Core Viewpoint - The coal stocks in Hong Kong are experiencing significant activity, with notable price increases for companies like Jinma Energy and China Shenhua, driven by rising futures prices for coking coal and coke [1] Group 1: Market Activity - On January 8, coal stocks in Hong Kong were active, with Jinma Energy rising nearly 8% and China Shenhua increasing over 2%, marking a three-day upward trend [1] - Other companies such as South Gobi, Yancoal Australia, and Yanzhou Coal also saw price increases [1] Group 2: Price Trends and Market Analysis - Multiple contracts for coking coal and coke futures hit the daily limit up, indicating strong market demand [1] - Domestic coking enterprises have held market analysis meetings to stabilize prices and have ceased shipments in response to further price reductions [1] Group 3: Future Outlook - Analysts predict that coal stocks will face downward pressure due to falling coal prices starting in 2025, but the pessimistic outlook has significantly eased following the release of Document No. 108 [1] - The trend of reducing competition remains unchanged, with expectations for improved performance in Q4; if prices remain high, there is potential for earnings recovery in 2026 [1] - The decline in stock prices has enhanced dividend value, suggesting opportunities for low-cost acquisitions [1]

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) | 01878 | 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 | | | | 296,704,666 | | 0 | | 296,704,666 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 296,704,666 | | 0 | | 296,704,666 | 第 2 頁 共 10 頁 v 1.1.1 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12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: ...

Group 1 - The coal sector in Hong Kong experienced a rally, with notable increases in stock prices for companies such as Yida Zong (up 2.20%), Yanzhou Coal (up 1.11%), and Mongolia Energy (up 1.28%) [1][2] - The National Development and Reform Commission, along with five other departments, released the "Key Areas for Clean and Efficient Utilization of Coal Benchmark Levels and Baseline Levels (2025 Edition)" [1] - According to Cinda Securities, the coal sector is characterized by "anti-involution" properties and has not fully reflected profit recovery expectations, indicating a strategic investment opportunity in high-quality coal companies [1] Group 2 - The coal sector is supported by high dividend safety margins and potential for price increases and valuation recovery, suggesting medium to long-term investment opportunities [1] - Open Source Securities believes that the "anti-involution" trend is reshaping the core value of coal, balancing both cyclical and dividend advantages [1]

消息上，国家发展改革委、工业和信息化部、生态环境部等六部门日前发布《煤炭清洁高效利用重点领 域标杆水平和基准水平（2025年版）》。信达证券认为，在市场流动性充裕、风险溢价上修的环境下， 煤炭板块具备"反内卷"属性且属于尚未充分反映盈利修复预期的板块，即优质煤炭企业向下调整有高股 息安全边际支撑，向上弹性有后续煤价上涨和估值修复催化，板块仍具有中长期战略性的投资机遇。开 源证券则认为，"反内卷"重塑煤炭核心价值，周期与红利攻守兼备。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 01733 | 易大宗 | 0.930 | 2.20% | | 00276 | 蒙古能源 | 0.790 | 1.28% | | 01171 | 究矿能源 | 9.980 | 1.11% | | 00975 | MONGOL MIN | 10.650 | 1.04% | | 00639 | 首钢资源 | 2.910 | 1.04% | | 01088 | 中国神华 | 38.820 | 0.94% | | 02798 | 久泰邦达能源 | 1.160 | 0.87% | | ...

Core Viewpoint - The company, South Gobi Resources (01878), has reached a settlement regarding a class action lawsuit related to the restatement of financial statements, which has been approved by the Ontario Superior Court [1][2][3] Group 1: Lawsuit Background - The class action lawsuit was initiated in January 2014 by Siskinds LLP against the company, several former executives, and its former auditor concerning the restatement of financial statements [1] - The Ontario Superior Court allowed the lawsuit to proceed against the company while dismissing claims against former executives and directors [2] - The company appealed to the Supreme Court of Canada, which rejected the appeal in June 2018, leading to the continuation of the class action solely against the company [2] Group 2: Settlement Details - A settlement agreement has been reached for a total of CAD 6.8 million, covering all liabilities, legal fees, and related expenses, which will be paid by the company's insurance [3] - The final approval of the settlement is pending a 30-day appeal period, which will end on January 2, 2026 [3] - The settlement is deemed economically beneficial for both parties, as continuing litigation costs could exceed the agreed settlement amount [3]

