Group 1 - The core viewpoint of the article highlights that Jiutai Bonda Energy (02798) reported a significant decline in its financial performance for the six months ending June 30, 2025, with revenues of 591.5 million RMB, representing a year-on-year decrease of 31.9% [1] - The net profit for the period was 2.95 million RMB, which reflects a drastic year-on-year decline of 98.9% [1] - The basic earnings per share were reported at 0.18 cents, indicating a substantial drop in profitability [1] Group 2 - The primary reason for the decrease in net profit is attributed to a significant drop in the average selling price of coal, which led to a reduction in gross profit [1]

Core Viewpoint - Jiutai Bonda Energy (02798.HK) reported a significant decline in its interim performance for the six months ending June 30, 2025, with revenues of approximately RMB 590 million, representing a year-on-year decrease of about 31.9% [1] Financial Performance - The total profit and comprehensive income for the period was approximately RMB 3 million, a year-on-year decrease of about 98.9% [1] - Basic earnings per share were approximately RMB 0.18, compared to RMB 16.1 for the six months ending June 30, 2024 [1] - The board of directors decided not to declare an interim dividend for the period ending June 30, 2025, consistent with the previous period [1] Revenue Drivers - The significant reduction in net profit was primarily attributed to a substantial decline in the average selling price of coal, which led to a decrease in gross profit [1]

董事名單及其角色及職能 久 泰 邦 達 能 源 控 股 有 限 公 司 董 事 會（「董事會」）成 員 載 列 如 下： 執行董事 Perennial Energy Holdings Limited 久泰邦達能源控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2798） 余邦平先生 （主 席） 余支龍先生 （行 政 總 裁） 李學忠先生 （首 席 營 運 官） 劉啟銘先生 （首 席 財 務 官） 余瀟先生 獨立非執行董事 方偉豪先生 （首 席 獨 立 非 執 行 董 事） Punnya Niraan De Silva先 生 司澤毓先生 游樹珊女士 董 事 會 設 立 以 下 三 個 委 員 會。下 表 提 供 各 董 事 會 成 員 在 該 等 委 員 會 中 所 擔 任 的 職 位。 | 董事委員會 | 審核委員會 | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | | 董 事 | | | | | 余邦平先生 | – | – | C | | 余支龍先生 | – | – | – | | 李學忠先生 | – | – | – | | 劉啟銘先生 | – | M | ...

[Corporate Information](index=2&type=section&id=Corporate%20Information) This section provides an overview of the company's board, auditors, legal advisers, registered office, and financial institutions [Board of Directors](index=3&type=section&id=BOARD%20OF%20DIRECTORS) This section lists the company's executive and independent non-executive directors, and committee members - The board members include executive directors Mr. Yu Bangping (Chairman), Mr. Yu Zhilong (CEO), Mr. Li Xuezhong (COO), Mr. Liu Qiming (CFO), and Mr. Yu Xiao, as well as independent non-executive directors such as Mr. Fang Weihao[6](index=6&type=chunk)[7](index=7&type=chunk) [Auditor and Legal Advisers](index=4&type=section&id=AUDITOR%20AND%20LEGAL%20ADVISERS) This section identifies the company's auditor and legal advisers across Hong Kong, mainland China, and the Cayman Islands - The auditor is Deloitte Touche Tohmatsu CPA LLP[9](index=9&type=chunk) - Legal advisers include Loeb & Loeb LLP (Hong Kong law), Commerce & Finance Law Offices (PRC law), and Maples and Calder (Hong Kong) LLP (Cayman Islands law)[9](index=9&type=chunk)[10](index=10&type=chunk) [Registered Office and Principal Place of Business](index=4&type=section&id=REGISTERED%20OFFICE%20AND%20PRINCIPAL%20PLACE%20OF%20BUSINESS) This section specifies the company's registered office in the Cayman Islands and main operational locations in China and Hong Kong - The registered office is located in the Cayman Islands[10](index=10&type=chunk) - The China headquarters is in Hongguo Economic Development Zone, Liupanshui City, Guizhou Province, and the Hong Kong office is on Lai Chi Kok Road, Kowloon[11](index=11&type=chunk)[12](index=12&type=chunk) [Share Registrar and Principal Bankers](index=5&type=section&id=SHARE%20REGISTRAR%20AND%20PRINCIPAL%20BANKERS) This section details the company's share registrars, principal bankers, and stock exchange listing information - The principal share registrar in the Cayman Islands is Maples Fund Services (Cayman) Limited, and the Hong Kong branch share registrar is Tricor Investor Services Limited[11](index=11&type=chunk)[13](index=13&type=chunk) - Principal bankers include Bank of China Limited, Bank of Guiyang Co., Ltd., and Bank of Communications Co., Ltd. Hong Kong Branch[13](index=13&type=chunk) - The company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited, with stock code 2798[13](index=13&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the industry, business operations, financial performance, and future outlook of the company [Industry Review](index=6&type=section&id=INDUSTRY%20REVIEW) China's H1 2025 saw steady economic growth, but the coal industry experienced sharp price declines due to oversupply and weak demand, with Liupanshui's recovery lagging - In the first half of 2025, China's GDP grew by **5.3% year-on-year**, maintaining a stable macroeconomic environment[15](index=15&type=chunk)[19](index=19&type=chunk) - The national coal industry faced pressures from oversupply, weak steel demand, and shrinking order volumes, leading to sharp declines in thermal and coking coal prices[16](index=16&type=chunk)[19](index=19&type=chunk) - As of the end of May 2025, coking coal spot prices on the Dalian Exchange hovered around **RMB 765 per tonne**, a new low since 2016[16](index=16&type=chunk) - Coal prices in Guizhou Province remained under significant pressure, with pricing conditions in Liupanshui City not showing the same recovery pattern as other regional markets[17](index=17&type=chunk)[18](index=18&type=chunk)[20](index=20&type=chunk) [Business Review](index=7&type=section&id=BUSINESS%20REVIEW) The company operates three underground coal mines in Guizhou, with resource and reserve data disclosed; total production grew, but utilization slightly decreased due to increased capacity and complex geology - The Group primarily owns and operates three underground coal mines in Panzhou City, Guizhou Province: Hongguo Coal Mine, Baogushan Coal Mine, and Xiejiahegou Coal Mine[21](index=21&type=chunk)[22](index=22&type=chunk) As of June 30, 2025, Coal Mine Resources and Reserves Data (thousand tonnes) | Coal Mine Name | Proved Resources | Measured Resources | Inferred Resources | Proved Reserves | Probable Reserves | | :--- | :--- | :--- | :--- | :--- | :--- | | Hongguo Coal Mine | 14,891 | 7,780 | 13,225 | 11,083 | 5,910 | | Baogushan Coal Mine | 7,986 | 24,700 | 7,000 | 5,839 | 18,790 | | Xiejiahegou Coal Mine | – | 14,340 | 10,360 | – | 8,460 | Six Months Ended June 30, 2025, Coal Mine Production Data | Coal Mine Name | Licensed Annual Capacity (tonnes) | Actual Production (tonnes) | Utilization Rate (%) | 2024 Actual Production (tonnes) | 2024 Utilization Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Hongguo Coal Mine | 1,200,000 | 348,315 | 29.0 | 252,240 | 42.0 | | Baogushan Coal Mine | 1,200,000 | 329,788 | 27.5 | 347,090 | 28.9 | | Xiejiahegou Coal Mine | 450,000 | 256,946 | 57.1 | 176,598 | 39.2 | | **Total** | **2,850,000** | **935,049** | **32.8** | **775,928** | **34.5** |[30](index=30&type=chunk) - The Group's total coal production recorded a year-on-year increase during the review period; however, overall utilization slightly decreased after the increase in approved annual production capacity[31](index=31&type=chunk)[32](index=32&type=chunk) - The decrease in overall utilization was primarily due to complex geological conditions in the underground working faces of Hongguo Coal Mine and Baogushan Coal Mine, leading to operational delays[34](index=34&type=chunk)[37](index=37&type=chunk) [Coal Processing](index=10&type=section&id=Coal%20Processing) Company operates Songshan and Xiejiahegou coal washing plants, with a total processing capacity of 4.2 million tonnes annually, processing 936,614 tonnes this period - The Group operates its own coal washing plants, Songshan Coal Washing Plant and Xiejiahegou Coal Washing Plant, with Songshan having an annual washing capacity of **2.4 million tonnes** and Xiejiahegou having an annual washing capacity of **1.8 million tonnes**[35](index=35&type=chunk)[38](index=38&type=chunk) - During the review period, the total processed volume was **936,614 tonnes** of coal[36](index=36&type=chunk)[38](index=38&type=chunk) [Sales Volume and Average Selling Price](index=11&type=section&id=Sales%20Volume%20and%20Average%20Selling%20Price) H1 2025 saw sharp coal price declines, significantly reducing average selling prices, with clean coal down 39.6%; clean and slack coal sales increased, while middlings and coalbed methane sales decreased - During the review period, sharp declines in coal market prices led to a significant drop in the Group's average selling prices for coal products[40](index=40&type=chunk)[42](index=42&type=chunk) Six Months Ended June 30, 2025, Coal Product Sales Volume and Average Selling Price | Product | Unit | 2025 Sales Volume | 2025 Average Selling Price (RMB/Unit) | 2024 Sales Volume | 2024 Average Selling Price (RMB/Unit) | | :--- | :--- | :--- | :--- | :--- | :--- | | Clean Coal | tonnes | 429,979 | 1,202 | 397,635 | 1,990 | | Middlings | tonnes | 145,280 | 370 | 160,397 | 394 | | Slack Coal | tonnes | 177,173 | 114 | 96,555 | 122 | | Coalbed Methane | thousand cubic meters | 4,249 | 172 | 11,880 | 181 |[40](index=40&type=chunk) - The Group's average selling price for clean coal decreased by approximately **39.6% year-on-year** to approximately **RMB 1,202 per tonne**[40](index=40&type=chunk)[42](index=42&type=chunk) - Clean coal sales volume increased by approximately **8.1% year-on-year**, slack coal sales volume increased by approximately **83.5% year-on-year**, while middlings sales volume decreased by approximately **9.4% year-on-year**, and coalbed methane sales volume significantly declined[41](index=41&type=chunk)[42](index=42&type=chunk) [Financial Review](index=12&type=section&id=FINANCIAL%20REVIEW) H1 2025 total revenue decreased by 31.9% to RMB 591.5 million, driven by lower clean coal prices; gross profit and net profit significantly declined, with gross margin down 27 percentage points and net profit down 98.9% - During the review period, the Group recorded total revenue of approximately **RMB 591.5 million**, a year-on-year decrease of approximately **31.9%**[4](index=4&type=chunk)[43](index=43&type=chunk)[44](index=44&type=chunk) Six Months Ended June 30, 2025, Revenue Composition | Product | 2025 Revenue (RMB thousand) | 2025 % of Total Revenue | 2024 Revenue (RMB thousand) | 2024 % of Total Revenue | | :--- | :--- | :--- | :--- | :--- | | Clean Coal | 516,921 | 87.4% | 791,147 | 91.1% | | Middlings | 53,690 | 9.1% | 63,136 | 7.3% | | Slack Coal | 20,179 | 3.4% | 11,760 | 1.4% | | Coalbed Methane | 731 | 0.1% | 2,153 | 0.2% | | **Total** | **591,521** | **100.0%** | **868,196** | **100.0%** |[45](index=45&type=chunk) - The decrease in clean coal sales revenue by approximately **34.7%** was the primary reason for the overall decline in total revenue[47](index=47&type=chunk)[50](index=50&type=chunk) - Gross profit decreased by **65.1% year-on-year** to approximately **RMB 167.8 million**, with a gross margin of approximately **28.4%**, a year-on-year decrease of approximately **27 percentage points**[4](index=4&type=chunk)[48](index=48&type=chunk)[51](index=51&type=chunk) - Profit and total comprehensive income for the period was approximately **RMB 3.0 million**, a year-on-year decrease of approximately **98.9%**[4](index=4&type=chunk)[64](index=64&type=chunk)[68](index=68&type=chunk) - Other income decreased by approximately **57.7%** to approximately **RMB 4.6 million**, mainly due to reduced government grants and subsidies[49](index=49&type=chunk)[52](index=52&type=chunk) - Distribution and selling expenses decreased by approximately **14.7% year-on-year** to approximately **RMB 39.5 million**, primarily because certain customers directly bore transportation costs during the review period[55](index=55&type=chunk)[60](index=60&type=chunk) - Administrative expenses increased by approximately **8.0% year-on-year** to approximately **RMB 77.3 million**, mainly due to increased compliance-related costs from rising safety management costs and land expansion compensation[56](index=56&type=chunk)[61](index=61&type=chunk) - Other expenses decreased to approximately **RMB 16.5 million**, primarily due to reduced research and development expenses[57](index=57&type=chunk)[62](index=62&type=chunk) - Finance costs decreased by approximately **11.7%** to approximately **RMB 25.4 million**, mainly due to reduced full-recourse factoring activities during the review period[63](index=63&type=chunk)[67](index=67&type=chunk) [Prospects](index=15&type=section&id=PROSPECTS) H2 2025 outlook: China's economy stable, supporting resource demand; coal prices show rebound signs but sustainability is uncertain; company focuses on quality, cost, and operational efficiency - Looking ahead to the second half of 2025, China's economic momentum is expected to remain stable, benefiting from policy-driven investment and a gradual recovery in consumer sentiment, with continuous rollout of infrastructure projects and a moderate rebound in industrial production expected to support real resource demand[65](index=65&type=chunk)[69](index=69&type=chunk) - Initial signs of coking coal price recovery appeared in June and July, with thermal and coking coal prices rebounding by approximately **RMB 35 per tonne** and **RMB 210 per tonne**, respectively, from their lows[66](index=66&type=chunk)[69](index=69&type=chunk) - Guizhou Province is vigorously developing a coal storage and transportation base, a strategic project that commenced operations in June 2025, with a coal storage capacity of **1 million tonnes** and an annual throughput of **3 million tonnes**[70](index=70&type=chunk)[75](index=75&type=chunk) - The Group will continue to actively respond to changing market conditions by prioritizing product quality enhancement, strict cost control, and optimization of operational efficiency, thereby consolidating its position as a leading