Investment Rating - Maintain "Buy" rating for the coal mining industry [5] Core Viewpoints - The coal production in July 2025 reached a new low since May 2001, indicating a "reversal, not a rebound" in the market [1] - The report emphasizes that while coal production is expected to grow in 2025, the growth rate is projected to narrow to approximately 1.4% [1] - The report highlights the importance of government policies in stabilizing coal supply and prices, suggesting that recent measures could lead to a price bottoming out [4][33] Production Summary - In July 2025, the industrial raw coal production was 380 million tons, a year-on-year decrease of 3.8%, with a daily average production of 12.29 million tons [1][11] - For the first seven months of 2025, the total industrial raw coal production was 2.78 billion tons, showing a year-on-year increase of 3.8% [1][11] - The forecast for total thermal coal production in 2025 is around 3.88 billion tons, with a growth rate of 1.4% [1][11] Import Summary - In July 2025, coal imports were 35.609 million tons, a decrease of 22.9% compared to the same month last year [1][14] - For the first seven months of 2025, total coal imports were 257.305 million tons, reflecting a year-on-year decline of 13.0% [1][14] - The expected total thermal coal import level for 2025 is projected to be around 38 million tons, down 6.4% year-on-year [1][14] Demand Summary - In July 2025, the industrial power generation reached 926.7 billion kWh, a year-on-year increase of 3.1% [2][17] - The growth rate of industrial thermal power generation was 4.3%, accelerating by 3.2 percentage points compared to June [2][17] - Solar power generation saw a significant increase of 28.7% year-on-year, with a notable acceleration in growth [2][17] Investment Recommendations - The report suggests focusing on major coal enterprises such as China Shenhua and China Coal Energy, as well as companies with strong performance elasticity like Lu'an Mining and Jinneng Holding [4][33] - The report also highlights the potential of companies undergoing asset restructuring, such as Anyuan Coal Industry, and those with promising future growth like Huayang Co. and Gansu Energy [4][33]

董事會召開日期 中國秦發集團有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此宣佈 將於二零二五年八月二十七日（ 星期三 ）下午二時正假座中國香港灣仔港灣 道18號中環廣場57樓5703室舉行董事會會議，以（ 其中包括 ）審議及批准本 公 司 及其 附 屬 公 司 截至 二 零 二 五年 六 月 三 十 日止 六 個 月 之 中期 業 績 並 考慮 建議派發中期股息（ 如有 ）。 承董事會命 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） 徐達先生 香港，二零二五年八月十五日 於 本 公佈 日 期 ， 董 事會 成 員 包 括執 行 董 事 ...

Core Viewpoint - China Qinfa (00866) has issued a profit warning, expecting a net loss of no more than RMB 168 million for the six months ending June 30, 2025, compared to a net profit of RMB 60.8 million for the same period in 2024 [1] Financial Performance - The company anticipates a net loss of no more than RMB 200 million from discontinued operations and a net profit of no more than RMB 32 million from continuing operations for the upcoming reporting period [1] - The average coal sales price during the period is expected to decline compared to the same period in 2024, contributing to the increased net loss [1] - The production of raw coal from discontinued operations decreased from 3.67 million tons for the six months ending June 30, 2024, to 2.07 million tons for the upcoming period [1] - The production of raw coal from continuing operations increased from 760,000 tons for the six months ending June 30, 2024, to 2.05 million tons for the upcoming period [1]

中国秦发(00866)跌超8%，截至发稿，跌8.66%，报2.11港元，成交额2633.6万港元。 公告指出，集团除税后亏损增加主要由于以下因素的综合影响：该期间平均煤炭销售价较2024年同期下 降；已终止经营业务的原煤产量由截至2024年6月30日止6个月的367万吨减少至该期间的207万吨；及持 续经营业务的原煤产量由截至2024年6月30日止6个月的76万吨增加至该期间的205万吨。 消息面上，中国秦发发盈警，集团预期于截至2025年6月30日止6个月将取得除税后亏损不多于人民币 1.68亿元(业绩)，而于截至2024年6月30日止6个月则取得除税后溢利人民币6080万元。已终止经营业务 及持续经营业务应占该期间损益如下：已终止经营业务：该期间的除税后亏损不超过人民币2亿元;及持 续经营业务：该期间的除税后溢利不超过人民币3200万元。 ...

