FF301 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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國秦發集團有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年10月6日 I. 法定/註冊股本變動 | 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) | 00866 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.1 | HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.1 | HKD | ...

Core Viewpoint - China Qinfa (00866) has entered into a coal supply agreement with Zhejiang Energy Asia Pacific, involving the sale of 75,000 metric tons of Indonesian thermal coal [1] Group 1: Agreement Details - The agreement is a short-term coal supply contract, as the parties require more time to assess annual production capacity before committing to a long-term agreement [1] - The initial expectation was for a 20-year supply agreement, but the current decision reflects a more cautious approach [1] Group 2: Financial Implications - The coal supply agreement is expected to provide a stable revenue source for the company due to the ongoing demand from Zhejiang Energy's state-owned power plants [1]

Core Viewpoint - China Qinfa (00866) has announced a coal supply agreement between its non-wholly owned subsidiary SDE and Zhejiang Energy Asia Pacific, involving the purchase of 75,000 metric tons of Indonesian thermal coal [1] Group 1: Agreement Details - The agreement stipulates that SDE will sell 75,000 metric tons of Indonesian thermal coal to Zhejiang Energy Asia Pacific [1] - Initially, a long-term coal supply agreement was expected to be established for 20 years, but the parties require more time to assess annual production capacity before committing to a long-term contract [1] - The current agreement is a shorter-term coal supply contract, which will provide the group with a stable revenue source due to the ongoing demand from Zhejiang Energy's state-owned power plants [1]

香 港 交易 及 結 算 所 有限 公 司 和 香港 聯 合 交 易 所有 限 公 司 對 本公 佈 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 就 因本 公 佈 全部 或 任 何 部 分內 容 而 產 生或 因 依 賴 該 等內 容 而 引 致 的任 何 損 失 承擔 任何責任。 中 國 秦 發 集 團 有 限 公 司 CHINA QINFA GROUP LIMITED （ 於開曼群島註冊成立的有限公司） （股份代號︰00866） 關連交易 供煤協議 供煤協議 董 事 會 欣 然 宣 佈 ， SDE（ 本 公 司 的 非 全 資 附 屬 公 司 ）與 浙 江 能 源 亞 太 訂 立 供煤協議，內容有關浙江能源亞太向SDE購買煤炭。 上市規則的涵義 於 本 公 佈 日 期 ， 由 於 浙 江 能 源 亞 太 為 力 遠（ 本 公 司 的 間 接 非 全 資 附 屬 公 司 ）的主要股東，故其為本公司附屬公司層面的關連人士。因此，供煤協 議的訂立及其項下擬進行的交易構成上市規則第14A章項下本公司的關連 交易。 – 1 – 由於(i)浙 ...

