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告的內容概不負責， 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告全部或任何部 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。 (於開曼群島註冊成立的有限公司) Kinetic Development Group Limited 力量發展集團有限公司 延期寄發通函 須予披露及關連交易 收購太原實地 及 東直門物業 茲提述本公司日期為二零二五年十二月四日及二零二五年十二月二十三日的公告， 內容有關太原實地收購事項及東直門物業收購事項的須予披露及關連交易（「該等公 告」）。本公告所用詞彙與該等公告所界定者具有相同涵義。 由於需要額外時間落實載於該通函的若干資料及商業安排，通函寄發日期預期將延 遲至二零二六年四月三十日或之前。 承董事會命 力量發展集團有限公司 主席兼執行董事 具文忠 香港，二零二六年二月二十七日 於本公告日期，董事會由七名董事組成，其中包括三名執行董事具文忠先生（主 席）、李波先生（行政總裁）及紀坤朋先生；一名非執行董事張琳女士；以及三名獨立 非執行董事劉佩蓮女士、陳量暖先生及薛慧女士。 2 誠如該等公告所披露，一份載 ...

定价机制上，产品采用"国际指数联动定价"，参考国际主流市场指数，近期焦煤中国港口CFR售价约 200美元/吨，动力煤当地港口售价约75美元/吨，综上信息简单测算，基础产能阶段年销售收入可达约 2.1亿美元，增产达标后年销售收入将增至约5.8亿美元（此为预估收入，实际收入取决于投产后精煤的 成交价格和达产情况）。 此外，公告称该项目已与超过20家意向客户展开协商，覆盖非洲、东南亚、中東、南美洲、欧洲及中国 等多个地区，广阔的市场布局为产品销售提供了充足保障。 战略层面，该项目将进一步巩固公司"国内煤炭稳基+海外矿产增量"的双轮驱动格局，有效降低单一业 务的周期波动风险，同时为公司积累海外矿产开发、跨区域运营的宝贵经验，为后续拓展更多优质海外 资源打开空间，推动公司从"煤炭企业"向"多元化资源平台"转型。 （文章来源：证券日报） 本报讯 （记者矫月）力量发展集团有限公司（以下简称"力量发展"）近日发布自愿性公告，南非马卡 度（Makhado）焦煤项目矿建工程已进入收尾冲刺，预计2026年4月启动联合试运转。 公司通过"分批次增资扩股"的模式，逐步深化对MCMining的掌控力，最近一次认购交割后，公司合计 持有约 ...

这一布局并非简单的股权收购，而是对优质资源的战略锁定——马卡度项目预计为南非唯一的大型硬焦 煤生产项目，资源储量丰富且煤质优异，项目资源量达到7.06亿吨，其焦煤产品预计可广泛用于钢铁及 有色金属冶炼等领域，在国际焦煤市场中具备较强的竞争力。控股完成后，力量发展将全面掌控项目的 生产运营、销售定价及产能扩张规划，标志着公司从"国内煤炭稳基"向"海外矿产增量"的战略升级正式 落地，海外资源布局从"合作参与"迈入"核心掌控" 的新阶段。 项目推进的超预期进度，为业绩兑现注入了强烈确定性 力量发展集团(01277.HK)近日发布自愿性公告，南非马卡度(Makhado)焦煤项目矿建工程已进入收尾冲 刺，预计2026年【4】月启动联合试运转，叠加51% 控股MC Mining的布局即将收官，这个承载着力量 发展集团多元化转型梦想的核心资产，正从蓝图加速落地为业绩增长的新引擎，为投资者呈现兼具确定 性与成长性的投资价值。 作为力量发展海外资源布局的核心支点，MC Mining的控股之路稳健而坚定 公司通过 "分批次增资扩股" 的模式，逐步深化对 MC Mining 的掌控力，最近一次认购交割后，公司合 计持有约 44.0 ...

