Group 1 - The industrial added value of large-scale textile enterprises increased by 3.1% year-on-year in the first half of the year [1] - The operating income of these enterprises was 22,716 billion yuan, showing a year-on-year decline of 3.0% [1] - The total profit of the textile industry decreased by 9.4% year-on-year, amounting to 672 billion yuan [1] Group 2 - The production of yarn, chemical fiber, and clothing increased by 5.0%, 4.9%, and 0.3% year-on-year respectively, while the production of fabric remained flat [1] - The retail sales of consumer goods in the first half of the year reached 99,219 billion yuan, with a year-on-year growth of 6.1% [1] - Retail sales of clothing, shoes, hats, and textile products increased by 3.1% year-on-year [1] Group 3 - The cumulative export of textiles and clothing reached 144 billion USD, reflecting a year-on-year growth of 0.8% [1] - Textile exports amounted to 70.5 billion USD, with a year-on-year increase of 1.8% [1] - Clothing exports totaled 73.5 billion USD, showing a slight decline of 0.2% year-on-year [1]

Financial Data and Key Metrics Changes - The company reported positive operating cash flows of approximately US$90 million for the quarter, leading to a reduction in net debt to below US$100 million [9][10] - The consolidated average sales price decreased to US$127 per tonne from US$139 per tonne in the prior quarter, representing a realization of just under 70% of the average premium low vol index [11][12] - Overall liquidity remained strong at over US$400 million as of June 30, 2025 [10] Business Line Data and Key Metrics Changes - South Walker Creek achieved the highest brown production since mid-2022, with over one million tons produced in June alone [4] - Portrail posted a 7% increase in raw production and a 14% increase in coal sales quarter on quarter [5] - Isaac Plains recovered strongly with raw volumes of 932,000 tons, a 60% increase from the prior quarter, although saleable production remains below the run rate to achieve full year guidance [7] Market Data and Key Metrics Changes - Metallurgical coal pricing conditions remained suppressed due to record levels of Chinese steel exports, which reached 116 million tons in 2025 compared to 111 million tons in 2024 [3] - FOB Australia prices remained range bound, with limited offers in the spot market, influenced by a glut of steel exports from China [13][14] - The Chinese domestic market was well supplied, impacting the pricing dynamics for Australian coal [14] Company Strategy and Development Direction - The company has softened the pace on the Eagle Downs project due to current market conditions but continues base level studies to optimize capital and operational parameters [8] - The focus remains on cash preservation and maintaining production guidance despite adverse weather conditions [2][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery story continuing into the second half of the year, with expectations of significantly higher volumes [10] - The company anticipates that ongoing supply constraints in Australia, combined with potential demand recovery in India post-monsoon, may support market conditions [15] Other Important Information - The company formally objected to the assessed stamp duty related to the Eagle Downs transaction, which was higher than expected [9][10] - The company is working on a budget for 2026, considering potential deferrals based on coal prices [46][48] Q&A Session Summary Question: What is the outlook for the strip ratio going forward? - Management indicated a drop in the strip ratio due to a focus on catching up on raw volumes, with expectations of a slight reduction for the remainder of the year [17][18] Question: What is expected from the Eagle Downs project study next year? - The outcome will depend on various factors, including capital requirements and market conditions, with no commitment expected until mid-next year [20][21][22] Question: Can you clarify the net debt position and tax refund? - The net debt of US$99 million included a benefit from a tax refund submitted in late May, which was received in June [40][42] Question: What initiatives are being taken to manage costs and CapEx? - The company is on track with its guidance and is exploring further cost management initiatives while preparing for the budget for 2026 [46][48] Question: How is the company responding to changes in currency exchange rates? - The company believes it can achieve guidance even with current exchange rates, while also expecting benefits from cost reductions in the second half [52][54]

Core Insights - Indonesia's palm oil inventory decreased by 4.27% month-on-month to 2.9 million tons in May, driven by a surge in exports [1] Group 1: Inventory and Production - Indonesia's palm oil inventory stood at 2.9 million tons in May, reflecting a month-on-month decline of 4.27% [1] - The production of crude palm oil in May was 4.17 million tons, which is lower than April's production of 4.48 million tons but represents a year-on-year increase of 7.2% [1] Group 2: Export Dynamics - Palm oil and refined product exports from Indonesia reached 2.66 million tons in May, marking a nearly 50% increase compared to April and a year-on-year growth of 35.64% [1] - The increase in exports was primarily driven by rising demand from India and China [1]

