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: 2026年3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: 首鋼福山資源集團有限公司 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 不適用 FF301 第 1 頁 共 10 頁 v 1.2.1 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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) 00639 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 5,091,065,770 0 5,091,065,770 增加 / 減少 (-) 0 0 本月底結存 5,091,065,770 0 5,091,065,770 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32D(1)條或第19A.28D(1)條 / 《GEM上市規則》第17.37D(1)條或第25.21D(1)條，我們在此確認，就上述所列股份類別而言，截至本月底: | | --- | | ✔ 已符合適用的公眾持股量要求 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 3.39 [1][10]. Core Insights - The company reported a revenue of HKD 5.056 billion for 2025, a decrease of 2% year-on-year, and a net profit attributable to shareholders of HKD 632 million, down 58% year-on-year. The decline in performance was primarily due to a significant drop in the average price of premium coking coal, which fell by 36% due to market conditions and product structure adjustments. However, the company managed to reduce its unit production cost of raw coking coal by 13% through cost control measures and expanded its coal trading business, which contributed to new revenue streams. The high dividend payout ratio of 97% highlights the company's value proposition in terms of dividends [6][10]. Financial Performance Summary - For 2025, the company achieved a raw coking coal production of 5.25 million tons, a 6% increase year-on-year, benefiting from the completion of coal mine adjustments. The production of premium coking coal was 3.15 million tons, a slight decrease of 0.3% due to changes in coal quality and geological conditions. The company also initiated a coal trading business with a volume of 1.7 million tons, accounting for 35% of total revenue, effectively diversifying its income sources [7][8]. - The gross margin for 2025 was 21%, a decrease of 31 percentage points year-on-year. After excluding the impact of the coal trading business, the core business gross margin was 33%, reflecting a 19 percentage point decline, yet still demonstrating some resilience in profitability. The net profit attributable to shareholders fell by 58% to HKD 632 million, mainly due to a significant drop in selling prices that reduced gross profit by HKD 1.568 billion [8][9]. - The company plans to distribute a final dividend of HKD 0.06 per share, along with an interim dividend of HKD 0.06, totaling HKD 0.12 per share for the year, maintaining a high payout ratio of 97%, which provides stable returns to shareholders during the industry adjustment period [9][10]. Earnings Forecast and Valuation - The company has completed its product structure adjustment, and the coking coal market prices are expected to stabilize in 2026. The ongoing geopolitical tensions are likely to support coking coal prices indirectly. The company’s trading business exceeded previous expectations, leading to revised net profit estimates for 2026 and 2027 to HKD 970 million and HKD 1.05 billion, respectively. The target price has been adjusted to HKD 3.39, reflecting a slight decrease from the previous estimate of HKD 3.40, while maintaining the "Buy" rating [10].

Group 1 - The core viewpoint of the report is that the company, Shougang Resources (00639), maintains its earnings forecast for 2026 while introducing a new forecast for 2027 at HKD 1.025 billion, with the current stock price corresponding to a P/E ratio of 16.3x for 2026 and 15.6x for 2027 [1] - The target price for the company has been raised by 13% to HKD 3.40, reflecting an implied upside of 8%, based on the expectation that the valuation of coal core assets may increase due to a longer-than-expected resource extraction period [1] - The company reported a net profit attributable to shareholders of HKD 632 million for 2025, a year-on-year decrease of 58%, with earnings per share of HKD 0.12 [1] Group 2 - The company’s net profit for the second half of 2025 was HKD 228 million, which represents a year-on-year and quarter-on-quarter decline of 65% and 43%, respectively, falling short of expectations due to high-sulfur coal output and lower washing rates [1] - The global oil and gas prices have risen significantly due to the situation in the Middle East, which may impact the company's cost structure [1] - The company has approximately HKD 7.995 billion in available free cash by the end of 2025, down from HKD 9.196 billion in 2024, and plans to distribute a final dividend of HKD 0.06 per share, resulting in a total dividend payout ratio of 97% for 2025 [2]

