Core Viewpoint - The coal stocks continue their recent upward trend, driven by supply reduction policies in Indonesia aimed at boosting coal prices [1] Group 1: Stock Performance - Mongolian Coal (00975) increased by 5.15%, reaching HKD 12.65 [1] - Yanzhou Coal (01171) rose by 4.38%, reaching HKD 13.36 [1] - Power Development (01277) gained 3.23%, reaching HKD 1.92 [1] - Yancoal Australia (03668) increased by 2.36%, reaching HKD 33.78 [1] - China Coal Energy (01898) rose by 2.11%, reaching HKD 12.58 [1] Group 2: Supply Reduction Policies - Indonesian mining officials announced a significant reduction plan, leading to a suspension of spot coal exports [1] - The production quotas issued to major miners in Indonesia were reduced by 40% to 70% compared to the full-year level of 2025, as part of a strategy to boost coal prices [1] Group 3: Price Trends - Longcheng Securities reported that the logic of supply contraction driving coal prices upward has been validated [1] - Domestic coal supply has rapidly contracted due to inspections of overproduction, with Qinhuangdao thermal coal prices rising from a low of RMB 609 per ton to RMB 834 per ton [1] - The overall trend of coal prices internationally mirrors that of the domestic market, with exporting countries like Indonesia aiming to raise prices to improve corporate performance and enhance fiscal health [1] - Current coal prices are still considered low, with a significant distance from reasonable price levels, indicating a potential for price increases driven by policy-induced supply reductions [1]

Group 1 - Coal stocks continue to rise, with Mongolian Coal (00975) up 5.15% to HKD 12.65, Yanzhou Coal (01171) up 4.38% to HKD 13.36, and others showing similar increases [1] - Indonesian mining officials announced a significant reduction plan, leading to a halt in spot coal exports and a 40% to 70% reduction in production quotas for major miners compared to 2025 levels, aimed at boosting coal prices [1] - Longcheng Securities reported that the logic of supply contraction driving coal prices upward has been validated again [1] Group 2 - Domestic coal supply has rapidly contracted due to inspections for overproduction, with Qinhuangdao thermal coal prices rising from CNY 609 per ton to CNY 834 per ton [2] - The trend in coal prices overseas is similar, with countries like Indonesia aiming to raise coal prices to improve corporate performance and enhance fiscal health [2] - Current coal prices are still considered low, with a significant distance from reasonable price levels, indicating a policy-driven supply contraction to elevate coal prices [2]

Group 1 - The Hang Seng Index rose by 0.43%, gaining 116 points to close at 27,299 points, while the Hang Seng Tech Index increased by 1.10% [1] - Xiaomi Group-W (01810) saw a rise of over 4%, with the new generation SU7 expected to launch in April [1] - The first-day listing of Xian Dao Intelligent (00470) increased by 0.44%, while fishing company Lexin Outdoor (02720) surged by 33% on its second day of trading [1] - The Kintor Group (00148) and Kintor Laminates (01888) experienced gains of 5% and 14% respectively, driven by expected high growth in copper-clad laminate performance by 2025 [1] - The precious metals sector saw gains, with Wan Guo Gold Group (03939) rising over 9% to reach a new high, benefiting from increased gold prices [1] - Tungsten prices continued to rise, with tungsten oxide increasing by 20,000 yuan per ton and ammonium paratungstate rising by 10,000 yuan per ton, leading to a surge of over 12% for Jiaxin International Resources (03858) [1] - China Duty Free Group (01880) rose over 5% following a strong start to the Spring Festival travel season for duty-free shopping in Hainan [1] Group 2 - Gilead Sciences-B (01672) increased by over 6%, with plans to submit an IND for ASC36 oral tablets for obesity treatment to the FDA in the second quarter [2] - Jinli Permanent Magnet (06680) rose over 7% as rare earth prices continue to climb, with institutions predicting a dual increase in valuation and performance for the sector [3] - Mongol Mining (00975) surged over 11% as its BKH gold mine ramped up production and dividend restrictions were gradually lifted [4] - Semiconductor Manufacturing International Corporation (00981) fell by 3.63% post-earnings, with Goldman Sachs indicating that its first-quarter gross margin guidance was below expectations [5] - Health 160 (02656) plummeted by 33%, retracting most of its gains for the year, with its total market value briefly falling below 20 billion HKD [6]

