -44% | | Basic Earnings Per Share (HK Cents) | 7.94 | 16.955 | -53% | Financial Summary at Period End (HKD Million): | Indicator | June 30, 2025 | December 31, 2024 | Percentage Change | | :--- | :--- | :--- | :--- | | Net Assets | 18,357 | 18,901 | -3% | | Equity Attributable to Owners Per Share (HKD) | 3.12 | 3.24 | -4% | | Current Ratio3 (times) | 3.57 | 4.25 | -16% | The Board declared an interim dividend of **6 HK cents per ordinary share** for the six months ended June 30, 2025 [Interim Results Announcement](index=2&type=section&id=Interim%20Results%20Announcement) The Board of Shougang Fushan Resources Group Limited announces the unaudited consolidated interim results for the six months ended June 30, 2025, which have been reviewed by the Audit Committee and auditors - The Board announced the unaudited consolidated interim results for the six months ended June 30, 2025[3](index=3&type=chunk) - These interim results have been reviewed by the Company's Audit Committee and auditors[3](index=3&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement details the company's financial performance, including revenue, profit, and other comprehensive income for the reporting period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (HKD Thousand): | Item | 2025 | 2024 | | :--- | :--- | :--- | | Revenue from Contracts with Customers | 2,101,368 | 2,531,571 | | Cost of Sales | (1,459,744) | (1,098,751) | | **Gross Profit** | **641,624** | **1,432,820** | | Interest Income | 87,421 | 94,589 | | Other Income and Gains, Net | 54,384 | 26,855 | | Selling and Distribution Expenses | (24,050) | (57,685) | | General and Administrative Expenses | (100,203) | (96,309) | | Other Operating Expenses | (7,421) | (5,301) | | Finance Costs | (934) | (862) | | Share of Loss of an Associate | – | (235) | | **Profit Before Income Tax** | **650,821** | **1,393,872** | | Income Tax Expense | (169,927) | (411,330) | | **Profit for the Period** | **480,894** | **982,542** | Other Comprehensive Income/(Expense) for the Period (HKD Thousand): | Item | 2025 | 2024 | | :--- | :--- | :--- | | Items that may be reclassified subsequently to profit or loss: | | | | Exchange differences on translation of overseas operations | (5,780) | (9,450) | | Items that will not be reclassified to profit or loss: | | | | Fair value gains/(losses) on financial assets at fair value through other comprehensive income | 51,522 | (113,374) | | Exchange differences on translation of overseas operations | (1,279) | (1,787) | | **Total Comprehensive Income for the Period** | **525,357** | **857,931** | Profit for the Period Attributable to (HKD Thousand): | Item | 2025 | 2024 | | :--- | :--- | :--- | | Owners of the Company | 404,135 | 837,351 | | Non-controlling interests | 76,759 | 145,191 | | **Profit for the Period** | **480,894** | **982,542** | Total Comprehensive Income for the Period Attributable to (HKD Thousand): | Item | 2025 | 2024 | | :--- | :--- | :--- | | Owners of the Company | 449,877 | 714,527 | | Non-controlling interests | 75,480 | 143,404 | | **Total Comprehensive Income for the Period** | **525,357** | **857,931** | Earnings Per Share (HK Cents): | Item | 2025 | 2024 | | :--- | :--- | :--- | | Basic and Diluted | 7.94 | 16.95 | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides a snapshot of the company's assets, liabilities, and equity at the end of the reporting period Condensed Consolidated Statement of Financial Position (HKD Thousand): | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | **Non-current Assets** | | | | Property, Plant and Equipment | 3,811,332 | 3,715,248 | | Land Use Rights | 72,203 | 73,168 | | Right-of-use Assets | 34,451 | 31,796 | | Mining Rights | 5,852,769 | 5,970,133 | | Goodwill | 1,179,551 | 1,179,551 | | Financial Assets at Fair Value Through Other Comprehensive Income | 490,709 | 439,187 | | Deposits, Prepayments and Other Receivables | 390,150 | 453,310 | | Deferred Income Tax Assets | 89,205 | 84,764 | | **Total Non-current Assets** | **11,920,370** | **11,947,157** | | **Current Assets** | | | | Inventories | 122,069 | 137,638 | | Trade Receivables | 462,924 | 519,815 | | Bills Receivable | 66,537 | 18,089 | | Deposits, Prepayments and Other Receivables | 217,740 | 207,695 | | Pledged and Restricted Bank Deposits | 656,798 | 937,107 | | Time Deposits with Original Maturity Over Three Months | 2,566,133 | 1,505,443 | | Cash and Cash Equivalents | 6,879,567 | 7,675,879 | | **Total Current Assets** | **10,971,768** | **11,001,666** | | **Total Assets** | **22,892,138** | **22,948,823** | Liabilities and Equity (HKD Thousand): | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Liabilities** | | | | **Current Liabilities** | | | | Trade and Bills Payables | 501,053 | 757,521 | | Lease Liabilities | 15,444 | 12,125 | | Other Payables and Accruals | 1,356,979 | 1,536,254 | | Dividends Payable | 1,069,124 | – | | Amounts Due to Non-controlling Interests of a Subsidiary | – | 60,466 | | Tax Payable | 133,600 | 224,669 | | **Total Current Liabilities** | **3,076,200** | **2,591,035** | | **Net Current Assets** | **7,895,568** | **8,410,631** | | **Total Assets Less Total Current Liabilities** | **19,815,938** | **20,357,788** | | **Non-current Liabilities** | | | | Deferred Income Tax Liabilities | 1,425,514 | 1,424,979 | | Lease Liabilities | 32,934 | 31,552 | | **Total Non-current Liabilities** | **1,458,448** | **1,456,531** | | **Net Assets** | **18,357,490** | **18,901,257** | | **Equity** | | | | **Equity Attributable to Owners of the Company** | | | | Share Capital | 15,582,467 | 15,582,467 | | Reserves | 278,360 | 897,607 | | **Total Equity Attributable to Owners of the Company** | **15,860,827** | **16,480,074** | | Non-controlling Interests | 2,496,663 | 2,421,183 | | **Total Equity** | **18,357,490** | **18,901,257** | [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and disclosures supporting the condensed consolidated financial statements [General Information](index=6&type=section&id=1.