supplier of high-quality 1/3 coking coal in Southwest China[71](index=71&type=chunk)[75](index=75&type=chunk) [Liquidity and Financial Information](index=16&type=section&id=LIQUIDITY%20AND%20FINANCIAL%20INFORMATION) As of June 30, 2025, bank balances were RMB 146.9 million, total borrowings RMB 1,147.5 million, and gearing ratio 0.36; the company expects sufficient liquidity with limited FX and reduced credit risks As of June 30, 2025, Liquidity Position | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Bank Balances and Cash | 146.9 | 177.1 | Decrease 17.0% | | Bank and Other Borrowings | 1,147.5 | 1,186.9 | Decrease 3.3% | | Gearing Ratio | 0.36 | 0.38 | Decrease 0.02 |[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk)[78](index=78&type=chunk)[82](index=82&type=chunk) - The Group is exposed to limited foreign exchange risk, primarily related to HKD, and management monitors foreign exchange risk, considering hedging significant exposures when necessary[79](index=79&type=chunk)[83](index=83&type=chunk) - The top three trade receivables accounted for approximately **60%** of the Group's total trade receivables, and management believes the credit concentration risk has been significantly reduced, with low risk for trade and bills receivables[81](index=81&type=chunk)[84](index=84&type=chunk) - As of June 30, 2025, the Group recorded a net current liability of approximately **RMB 440.4 million**, but the directors believe the Group has sufficient working capital to fund its operations and meet financial obligations due in the foreseeable future[86](index=86&type=chunk)[90](index=90&type=chunk) - The Group is exposed to fair value interest rate risk on lease liabilities and bank and other borrowings, and cash flow interest rate risk on restricted bank deposits and bank balances; management will closely monitor and consider hedging[87](index=87&type=chunk)[91](index=91&type=chunk) - As of June 30, 2025, the Group's contracted but not yet incurred capital commitments for the acquisition of property, plant, and equipment were approximately **RMB 96.5 million**[88](index=88&type=chunk)[92](index=92&type=chunk) [Human Resources](index=19&type=section&id=HUMAN%20RESOURCES) As of June 30, 2025, the Group had 3,730 employees, with RMB 40.9 million in staff costs, providing retirement and welfare benefits, and requiring employee training - As of June 30, 2025, the Group had **3,730 employees** (December 31, 2024: 3,699 employees)[94](index=94&type=chunk)[98](index=98&type=chunk) - During the review period, total staff costs were approximately **RMB 40.9 million** (six months ended June 30, 2024: approximately RMB 47.1 million)[94](index=94&type=chunk)[98](index=98&type=chunk) - The Group provides mandatory provident fund defined contributions as retirement benefits for its Hong Kong employees and various welfare schemes as stipulated by applicable laws and regulations in China for its PRC employees[94](index=94&type=chunk)[98](index=98&type=chunk) - All Group employees are required to undergo induction training before commencing work and participate in training relevant to their job nature[95](index=95&type=chunk)[98](index=98&type=chunk) [Material Acquisitions, Disposals and Investment Projects](index=19&type=section&id=MATERIAL%20ACQUISITIONS,%20DISPOSALS%20AND%20INVESTMENT%20PROJECTS) Except as disclosed in Note 10 to the unaudited condensed consolidated financial statements, there were no material acquisitions, disposals, or investment projects during the review period - Except as disclosed in Note 10 to the unaudited condensed consolidated financial statements in this interim report, there were no material acquisitions or disposals and investment projects during the review period[96](index=96&type=chunk)[99](index=99&type=chunk) [Interim Dividend](index=20&type=section&id=INTERIM%20DIVIDEND) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 (six months ended June 30, 2024: nil)[4](index=4&type=chunk)[100](index=100&type=chunk)[104](index=104&type=chunk) [Asset Charges](index=20&type=section&id=ASSET%20CHARGES) As of June 30, 2025, RMB 332.9 million in other borrowings and RMB 794.6 million in bank borrowings were secured by restricted deposits, bills, and mining rights - As of June 30, 2025, other borrowings of approximately **RMB 332.9 million** obtained from factoring bills receivables with full recourse, and bank borrowings of approximately **RMB 794.6 million**, were secured by the Group's pledged restricted bank deposits, bills receivables, and mining rights of Hongguo Coal Mine, Baogushan Coal Mine, and Xiejiahegou Coal Mine, respectively[101](index=101&type=chunk)[105](index=105&type=chunk) [Event After the Reporting Date](index=20&type=section&id=EVENT%20AFTER%20THE%20REPORTING%20DATE) The directors are not aware of any significant events requiring disclosure that occurred after June 30, 2025, and up to the date of this interim report - The directors are not aware of any significant events requiring disclosure that occurred after June 30, 2025, and up to the date of this interim report[102](index=102&type=chunk)[106](index=106&type=chunk) [Changes Since December 31, 2024](index=20&type=section&id=CHANGES%20SINCE%2031%20DECEMBER%202024) Except as disclosed in this interim report, there have been no other significant changes in the Group's development and financial position since December 31, 2024 - Except as disclosed in this interim report, there have been no other significant changes in the Group's development and financial position from the information disclosed in the annual report for the year ended December 31, 2024[103](index=103&type=chunk)[107](index=107&type=chunk) [Other Information](index=21&type=section&id=Other%20Information) This section covers corporate governance, securities trading compliance, share transactions, directors' and substantial shareholders' interests, share options, director changes, and audit review [Corporate Governance Code](index=21&type=section&id=CORPORATE%20GOVERNANCE%20CODE) For the six months ended June 30, 2025, the company complied with all code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules - For the six months ended June 30, 2025, the company complied with all code provisions of the Corporate Governance Code set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[108](index=108&type=chunk)[111](index=111&type=chunk) [Compliance with the Model Code for Securities Transactions](index=21&type=section&id=COMPLIANCE%20WITH%20THE%20MODEL%20CODE%20FOR%20SECURITIES%20TRANSACTIONS) The company confirmed that all directors complied with the Model Code for Securities Transactions for the six months ended June 30, 2025 - Having made specific enquiries of all directors, the company confirmed that the directors complied with the required provisions of the Model Code for the six months ended June 30, 2025[109](index=109&type=chunk)[112](index=112&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=21&type=section&id=PURCHASE,%20SALE%20OR%20REDEMPTION%20OF%20THE%20COMPANY'S%20LISTED%20SECURITIES) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, and