Makhado项目正设计并测试未来产能提升方案，如测试顺利，预计可在未来两年内进一步提升年产能至 焦煤220万吨及动力煤180万吨。 MC Mining旗下矿权资源总量(原位总吨数)约83亿吨，包括旗舰项目Makhado，Vele煤矿，Uitkomst煤矿 以及the Greater Soutpansberg项目(GSP)。其中正在开发的Makhado项目资源量(原位总吨数)为7.06亿吨， 主要产品为焦煤，以及5,500大卡动力煤。这些项目为未来长期开发奠定坚实基础。目前Makhado项目 的矿建继续稳步推进。预计项目将于2026年3月底建设完工，拟于2026年4月启动联合试运转。 格隆汇2月24日丨力量发展(01277.HK)宣布，完成最近一批认购(第二次交割的第六批认购)後，公司已 认购并获配发合共325,437,024股MC Mining新普通股。公司(连同其指定人士)目前持有约44.01%MC Mining经扩大已发行股本。 ...

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告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Kinetic Development Group Limited 力量發展集團有限公司 (於開曼群島註冊成立的有限公司) （股份代號：1277） 自願性公告 有關認購MC MINING股份 有關MAKHADO項目進度的最新情況 茲提述力量發展集團有限公司（「本公司」）日期為二零二四年八月二十六日、二零 二四年九月十三日、二零二五年二月二十八日及二零二五年十月三十日的公告（「該 等公告」），內容有關根據股份認購協議（經日期為二零二五年二月二十八日的修訂 協議修訂）認購MC Mining股份。除另有界定者外，本公告所用詞彙與該等公告所界 定者具有相同涵義。 完成第二次交割的第六批認購 董事會欣然宣佈，完成最近一批認購（第二次交割的第六批認購）後，本公司已認購 並獲配發合共325,437,024股MC Mining新普通股。本公司（連同其指定人士）目前持 有約44.01%MC Mining經擴大已發行股本。 ...

Core Insights - Tencent Holdings (00700), Southern Hang Seng Technology (03033), and Xiaomi Group-W (01810) ranked as the top three in net inflow of southbound funds, with net inflows of 1.792 billion, 0.571 billion, and 0.412 billion respectively [1] - The top three in net outflow of southbound funds were Yingfu Fund (02800), Hang Seng China Enterprises (02828), and Kuaishou-W (01024), with net outflows of -4.553 billion, -1.380 billion, and -0.576 billion respectively [1] - In terms of net inflow ratio, Huaxia Hang Seng Technology (03088), Southern East Selection (03441), and Anhui Wantuo Expressway (00995) led the market with ratios of 90.53%, 74.02%, and 68.27% respectively [1] - The top three in net outflow ratio were Southern Hong Kong Stock Connect (03432), Fuyao Glass (06865), and Baize Medical (02609) with ratios of -100.00%, -59.27%, and -53.09% respectively [1] Net Inflow Rankings - Tencent Holdings (00700) had a net inflow of 1.792 billion, representing a 12.21% increase, closing at 560.000 (+2.28%) [2] - Southern Hang Seng Technology (03033) saw a net inflow of 0.571 billion, with a 6.77% increase, closing at 5.300 (+1.34%) [2] - Xiaomi Group-W (01810) recorded a net inflow of 0.412 billion, with a 9.45% increase, closing at 35.200 (+0.06%) [2] Net Outflow Rankings - Yingfu Fund (02800) experienced the highest net outflow of -4.553 billion, with a -22.13% decrease, closing at 27.220 (+1.72%) [2] - Hang Seng China Enterprises (02828) had a net outflow of -1.380 billion, representing an -11.37% decrease, closing at 93.940 (+1.56%) [2] - Kuaishou-W (01024) faced a net outflow of -0.576 billion, with a -10.25% decrease, closing at 69.300 (-2.74%) [2] Net Inflow Ratio Rankings - Huaxia Hang Seng Technology (03088) led with a net inflow ratio of 90.53%, with a net inflow of 47.6883 million, closing at 6.875 (+1.33%) [3] - Southern East Selection (03441) followed with a net inflow ratio of 74.02%, with a net inflow of 18.0421 million, closing at 11.600 (+1.13%) [3] - Anhui Wantuo Expressway (00995) had a net inflow ratio of 68.27%, with a net inflow of 5.6553 million, closing at 13.340 (-0.07%) [3]

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]

