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]

公司于2025年首九个月取得经营业务亏损2,890万美元，而2024年首九个月为经营业务溢利7,490万美 元。财务业绩受平均实现售价下降及产品组合改变的负面影响，原因为公司于2025年第二季度销售更多 生产成本较高的加工煤，及取得煤炭库存减值亏损1,230万美元。 南戈壁(01878)公布2025年前三季度业绩，收入约4.27亿美元，同比增长33.95%;公司权益持有人应占净 亏损约5605.4万美元，同比盈转亏;每股亏损0.189美元。 公告称，收入增长受到销售网络扩大、客户基础多样化及产品组合中的煤炭产品类别扩大令销量增加的 影响。 公司于2025年首九个月销量为810万吨，而2024年首九个月则为440万吨。公司于2025年首九个月取得平 均实现售价每吨53.0美元，而2024年首九个月为每吨73.3美元。该下降主要是由于公司自2024年起受到 中国煤炭市场下行的影响，导致公司改变其产品组合，以销售更大比例的较低价煤炭产品。 ...

Sales Performance - SouthGobi Resources Ltd. reported a sales volume of 3 million tons in Q3 2025, up from 2.1 million tons in Q3 2024, reflecting a significant increase in coal exports to China [6]. - In Q3 2025, the company recorded coal sales of 3.04 million tons, an increase from 2.11 million tons in Q3 2024, representing a 43.9% year-over-year growth [20]. - For the first nine months of 2025, total sales volume reached 8.06 million tons, compared to 4.36 million tons in the same period of 2024, marking an 84.5% increase [24]. Pricing and Revenue - The average realized price per ton in Q3 2025 was $49.0, down from $67.8 in Q3 2024, primarily due to a shift in product mix towards lower-priced coal products [6]. - The average realized price per ton in Q3 2025 was $48.99, down from $67.77 in Q3 2024, indicating a decrease of 28% due to a shift in product mix towards lower-priced coal [20]. - Revenue for Q3 2025 was $148.8 million, slightly up from $143.7 million in Q3 2024, reflecting growth from expanded sales networks and diversified customer base [26]. - Revenue for the first nine months of 2025 was $427 million, an increase from $318.7 million in the first nine months of 2024, driven by an expanded sales network and diversified customer base [33]. Operating Profit and Costs - The company recorded an operating profit of $1.1 million in Q3 2025, a substantial decrease from $27.7 million in Q3 2024, impacted by lower average realized prices and changes in product mix [7]. - The company's unit sales cost in Q3 2025 was $47.2 per ton, a decrease from $52.8 per ton in Q3 2024, primarily due to changes in product mix [22]. - Operating expenses for Q3 2025 were $122.688 million, up from $90.046 million in Q3 2024, attributed to expansion into higher-cost coal processing categories and increased transportation costs [29]. - The company reported a net loss from operations of $28.9 million for the first nine months of 2025, compared to a profit of $74.9 million in the same period of 2024, impacted by lower average selling prices and changes in product mix [33]. Tax and Legal Issues - Following a tax audit, the Mongolian tax authority initially imposed a fine of approximately $75 million, which was later reduced to about $26.5 million after appeals and re-evaluations [12]. - SGS received a court order on March 7, 2025, regarding a lawsuit initiated by Mongolian tax officials, attempting to challenge a tax penalty reduction from approximately $80 million to about $26.5 million [14]. - On April 25, 2025, the court dismissed the tax officials' lawsuit, which was subsequently upheld by the appellate court on May 27, 2025, making the ruling final [15]. - The company has recorded $45.5 million in additional tax liabilities and penalties, including $26.5 million in payable tax penalties and $19 million in additional tax late fees [48]. Financial Position and Liquidity - As of September 30, 2025, SGS reported an asset deficit of $116.2 million, compared to a deficit of $49.8 million on December 31, 2024 [49]. - SGS's working capital deficit reached $282.6 million as of September 30, 2025, up from $228.1 million on December 31, 2024 [49]. - The company faces significant uncertainty regarding its ability to continue as a going concern, with potential legal actions or bankruptcy proceedings if trade payables are not settled [50]. - The company expects to have sufficient liquidity and capital resources to meet its ongoing obligations, including a tax penalty of $26.5 million and an additional late payment penalty of $19 million [98]. Operational Developments - SouthGobi has expanded its mining operations since 2024, employing various coal processing methods to enhance coal quality and output, thereby increasing export volumes [6]. - The company plans to continue expanding its product portfolio to meet market demand for various coal products, including mixed coal and processed coal [6]. - The company aims to enhance operational efficiency and output at the Ovoot Tolgoi coal washing facilities [98]. - The company is focused on improving the value of its products through coal selection and washing processes [98]. Strategic Initiatives - The Mongolian government has designated the company's mining licenses as strategically significant, which may affect ownership negotiations and operational strategies moving forward [8]. - The company is currently involved in discussions with the Mongolian government regarding ownership interests in its strategically significant mining licenses [8]. - The company aims to maximize shareholder value by leveraging its competitive advantages, including cash cost metrics that exclude non-cash expenses [85]. - The company plans to expand mining operations and coal processing capabilities in 2025 to capture market opportunities [83]. Market Outlook - The evolving geopolitical landscape is expected to reshape the international coal market, with potential shifts in import sources for China due to rising prices and trade uncertainties [81]. - The company remains cautiously optimistic about the Chinese coal market, anticipating that coal will continue to be a primary energy source despite stricter supply and import limitations [82]. - The company anticipates future coal demand in China and trends in the coal industry [98].

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10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: 南戈壁資源有限公司 呈交日期: 2025年11月6日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 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 | | 29 ...