Core Viewpoint - The coal industry in China is experiencing a downturn in both revenue and profit due to a relaxed supply-demand situation and declining coal prices, with expectations for gradual improvement in the second half of 2025 as demand in non-electric sectors is anticipated to rise [1][7]. Group 1: Revenue and Profit Decline - Major coal companies, including China Shenhua, Shaanxi Coal and Energy, and China Coal Energy, reported significant declines in both revenue and profit for the first half of 2025, with China Shenhua's revenue at 138.11 billion yuan and net profit at 24.64 billion yuan, down 18.34% and 12.0% year-on-year respectively [2][3]. - Shaanxi Coal and Energy's revenue fell to 77.98 billion yuan, a decrease of 14.19%, with net profit dropping 31.18% to 7.64 billion yuan, attributed to lower coal prices [2]. - China Coal Energy's revenue was 74.44 billion yuan, down 19.95%, and net profit decreased by 21.28% to 7.71 billion yuan, while Yanzhou Coal Mining's revenue was 59.35 billion yuan, down 17.93%, with net profit down 38.53% to 4.65 billion yuan [3]. Group 2: Market Characteristics - The coal market in the first half of 2025 showed a pattern of increased production but decreased prices, with national raw coal output rising by 5.4% to 2.4 billion tons, while coal imports fell by 11.1% to 22.2 million tons [4]. - The average price of thermal coal at Qinhuangdao Port dropped by approximately 22.2% to 685 yuan per ton [4]. - The overall revenue for the coal mining and washing industry decreased by 21% to 1.24 trillion yuan, with total profits down 53% to 149.16 billion yuan [4]. Group 3: Future Outlook - Despite the current downturn, several coal companies are optimistic about the second half of 2025, expecting a stabilization in coal prices and a slight recovery in demand due to seasonal factors and macroeconomic policies [7][8]. - Non-electric demand is projected to become a significant support for the market, with expectations for increased demand in the upcoming months, particularly during the "Golden September and Silver October" period [8]. - Companies like Yanzhou Coal Mining are implementing strategies to increase production and manage costs, anticipating a rise in coal output by over 40 million tons in the latter half of the year [6].

Core Viewpoint - Yancoal Energy reported a stable performance in the first half of the year despite challenges in the coal market and energy sector transformation, with a focus on increasing production, controlling costs, expanding markets, and strengthening management [1] Financial Performance - In the first half of the year, Yancoal Energy achieved operating revenue of 59.349 billion yuan and a net profit attributable to shareholders of 4.652 billion yuan, with record-high coal production and enhanced profitability from the coal chemical segment [1] - The company expects continued implementation of measures in the second half, supported by stabilizing coal prices, effective capacity release, and profit contributions from the Northwest Mining integration [1] Market Outlook - The coal market is showing signs of price improvement and increased production, with market coal prices recovering since late June due to stricter production checks, safety regulations, and seasonal demand [1] - Yancoal Energy anticipates an increase of over 40 million tons in coal production by 2025, primarily in the second half of the year [1] Production Capacity - In the first half of the year, Yancoal Energy's Shaanxi-Mongolia and Australian bases showed significant production increases, with total coal production reaching 73.6 million tons, a year-on-year increase of 4.52 million tons or 6.5% [2] - The Shaanxi-Mongolia base achieved full production capacity, contributing 23.55 million tons, a year-on-year increase of 2.15 million tons or 10%, with key mines significantly boosting output [2] Supply and Demand Dynamics - Domestic supply is expected to be limited in the second half of 2025 due to increased production checks and adverse weather conditions, while imports are projected to continue declining due to policies restricting low-quality coal [3] - Demand is expected to improve, supporting coal price stability, with anticipated steady growth in electricity coal demand and increased coal consumption in the chemical sector [3] International Market Insights - The International Energy Agency predicts a slight increase in global coal demand in 2025, with Yancoal Energy noting limited production increases from major coal-producing countries and geopolitical uncertainties affecting international coal prices [3]

Core Viewpoint - China Shenhua's latest semi-annual report reveals a significant decline in revenue and net profit, marking the third consecutive year of profit decrease, primarily due to adverse coal market conditions [1][2]. Financial Performance - The company's revenue for the first half of the year decreased by 18.3% year-on-year to 138.11 billion yuan, while net profit attributable to shareholders fell by 12% to 24.641 billion yuan [1]. - Coal sales volume dropped by 10.9% to 205 million tons, and the average selling price decreased by 12.9% to 493 yuan per ton, leading to a decline in coal sales revenue [2]. - The power generation segment saw a 7.4% decrease in electricity generation to 98.78 billion kWh, with total electricity sales down 7.3% to 92.91 billion kWh [3]. Business Segments - The coal, railway, and power generation segments are the primary profit sources, contributing nearly 96% of total operating profit, with coal alone accounting for over 60% [1]. - The railway segment increased non-coal cargo handling by 7.4% to 13.1 million tons, while the port segment handled 7.2 million tons of non-coal goods, up 5.9% [3]. Market Conditions - The domestic coal market is described as weak, with a slight increase in overall coal consumption of 0.4%, but a 1.8% decline in the power generation sector's coal consumption [2]. - The average utilization hours for coal-fired power generation decreased by 147 hours year-on-year to 2056 hours, reflecting the impact of rapid development in renewable energy [2]. Future Outlook - The company maintains an optimistic outlook for the second half of the year, anticipating policy-driven energy demand growth and potential recovery in coal consumption and prices [3].