Group 1 - Gold stocks continue to rise, with significant increases in companies such as WanGuo Gold Group (up 9.39%), Zijin Mining (up 3.5%), and Lingbao Gold (up 7.24%), driven by fluctuating gold prices and rising interest rate cut expectations [1][2] - Zijin Mining has approved a three-year production plan for major mineral products from 2026 to 2028, outlining clear production targets [1] - China Duty Free Group reported a 14.71% year-on-year increase in duty-free shopping amounts, totaling 11.585 billion yuan since the policy adjustment [1] Group 2 - Mongol Mining shares rose over 15% during trading, reflecting its transition from a single coking coal producer to a multi-mineral producer, including gold and copper [2] - Semiconductor manufacturer SMIC reported a 12.8% year-on-year increase in Q4 2025 revenue, reaching $2.489 billion, with a 60.7% increase in attributable profit [2] - Health 160 experienced a significant drop of nearly 40%, with its market value falling below 20 billion HKD, indicating a major reversal in its stock performance [2] Group 3 - Xiaomi Group shares increased nearly 5% following a live broadcast by its founder, emphasizing ongoing investments in technology and product development [3] - Zhizhu shares rose over 10% this week, with a cumulative increase exceeding 70%, driven by the launch of a new anonymous model by OpenRouter [3] - Jiantao Group stocks rose due to increased demand for high-end copper-clad laminates driven by AI computing power [3] Group 4 - Jaguar Uranium's stock opened over 35% higher on its debut in the US market but later fell by 23.25%, indicating volatility in its initial trading [4] - NIO shares rose 1.43% as the CEO highlighted significant achievements and future plans for profitability by 2026 [4] - Sohu reported a 6% year-on-year revenue increase in Q4 2025, with a notable reduction in losses compared to the previous year [4] Group 5 - Ferrari's Q4 2025 revenue reached €1.8 billion (approximately $2.14 billion), exceeding expectations, with a positive outlook for 2026 [5] - Philips reported a 1% year-on-year sales increase in Q4, with adjusted EBITA surpassing market expectations, particularly in its personal health segment [5]

Core Viewpoint - MONGOL MINING (00975) is transitioning from a single Coking coal producer to a multi-mineral producer, including gold and copper, with significant growth expected in the coming years [1][6] Group 1: Company Growth and Production - The company is expected to develop new mining sites for gold and copper by 2025, completing its transition as indicated by its name "Mining" [1][6] - MONGOL MINING holds a 50% stake in EM Company, which has substantial gold resources, with the BKH gold mine projected to commence production in Q4 2025 and reach a capacity of 85,000 ounces by 2026 [1][6] - The estimated production for the BKH gold mine in 2026 is 76,500 ounces, with a projected gold price of $5,200 per ounce and an all-in sustaining cost (AISC) of $1,200 per ounce, potentially contributing $97 million to net profit attributable to shareholders, accounting for approximately 40% of the 2024 profit [1][6] Group 2: Financial Health and Dividend Potential - Following a debt restructuring in 2017, the company's balance sheet has gradually improved, with plans to complete the repayment of perpetual securities and the replacement of high-interest notes between 2023 and 2025, which will further eliminate dividend barriers and reduce financing costs [2][7] - The company has entered a "low net debt" phase, and with the peak capital expenditure for the BKH project behind, there is potential for dividend distribution as profitability from coal and gold improves in 2026 [2][7] - The forecasted net profit attributable to shareholders for 2026 is $274 million, with potential dividend payout ratios of 30% and 50%, leading to dividend yields of 5.2% and 8.7% based on the market capitalization as of February 6, 2026 [2][7]

Core Viewpoint - MONGOL MINING is transitioning from a single Coking coal producer to a multi-mineral producer, with significant developments in gold and copper mining expected by 2025 [1][2] Group 1: Company Developments - MONGOL MINING's stock price increased by over 15% during trading, currently at 13.45 HKD with a trading volume of 64.33 million HKD [1] - The company has a 50% stake in EM, which has substantial gold resources, and the BKH gold mine is set to commence production in Q4 2025, aiming for an annual capacity of 85,000 ounces by 2026 [1] - The projected gold production from the BKH mine in 2026 is estimated at 76,500 ounces, with a gold price of 5,200 USD/ounce and an all-in sustaining cost (AISC) of 1,200 USD/ounce, potentially contributing 0.97 million USD to net profit attributable to shareholders, accounting for 40% of the 2024 profit [1] Group 2: Financial Outlook - Following the debt restructuring in 2017, the company's balance sheet has gradually improved, with plans to complete the repayment of perpetual securities and high-yield notes between 2023 and 2025, which will further eliminate dividend barriers and reduce financing costs [2] - The company is now in a "low net debt" phase, and with the peak capital expenditure for the BKH project behind, the anticipated profit increase from coal and gold in 2026 may allow for dividend distributions [2] - The forecasted net profit attributable to shareholders for 2026 is 274 million USD, with potential dividend payout ratios of 30% and 50%, leading to dividend yields of 5.2% and 8.7% based on the market capitalization as of February 6, 2026 [2]