Core Viewpoint - Shougang Resources reported a decrease in revenue and profit for the fiscal year ending December 31, 2025, indicating challenges in maintaining profitability despite an increase in raw coking coal production [3]. Group 1: Financial Performance - The company achieved revenue of HKD 50.56 billion, a year-on-year decrease of 2% [3] - Profit attributable to shareholders was HKD 6.32 billion, down 58% year-on-year [3] - Basic earnings per share were HKD 0.1242, with a proposed final dividend of HKD 0.06 per share [3] Group 2: Production Metrics - Raw coking coal production was approximately 5.25 million tons, an increase of 6% compared to the previous year [3] - Premium coking coal production was about 3.15 million tons, showing a slight decrease of 0.3% year-on-year [3] - The company successfully executed mining operations as planned, with the Xingshan coal mine completing its production transition in the first half of 2024 [3] Group 3: Business Development - The company expanded its coal trading business, achieving a trading volume of approximately 1.7 million tons, contributing to revenue diversification [4] - Coal trading sales accounted for 35% of the company's operating revenue, a significant increase from 0% in the previous year [4]

Core Viewpoint - The company, Shougang Resources (00639.HK), reported a decline in operating revenue and net profit for the fiscal year ending December 31, 2025, primarily due to a significant drop in the average selling price of coking coal and increased administrative expenses [1] Financial Performance - The group recorded operating revenue of approximately HKD 50.56 billion, a decrease of about HKD 0.8 billion or 2% compared to the previous year's revenue of approximately HKD 51.36 billion [1] - The net profit was approximately HKD 7.45 billion, representing a substantial year-on-year decline of about 59% [1] - Profit attributable to the company's owners was approximately HKD 6.32 billion, also down by about 58% year-on-year [1] Key Factors Affecting Performance - The decline in net profit was mainly due to: - A significant reduction in gross profit by approximately HKD 15.68 billion or 59% [1] - A decrease in interest income by approximately HKD 28 million or 15% due to lower market deposit rates [1] - An increase in general and administrative expenses by approximately HKD 53 million or 25%, attributed to additional costs related to preliminary design and exploration for potential coal mining projects [1] - Conversely, there were some positive factors: - A reduction in sales and distribution expenses by approximately HKD 48 million due to a decrease in the proportion of sales from fire transportation and effective cost measures [1] - An increase in foreign exchange gains of approximately HKD 118 million year-on-year due to the appreciation of the Renminbi against the Hong Kong dollar [1] - A decrease in income tax expenses in line with the significant drop in the group's profit [1]

Group 1 - The company reported a revenue of HKD 5.056 billion for the year ending December 31, 2025, representing a 2% decrease year-on-year [1] - Profit attributable to shareholders was HKD 632 million, a significant decline of 58% compared to the previous year [1] - Basic earnings per share were HKD 0.1242, with a proposed final dividend of HKD 0.06 per share [1] Group 2 - The company's raw coking coal production was approximately 5.25 million tons, an increase of 6% from 4.96 million tons in 2024 [1] - The production of premium coking coal was about 3.15 million tons, showing a slight decrease of 0.3% from 3.16 million tons in 2024 [1] - The company successfully executed mining operations as planned, with the Xingwu coal mine completing its production transition in the first half of 2024 [1] Group 3 - The company expanded its coal trading business, achieving a trading volume of approximately 1.7 million tons, which contributed to diversifying its revenue sources [2] - Sales from the coal trading business accounted for 35% of the company's operating revenue, compared to 0% in 2024 [2]

EF001 免責聲明 EF001 | 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 公告全部或任何部份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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 首鋼福山資源集團有限公司 | | 股份代號 | 00639 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 末期股息 - 截至二零二五年十二月三十一日止年度 | | 公告日期 | 2026年3月26日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.06 HKD | | 股東批准日期 | 2026年6月25日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.06 HKD | | 匯率 | ...