Report Title Asphalt: Factory Inventory Declines, Price Center Oscillates Strongly with Oil Report Date July 15, 2025 1. Report Industry Investment Rating Not provided in the given content. 2. Report's Core View The asphalt market shows that the factory inventory has declined, and the price center oscillates strongly with the oil price. The trend strength of asphalt is -1, indicating a relatively bearish outlook [1][7]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Market**: - BU2508 closed at 3,681 yuan/ton yesterday with a daily decline of 1.08%, and 3,679 yuan/ton in the night session with a decline of 0.05%. The trading volume was 3,977 lots, an increase of 1,660 lots, and the open interest was 12,525 lots, a decrease of 1,566 lots [1]. - BU2509 closed at 3,646 yuan/ton yesterday with a daily increase of 1.21%, and 3,649 yuan/ton in the night session with an increase of 0.08%. The trading volume was 151,549 lots, a decrease of 7,524 lots, and the open interest was 231,231 lots, an increase of 13,867 lots [1]. - **Spot Market**: - The total warehouse receipts in the asphalt market were 82,300 lots yesterday with no change [1]. - The basis (Shandong - 08) was 129 yuan/ton yesterday, a decrease of 44 yuan/ton compared to the previous day [1]. - The 08 - 09 inter - period spread was 35 yuan/ton yesterday, an increase of 4 yuan/ton compared to the previous day [1]. - The Shandong - South China spread and the East China - South China spread remained unchanged at 200 yuan/ton and 170 yuan/ton respectively [1]. - The Shandong wholesale price was 3,810 yuan/ton yesterday with no change, and the Yangtze River Delta wholesale price was 3,780 yuan/ton yesterday with no change [1]. - **Inventory and Production**: - As of July 14, 2025, the total inventory of 54 domestic asphalt sample factories was 805,000 tons, a decrease of 0.1% compared to July 10. The factory inventory in the East China region decreased the most due to the intermittent shutdown of the main refineries in the region, resulting in a decline in supply and a decrease in inventory driven by good ship shipments after the decline in ship prices [13]. - As of July 14, 2025, the total inventory of 104 domestic asphalt social warehouses was 1.822 million tons, an increase of 0.2% compared to July 10. The social inventory in the southwest and Shandong regions increased significantly. In the southwest region, it was mainly due to the recent arrival of ships for warehousing, and in the Shandong region, it was mainly due to the transfer of some factory inventory resources to social warehouses [13]. - In the week from July 8 to July 14, 2025, according to Longzhong's tracking of 92 enterprises, the weekly total production of domestic asphalt was 568,000 tons, a month - on - month increase of 10,000 tons (0.2%) and a year - on - year increase of 92,000 tons (19.3%). The cumulative production from January to July was 15.946 million tons, a year - on - year increase of 1.046 million tons (7.0%) [13]. - The refinery operating rate was 34.60% on July 14, a decrease of 1.68 percentage points compared to July 10, and the refinery inventory rate was 27.00%, a decrease of 1.87 percentage points compared to July 10 [1]. 3.2 Market Information - The price of asphalt follows the rapid decline of oil prices, and the regional spot price spread remains stable [10]. - The total open interest of the asphalt index and the Shandong basis strengthened and then partially converged [8].