Core Viewpoint - China Qinfa (00866) has issued a profit warning, expecting a net loss of no more than RMB 168 million for the six months ending June 30, 2025, compared to a net profit of RMB 60.8 million for the same period in 2024 [1] Financial Performance - The company anticipates a net loss of no more than RMB 200 million from discontinued operations and a net profit of no more than RMB 32 million from continuing operations for the upcoming reporting period [1] - The average coal sales price during the period is expected to decline compared to the same period in 2024, contributing to the increased net loss [1] - The production of raw coal from discontinued operations decreased from 3.67 million tons for the six months ending June 30, 2024, to 2.07 million tons for the upcoming period [1] - The production of raw coal from continuing operations increased from 760,000 tons for the six months ending June 30, 2024, to 2.05 million tons for the upcoming period [1]

Group 1 - The core viewpoint of the news is that China Qinfa Group's stock price has significantly declined by 12.99% as of August 15, with a trading price of 2.01 yuan per share and a transaction volume of 7.2036 million yuan [1] - China Qinfa Group's main business includes the production, selection, transportation, sales, and trade of thermal coal, and the company is undergoing a transformation in line with national strategic shifts [1] - As of the 2024 annual report, China Qinfa's total operating revenue is 2.601 billion yuan, and net profit is 502 million yuan [1] Group 2 - On August 14, it was projected that the mid-year performance for 2025 would see a profit reduction, with an estimated loss of approximately 168 million yuan, representing a year-on-year decline of 376.32% [2]

Core Viewpoint - The company, Qinfa (00866), anticipates a significant increase in after-tax losses for the six months ending June 30, 2025, projecting losses not exceeding RMB 168 million, compared to an after-tax profit of RMB 60.8 million for the same period in 2024 [1] Financial Performance - The company expects after-tax losses from discontinued operations to be no more than RMB 200 million, while after-tax profits from continuing operations are projected to be no more than RMB 32 million for the same period [1] - The increase in after-tax losses is attributed to a decline in average coal sales prices compared to the same period in 2024, a reduction in raw coal production from discontinued operations from 3.67 million tons to 2.07 million tons, and an increase in raw coal production from continuing operations from 760,000 tons to 2.05 million tons [1] Currency Impact - The company's after-tax losses are also impacted by the depreciation of the Indonesian Rupiah against the Renminbi and US Dollar, resulting in foreign exchange losses of approximately RMB 70.8 million from monetary items [1]

Summary of Key Points Core Viewpoint - China Qinfa (00866) anticipates a post-tax loss of no more than RMB 168 million for the six months ending June 30, 2025, compared to a post-tax profit of RMB 60.8 million for the same period in 2024 [1] Financial Performance - The company expects a post-tax loss of up to RMB 200 million from discontinued operations and a post-tax profit of no more than RMB 32 million from continuing operations during the same period [1] - The increase in post-tax loss is primarily due to a decline in average coal sales prices compared to the same period in 2024 [1] - The production of raw coal from discontinued operations decreased from 3.67 million tons for the six months ending June 30, 2024, to 2.07 million tons for the current period [1] - The production of raw coal from continuing operations increased from 760,000 tons for the six months ending June 30, 2024, to 2.05 million tons for the current period [1] Currency Impact - The company's post-tax loss is also attributed to the depreciation of the Indonesian Rupiah against the Renminbi and US Dollar, resulting in foreign exchange losses of approximately RMB 70.8 million from monetary items [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。 盈利警告 本 公 佈 乃 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」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09 (2) (a) 條及香港法例第571章證券及期貨條例第XIVA部的內幕消息條文（ 定義見上 市規則 ）而刊發。 本公司董事會（「董事會」或「董事」）謹此知會本公司股東（「股東」）及有意投 資 者， 根據 對本 集團 最新 可得 截至 二零 二五 年六 月三 十日 止六 個月（「該期 間」）未經 審核 綜合 管理 賬目 的初 步審 閱， 本集 團預 期於 該期 間將 錄得 除稅 後虧損不多於人民幣168,000,000元（「業績」），而於截至二零二四年六 ...

中国秦发(00866)公布，现任执行董事邓冰晶女士已获委任为公司提名委员会成员，自2025年8月14日起 生效。 同日起，龙玉峰先生已获委任为公司独立非执行董事、审核委员会成员、薪酬委员会成员及提名委员会 成员。 ...