Core Insights - The coking coal sector experienced inventory reduction during the National Day holiday, with supply constraints due to maintenance at some mines and a seven-day closure of three major ports for Mongolian coal, leading to a rapid decrease in port inventories [1] - According to Zheshang Securities, the import volume of Mongolian coal rebounded in Q3, and supply chain trade profits also saw a recovery alongside price rebounds [1] - The high iron and steel production levels in the domestic "anti-involution" environment may support a tight supply-demand balance in the coking coal industry, potentially stabilizing prices and restoring profit margins for Mongolian coal trading companies [1] - CITIC Securities reported that the average net profit of tracked coal listed companies is expected to grow by approximately 18% quarter-on-quarter in Q3 2025, with a year-on-year decline of about 27% for the first three quarters; coking coal and anthracite companies show greater earnings elasticity, while the thermal coal sector remains the largest profit contributor [1] - Looking ahead to Q4, the overall supply-demand balance in the industry is expected to remain stable, with potential short-term supply gaps during peak seasons; if the anti-involution policies are enforced more rigorously, coal prices may exceed expectations [1] - The current policies, coal prices, and earnings expectations in the sector are improving, and the sector may see sustained excess returns with market style rotation or policy catalysts in the future [1] Related Hong Kong Stocks - The coal sector includes companies such as China Shenhua (01088), China Coal Energy (01898), Yanzhou Coal Mining (01171), Yida Zong (01733), Yancoal Australia (03668), and China Qinfa (00866) [2]

实际经济权益日期为2025年1月1日。交易事项即时带来的裨益将为，增加来自此低成本一级资产的权益 产量和收入，兖煤澳洲将把此与其财务业绩合并入账。 现金代价1.105亿澳元将于完成时以现金支付2500万澳元;剩余8550万澳元以与煤炭价格挂鈎的季度分期 付款于五年期间内支付。公司持有的现金及未来经营现金流将为收购事项提供资金。 兖煤澳大利亚(03668)发布公告，有关拟从3名合营企业参股人收购莫拉本合营企业(Moolarben Joint Venture(MJV))额外3.75%权益，交易事项已于今日完成。兖煤澳洲在MJV的经济权益增至98.75%。 ...

Core Viewpoint - Yancoal Australia (03668) has completed the acquisition of an additional 3.75% interest in the Moolarben Joint Venture (MJV) from three joint venture partners, increasing its economic interest in MJV to 98.75% [1] Financial Details - The cash consideration for the acquisition is AUD 110.5 million, with AUD 25 million paid in cash at completion and the remaining AUD 85.5 million to be paid in quarterly installments linked to coal prices over a five-year period [1] - The acquisition will be funded through the company's existing cash and future operating cash flows [1] Operational Impact - The effective economic interest date is set for January 1, 2025, and the immediate benefits of the transaction will include increased equity production and revenue from this low-cost tier one asset [1] - Yancoal Australia plans to consolidate the financial performance of this additional interest into its accounts [1]

Core Viewpoint - Yancoal Australia (03668.HK) has completed the acquisition of an additional 3.75% interest in the Moolarben Joint Venture (MJV) from three joint venture partners, increasing its economic interest in MJV to 98.75% [1] Financial Details - The cash consideration for the acquisition is AUD 110.5 million, with AUD 25 million paid at completion and the remaining AUD 85.5 million to be paid in quarterly installments linked to coal prices over a five-year period [1] - The acquisition will be funded through the company's cash reserves and future operating cash flows [1] Operational Impact - The effective economic interest date is set for January 1, 2025, and the transaction is expected to immediately enhance the company's equity production and revenue from this low-cost tier-one asset [1] - Yancoal Australia plans to consolidate the financial performance of MJV into its accounts following the acquisition [1]