Core Viewpoint - Saudi Arabia is requesting independent oil production analysis for OPEC, suggesting a shift from "production" to "market supply" metrics for June data, potentially lowering reported production by approximately 400,000 barrels per day [2] Group 1: Saudi Arabia's Oil Production - Saudi Arabia's June oil production data may be adjusted to align with OPEC+ quotas, reflecting a significant change in reporting standards [2] - The proposed "market supply" metric excludes inventory changes, making it more aligned with the OPEC+ agreement of 9.37 million barrels per day [2][3] - The International Energy Agency (IEA) reported a surge in Saudi production to 9.8 million barrels per day in June, exceeding OPEC+ quotas [2] Group 2: Impact on Oil Prices and Market Dynamics - Fluctuations in Saudi production directly influence global oil prices, especially as the country leads OPEC+ in supply restoration [2] - Increased shipping volumes through the Suez-Mediterranean pipeline indicate heightened activity due to geopolitical tensions, with an additional 5 million barrels shipped in June [3] - Saudi Aramco's strategic international delivery points in various countries may facilitate adjustments in reported supply metrics [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The HC2510 contract fluctuated on Monday. The overall hot - rolled coil production remains high, terminal demand is resilient, but the cost support weakens as coal and coke prices decline in the late trading. Technically, the 1 - hour MACD indicator of the HC2510 contract shows DIFF and DEA adjusting downwards with shrinking red bars. It is recommended to conduct intraday short - term trading, paying attention to rhythm and risk control [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the HC main contract is 3,123 yuan/ton, up 2 yuan; the position volume is 1,525,709 lots, up 999 lots; the net position of the top 20 in the HC contract is 78,901 lots, down 7,318 lots; the HC10 - 1 contract spread is - 5 yuan/ton, up 1 yuan; the HC daily warehouse receipt at the SHFE is 67,543 tons, down 1,192 tons; the HC2510 - RB2510 contract spread is 126 yuan/ton, unchanged [2]. Spot Market - The price of 4.75 hot - rolled coils in Hangzhou is 3,230 yuan/ton, up 10 yuan; in Guangzhou is 3,190 yuan/ton, up 20 yuan; in Wuhan is 3,230 yuan/ton, up 10 yuan; in Tianjin is 3,110 yuan/ton, up 10 yuan. The HC main contract basis is 107 yuan/ton, up 8 yuan; the Hangzhou hot - rolled coil - rebar spread is 80 yuan/ton, down 10 yuan [2]. Upstream Situation - The price of 61.5% PB fines at Qingdao Port is 713 yuan/wet ton, unchanged; the price of Hebei quasi - first - grade metallurgical coke is 1,265 yuan/ton, unchanged; the price of 6 - 8mm scrap steel in Tangshan is 2,220 yuan/ton, unchanged; the price of Hebei Q235 billet is 2,910 yuan/ton, up 10 yuan. The domestic iron ore port inventory is 13,930.23 million tons, up 36.07 million tons; the sample coking plant coke inventory is 73.81 million tons, down 7.31 million tons; the sample steel mill coke inventory is 627.51 million tons, down 6.50 million tons; the Hebei billet inventory is 77.26 million tons, up 8.00 million tons [2]. Industry Situation - The blast furnace operating rate of 247 steel mills is 83.84%, unchanged; the blast furnace capacity utilization rate is 90.85%, up 0.04%. The sample steel mill hot - rolled coil output is 327.24 million tons, up 1.79 million tons; the sample steel mill hot - rolled coil capacity utilization rate is 83.59%, up 0.45%. The sample steel mill hot - rolled coil factory inventory is 78.22 million tons, up 1.70 million tons; the 33 - city hot - rolled coil social inventory is 262.94 million tons, down 0.71 million tons. The domestic crude steel production is 8,655 million tons, up 53 million tons; the steel net export volume is 1,010 million tons, up 16 million tons [2]. Downstream Situation - The monthly automobile production is 2.6485 million vehicles, up 0.0298 million vehicles; the monthly automobile sales is 2.6863 million vehicles, up 0.0967 million vehicles. The monthly air - conditioner output is 29.48 million units, down 1.353 million units; the monthly household refrigerator output is 8.51 million units, up 0.331 million units; the monthly household washing machine output is 9.412 million units, down 0.239 million units. Last week, the number of steel mill maintenance and复产 production lines increased compared with the previous week. 9 provinces had steel mills with production line maintenance, with 9 maintenance lines (2 more than the previous week) and 8复产 lines (3 more than the previous week). The production affected by production line maintenance is estimated to be 18.03 million tons this week [2]. Industry News - China firmly opposes any party reaching a deal at the expense of China's interests in exchange for so - called tariff reductions. Canada will impose a 50% tariff on steel products imported from countries without a free - trade agreement with Ottawa that exceed the quota [2].