Group 1: Report Overview - The report is an energy and chemical research report on coal, dated August 20, 2025 [2] Group 2: Market Review - On August 20, the port thermal coal market was stable with limited fluctuations in quotes and transactions. The 5500 - kcal coal was quoted at 700 - 710 yuan/ton, 5000 - kcal at 640 - 645 yuan/ton, and 4500 - kcal at 560 - 565 yuan/ton in the market. Different regions had different price ranges for non - electric enterprise coal [3] Group 3: Important Information - From January to July, national railways transported 11.96 billion tons of coal, including 8.16 billion tons of thermal coal. The coal inventory of railway - directly - supplied power plants remained at a high level. The freight volumes of mining construction materials, smelting supplies, and grain increased by 13.6%, 8.2%, and 12.7% year - on - year respectively [4] Group 4: Logic Analysis - Supply: Recent continuous rainfall in the northwest led to a significant decline in the coal mine operating rate in major coal - producing areas of Shanxi, Shaanxi, and Inner Mongolia. As of August 19, the operating rate in Ordos was 71% and in Yulin was 45%. The daily average coal output of Ordos and Yulin was over 3.5 million tons, and the overall domestic supply tightened [5] - Import: Affected by the improvement of domestic coal prices, the sentiment in the import market continued to warm up this week. Due to the good price advantage of imported coal, the inquiry enthusiasm of coastal power plants increased significantly, and the market transaction atmosphere improved [5] - Demand: Power plants maintained a stable operation with a load of 70% - 80%. Power plant inventories were at a high level, and only a small amount of rigid - demand purchases were made in the market under the long - term agreement coal supply. On the other hand, the cement operating rate at the non - electric end hovered at a low level, while the restart of methanol and urea maintenance devices led to a high - level operating rate, and the demand for chemical coal was generally good, providing stable support for coal prices in the pit - mouth area [5] - Inventory: Northwest rainfall affected coal transportation. The daily average volume of the Datong - Qinhuangdao Railway was less than 1 million tons, and the number of approved carriages by the Hohhot Railway Bureau was around 15. With high outbound volumes, port inventories continued to decline. As of August 20, the inventory of Bohai Rim ports dropped to 21.8 million tons, a decrease of 10 million tons from the high level, and the inventory level was low. The daily consumption of coastal power plants increased seasonally, and inventories decreased, while the inventories of inland power plants were still high [5] - Outlook: In late August, coal production in major producing areas was restricted, the coal operating rate in Ordos and Yulin dropped significantly, and the daily average output decreased to 3.5 million tons, resulting in supply tightening. Power plant inventories decreased, import profits emerged, and power plants only made rigid - demand purchases. The shipping from production areas to ports was at a loss, and traders suspended shipping. Port inflows were at a low level, while outflows were high, and port inventories continued to decline. With continuous high - temperature weather across the country, the daily consumption of power plants reached the annual peak, coal consumption returned to the same - period level, the inventories of coastal power plants were lower than the same - period level, and continuous rigid - demand purchases were made. The FOB prices at ports rebounded continuously. Affected by continuous rainfall, the coal mine operating rate in the pit - mouth area dropped significantly, production was restricted, and the demand for chemical coal was good. The pit - mouth prices rebounded continuously, rising 100 yuan/ton from the low point, and are expected to remain firm and rise in the short term [5]

Group 1: Report Overview - Report Name: Coal Daily Report (August 4, 2025) [3] - Report Type: Energy and Chemical Research Report, Commodity Research [1][2] Group 2: Market Review - Spot Market: On August 4, the coal market in port areas showed a strong trend, with a tight supply - demand structure. Different calorific - value coal prices were provided for various regions such as ports, Inner Mongolia, Yulin, Shanxi, and Jiangnei ports [4]. Group 3: Important Information - Electricity Consumption: In June, the total social electricity consumption was 867 billion kWh, a year - on - year increase of 5.4%. The first, second, third industries and urban and rural residents' electricity consumption all had different