Financial Performance - Revenue from Continuing Operations for the six months ended June 30, 2025, was RMB 1,089,414, an increase from RMB 493,413 in the same period of 2024[28]. - Gross profit from Continuing Operations rose to RMB 237,156 in the first half of 2025, up from RMB 139,188 in 2024[30]. - Operating profit from Continuing Operations improved to RMB 76,855 in the first half of 2025, compared to an operating loss of RMB 5,195 in the same period of 2024[35]. - Profit before taxation increased to RMB 42,394 in 2025 from RMB 816 in 2024, showing a substantial improvement[128]. - The total comprehensive loss for the period was RMB 193,745 in 2025, compared to a comprehensive income of RMB 77,705 in 2024[129]. - Basic loss per share for the period was RMB (5.08) cents in 2025, down from RMB 1.62 cents in 2024, reflecting a decline in profitability[131]. - The company reported a profit of RMB 24,245 from continuing operations in the first half of 2025, contrasting with a loss of RMB 43,023 in the same period of 2024[129]. - The company experienced a loss from discontinued operations of RMB 150,321 in 2025, compared to a profit of RMB 86,045 in 2024[131]. Coal Production and Trading - For the six months ended June 30, 2025, the Group's coal trading volume reached 3,897,000 tonnes, a significant increase from 2,407,000 tonnes in the same period of 2024, representing a growth of 62.0%[22]. - The Group produced 2,490,000 tonnes of coal from Indonesia, while coal production from China decreased to 1,407,000 tonnes, down from 2,407,000 tonnes in 2024[22]. - The average monthly coal trading volume increased to 650,000 tonnes in the first half of 2025, compared to 401,000 tonnes in the same period of 2024, representing a growth of 62%[28]. - Total washed coal production for the six months ended June 30, 2025, was 2,594,000 tonnes, an increase of 8.7% from 2,387,000 tonnes in the same period of 2024[68]. - The Sumber Daya Energi coal mine in South Kalimantan, Indonesia, produced 2,049,000 tonnes in the first half of 2025, significantly up from 755,000 tonnes in the same period of 2024[65]. Discontinued Operations - The Group completed the disposal of 100% equity interest in the Disposal Group for a consideration of RMB 30,000,000, which held five coal mines in China, effective July 11, 2025[21]. - The operation of the Disposal Group has been classified as discontinued operations, while the remaining operations are classified as continuing operations[21]. - Loss after taxation from Discontinued Operations was RMB 193,734 in the first half of 2025, compared to a profit of RMB 103,830 in the same period of 2024[39]. - Loss from Discontinued Operations increased to RMB 150,321,000 in 2025 from a profit of RMB 86,045,000 in 2024, primarily due to the depletion of coal reserves in China[41]. Strategic Initiatives - The management discussion highlights ongoing efforts in market expansion and potential new strategies for growth in the coal sector[21]. - The Group aims to maintain a reasonable level of gearing and borrowing costs moving forward[38]. - The strategic shift from pure coal production to "resource value management" aims to optimize capital efficiency and maximize shareholder returns[112]. - The Group's innovative model includes attracting strategic investors to take over equity interests after completing mine infrastructure, allowing for premium exits and reinvestment[112]. Assets and Liabilities - Current assets increased significantly to RMB 5,789,135,000 as of June 30, 2025, compared to RMB 2,075,584,000 as of December 31, 2024[74]. - Total liabilities rose to RMB 6,255,543,000 as of June 30, 2025, from RMB 5,143,084,000 as of December 31, 2024[77]. - The gearing ratio increased to 65.8% as of June 30, 2025, compared to 59.6% as of December 31, 2024, reflecting the repayment of loans and the disposal of Discontinued Operations[77]. - The Group's total capital expenditure for Continuing Operations was RMB 397.6 million for the six months ended June 30, 2025, down from RMB 481.4 million in the same period of 2024[78]. Operational Efficiency - The Group's logistics services ensure the delivery of coal to customers worldwide, enhancing operational efficiency[18]. - The management emphasizes the importance of the integrated coal supply chain as a key factor for the Group's success[18]. - The company plans to focus on resource optimization and operational efficiency following the disposal of its Chinese coal mines[56]. - The designed washing capacity of the coal washing system at SDE Mine I is approximately 600,000 tons per month, with plans for a new jigging system to add 300,000 tonnes monthly capacity in the second half of 2025[108]. Employee and Governance - As of June 30, 2025, the Group employed 4,962 employees and has implemented a performance-based reward system[120]. - The Group has complied with the Corporate Governance Code throughout the six months ended June 30, 2025[119].

Core Viewpoint - China Qinfa (00866) has seen a stock price increase of over 5%, currently trading at HKD 3.32 with a transaction volume of HKD 47.1021 million, indicating strong market interest and confidence in the company's growth potential [1] Group 1: Financial Performance - In the first half of 2025, the company's Indonesian operations achieved a profit of CNY 0.24 billion, an increase of CNY 0.67 billion year-on-year, reflecting improved profitability [1] - The company currently holds mining rights for five major mining areas in Indonesia: SDE, TSE, SME, VSE, and IMJ, with the SDE area having a planned production capacity of 30 million tons [1] Group 2: Strategic Advantages - The company benefits from comprehensive advantages in resource management, approval processes, cost efficiency, and operational models, positioning it for significant future growth and the potential to become a benchmark for overseas projects [1] - The Indonesian government has repeatedly raised coal concession fees, but the tax rates for IUP mining licenses remain significantly lower than those for IUPK licenses, providing a cost advantage for the company [1] Group 3: Future Plans - The SDE area is classified as an "IUPOP" underground mine, with expected concession fees ranging from 6.0% to 9.5%, which is considerably lower than IUPK mines, allowing the company to maintain a profitable margin [1] - The company has sold a 30% stake in the SDE mine to Zhejiang Energy Group and signed a coal supply agreement, facilitating capital recovery through asset premium [1] - Future strategies include creating liquidity premiums through exploration and infrastructure, collaborating with strategic investors for development, and optimizing capital efficiency and cyclical resilience through controlled exits [1]

