(Incorporated in the British Virgin Islands with limited liability) (於英屬維爾京群島註冊成立的有限公司) (Stock Code: 1738) (股份代號： 1738) NOTIFICATION LETTER 通知函件 19 September 2025 Dear Shareholder, Feishang Anthracite Resources Limited (the "Company") Notice of publication of 2025 Interim Report (the "Current Corporate Communication") Feishang Anthracite Resources Limited 飛尚無煙煤資源有限公司 Note: Corporate Communication refers to any document issued or to be issued by the Company for the information or action of holders of any of ...

[Company Information](index=3&type=section&id=Company%20Information) This section provides an overview of the company's governance structure, including its board, committees, auditors, legal advisors, and registration details [Board of Directors and Management](index=3&type=section&id=Board%20of%20Directors%20and%20Management) The company's board of directors consists of executive directors Wang Xinhua (Chairman), He Jianhu, Tan Zhuohao, Huang Huaan, and independent non-executive directors Chen Qian, Liang Ying, Wang Xiufeng, with authorized representatives Huang Huaan and Yu Mingwei, who also serves as company secretary - Executive Directors include Wang Xinhua (Chairman), He Jianhu, Tan Zhuohao, and Huang Huaan[4](index=4&type=chunk) - Independent Non-Executive Directors include Chen Qian, Liang Ying, and Wang Xiufeng[4](index=4&type=chunk) - Huang Huaan and Yu Mingwei are authorized representatives, with Yu Mingwei also serving as Company Secretary[4](index=4&type=chunk) [Committee Composition](index=3&type=section&id=Committee%20Composition) The company has an Audit Committee (chaired by Chen Qian), a Nomination Committee (chaired by Tan Zhuohao), a Remuneration Committee (chaired by Huang Huaan), and a Corporate Social Responsibility Committee (chaired by Wang Xinhua), ensuring a robust corporate governance structure - The Audit Committee is chaired by Mr. Chen Qian[4](index=4&type=chunk) - The Nomination Committee is chaired by Mr. Tan Zhuohao[4](index=4&type=chunk) - The Remuneration Committee is chaired by Mr. Huang Huaan[4](index=4&type=chunk) - The Corporate Social Responsibility Committee is chaired by Mr. Wang Xinhua[4](index=4&type=chunk) [Auditor and Legal Advisors](index=3&type=section&id=Auditor%20and%20Legal%20Advisors) The company's auditor is Ernst & Young, with legal advisors covering Hong Kong, PRC, and British Virgin Islands laws - The auditor is Ernst & Young[4](index=4&type=chunk) - Legal advisors cover Hong Kong, PRC, and British Virgin Islands laws[6](index=6&type=chunk) [Registration and Office Information](index=3&type=section&id=Registration%20and%20Office%20Information) The company is registered in the British Virgin Islands, with its Hong Kong office in Fo Tan, and its website is http://www.fsanthracite.com with stock code 1738.HK - The registered office is located in the British Virgin Islands[4](index=4&type=chunk) - The Hong Kong office and principal place of business are in Fo Tan, New Territories, Hong Kong[4](index=4&type=chunk) - The company's website is http://www.fsanthracite.com, and its stock code is 1738.HK[5](index=5&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) This section presents key financial performance indicators for the six months ended June 30, 2025, highlighting revenue, gross profit, and loss attributable to owners of the parent [For the Six Months Ended June 30, 2025](index=5&type=section&id=For%20the%20Six%20Months%20Ended%20June%2030%2C%202025) For the six months ended June 30, 2025, revenue from continuing operations decreased by 11.1% year-on-year to RMB136.6 million, with gross profit turning into a gross loss of RMB31.5 million, and loss attributable to owners of the parent significantly increased by 65.9% to RMB237.9 million For the Six Months Ended June 30, 2025 Financial Highlights | Indicator | 2025年6月30日 (RMB million) | 2024年6月30日 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue from continuing operations | 136.6 | 153.6 | -11.1% | | Gross profit/(loss) from continuing operations | (31.5) | 1.5 | -2200% (turned to loss) | | Loss from continuing operations attributable to owners of the parent | 237.9 | 143.4 | +65.9% | | Basic loss per share from continuing operations (RMB) | 0.17 | - | - | [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's business operations, financial performance, and future outlook, addressing challenges and strategic responses [Business Review](index=6&type=section&id=Business%20Review) In the first half of 2025, China's economy saw a moderate recovery with strong manufacturing but a sluggish real estate sector, while the coal industry faced weak supply and demand, with prices continuing to fall, leading to expanded losses for the Group which has implemented various measures to address going concern issues - China's GDP grew by **5.3% year-on-year** in the first half of 2025, with manufacturing exports and infrastructure investment driving macroeconomic improvement[10](index=10&type=chunk) - The coal industry experienced weak supply and demand, with domestic raw coal output increasing by **5.4% year-on-year** in the first half, but coal imports decreasing by **11.1%**[11](index=11&type=chunk) - Coal prices continued to fall, with Q5500 thermal coal at northern ports decreasing by **28.5% year-on-year** to **RMB619 per tonne**[12](index=12&type=chunk) - The Group faced internal and external challenges including complex geology, coal mine shutdowns, limited mining efficiency, falling market prices, increased regulatory costs, and interest expenses, leading to a sharp decline in production and sales, rising costs, and falling selling prices[13](index=13&type=chunk) - The Group has implemented comprehensive measures, including expanding production, managing coal quality, enhancing intelligence, strictly controlling costs, negotiating loan repayment plans, and considering fundraising activities, to address going concern issues[14](index=14&type=chunk) [Summary of Exploration, Development, and Mining Activities](index=8&type=section&id=Summary%20of%20Exploration%2C%20Development%2C%20and%20Mining%20Activities) During the reporting period, the Group's total production was approximately 0.52 million tonnes, and as of June 30, 2025, the total proved and probable reserves of the four coal mines were approximately 162.77 million tonnes - Total production during the reporting period was approximately **0.52 million tonnes**[15](index=15&type=chunk) - As of June 30, 2025, the total proved and probable reserves of the four coal mines were approximately **162.77 million tonnes** (prepared in accordance with JORC Code)[15](index=15&type=chunk) [Compliance and Risk Management](index=8&type=section&id=Compliance%20and%20Risk%20Management) During the reporting period, the Group did not experience any material non-compliance that significantly impacted its business and operations, and the Board is committed to maintaining good corporate governance and continuously improving its risk management and internal control systems - No material non-compliance with applicable laws and regulations occurred during the reporting period[16](index=16&type=chunk) - The Board is responsible for risk management and internal control systems, and continuously improves them to comply with the Corporate Governance Code[17](index=17&type=chunk) [Financial Review](index=9&type=section&id=Financial%20Review) The Group's revenue from continuing operations decreased by 11.1% to RMB136.6 million, primarily due to a 17.1% decline in average selling price, while cost of sales increased by 10.5% to RMB168.1 million, resulting in a gross profit turning into a gross loss of RMB31.5 million, and the expanded loss was mainly affected by impairment losses, reduced gross profit, and increased other operating expenses Changes in Revenue and Cost of Sales from Continuing Operations | Indicator | 2025年6月30日 (RMB million) | 2024年6月30日 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 136.6 | 153.6 | -11.1% | | Cost of sales | 168.1 | 152.1 | +10.5% | | Gross profit/(loss) | (31.5) | 1.5 | -2200% (turned to loss) | - The average selling price of self-produced anthracite (excluding VAT) decreased by **17.1%** from **RMB366.7 per tonne** to **RMB304.1 per tonne**, mainly due to declining coal quality and plummeting market prices[18](index=18&type=chunk) - Sales volume of self-produced anthracite slightly increased by **7.2%** to approximately **0.45 million tonnes**[18](index=18&type=chunk) - The increase in cost of sales was primarily due to higher sales volume of self-produced anthracite and increased unit production costs[19](index=19&type=chunk) Unit Cost of Sales for Coal Mining (RMB/tonne) | Cost Item | 2025年 | 2024年 | | :--- | :--- | :--- | | Labor costs | 129.9 | 112.2 | | Raw materials, fuel, and energy | 96.5 | 93.3 | | Depreciation and amortization | 88.3 | 84.7 | | Taxes and levies payable to government | 13.9 | 20.1 | | Other production-related costs | 15.4 | 24.4 | | **Total** | **344.0** | **334.7** | Unit Cost of Sales for Coal Processing (RMB/tonne) | Cost Item | 2025年 | 2024年 | | :--- | :--- | :--- | | Labor costs | 15.0 | 17.9 | | Raw materials, fuel, and energy | 41.1 | 34.1 | | Depreciation | 49.1 | 55.2 | | Taxes and levies payable to government | 1.9 | 1.4 | | Freight charges | – | 0.4 | | Other production-related costs | 2.1 | 3.1 | | **Total** | **109.2** | **112.1** | - Loss from continuing operations increased from **RMB150.5 million** to **RMB282.1 million**, primarily due to an increase in impairment loss on property, plant and equipment of approximately **RMB111.7 million** for Baiping Coal Mine and Liujiaba Coal Mine[28](index=28&type=chunk) - Loss from continuing operations attributable to owners of the parent increased from **RMB143.4 million** to **RMB237.9 million**[29](index=29&type=chunk) [Discontinued Operations](index=12&type=section&id=Discontinued%20Operations) Gouchang Coal Mine has suspended operations since March 2013 and is planned for closure under a restructuring plan, with most of its operations terminated and operating results reclassified to discontinued operations during the reporting period - Gouchang Coal Mine has suspended operations since **March 2013** and is planned for closure[30](index=30&type=chunk) - During the reporting period, most of Gouchang Coal Mine's operations were terminated, and its operating results have been reclassified to discontinued operations[31](index=31&type=chunk) [Financial