growth rates. In the first half of the year, the cumulative total social electricity consumption was 4841.8 billion kWh, a year - on - year increase of 3.7% [5]. Group 4: Logic Analysis Supply - Domestic Supply: Due to continuous rainfall in the northwest, the coal mine operating rates in major coal - producing areas of Shanxi, Shaanxi, and Inner Mongolia dropped significantly. As of August 2, the operating rates in Ordos and Yulin were 66% and 41% respectively, and the daily coal output in the two cities dropped to over 3.2 million tons, tightening the overall domestic supply [6]. - Import: The prices of different calorific - value coal were given, with 5500 - kcal coal at 500 - 550 yuan/ton, 5000 - kcal coal at 440 - 490 yuan/ton, and 4500 - kcal coal at 380 - 430 yuan/ton [6]. Demand - Power Plants: Affected by heavy rain, the load of some power plants decreased, and the inventory was at a medium level. Power plants mainly purchased long - term contracts, and due to the "buy - on - rising" psychology, they bought a small amount of market coal to supplement inventory. - Non - power Sectors: The cement operating rate was low, while the restart of methanol and urea maintenance devices led to a high operating rate, and the overall demand for chemical coal was okay, providing stable support for coal prices in the pit - mouth area [6]. Inventory - Port Inventory: Affected by rainfall in the northwest, the daily average volume of the Datong - Qinhuangdao Railway was 1 million tons, and the approved car numbers of the Hohhot Railway Bureau were around 15 trains. With high out - flow, the port inventory continued to decline. As of August 4, the inventory in the Bohai Rim ports dropped to 23.4 million tons, a decrease of 8 million tons from the high level [6]. - Power Plant Inventory: The daily consumption of coastal power plants increased seasonally, and the inventory decreased. The inventory of inland power plants was still high [6]. Overall Outlook - In early August, the coal production in major producing areas was restricted, the operating rates in Ordos and Yulin dropped significantly, and the supply tightened. With the continuous high - temperature weather across the country, the daily consumption of power plants will continue to increase seasonally. It is expected that coal prices will continue to rise strongly in the short term [6]. Group 5: Related Charts - Multiple charts were provided, showing the inventory and consumption data of different types of ports and power plants from 2022 to 2025, including national ports, Bohai Rim ports, downstream ports, etc. [10][14]

Group 1: Report Information - Report Title: Coal Daily Report, July 29, 2025 [3] - Report Type: Energy and Chemical Research Report, Commodity Research [1][2] Group 2: Market Review - Spot Market: On July 29, port market trading was average, with stable trader quotes. 5500 - kcal coal was quoted at 650 - 660 yuan/ton, 5000 - kcal at 590 - 600 yuan/ton, and 4500 - kcal at 520 yuan/ton in the port market. Non - electric coal prices varied by region, e.g., in Inner Mongolia, 5500 - kcal coal was 425 - 465 yuan/ton [4]. - Jiangnei Port: 5500 - kcal power coal was quoted at 690 - 710 yuan/ton, and 5000 - kcal at 630 - 640 yuan/ton [4]. Group 3: Important Information - June Electricity Consumption:全社会用电量 was 867 billion kWh in June, up 5.4% year - on - year. The first, second, third industries, and residential electricity consumption were 13.3 billion, 548.8 billion, 175.8 billion, and 129.1 billion kWh respectively, with year - on - year growth of 4.9%, 3.2%, 9.0%, and 10.8% [5]. - H1 Electricity Consumption: Cumulative electricity consumption in the first half of the year was 4841.8 billion kWh, up 3.7% year - on - year [5]. Group 4: Logical Analysis - Supply: Pit - mouth prices rebounded, and coal mine operations recovered. As of July 26, the coal mine operating rates in Ordos and Yulin were 78% and 47% respectively, with a daily output increase of over 4 million tons in the two cities. Overall domestic supply remained abundant [6]. - Import: The domestic and import markets diverged. Domestic coal prices were stable, while importers reduced prices, and actual transaction prices declined [6]. - Demand: Due to continuous rainfall, thermal power generation decreased slightly, and power plant daily consumption fell slightly. With long - term contract coal supply, market procurement demand was limited. Non - electric cement operating rates were low, while coal - to - methanol and coal - to - urea operating rates were high, and chemical coal demand was fair [6]. - Inventory: Shipping volume increased. The daily average volume of the Datong - Qinhuangdao Railway was 1.1 million tons, and