Core Viewpoint - China Qinfa (00866) has been included in the MSCI Global Small Cap Index following a recent review by MSCI, with the adjustment effective after the market close on November 24, 2025 [1] Group 1 - The MSCI Global Small Cap Index is designed to measure the performance of small-cap companies in the market [1] - MSCI indices are referenced by international professional investment institutions [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 佈 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 對 因本 公 佈 全部 或 任 何 部 分內 容 而 產 生或 因 倚 賴 該 等內 容 而 引 致 之任 何 損 失 承擔 任何責任。 中 國 秦 發 集 團 有 限 公 司 CHINA QINFA GROUP LIMITED 中國秦發集團有限公司 主席 徐達先生 自願公佈 香港，二零二五年十一月六日 獲納入MSCI全球小型股指數 （ 於開曼群島註冊成立的有限公司） （股份代號︰00866） 本 公 佈 由 中 國 秦 發 集 團 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱「 本 集 團」）自願 作出 ，旨 在向 本公 司股 東及 潛在 投資 者提 供本 集團 的最 新發 展情 況。 本 公 司 董 事 會（「 董 事 會 」）欣 然 宣 佈 ， 繼 近 期 摩 根 士 丹 利 資 本 國 際 公 司 （「 MSCI 」）進 行 指 數 檢 討 後 ， 本 公 ...

Core Viewpoint - The company is set to enhance its coal mining operations in Indonesia, particularly through the TSE coal mine project, which is expected to significantly increase coal production and improve profitability in the coming years [1][2][3][4]. Group 1: TSE Coal Mine Project - The TSE coal mine is located in South Kalimantan, Indonesia, covering an area of 168 square kilometers, with a mining license valid until May 14, 2034, and can be renewed for another ten years [1]. - The project construction is anticipated to commence in the first quarter of 2026, with estimated coal reserves of 378.79 million tons and total resources of 897.14 million tons as of September 30, 2025 [1]. - The coal quality at TSE ranges from 4,990 to 6,056 kcal/kg, which is superior to the existing SDE coal mine's quality of approximately 4,500 kcal/kg [1]. Group 2: SDE Coal Mine Performance - In the first half of 2025, the SDE coal mine produced 2.05 million tons of raw coal, a significant increase from 755,000 tons in the same period last year, with a daily production peak of 27,000 tons [2]. - The company plans to enhance its washing capacity by adding new equipment, which is expected to double the production capacity post the commissioning of SDE Phase II in the first half of 2026 [2]. - The company operates five major mining areas in South Kalimantan, establishing a strong foundation for resource value operations [2]. Group 3: Market Outlook and Pricing - The domestic coal price is expected to rebound in the second half of the year due to supply constraints from safety inspections and low inventory levels, which are likely to support price increases [3][4]. - The company anticipates that coal prices will rise further if demand exceeds expectations, particularly in the event of a cold winter, potentially leading to peak prices by year-end [4]. - The company projects net profits of 1.6 billion, 6.9 billion, and 11.9 billion yuan for the years 2025 to 2027, with corresponding P/E ratios of 44.8X, 10.7X, and 6.2X [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to benefit from improved coal quality at the TSE mining area, a reversal in coal prices, and significant growth potential [1] - The company has established a solid foundation as a resource value operator in Indonesia, with plans to optimize capital efficiency and maximize shareholder returns through innovative strategies [2] - The domestic coal price is anticipated to recover in the second half of the year due to supply constraints and low inventory levels, with expectations of price increases towards the end of the year [3] Summary by Sections Company Overview - The company has five major mining areas in South Kalimantan, Indonesia, and aims to enhance its capital efficiency through strategic partnerships and innovative development paths [2] - The TSE coal mine is expected to have a higher calorific value compared to existing mines, with estimated coal reserves of 378.79 million tons [9] Financial Projections - The company is projected to achieve net profits of 160 million RMB, 690 million RMB, and 1.19 billion RMB for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 44.8X, 10.7X, and 6.2X [4][10] - Revenue is expected to decline in 2024 but recover significantly in 2026 and 2027, with a projected growth rate of 39.8% and 66.7% respectively [10] Market Conditions - Domestic coal production is expected to continue facing constraints due to safety inspections, leading to a likely decrease in production in the second half of the year [3] - The coal price is projected to rise due to low inventory levels and seasonal demand increases, with potential for significant price elasticity if demand exceeds expectations [3]