Resources Review](index=13&type=section&id=Financial%20Resources%20Review) As of June 30, 2025, the Group's net current liabilities were RMB4,046.0 million, with cash and cash equivalents of approximately RMB3.1 million, total interest-bearing loans amounted to RMB1,676.7 million (RMB605.7 million overdue), and a negative debt-to-asset ratio of 1,981.6% indicated a severe financial position Liquidity and Debt Situation | Indicator | 2025年6月30日 (RMB million) | 2024年12月31日 (RMB million) | | :--- | :--- | :--- | | Net current liabilities | 4,046.0 | 3,888.9 | | Cash and cash equivalents | 3.1 | - | | Total interest-bearing bank and other borrowings | 1,676.7 | - | | Overdue interest-bearing bank and other borrowings | 605.7 | - | | Debt-to-asset ratio | -1,981.6% | 798.3% | - The Group is negotiating with relevant banks and other creditors for loan extensions and waivers, and has approximately **RMB368.7 million** in outstanding payables related to litigation and arbitration[34](index=34&type=chunk) - Multiple Group assets are pledged, including mining rights, equity interests in subsidiaries, trade receivables, and mining structures, machinery, and equipment, to secure bank loans[35](index=35&type=chunk)[36](index=36&type=chunk) - Controlling shareholder Feishang Group Limited pledged **600 million shares** to secure operating capital financing of up to **RMB200 million** provided by Guizhou Provincial Material Development and Investment Co., Ltd. to Guizhou Puxin[37](index=37&type=chunk) - As of June 30, 2025, the Group had contractual capital commitments of approximately **RMB17.2 million** for the purchase of materials, machinery, and equipment[39](index=39&type=chunk) - As of June 30, 2025, the Group employed **2,475 full-time employees**, with total employee costs of approximately **RMB103.1 million**[43](index=43&type=chunk) [Outlook](index=15&type=section&id=Outlook) The coal industry faces structural constraints under carbon neutrality goals, with coal prices expected to fluctuate within a narrow range in the second half of 2025, and the Group anticipates continued operational challenges but will respond through measures such as expanding production, cost control, financing negotiations, and exploring new energy businesses to achieve revenue diversification and sustainable development - The coal industry faces structural constraints, including depressed capital expenditure, long construction cycles, high development costs, and increasingly stringent regulations[44](index=44&type=chunk) - Coal prices are expected to fluctuate within a narrow range in the second half of 2025, with weak demand from traditional industries persisting[45](index=45&type=chunk) - The Group anticipates continued operational challenges such as geological complexity, mining efficiency, and compliance costs[46](index=46&type=chunk) - The Group will adopt a comprehensive approach, including expanding production, managing coal quality, enhancing intelligence, strictly controlling costs, negotiating loan repayment plans, and considering fundraising activities[46](index=46&type=chunk) - The company will explore new energy business projects, leveraging major shareholder resources, to diversify revenue streams and align with national sustainable development goals[46](index=46&type=chunk) [Audit Committee and Acknowledgements](index=17&type=section&id=Audit%20Committee%20and%20Acknowledgements) The Audit Committee, composed of three independent non-executive directors, is responsible for reviewing and monitoring the Group's financial reporting, risk management, and internal controls, and the Board expresses gratitude to all employees and shareholders - The Audit Committee comprises three independent non-executive directors, Chen Qian, Liang Ying, and Wang Xiufeng, responsible for reviewing and monitoring financial reporting procedures, risk management, and internal controls[47](index=47&type=chunk) - The Board expresses its gratitude to all employees and the management team for their hard work and dedication, and sincere appreciation to shareholders for their continued support[48](index=48&type=chunk) [Other Information](index=18&type=section&id=Other%20Information) This section details substantial shareholders' and directors' interests, corporate governance practices, and the share option scheme [Interests and Short Positions of Substantial Shareholders in Shares and Underlying Shares of the Company](index=18&type=section&id=Interests%20and%20Short%20Positions%20of%20Substantial%20Shareholders%20in%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2025, Mr. Li Feilie and his controlled entities held 51.72% of the company's shares, making him the largest shareholder, while Guizhou Provincial Material Development and Investment Co., Ltd. held a 43.46% security interest due to pledged shares Shareholding of Substantial Shareholders | Name of Substantial Shareholder | Capacity | Number of Shares | Percentage of Issued Shares (%) | | :--- | :--- | :--- | :--- | | Mr. Li Feilie | Beneficial owner/Controlled corporation | 714,029,650 | 51.72 | | Laitan Investments Limited | Controlled corporation | 699,029,650 | 50.63 | | Feishang Group Limited | Beneficial owner | 699,029,650 | 50.63 | | Guizhou Provincial Material Development and Investment Co., Ltd. | Holder of security interest in shares | 600,000,000 | 43.46 | | Mr. Li Zongyang | Controlled corporation | 133,000,000 | 9.63 | - Feishang Group Limited has pledged **600 million shares** held by it as security for operating capital financing provided by Guizhou Provincial Material Development and Investment Co., Ltd. to Guizhou Puxin[52](index=52&type=chunk) [Interests and Short Positions of Directors and Chief Executive in Shares, Underlying Shares, and Debentures](index=20&type=section&id=Interests%20and%20Short%20Positions%20of%20Directors%20and%20Chief%20Executive%20in%20Shares%2C%20Underlying%20Shares%2C%20and%20Debentures) As of June 30, 2025, Mr. Huang Huaan held 1.45% of the company's shares, and Mr. Tan Zhuohao held 1.02%, with both also holding a small number of shares in the associated corporation China Natural Resources Limited Shareholding of Directors | Name of Director | Capacity | Number of Shares | Percentage of Issued Shares (%) | | :--- | :--- | :--- | :--- | | Mr. Huang Huaan | Beneficial owner | 20,000,000 | 1.45 | | Mr. Tan Zhuohao | Beneficial owner | 14,096,300 | 1.02 | - Mr. Huang Huaan and Mr. Tan Zhuohao also hold shares in the associated corporation China Natural Resources Limited[54](index=54&type=chunk) [Corporate Governance and Share Option Scheme](index=21&type=section&id=Corporate%20Governance%20and%20Share%20Option%20Scheme) The company complies with the Corporate Governance Code, and directors adhere to the Model Code for Securities Transactions; a share option scheme adopted in 2022 to incentivize eligible persons allows for 138,054,580 shares (10% of issued shares) to be granted, with no options granted during the reporting period - The company complied with the Corporate Governance Code and the Model Code for Securities Transactions by Directors during the reporting period[57](index=57&type=chunk)[58](index=58&type=chunk) - The company adopted a share option scheme on **June 28, 2022**, with a **10-year validity**, aiming to incentivize and retain employees[61](index=61&type=chunk) - The total number of shares that may be granted under the share option scheme is **138,054,580 shares**, representing **10%** of the issued shares on the date the scheme was approved[62](index=62&type=chunk) - As of June 30, 2025, no share options have been granted or agreed to be granted since the adoption date[63](index=63&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss](index=23&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This statement presents the Group's revenue, costs, and losses from continuing and discontinued operations for the six months ended June 30, 2025 [Performance of Continuing Operations](index=23&type=section&id=Performance%20of%20Continuing%20Operations) For the six months ended June 30, 2025, revenue from continuing operations was RMB136,593 thousand, a decrease from RMB153,619 thousand in the prior period, while increased cost of sales resulted in a gross profit turning into a gross loss of RMB31,489 thousand, and loss from continuing operations for the period expanded to RMB282,129 thousand Profit or Loss Overview of Continuing Operations | Indicator | 2025年6月30日 (RMB thousand) | 2024年6月30日 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 136,593 | 153,619 | | Cost of sales | (168,082) | (152,119) | | Gross (loss)/profit | (31,489) | 1,500 | | Selling and distribution expenses | (7,055) | (14,239) | | Administrative expenses | (47,542) | (73,576) | | Impairment loss on property, plant and equipment | (111,744) | – | | Finance costs | (59,671) | (67,196) | | Loss for the period from continuing operations | (282,129) | (150,458) | [Discontinued Operations and Loss Per Share](index=23&type=section&id=Discontinued%20Operations%20and%20Loss%20Per%20Share) Loss from discontinued operations (Gouchang Coal Mine) for the period was RMB183 thousand, and total loss for the period attributable to owners of the parent amounted to RMB238,097 thousand, resulting in a basic and diluted loss per share of RMB0.17 Discontinued Operations and Loss Per Share | Indicator | 2025年6月30日 (RMB thousand) | 2024年6月30日 (RMB thousand) | | :--- | :--- | :--- | | Loss for the period from discontinued operations | (183) | (210) | | Total loss for the period attributable to owners of the parent | (238,097) | (143,590) | | Basic loss per share attributable to ordinary equity holders of the parent (RMB) | (0.17) | (0.10) | [Interim Condensed Consolidated Statement of Comprehensive Income](index=24&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This statement outlines the Group's loss for the period and other comprehensive income items, leading to the total comprehensive loss [Total Comprehensive Loss](index=24&type=section&id=Total%20Comprehensive%20Loss) For the six months ended June 30, 2025, the loss for the period was RMB282,312 thousand, and after considering exchange differences and other comprehensive income, the total comprehensive loss was RMB281,701 thousand, with RMB237,486 thousand attributable to owners of the parent Comprehensive Income Statement Overview | Indicator | 2025年6月30日 (RMB thousand) | 2024年6月30日 (RMB thousand) | | :--- | :--- | :--- | | Loss