Core Viewpoint - Jiutai Bonda Energy (02798) is expected to report a significant decline in after-tax net profit for the first half of 2025, projecting a profit of approximately RMB 6 million to 10 million, representing a year-on-year decrease of about 97.6% to 99.9% due to various operational challenges and market conditions [1] Group 1 - Jiutai Bonda Energy's stock has dropped over 9%, currently trading at HKD 0.76 with a transaction volume of HKD 3.1026 million [1] - The primary reason for the profit decline is the sharp drop in the market price of premium coal, which has significantly reduced coal prices and compressed the group's gross margin [1] - Operational challenges include complex geological conditions at the Hongguo and Baogushan coal mines, which have slowed operational progress, reduced coal mine utilization rates, and increased costs related to underground preparation and waste disposal [1] Group 2 - Despite implementing operational efficiency measures, the company continues to face rising compliance-related costs due to increased safety management expenses, land compensation for expansion, and the development of compliant waste landfills [1]