the Huhehaote Railway approved about 25 trains. Port inventory continued to decline. As of July 28, the inventory at Bohai Rim ports dropped to 24.8 million tons, a reduction of 7 million tons from the high, but still relatively high. Coastal power plant daily consumption increased seasonally, but inventory reduction was slow, and inland power plant inventory remained high [6]. - Overall Situation: In late July, coal production in major producing areas increased, and power plant inventory reduction was slow. With the impact of imported coal, power plants only made necessary purchases. Traders actively shipped, and port inventory continued to decline. As the temperature rose, power plant daily consumption would continue to increase seasonally, and coal prices were expected to rise [6]. Group 5: Charts - The report includes multiple charts showing the inventory and daily consumption of different types of power plants (coastal 8 - province, inland 17 - province, key power plants), as well as the inventory of various ports (national, Bohai Rim, downstream, East China, South China, Jiangnei ports) and pit - mouth stations from 2022 to 2025 [10][14]

Group 1: Report Overview - Report Name: Energy Chemical R & D Report - Coal Daily (July 24, 2025) [2] - Researcher: Zhang Mengchao [6] - Data Source: Galaxy Futures [11][15] Group 2: Market Review - Spot Market Prices: On July 24, port market trading atmosphere was average, with traders' quotes remaining firm. 5500 - kcal coal was quoted at 650 - 660 yuan/ton, 5000 - kcal at 590 - 600 yuan/ton, and 4500 - kcal at 520 yuan/ton in the port market. Different regions had their own price ranges for non - electric enterprise coal [3]. Group 3: Important Information - Power Generation Installed Capacity: As of the end of June, the national cumulative power generation installed capacity was 3.65 billion kilowatts, a year - on - year increase of 18.7%. Solar power installed capacity was 1.1 billion kilowatts (up 54.2% year - on - year), and wind power was 570 million kilowatts (up 22.7% year - on - year). From January to June, the national power generation equipment's average utilization hours were 1504, 162 hours less than the previous year [4]. Group 4: Logic Analysis - Supply: Pit - mouth prices continued to rebound, and coal mines resumed production. The coal mine start - up rates in the main coal - producing areas of Shanxi, Shaanxi, and Inner Mongolia increased. As of July 23, the coal mine start - up rate in Ordos was 78%, and in Yulin was 46%. The daily coal output in Ordos and Yulin increased by about 4 million tons, and the domestic supply was generally loose [5]. - Import: The domestic and import markets showed different trends. The domestic coal price was basically stable, while import traders continued to cut prices to sell, and the actual transaction price in the market decreased [5]. - Demand: Currently, hydropower was weak, the power plant load increased, daily consumption rose, and inventory decreased. Some power plants reported that market coal procurement was hindered by railway capacity constraints and rising coal prices. Non - electric cement start - up rate was low, while the restart of methanol and urea maintenance devices led to high - level operation of coal - to - methanol and coal - to - urea start - up rates, and the demand for chemical coal was generally good [5]. - Inventory: Shipping volume started to increase. The average daily volume of the Datong - Qinhuangdao line was 1.1 million tons, and the number of approved wagons by Huhehaote Railway Bureau was around 25 trains. Port inventory continued to decline. As of July 24, the inventory in Bohai Rim ports dropped to 25.35 million tons, a decrease of 6 million tons from the high level but still relatively high. Coastal power plant daily consumption increased seasonally, but inventory reduction was slow, and inland power plant inventory was still high [5]. - Outlook: In late July, the coal output in the main producing areas increased, the start - up rates in Ordos and Yulin rose, and the overall supply was relatively abundant. Power plant inventory reduction was slow, and due to the impact of imported coal, power plants only maintained rigid demand procurement. Traders actively shipped, port inflow increased, and port inventory continued to decline. With the continuous high - temperature weather across the country, power plant daily consumption would continue to increase seasonally, and coal consumption would return to the same - period level. Coastal power plant inventory was lower than the same period, and they continued rigid demand procurement. The port FOB price rebounded continuously. The start - up rate of coal - chemical products