for the period | (282,312) | (150,668) | | Exchange differences on translation of foreign operations | 611 | (444) | | Total comprehensive loss for the period, net of tax | (281,701) | (151,112) | | Total comprehensive loss attributable to owners of the parent | (237,486) | (144,034) | [Interim Condensed Consolidated Statement of Financial Position](index=25&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides a snapshot of the Group's assets, liabilities, and equity as of June 30, 2025, indicating its financial health [Asset Position](index=25&type=section&id=Asset%20Position) As of June 30, 2025, the Group's total assets were RMB2,779,765 thousand, a decrease from RMB2,864,594 thousand at the end of 2024, with non-current assets primarily including property, plant and equipment, while current assets saw increases in inventories and trade receivables Asset Overview | Indicator | 2025年6月30日 (RMB thousand) | 2024年12月31日 (RMB thousand) | | :--- | :--- | :--- | | Total non-current assets | 2,582,196 | 2,731,158 | | Total current assets | 197,569 | 133,436 | | **Total assets** | **2,779,765** | **2,864,594** | | Inventories | 61,537 | 44,527 | | Trade receivables | 30,067 | 5,322 | | Cash and cash equivalents | 3,145 | 4,142 | [Liabilities and Equity Position](index=25&type=section&id=Liabilities%20and%20Equity%20Position) As of June 30, 2025, the Group's total liabilities increased to RMB4,689,756 thousand, with current liabilities at RMB4,243,548 thousand, and equity attributable to owners of the parent was negative RMB2,059,797 thousand, indicating severe insolvency Liabilities and Equity Overview | Indicator | 2025年6月30日 (RMB thousand) | 2024年12月31日 (RMB thousand) | | :--- | :--- | :--- | | Total current liabilities | 4,243,548 | 4,022,374 | | Total non-current liabilities | 446,208 | 470,510 | | **Total liabilities** | **4,689,756** | **4,492,884** | | Equity attributable to owners of the parent | (2,059,797) | (1,822,311) | | **Total equity** | **(1,909,991)** | **(1,628,290)** | | Interest-bearing bank and other borrowings (current) | 1,655,939 | 1,686,588 | | Trade payables | 908,307 | 872,442 | [Interim Condensed Consolidated Statement of Changes in Equity](index=27&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement details the changes in the Group's equity components, including accumulated losses and reserves, for the six months ended June 30, 2025 [Details of Equity Changes](index=27&type=section&id=Details%20of%20Equity%20Changes) For the six months ended June 30, 2025, accumulated losses attributable to owners of the parent increased from RMB2,333,152 thousand as of December 31, 2024, to RMB2,561,280 thousand, further deteriorating total equity attributable to owners of the parent from negative RMB1,822,311 thousand to negative RMB2,059,797 thousand Changes in Equity Attributable to Owners of the Parent | Indicator | 2024年12月31日 (RMB thousand) | 2025年6月30日 (RMB thousand) | | :--- | :--- | :--- | | Share capital | 1,081 | 1,081 | | Share premium account | 204,524 | 204,524 | | Safety production and maintenance funds | 262,765 | 252,796 | | Special reserve | 38,741 | 38,741 | | Accumulated losses | (2,333,152) | (2,561,280) | | Exchange fluctuation reserve | 3,730 | 4,341 | | **Total equity attributable to owners of the parent** | **(1,822,311)** | **(2,059,797)** | | Non-controlling interests | 194,021 | 149,806 | | **Total equity** | **(1,628,290)** | **(1,909,991)** | - Loss for the period of **RMB238,097 thousand** and exchange differences of **RMB611 thousand** resulted in a total comprehensive loss attributable to owners of the parent of **RMB237,486 thousand**[71](index=71&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=28&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement summarizes the Group's cash inflows and outflows from operating, investing, and financing activities for the six months ended June 30, 2025 [Cash Flow Overview](index=28&type=section&id=Cash%20Flow%20Overview) For the six months ended June 30, 2025, net cash flow from operating activities was RMB35,261 thousand, a significant decrease from the prior period, with net cash outflow from investing activities at RMB29,545 thousand and from financing activities at RMB6,710 thousand, resulting in cash and cash equivalents at period-end of RMB3,145 thousand Cash Flow Statement Overview | Cash Flow Type | 2025年6月30日 (RMB thousand) | 2024年6月30日 (RMB thousand) | | :--- | :--- | :--- | | Net cash flows from operating activities | 35,261 | 106,547 | | Net cash flows used in investing activities | (29,545) | (83,585) | | Net cash flows used in financing activities | (6,710) | (13,555) | | Net increase in cash and cash equivalents | (994) | 9,407 | | Cash and cash equivalents at end of period | 3,145 | 19,520 | - Net cash flows from operating activities significantly decreased, mainly due to lower cash generated from operations and reduced interest paid[72](index=72&type=chunk) - In financing activities, repayments of interest-bearing bank and other borrowings amounted to **RMB43,833 thousand**, and advances from related companies were **RMB41,007 thousand**[72](index=72&type=chunk) [Notes to the Interim Condensed Consolidated Financial Information](index=29&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed explanations of the basis of preparation, accounting policies, segment information, and specific financial statement line items [Basis of Preparation and Changes in the Group's Accounting Policies](index=29&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20the%20Group's%20Accounting%20Policies) The interim condensed consolidated financial information is prepared in accordance with IAS 34 and presented under the historical cost convention, despite significant going concern uncertainties including substantial net current liabilities and a shareholder deficit, as management has formulated various measures to maintain going concern, and the revised IAS 21 adopted this period had no material impact - The interim condensed consolidated financial information is prepared in accordance with **IAS 34** and presented in RMB[73](index=73&type=chunk) Current Liabilities and Equity Position | Indicator | 2025年6月30日 (RMB million) | 2024年12月31日 (RMB million) | | :--- | :--- | :--- | | Net current liabilities | 4,046.0 | 3,888.9 | | Shareholder deficit | 1,910.0 | - | | Total bank and other borrowings | 1,676.7 | - | | Borrowings due within next twelve months | 1,655.9 | - | | Overdue borrowings (including principal and interest) | 605.7 | - | | Outstanding payables related to litigation and arbitration | 368.7 | - | - The Group has implemented various measures to improve profitability, liquidity, and cash flows, including obtaining lender support, negotiating settlement plans, enhancing coal quality, stabilizing production, strictly controlling costs, and securing financial support from the controlling shareholder[75](index=75&type=chunk) - The revised **IAS 21** was adopted for the first time this period, but it had no impact on the interim condensed consolidated financial information due to the Group's transactional currency convertibility[78](index=78&type=chunk) [Operating Segment Information](index=31&type=section&id=Operating%20Segment%20Information) The Group has only one operating segment: anthracite mining and sales, and anthracite trading, primarily operating in mainland China, with the top four customers contributing 44.8%, 14.1%, 12.7%, and 10.5% of consolidated revenue for the six months ended June 30, 2025 - The Group has only one operating segment: anthracite mining and sales, and anthracite trading[79](index=79&type=chunk) - All of the Group's revenue and non-current assets are derived from mainland China[80](index=80&type=chunk) - For the six months ended June 30, 2025, the top four customers contributed **44.8%**, **14.1%**, **12.7%**, and **10.5%** of revenue, respectively[81](index=81&type=chunk) [Discontinued Operations](index=32&type=section&id=Discontinued%20Operations) Gouchang Coal Mine suspended operations in March 2013 and is planned for closure, with its operating results reclassified to discontinued operations for the six months ended June 30, 2025, showing a loss of RMB183 thousand and a net cash outflow of RMB35 thousand - Gouchang Coal Mine has suspended operations since **March 2013** and is planned for closure[82](index=82&type=chunk) Gouchang Coal Mine Performance and Cash Flows | Indicator | 2025年6月30日 (RMB thousand) | 2024年6月30日 (RMB thousand) | | :--- | :--- | :--- | | Administrative expenses | (183) | (210) | | Loss for the period from discontinued operations | (183) | (210) | | Cash flows from operating activities | (53) | (145) | | Cash flows from financing activities | 18 | (28) | | Net cash outflow | (35) | (173) | [Revenue from Continuing Operations](index=34&type=section&id=Revenue%20from%20Continuing%20Operations) For the six months ended June 30, 2025, revenue from continuing operations was RMB136,593 thousand, entirely from coal sales, generated in mainland China and recognized at a point in time when goods are transferred, with customer credit terms typically 30 days Disaggregated Revenue Information | Type of goods | 2025年6月30日 (RMB thousand) | 2024年6月30日 (RMB thousand) | | :--- | :--- | :--- | | Coal sales | 136,593 | 153,607 | | Coal trading | – | 12 | | **Total** | **136,593** | **153,619** | | Geographical market: Mainland China | 136,593 | 153,619 | | Timing of revenue recognition: Goods transferred at a point in time | 136,593 | 153,619 | - Performance obligations are satisfied upon delivery of coal, with payment typically due within **30 days** from delivery[87](index=87&type=chunk) [Finance Costs from Continuing Operations](index=35&type=section&id=Finance%20Costs%20from%20Continuing%20Operations) For the six months ended June 30, 2025, total finance costs from continuing operations were RMB59,671 thousand, a decrease from RMB67,196 thousand in the prior period, primarily due to reduced interest on interest-bearing bank and other borrowings Composition of Finance Costs | Cost Item | 2025年6月30日 (RMB thousand) | 2024年6月30日 (RMB thousand) | | :--- | :--- | :--- | | Interest on interest-bearing bank and other borrowings | 54,094 | 59,407 | | Interest on lease liabilities | 2,804 | 3,338 | | Interest on payables for mining rights | 1,073 | 1,237 | | Bank charges | 1,003 | 26 | | Interest on discounted bills | 109 | 2,639 | | Accretion