the company held no treasury shares - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities (including sales of treasury shares)[110](index=110&type=chunk)[113](index=113&type=chunk) - As of June 30, 2025, the company held no treasury shares[110](index=110&type=chunk)[113](index=113&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=22&type=section&id=DIRECTORS'%20AND%20CHIEF%20EXECUTIVE'S%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES,%20UNDERLYING%20SHARES%20AND%20DEBENTURES) As of June 30, 2025, Chairman Mr. Yu Bangping held a 54.00% long position in company shares via a controlled corporation and a 64.08% interest in Spring Snow Management Limited As of June 30, 2025, Directors' Long Positions in the Company's Shares | Name of Director | Capacity/Nature of Interest | Total Number of Shares Held | Percentage of Interest Held | | :--- | :--- | :--- | :--- | | Mr. Yu Bangping | Interest of controlled corporation | 864,000,000 | 54.00% |[116](index=116&type=chunk) As of June 30, 2025, Directors' Long Positions in Shares of Associated Corporations | Name of Director | Name of Associated Corporation | Capacity/Nature of Interest | Total Number of Shares Held | Approximate Percentage of Interest Held | | :--- | :--- | :--- | :--- | :--- | | Mr. Yu Bangping | Spring Snow Management Limited | Interest of controlled corporation | 6,407,945 | 64.08% |[118](index=118&type=chunk) [Substantial Shareholders' Interests in Shares and Underlying Shares](index=24&type=section&id=SUBSTANTIAL%20SHAREHOLDERS'%20INTERESTS%20IN%20SHARES%20AND%20UNDERLYING%20SHARES) As of June 30, 2025, Spring Snow Management Limited, Lucky Street Limited, and Ms. Qu Liumei (Mr. Yu Bangping's spouse) each held a 54.00% long position in the company's shares As of June 30, 2025, Substantial Shareholders' Long Positions in Shares | Name of Substantial Shareholder | Capacity/Nature of Interest | Total Number of Shares Held | Percentage of Interest Held | | :--- | :--- | :--- | :--- | | Spring Snow Management Limited | Beneficial owner | 864,000,000 | 54.00% | | Lucky Street Limited | Interest of controlled corporation | 864,000,000 | 54.00% | | Ms. Qu Liumei | Interest of spouse | 864,000,000 | 54.00% |[123](index=123&type=chunk) [Share Option Scheme](index=25&type=section&id=SHARE%20OPTION%20SCHEME) The company's 2018 share option scheme, valid for 10 years, had no options granted, exercised, cancelled, lapsed, or outstanding as of June 30, 2025 - The company adopted a share option scheme by an ordinary resolution passed by its shareholders on November 15, 2018, effective for a period of **10 years** from December 12, 2018, aiming to provide incentives or rewards to grantees for their contributions or potential contributions to the company and/or its subsidiaries[125](index=125&type=chunk)[128](index=128&type=chunk) - Under the share option scheme, for the six months ended June 30, 2025, no share options were granted, exercised, cancelled, or lapsed, and there were no outstanding share options as of June 30, 2025[133](index=133&type=chunk)[134](index=134&type=chunk) - As of January 1, 2025, and June 30, 2025, the maximum number of share options that could be granted under the scheme limit was **160,000,000**[133](index=133&type=chunk)[134](index=134&type=chunk) [Changes in Information of the Directors](index=27&type=section&id=CHANGES%20IN%20INFORMATION%20OF%20THE%20DIRECTORS) This section details recent changes in directors' information, including Mr. Fang Weihao's new appointments and the delisting of shares for Reach Energy Berhad where Ms. You Shushan served - Mr. Fang Weihao was appointed as an independent non-executive director of Tian誉置业 (Holdings) Limited, effective April 28, 2025, and designated as the company's Chief Independent Non-executive Director, effective August 25, 2025[136](index=136&type=chunk) - The shares of Reach Energy Berhad, where Ms. You Shushan served as an independent non-executive director, were delisted from the Main Market of Bursa Malaysia Securities Berhad, effective April 29, 2025[136](index=136&type=chunk) [Review of Interim Results by Audit Committee](index=27&type=section&id=REVIEW%20OF%20INTERIM%20RESULTS%20BY%20AUDIT%20COMMITTEE) The Audit Committee reviewed the unaudited condensed consolidated interim financial statements for H1 2025, confirming their preparation in accordance with applicable accounting standards - The company's Audit Committee has reviewed the Group's unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025, and is of the opinion that the financial information has been prepared in accordance with applicable accounting standards[137](index=137&type=chunk)[139](index=139&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=28&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section presents the company's financial performance, including revenue, gross profit, and total comprehensive income for the period [Key Financial Performance](index=28&type=section&id=Key%20Financial%20Performance) For H1 2025, the company reported RMB 591.5 million revenue, RMB 167.8 million gross profit, RMB 3.0 million profit and total comprehensive income, and RMB 0.18 cents basic EPS Six Months Ended June 30, 2025, Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | January 1, 2025 to June 30, 2025 (RMB thousand) | January 1, 2024 to June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 591,521 | 868,196 | | Cost of sales | (423,764) | (387,196) | | Gross profit | 167,757 | 481,000 | | Other income | 4,610 | 10,897 | | Other gains and losses | (602) | (2,132) | | Share of loss of an associate | (3,964) | (5,239) | | Distribution and selling expenses | (39,464) | (46,252) | | Administrative expenses | (77,276) | (71,572) | | Other expenses | (16,527) | (33,490) | | Finance costs | (25,394) | (28,769) | | Profit before taxation | 9,140 | 304,443 | | Taxation charge | (6,190) | (46,857) | | Profit and total comprehensive income for the period | 2,950 | 257,586 | | Basic earnings per share (RMB cents) | 0.18 | 16.10 |[142](index=142&type=chunk) [Condensed Consolidated Statement of Financial Position](index=28&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section provides a snapshot of the company's assets, liabilities, and equity as of the reporting date [Assets](index=28&type=section&id=Assets) As of June 30, 2025, total non-current assets were RMB 3,889.8 million, and total current assets were RMB 888.6 million, including trade and bills receivables of RMB 667.5 million As of June 30, 2025, Summary of Condensed Consolidated Statement of Financial Position - Assets | Asset Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Non-current assets** | | | | Property, plant and equipment | 2,451,936 | 2,376,772 | | Investment properties | 46,200 | 46,200 | | Mining rights | 818,500 | 847,570 | | Interest in an associate | 494,836 | 376,300 | | Restricted bank deposits | 7,009 | 7,006 | | Deferred tax assets | 59,203 | 54,500 | | Deposits for acquisition of property, plant and equipment | 7,270 | 