%20General%20Information) The company's primary business is investment holding, with subsidiaries engaged in coking coal mining, production, and trading, with no significant operational changes except for new trading activities - The Company's principal business is investment holding, with its subsidiaries primarily engaged in coking coal mining, production and sales of coking coal products, and trading of coal products[9](index=9&type=chunk) - For the six months ended June 30, 2025, there were no significant changes in the Group's operations, except for the commencement of trading business during the period[9](index=9&type=chunk) [Basis of Preparation](index=6&type=section&id=2.%20Basis%20of%20Preparation) Interim financial information is prepared under HKAS 34 and Listing Rules, requiring management judgments and estimates, and should be read with annual financial statements - The interim financial information has been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[10](index=10&type=chunk) - This information does not include all the notes of the type normally included in annual financial statements and should be read in conjunction with the annual financial statements for the year ended December 31, 2024, which have been prepared in accordance with Hong Kong Financial Reporting Standards[10](index=10&type=chunk) [Significant Accounting Policies](index=7&type=section&id=3.%20Significant%20Accounting%20Policies) Interim financial information adopts prior year's accounting policies, incorporating only HKFRS amendments effective January 1, 2025, with HKAS 21 amendments having no significant impact - The interim financial information has been prepared in accordance with the accounting policies adopted in the last financial statements for the year ended December 31, 2024, except for the adoption of the following amendments to Hong Kong Financial Reporting Standards that are applicable to the Group's financial year beginning on January 1, 2025[12](index=12&type=chunk) - The amendments to HKAS 21 "Lack of Exchangeability" have no impact on the Group's accounting policies and are not expected to have a significant impact on the current or future periods[12](index=12&type=chunk) [Impact of Standards and Interpretations Issued But Not Yet Adopted by the Group](index=7&type=section&id=Impact%20of%20Standards%20and%20Interpretations%20Issued%20But%20Not%20Yet%20Adopted%20by%20the%20Group) Several new standards and amendments have been issued but are not yet effective, with the Group currently assessing their potential impact on financial performance and position - A number of new standards and amendments to standards have been issued but are not yet effective for the financial year beginning on January 1, 2025, including classification and measurement of financial instruments, presentation of financial statements, and disclosures[13](index=13&type=chunk) - The Group has commenced but not yet completed its assessment of the impact of the new standards and amendments to standards on its operating results and financial position, and is not yet able to state whether they will have a significant impact[13](index=13&type=chunk) [Revenue from Contracts with Customers and Segment Information](index=8&type=section&id=4.%20Revenue%20from%20Contracts%20with%20Customers%20and%20Segment%20Information) The Group's revenue primarily stems from coal product sales, including self-produced coking coal, by-products, and new coal trading, with no segment information presented due to a single operating segment - Revenue from contracts with customers represents the Group's turnover, which refers to the sales value of coal products sold in the ordinary course of business recognized at a point in time[14](index=14&type=chunk) Revenue from Contracts with Customers (HKD Thousand): | Item | 2025 | 2024 | | :--- | :--- | :--- | | Sales of self-produced clean coking coal | 1,579,279 | 2,497,844 | | Sales of self-produced by-products | 27,506 | 33,727 | | Trading of coal products | 494,583 | – | | **Total** | **2,101,368** | **2,531,571** | - The executive directors consider the Group's business as a single operating segment (coking coal mining and trading of coal products), and therefore no segment information is presented[14](index=14&type=chunk)[15](index=15&type=chunk) [Other Income and Gains, Net](index=9&type=section&id=5.%20Other%20Income%20and%20Gains%2C%20Net) Other income and gains, net, significantly increased by **100%** year-on-year, primarily driven by a **HKD 31 million** net foreign exchange gain Other Income and Gains, Net (HKD Thousand): | Item | 2025 | 2024 | | :--- | :--- | :--- | | Dividend income | 21,510 | 21,510 | | Net foreign exchange gains/(losses) | 31,399 | (1) | | Others | 1,475 | 5,346 | | **Total** | **54,384** | **26,855** | - Net foreign exchange gains of **HKD 31,399 thousand** from a loss in the same period last year were the main reason for the significant increase in other income and gains[16](index=16&type=chunk) [Other Operating Expenses](index=9&type=section&id=6.