獨立非執行董事 陳謙先生 梁穎女士 王秀峰先生 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） 董事名單與彼等角色和職能 飛尚無煙煤資源有限公司董事會（「董事會」）成員載列如下： 執行董事 李宗洋先生 （主席） 賀建虎先生 譚卓豪先生 黃華安先生 董事會設立四個委員會。下表提供各董事會成員於該等委員會中所擔任的職位： | 董事委員會 | 審核 | 環境、社會 及管治(ESG) | 薪酬 | 提名 | | --- | --- | --- | --- | --- | | 董事 | 委員會 | 委員會 | 委員會 | 委員會 | | 李宗洋先生 | | C | M | | | 賀建虎先生 | | | | | | 譚卓豪先生 | | | | C | | 黃華安先生 | | | C | | | 陳謙先生 | C | | M | M | | 梁穎女士 | M | | M | M | | 王秀峰先生 | M | M | M | M | 附註： C 有關委員會的主席 M 有關委員會的成員 香港，二零二五年十月二 ...

Core Viewpoint - Feishang Anthracite (01738) announced the resignation of Mr. Wang Xinhua as Executive Director and Chairman of the Board, effective October 27, 2025, due to other business commitments and personal matters [1] Group 1 - Mr. Li Zongyang has been appointed as Executive Director and Chairman of the Board, effective October 27, 2025 [1] - Following Mr. Wang's resignation, he will no longer serve as Chairman of the Board's ESG Committee and a member of the Remuneration Committee [1] - Mr. Li will also take on the roles of Chairman of the Board's ESG Committee and a member of the Remuneration Committee, effective October 27, 2025 [1]

格隆汇10月27日丨飞尚无烟煤(01738.HK)宣布，王信华由于其他业务需要及个人事务已辞任执行董事及 董事会主席，于2025年10月27日起生效。董事会同时宣布，李宗洋获委任为执行董事及董事会主席，自 2025年10月27日起生效。 ...

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佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈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的有限公司） （股份代碼：1738） (1) 執行董事及董事會主席辭任； (2) 委任執行董事及董事會主席；及 王先生已確認其與董事會並無任何意見分歧，且概無其他有關其辭任董事的 事宜須提呈本公司股東垂注。 董事會謹此衷心感謝王先生於其任職期間為本公司作出的寶貴貢獻。 (2) 委任執行董事及董事會主席 董事會同時宣佈，李宗洋先生（「李先生」）獲委任為執行董事及董事會主席， 自二零二五年十月二十七日起生效。 1 李先生之履歷詳情載列如下： 李宗洋先生 李宗洋先生，28歲，於煤炭行業擁有約六年投資經驗。李先生為本公司股 東，通過深圳市飛尚產業投資控股有限公司（「深圳飛尚產業投資」）間接持有 本公司9.63%之股份。彼自二零一八年九月起擔任深圳飛尚產業投資法定代 表人、董事及總經理，自 ...

FF301 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10月3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 | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,000 股份發行人及 ...

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通告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本通告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 Feishang Anthracite Resources Limited 為方便參考，本集團截至二零二五年九月三十日已採取及擬採取之行動列於以下 標題下。 財務支持 資金籌集 鑒於現行市況，本集團已評估各類籌資活動方案，並就此與潛在投資者進行了初 步磋商，惟尚未達成實質性承諾或安排。 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） 更新公告 本公告乃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」）發 佈，旨在向本公司股東（「股東」）及潛在投資者更新本集團截至二零二五年九月三 十日已採取及擬採取之行動，以解決本公司核數師就本公司截至二零二四年十二 月三十一日止年度之財務報表所發表的與持續經營基準有關的無法表示意見表述 （「無法表示意見」）。 無法表示意見摘錄載於二零二五年四月二十四日發佈之截至二零二四年十二月三 十一日止財政年度之本公司年報第14 ...

Feishang Anthracite Resources Limited 飛尚無煙煤資源有限公司 (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 股份代號：1738) 19 September 2025 Dear Non-Registered Shareholders (Note 1), Feishang Anthracite Resources Limited (the "Company") Notice of publication of 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at www.fsanthracite.com and th ...

(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。 ...