Core Viewpoint - The Hong Kong coal sector has seen a collective rise in stock prices, driven by increased demand for thermal coal due to a significant drop in temperatures in northern regions, indicating a boost in downstream coal inventory replenishment needs [1] Group 1: Market Performance - China Coal Energy (中煤能源) rose over 6% to a price of 10.980 [1] - China Qinfa (中国秦发) increased nearly 5% to a price of 3.130 [1] - Yanzhou Coal Mining (兖矿能源) saw a rise of over 3% to a price of 11.350 [1] - China Shenhua (中国神华) increased by over 2% to a price of 40.700 [1] - Other companies like Power Development (力量发展) and Yancoal Australia (兖煤澳大利亚) also experienced gains, with increases of over 1% [1] Group 2: Industry Insights - The National Bureau of Statistics reported that the cumulative national raw coal production from January to August 2025 reached 3.165 billion tons, reflecting a year-on-year increase of 2.8% [1] - Due to stricter safety regulations and capacity checks, it is expected that coal production will not see a large-scale release in the fourth quarter [1] - Prices for thermal coal and coking coal have rebounded quarter-on-quarter in Q3 2025, indicating a positive outlook for coal companies' performance in the fourth quarter [1]

Group 1 - The coal stocks have mostly risen, with Mongol Mining up 10.03% to HKD 13.6, Shougang Resources up 5.28% to HKD 2.99, and China Qinfa up 4.47% to HKD 3.04 [1] - Guosen Securities reports that coal prices are expected to rebound in the second half of 2025, improving coal company profits, with the fourth quarter showing potential for price increases due to tightening supply expectations [1] - After the holiday, coal prices quickly stopped falling and rebounded, indicating a sustained expectation of supply tightening, which raises the price floor for coal [1] Group 2 - Datong Securities notes that during the holiday period and after, continuous rain has affected coal supply, with maintenance on the Daqin Railway and the start of winter storage supporting short-term coal price strength [1] - For coking coal, downstream iron and steel production remains high, but coking enterprises are hesitant to raise prices, leading to a cautious outlook, while October remains a peak demand season [1] - The total inventory of coal, coke, and steel is at a low level, providing support for coal prices, with coking coal expected to continue a fluctuating trend in the short term [1]

Core Insights - The coking coal sector experienced inventory reduction during the National Day holiday, with supply constraints due to maintenance at some mines and a seven-day closure of three major ports for Mongolian coal, leading to a rapid decrease in port inventories [1] - According to Zheshang Securities, the import volume of Mongolian coal rebounded in Q3, and supply chain trade profits also saw a recovery alongside price rebounds [1] - The high iron and steel production levels in the domestic "anti-involution" environment may support a tight supply-demand balance in the coking coal industry, potentially stabilizing prices and restoring profit margins for Mongolian coal trading companies [1] - CITIC Securities reported that the average net profit of tracked coal listed companies is expected to grow by approximately 18% quarter-on-quarter in Q3 2025, with a year-on-year decline of about 27% for the first three quarters; coking coal and anthracite companies show greater earnings elasticity, while the thermal coal sector remains the largest profit contributor [1] - Looking ahead to Q4, the overall supply-demand balance in the industry is expected to remain stable, with potential short-term supply gaps during peak seasons; if the anti-involution policies are enforced more rigorously, coal prices may exceed expectations [1] - The current policies, coal prices, and earnings expectations in the sector are improving, and the sector may see sustained excess returns with market style rotation or policy catalysts in the future [1] Related Hong Kong Stocks - The coal sector includes companies such as China Shenhua (01088), China Coal Energy (01898), Yanzhou Coal Mining (01171), Yida Zong (01733), Yancoal Australia (03668), and China Qinfa (00866) [2]

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]

每经AI快讯，9月22日，中国秦发(00866.HK)涨超5%，截至发稿，涨5.4%，报3.32港元，成交额4710.21 万港元。 ...