expenses | 588 | 549 | | **Total** | **59,671** | **67,196** | [Loss Before Tax from Continuing Operations](index=36&type=section&id=Loss%20Before%20Tax%20from%20Continuing%20Operations) For the six months ended June 30, 2025, loss before tax from continuing operations was RMB286,257 thousand, a significant increase from RMB170,380 thousand in the prior period, primarily impacted by cost of inventories sold, sales taxes and surcharges, employee benefit expenses, depreciation and amortization, and impairment loss on property, plant and equipment Key Components of Loss Before Tax | Item | 2025年6月30日 (RMB thousand) | 2024年6月30日 (RMB thousand) | | :--- | :--- | :--- | | Interest income from bank deposits | (6) | (56) | | Government grants | (4,482) | (5,645) | | Cost of inventories sold | 125,594 | 110,762 | | Sales taxes and surcharges | 6,494 | 8,551 | | Employee benefit expenses | 95,176 | 92,119 | | Depreciation and amortization of property, plant and equipment | 54,609 | 43,747 | | Impairment loss on property, plant and equipment | 111,744 | – | [Employee Benefits from Continuing Operations](index=37&type=section&id=Employee%20Benefits%20from%20Continuing%20Operations) For the six months ended June 30, 2025, total employee benefits from continuing operations were RMB103,089 thousand, an increase from RMB96,771 thousand in the prior period, primarily comprising wages, salaries, and allowances Employee Benefit Expenses | Item | 2025年6月30日 (RMB thousand) | 2024年6月30日 (RMB thousand) | | :--- | :--- | :--- | | Wages, salaries, and allowances | 93,348 | 81,591 | | Contributions to pension schemes | 1,860 | 4,217 | | Housing provident fund | 113 | 1,090 | | Welfare and other expenses | 7,768 | 9,873 | | **Total** | **103,089** | **96,771** | - Total employee benefits accrued for the period were **RMB103,089 thousand**, of which **RMB7,913 thousand** was capitalized into inventories[93](index=93&type=chunk) [Income Tax Credit and Deferred Tax from Continuing Operations](index=38&type=section&id=Income%20Tax%20Credit%20and%20Deferred%20Tax%20from%20Continuing%20Operations) For the six months ended June 30, 2025, the income tax credit from continuing operations was RMB4,128 thousand, entirely from deferred tax, with the Group primarily operating in mainland China at a 25% corporate income tax rate, and a net deferred tax liability of negative RMB80,076 thousand mainly arising from tax losses and depreciation of property, plant and equipment Income Tax Credit | Type | 2025年6月30日 (RMB thousand) | 2024年6月30日 (RMB thousand) | | :--- | :--- | :--- | | Current – Mainland China | – | – | | Deferred – Mainland China | 4,128 | 19,922 | | **Total** | **4,128** | **19,922** | - The applicable corporate income tax rate for PRC Group entities is **25%**[94](index=94&type=chunk) Deferred Tax Assets and Liabilities | Item | 2025年6月30日 (RMB thousand) | 2024年12月31日 (RMB thousand) | | :--- | :--- | :--- | | Total deferred tax assets | 96,680 | 87,660 | | Total deferred tax liabilities | (176,756) | (171,863) | | **Net deferred tax liabilities** | **(80,076)** | **(84,203)** | - Management believes it is probable that the Group will generate sufficient taxable profits in the future to utilize deductible temporary differences and unused tax losses, thus the related deferred tax assets have been recognized[98](index=98&type=chunk) [Loss Per Share Attributable to Ordinary Equity Holders of the Parent](index=40&type=section&id=Loss%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent) For the six months ended June 30, 2025, the loss for the period attributable to ordinary equity holders of the parent was RMB238,097 thousand, resulting in a basic and diluted loss per share of RMB0.17, with no potential dilutive shares during the period Loss Per Share Calculation | Indicator | 2025年6月30日 (RMB thousand) | 2024年6月30日 (RMB thousand) | | :--- | :--- | :--- | | Loss for the period attributable to ordinary equity holders of the parent | (238,097) | (143,590) | | Weighted average number of ordinary shares (thousand shares) | 1,380,546 | 1,380,546 | | Basic and diluted loss per share (RMB) | (0.17) | (0.10) | - The company had no potential dilutive shares during the period, thus the diluted loss per share is the same as the basic loss per share[99](index=99&type=chunk) [Dividends](index=40&type=section&id=Dividends) For the six months ended June 30, 2025, the company neither paid nor declared any dividends - The company neither paid nor declared any dividends for the six months ended June 30, 2025[100](index=100&type=chunk) [Property, Plant and Equipment](index=41&type=section&id=Property%2C%20Plant%20and%20Equipment) For the six months ended June 30, 2025, additions to property, plant and equipment amounted to RMB2.2 million, and construction in progress was RMB22.7 million, with total depreciation charged at RMB54.6 million, and impairment losses of RMB111.7 million recognized for Baiping Coal Mine and Liujiaba Coal Mine - For the six months ended June 30, 2025, additions to property, plant and equipment amounted to **RMB2.2 million**, and construction in progress was **RMB22.7 million**[101](index=101&type=chunk) - Total depreciation charged was **RMB54.6 million**[101](index=101&type=chunk) - Impairment losses of **RMB111.7 million** were recognized for property, plant and equipment of Baiping Coal Mine and Liujiaba Coal Mine[103](index=103&type=chunk) - Certain mining rights (carrying amount of **RMB344.1 million**) and mining structures, machinery, and equipment (carrying amount of **RMB20.5 million**) were pledged to secure bank loans[101](index=101&type=chunk)[102](index=102&type=chunk) [Leases](index=42&type=section&id=Leases) As of June 30, 2025, the total carrying amount of right-of-use assets was RMB196,482 thousand, primarily comprising leased land, machinery, and equipment, while total lease liabilities amounted to RMB97,792 thousand, with the current portion being RMB46,723 thousand Carrying Amount of Right-of-Use Assets | Asset Type | 2025年6月30日 (RMB thousand) | | :--- | :--- | | Leased land | 73,419 | | Machinery and equipment | 121,442 | | Buildings | 1,621 | | **Total** | **196,482** | Lease Liabilities | Type | 2025年6月30日 (RMB thousand) | 2024年12月31日 (RMB thousand) | | :--- | :--- | :--- | | Current portion | 46,723 | 16,990 | | Non-current portion | 51,069 | 80,201 | | **Total** | **97,792** | **97,191** | [Reclamation Funds](index=43&type=section&id=Reclamation%20Funds) Reclamation funds refer to restricted cash allocated by the Group in banks and cash deposited with relevant authorities, designated for future environmental restoration and settlement of asset retirement obligations - Reclamation funds are restricted cash used for future environmental restoration and settlement of asset retirement obligations[106](index=106&type=chunk) [Inventories](index=43&type=section&id=Inventories) As of June 30, 2025, total inventories amounted to RMB61,537 thousand, primarily consisting of spare parts and consumables (RMB30,126 thousand) and coal (RMB33,221 thousand), with an impairment provision of RMB1,810 thousand recognized Composition of Inventories | Item | 2025年6月30日 (RMB thousand) | 2024年12月31日 (RMB thousand) | | :--- | :--- | :--- | | Spare parts and consumables | 30,126 | 29,679 | | Coal | 33,221 | 16,658 | | Less: Impairment provision | (1,810) | (1,810) | | **Total** | **61,537** | **44,527** | [Trade Receivables](index=43&type=section&id=Trade%20Receivables) As of June 30, 2025, net trade receivables were RMB30,067 thousand, with an impairment loss provision of RMB55,404 thousand, and RMB52.0 million in trade receivables were pledged to secure short-term loans Trade Receivables | Item | 2025年6月30日 (RMB thousand) | 2024年12月31日 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables | 85,471 | 60,726 | | Less: Impairment loss provision | (55,404) | (55,404) | | **Net amount** | **30,067** | **5,322** | - **RMB52.0 million** of trade receivables were pledged to secure short-term loans[108](index=108&type=chunk) Aging Analysis of Trade Receivables | Aging | 2025年6月30日 (RMB thousand) | 2024年12月31日 (RMB thousand) | | :--- | :--- | :--- | | Within 3 months | 24,422 | 616 | | 3 to 6 months | 360 | 584 | | 6 to 12 months | 4,215 | 3,258 | | Over 12 months | 1,070 | 864 | | **Total** | **30,067** | **5,322** | [Prepayments and Other Receivables](index=45&type=section&id=Prepayments%20and%20Other%20Receivables) As of June 30, 2025, net current prepayments and other receivables were RMB100,215 thousand, with the non-current portion at RMB20,290 thousand, and total impairment provision amounted to RMB21,830 thousand Prepayments and Other Receivables | Type | 2025年6月30日 (RMB thousand) | 2024年12月31日 (RMB thousand) | | :--- | :--- | :--- | | Current portion | 100,215 | 78,055 | | Non-current portion | 20,290 | 22,764 | | **Total** | **120,505** | **100,819** | | Total impairment provision | (21,830) | (21,830) | [Cash and Cash Equivalents and Pledged Deposits](index=46&type=section&id=Cash%20and%20Cash%20Equivalents%20and%20Pledged%20Deposits) As of June 30, 2025, cash and cash equivalents were RMB3,145 thousand, and pledged deposits were RMB2,605 thousand, primarily frozen due to litigation, with most cash and deposits denominated in RMB Cash and Deposits | Item | 2025年6月30日 (RMB thousand) | 2024年12月31日 (RMB thousand) | | :--- | :--- | :--- | | Pledged deposits | 2,605 | 1,390 | | Cash and cash equivalents | 3,145 | 4,142 | | **Total** | **5,750** | **5,532** | - Pledged deposits were primarily frozen due to litigation[112](index=112&type=chunk) - Most cash and cash equivalents and pledged deposits are denominated in RMB[113](index=113&type=chunk) [Trade Payables](index=47&type=section&id=Trade%20Payables) As of June 30, 2025, total trade payables amounted to RMB908,307 thousand, including RMB557.1 million payable to construction-related contractors, with payables over two years constituting the largest portion Trade Payables | Item | 2025年6月30日 (RMB thousand) | 2024年12月31日 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 908,307 | 872,442 | | Of which: Amounts payable to construction-related contractors | 557,100 | 563,900 | Aging Analysis of Trade Payables | Aging | 2025年6月30日 (RMB thousand) | 2024年12月31日 (RMB thousand) | | :--- | :--- | :--- | | Within one year | 218,419 | 243,372 | | One to two years | 294,004 | 374,491 | | Over two years | 395,884 | 254,579 | | **Total** | **908,307** | **872,442** | [Other Payables and