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 有關塞拉利昂羅蒂豐克金紅石項目 的合作協議 力量發展集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事 會」）欣然宣佈，於二零二五年十二月二十三日，本公司於塞拉利昂註冊成立之間接 全資附屬公司Kinetic Development Metal Mining (SL) Limited（「Metal Mining」）與 Minenet Company Limited（於塞拉利昂註冊成立的公司）（「Minenet」）就位於塞拉利 昂羅蒂豐克的金紅石項目（「金紅石項目」）訂立合作協議及補充協議（「該等協議」）。 Minenet合法持有塞拉利昂莫延巴區的大型金紅石開採許可證，覆蓋面積約117平方 公里，有效期直至二零四九年二月二十五日。 ...

Company Overview - Strength Development Group Limited (1277.HK) is a comprehensive private coal enterprise with a business spanning the entire coal industry chain, including production, washing, loading, transportation, and trading of coal, while actively expanding into non-coal businesses such as agriculture, real estate, and property management [1] - Coal mining and sales remain the primary revenue source, accounting for over 90% of operating income from 2019 to H1 2025 [1] Financial Performance - In H1 2025, the company's coal business revenue decreased by 7.09% year-on-year to 177.79 million, primarily due to market pressure on coal prices, with the average price of Qinhuangdao Q5000 coal down by 22.94% [2] - Overall revenue slightly declined by 0.90% to 2509.52 million, while net profit attributable to shareholders fell by 48.73% to 561.59 million, despite a relatively high sales net profit margin of 22.24% [2] Profitability and Dividends - The company has maintained a high return on equity (ROE) from 2018 to 2024, averaging 36.97%, significantly higher than the 5%-20% range of major thermal coal enterprises [1] - The dividend payout ratio is projected to rise to 56.57% from 2022 to 2024, with a total dividend of 657.68 million announced for H1 2025, resulting in a dividend yield of 6.56% based on market capitalization [3] Growth Potential - The company currently operates the Dafenpu coal mine with a production capacity of 6.5 million tons and is developing two additional mines, Yong'an and Weiyi, expected to contribute to production by 2026 and 2027, respectively [3] - The acquisition of a 51% stake in the MC Mining project in South Africa for $90 million aims to enhance coal production capacity, particularly in higher-value coking coal [4] Stock Incentives - As of H1 2025, the company has granted 263.50 million shares under its 2023 share incentive plan, which is expected to align the interests of management and shareholders, thereby reducing agency costs [4] Investment Outlook - Projected revenues for 2025-2027 are 5406.45 million, 6118.27 million, and 6815.50 million, with net profits of 1288.04 million, 1879.75 million, and 2143.48 million, indicating a potential recovery and growth trajectory [5] - The company is rated as a "buy" due to its strong profitability, high dividend payout, and growth potential from new mining projects and acquisitions, with a current low valuation [5]

Core Viewpoint - The report highlights the "four high" advantages of the company, which include high profitability, high dividends, high capacity growth, and high equity incentives, showcasing its investment value [1][2][3] High Profitability - From 2018 to 2024, the company's ROE is expected to consistently outperform major thermal coal enterprises, primarily due to a high sales net profit margin, with a central level of 36.97% compared to 5%-20% for peers [1] - The company's strong profitability per ton of coal supports this high sales net profit margin, achieving higher selling prices due to the quality of coal from the Dafenpu mine and efficient sales strategies, with gross profit per ton expected to remain between 400-600 RMB/ton from 2021 to 2024, exceeding peers by 80-110 RMB/ton [1] High Dividends - The company benefits from low leverage and strong cash conversion ability, with the dividend payout ratio expected to rise to 56.57% from 2022 to 2024 [2] - As of the mid-2025 report, the company announced a total of 657.68 million RMB in interim and special dividends, translating to a dividend yield of 6.56% based on the market value as of December 23 [2] - The company has consistently implemented "interim + final" dual dividends for eight consecutive years from 2017 to 2024, and will distribute special dividends for three consecutive years starting in 2023 [2] High Capacity Growth - The company currently has a production capacity of 6.5 million tons of thermal coal and is building an additional 2.1 million tons of coking coal capacity, expected to reach production in 2026 and 2027 [2] - The company is gradually acquiring a 51% stake in the MC Mining project in South Africa, which includes both thermal and coking coal, with the Makhado project expected to commence joint commissioning in January 2026, targeting an annual raw coal extraction rate of 3.2-4 million tons [2] High Equity Incentives - As of mid-2025, the company has granted 263.50 million shares to employees under the 2023 share reward plan, representing 3.13% of the shares issued on the grant date, which helps align the interests of management and shareholders, thereby reducing agency costs [3] Investment Recommendation - The company is projected to achieve revenues of 5,406.45 million RMB, 6,118.27 million RMB, and 6,815.50 million RMB for 2025-2027, with net profits of 1,288.04 million RMB, 1,879.75 million RMB, and 2,143.48 million RMB, reflecting a year-on-year change of -38.95%, +45.94%, and +14.03% respectively [3] - The earnings per share (EPS) are expected to be 0.15 RMB, 0.22 RMB, and 0.25 RMB, corresponding to price-to-earnings ratios of 7.83, 5.36, and 4.70 times [3] - Given the strong profitability of the Dafenpu mine, high dividend payout, effective equity incentives, and the potential for growth from new projects, the company is deemed to have investment value, with a "buy" rating recommended [3]