Group 1 - In May, Argentina's automobile sales reached 58,952 units [1] - The automobile export volume in May was 26,346 units [1] - The automobile production in May totaled 48,109 units [1]

Core Insights - The report anticipates Malaysia's palm oil inventory for May 2025 to be 2.01 million tons, reflecting a 7.74% increase from April [1] - Production is expected to reach 1.74 million tons, marking a 3% rise compared to April [1] - Export volume is projected at 1.3 million tons, showing a significant increase of 17.9% from the previous month [1]

Group 1: Iron Ore and Coal Market - Global iron ore shipments totaled 34.31 million tons from May 27 to June 2, an increase of 2.42 million tons month-on-month. Shipments from Australia and Brazil accounted for 28.69 million tons, with Australia alone contributing 19.21 million tons, a decrease of 0.93 million tons [1] - Mongolia's ER company held an online auction for coking coal on June 3, with a starting price of 750 CNY/ton for Mongolian 3 premium coal. The auction for 12,800 tons ended with no bids, marking the 18th consecutive failed auction since April 22 [1] Group 2: Soybean and Palm Oil Market - As of late May, commercial soybean inventories in major oil mills in China rose to nearly 7 million tons due to concentrated imports. It is expected that 12 million tons of imported soybeans will arrive in June, followed by 9.5 million tons in July and 8.5 million tons in August, indicating sufficient domestic supply [1] - Malaysia's palm oil exports in May reached 1,230,787 tons, a 13.21% increase from the previous month [1] - India's edible oil imports in May surged by 37% to 1.18 million tons, the highest level in five months, with palm oil imports skyrocketing by 87% to 600,000 tons, the highest in six months [2] Group 3: Oil Prices and Wood Inventory - Domestic gasoline and diesel prices were adjusted upward by 65 CNY and 60 CNY per ton, respectively, effective from June 3. The average increase for 92-octane gasoline, 95-octane gasoline, and 0-octane diesel is 0.05 CNY per liter [2] - As of May 30, the total inventory of coniferous logs in China decreased by 20,000 cubic meters to 341,000 cubic meters, a reduction of 0.58% week-on-week, reaching a three-and-a-half-month low [2] Group 4: Aluminum and Lead Production - In May 2025, China's metallurgical-grade alumina production increased by 2.66% month-on-month and 4.06% year-on-year. The built production capacity was approximately 11.08 million tons, with actual operating capacity declining by 0.46% and an operating rate of 77.3%. The average profit in the alumina industry exceeded 400 CNY/ton as of May 30 [2] - A medium-sized lead smelting plant in Yunnan is expected to undergo routine maintenance in mid-June for 30-40 days, which will reduce lead production by nearly 2,000 tons in June, while silver production is expected to remain normal [2]

Group 1 - As of May 5, 2025, the Shanghai Export Container Freight Index for European routes is reported at 1379.07 points, a decrease of 3.5% compared to the previous period [1] - From April 28 to May 4, 2025, the total iron ore arrivals at 47 Chinese ports amounted to 26.344 million tons, a decrease of 452,000 tons week-on-week [1] - The total iron ore arrivals at 45 Chinese ports for the same period were 24.497 million tons, down by 631,000 tons compared to the previous week [1] Group 2 - A Reuters survey indicates that Malaysia's palm oil inventory for April 2025 is expected to be 1.79 million tons, an increase of 14.8% from March; production is projected at 1.62 million tons, up 16.9% from March; and exports are expected to reach 1.1 million tons, a 9.7% increase from March [1] - As of April 24, 2025, Indonesia's biodiesel consumption for the year is reported at 4.44 million liters, with 3.2 million liters consumed from January to March; the mandatory palm oil blending ratio for biodiesel in Indonesia is set at 40%, up from 35% last year [1] Group 3 - As of May 3, 2025, Brazil's soybean harvest rate for the 2024/25 season is at 97.7%, compared to 94.8% the previous week and 94.3% the same time last year, with a five-year average of 96.3% [1] - The USDA's weekly crop progress report shows that as of May 4, 2025, the soybean planting rate in the U.S. is at 30%, below market expectations of 31%, and up from 18% the previous week and 24% last year, with a five-year average of 23%; the emergence rate is at 7%, compared to 8% last year and a five-year average of 5% [2] - India's Ministry of Mines reports that aluminum production for the fiscal year 2024-25 is expected to increase to 420,000 tons from 416,000 tons in 2023-24; refined copper production is projected to grow by 12.6%, from 509,000 tons in 2023-24 to 573,000 tons [2]