Accruals](index=48&type=section&id=Other%20Payables%20and%20Accruals) As of June 30, 2025, total other payables and accruals amounted to RMB1,446,137 thousand, primarily including deposits from contractors, social insurance payables, contract liabilities, and other taxes payable Composition of Other Payables and Accruals | Item | 2025年6月30日 (RMB thousand) | 2024年12月31日 (RMB thousand) | | :--- | :--- | :--- | | Deposits from contractors | 268,794 | 256,770 | | Social insurance payables | 126,750 | 110,706 | | Staff welfare payables | 97,180 | 86,965 | | Contract liabilities | 517,240 | 501,215 | | Other taxes payable | 131,963 | 124,917 | | Others | 283,684 | 178,465 | | **Total** | **1,446,137** | **1,278,383** | - Contract liabilities include short-term advances received for coal transportation, with Guizhou Puxin Energy Co., Ltd. having signed a coal sales contract with Guizhou Provincial Material Development and Investment Co., Ltd. and received an advance payment of **RMB200,000,000**[119](index=119&type=chunk) [Interest-Bearing Bank and Other Borrowings](index=49&type=section&id=Interest-Bearing%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, total interest-bearing bank and other borrowings amounted to RMB1,676,664 thousand, with the current portion being RMB1,655,939 thousand, and several borrowings are guaranteed by Mr. Li Feilie and his associates and secured by Group assets, with approximately RMB605.7 million of borrowings overdue Interest-Bearing Bank and Other Borrowings | Type | 2025年6月30日 (RMB thousand) | 2024年12月31日 (RMB thousand) | | :--- | :--- | :--- | | Current portion | 1,655,939 | 1,686,588 | | Non-current portion | 20,725 | 33,908 | | **Total** | **1,676,664** | **1,720,496** | - Mr. Li Feilie has provided guarantees for the Group's borrowings up to **RMB1,463.1 million**, and fellow subsidiaries have also provided guarantees for borrowings up to **RMB1,484.1 million**[120](index=120&type=chunk) - Multiple borrowings are secured by the Group's mining rights, equity interests in subsidiaries, trade receivables, and mining structures, machinery, and equipment[122](index=122&type=chunk) - Approximately **RMB605.7 million** of interest-bearing bank and other borrowings are overdue, leading to the reclassification of some long-term borrowings as current liabilities[122](index=122&type=chunk) [Deferred Income](index=51&type=section&id=Deferred%20Income) As of June 30, 2025, deferred income was RMB8,933 thousand, a decrease from RMB10,318 thousand at the beginning of the period, primarily due to amortization of RMB1,385 thousand during the period Changes in Deferred Income | Item | 2025年6月30日 (RMB thousand) | 2024年12月31日 (RMB thousand) | | :--- | :--- | :--- | | Beginning of period/year | 10,318 | 12,903 | | Amortization during period/year | (1,385) | (2,585) | | **End of period/year** | **8,933** | **10,318** | [Asset Retirement Obligations](index=51&type=section&id=Asset%20Retirement%20Obligations) Asset retirement obligations are primarily related to coal mine closures, including dismantling mining structures and land reclamation, with the liability amounting to RMB17,476 thousand as of June 30, 2025 - Asset retirement obligations are primarily related to coal mine closures, including dismantling mining structures and land reclamation[124](index=124&type=chunk) Changes in Asset Retirement Obligation Liability | Item | Amount (RMB thousand) | | :--- | :--- | | January 1, 2024 | 15,790 | | Accretion expenses | 1,099 | | December 31, 2024 and January 1, 2025 | 16,889 | | Accretion expenses | 587 | | **June 30, 2025** | **17,476** | [Share Capital](index=52&type=section&id=Share%20Capital) As of June 30, 2025, the company's authorized share capital was 100,000,000,000 ordinary shares of HK$0.001 each, with 1,380,545,800 shares issued and fully paid, having a par value of RMB1,081 thousand Share Capital Information | Item | 2025年6月30日 (RMB thousand) | 2024年12月31日 (RMB thousand) | | :--- | :--- | :--- | | Authorized share capital | 79,960 | 79,960 | | Issued and fully paid share capital | 1,081 | 1,081 | [Commitments](index=52&type=section&id=Commitments) As of June 30, 2025, the Group's total contracted but unprovided capital commitments amounted to RMB28,763 thousand, primarily for construction and purchase of property, plant and equipment projects and capital contributions to associates Capital Commitments | Item | 2025年6月30日 (RMB thousand) | 2024年12月31日 (RMB thousand) | | :--- | :--- | :--- | | Construction and purchase of property, plant and equipment projects | 17,163 | 10,920 | | Capital contributions payable to associates | 11,600 | 11,600 | | **Total** | **28,763** | **22,520** | [Related Party Transactions](index=53&type=section&id=Related%20Party%20Transactions) The Group has transactions with related parties including office rent sharing, advances, and guarantees, with amounts payable to related companies at RMB254,812 thousand and to shareholders at RMB11,181 thousand as of June 30, 2025, and total key management personnel compensation of RMB1,373 thousand Related Party Transactions | Transaction Type | 2025年6月30日 (RMB thousand) | 2024年6月30日 (RMB thousand) | | :--- | :--- | :--- | | Office rent, fees and others paid to Anka Consultants Limited | 303 | 311 | | Share of office rent paid to Feishang Industrial | 51 | 82 | - Related party transactions were conducted in the ordinary course of business on normal commercial terms[129](index=129&type=chunk) Outstanding Balances with Related Parties | Item | 2025年6月30日 (RMB thousand) | 2024年12月31日 (RMB thousand) | | :--- | :--- | :--- | | Amounts payable to shareholder: Feishang Group Limited | 11,181 | 11,791 | | Amounts payable to related company: Feishang Industrial | 245,602 | 223,214 | | Amounts payable to related company: Anka Capital Limited | 9,210 | 8,173 | | **Total** | **266,003** | **243,178** | Key Management Personnel Compensation | Item | 2025年6月30日 (RMB thousand) | 2024年6月30日 (RMB thousand) | | :--- | :--- | :--- | | Wages, salaries, and allowances | 1,293 | 1,700 | | Contributions to pension schemes | 15 | 12 | | Housing provident fund | 55 | 62 | | Welfare and other expenses | 10 | 8 | | **Total** | **1,373** | **1,782** | [Fair Value and Fair Value Hierarchy of Financial Instruments](index=55&type=section&id=Fair%20Value%20and%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) As of June 30, 2025, and December 31, 2024, the Group had no assets measured at fair value - As of **June 30, 2025**, and **December 31, 2024**, no assets were measured at fair value[133](index=133&type=chunk) [Events After the Reporting Period and Approval](index=55&type=section&id=Events%20After%20the%20Reporting%20Period%20and%20Approval) As of the date of this report, the Group had no significant events after the reporting period requiring disclosure, and the interim condensed consolidated financial information was approved and authorized for issue by the Board on August 29, 2025 - As of the date of this report, the Group had no significant events after the reporting period requiring disclosure[134](index=134&type=chunk) - The interim condensed consolidated financial information was approved and authorized for issue by the Board on **August 29, 2025**[135](index=135&type=chunk) [Summary of Mining Properties](index=56&type=section&id=Summary%20of%20Mining%20Properties) This section provides an overview of the Group's mining properties, including ownership interests, production dates, and reserve data [Mine Information and Reserve Data](index=56&type=section&id=Mine%20Information%20and%20Reserve%20Data) The Group owns four commercially producing coal mines: Baiping, Yongsheng, Dayun, and Liujiaba, along with the discontinued Gouchang Coal Mine, with total proved and probable reserves of 162.77 million tonnes as of June 30, 2025, and each mine incurred capital expenditure during the reporting period Overview of Mining Properties | Mine | Group's Interest Held | Initial Commercial Production Date | Proved and Probable Total Reserves as of June 30, 2025 (million tonnes) | Capital Expenditure for the Six Months Ended June 30, 2025 (RMB million) | | :--- | :--- | :--- | :--- | :--- | | Baiping Coal Mine | 70% | 2009年6月 | 18.87 | 0.8 | | Yongsheng Coal Mine | 70% | 2014年2月 | 43.06 | 14.8 | | Dayun Coal Mine | 100% | 2015年7月 | 91.20 | 2.8 | | Liujiaba Coal Mine | 100% | 2012年12月 | 9.64 | 10.7 | | Gouchang Coal Mine | 99% | N/A (Discontinued) | N/A (Used for Baiping Coal Mine) | N/A | - Gouchang Coal Mine has been closed in accordance with Guizhou Province's coal mine integration policy, and its remaining coal resources were utilized for Baiping Coal Mine in **2023**[138](index=138&type=chunk) - Reserve data as of **June 30, 2025**, has been adjusted and confirmed by the Group's internal experts in accordance with the **JORC Code**[138](index=138&type=chunk) - The Group had no exploration activities during the reporting period[138](index=138&type=chunk)

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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Feishang Anthracite Resources Limited 飛尚無煙煤資源有限公司 （於英屬維爾京群島註冊成立之有限公司） （股份代號：1738） 更改香港辦事處及主要營業地點的地址 飛尚無煙煤資源有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈，自二零 二五年九月一日起，本公司的香港辦事處及主要營業地點的地址將由香港上環干 諾道中200號信德中心2205室更改為： 香港新界火炭坳背灣街2-12號 威力工業中心7樓M07室 所有電話及傳真號碼將維持不變。 承董事會命 飛尚無煙煤資源有限公司 執行董事 賀建虎 香港，二零二五年九月一日 於本公告日期，執行董事為王信華先生、賀建虎先生、譚卓豪先生及黃華安先 生；及獨立非執行董事為陳謙先生、梁穎女士及王秀峰先生。 ...

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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 01738 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,380,545,800 | | 0 | | 1,380,545,800 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,380,545,800 | | 0 | | 1,380,545,800 | 第 2 頁 共 10 頁 v 1.1.1 公司名稱: 飛尚無煙煤資源有限公司（於英屬維爾京群島註冊成立的有限公司) 呈交日期: 20 ...

Core Viewpoint - Feishang Anthracite (01738) reported a decline in revenue and an increase in shareholder losses for the six months ending June 30, 2025, indicating financial challenges for the company [1] Financial Performance - The group's revenue was RMB 137 million, representing a year-on-year decrease of 11.08% [1] - Shareholder losses amounted to RMB 238 million, which is a year-on-year increase of 65.82% [1] - The loss per share was RMB 0.17 [1]

格隆汇8月29日丨飞尚无烟煤(01738.HK)发布公告，截至2025年6月30日止六个月，来自持续经营业务的 收益同比减少约11.1%至约人民币1.366亿元；来自持续经营业务的毛亏为约人民币3150万元，上年同期 毛利为约人民币150万元；母公司拥有人应占来自持续经营业务的亏损由上年同期约人民币1.434亿元增 加约65.9%至约人民币2.379亿元；来自持续经营业务的每股基本亏损为约人民币0.17元。 ...

