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。 ...

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，並明確表示概不會就因本公佈全部或任何 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） 南戈壁公佈2025年第3季度未經審核財務及經營業績 南戈壁資源有限公司（「本公司」或「南戈壁」）今日公佈其截至2025年9月30日止三個月及九 個月的未經審核財務及經營業績。 詳情請參見隨附公告。隨附的公告內所載的資料可到SEDAR+網站www.sedarplus.ca及披露 易網站www.hkexnews.hk的本公司資料查閱。 承董事會命 南戈壁資源有限公司 首席董事 赫英斌 溫哥華，2025年11月14日 香港，2025年11月14日 於本公告日期，本公司執行董事為徐瑞彬先生、朱重臨女士及申晨先生；本公司獨立非執行董 事為赫英斌先生、權錦蘭女士及蔡奮強先生；本公司非執行董事為高柱先生及溫在祥先 ...

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 ...

Core Viewpoint - The board of directors of SouthGobi Resources (01878.HK) will approve the financial results for the three months and nine months ending September 30, 2025, on November 14, 2025 [1] Financial Performance Announcement - The financial results will be announced on November 14, 2025 [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，並明確表示概不會就因本公佈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* 溫哥華，2025年11月4日 香港，2025年11月4日 於本公告日期，本公司執行董事為徐瑞彬先生、朱重臨女士及申晨先生 ; 本公司獨立非執行董 事為赫英斌先生、權錦蘭女士及蔡奮強先生；本公司非執行董事為高柱先生及溫在祥先生。 南戈壁資源有限公司（「本公司」）宣佈本公司之董事會將於 2025 年 11 月 14 日（星期五） 批准本公司及其附屬公司截至 2025 年 9 月 30日止三個月及九個月之財務業績。該等業績將於 2025 年 11 月 14 日（星期五）公佈。 承董事會命 南戈壁資源有限公司 首席董事 赫英斌 （根據加拿大英屬哥倫比亞法例存續的有限公司） （香港股份代號︰1878） （多倫多證券交易所創業板股份代號︰SGQ） 董事會會議召開日期 * 僅供識別 1 ...

Core Viewpoint - The Hong Kong coal sector has seen a collective rise in stock prices, driven by increased demand for thermal coal due to a significant drop in temperatures in northern regions, indicating a boost in downstream coal inventory replenishment needs [1] Group 1: Market Performance - China Coal Energy (中煤能源) rose over 6% to a price of 10.980 [1] - China Qinfa (中国秦发) increased nearly 5% to a price of 3.130 [1] - Yanzhou Coal Mining (兖矿能源) saw a rise of over 3% to a price of 11.350 [1] - China Shenhua (中国神华) increased by over 2% to a price of 40.700 [1] - Other companies like Power Development (力量发展) and Yancoal Australia (兖煤澳大利亚) also experienced gains, with increases of over 1% [1] Group 2: Industry Insights - The National Bureau of Statistics reported that the cumulative national raw coal production from January to August 2025 reached 3.165 billion tons, reflecting a year-on-year increase of 2.8% [1] - Due to stricter safety regulations and capacity checks, it is expected that coal production will not see a large-scale release in the fourth quarter [1] - Prices for thermal coal and coking coal have rebounded quarter-on-quarter in Q3 2025, indicating a positive outlook for coal companies' performance in the fourth quarter [1]

Core Viewpoint - The coal stocks in Hong Kong have generally risen, driven by a recovery in Mongolian coal imports and a supportive supply-demand balance for coking coal, as highlighted by recent research reports from securities firms [1]. Group 1: Market Performance - Yanzhou Coal Mining Company (兖矿能源) increased by 4% to a price of 10.970 [1] - South Gobi Resources (南戈壁) rose by 2.5% to 2.450 [1] - Green Leader Holdings (绿领控股) saw a 2.5% increase, reaching 0.083 [1] - Yancoal Australia (兖煤澳大利亚) gained over 2%, with a price of 27.800 [1] - Shougang Resources (首钢资源) increased by 2.11% to 2.910 [1] - China Coal Energy (中煤能源) rose by 1.7% to 10.160 [1] - China Shenhua Energy (中国神华) saw an increase of over 1% to 39.980 [1] Group 2: Industry Insights - Zheshang Securities reported that the third quarter saw a rebound in Mongolian coal imports, with supply chain trade profits also recovering due to price rebounds [1] - The domestic environment of "anti-involution" is maintaining high iron and steel production levels, which, along with ongoing efforts to curb overproduction in the coal industry, is expected to support coking coal prices [1] - Zhongtai Securities noted that despite short-term pressures from poor mid-year performance and the impact of technology sector trends, new investment opportunities in the coal sector are emerging, suggesting active positioning to capitalize on coal investment opportunities [1]