%20Other%20Operating%20Expenses) Other operating expenses increased by **40%** year-on-year, mainly due to an increase in the 'other' category of expenses Other Operating Expenses (HKD Thousand): | Item | 2025 | 2024 | | :--- | :--- | :--- | | Charitable donations | – | 1,106 | | Loss on disposal of property, plant and equipment | – | 1 | | Others | 7,421 | 4,194 | | **Total** | **7,421** | **5,301** | [Finance Costs](index=9&type=section&id=7.%20Finance%20Costs) Finance costs primarily consist of interest expenses on lease liabilities, remaining stable at approximately **HKD 0.9 million** for both periods Finance Costs (HKD Thousand): | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interest expense on lease liabilities | 934 | 862 | [Profit Before Income Tax](index=10&type=section&id=8.%20Profit%20Before%20Income%20Tax) Profit before income tax is stated after deducting cost of inventories sold, various amortizations (land use rights, deferred expenses, mining rights), depreciation (PPE, right-of-use assets), and staff costs Profit Before Income Tax Deducted Items (HKD Thousand): | Item | 2025 | 2024 | | :--- | :--- | :--- | | Cost of inventories sold | 1,459,744 | 1,098,751 | | Amortisation: Land use rights | 1,099 | 1,051 | | Amortisation: Deferred expenses | 1,109 | 707 | | Amortisation: Mining rights | 119,390 | 103,674 | | Depreciation: Property, plant and equipment | 158,999 | 163,505 | | Depreciation: Right-of-use assets | 2,002 | 2,164 | | Staff costs (including directors' emoluments) | 355,729 | 390,945 | [Income Tax Expense](index=10&type=section&id=9.%20Income%20Tax%20Expense) Income tax expense significantly decreased year-on-year due to lower profit and reduced dividend withholding tax provisions, with China's corporate income tax rate at **25%** and a **5%** dividend withholding tax Income Tax Expense (HKD Thousand): | Item | 2025 | 2024 | | :--- | :--- | :--- | | Current tax – China income tax | 173,901 | 332,438 | | Deferred tax | (3,974) | 78,892 | | **Total** | **169,927** | **411,330** | - Income tax expense decreased due to lower profit and reduced dividend withholding tax[56](index=56&type=chunk) - The corporate income tax rate for the Group's principal operating subsidiaries established in China is **25%**, and they are subject to a **5%** withholding tax on profit distributions; no Hong Kong profits tax provision was made as there was no assessable profit in Hong Kong[19](index=19&type=chunk) [Dividends](index=11&type=section&id=10.%20Dividends) The Board declared a **6 HK cents** interim dividend per ordinary share for 2025, a decrease from **9 HK cents** in 2024, with the 2024 final dividend paid in July 2025 Interim Dividends (HKD Thousand): | Item | 2025 | 2024 | | :--- | :--- | :--- | | Interim dividend per ordinary share | 6 HK Cents | 9 HK Cents | | Total interim dividend | 305,464 | 443,415 | Dividends Approved for Prior Financial Years During the Interim Period (HKD Thousand): | Item | 2025 | 2024 | | :--- | :--- | :--- | | 2024 final dividend of 21 HK cents per ordinary share | 1,069,124 | – | | 2023 final dividend of 18 HK cents per ordinary share | – | 886,831 | - The final dividend of **HKD 1,069,124,000** for the year ended December 31, 2024, was paid on July 24, 2025[22](index=22&type=chunk) [Earnings Per Share](index=12&type=section&id=11.%20Earnings%20Per%20Share) Basic and diluted earnings per share significantly decreased to **7.94 HK cents** from **16.95 HK cents** last year, with no dilutive potential ordinary shares Earnings Per Share Calculation Data: | Item | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the purpose of calculating basic and diluted earnings per share (HKD Thousand) | 404,135 | 837,351 | | Weighted average number of ordinary shares for calculating basic and diluted earnings per share (Thousand Shares) | 5,091,065 | 4,940,819 | | **Basic and Diluted Earnings Per Share (HK Cents)** | **7.94** | **16.95** | - As there were no potential dilutive ordinary shares for the periods ended June 30, 2025, and June 30, 2024, the diluted earnings per share for these periods were the same as the basic earnings per share[24](index=24&type=chunk) [Financial Assets at Fair Value Through Other Comprehensive Income](index=12&type=section&id=12.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income) Total financial assets at fair value through other comprehensive income increased to **HKD 490,709 thousand**, primarily due to increased fair value of Hong Kong-listed equity securities Financial Assets at Fair Value Through Other Comprehensive Income (HKD Thousand): | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Equity securities, at fair value – listed in Australia | 226,136 | 232,691 | | Equity securities, at fair value – listed in Hong Kong | 264,573 | 206,496 | | **Total** | **490,709** | **439,187** | - The significant increase in the fair value of Hong Kong-listed equity securities drove the rise in total financial assets[25](index=25&type=chunk) [Trade and Bills Receivables](index=13&type=section&id=13.