[Interim Results Summary](index=1&type=section&id=Interim%20Results) Feishang Anthracite Resources Limited's interim results for the six months ended June 30, 2025, show revenue from continuing operations decreased by 11.1% year-on-year to RMB136.6 million, with gross profit turning into a gross loss of RMB31.5 million; loss from continuing operations attributable to owners of the parent significantly increased by 65.9% to RMB237.9 million, with basic loss per share at RMB0.17 yuan Summary of Interim Results for H1 2025 | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Year-on-year change | | :--- | :--- | :--- | :--- | | Revenue from continuing operations | 136.6 | 153.6 | -11.1% | | Gross (Loss)/Profit from continuing operations | (31.5) | 1.5 | Shifted from profit to loss | | Loss from continuing operations attributable to owners of the parent | (237.9) | (143.4) | +65.9% | | Basic loss per share from continuing operations | 0.17 yuan | - | - | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the company's interim condensed consolidated financial statements, including the income statement, statement of comprehensive income, and statement of financial position, detailing financial performance and position [Interim Condensed Consolidated Income Statement](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the company's revenue from continuing operations decreased to RMB136,593 thousand, with sales costs increasing, resulting in a gross loss of RMB31,489 thousand; impairment loss on property, plant and equipment of RMB111,744 thousand was a primary driver of the expanded loss for the period from continuing operations, totaling RMB282,129 thousand, with RMB237,916 thousand attributable to owners of the parent Key Data from Interim Condensed Consolidated Income Statement | Metric | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 136,593 | 153,619 | | Cost of sales | (168,082) | (152,119) | | Gross (Loss)/Profit | (31,489) | 1,500 | | Impairment loss on property, plant and equipment | (111,744) | – | | Loss before tax from continuing operations | (286,257) | (170,380) | | Loss for the period from continuing operations | (282,129) | (150,458) | | Loss from continuing operations attributable to owners of the parent | (237,916) | (143,382) | [Interim Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's loss for the period significantly increased to RMB282,312 thousand, with net other comprehensive income of RMB611 thousand primarily from foreign exchange differences on translating overseas operations, resulting in a total comprehensive loss of RMB281,701 thousand, of which RMB237,486 thousand was attributable to owners of the parent Key Data from Interim Condensed Consolidated Statement of Comprehensive Income | Metric | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the period | (282,312) | (150,668) | | Other comprehensive income/(loss) for the period, net of tax | 611 | (444) | | Total comprehensive loss for the period, net of tax | (281,701) | (151,112) | | Total comprehensive loss for the period attributable to owners of the parent | (237,486) | (144,034) | [Interim Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets decreased to RMB2,779,765 thousand, total current liabilities increased to RMB4,243,548 thousand, and total equity was negative RMB1,909,991 thousand, indicating a deteriorating financial position with negative shareholders' equity Key Data from Interim Condensed Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total non-current assets | 2,582,196 | 2,731,158 | | Total current assets | 197,569 | 133,436 | | Total assets | 2,779,765 | 2,864,594 | | Total current liabilities | 4,243,548 | 4,022,374 | | Total non-current liabilities | 446,208 | 470,510 | | Total liabilities | 4,689,756 | 4,492,884 | | Total equity | (1,909,991) | (1,628,290) | [Notes to the Interim Condensed Consolidated Financial Information](index=7&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes on the basis of preparation, accounting policy changes, segment information, discontinued operations, revenue, finance costs, loss before tax, income tax, loss per share, dividends, property, plant and equipment, leases, trade receivables, trade payables, and interest-bearing borrowings [Basis of Preparation and Changes in Accounting Policies](index=7&type=section&id=1.%20Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) The interim financial information is prepared under IAS 34, with the Group facing significant going concern uncertainties due to net current liabilities of approximately RMB4,046.0 million, shareholders' deficit of RMB1,910.0 million, and substantial bank borrowings due within 12 months, including overdue and reclassified amounts; management has implemented measures to improve profitability and liquidity, and accounting policy changes related to IAS 21 (amended) had no impact - As of June 30, 2025, the Group's net current liabilities were approximately **RMB4,046.0 million** (December 31, 2024: RMB3,888.9 million), and total assets less current liabilities were approximately **negative RMB1,463.8 million** (December 31, 2024: negative RMB1,157.8 million)[11](index=11&type=chunk) - As of June 30, 2025, the Group's total bank and other borrowings were **RMB1,676.7 million**, of which **RMB1,655.9 million** are due within the next 12 months, including approximately **RMB605.7 million** of overdue borrowings and approximately **RMB74.0 million** reclassified due to loan covenant breaches[12](index=12&type=chunk) - To maintain going concern, the Group is implementing various measures, including seeking lender support, negotiating litigation settlements, improving coal quality and output, strictly controlling costs, and receiving financial support from controlling shareholder Feishang Industrial Group Co., Ltd[13](index=13&type=chunk) - Changes to IAS 21 (amended) regarding lack of exchangeability had no impact on the Group's interim condensed consolidated financial information[16](index=16&type=chunk) [Operating Segment Information](index=8&type=section&id=2.%20Operating%20Segment%20Information) The Group operates a single segment, anthracite mining and sales, and anthracite trading, primarily in mainland China, with sales revenue from the top four customers significantly increasing, the largest customer's share rising from 21.1% to 44.8% - The Group operates a single operating segment: anthracite mining and sales and anthracite trading, primarily in mainland China[17](index=17&type=chunk)[18](index=18&type=chunk) Change in Sales Revenue Share of Top Four Customers | Customer | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Largest Customer | 44.8% | 21.1% | | Second Largest Customer | 14.1% | 12.1% | | Third Largest Customer | 12.7% | 10.4% | | Fourth Largest Customer | 10.5% | 10.1% | [Discontinued Operations](index=9&type=section&id=3.%20Discontinued%20Operations) Gouchang Coal Mine, suspended since March 2013 and planned for closure, had its operating results reclassified to discontinued operations, recording a loss of RMB183 thousand and a net cash outflow of RMB35 thousand for the reporting period - Gouchang Coal Mine, suspended since March 2013 and planned for closure, had its operating results reclassified to discontinued operations[20](index=20&type=chunk)[64](index=64&type=chunk) Gouchang Coal Mine Discontinued Operations Performance | Metric | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Administrative expenses | (183) | (210) | | Loss for the period from discontinued operations | (183) | (210) | | Loss attributable to owners of the parent | (181) | (208) | | Loss attributable to non-controlling interests | (2) | (2) | Gouchang Coal Mine Discontinued Operations Cash Flow | Activity | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Operating activities | (53) | (145) | | Financing activities | 18 | (28) | | Net cash outflow | (35) | (173) | [Revenue from Continuing Operations](index=10&type=section&id=4.%20Revenue%20from%20Continuing%20Operations) For the six months ended June 30, 2025, revenue from continuing operations was RMB136,593 thousand, a year-on-year decrease of 11.1%, primarily due to a 17.1% decline in the average selling price of coal, despite a slight 7.2% increase in sales volume of self-produced anthracite; revenue from processed coal sales slightly increased, but its average selling price also decreased Revenue Disaggregation Information | Item | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue from contracts with customers | 136,593 | 153,619 | | Coal sales | 136,593 | 153,607 | | Coal trading | – | 12 | | Total | 136,593 | 153,619 | | Revenue in Mainland China | 136,593 | 153,619 | - The average selling price of self-produced anthracite (excluding VAT) decreased by approximately **17.1%** from **RMB366.7 yuan per ton** in the prior period to **RMB304.1 yuan per ton** in the reporting period, mainly due to declining coal quality and a market price slump; sales volume slightly increased by **7.2%** to approximately **0.45 million tons**[55](index=55&type=chunk) - Revenue from sales of processed coal increased from **RMB66.6 million** to **RMB71.9 million**, with its proportion of total revenue rising from **43.4%** to **52.6%**, primarily due to a **0.01 million ton** increase in sales volume, despite a **7.0%** decrease in the average selling price of processed coal[55](index=55&type=chunk) [Finance Costs from Continuing Operations](index=12&type=section&id=5.%20Finance%20Costs%20from%20Continuing%20Operations) For the six months ended June 30, 2025, finance costs from continuing operations decreased to RMB59,671 thousand from RMB67,196 thousand in the prior period, primarily due to lower interest on interest-bearing bank and other borrowings Finance Costs Breakdown | Item | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest on interest-bearing bank and other borrowings | 54,094 | 59,407 | | Interest on lease liabilities | 2,804 | 3,338 | | Interest on payables for mining rights | 1,073 | 1,237 | | Total interest expenses | 57,971 | 63,982 | | Bank charges | 1,003 | 26 | | Discounting interest on bills | 109 | 2,639 | | Accretion expenses | 588 | 549 | | Total | 59,671 | 67,196 | [Loss Before Tax from Continuing Operations](index=12&type=section&id=6.%20Loss%20Before%20Tax%20from%20Continuing%20Operations) For the six months ended June 30, 2025, loss before tax from continuing operations significantly increased to RMB286,257 thousand from RMB170,380 thousand in the prior period, mainly due to an impairment loss on property, plant and equipment of RMB111,744 thousand, as well as increased cost of sales, employee benefit expenses, and depreciation and amortization Key Components of Loss Before Tax | Item | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest income from bank deposits | (6) | (56) | | Government grants | (4,482) | (5,645) | | Cost of inventories sold | 125,594 | 110,762 | | Sales taxes and surcharges | 6,494 | 8,551 | | Utilisation of safety production funds and maintenance funds | 35,994 | 32,806 | | Cost of sales | 168,082 | 152,119 | | Employee benefit expenses | 95,176 | 92,119 | | Depreciation, depletion and amortization | 56,946 | 47,244 | | Impairment loss on property, plant and equipment | 111,744 | – | [Income Tax Credit and Deferred Tax from Continuing Operations](index=13&type=section&id=7.