7,977 | | Other receivables | 4,853 | 6,385 | | **Total non-current assets** | **3,889,807** | **3,722,710** | | **Current assets** | | | | Inventories | 39,750 | 33,879 | | Trade and bills receivables | 667,460 | 896,981 | | Deposits, prepayments and other receivables | 26,900 | 28,385 | | Restricted bank deposits | 7,539 | – | | Cash and cash equivalents | 146,934 | 177,076 | | **Total current assets** | **888,583** | **1,136,321** |[143](index=143&type=chunk) [Liabilities and Equity](index=29&type=section&id=Liabilities%20and%20Equity) As of June 30, 2025, total current liabilities were RMB 1,328.9 million, leading to net current liabilities of RMB 440.4 million; non-current liabilities were RMB 290.6 million, and total equity was RMB 3,158.9 million As of June 30, 2025, Summary of Condensed Consolidated Statement of Financial Position - Liabilities and Equity | Liability and Equity Category | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Current liabilities** | | | | Trade payables | 143,166 | 128,503 | | Other payables and accrued expenses | 238,207 | 278,942 | | Tax payable | 10,057 | 17,675 | | Bank and other borrowings | 937,503 | 976,910 | | **Total current liabilities** | **1,328,933** | **1,402,030** | | **Net current liabilities** | **(440,350)** | **(265,709)** | | **Non-current liabilities** | | | | Provision for restoration costs | 64,557 | 75,051 | | Deferred tax liabilities | 16,041 | 16,041 | | Bank and other borrowings | 210,000 | 210,000 | | **Total non-current liabilities** | **290,598** | **301,092** | | **Total equity** | **3,158,859** | **3,155,909** | | **Total equity** | **3,158,859** | **3,155,909** |[143](index=143&type=chunk)[145](index=145&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=30&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section details the changes in the company's equity components over the reporting period [Equity Movements](index=30&type=section&id=Equity%20Movements) As of June 30, 2025, total equity was RMB 3,158.9 million, with RMB 2.95 million profit and total comprehensive income, and RMB 1.021 million transferred to statutory surplus reserve Six Months Ended June 30, 2025, Summary of Condensed Consolidated Statement of Changes in Equity | Item | Share Capital (RMB thousand) | Share Premium (RMB thousand) | Other Reserves (RMB thousand) | Statutory Surplus Reserve (RMB thousand) | Retained Profits (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | As at January 1, 2025 (audited) | 14,136 | 90,393 | 212,664 | 286,853 | 2,551,863 | 3,155,909 | | Profit and total comprehensive income for the period | – | – | – | – | 2,950 | 2,950 | | Transfer to statutory surplus reserve | – | – | – | 1,021 | (1,021) | – | | As at June 30, 2025 (unaudited) | 14,136 | 90,393 | 212,664 | 287,874 | 2,553,792 | 3,158,859 |[146](index=146&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=32&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section summarizes the cash inflows and outflows from operating, investing, and financing activities [Cash Flow Activities](index=32&type=section&id=Cash%20Flow%20Activities) For H1 2025, net cash used in operating activities was RMB 219.3 million, investing activities RMB 291.0 million, and net cash from financing activities RMB 480.1 million, leading to a net decrease in cash of RMB 30.1 million Six Months Ended June 30, 2025, Summary of Condensed Consolidated Statement of Cash Flows | Cash Flow Category | January 1, 2025 to June 30, 2025 (RMB thousand) | January 1, 2024 to June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Net cash (used in) from operating activities | (219,317) | 38,169 | | Net cash used in investing activities | (290,966) | (428,382) | | Net cash from financing activities | 480,141 | 394,526 | | Net (decrease) increase in cash and cash equivalents | (30,142) | 4,313 | | Cash and cash equivalents at January 1 | 177,076 | 93,712 | | Cash and cash equivalents at June 30 | 146,934 | 98,025 |[148](index=148&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=32&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements [1. General Information](index=33&type=section&id=1.%20GENERAL) The company, a Cayman Islands investment holding firm, has subsidiaries in China for coking coal exploration, mining, and washing; financial statements are in RMB, prepared under HKAS 34 - Jiutai Energy Holdings Limited is an exempted company incorporated in the Cayman Islands, with its shares listed on The Stock Exchange of Hong Kong Limited[149](index=149&type=chunk)[153](index=153&type=chunk) - The company is an investment holding company, and its principal subsidiaries are primarily engaged in the exploration and mining of coking coal and coal washing operations in the People's Republic of China[150](index=150&type=chunk)[153](index=153&type=chunk) - The condensed consolidated financial statements are presented in RMB, which is also the company's functional currency, and prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Listing Rules of the Stock Exchange[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk) [2. Principal Accounting Policies](index=34&type=section&id=2.%20PRINCIPAL%20ACCOUNTING%20POLICIES) Financial statements are prepared on a historical cost basis, except for fair-valued investment properties; new HKFRS amendments had no significant impact on financial position or performance - The condensed consolidated financial statements are prepared on a historical cost basis, except for investment properties which are measured at fair value[154](index=154&type=chunk)[157](index=157&type=chunk) - During the interim period, the Group first applied amendments to Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants, which are mandatorily effective for the Group's annual period beginning January 1, 2025, but had no significant impact on the Group's financial position and performance and/or disclosures in these condensed consolidated financial statements for the current and prior periods[156](index=156&type=chunk)[158](index=158&type=chunk) [3. Revenue and Segment Information](index=35&type=section&id=3.%20REVENUE%20AND%20SEGMENT%20INFORMATION) The company's business, a single segment, is solely from coal products and coalbed methane production and sales; all revenue and most non-current assets are in China - The Group's business is solely derived from the production and sale of coal products and coalbed methane; for resource allocation and performance assessment, the chief operating decision-maker reviews the Group's overall results and financial position prepared under the same accounting policies, thus the Group has only one single operating and reportable segment[159](index=159&type=chunk)[160](index=160&type=chunk) Six Months Ended June 30, 2025, Disaggregation of Revenue from Contracts with Customers | Type of Goods and Services | January 1, 2025 to June 30, 2025 (RMB thousand) | January 1, 2024 to June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Sales of coal products: | | | | －Clean Coal | 516,921 | 791,147 | | －Middlings | 53,690 | 63,136 | | －Slack Coal | 20,179 | 11,760 | | Sales of coalbed methane | 731 | 2,153 | | **Total** | **591,521** | **868,196** |[162](index=162&type=chunk) - All of the Group's revenue based on customer location is derived from China, and geographically, the Group's non-current assets (excluding financial assets and deferred tax assets) are located in China (RMB 3,792,289,000) and Hong Kong (RMB 26,453,000), respectively[163](index=163&type=chunk)[164](index=164&type=chunk) Six Months Ended June 30, 2025, Revenue Contribution from Major Customers | Customer | January 1, 2025 to June 30, 2025 (RMB thousand) | January 1, 2024 to June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Customer A | 352,461 | 421,073 | | Customer B | Not applicable | 153,792 | | Customer C | Not applicable | 87,409 | | Customer D | 72,138 | Not applicable |[166](index=166&type=chunk) [4. Other Income / Other Gains and Losses](index=37&type=section&id=4.