%20Trade%20and%20Bills%20Receivables) Net trade receivables and total bills receivables slightly decreased, with trade receivables having 30-90 day credit terms and bills due within one year, all denominated in RMB Trade and Bills Receivables (HKD Thousand): | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables | 645,784 | 702,675 | | Less: Provision for impairment losses | (182,860) | (182,860) | | Net trade receivables | 462,924 | 519,815 | | Bills receivable | 66,537 | 18,089 | | **Total** | **529,461** | **537,904** | - The credit period for trade receivables generally ranges from **30 to 90 days**, bills receivable are due within one year, and all trade and bills receivables are denominated in RMB[26](index=26&type=chunk) Ageing Analysis of Net Trade Receivables (HKD Thousand): | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 90 days or less | 388,945 | 246,421 | | 91 to 180 days | 73,979 | 241,417 | | 181 to 365 days | – | 31,977 | | **Total** | **462,924** | **519,815** | [Trade and Bills Payables](index=15&type=section&id=14.%20Trade%20and%20Bills%20Payables) Total trade and bills payables decreased, mainly due to a significant drop in bills payable, with credit terms ranging from 30 to 180 days and all bills due within six months Trade and Bills Payables (HKD Thousand): | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables | 305,160 | 282,263 | | Bills payable | 195,893 | 475,258 | | **Total** | **501,053** | **757,521** | - The Group is granted credit periods ranging from **30 to 180 days** by its suppliers; all trade and bills payables are denominated in RMB, and all bills payable have an ageing within six months[30](index=30&type=chunk) - As of June 30, 2025, bills payable of **HKD 168,137 thousand** were secured by pledged bank deposits, and the remaining **HKD 27,756 thousand** were secured by bills receivable[30](index=30&type=chunk) [Share Capital](index=16&type=section&id=15.%20Share%20Capital) As of June 30, 2025, issued and fully paid share capital remained at **HKD 15,582,467 thousand** with **5,091,065 thousand** shares, following a September 2024 rights issue that raised **HKD 425,508 thousand** net Share Capital (HKD Thousand): | Item | Number of Shares (Thousand Shares) | Amount (HKD Thousand) | | :--- | :--- | :--- | | As at January 1, 2024 (audited) | 4,926,837 | 15,156,959 | | Less: Shares issued under rights issue | 164,228 | 425,508 | | As at December 31, 2024 (audited) | 5,091,065 | 15,582,467 | | As at June 30, 2025 (unaudited) | 5,091,065 | 15,582,467 | - On November 13, 2024, the rights issue was completed, and **164,227,928** rights shares were issued, raising net proceeds of approximately **HKD 425,508,000**[32](index=32&type=chunk) [Capital Commitments](index=16&type=section&id=16.%20Capital%20Commitments) As of June 30, 2025, total contracted capital commitments amounted to **HKD 212,768 thousand**, primarily for property, plant, and equipment acquisition and mining project exploration and design Capital Commitments (HKD Thousand): | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Contracted for: | | | | – Acquisition of property, plant and equipment | 204,836 | 213,675 | | – Exploration and design fees for potential mining projects | 7,932 | 7,932 | | **Total** | **212,768** | **221,607** | [Statement Required by Section 436(3) of the Hong Kong Companies Ordinance (Chapter 622) Regarding Publication of Non-Statutory Accounts for the Comparative Financial Year Contained in this Interim Financial Information](index=17&type=section&id=17.%20Statement%20Required%20by%20Section%20436(3)%20of%20the%20Hong%20Kong%20Companies%20Ordinance%20(Chapter%20622)%20Regarding%20Publication%20of%20Non-Statutory%20Accounts%20for%20the%20Comparative%20Financial%20Year%20Contained%20in%20this%20Interim%20Financial%20Information) The 2024 comparative financial information in this interim report is derived from the statutory annual consolidated financial statements, filed with the Companies Registry, and received an unqualified auditor's report - The financial information for the year ended December 31, 2024, contained in this interim financial information as comparative figures, does not constitute the Company's statutory annual consolidated financial statements for that year but is extracted from those financial statements[34](index=34&type=chunk) - The Company's auditors have issued a report on those financial statements, and that auditor's report was unqualified[34](index=34&type=chunk) [Comparative Figures](index=17&type=section&id=18.%20Comparative%20Figures) Certain comparative figures have been reclassified to conform with the current period's presentation - Certain comparative figures have been reclassified to conform with the current period's presentation[35](index=35&type=chunk) [Declaration of Interim Dividend](index=18&type=section&id=Declaration%20of%20Interim%20Dividend) The Board declared an interim dividend of **6 HK cents per ordinary share** for the six months ended June 30, 2025, a decrease from the prior year, payable on November 6, 2025 - The Board declared an interim dividend of **6 HK cents per ordinary share** for the six months ended June 30, 2025 (2024 interim dividend: **9 HK cents per ordinary share**)[36](index=36&type=chunk) - The interim dividend is expected to be paid on Thursday, November 6, 2025[36](index=36&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's operational and financial performance, key trends, and