Group 1 - The core viewpoint of the news is the performance and current status of the Hong Kong Dividend Low Volatility ETF (520890), which has seen a significant decrease in both share count and total assets in 2024 [1][2] - As of September 19, 2024, the fund's latest share count is 58.08 million, with a total size of 82.26 million yuan, reflecting a 52.84% decrease in shares and a 43.79% decrease in size compared to December 31, 2024 [1][2] - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually, with its performance benchmark being the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index [1] Group 2 - The current fund manager is Li Qian, who has managed the fund since its inception on September 4, 2024, achieving a return of 41.80% during her tenure [2] - The top holdings of the fund include Shougang Resources, Far East Horizon, Chongqing Rural Commercial Bank, and others, with the largest holding being Shougang Resources at 3.83% [2] - The fund has seen a trading volume of 394 million yuan over the last 20 trading days, with an average daily trading amount of 19.72 million yuan [1]

Core Viewpoint - The company maintains a "buy" rating, with expectations of improved pricing pressure in H2 2025 and a high dividend payout supported by strong cash flow [1][3]. Group 1: Financial Performance - In H1 2025, the company reported total revenue of HKD 2.101 billion, a decrease of 17% year-on-year, and a net profit attributable to shareholders of HKD 404 million, down 52% year-on-year [1]. - The company has adjusted its net profit forecasts for 2025-2027 to HKD 769 million, HKD 985 million, and HKD 1.261 billion, respectively, due to the impact of downstream demand on coking coal prices [1]. - The average selling price of coking coal in H1 2025 fell by 45% year-on-year to RMB 1,067 per ton, reflecting market trends [2]. Group 2: Production and Cost Efficiency - The company produced approximately 2.64 million tons of raw coking coal in H1 2025, an increase of 17.3%, and 1.54 million tons of refined coking coal, up 19.4% [2]. - The production cost of raw coking coal was HKD 328 per ton, up 27.6% year-on-year, while cash production costs decreased by 30.7% to HKD 185 per ton [2]. Group 3: Dividend Policy - The company plans to maintain a high dividend strategy, with a 100% payout ratio for the full year of 2024 and a mid-year payout of HKD 0.06 per share in H1 2025, representing a 75% payout ratio [3]. - As of H1 2025, the company had cash reserves of HKD 6.88 billion, ensuring continued high dividend payments [3].

Core Viewpoint - The report from Guotai Junan maintains an "overweight" rating for Shougang Resources (00639), forecasting a decline in revenue and net profit for the first half of 2025 due to downstream demand affecting coking coal prices [1] Group 1: Financial Performance - In H1 2025, the company achieved total revenue of HKD 2.101 billion, a decrease of 17% year-on-year, and a net profit attributable to shareholders of HKD 404 million, down 52% year-on-year [1] - The net profit forecasts for 2025-2027 have been revised down to HKD 769 million, HKD 985 million, and HKD 1.261 billion respectively [1] Group 2: Production and Sales - The company reported a raw coking coal production of approximately 2.64 million tons in H1 2025, an increase of 17.3%, and a premium coking coal production of approximately 1.54 million tons, up 19.4% [2] - Total sales of premium coking coal reached 2.12 million tons, a significant increase of 58%, with self-produced premium coking coal sales at 1.55 million tons, up 15.7%, and trade premium coking coal sales at 570,000 tons [2] - The average selling price of premium coking coal fell by 45% year-on-year to RMB 1,067 per ton due to increased supply and limited demand [2] Group 3: Cost Optimization - The production cost of raw coking coal in H1 2025 was RMB 328 per ton, an increase of 27.6%, while cash production costs decreased by 30.7% to RMB 185 per ton [3] - Depreciation and amortization costs were RMB 87 per ton, down 9.4%, and resource tax and other related taxes were RMB 56 per ton, down 37.8% [3] - The processing cost of premium coking coal was RMB 44 per ton, a decrease of 12% [3] Group 4: Dividend Policy - The company maintained a high dividend strategy with a 100% payout ratio for the full year of 2024 and a 75% payout ratio for H1 2025, distributing HKD 0.06 per share [4] - As of H1 2025, the company had cash reserves of HKD 6.88 billion, ensuring the sustainability of its high dividend rate [4]

Investment Rating - The report maintains a rating of "Accumulate" for the company [6][10]. Core Views - The company has significantly optimized unit costs due to economies of scale and is opening new trade avenues to reshape sales patterns. It is expected that price pressures will ease year-on-year in the second half of 2025. The interim dividend for the first half of 2025 is set at 75%, ensuring a high dividend rate supported by strong cash flow [2][10]. Financial Summary - Total revenue for 2023 is reported at HKD 5,891 million, with a projected decline to HKD 3,670 million in 2025, reflecting a year-on-year decrease of 27.4%. The net profit is expected to drop to HKD 769 million in 2025, a 49% decrease compared to 2024 [4][11]. - The company achieved a total revenue of HKD 2,101 million in the first half of 2025, down 17% year-on-year, with a net profit of HKD 404 million, a decrease of 52% year-on-year. The production of raw coking coal reached approximately 2.64 million tons, up 17.3%, while the production of refined coking coal increased by 19.4% to 1.54 million tons [10][11]. - The average selling price of refined coking coal fell by 45% year-on-year to RMB 1,067 per ton in the first half of 2025, aligning with market trends [10]. Cost Structure - The production cost of raw coking coal in the first half of 2025 was HKD 328 per ton, an increase of 27.6% year-on-year. The cash production cost decreased by 30.7% to HKD 185 per ton, while depreciation and amortization costs were HKD 87 per ton, down 9.4% [10][11]. Dividend Policy - The company has maintained a high dividend strategy, with a dividend payout ratio of 100% for 2024 and an interim dividend of HKD 0.06 per share for the first half of 2025, reflecting a 75% payout ratio. The cash on hand as of the first half of 2025 is HKD 6.88 billion [10][11].

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 | | ...