%20Income%20Tax%20Credit%20and%20Deferred%20Tax%20from%20Continuing%20Operations) For the six months ended June 30, 2025, the income tax credit from continuing operations was RMB4,128 thousand, primarily from deferred tax in mainland China; the Group did not recognize deferred tax liabilities for unremitted earnings of Chinese subsidiaries due to their aggregate losses, and deferred tax assets mainly arose from tax losses and accrued liabilities, while deferred tax liabilities primarily stemmed from depreciation and fair value adjustments of property, plant and equipment Income Tax Credit Breakdown | Item | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Current – Mainland China | – | – | | Deferred – Mainland China | 4,128 | 19,922 | | Total | 4,128 | 19,922 | - The Group did not recognize deferred tax liabilities for unremitted earnings of its subsidiaries in Mainland China subject to withholding tax, as the aggregate losses of these subsidiaries resulted in no undistributed distributable earnings[30](index=30&type=chunk) Net Deferred Tax Assets and Liabilities | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total deferred tax assets | 96,680 | 87,660 | | Total deferred tax liabilities | (176,756) | (171,863) | | Net deferred tax liabilities | (80,076) | (84,203) | [Loss Per Share Attributable to Owners of the Parent](index=15&type=section&id=8.%20Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Parent) For the six months ended June 30, 2025, basic and diluted loss per share attributable to owners of the parent increased to RMB0.17 yuan from RMB0.10 yuan in the prior period, primarily due to the expanded loss from continuing operations Loss Per Share Calculation | Metric | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the period attributable to owners of the parent | (238,097) | (143,590) | | Weighted average number of ordinary shares (thousand shares) | 1,380,546 | 1,380,546 | | Loss per share (RMB yuan per share) | (0.17) | (0.10) | - The company had no potential dilutive shares during the reporting period, thus the diluted loss per share is the same as the basic loss per share[36](index=36&type=chunk) [Dividends](index=15&type=section&id=9.%20Dividends) The company neither paid nor declared any dividends during the reporting period or the corresponding prior period - The company neither paid nor declared any dividends during the reporting period (six months ended June 30, 2024: nil)[37](index=37&type=chunk) [Property, Plant and Equipment](index=15&type=section&id=10.%20Property,%20Plant%20and%20Equipment) During the reporting period, additions to property, plant and equipment were RMB2.2 million and additions to construction in progress were RMB22.7 million, both significantly lower than the prior period; total depreciation increased to RMB54.6 million, and due to ongoing operating losses, the company recognized an impairment loss of approximately RMB111.7 million on property, plant and equipment at Liujiaba Coal Mine and Baiping Coal Mine Property, Plant and Equipment Related Changes | Item | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | | :--- | :--- | :--- | | Additions to property, plant and equipment | 2.2 | 9.8 | | Additions to construction in progress | 22.7 | 72.7 | | Total depreciation charged | 54.6 | 43.7 | - Due to continuous operating losses at certain coal mines, the company recognized an impairment loss on property, plant and equipment of approximately **RMB111.7 million** at Liujiaba Coal Mine and Baiping Coal Mine (prior period: nil)[40](index=40&type=chunk) - As of June 30, 2025, mining rights of approximately **RMB344.1 million** and mining structures, machinery and equipment of approximately **RMB20.5 million** were pledged to secure bank loans[39](index=39&type=chunk) [Leases](index=16&type=section&id=11.%20Leases) As of June 30, 2025, the carrying amount of right-of-use assets was RMB196,482 thousand, a slight decrease from the beginning of the year primarily due to depreciation expenses; total lease liabilities were RMB97,792 thousand, with current portion at RMB46,723 thousand and non-current portion at RMB51,069 thousand Right-of-Use Assets Carrying Amount Changes | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Carrying amount at beginning of period/year | 198,819 | 269,098 | | Depreciation expense | (2,337) | (7,850) | | Carrying amount at end of period/year | 196,482 | 198,819 | Lease Liabilities Composition | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Carrying amount at beginning of period/year | 97,191 | 132,069 | | Carrying amount at end of period/year | 97,792 | 97,191 | | Current portion | 46,723 | 16,990 | | Non-current portion | 51,069 | 80,201 | [Trade Receivables](index=17&type=section&id=12.%20Trade%20Receivables) As of June 30, 2025, net trade receivables significantly increased to RMB30,067 thousand from RMB5,322 thousand as of December 31, 2024, with receivables within 3 months rising from RMB616 thousand to RMB24,422 thousand; the provision for impairment loss on trade receivables remained at RMB55,404 thousand Net Trade Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables | 85,471 | 60,726 | | Less: Provision for impairment loss | (55,404) | (55,404) | | Net amount | 30,067 | 5,322 | Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 3 months | 24,422 | 616 | | 3 to 6 months | 360 | 584 | | 6 to 12 months | 4,215 | 3,258 | | Over 12 months | 1,070 | 864 | | Total | 30,067 | 5,322 | - As of June 30, 2025, trade receivables of approximately **RMB52.0 million** were pledged to secure short-term loans of **RMB48.2 million**[43](index=43&type=chunk) [Trade Payables](index=18&type=section&id=13.%20Trade%20Payables) As of June 30, 2025, total trade payables increased to RMB908,307 thousand from RMB872,442 thousand as of December 31, 2024, including approximately RMB557.1 million payable to construction-related contractors; trade payables are generally settled within three to six months, while amounts due to contractors are settled within three months to one year Total Trade Payables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 908,307 | 872,442 | Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within one year | 218,419 | 243,372 | | One to two years | 294,004 | 374,491 | | Over two years | 395,884 | 254,579 | | Total | 908,307 | 872,442 | - Trade payables include amounts due to construction-related contractors of approximately **RMB557.1 million** as of June 30, 2025 (December 31, 2024: approximately RMB563.9 million)[45](index=45&type=chunk) [Interest-bearing Bank and Other Borrowings](index=20&type=section&id=14.%20Interest-bearing%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, total interest-bearing bank and other borrowings amounted to RMB1,676,664 thousand, with a current portion of RMB1,655,939 thousand; approximately RMB605.7 million of borrowings were overdue, and RMB74.0 million were reclassified as current liabilities due to loan covenant breaches; various assets, including mining rights, equity interests, trade receivables, and mining structures, were pledged, and the controlling shareholder and fellow subsidiaries provided guarantees, with the Group actively negotiating loan extensions and settlement agreements Total Interest-bearing Bank and Other Borrowings | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total current borrowings | 1,655,939 | 1,686,588 | | Total non-current borrowings | 20,725 | 33,908 | | Total | 1,676,664 | 1,720,496 | - The total amount of interest-bearing bank and other borrowings (including principal and interest) not repaid by the Group according to the repayment schedule is **RMB605.7 million**; approximately **RMB74.0 million** of borrowings have been reclassified as current liabilities due to loan covenant breaches[48](index=48&type=chunk) - Mr Li Feilie has provided guarantees for approximately **RMB1,463.1 million** of the Group's borrowings, and fellow subsidiaries have provided guarantees for approximately **RMB1,484.1 million** of borrowings[48](index=48&type=chunk) - Various assets are pledged, including mining rights of approximately **RMB344.1 million**, the company's equity interests in five entities including Guizhou Puxin, trade receivables of approximately **RMB52.0 million**, and mining structures, machinery and equipment of approximately **RMB20.5 million**[47](index=47&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the company's business and financial performance, resources, employee policies, and future outlook, highlighting challenges and strategic responses [Business Review](index=22&type=section&id=Business%20Review) In H1 2025, China's economy saw moderate recovery with 5.3% GDP growth, but the real estate market remained challenging; the coal industry faced weak supply and demand, with domestic raw coal output up 5.4% but imports down 11.1%, and thermal power generation declining while coal chemical industry was the sole growth driver; coal prices continued to fall, hitting a five-year low in Q2, and the Group faced multiple internal and external challenges, leading to expanded losses and questions about its going concern ability - In H1 2025, China's GDP grew by **5.3%** year-on-year, with strong manufacturing but sluggish domestic consumption and persistent headwinds in the real estate sector[50](index=50&type=chunk) - The coal industry experienced weak supply and demand, with domestic raw coal output increasing by **5.4%** year-on-year in H1, but coal imports decreasing by **11.1%** year-on-year to a three-year low[51](index=51&type=chunk) - On the demand side, thermal power generation decreased by **2.4%** year-on-year, with new energy sources playing a substitution role; the coal chemical industry was the sole growth driver for coal demand[52](index=52&type=chunk) - Coal prices continued to fall, reaching a five-year low in Q2 2025, with Q5500 thermal coal prices at northern ports falling by **28.5%** year-on-year to **RMB619 yuan per ton**[52](index=52&type=chunk) - The Group faced multiple internal (complex geology, production halts, mining team optimization, lagging tunneling) and external (weak market supply and demand, falling prices, strict regulations, high interest expenses) challenges, leading to plummeting production and sales, rising costs, falling selling prices, operational contraction, and deteriorating cash flow[53](index=53&type=chunk) [Financial Review](index=23&type=section&id=Financial%20Review) The Group's revenue from continuing operations decreased by 11.1% year-on-year to RMB136.6 million, primarily due to a 17.1% decline in average selling price; cost of sales increased by 10.5% to RMB168.1 million, resulting in a gross profit turning into a gross loss of RMB31.5 million; loss from continuing operations significantly increased to RMB282.1 million, mainly impacted by an RMB111.7 million impairment loss on property, plant and equipment, and loss attributable to owners of the parent rose to RMB237.9 million - Revenue from continuing operations decreased by **11.1%** year-on-year to **RMB136.6 million**, primarily due to a **17.1%** decline in average selling price, despite a slight **7.2%** increase in sales volume[55](index=55&type=chunk) - Cost of sales increased by **10.5%** year-on-year to **RMB168.1 million**, mainly due to increased sales volume and higher unit production costs[56](index=56&type=chunk) Changes in Unit Cost of Sales for Coal Mining | Cost Item | Six Months Ended June 30, 2025 (RMB/ton) | Six Months Ended June 30, 2024 (RMB/ton) | | :--- | :--- | :--- | | Labor costs | 129.9 | 112.2 | | Raw materials, fuel and energy | 96.5 | 