Financial Performance - Revenue for the year ended December 31, 2025, was HKD 5,056 million, a decrease of 2% compared to HKD 5,136 million in 2024[2] - Gross profit dropped to HKD 1,084 million, down 59% from HKD 2,652 million, resulting in a gross margin of 21% compared to 52% in the previous year[2] - Annual profit attributable to owners decreased by 58% to HKD 632 million from HKD 1,494 million[2] - EBITDA for the year was HKD 1,656 million, a decline of 46% from HKD 3,089 million[2] - Total revenue for the year ending December 31, 2025, was HKD 5,055,750,000, a decrease of 1.6% from HKD 5,135,591,000 in 2024[15] - Sales of self-produced premium coking coal amounted to HKD 3,218,939,000, down from HKD 5,057,000,000 in the previous year, representing a decline of 36.3%[15] - Revenue from coal product trading reached HKD 1,760,869,000, with no revenue reported in the previous year[15] - Major customer A contributed HKD 1,279,260,000, accounting for 25% of total revenue, down from 39% in the previous year[17] - The company reported a total comprehensive income of HKD 1,504 million for the year, compared to HKD 1,398 million in 2024[5] - The net profit attributable to shareholders for 2025 was 632,499 thousand HKD, a decrease of 57.7% compared to 1,494,066 thousand HKD in 2024[22] - The group’s operating revenue for the year ended December 31, 2025, was approximately HKD 5.056 billion, a decrease of about HKD 0.08 billion or 2% compared to HKD 5.136 billion in 2024[42] - Net profit for the year was approximately HKD 745 million, a substantial decline of about 59% year-on-year, with profit attributable to owners of the company at approximately HKD 632 million, down 58%[43] Cost and Expenses - The cost of sales for 2025 was 3,971,780 thousand HKD, up from 2,484,072 thousand HKD in 2024, indicating a substantial increase in operational costs[19] - Sales costs for the year were approximately HKD 3.972 billion, a significant increase of about HKD 1.488 billion or 60% compared to HKD 2.484 billion in 2024, mainly due to the coal trading business[45] - The selling and distribution expenses were approximately HKD 62 million, a decrease of about HKD 48 million or 44% from the previous year's expenses of approximately HKD 110 million[51] - General and administrative expenses increased to approximately HKD 262 million, an increase of about HKD 53 million or 25% from the previous year's expenses of approximately HKD 209 million[52] Assets and Liabilities - Total assets as of December 31, 2025, were HKD 22,189 million, down from HKD 22,949 million in 2024[6] - Net asset value decreased to HKD 18,384 million from HKD 18,901 million, with a slight decline in equity per share to HKD 3.23[6] - Current ratio decreased to 4.03 from 4.25, indicating a reduction in liquidity[2] - Trade receivables decreased to 557,542 thousand HKD in 2025 from 702,675 thousand HKD in 2024, with a provision for impairment of 187,432 thousand HKD[24] - The accounts receivable balance as of December 31, 2025, was HKD 35,835,000, with related payables at HKD 33,311,000[26] - Total accounts payable increased to HKD 719,764,000 in 2025 from HKD 757,521,000 in 2024[30] Dividends - The company proposed a final dividend of HKD 0.06 per share, bringing the total dividend for the year to HKD 0.12 per share, with a payout ratio of approximately 97%[2] - The company declared a final dividend of 21 HKD cents per share for 2024, totaling 1,069,124 thousand HKD, compared to 18 HKD cents per share totaling 886,831 thousand HKD for 2023[21] Production and Operations - The group reported a production increase of 6% in raw coking coal, reaching 5.25 million tons in 2025 compared to 4.96 million tons in 2024[38] - The average selling price of premium coking coal decreased by 36%, from RMB 1,666 per ton in 2024 to RMB 1,066 per ton in 2025[38] - The group maintained a trade volume of 1.70 million tons of coal products, which was not applicable in the previous year[38] - The group expanded its coal trading business, achieving a trading volume of approximately 1.7 million tons, which contributed to 35% of the group's operating revenue[39] - The average production cost of raw coking coal decreased by 13% year-on-year, reflecting cost control measures implemented by the group[46] Financial Management - The group utilized a lifetime expected loss provision for all trade receivables and notes receivable under the simplified approach of HKFRS 9[27] - The company did not incur any borrowing costs for capitalized expenses in both 2025 and 2024, indicating a focus on operational financing[18] - The deferred tax expense for 2025 was 292,386 thousand HKD, a significant reduction from 710,922 thousand HKD in 2024, suggesting improved tax efficiency[19] - The financial assets measured at fair value increased to 883,094 thousand HKD in 2025 from 439,187 thousand HKD in 2024, reflecting improved investment performance[23] Corporate Governance - The company has complied with all corporate governance code provisions as per the listing rules for the fiscal year ending December 31, 2025, except for a temporary deviation regarding the separation of roles between the chairman and the CEO[77] - On September 23, 2025, Mr. Chen Yi was appointed as the chairman of the board, ensuring compliance with the corporate governance code regarding the separation of roles[78] - The company has adopted the standard code for directors' securities transactions and confirmed that all directors have complied with it for the fiscal year ending December 31, 2025[79] - The preliminary performance announcement for the fiscal year ending December 31, 2025, has been confirmed by the auditors as compliant with the audited consolidated financial statements[75] Future Outlook - The group anticipates a stable coal market in 2025, with supply levels expected to remain stable despite fluctuations in import coal prices[73] - The group plans to enhance management efficiency and cost control while advancing the construction of smart mining operations[74] - The group aims to continuously improve its environmental, social, and governance (ESG) management system to support long-term sustainable development[74] - The group expects China's GDP to maintain a growth rate of 5% in 2025, despite facing multiple uncertainties in the global economic environment[70] - The real estate sector is undergoing a bottoming adjustment, with a year-on-year decline in real estate development investment of 17.2%[71] - The group will focus on ensuring safe production and maintaining a stable operational rhythm in response to market uncertainties[74] Employee and Safety - The group employed 3,999 employees as of December 31, 2025, with no stock options granted or exercised during the review period[69] - The group maintained good safety records across all coal mines, with a minor incident at Xingwu Coal Mine that did not result in significant economic losses[62] Miscellaneous - The company has not reported any significant operational changes during the year, focusing on coal mining and trading activities[15] - The group has begun assessing the impact of new accounting standards on its financial performance but has not yet determined any significant effects[14] - As of December 31, 2025, the group did not engage in any significant investments or acquisitions during the year[58] - The company did not purchase, sell, or redeem any of its listed securities during the year[76] - The board expresses gratitude to customers, suppliers, and shareholders for their support and acknowledges the efforts of management and staff over the past year[81]