%20OTHER%20INCOME/OTHER%20GAINS%20AND%20LOSSES) For H1 2025, total other income was RMB 4.61 million (bank interest, rent, grants, scrap sales); net other losses were RMB 0.602 million (disposal losses, exchange losses) Six Months Ended June 30, 2025, Details of Other Income / Other Gains and Losses | Item | January 1, 2025 to June 30, 2025 (RMB thousand) | January 1, 2024 to June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Other income** | | | | Bank interest income | 329 | 248 | | Rental income | 771 | 838 | | Government grants | 1,020 | 6,472 | | Sales of electricity | 122 | 1,239 | | Sales of scrap materials | 1,217 | 823 | | Service income | 315 | – | | Others | 836 | 1,277 | | **Total** | **4,610** | **10,897** | | **Other gains and losses** | | | | (Loss)/gain on disposal of property, plant and equipment | (218) | 37 | | Net exchange losses | (384) | (2,169) | | **Total** | **(602)** | **(2,132)** |[168](index=168&type=chunk) [5. Profit Before Taxation](index=38&type=section&id=5.%20PROFIT%20BEFORE%20TAXATION) For H1 2025, profit before taxation was RMB 9.14 million; staff costs RMB 40.877 million, depreciation RMB 6.626 million, mining rights amortization RMB 29.07 million, and R&D costs RMB 12.95 million Six Months Ended June 30, 2025, Composition of Profit Before Taxation | Item | January 1, 2025 to June 30, 2025 (RMB thousand) | January 1, 2024 to June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Directors' emoluments | 2,857 | 3,417 | | Total staff costs | 40,877 | 47,124 | | Total depreciation of property, plant and equipment included in administrative expenses | 6,626 | 7,960 | | Amortisation of mining rights | 29,070 | 19,503 | | Research and development costs (included in other expenses) | 12,950 | 26,411 |[170](index=170&type=chunk) [6. Taxation Charge](index=39&type=section&id=6.%20TAXATION%20CHARGE) For H1 2025, taxation charge was RMB 6.19 million; Guizhou Jiutai Energy Development Co., Ltd. benefits from a 15% preferential tax rate for encouraged industries in western China Six Months Ended June 30, 2025, Details of Taxation Charge | Item | January 1, 2025 to June 30, 2025 (RMB thousand) | January 1, 2024 to June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | PRC Enterprise Income Tax: | | | | －Current period | 7,163 | 48,327 | | －Underprovision in prior years | 3,730 | 1,589 | | Deferred tax credit | (4,703) | (3,059) | | **Taxation charge** | **6,190** | **46,857** |[173](index=173&type=chunk) - Guizhou Jiutai Energy Development Co., Ltd. obtained approval from relevant authorities to engage in encouraged industries in the western region, thus profits from Jiutai Energy are eligible for preferential tax treatment at a rate of **15%**[174](index=174&type=chunk)[175](index=175&type=chunk) [7. Dividends](index=40&type=section&id=7.%20DIVIDENDS) For the interim period ended June 30, 2025, the Board resolved not to declare an interim dividend - No final dividend was declared for the year ended December 31, 2024, during this interim period[176](index=176&type=chunk)[177](index=177&type=chunk) - The Board of Directors of the company resolved not to declare an interim dividend for the interim period (June 30, 2024: nil)[177](index=177&type=chunk)[178](index=178&type=chunk) [8. Earnings Per Share](index=40&type=section&id=8.%20EARNINGS%20PER%20SHARE) For H1 2025, basic EPS was RMB 0.18 cents, based on 1,600,000 thousand weighted average ordinary shares Six Months Ended June 30, 2025, Earnings Per Share Data | Indicator | January 1, 2025 to June 30, 2025 | January 1, 2024 to June 30, 2024 | | :--- | :--- | :--- | | Profit for the purpose of calculating basic and diluted earnings per share (RMB thousand) | 2,950 | 257,586 | | Weighted average number of ordinary shares for basic earnings per share (thousand shares) | 1,600,000 | 1,600,000 | | Basic earnings per share (RMB cents) | 0.18 | 16.10 |[180](index=180&type=chunk) - Diluted earnings per share are not presented as there were no outstanding potential ordinary shares in either period[181](index=181&type=chunk) [9. Movements in Property, Plant and Equipment](index=41&type=section&id=9.%20MOVEMENTS%20IN%20PROPERTY,%20PLANT%20AND%20EQUIPMENT) For H1 2025, the Group acquired RMB 161.848 million in PPE and disposed of RMB 0.435 million (gross carrying amount), incurring a RMB 0.218 million loss on disposal - During the period, the Group acquired property, plant and equipment of **RMB 161,848,000**[182](index=182&type=chunk)[185](index=185&type=chunk) - During the period, the Group disposed of certain property, plant and equipment with a gross carrying amount of **RMB 435,000**, for proceeds of **RMB 217,000**, resulting in a loss on disposal of **RMB 218,000**[183](index=183&type=chunk)[185](index=185&type=chunk) [10. Interest in an Associate](index=41&type=section&id=10.%20INTEREST%20IN%20AN%20ASSOCIATE) As of June 30, 2025, the company's interest in its associate, China Power Construction Panzhou, was RMB 494.836 million, with an additional RMB 122.5 million capital injection As of June 30, 2025, Interest in an Associate | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Investment cost in an associate | 514,548 | 392,048 | | Share of post-acquisition losses and other comprehensive expenses | (19,712) | (15,748) | | **Total** | **494,836** | **376,300** |[187](index=187&type=chunk) - The Group holds a **49%** ownership interest and voting rights in China Power Construction Panzhou Low Calorific Value Coal Power Generation Co., Ltd., and made an additional capital injection of **RMB 122,500,000** during the interim period ended June 30, 2025[189](index=189&type=chunk) [11. Trade and Bills Receivables](index=43&type=section&id=11.