future outlook [Business Review](index=18&type=section&id=Business%20Review) The Group saw increased raw and clean coking coal production and sales, and initiated coal trading, but average clean coking coal selling prices sharply declined by **45%** due to market oversupply and coal quality changes Summary of Key Operating Data (for the six months ended June 30): | Item | Unit | 2025 | 2024 | Quantity/Amount Change | Percentage Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Production:** | | | | | | | Raw coking coal | Million Tonnes | 2.64 | 2.25 | +0.39 | +17% | | Clean coking coal | Million Tonnes | 1.54 | 1.29 | +0.25 | +19% | | **Sales:** | | | | | | | Clean coking coal | Million Tonnes | 1.55 | 1.34 | +0.21 | +16% | | **Average Realized Selling Price (incl. VAT):** | | | | | | | Clean coking coal | RMB per Tonne | 1,067 | 1,938 | -871 | -45% | | **Trading Volume:** | | | | | | | Coal products | Million Tonnes | 0.57 | – | +0.57 | +100% | - The resumption of normal production at Xingwu Coal Mine in mid-July 2024 led to an increase in both raw coking coal and clean coking coal production, with a corresponding increase in clean coking coal sales[39](index=39&type=chunk) - The Group commenced coal trading business, with a trading volume of approximately **0.57 million tonnes**, which helped expand the Group's revenue streams[39](index=39&type=chunk) - The coking coal market remained weak, with average market prices falling sharply by **41%** year-on-year, coupled with changes in coal quality, resulting in a **45%** year-on-year drop in the average realized selling price of clean coking coal to **RMB 1,067 per tonne**[40](index=40&type=chunk)[41](index=41&type=chunk) [Financial Review](index=20&type=section&id=Financial%20Review) The Group experienced significant declines in revenue and net profit, primarily due to falling clean coking coal prices, despite increased sales and new trading activities; reduced expenses and foreign exchange gains partially offset the profit decrease - Operating revenue was approximately **HKD 2.101 billion**, a decrease of approximately **HKD 431 million** or **17%** compared to the same period last year, mainly due to a **45%** year-on-year sharp decline in the average realized selling price of clean coking coal[42](index=42&type=chunk) - Net profit was approximately **HKD 481 million**, a significant year-on-year decrease of **51%**; profit attributable to owners was approximately **HKD 404 million**, a significant year-on-year decrease of **52%**, primarily due to a **55%** year-on-year decrease in gross profit[43](index=43&type=chunk) - The gross margin was **31%** (**40%** after excluding the impact of coal trading business), compared to **57%** in the same period last year, mainly due to a **45%** year-on-year sharp decline in the average realized selling price of clean coking coal[42](index=42&type=chunk) - Basic earnings per share were **7.94 HK cents**, compared to **16.95 HK cents** in the first half of last year[44](index=44&type=chunk) - Cost of sales was approximately **HKD 1.460 billion**, an increase of approximately **HKD 361 million** or **33%** year-on-year, mainly from the cost of the newly commenced coal trading business of approximately **HKD 493 million**; excluding this impact, cost of sales decreased by approximately **HKD 132 million** or **12%** year-on-year[45](index=45&type=chunk) Raw Coking Coal Production Cost Per Tonne (HKD/Tonne): | Item | 2025 | 2024 | Change Amount | Percentage Change | | :--- | :--- | :--- | :--- | :--- | | Raw coking coal production cost | 328 | 453 | -125 | -28% | | Less: Depreciation and amortisation | (87) | (96) | -9 | -9% | | Cash raw coking coal production cost | 241 | 357 | -116 | -32% | | Less: Uncontrollable costs | (56) | (90) | -34 | -38% | | **Total** | **185** | **267** | **-82** | **-31%** | - The raw coking coal production cost per tonne decreased by **28%** year-on-year, mainly due to increased raw coking coal production, reduced resource tax and surcharges, decreased material consumption, partially reduced labor cost efficiency, and improved cost efficiency[47](index=47&type=chunk) - Interest income was approximately **HKD 87 million**, a year-on-year decrease of approximately **HKD 8 million** or **8%**, mainly due to a decline in market deposit interest rates[50](index=50&type=chunk) - Other income and gains, net, were approximately **HKD 54 million**, a significant year-on-year increase of approximately **HKD 27 million** or **100%**, mainly due to recording net foreign exchange gains of approximately **HKD 31 million**[51](index=51&type=chunk) - Selling and distribution expenses were approximately **HKD 24 million**, a significant year-on-year decrease of approximately **HKD 34 million** or **59%**, mainly due to a decrease in the proportion of rail and sea transportation sales, coupled with effective cost control measures[52](index=52&type=chunk) - General and administrative expenses were approximately **HKD 100 million**, a slight year-on-year increase of approximately **HKD 4 million** or **4%**[53](index=53&type=chunk) - Income tax expense was approximately **HKD 170 million**, a year-on-year decrease, mainly due to lower profit and reduced dividend withholding tax[56](index=56&type=chunk) [Significant Investments and Acquisitions](index=25&type=section&id=Significant%20Investments%20and%20Acquisitions) The