Core Viewpoint - Guosen Securities projects that the net profit attributable to shareholders of Strength Development (01277) will reach RMB 1.31 billion, RMB 1.70 billion, and RMB 2.02 billion for the years 2025-2027, corresponding to PE ratios of 10.6, 8.2, and 6.9 respectively, with a reasonable valuation range of RMB 1.8-2.0, equivalent to HKD 2.03-2.26, indicating a premium of 15%-28% compared to the closing price on February 6 [1] Group 1: Company Overview - The company is a high-quality private comprehensive coal enterprise, listed in Hong Kong since March 2012, with the controlling shareholder Zhang Liang holding 62.96% of the shares as of June 30, 2025 [1] - The company is transitioning from a single thermal coal producer to a diversified coal producer, with coal business revenue and gross profit expected to account for approximately 95% and 102% respectively in 2024 [1] Group 2: Mining Operations - The Dafanpu coal mine, operational since 2012, has an annual capacity of 6.5 million tons, with a resource volume of approximately 360 million tons and reserves of about 160 million tons as of the end of 2024 [2] - The coal quality is excellent, characterized as low-sulfur and high-ash melting point, leading to higher selling prices, and the mine is noted for its safety, efficiency, and low extraction costs, contributing significantly to the company's revenue and cash flow [2] Group 3: Expansion Plans - The company is developing two coking coal mines, Yong'an and Wei Yi, with annual production capacities of 1.2 million tons and 900,000 tons respectively, both expected to reach full production by 2026 [3] - The company announced a strategic investment to acquire 51% of South Africa's MC Mining, focusing on the development of the Makhado open-pit coal mine, which is expected to start production by the end of 2025 [3] Group 4: Non-Coal Mining Ventures - A subsidiary, Metal Mining, signed an agreement for a large-scale ilmenite mining project in Sierra Leone, with an expected gross profit increase of approximately RMB 330 million from the first phase and an additional RMB 230 million from the second phase [4] Group 5: Financial Performance and Dividends - The company has shown stable operational improvement, reducing its debt-to-asset ratio from 68% in 2013 to a low of 24% in 2021, and has been paying regular dividends since 2017 [5] - For 2024, the company plans to distribute a total dividend rate of 56.6%, with a declared dividend of HKD 0.085 per share for 2025, yielding a dividend rate of 4.8% based on the closing price on February 6 [5]

Core Viewpoint - Guosen Securities projects that Strength Development (01277) will achieve net profits attributable to shareholders of RMB 1.31 billion, 1.70 billion, and 2.02 billion for the years 2025-2027, with corresponding PE ratios of 10.6, 8.2, and 6.9, respectively. The reasonable valuation range for the company is estimated to be between RMB 1.8 and 2.0, equivalent to HKD 2.03 to 2.26, indicating a premium of 15%-28% compared to the closing price on February 6 [1] Group 1 - The company is a high-quality private comprehensive coal enterprise, listed in Hong Kong since March 2012, with the controlling shareholder Zhang Liang holding 62.96% of the shares as of June 30, 2025. The company is transitioning from a single thermal coal producer to a full coal variety producer, with coal business revenue and gross profit expected to account for approximately 95% and 102% in 2024, respectively [2] - The Dafenpu coal mine, the company's only main mine since its production began in 2012, has an annual capacity of 6.5 million tons and is expected to have a resource volume of approximately 360 million tons and reserves of about 160 million tons by the end of 2024. The mine produces high-quality, low-sulfur, and high-ash melting point environmental coal, which commands a higher price and has a low extraction cost due to its high safety and efficiency [3] Group 2 - The company is expanding its coal business in terms of both product variety and regional reach. It has two coal mines under construction: Yong'an Coal Mine, with an annual output of 1.2 million tons and expected to reach full production by 2026, and Wei Yi Coal Mine, with an annual output of 900,000 tons, expected to reach full production in the first half of 2027. Additionally, the company announced an investment to acquire 51% of South Africa's MC Mining to develop the Macado open-pit coal mine, which is expected to start production by the end of 2025 [4] - The company's wholly-owned subsidiary, Metal Mining, signed an agreement for a large-scale ilmenite mining project in Sierra Leone, with an expected annual output of 280,000 tons in the first phase and an additional 200,000 tons in the second phase. The project is anticipated to contribute approximately RMB 330 million in gross profit from the first phase and an additional RMB 230 million from the second phase [5] Group 3 - The company has shown steady operational improvement since its listing, with the debt-to-asset ratio decreasing from 68% in 2013 to a low of 24% in 2021. Since 2017, the company has implemented regular dividends, with a total dividend rate of 56.6% expected in 2024, including multiple special dividends. For 2025, the company has declared a total dividend of HKD 0.085 per share, corresponding to a dividend yield of 4.8% based on the closing price on February 6 [6]