93.3 | | Depreciation and amortization | 88.3 | 84.7 | | Taxes and levies payable to government | 13.9 | 20.1 | | Other production-related costs | 15.4 | 24.4 | | Total | 344.0 | 334.7 | - Overall gross profit turned into a gross loss of **RMB31.5 million** (prior period gross profit: RMB1.5 million), with a decrease in gross margin, mainly due to falling average selling prices and increased unit cost of sales[61](index=61&type=chunk) - Loss from continuing operations increased to **RMB282.1 million**, primarily due to an impairment loss on property, plant and equipment of approximately **RMB111.7 million** at Baiping Coal Mine and Liujiaba Coal Mine, as well as reduced gross profit and decreased income tax credit[62](index=62&type=chunk) - Loss from continuing operations attributable to owners of the parent increased from **RMB143.4 million** to **RMB237.9 million**[63](index=63&type=chunk) [Financial Resources Review](index=26&type=section&id=Financial%20Resources%20Review) As of June 30, 2025, the Group's net current liabilities increased to RMB4,046.0 million, with cash and cash equivalents at only RMB3.1 million; total interest-bearing bank and other borrowings were RMB1,676.7 million, mostly short-term, with approximately RMB605.7 million overdue; various assets were pledged, and the controlling shareholder and related parties provided guarantees, leading to a deterioration in the debt-to-equity ratio to negative 1,981.6% - As of June 30, 2025, the Group's net current liabilities were approximately **RMB4,046.0 million** (December 31, 2024: RMB3,888.9 million), and cash and cash equivalents were approximately **RMB3.1 million**[65](index=65&type=chunk)[66](index=66&type=chunk) - Total interest-bearing bank and other borrowings were approximately **RMB1,676.7 million**, of which current borrowings and current portion of long-term borrowings amounted to approximately **RMB1,655.9 million**; approximately **RMB605.7 million** of borrowings were overdue and could trigger cross-default clauses for other borrowings[66](index=66&type=chunk)[67](index=67&type=chunk) - The Group faces outstanding payables of **RMB368.7 million** related to ongoing litigation and arbitration; the Group is negotiating loan extensions, waivers, and litigation settlements[67](index=67&type=chunk) - Controlling shareholder Mr Li Feilie and fellow subsidiaries provided guarantees for a significant portion of the Group's bank borrowings, amounting to approximately **RMB1,463.1 million** and **RMB1,484.1 million** respectively as of June 30, 2025[68](index=68&type=chunk) - Various assets are pledged, including mining rights (**RMB344.1 million**), the company's equity interests (securing bank loans of **RMB519.2 million**), mining structures, machinery and equipment (**RMB20.5 million**), and trade receivables (**RMB52.0 million**)[68](index=68&type=chunk)[69](index=69&type=chunk) - Controlling shareholder Feishang Group Limited pledged its **600,000,000 ordinary shares** to secure operating capital financing of up to **RMB200.0 million** from Guizhou Provincial Material Development Investment Co., Ltd to Guizhou Puxin[70](index=70&type=chunk) - The debt-to-equity ratio (calculated as total interest-bearing debt divided by the sum of total equity and total interest-bearing debt) deteriorated from **798.3%** as of December 31, 2024, to **negative 1,981.6%** as of June 30, 2025, primarily due to significant losses[74](index=74&type=chunk) [Employees and Remuneration Policy](index=29&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 2,475 full-time employees, with total employee costs (including directors' emoluments and wages for workers dispatched by third-party labor agencies) amounting to approximately RMB103.1 million, an increase from the prior period; the company offers remuneration based on industry practice and individual performance, along with medical and retirement benefits, and a share option scheme - As of June 30, 2025, the Group employed **2,475 full-time employees** (excluding 541 workers dispatched by third-party labor agencies)[76](index=76&type=chunk) - During the reporting period, total employee costs (including directors' emoluments) amounted to approximately **RMB103.1 million** (prior period: approximately RMB96.8 million)[76](index=76&type=chunk) - The Group offers employee remuneration based on industry practice and individual performance, along with medical and retirement benefits, and a share option scheme[76](index=76&type=chunk) [Outlook](index=29&type=section&id=Outlook) China's coal industry continues to face structural constraints and strict regulations, with moderate supply growth and structural demand weakness expected in the second half, leading to narrow fluctuations in coal prices; the Group anticipates ongoing operational challenges in the short term, including geological complexities, mining efficiency issues, and increased compliance costs, and will implement comprehensive measures such as expanding production, quality management, cost control, negotiating repayment plans, and considering fundraising; recovery depends on production restoration, liquidity resolution, and market diversification, with the company also exploring new energy business projects to diversify revenue streams - China's coal industry faces structural constraints and strict regulations, with moderate coal supply growth and persistent structural demand weakness expected in the second half, leading to narrow fluctuations in coal prices[77](index=77&type=chunk) - The Group anticipates ongoing operational challenges in the short term, including geological complexities, mining efficiency issues, and increased compliance costs, putting pressure on profitability[78](index=78&type=chunk) - The Group will implement comprehensive measures, including expanding production, managing coal quality, enhancing intelligent mining, strictly controlling costs, negotiating favorable loan repayment plans, and considering fundraising activities and disposal plans[78](index=78&type=chunk) - The Group's recovery depends on restoring production, addressing liquidity issues, resolving operational inefficiencies, and diversifying into high-quality coal markets to mitigate cyclical risks[78](index=78&type=chunk) - The company will explore new energy business projects, leveraging major shareholder resources, to diversify revenue streams and align with national sustainable development goals[78](index=78&type=chunk) [Other Information](index=30&type=section&id=Other%20Information) This section covers information regarding the purchase, sale or redemption of the company's listed securities, corporate governance practices, the model code for securities transactions by directors, the audit committee, publication of the interim report, acknowledgements, and the composition of the Board of Directors [Purchase, Sale or Redemption of the Company's Listed Securities](index=30&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period[79](index=79&type=chunk) [Corporate Governance Practices](index=30&type=section&id=Corporate%20Governance%20Practices) The company has complied with the code provisions of the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited during the reporting period - The company has complied with the code provisions of the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited during the reporting period[80](index=80&type=chunk) [Model Code for Securities Transactions by Directors](index=30&type=section&id=Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Model Code set out in Appendix C3 of the Listing Rules as its code of conduct for directors' securities transactions and confirms that all directors have complied with it throughout the reporting period - The company has adopted the Model Code set out in Appendix C3 of the Listing Rules as its code of conduct for directors' securities transactions and confirms that all directors have complied with it throughout the reporting period[81](index=81&type=chunk) [Audit Committee](index=31&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, is responsible for reviewing and monitoring the Group's financial reporting process, risk management, and internal controls, and has reviewed the Group's interim condensed consolidated financial information for the reporting period - The Audit Committee comprises three independent non-executive directors (Mr Chen Qian, Ms Liang Ying, and Mr Wang Xiufeng) and is responsible for reviewing and monitoring the Group's financial reporting process, risk management, and internal controls[82](index=82&type=chunk) - The Audit Committee has reviewed the Group's interim condensed consolidated financial information for the reporting period[82](index=82&type=chunk) [Publication of Interim Report](index=31&type=section&id=Publication%20of%20Interim%20Report) The company's interim report, containing all relevant information, will be dispatched to shareholders and published on the HKEXnews website and the company's website in due course - The company's interim report, containing all relevant information, will be dispatched to shareholders and published on the HKEXnews website (www.hkexnews.hk) and the company's website (www.fsanthracite.com) in due course[83](index=83&type=chunk) [Acknowledgements](index=31&type=section&id=Acknowledgements) The Board expresses its gratitude to all employees and the management team for their efforts and dedication during the reporting period, and extends sincere thanks to all shareholders for their continued support - The Board expresses its gratitude to all employees and the management team for their efforts and dedication, and extends sincere thanks to all shareholders for their continued support[84](index=84&type=chunk) [Board of Directors](index=31&type=section&id=Board%20of%20Directors) As of the date of this announcement, the Board of Directors comprises executive directors Mr Wang Xinhua, Mr He Jianhu, Mr Tan Zhuohao, and Mr Huang Huaan, and independent non-executive directors Mr Chen Qian, Ms Liang Ying, and Mr Wang Xiufeng - As of the date of this announcement, the executive directors are Mr Wang Xinhua, Mr He Jianhu, Mr Tan Zhuohao, and Mr Huang Huaan; the independent non-executive directors are Mr Chen Qian, Ms Liang Ying, and Mr Wang Xiufeng[85](index=85&type=chunk)

Group 1 - The company, Feishang Anthracite (01738.HK), has announced a board meeting scheduled for August 29, 2025, to consider and approve the publication of its interim results for the six months ending June 30, 2025 [1] - The board will also consider the distribution of an interim dividend, if applicable [1]

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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 董事會會議召開日期 飛尚無煙煤資源有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會 （「董事會」）茲通告謹定於二零二五年八月二十九日（星期五）舉行董事會會議，藉 以（其中包括）考慮及通過刊發本集團截至二零二五年六月三十日止六個月之中期 業績公告，並考慮派發中期股息（如有）。 承董事會命 飛尚無煙煤資源有限公司 賀建虎 執行董事 香港，二零二五年八月十九日 Feishang Anthracite Resources Limited 飛尚無煙煤資源有限公司 （於英屬維爾京群島註冊成立的有限公司） （股份代號：1738) 於本公告日期，本公司的執行董事為王信華先生、賀建虎先生、譚卓豪先生及黃 華安先生；及獨立非執行董事為陳謙先生、梁穎女士及王秀峰先生。 ...

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7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: 飛尚無煙煤資源有限公司（於英屬維爾京群島註冊成立的有限公司) 呈交日期: 2025年8月1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) | 01738 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 100,000,000,000 | HKD | | 0.001 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | 100,000,000,000 | HKD | | 0.001 | HKD | | 100, ...