%20TRADE%20AND%20BILLS%20RECEIVABLES) As of June 30, 2025, total trade and bills receivables were RMB 667.46 million; credit terms are 0-30 days, and all bills are due within one year As of June 30, 2025, Total Trade and Bills Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables | 223,081 | 282,873 | | Bills receivables | 444,379 | 614,108 | | **Total** | **667,460** | **896,981** |[191](index=191&type=chunk) - The Group grants its trade customers a credit period of **0 to 30 days**; all bills receivables are due within one year[191](index=191&type=chunk)[192](index=192&type=chunk) As of June 30, 2025, Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 30 days | 133,086 | 155,041 | | 31 to 90 days | 33,196 | 106,998 | | 91 to 180 days | 9,082 | – | | 181 to 365 days | 32,947 | 7,357 | | Over 365 days | 14,770 | 13,477 | | **Total** | **223,081** | **282,873** |[194](index=194&type=chunk) As of June 30, 2025, Ageing Analysis of Bills Receivables | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 30 days | 63,985 | 115,000 | | 31 to 60 days | 104,303 | 115,050 | | 61 to 90 days | 65,000 | 18,500 | | 91 to 120 days | 107,960 | 108,000 | | 121 to 180 days | 103,131 | 257,558 | | **Total** | **444,379** | **614,108** |[195](index=195&type=chunk) - As of June 30, 2025, the carrying amount of bills receivables transferred to banks was **RMB 332,936 thousand**, and the carrying amount of related liabilities was also **RMB 332,936 thousand**[196](index=196&type=chunk)[199](index=199&type=chunk) [12. Trade Payables](index=45&type=section&id=12.%20TRADE%20PAYABLES) As of June 30, 2025, total trade payables amounted to RMB 143.166 million, including RMB 5.646 million payable to Guizhou Yuebang Integrated Energy Co., Ltd As of June 30, 2025, Total Trade Payables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 143,166 | 128,503 |[201](index=201&type=chunk) - As of June 30, 2025, trade payables included **RMB 5,646,000** payable to Guizhou Yuebang Integrated Energy Co., Ltd[201](index=201&type=chunk)[202](index=202&type=chunk) - The average credit period for purchases of goods is **90 days**[202](index=202&type=chunk) As of June 30, 2025, Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | 0 to 30 days | 31,474 | 13,751 | | 31 to 60 days | 11,316 | 6,796 | | 61 to 180 days | 54,452 | 56,805 | | 181 to 365 days | 23,056 | 24,533 | | Over 365 days | 22,868 | 26,618 | | **Total** | **143,166** | **128,503** |[203](index=203&type=chunk) [13. Bank and Other Borrowings](index=46&type=section&id=13.%20BANK%20AND%20OTHER%20BORROWINGS) As of June 30, 2025, total bank and other borrowings amounted to RMB 1,147.503 million, of which RMB 937.503 million were repayable within one year; secured bank borrowings were RMB 794.567 million, with interest rates ranging from 1.9% to 5.5% As of June 30, 2025, Total Bank and Other Borrowings | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Bank borrowings | 814,567 | 711,330 | | Other borrowings obtained from factoring bills receivables with full recourse | 332,936 | 475,580 | | **Total** | **1,147,503** | **1,186,910** |[205](index=205&type=chunk) - As of June 30, 2025, **RMB 937,503 thousand** of bank and other borrowings were repayable within one year[205](index=205&type=chunk) - Bank borrowings of **RMB 794,567 thousand** as of June 30, 2025, refer to secured borrowings bearing interest at annual rates ranging from **1.9% to 5.5%**, secured by certain mining rights and restricted bank deposits[207](index=207&type=chunk)[209](index=209&type=chunk) [14. Share Capital](index=47&type=section&id=14.%20SHARE%20CAPITAL) As of June 30, 2025, authorized share capital was 10 billion shares (HKD 0.01 par), and issued capital was 1.6 billion shares, equivalent to RMB 14.136 million As of June 30, 2025, Share Capital Details | Item | Number of Shares | Amount (HKD thousand) | Equivalent to (RMB thousand) | | :--- | :--- | :--- | :--- | | Authorized share capital (HKD 0.01 per ordinary share) | 10,000,000,000 | 100,000 | 87,208 | | Issued and fully paid share capital (HKD 0.01 per ordinary share) | 1,600,000,000 | 16,000 | 14,136 |[212](index=212&type=chunk) [15. Capital Commitments](index=48&type=section&id=15.%20CAPITAL%20COMMITMENTS) As of June 30, 2025, the company's total capital commitments amounted to RMB 96.521 million, primarily for the acquisition of property, plant, and equipment As of June 30, 2025, Capital Commitments | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Capital injection to an associate | – | 122,500 | | Capital expenditure contracted but not provided for in the condensed consolidated financial statements for acquisition of property, plant and equipment | 96,521 | – | | **Total** | **96,521** | **122,500** |[214](index=214&type=chunk) [16. Related Party Transactions](index=49&type=section&id=16.%20RELATED%20PARTY%20TRANSACTIONS) For H1 2025, the company conducted related party transactions for logistics, rent, coalbed methane sales, and electricity purchases; key management compensation totaled RMB 1.318 million Six Months Ended June 30, 2025, Related Party Transactions | Name of Related Company | Nature of Transaction | January 1, 2025 to June 30, 2025 (RMB thousand) | January 1, 2024 to June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | :--- | | Guizhou Bangda Energy Development Co., Ltd. | Logistics service expenses | 2,095 | 1,858 | | | Rental income | 550 | 550 | | Guizhou Yuebang Integrated Energy Co., Ltd. | Sales of coalbed methane | 731 | 2,153 | | | Purchases of electricity | 9,609 | 5,742 |[216](index=216&type=chunk) - Total compensation for the Group's key management personnel was **RMB 1,318,000**[220](index=220&type=chunk) [Summary of Mine Properties](index=50&type=section&id=Summary%20of%20Mine%20Properties) This section provides an overview of the company's coal mining properties, including operational details, resource and reserve data, coal quality, and exploration and production costs [Mine Overview](index=51&type=section&id=Mine%20Overview) This section outlines basic information for the company's three Guizhou coal mines, including equity, mining area, minable seams, licensed capacity, and mining right validity Mine Basic Information | Item | Hongguo Coal Mine | Baogushan Coal Mine | Xiejiahegou Coal Mine | | :--- | :--- | :--- | :--- | | Location | Panzhou City | Panzhou City | Panzhou City | | Equity interest held by the Group | 100% | 100% | 100% | | Mining area (square kilometers) | 3.0225 | 2.4736 | 1.0135 | | Number of minable coal seams | 17 | 17 | 19 | | Licensed annual capacity (thousand tonnes) | 1,200 | 1,200 | 450 | | License holder | Jiutai Energy | Jiutai Energy | Jiutai Energy | | Validity of mining right license | January 2019 to January 2039 | January 2019 to January 2039 | January 2020 to September 2039 | | Mine life based on coal reserves | Approximately 14 years | Approximately 21 years | Approximately 19 years |[222](index=222&type=chunk) [Resource and Reserve Data](index=51&type=section&id=Resource%20and%20Reserve%20Data) As of June 30, 2025, JORC Code data shows Hongguo Coal Mine with 14,891 thousand tonnes proved resources and 11,083 thousand tonnes proved reserves; Baogushan with 7,986 thousand tonnes proved resources and 5,839 thousand tonnes proved reserves; Xiejiahegou with 14,340 thousand tonnes measured resources and 8,460 thousand tonnes probable reserves As of June 30, 2025, Coal Mine Resources and Reserves Data (thousand tonnes) | Coal Mine Name | Proved