FF301 呈交日期: 2025年11月4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 | | 2,000,000,000 | 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10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: 中國秦發集團有限公司（於開曼群島註冊成立的有限公司 ...

Market Overview - Hong Kong stocks opened positively in November, with major indices rising, and the Hang Seng Index closing at 26,158.36 points, up 0.97% or 251.71 points, with a total turnover of HKD 228.68 billion [1] - The Hang Seng China Enterprises Index increased by 0.98% to 9,258.73 points, while the Hang Seng Tech Index rose by 0.24% to 5,922.48 points [1] Blue Chip Performance - Chow Tai Fook (01929) led the blue-chip decline, falling 8.67% to HKD 13.9, impacting the Hang Seng Index by 4.04 points [2] - AIA Group (01299) rose 5.96%, contributing 75.25 points to the index, while Wanzhou International (00288) increased by 4.69%, adding 4.62 points [2] Sector Performance Technology Sector - Technology stocks showed mixed results, with Alibaba down 1.15% and Tencent down 0.16%, while Kuaishou rose 1.52% [3] Oil Sector - Oil stocks experienced a broad increase, with China National Offshore Oil Corporation (00883) up 3.49% and China Petroleum (00857) up 3.37%, following OPEC+'s announcement to pause production increases in early 2024 [3] Coal Sector - Coal stocks generally rose, with China Qinfa (00866) up 7.53% and Yanzhou Coal (01171) up 4.69%, driven by seasonal demand and safety production assessments [4] AI Application Sector - AI application stocks were active, with Fenbi (02469) surging 10.36% after announcing a share buyback plan, reflecting strong market interest in AI education products [4][10] Gold and Jewelry Sector - Gold mining and jewelry stocks fell sharply, with Chow Tai Fook down 8.67% and Lao Pu Gold (06181) down 7.16%, following new tax policies affecting gold trading [6] Automotive Sector - The automotive sector showed varied performance, with XPeng Motors (09868) up 4.59% and NIO (09866) up 4.21%, supported by strong October delivery figures for new energy vehicles [7] Notable Stock Movements - Minglue Technology (02718) debuted with a significant rise of 106.1%, closing at HKD 290.6, indicating strong investor interest in data intelligence applications [8] - WuXi AppTec (02126) surged 16.09% due to positive developments regarding its CAR-T cell therapy's inclusion in commercial health insurance [9]

Core Viewpoint - Company Qinfa (00866) announces the latest development progress of its wholly-owned subsidiary PT Trisula Sumber Energi (TSE) in coal mining in South Kalimantan, Indonesia [1] Group 1: Project Details - TSE coal mine is located in North Kota Baru, South Kalimantan, covering an area of 168 square kilometers, including parts of Kelumpang Hulu and Kelumpang Barat [1] - The mining operation license (No. 03/1/IUP/PMA/2024) is valid for ten years until May 14, 2034, with a possibility of a ten-year extension [1] - Currently, TSE coal mine is in the pre-operational planning stage and construction activities are expected to commence in Q1 2026 [1] Group 2: Resource Estimates - The coal quality at TSE ranges from 4,990 to 6,056 kcal/kg, which is superior to the existing SDE coal mine's level of approximately 4,500 kcal/kg [1] - As of September 30, 2025, the estimated coal reserves at TSE are 379 million tons, with total estimated coal resources (proven + controlled) of 897 million tons [1]