Group did not undertake any significant investments or acquisitions during the review period - The Group did not undertake any significant investments or acquisitions during the six months ended June 30, 2025[58](index=58&type=chunk) [Significant Disposals](index=25&type=section&id=Significant%20Disposals) The Group did not undertake any significant disposals during the review period - The Group did not undertake any significant disposals during the six months ended June 30, 2025[59](index=59&type=chunk) [Safety Production and Environmental Protection](index=25&type=section&id=Safety%20Production%20and%20Environmental%20Protection) The Group prioritizes safety and environmental protection, adhering to regulations and achieving high safety standardization ratings; despite a temporary production halt at Xingwu Coal Mine due to an accident, operations have resumed with no significant annual economic impact expected - The Group has always attached great importance to production safety and environmental protection, strictly complying with relevant environmental laws and regulations, promoting safety standard management, and strengthening environmental protection measures[60](index=60&type=chunk) - Jinjiazhuang Coal Mine and Zhaiyaodi Coal Mine obtained Level 1 safety production standardization ratings from the National Mine Safety Administration, while Xingwu Coal Mine obtained a Level 2 safety production standardization rating from the Shanxi Provincial Emergency Management Department[60](index=60&type=chunk) - An accident occurred at Xingwu Coal Mine in mid-July 2025, resulting in one fatality and a production halt for inspection, but normal production resumed in early August, and no significant economic loss is expected for the Group in 2025[62](index=62&type=chunk) [Pledge of Assets](index=26&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, approximately **HKD 175 million** in bank deposits and **HKD 34 million** in bills receivable were pledged as collateral for **HKD 196 million** in bills financing - As of June 30, 2025, approximately **HKD 175 million** in bank deposits and approximately **HKD 34 million** in bills receivable were pledged as collateral for bills financing[63](index=63&type=chunk) - The bills financing utilized as of June 30, 2025, was approximately **HKD 196 million**[63](index=63&type=chunk) [Contingent Liabilities](index=26&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no guarantees issued and no significant contingent liabilities - As of June 30, 2025, the Group had not issued any guarantees, and there were no significant contingent liabilities[64](index=64&type=chunk) [Gearing Ratio](index=26&type=section&id=Gearing%20Ratio) As of June 30, 2025, the Group had no borrowings, resulting in a **0%** gearing ratio - As of June 30, 2025, the Group had no borrowings, therefore the Group's gearing ratio was **0%** (December 31, 2024: **0%**)[65](index=65&type=chunk) [Exchange Rate Fluctuation Risk](index=26&type=section&id=Exchange%20Rate%20Fluctuation%20Risk) The Group primarily faces exchange rate risk from RMB and AUD denominated assets and liabilities; despite a **6.3%** AUD appreciation, the impact on financial position and performance is not significant due to the small proportion of AUD assets - As of June 30, 2025, the Group had no other significant exchange rate fluctuation risks apart from assets and liabilities denominated in RMB and AUD[66](index=66&type=chunk) - The AUD exchange rate appreciated by approximately **6.3%** compared to December 31, 2024, but the total book value of AUD-denominated assets only accounted for approximately **1%** of the Group's net assets, thus having no significant impact on the financial position and performance[66](index=66&type=chunk) [Liquidity and Financial Resources](index=27&type=section&id=Liquidity%20and%20Financial%20Resources) The Group maintains a robust financial position with a current ratio of approximately **3.57 times**; total cash and bank deposits are **HKD 10.102 billion**, with **HKD 9.475 billion** in available free funds after accounting for pledged and restricted deposits - As of June 30, 2025, the Group's current ratio was approximately **3.57 times**, and the Group continued to maintain a sound net cash balance[67](index=67&type=chunk) - The Group's total cash and bank deposits amounted to approximately **HKD 10.102 billion**, of which approximately **HKD 175 million** in bank deposits were pledged as collateral for bills financing of approximately **HKD 168 million**, and approximately **HKD 482 million** were restricted bank deposits for land reclamation and mine environmental rehabilitation funds[67](index=67&type=chunk) - Including available bills receivable of approximately **HKD 30 million**, the Group's available free funds as of June 30, 2025, amounted to approximately **HKD 9.475 billion**[67](index=67&type=chunk) [Capital Structure](index=27&type=section&id=Capital%20Structure) The Group's capital structure comprises total equity and borrowings; as of June 30, 2025, share capital was approximately **HKD 15.582 billion** with **5.091 billion** shares, unchanged during the period, and no borrowings - As of June 30, 2025, the Company's share capital was approximately **HKD 15.582 billion**, with approximately **5.091 billion** shares; there was no change in the number and amount of shares issued during