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。 Yancoal Australia Ltd ACN 111 859 119 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） 季度報告 截至2025年9月30日止季度 2025年10月20日刊發 * 仅供识别 本季度兗煤澳洲的可記錄總工傷頻率降至 5.71，仍然低於可比較行業加權基準。1 儘管本季度受到降雨因素干擾，但原煤總產 量與公司預測一致。商品煤總產量為1,230萬 噸（100%基準），與前一季度持平。如預期， 由於彌補了第二季度末因天氣因素導致船運 延遲而產生的銷售缺口，本季度的權益銷量 高於權益產量。 2025年第三季度整體煤炭銷售價格為140澳 元/噸，其中動力煤銷售價格保持穩定，冶金 煤銷售價格環比下降1%，銷售價格綜合反映 了煤炭價格指數、匯率和銷售合約結構的滯 後效應。 2025年運營指引（保持不變） ...

Core Viewpoint - The market for thermal coal in the Bohai Rim is experiencing a slight stabilization in prices, with the index reported at 663 yuan per ton, down 6 yuan from the previous period, indicating a temporary easing of the supply-demand imbalance [1][2]. Group 1: Market Dynamics - The Bohai Rim thermal coal price index has decreased due to a drop in long-term contract prices, despite some positive factors emerging in the market [1]. - The reduction in production from major coal-producing regions has led to a slight increase in prices for certain high-quality coal types [1]. - Coal imports in May were reported at 36.04 million tons, a year-on-year decrease of 7.776 million tons and a month-on-month decrease of 1.785 million tons, indicating ongoing uncertainty in the import market [1]. Group 2: Inventory and Demand - As of June 11, coal inventories at the nine ports in the Bohai Rim have fallen below 29 million tons, a decrease of 13% from previous highs, suggesting improved port operations [1]. - The number of available days of coal for coastal provinces has dropped to below 20 days, indicating a potential increase in demand as the peak electricity consumption season approaches [1]. - Despite some recovery in market sentiment, overall coal inventory levels remain historically high, which continues to suppress price increases [2]. Group 3: External Factors - The implementation of freight rate reductions by some railway bureaus has lowered coal circulation costs in certain regions [2]. - The onset of the rainy season in southern regions is expected to increase hydropower output, putting additional pressure on thermal power generation [2]. - The non-electricity sector continues to exert downward pressure on raw material prices due to low profit margins, limiting the potential for price rebounds in the coal market [2].