澳洲證券交易所、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，並明確表示概不就因本公告全部或任何部分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。 兗煤澳大利亞有限公司* （於澳大利亞維多利亞州註冊成立的有限公司） （香港股份代號：3668） （澳洲股份代號：YAL） 自願公告 完成收購莫拉本的 3.75%權益 Yancoal Australia Ltd ACN 111 859 119 兗煤澳洲謹此感謝合營企業參股人在莫拉本煤炭綜合項目的發展與營運歷程中所給予的支持。 承董事會命 兗煤澳大利亞有限公司 董事長 茹剛 香港，2025 年 10 月 3 日 1 減去於 2025 年 1 月 1 日實際經濟權益日期後產生的盈利的購買價調整額。 交易事項概覽 謹提述兗煤澳大利亞有限公司（「兗煤澳洲」）於 2025 年 7 月 18 日刊發的公告，內容有關擬 從三名合營企業參股人收購莫拉本合營企業（Moolarben Joint Venture (MJV)）額外 3.75%權益 （「交易事項」）。 兗煤澳洲欣然宣佈，交易事項已於今日完成。兗煤澳 ...

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9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: | Yancoal Australia Ltd | | | | 呈交日期: | 2025年10月2日 | | | | I. 法定/註冊股本變動 | 不適用 | | | | 備註： | | | | | Yancoal Australia Ltd 為一間於澳洲註冊成立的公司，因此沒有法定股本及面值的概念。 | | | | 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) | 03668 | 說明 | | | | | | | | | | 已發行股份（不 ...

Financial Performance - Total operating revenue for the six months ended June 30, 2025, was AUD 2,675 million, a decrease of 15% compared to AUD 3,138 million in 2024[5]. - Profit before tax (excluding non-recurring items) was AUD 239 million, down 58% from AUD 571 million in the previous year[5]. - Net profit attributable to shareholders (excluding non-recurring items) was AUD 163 million, a decline of 61% from AUD 420 million in 2024[5]. - Basic and diluted earnings per share (excluding non-recurring items) were both 12.4 cents, down 61% from 31.9 cents in 2024[5]. - The operating EBITDA margin decreased to 24% from 32% year-on-year, reflecting a significant decline in profitability[68]. - The company experienced a 64% decline in EBIT, dropping to AUD 260 million from AUD 591 million year-on-year[68]. - The total comprehensive income for the six months ended June 30, 2025, was AUD 163 million, compared to AUD 420 million for the same period in 2024, indicating a decrease of about 61.2%[152]. - The company reported a net profit from continuing operations of AUD 163 million for the first half of 2025, compared to AUD 420 million in 2024[173]. Production and Sales - Coal production increased by 15% in the first half of 2025 compared to the first half of 2024, with expectations for more balanced production performance between the first and second halves of the year[15]. - Total raw coal production increased by 16% from 27.9 million tons in H1 2024 to 32.2 million tons in H1 2025, driven by increases in major assets like Morabbin, Walker, and Hunter Valley[39]. - The equity share of commodity coal production increased by 11% from 17 million tons in H1 2024 to 19.5 million tons in H1 2025, with a significant rise in metallurgical coal production by 47%[43]. - The company reported a total of AUD 2,558 million in coal sales, with purchased coal sales increasing by 55% from AUD 47 million in the first half of 2024 to AUD 73 million in the first half of 2025[74]. - The average selling price of coal decreased by 15% from AUD 176 per ton in the first half of 2024 to AUD 149 per ton in the first half of 2025, primarily due to a decline in global coal prices[36]. Dividends and Shareholder Information - The board declared an interim dividend of AUD 82 million, equating to AUD 0.0620 per share, payable on September 19, 2025[7][16]. - The company paid dividends of AUD 687 million in the first half of 2025, an increase of 60.2% from AUD 429 million in the first half of 2024[152]. - As of June 30, 2025, the company’s CEO, David James Moult, holds 5,683,998 shares, representing approximately 0.07262% of the company[19]. - The company’s major shareholder, Yancoal Energy Group Limited, owns 822,157,715 shares, accounting for 62.26% of the total shares[23]. Market Conditions and Strategy - The company continues to assess its product offerings and market conditions to maximize operational profit margins amid fluctuating coal prices[15]. - The company is actively seeking to expand its customer base and explore new markets in response to current market conditions[35]. - Revenue from customers in China, Japan, Taiwan, and South Korea accounted for 82% of coal sales revenue for the half-year ending June 30, 2025, down from 89% in the previous year[32]. - The company is focusing on expanding its market presence in Vietnam, with sales revenue increasing from 1% in the first half of 2024 to 4% in the first half of 2025[80]. Environmental and Sustainability Initiatives - Yancoal Australia is implementing the P4 Sustainability Strategy, which addresses risks and opportunities related to sustainable development, including decarbonization and regulatory changes[52]. - The company is committed to reducing operational emissions and supporting low-emission technology research to mitigate downstream emissions from coal products[56]. - The mandatory climate disclosure regime in Australia will take effect on January 1, 2025, requiring companies to report climate-related financial risks and opportunities[52]. - The company has established a community support program for 2025, funding initiatives in environment, education, arts, culture, and community projects[63]. Financial Position and Cash Flow - As of June 30, 2025, current assets decreased by AUD 658 million to AUD 2,882 million, primarily due to a reduction in cash and cash equivalents by AUD 666 million[117]. - Total assets decreased by AUD 572 million to AUD 11,784 million, mainly due to the decline in current assets[118]. - The company's net cash position decreased from AUD 2,349 million as of December 31, 2024, to AUD 1,667 million as of June 30, 2025[120]. - Net cash outflow from investing activities increased by 43% to AUD 400 million, attributed to higher capital expenditures[112]. - Net cash outflow from financing activities increased by 56% to AUD 713 million, reflecting increased financing costs[113]. Employee and Operational Metrics - Employee benefits increased by 2% from AUD 401 million in the first half of 2024 to AUD 409 million in the first half of 2025, with the cost per ton of commodity coal decreasing from AUD 23 to AUD 22[93]. - The company had approximately 3,900 employees located in Australia as of June 30, 2025[133]. - The rolling 12-month Total Recordable Injury Frequency Rate (TRIFR) decreased to 6.3, down from 6.7, but remains below the industry average of 7.9[51]. Acquisitions and Joint Ventures - The company announced a binding agreement to acquire an additional 3.75% interest in the Morabbin joint venture, raising its stake to 98.75%, expected to close in Q3 2025[41]. - The company signed an agreement with The Bloomfield Group to exit the non-core Donnason coal joint venture, with no cash consideration involved, expected to complete by year-end[42]. - The contribution from joint ventures showed a profit of AUD 129 million from the Morabbin joint venture, down from AUD 315 million in 2024[10]. Risk Management and Compliance - The board is responsible for overseeing risk management and financial investment decisions, ensuring compliance with governance processes[64]. - The company’s board members confirmed compliance with the share trading policy during the reporting period[21]. - The company has implemented an environmental compliance system to ensure adherence to regulatory responsibilities and has undergone independent environmental audits[62].