in the pit - mouth area was high, the demand for chemical coal was good, and the import volume decreased significantly. As the southern temperature rose, the power plant replenishment rhythm accelerated. It was expected that coal prices would continue to rise firmly [5]. Group 5: Related Charts - Charts include national port inventory, Bohai Rim port inventory, downstream port inventory, East China port inventory, South China port inventory, Jiangnei port inventory, key power plant inventory, pit - mouth platform inventory, coastal 8 - province power plant inventory, coastal 8 - province power plant daily consumption, coastal 8 - province power plant available days, inland 17 - province power plant inventory, inland 17 - province power plant daily consumption, inland 17 - province power plant available days, power plant inventory, and power plant daily consumption from 2022 - 2025 [8][11][15]

Financial Data and Key Metrics Changes - The company reported the best first half operational performance in the past five years, with long coal and attributable sellable coal volume up by 15% to 16% compared to last year [6][7] - The cash balance at the end of the quarter was $1,800,000,000 after paying a fully franked final dividend of $687,000,000 [8][20] - Cash operating costs for the first half are expected to be towards the middle of the guidance range of $89 to $97 per tonne [7][21] Business Line Data and Key Metrics Changes - Total ROM coal production increased to 17,000,000 tonnes, which is 12% more than the first quarter and 23% more than the second quarter last year [9][10] - Attributable saleable coal production was 9,400,000 tonnes, similar to the first quarter and 15% more than the second quarter last year [10][12] - The sales volume of 8,100,000 tonnes was 1,300,000 tonnes lower than saleable production due to logistical issues [14][20] Market Data and Key Metrics Changes - Global thermal coal demand remains strong despite a decrease in Indonesian exports by 11% and Colombian exports by 23% [15][16] - The average realized thermal coal price was AUD 130 per tonne, and the average realized metallurgical coal price was AUD 197 per tonne, both down from the previous quarter [18] - The overall average realized price decreased to AUD 142 per tonne compared to AUD 157 in the prior quarter [18] Company Strategy and Development Direction - The company is focused on maximizing operational efficiency and minimizing costs in response to decreasing coal prices [7] - There is an intention to consider acquisition opportunities during the cyclical downturn while balancing capital management and returns [48][80] - The company aims to maintain a strong financial position with $1,800,000,000 in cash and no interest-bearing debt [20][80] Management's Comments on Operating Environment and Future Outlook - Management noted that the coal industry is currently at the bottom of the cycle, with expectations for a recovery towards the end of the year [56] - The company is well-positioned to navigate the cyclical low in coal prices, with competitive cash operating costs and strong cash reserves [95] - There is an expectation that delayed shipments from the second quarter will be delivered in the current quarter [15][26] Other Important Information - The total recordable injury frequency rate improved to 6.32, below the industry average of 7.93 [9] - The company is currently undergoing a CEO recruitment process, with a strong management team in place during the interim [82] Q&A Session Summary Question: Will the sales volume from the second quarter be fully translated into sales in the third quarter? - Management expects the sales volume of approximately 1,400,000 tonnes that slipped from the second quarter to be recovered in the third quarter [26][27] Question: What is the expected growth in metallurgical coal volume compared to thermal coal? - The metallurgical coal volumes represent about 20% to 25% of overall sales and are expected to remain stable moving forward [32] Question: Is the company looking to mitigate costs and CapEx in the current price environment? - The company is focused on optimizing its capital expenditure and minimizing costs while considering value-accretive opportunities during the downturn [48][50] Question: How does the decrease in China's coal imports affect Yancoal? - Yancoal's contracts with China remain unaffected, and the company continues to supply high-quality coal despite the decrease in imports [60][61] Question: What is the company's position on potential asset acquisitions? - The company is open to considering both internal and external opportunities for acquisitions, focusing on value accretion [101][102]