Core Viewpoint - The Ontario Superior Court has approved a settlement related to a class action lawsuit against the company concerning the restatement of certain financial statements [1] Group 1: Lawsuit Details - The class action lawsuit was initiated by Siskinds LLP in January 2014 against the company, several former senior officers, directors, and the former auditor [1] - The Ontario Superior Court ruled on November 5, 2015, to dismiss the claims against former senior officers and directors, allowing the lawsuit against the company regarding misstatements affecting the trading of its securities to proceed [1] - The lawsuit against the former auditor was settled prior to the motion for permission being filed [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（「香港聯交所」）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，並明確表示概不會就因本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 SOUTHGOBI RESOURCES LTD. 南戈壁資源有限公司* （香港股份代號：1878） （根據加拿大英屬哥倫比亞法例存續的有限公司） （多倫多證券交易所創業板股份代號：SGQ） 集體訴訟和解 本公告乃由南戈壁資源有限公司（「本公司」）遵照香港聯交所證券上市規則第13.09(2)條及證 券及期貨條例（香港法例第571章）第XIVA部內幕消息條文而作出。茲提述本公司日期為2014 年1月8日、2015年11月9日、2016年5月31日、2017年9月22日及2025年8月13日有關加拿大集 體訴訟的公告（「該等公告」）。 本公司宣佈，根據2025年12月3日安大略省高等法院（「安大略省法院」）法官Morgan出具的判 決（「判決」），此前披露針對本公司提出之集體訴訟（「集體訴訟」）的和解已獲安大略省法院 批准。該集體訴訟與本公司就先前於其公開文件中披露的重列若干財務報表（「重列 ...

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11月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 南戈壁資源有限公司 | | | 呈交日期: | 2025年12月3日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.1.1 減少庫存股份: 普通股 (AA2) 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) | 01878 | 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 | | | | 296,704,666 | | 0 | | 296,704, ...

Core Viewpoint - The company reported a significant decline in financial performance for the first nine months of 2025 compared to the same period in 2024, primarily due to lower average selling prices and changes in product mix, despite an increase in sales volume [1][2] Financial Performance - Revenue for the first nine months of 2025 was $427 million, compared to $318.7 million in the same period of 2024, indicating a year-over-year increase [1] - The company recorded an operating loss of $28.9 million in the first nine months of 2025, a stark contrast to an operating profit of $74.9 million in the first nine months of 2024 [1] - The average selling price per ton decreased to $49.0 in the third quarter of 2025 from $67.8 in the third quarter of 2024, reflecting the impact of a declining coal market in China [2] Sales and Product Strategy - The company sold 3 million tons in the third quarter of 2025, up from 2.1 million tons in the third quarter of 2024, demonstrating an increase in sales volume [2] - To address market demand, the company is expanding its coal product categories, including blended coal, washed coal, and dry processed coal [1] - The company successfully processed F-grade coal products, improving quality to meet Chinese import standards, and began exporting this product to China starting in the first quarter of 2024 [1]

Core Points - The company reported a revenue of approximately $427 million for the first three quarters of 2025, representing a year-on-year increase of 33.95% [1] - The company experienced a net loss attributable to equity holders of approximately $56.05 million, marking a shift from profit to loss compared to the previous year [1] - The loss per share was reported at $0.189 [1] Revenue Growth Factors - Revenue growth was driven by the expansion of the sales network, diversification of the customer base, and an increase in the coal product category within the product mix [1] Operating Performance - The company incurred an operating loss of $28.9 million in the first nine months of 2025, compared to an operating profit of $74.9 million in the same period of 2024 [1] - Financial performance was negatively impacted by a decline in average realized prices and changes in the product mix [1] Sales and Pricing - The company sold 8.1 million tons in the first nine months of 2025, up from 4.4 million tons in the same period of 2024 [1] - The average realized price per ton was $53.0 in the first nine months of 2025, down from $73.3 in the same period of 2024 [1] - The decline in prices was primarily due to the downturn in the Chinese coal market since 2024, leading the company to adjust its product mix to sell a higher proportion of lower-priced coal products [1]