Core Viewpoint - Guohai Securities projects that Power Development (01277) will achieve operating revenues of 5406.45 million, 6118.27 million, and 6815.50 million yuan for the years 2025-2027, with net profits attributable to shareholders of 1288.04 million, 1879.75 million, and 2143.48 million yuan, reflecting a year-on-year change of -38.95%, +45.94%, and +14.03% respectively. The EPS is expected to be 0.15, 0.22, and 0.25 yuan, corresponding to current PE ratios of 7.83, 5.36, and 4.70 times. The company has strong profitability from its Dafanpu coal mine, a high and stable dividend payout ratio, and effective equity incentives that help reduce agency costs. With the upcoming production of the Yong'an and Wei Yi coal mines and the orderly acquisition of South Africa's MC Mining, there is still growth potential in performance, and the current valuation is low, indicating investment value with a "buy" rating [1]. Group 1 - The company is a private enterprise engaged in the integrated production and sales of coal, characterized by four advantages: high profitability, high dividends, high capacity growth, and high equity incentives [2]. - High profitability is evidenced by the company's ROE consistently leading major thermal coal enterprises from 2018 to 2024, driven by a high sales net profit margin averaging 36.97%, compared to 5%-20% for peers. The company achieves higher coal prices due to the quality of coal from the Dafanpu mine and efficient sales strategies, with gross profit per ton of coal remaining in the high range of 400-600 yuan/ton from 2021 to 2024, exceeding peers by 80-110 yuan/ton [2]. Group 2 - High dividends are supported by the company's low leverage and strong cash conversion ability, with the dividend payout ratio rising to 56.57% from 2022 to 2024. By mid-2025, the company has announced a total of 657.68 million yuan in interim and special dividends, resulting in a dividend yield of 6.56% based on market capitalization as of December 23. The company has consistently implemented "interim + final" dividends for eight consecutive years from 2017 to 2024, and has begun to issue special dividends for three consecutive years starting in 2023 [3]. - The company currently has a production capacity of 6.5 million tons of thermal coal and is building an additional 2.1 million tons of coking coal capacity (Yong'an and Wei Yi mines, expected to reach production in 2026/2027). Additionally, the company is gradually acquiring a 51% stake in the MC Mining project in South Africa, with the key Makhado project expected to begin joint commissioning in January 2026, targeting an annual raw coal extraction rate of 3.2-4 million tons. The new domestic and international capacities include higher value-added coking coal, which is expected to enhance the company's coal business performance in terms of both volume and price [3][4]. Group 3 - High equity incentives are reflected in the company's issuance of 263.50 million shares to employees under the 2023 share reward plan, representing 3.13% of the total shares issued on the grant date, which helps align the interests of management and shareholders, thereby reducing agency costs [4].

Group 1 - Investment Rating: Buy (Initiating Coverage) [1] - The report highlights the "Four Highs" advantages of the company: high profitability, high dividends, high capacity growth, and high equity incentives [7] - The company has maintained a leading ROE from 2018 to 2024, primarily due to a high sales net profit margin averaging 36.97% [21] Group 2 - The company is a private enterprise integrated in coal production, transportation, and sales, with a high and stable dividend payout ratio [9][11] - The company has a current production capacity of 6.5 million tons of thermal coal and is expanding its capacity with two coking coal mines under construction [7][42] - The company has announced a total dividend of 657.68 million HKD for 2025, resulting in a dividend yield of 6.56% based on the market capitalization as of December 23 [7][32] Group 3 - The company’s revenue for 2025 is projected to be 5,406.45 million HKD, with a net profit of 1,288.04 million HKD, reflecting a year-on-year decrease of 38.95% [7] - The company’s cash flow generation capability is superior to its peers, with a cash flow ratio averaging 33.47% from 2020 to 2025H1 [27] - The company’s coal sales price for 5,000 kcal thermal coal is higher than that of major coal enterprises, with a price of 666 HKD per ton in 2024 [47]