Group 1: Market Overview - On Tuesday, coking coal futures experienced a rebound after a decline due to falling crude oil prices, with coking coal main contract rising 0.75% to 804.5 CNY/ton and coke main contract increasing 1.46% to 1387.5 CNY/ton [1] - The import volume of Mongolian coking coal has become a significant factor in port inventory reduction, with current port inventory around 3 million tons, which has increased to 4 million tons after the restoration of customs clearance [1][2] - The overall supply of coking coal remains loose, with no significant improvement in the supply-demand fundamentals despite a decrease in import volumes [2][3] Group 2: Supply and Demand Dynamics - Steel mills' daily molten iron production has stabilized around 2.42 million tons, with a profitability rate of approximately 58%, but high molten iron levels have not effectively reduced coking coal inventory [2] - The demand for coking coal is expected to remain weak, with the fourth round of coke price reductions leading to a drop of 240-250 CNY/ton [2][3] - The coal market is anticipated to see an increase in supply exceeding demand in early July, potentially stabilizing coal prices if extreme weather does not occur [4] Group 3: Future Price Trends - The market sentiment remains cautious, with the price support for coking coal relatively weak due to the ongoing loose supply conditions [3][6] - The recent geopolitical tensions have subsided, leading to a significant drop in crude oil futures, which may influence energy prices [7] - The coking coal market is expected to maintain a wide range of fluctuations in the near term due to mixed market factors and ongoing supply pressures [6][7]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report concludes that as of late June, coal production in major producing areas has declined, but overall supply remains relatively abundant. Power plant inventory depletion is slow, and with the impact of imported coal, power plants only maintain necessary purchases. Port inventory is continuously decreasing. As temperatures rise nationwide, power plant daily consumption will continue to increase seasonally, and there will be necessary purchases later. The port FOB price is temporarily stable, and coal prices in the pithead area are expected to remain stable [5]. 3. Summary by Directory Market Review - On June 23, port market price - holding sentiment persisted, and trader quotes continued to rise. For example, the 5500 - kcal market quote was 615 - 620 yuan/ton, and different regions had their own price ranges for various coal types [3]. Important News - In May 2025, China imported 2865.3 million tons of thermal coal (non - coking coal), a year - on - year decrease of 16.06% and a month - on - month decrease of 0.96%. From January to May 2025, the cumulative import of thermal coal was 14500.2 million tons, a year - on - year decrease of 7.9%. In May 2025, China imported 738.7 million tons of coking coal, a year - on - year decrease of 23.7% and a month - on - month decrease of 16.9% [4]. Logical Analysis - **Supply**: Pithead prices have temporarily stopped falling and stabilized. Some coal mines have shut down, and the coal mine operating rates in major coal - producing areas in Shanxi, Shaanxi, and Inner Mongolia have declined. As of June 22, the coal mine operating rate in Ordos was 66%, and in Yulin it was 44%. The daily coal output in Ordos and Yulin was around 3.7 million tons, but the overall domestic supply was still abundant. The domestic and imported markets showed different trends, with the domestic coal price basically stable and imported coal prices falling [5]. - **Demand**: Power plant loads were generally low, and inventories were at high levels. Power plants mainly relied on long - term contract coal. Some coastal power plants had nearly completed their August imported coal purchases. Non - power sectors such as cement had low operating rates, while the operating rates of coal - to - methanol and coal - to - urea were high, and the demand for chemical coal was fair, providing stable support for coal prices in the pithead area [5]. - **Inventory**: Due to shipping losses, port inflows decreased. The daily average freight volume of the Datong - Qinhuangdao line dropped to 1 million tons, and the number of approved carriages by the Hohhot Railway Bureau dropped to around 30. Outflows were low, and port inventory continued to decrease. As of June 23, the inventory at Bohai Rim ports was around 26.7 million tons, a reduction of 5 million tons from the high level but still relatively high. Coastal power plant daily consumption increased seasonally, but inventory depletion was slow, and inland power plant inventories remained high [5].