薪酬委員會 職權範圍書 [中文譯本] 首鋼福山資源集團有限公司 （「本公司」） 成立 1. 薪酬委員會（「委員會」）為本公司董事（「董事」）會（「董事會」）轄下的 委員會。 成員 委員會秘書 5. 公司秘書是委員會的秘書。 召開會議 6. 委員會成員可以召開會議，而秘書亦可應一名委員會成員要求召開會議。 出席會議 1 7. 會議的法定人數應為三名委員會成員。 8. 除委員會成員外，本公司其他董事亦有權列席委員會會議，但該等列席的董事並 不計入會議的法定人數。 9. 委員會成員可透過電話或類似通訊設備參與會議，而有關設備必須能夠讓參與會 議的全體人士同時聽到彼此的談話。 會議次數 10. 每年應舉行不少於一次會議。 投票表決 職權 職責 2 11. 決議案必須經過半數票表決同意，方可通過。 12. 經全體委員會成員簽署的書面決議案將成為正式有效的決議案，猶如有關決議案 在委員會正式召開及舉行的會議上通過無異。有關書面決議案可一式多份，而每 份須經一名或以上委員會成員簽署。 2. 委員會的成員須由董事會從董事中委任，而委員會的大部份成員應為獨立非執行 董事。 3. 委員會的主席須為獨立非執行董事，並須經董事會不時 ...

[中文譯本] 首鋼福山資源集團有限公司 （「本公司」） 提名委員會 職權範圍書 成立 1. 提名委員會（「委員會」）為本公司董事（「董事」）會（「董事會」）轄下的委 員會。 成員 委員會秘書 5. 公司秘書是委員會的秘書。 召開會議 6. 委員會成員可以召開會議，而秘書亦可應一名委員會成員要求召開會議。 出席會議 1 2. 委員會的成員須由董事會從董事中委任，委員會的大部份成員應為獨立非執行董事， 而至少一名委員會成員為不同性別。 3. 委員會的主席須為董事會主席或獨立非執行董事，並須經董事會不時委任。 4. 委員會成員可於其缺席期間，通過由其簽署並交付至本公司註冊辦事處或委員會會議 的書面通知，委任其他董事出任其候補人。候補委員會成員有權出席任何有關委員會 會議並於會上投票，猶如委員會成員。候補委員會成員亦有權履行其委任人的一切 職能。倘若彼作為多於一名委員會成員之候補人出席任何此類會議，則其投票權應予 累計。 7. 會議的法定人數應為三名委員會成員。 8. 除委員會成員外，本公司其他董事亦有權列席委員會會議，但該等列席的董事並不計 入會議的法定人數。 9. 委員會成員可透過電話或類似通訊設備參與會議，而有 ...