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The report indicates that the coal economy is at the beginning of a new upward cycle, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [3][13] - The report highlights that coal prices have shown signs of stabilization, and there is an expectation for price increases due to seasonal demand and supply constraints [5][13] - The report emphasizes the continued investment logic of coal capacity shortages, with a short-term balance and a long-term gap in supply [13][14] Summary by Sections Coal Price Tracking - As of September 19, the market price for Qinhuangdao port thermal coal (Q5500) is 699 CNY/ton, an increase of 21 CNY/ton week-on-week [4][31] - The price for coking coal at Jingtang port is 1610 CNY/ton, up 60 CNY/ton week-on-week [4][33] - International thermal coal prices have also seen fluctuations, with Newcastle thermal coal at 69.6 USD/ton, a week-on-week increase of 0.4 USD/ton [4][31] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.7%, an increase of 2.4 percentage points week-on-week [4][48] - Daily coal consumption in inland provinces has increased by 4.10 thousand tons/day (+1.22%) [5][13] - The report notes that the supply side is still constrained by policies, and the demand is expected to rise as winter heating needs begin [5][13] Industry Performance - The coal sector has shown a weekly increase of 3.59%, outperforming the broader market [16] - The report identifies key companies to focus on, including China Shenhua, Shaanxi Coal, and others, highlighting their stable operations and strong performance [14][16]