the review period[68](index=68&type=chunk) - As of June 30, 2025, the Group had no borrowings[68](index=68&type=chunk) [Employees](index=27&type=section&id=Employees) As of June 30, 2025, the Group employed **4,154** staff in mainland China and Hong Kong, offering mandatory and voluntary provident fund schemes, defined contribution retirement plans, and training, with no share options granted or exercised during the period - As of June 30, 2025, the Group employed **4,154** employees in mainland China and Hong Kong[69](index=69&type=chunk) - The Group provides mandatory and voluntary provident fund schemes for its Hong Kong employees and defined contribution retirement plans managed by local governments for its mainland China employees, as well as training courses[69](index=69&type=chunk) - No share options were granted or exercised during the review period, and as of June 30, 2025, no share options were outstanding[69](index=69&type=chunk) [Change of Auditors](index=28&type=section&id=Change%20of%20Auditors) The Board resolved to appoint Shinewing (HK) CPA Limited as auditors for 2025, replacing PricewaterhouseCoopers, a resolution approved at the Annual General Meeting - On March 27, 2025, the Board resolved to propose the appointment of Shinewing (HK) CPA Limited as the Company's auditors for 2025, to replace PricewaterhouseCoopers[70](index=70&type=chunk) - This resolution was approved at the Annual General Meeting held on June 30, 2025[70](index=70&type=chunk) [Future Outlook](index=28&type=section&id=Future%20Outlook) For the second half, global economic uncertainty persists, but China's economy shows resilience with infrastructure, manufacturing, and exports supporting steel demand; coking coal market sentiment is improving with price rebounds, driven by supply constraints, boosted confidence, and strong demand, while the company focuses on safe, efficient production, intelligent upgrades, and lean management - In the first half of 2025, the global economic landscape continued to undergo profound changes, with no significant easing of geopolitical risks, but the Chinese economy maintained a "stable yet slowing" trend, with GDP growing by approximately **5.3%** year-on-year[71](index=71&type=chunk) - Downstream demand for steel continued to diverge, with infrastructure, manufacturing, and exports providing effective support for the steel industry, and the real estate market is expected to gradually improve with continuous central government support policies[72](index=72&type=chunk) - Entering the second half of 2025, coking coal market sentiment has warmed up, with futures prices rebounding since June and spot prices following suit, with the market price of major clean coking coal products increasing by over **30%** at the railcar level[74](index=74&type=chunk) - The Company will continue to implement its policy of safe and efficient production, continuously strengthen employee safety training and technical skill enhancement, promote intelligent upgrades, and reinforce lean management to achieve industrial upgrading[75](index=75&type=chunk) [Review by Audit Committee](index=30&type=section&id=Review%20by%20Audit%20Committee) The Company's Audit Committee has reviewed the unaudited interim results for the six months ended June 30, 2025, with independent auditors Shinewing also completing their review - The Company's Audit Committee has reviewed the unaudited interim results for the six months ended June 30, 2025[76](index=76&type=chunk) - The Company's independent auditors, Shinewing, have reviewed the unaudited interim financial information for the period in accordance with Hong Kong Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants[76](index=76&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=30&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities during the six months ended June 30, 2025 - During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities on The Stock Exchange of Hong Kong Limited or any other securities exchange[77](index=77&type=chunk) [Compliance with Corporate Governance Code](index=30&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company complied with all Corporate Governance Code provisions in Appendix C1 Part 2 of the Listing Rules, except for a temporary deviation from C.2.1 regarding the separation of Chairman and CEO roles, with the Managing Director serving as acting Chairman in the Company's best interest - During the six months ended June 30, 2025, the Company complied with all code provisions of the Corporate Governance Code set out in Part 2 of Appendix C1 to the Rules Governing the Listing of Securities on the Stock Exchange, save for a temporary deviation from code provision C.2.1[78](index=78&type=chunk) - The Company has not established the position of chief executive officer, and these responsibilities are performed by the Managing Director; under a temporary arrangement, Mr. Fan Wenli, the Company's Managing Director, also serves as the acting Chairman of the Board, which the Board believes is in the best interests of the Company[78](index=78&type=chunk) [Compliance with the Model Code](index=31&type=section&id=Compliance%20with%20the%20Model%20Code) The Company adopted the Model Code in Appendix C3 of the Listing Rules for directors' securities transactions, with all directors complying during the review period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules as its code of conduct for directors' securities transactions[79](index=79&type=chunk) - Following specific enquiries made to all the Company's directors, all the Company's directors have complied with the standards set out in the Model Code and the Company's code of conduct regarding directors' securities transactions during the six months ended June 30, 2025[79](index=79&type=chunk) [Publication of Results Announcement and Interim Report](index=31&type=section&id=Publication%20of%20Results%20Announcement%20and%20Interim%20Report) This announcement is published on the HKEX and company websites, with the full 2025 interim report to be dispatched to shareholders opting for printed copies and an electronic version available online - This announcement is published on the HKEX website (www.hkexnews.hk) and the Company's website (www.shougang-resources.com.hk)[80](index=80&type=chunk) - The 2025 interim report, containing all information required by the Listing Rules, will be dispatched to shareholders of the Company who have elected to receive printed copies of corporate communications at the appropriate time, and an electronic version of the interim report will also be posted on the aforementioned websites for review[80](index=80&type=chunk) [Acknowledgement](index=31&type=section&id=Acknowledgement) The Board extends sincere gratitude to customers, suppliers, and shareholders for their continuous support, and expresses deep appreciation for the management and staff's diligent efforts during the period - On behalf of the Board, I would like to express my sincere gratitude to all customers, suppliers, and shareholders for their continuous support to the Group[81](index=81&type=chunk) - I also express my deep appreciation and commendation for the tireless efforts and concerted efforts of the Group's management and staff during the period[81](index=81&type=chunk) [By Order of the Board](index=31&type=section&id=By%20Order%20of%20the%20Board) The announcement is issued by Mr. Fan Wenli, Acting Chairman and Managing Director, on behalf of the Board, with a list of Board members provided - The announcement is issued by Mr. Fan Wenli, Acting Chairman and Managing Director, on behalf of the Board of Shougang Fushan Resources Group Limited[82](index=82&type=chunk) - As of the date of this announcement, the Board comprises Mr. Fan Wenli (Acting Chairman and Managing Director), Mr. Chen Zhaoqiang (Deputy Managing Director), Mr. Wang Dongming (Deputy Managing Director), Ms. Chang Cun (Non-executive Director), Mr. Xu Qian (Non-executive Director), Mr. Shi Yubao (Independent Non-executive Director), Mr. Cai Weixian (Independent Non-executive Director), Mr. Chen Jianxiong (Independent Non-executive Director) and Mr. Li Zeping (Independent Non-executive Director)[83](index=83&type=chunk)

首 鋼 福 山 資 源 集 團 有 限 公 司 SHOUGANG FUSHAN RESOURCES GROUP LIMITED （於香港註冊成立之有限公司） （股份代號：639） 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的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 董事會召開日期 首鋼福山資源集團有限公司（「本公司」）董事會（「董事會」）宣佈，本公司將於二 零二五年八月二十八日（星期四）舉行董事會會議，藉以（其中包括）批准本公司及其 附屬公司截至二零二五年六月三十日止六個月的中期業績，以及（如適當）考慮派發中 期股息。 香港，二零二五年八月十八日 於本公告日期，董事會由范文利先生（代理主席兼董事總經理）、陳兆強先生（副董事 總經理）、王冬明先生（副董事總經理）、常存女士（非執行董事）、徐倩先生（非執 行董事）、時玉寶先生（獨立非執行董事）、蔡偉賢先生（獨立非執行董事）、陳建雄 先生（獨立非執行董事）及李澤平先生（獨立非執行董事）組成。 承董事會命 首鋼福山資源集團有限公司 代理主席兼董事 ...

Group 1 - The core viewpoint of the article highlights a general increase in coal stocks in the Hong Kong market, driven by rising futures prices for coking coal and coke, alongside tightening supply due to stricter environmental inspections [1] - Coking coal futures rose over 5%, reaching 1292.5 yuan/ton, while coke futures increased by more than 2%, reaching 1775.5 yuan/ton [1] - The actual trading price of coal at the Bohai Rim ports increased by 23 yuan/ton this week, marking the highest weekly price increase recorded since last year [1] Group 2 - Major coal companies such as China Coal Energy, Yanzhou Coal Mining, and China Shenhua Energy saw stock price increases of 2.55%, over 2%, and approximately 2% respectively [1] - The tightening of supply is attributed to stricter safety and environmental inspections, leading to a structural shortage of mid-to-low calorific value quality resources at the Bohai Rim ports [1] - The market for thermal coal prices has been continuously rebounding, supported by factors such as increased arrival costs and peak summer demand [1]

Group 1 - The core viewpoint of the news is the performance of the China Securities Hong Kong 300 Energy Index, which has shown significant growth over various time frames, indicating a positive trend in the energy sector [1][3] - The China Securities Hong Kong 300 Energy Index has increased by 7.72% in the past month, 16.91% in the past three months, and 5.04% year-to-date [1] - The index is composed entirely of securities listed on the Hong Kong Stock Exchange, with a base date of December 31, 2004, set at 1000.0 points [1] Group 2 - The composition of the China Securities Hong Kong 300 Energy Index includes 41.24% in fuel refining, 32.35% in integrated oil and gas companies, 24.10% in coal, 1.57% in oilfield services, and 0.74% in coke [1] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Adjustments to the index samples occur in response to special events affecting sample companies, such as mergers or changes in industry classification [2]