Resources | Measured Resources | Inferred Resources | Proved Reserves | Probable Reserves | | :--- | :--- | :--- | :--- | :--- | :--- | | Hongguo Coal Mine | 14,891 | 7,780 | 13,225 | 11,083 | 5,910 | | Baogushan Coal Mine | 7,986 | 24,700 | 7,000 | 5,839 | 18,790 | | Xiejiahegou Coal Mine | – | 14,340 | 10,360 | – | 8,460 |[222](index=222&type=chunk) [Coal Quality](index=52&type=section&id=Coal%20Quality) This section discloses typical quality indicators for clean coal and middlings from Hongguo, Baogushan, and Xiejiahegou coal mines, including ash, volatile matter, sulfur, caking index, moisture, and net calorific value - The clean coal produced by Hongguo Coal Mine and Baogushan Coal Mine is mostly **1/3 coking coal**, while the clean coal produced by Xiejiahegou Coal Mine is mostly **coking coal**[27](index=27&type=chunk)[231](index=231&type=chunk) Typical Quality of Clean Coal and Middlings from Hongguo Coal Mine and Baogushan Coal Mine | Indicator | Clean Coal | Middlings | | :--- | :--- | :--- | | Ash content on dry basis (%) | 10.5 | Not applicable | | Volatile matter on dry and ash-free basis (%) | 33.4 | Not applicable | | Total sulfur on dry basis (%) | 0.4 | Not applicable | | Caking index | 90.2 | Not applicable | | Total moisture (%) | 9.6 | Not applicable | | Net calorific value on as-received basis (kcal/kg) | Not applicable | 3,558 |[225](index=225&type=chunk) Typical Quality of Clean Coal and Middlings from Xiejiahegou Coal Mine | Indicator | Clean Coal | Middlings | | :--- | :--- | :--- | | Ash content on dry basis (%) | 10.2 | Not applicable | | Volatile matter on dry and ash-free basis (%) | 21.4 | Not applicable | | Total sulfur on dry basis (%) | 0.7 | Not applicable | | Caking index | 88.3 | Not applicable | | Total moisture (%) | 12.8 | Not applicable | | Net calorific value on as-received basis (kcal/kg) | Not applicable | 3,362 |[226](index=226&type=chunk) [Exploration and Production Costs](index=53&type=section&id=Exploration%20and%20Production%20Costs) For the six months ended June 30, 2025, the Group had no exploration activities, and the cost of sales for mining production activities was approximately RMB 423.8 million - The Group had no exploration activities for the six months ended June 30, 2025[228](index=228&type=chunk)[230](index=230&type=chunk) - The Group incurred cost of sales of approximately **RMB 423.8 million** for mining production activities for the six months ended June 30, 2025[228](index=228&type=chunk)[230](index=230&type=chunk)

格隆汇8月13日丨久泰邦达能源(02798.HK)公告，公司将于2025年8月25日(星期一)举行董事会会议，藉 以(其中包括)批准公司及其附属公司截至2025年6月30日止6个月的未经审核中期业绩，以及考虑派付中 期股息(如有)。 ...

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。 Perennial Energy Holdings Limited 久泰邦達能源控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2798） 董事會會議日期 久 泰 邦 達 能 源 控 股 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，本 公 司 將 於2025年8月25日（星 期 一）舉 行 董 事 會 會 議，藉 以（其 中 包 括）批 准 本 公 司 及 其 附 屬公司截至2025年6月30日 止 六 個 月 的 未 經 審 核 中 期 業 績，以 及 考 慮 派 付 中 期 股 息（如 有）。 承董事會命 久泰邦達能源控股有限公司 主席兼執行董事 余邦平 香 港，2025年8月13日 於 本 公 告 日 期，執 行 董 事 為 余 邦 平 先 生、余 支 龍 先 生、李 學 忠 先 生、劉 啟 銘 先 生 及 ...

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 I. 法定/註冊股本變動 公司名稱: 久泰邦達能源控股有限公司 呈交日期: 2025年8月6日 | 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) | 02798 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.01 | HKD | | 100,000,000 | ...

Group 1 - The core point of the article is that Jiutai Bonda Energy (02798) has experienced a significant decline in stock price, dropping over 9% to HKD 0.76, with a trading volume of HKD 3.1026 million [1] - The company anticipates a substantial decrease in after-tax net profit for the first half of 2025, projecting a profit of approximately RMB 6 million to 10 million, which represents a year-on-year decline of about 97.6% to 99.9% [1] - The primary reasons for this expected decline include a sharp drop in coking coal prices, which has significantly reduced coal selling prices and compressed the company's gross margin [1] Group 2 - Operational challenges are highlighted, including complex geological conditions at the Hongguo and Baogushan coal mines, which have slowed operational progress and reduced coal mine utilization rates [1] - Increased costs have arisen from necessary preparatory work and waste disposal in the underground working areas, further impacting profitability [1] - Despite implementing operational efficiency measures, the company faces rising compliance-related costs due to increased safety management expenses, land compensation for expansion, and the development of compliant waste landfills [1]

Core Viewpoint - Jiutai Bonda Energy (02798) is expected to report a significant decline in after-tax net profit for the first half of 2025, projecting a profit of approximately RMB 6 million to 10 million, representing a year-on-year decrease of about 97.6% to 99.9% due to various operational challenges and market conditions [1] Group 1: Financial Performance - The company anticipates a drastic reduction in after-tax net profit for the first half of 2025, estimating between RMB 6 million to 10 million [1] - This projection indicates a year-on-year decline of approximately 97.6% to 99.9% [1] Group 2: Market Conditions - The decline in profit is primarily attributed to a significant drop in the market price of premium coal, which has severely reduced coal prices and compressed the company's gross margin [1] Group 3: Operational Challenges - Geological complexities at the Hongguo and Baogushan coal mines have slowed operational progress, reduced coal mine utilization rates, and increased costs related to underground preparation and waste disposal [1] - Despite implementing operational efficiency measures, the company faces rising compliance-related costs due to increased safety management expenses, land compensation for expansion, and the development of compliant waste landfills [1]

Core Viewpoint - Jiutai Bonda Energy (02798) is expected to report a significant decline in after-tax net profit for the first half of 2025, projecting a profit of approximately RMB 6 million to 10 million, representing a year-on-year decrease of about 97.6% to 99.9% due to various operational challenges and market conditions [1] Group 1 - Jiutai Bonda Energy's stock has dropped over 9%, currently trading at HKD 0.76 with a transaction volume of HKD 3.1026 million [1] - The primary reason for the profit decline is the sharp drop in the market price of premium coal, which has significantly reduced coal prices and compressed the group's gross margin [1] - Operational challenges include complex geological conditions at the Hongguo and Baogushan coal mines, which have slowed operational progress, reduced coal mine utilization rates, and increased costs related to underground preparation and waste disposal [1] Group 2 - Despite implementing operational efficiency measures, the company continues to face rising compliance-related costs due to increased safety management expenses, land compensation for expansion, and the development of compliant waste landfills [1]