(於開曼群島註冊成立的有限公司) （股份代號：1277） 力量發展集團有限公司 補充公告 須予披露及關連交易 收購太原實地 及 東直門物業 Kinetic Development Group Limited 茲提述本公司日期為二零二五年十二月四日的公告（「該公告」），內容有關收購太原 實地（「太原實地收購事項」）及收購東直門物業（「東直門物業收購事項」，連同太原 實地收購事項，統稱「該等收購事項」）。除非文義另有所指，否則該公告所界定詞彙 與本補充公告所用者具有相同涵義。 1 合併該等收購事項 經進一步考慮及徵詢其專業顧問意見後，由於本集團擬於同日進行太原實地收購事 項及東直門物業收購事項，且該等收購事項均旨在透過向本集團轉讓張量先生最終 實益擁有公司（「相關公司」）於太原實地及東直門物業的權益抵銷應收相關公司的未 償還應收款項，故董事會已議決，根據上市規則第14A.81條，該等收購事項應合併為 一系列交易。 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倚賴該等內容而引致的任何損失承擔任何 ...

(於開曼群島註冊成立的有限公司) （股份代號：1277） 關連交易 二零二零年貸款協議第三份補充協議 茲提述本公司日期為二零二零年六月二十二日、二零二二年十二月二十三日及二零 二四年二月九日的公告，其中披露，本公司之間接全資附屬公司力量（秦皇島）（作 為貸方）與貴州力量（作為借方）於二零二零年六月二十二日訂立二零二零年貸款協 議，據此，貸方同意向借方提供一筆本金額為人民幣57百萬元（相當於約63百萬港 元）之貸款，自計息日起為期兩年。於二零二二年十二月二十三日，力量（秦皇島）與 貴州力量訂立二零二零年貸款協議補充協議，據此，訂約方同意將貸款的還款日期 延長至二零二三年十二月三十一日。於二零二四年二月九日，力量（秦皇島）與貴州 力量訂立二零二零年貸款協議第二份補充協議，據此，訂約方同意將貸款的還款日 期進一步延長至二零二五年十二月三十一日。除上文所述者外，二零二零年貸款協 議及補充協議的其他條款及條件將繼續具有十足效力及作用。 1 於二零二五年十二月二十二日，力量（秦皇島）與貴州力量訂立二零二零年貸款協 議第三份補充協議，據此，訂約方同意將貸款的還款日期進一步延長至二零二七年 十二月三十一日，利率上調至全國銀行 ...

Core Insights - The Dutch government needs to invest at least $177 billion in high-tech industries over the next decade to ensure continued economic prosperity [1] - The report highlights challenges such as slow digital development, difficulties in clean energy transition, severe aging population, housing shortages, and pressure on public services [1] - The investment focus should be on four key areas: digitalization and artificial intelligence, life sciences and biotechnology, security technology, and energy and climate technology, which are expected to see significant international demand growth [1] Summary by Sections Investment Needs - The report suggests that by 2035, the government should maintain investments in high-tech industries between $177 billion and $220 billion to sustain economic growth rates of 1.5% to 2.0% [1] Recommendations for Reform - Accelerate approval processes and simplify regulatory execution for key projects to enhance national competitiveness [2] - Strengthen talent supply through structured retraining and skill enhancement programs, attracting more international talent [2] - Improve energy conditions by adjusting energy sources and tax incentives in the short term, while developing a more robust energy mix for long-term stability [2] - Enhance infrastructure by focusing on key projects like Rotterdam and Schiphol airports and the Leiden bioscience park [2] Institutional Proposals - Establish a cross-departmental economic agency directly overseen by the Prime Minister to coordinate policy implementation [2] - Propose the creation of a national investment bank focused on public-private investments in technology and infrastructure, leveraging €10 billion to €20 billion in capital to attract over €100 billion in investments [2] - Recommend the establishment of a national innovation agency with a budget of €2 billion to support innovative ecosystems and strategic breakthrough projects [2]

Group 1 - The coal stocks in Hong Kong are experiencing a decline, with notable drops in companies such as Qinfa down over 6%, Yancoal Australia down nearly 4%, and China Coal Energy down 3.5% [1] - The price of thermal coal has decreased, with the Qinhuangdao port price for Q5500 thermal coal at 791 RMB per ton as of December 6, reflecting a week-on-week drop of 27 RMB per ton [1] - According to a report from Cinda Securities, weak coal demand is expected to continue, and supply constraints are unlikely to provide significant support. The current phase is seen as the early stage of a new upward cycle for the coal economy, suggesting that it may be a good time to accumulate coal sector stocks [1] Group 2 - The daily coal consumption at power plants remains below expectations due to higher-than-normal temperatures across the country, putting pressure on port and production prices [1] - The forecast for the next 1-2 weeks indicates that temperatures will continue to be higher than usual, limiting demand release and suggesting that coal prices are likely to continue their weak adjustment trend [1]

Group 1 - Coal stocks in Hong Kong have experienced a decline, with Qinfa falling over 6% [1] - Other companies such as Power Development, China Coal Energy, and China Shenhua also saw declines [1]