Key Points - The top three companies with net inflows of southbound funds are Alibaba-W (09988) with 4.234 billion, Ping An of China (02318) with 844 million, and Southern Hang Seng Technology (03033) with 480 million [1] - The top three companies with net outflows of southbound funds are Xiaomi Group-W (01810) with -1.733 billion, Meituan-W (03690) with -852 million, and Kangfang Biologics (09926) with -462 million [1] - In terms of net inflow ratio, Tehai International (09658) leads with 62.75%, followed by Yancoal Australia (03668) with 51.59%, and Yimeng Biologics-B (09606) with 51.01% [1] - The companies with the highest net outflow ratios are GX China (03040) at -100.00%, Kangji Medical (09997) at -60.98%, and China International Marine Containers (02039) at -48.45% [1] Top 10 Net Inflows - Alibaba-W (09988) had a net inflow of 4.234 billion, representing a 16.56% increase in closing price to 141.900 [2] - Ping An of China (02318) saw a net inflow of 844 million, with a 24.06% increase in closing price to 57.200 [2] - Southern Hang Seng Technology (03033) recorded a net inflow of 480 million, with a 6.20% increase in closing price to 5.715 [2] Top 10 Net Outflows - Xiaomi Group-W (01810) experienced a net outflow of -1.733 billion, with a -17.96% decrease in closing price to 56.200 [2] - Meituan-W (03690) had a net outflow of -852 million, with a -5.77% decrease in closing price to 99.650 [2] - Kangfang Biologics (09926) faced a net outflow of -462 million, with a -15.64% decrease in closing price to 140.100 [2] Net Inflow Ratios - Tehai International (09658) had a net inflow ratio of 62.75% with a net inflow of 7.0962 million, closing at 14.980 [3] - Yancoal Australia (03668) recorded a net inflow ratio of 51.59% with a net inflow of 28.6046 million, closing at 27.620 [3] - Yimeng Biologics-B (09606) had a net inflow ratio of 51.01% with a net inflow of 194 million, closing at 406.400 [3] Net Outflow Ratios - GX China (03040) had a net outflow ratio of -100.00% with a net outflow of -11.4 thousand, closing at 38.140 [3] - Kangji Medical (09997) recorded a net outflow ratio of -60.98% with a net outflow of -20.9363 million, closing at 8.850 [3] - China International Marine Containers (02039) had a net outflow ratio of -48.45% with a net outflow of -16.1516 million, closing at 8.020 [3]

Core Viewpoint - The Hong Kong High Dividend ETF (159302) has shown a slight increase in its closing price and has experienced a decrease in both share count and total assets since the beginning of the year [1][2]. Fund Overview - The Hong Kong High Dividend ETF (159302) was established on August 23, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of September 10, 2024, the fund's latest share count is 87.8 million, and the total asset size is 117 million yuan [1]. - The fund's performance benchmark is the China Securities Hong Kong Stock Connect High Dividend Investment Index return (adjusted for valuation exchange rate) [1]. Performance Metrics - Year-to-date, the fund has seen a 19.30% decrease in share count and a 3.14% decrease in total assets compared to December 31, 2024 [1]. - Over the last 20 trading days, the cumulative trading amount is 217 million yuan, with an average daily trading amount of 10.84 million yuan [1]. - Since the beginning of the year, the cumulative trading amount over 170 trading days is 2.135 billion yuan, with an average daily trading amount of 12.56 million yuan [1]. Fund Management - The current fund managers are Li Yixuan and Zhang Yichi, both managing the fund since its inception, with a return of 33.32% during their tenure [2]. Top Holdings - The top holdings of the fund include: - COSCO Shipping Holdings: 8.68% of the portfolio - Yancoal Australia: 6.17% - Seaspan Corporation: 4.28% - Orient Overseas International: 4.23% - Minsheng Bank: 4.22% - CITIC Bank: 4.07% - China Petroleum: 3.41% - Guotai Junan: 3.41% - Agricultural Bank of China: 3.30% - CNOOC: 3.19% [2][3].