Core Viewpoint - China Qinfa (00866) has seen a stock price increase of over 6%, currently trading at 3.1 HKD, with a transaction volume of 9.1163 million HKD, following the announcement of progress in coal mining development in Indonesia [1] Group 1: Company Developments - On November 3, China Qinfa announced that its wholly-owned subsidiary PT Trisula Sumber Energi (TSE) provided an update on coal mining development in South Kalimantan, Indonesia [1] - The TSE coal mine is located in the northern part of Kotabaru County, South Kalimantan, covering an area of 168 square kilometers, including parts of Kelumpang Hulu and Kelumpang Barat [1] - The TSE coal mine is currently in the pre-operational planning stage, with construction activities expected to commence in the first quarter of 2026 [1] Group 2: Financial Performance - According to Minsheng Securities, in the first half of 2025, the company's Indonesian operations achieved a profit of 24 million CNY, an increase of 67 million CNY year-on-year, indicating 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 mining area having a planned production capacity of 30 million tons [1] - Given the development experience from the SDE mining area and advantages in resources, approvals, costs, and operational models, the company has significant growth potential and is expected to become a benchmark for overseas projects [1]

Core Viewpoint - The Hong Kong coal stocks experienced a collective surge, driven by a significant drop in temperatures across northern regions of China, marking the onset of the seasonal demand peak for coal [1] Group 1: Market Performance - Notable increases in coal stock prices include Feishang Non-Smoking Coal, which surged by 108.33%, and Yanzhou Coal Mining Company, which rose by over 5% [2] - Other companies such as China Shenhua and Power Development saw increases of 2% [2] Group 2: Weather Impact - Northern China faced extreme temperature drops, with temperatures in Mohe, Heilongjiang reaching -25°C, and parts of Inner Mongolia dropping below -30°C, marking the coldest temperatures in a decade [1] - Snow depths in regions like Heilongjiang exceeded 30 cm, with some areas approaching 50 cm, setting historical records [1] Group 3: Supply and Demand Dynamics - The coal market in the first half of 2025 was characterized by a generally loose supply and insufficient demand, leading to a downward trend in coal prices [1] - However, the current seasonal demand and policy-driven supply reductions may create a favorable shift in the supply-demand balance, potentially leading to a recovery in coal sector valuations [1]

Core Viewpoint - The coal sector is experiencing a rise in stock prices, driven by expectations of increased coal prices due to the heating season and enhanced safety regulations [1] Group 1: Stock Performance - Yanzhou Coal Mining Company (兖矿能源) shares rose by 5.62%, reaching HKD 11.67 [1] - China Qinfa (中国秦发) shares increased by 4.79%, reaching HKD 3.06 [1] - China Coal Energy (中煤能源) shares rose by 3.2%, reaching HKD 11.3 [1] - China Shenhua Energy (中国神华) shares increased by 2.47%, reaching HKD 41.46 [1] Group 2: Market Analysis - Zhongtai Securities (中泰证券) reports that coal prices are expected to maintain an upward trend due to the heating season and safety production assessments [1] - Recent constraints on coal supply and increased demand for coal during the winter peak are contributing to a stable rise in coal prices [1] - Port coal prices have remained above CNY 770 per ton, marking a mid-year high [1] Group 3: Future Outlook - The firm anticipates that coal prices will continue to rise in November, supported by the heating season and comprehensive safety production evaluations [1] - The coal sector has seen significant declines this year, leading to low institutional holdings and a healthy trading structure [1] - The demand for non-electric coal during the peak season and the release of winter demand are expected to further strengthen coal prices [1] - The third-quarter reports from listed companies indicate a sequential improvement in the performance of thermal coal enterprises, confirming a rebound in the industry [1] - Coking coal companies are experiencing lagging improvements due to long-term pricing mechanisms, but the overall upward trend remains intact [1] - The company maintains a positive outlook on investment opportunities in the new coal upcycle [1]