Core Viewpoint - Mongol Mining is transitioning from a single coking coal producer to a multi-mineral producer, with significant developments in gold and copper mining expected by 2025 [1][2] Group 1: Company Developments - Mongol Mining's stock price increased by over 15% during trading, currently at 13.45 HKD with a trading volume of 64.33 million HKD [1] - The company has a 50% stake in EM, which has rich gold resources, and the BKH gold mine is expected to commence production in Q4 2025, aiming for an annual capacity of 85,000 ounces by 2026 [1] - The projected output for the BKH gold mine in 2026 is 76,500 ounces, with an estimated gold price of 5,200 USD/ounce and an all-in sustaining cost (AISC) of 1,200 USD/ounce, potentially contributing 9.7 million USD to net profit attributable to shareholders, accounting for approximately 40% of the 2024 profit [1] Group 2: Financial Outlook - Following the debt restructuring in 2017, the company's balance sheet has gradually improved, with plans to complete the repayment of perpetual securities and high-yield notes between 2023 and 2025, which will further eliminate dividend barriers and reduce financing costs [2] - The company is now in a "low net debt" phase, and with the peak capital expenditure for the BKH project behind, the combined profitability from coal and gold in 2026 may allow for dividend distributions [2] - The forecasted net profit attributable to shareholders for 2026 is 27.4 million USD, with potential dividend payout ratios of 30% and 50%, leading to dividend yields of 5.2% and 8.7% respectively based on the market capitalization as of February 6, 2026 [2]

[Table_Author] | 分析师 | 周泰 | | --- | --- | | 执业证书： S0590525110019 | | | 邮箱： | zhoutai@glms.com.cn | | 分析师 | 卢佳琪 | | 执业证书： S0590525110022 | | | 邮箱： | lujiaqi@glms.com.cn | MONGOL MINING（0975.HK）深度报告 从 Coking 变 Mining，综合矿业龙头崛起 glmszqdatemark [盈利预测与财务指标 Table_Forcast] | 单位/百万美元 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 | 1,040 | 846 | 1,301 | 1,457 | | 增长率（%） | 0.5 | -18.7 | 53.8 | 11.9 | | 归母净利润 | 242 | 97 | 274 | 383 | | 增长率（%） | 1.0 | -60.0 | 182.5 | 40.1 | | EPS | 0.23 | 0.09 ...

Investment Rating - The report gives a "Buy" rating for MONGOL MINING (0975.HK) with a current price of HKD 11.79 [3]. Core Insights - MONGOL MINING has transitioned from a single coking coal producer to a diversified mining company, now involved in gold and copper production, with significant growth potential in these sectors [8][10]. - The company has a strong cost advantage in its coal operations, with a significant increase in coal production and sales expected in the coming years, particularly as it benefits from improved pricing dynamics in the Chinese market [10][52]. - The company is expected to initiate dividend distributions in 2026, with a projected dividend yield of up to 8.7% based on anticipated profit growth [8][10]. Company Overview - MONGOL MINING is the largest privately-owned mining company in Mongolia, focusing on high-quality coking coal, gold, and copper [15]. - The company has undergone significant changes since its IPO in 2010, evolving through various phases including resource integration, debt restructuring, and diversification into precious metals [15][24]. Coal Operations - The company has substantial coal resources, with a total resource volume of 916 million tons and a reserve of 612 million tons, primarily from its UHG and BN coal mines [8][34]. - The coal production is expected to reach 14.67 million tons in 2025, with a focus on increasing the washing rate to enhance product quality and sales [8][42]. Financial Performance - The company has shown a recovery in its financials post-debt restructuring, with a projected net profit of USD 242 million in 2024, increasing to USD 383 million by 2027 [3][10]. - The earnings per share (EPS) are expected to rise from USD 0.23 in 2024 to USD 0.37 in 2027, reflecting strong operational performance and cost management [3][10]. Market Dynamics - The pricing of Mongolian coal is expected to align more closely with the spot market prices in China, benefiting from a reduction in supply and increased demand [10][52]. - The company is well-positioned to capitalize on the anticipated supply shortages in the coking coal market in Inner Mongolia and Hebei, which are projected to continue through 2029 [49][50]. Future Prospects - The BKH gold mine is expected to contribute significantly to profits, with a projected output of 76,500 ounces in 2026, potentially generating USD 97 million in net profit [8][10]. - The company is also exploring further expansion in copper mining, with significant resources identified in its White Hill project [8][10].

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: 2026年1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: Mongolian Mining Corporation (於開曼群島註冊成立的有限責任公司) 呈交日期: 2026年2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) | 00975 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,500,000,000 | USD | | 0.1 USD | | 150,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 1,500,000,000 | USD | | 0.1 USD ...