Group 1 - The core point of the article is that China Qinfa (00866.HK) experienced a significant stock price increase of over 5%, specifically a rise of 5.4%, reaching a price of 3.32 HKD per share [1] - The trading volume for China Qinfa was reported at 47.1021 million HKD [1]

该行续指，印尼政府多次上调煤炭特许权使用费，矿证方面IUP较IUPK税率明显偏低，井工矿相较露天 矿税率偏低且最新修订中未上调。SDE为"IUPOP"井工矿，预计特许权使用费在6.0%-9.5%区间，远低 于IUPK矿井，有助于公司以低成本打造盈利空间。 民生证券指出，25H1，公司印尼业务以量补价，实现盈利0.24亿元，同比增加0.67亿元，盈利能力提 升。公司目前拥有印尼SDE、TSE、SME、VSE、IMJ五大矿区采矿权，先行开发的SDE矿区已规划产 能达3000万吨。鉴于SDE矿区开发经验，资源、审批、成本、模式优势的综合加持下，公司未来成长空 间广阔，有望成为海外项目标杆。 来源：新浪港股 中国秦发（00866）盘中涨超7%，高见3.38港元，截至发稿，股价上涨5.71%，现报3.33港元，成交额 4727.50万港元。 ...

Core Viewpoint - China Qinfa (00866) has seen a stock price increase of over 5%, currently trading at 3.32 HKD with a transaction volume of 47.1 million HKD, indicating strong market interest and confidence in the company's performance [1] Group 1: Financial Performance - In the first half of 2025, the company's Indonesian operations achieved a profit of 0.24 billion CNY, an increase of 0.67 billion CNY year-on-year, reflecting improved profitability [1] - The company holds mining rights for five major mining areas in Indonesia: SDE, TSE, SME, VSE, and IMJ, with the SDE area having a planned production capacity of 30 million tons [1] Group 2: Strategic Advantages - The company benefits from comprehensive advantages in development experience, resources, approvals, costs, and operational models, positioning it for significant future growth and the potential to become a benchmark for overseas projects [1] - The Indonesian government has repeatedly raised coal mining concession fees, but the tax rates for IUP (Mining Business License) are significantly lower than those for IUPK, providing a cost advantage for the company [1] Group 3: Future Plans - The SDE area, classified as "IUPOP" underground mining, is expected to have concession fees in the range of 6.0%-9.5%, which is advantageous compared to IUPK mines, allowing the company to create profitable margins [1] - The company has sold a 30% stake in the SDE mine to Zhejiang Energy Group and signed a coal supply agreement, facilitating capital recovery through asset premium [1] - Future strategies include creating liquidity premiums through exploration and infrastructure, collaborating with strategic investors for development, and optimizing capital efficiency and cyclical resilience through controlled exits [1]

Group 1 - As of September 19, 93 stocks reached their 52-week highs, with Huake Intelligent Investment (01140), Xincheng Power (01148), and Huashang Energy (00206) leading the increase rates at 22.30%, 20.00%, and 17.65% respectively [1] - The closing prices for the top three stocks that reached new highs are Huake Intelligent Investment at 0.170, Xincheng Power at 0.300, and Huashang Energy at 0.305 [1] - Other notable stocks that reached new highs include Handa Fu Holdings (01348) with a high rate of 16.89% and Meijiehui Holdings (01389) at 13.75% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Shanga Holdings (00412) experiencing the largest decline at -34.98%, followed by Huaying Construction (01582) at -21.47% [3] - The closing price for Shanga Holdings is 3.360, while Huaying Construction closed at 0.360 [3] - Other stocks with significant declines include China Information Technology Equity (08568) at -17.74% and Tai Hing Properties (00277) at -11.90% [3]