[HK]久泰邦达能源(02798):中期报告 2026
原标题:久泰邦达能源:中期报告 2026 CONTENTS 目錄 2 Corporate Information 公司資料 5 Management Discussion and Analysis 管理層討論及分析 22 Other Information 其他資料 29 Condensed Consolidated Statement of Profit or Loss and 簡明綜合損益及其他全面收益表 Other Comprehensive Income 30 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表32 Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表33 Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表34 Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註50 Summary of Mine Properties 採礦物業概述 中 CORPORATE INFORMATION 公司資料 BOARD OF DIRECTORS 董事會 Executive Directors 執行董事 Mr. YU Bangping (Chairman) 余邦平先生（主席） Mr. YU Zhilong (Chief Executive Officer) 余支龍先生（行政總裁）Mr. LI Xuezhong (Chief Operating Officer) 李學忠先生（首席?運官）Mr. LAU Kai Ming (Chief Financial Officer) 劉啟銘先生（首席財務官）Mr. YU Xiao 余瀟先生 Independent Non-executive Directors 獨立非執行董事 Mr. FONG Wai Ho (Lead Independent Non-executive Director) 方偉豪先生（首席獨立非執行董事）Mr. Punnya Niraan DE SILVA Punnya Niraan DE SILVA先生 Mr. SI Zeyu 司澤毓先生 Ms. YAU Shu Shan 游樹珊女士 AUDIT COMMITTEE 審核委員會 Mr. FONG Wai Ho (Chairman) 方偉豪先生（主席） Mr. Punnya Niraan DE SILVA Punnya Niraan DE SILVA先生 Ms. YAU Shu Shan 游樹珊女士 NOMINATION COMMITTEE 提名委員會 Mr. YU Bangping (Chairman) 余邦平先生（主席） Mr. FONG Wai Ho 方偉豪先生 Ms. YAU Shu Shan 游樹珊女士 REMUNERATION COMMITTEE 薪酬委員會 Mr. FONG Wai Ho (Chairman) 方偉豪先生（主席） Mr. Punnya Niraan DE SILVA Punnya Niraan DE SILVA先生 Mr. LAU Kai Ming 劉啟銘先生 COMPANY SECRETARY 公司秘書 Mr. CHAN Kwong Leung, Eric 陳鄺良先生 AUTHORIZED REPRESENTATIVES 法定代表 Mr. LAU Kai Ming 劉啟銘先生 Mr. CHAN Kwong Leung, Eric 陳鄺良先生 CORPORATE INFORMATION (Continued) 公司資料（續） AUDITOR 核數師 Deloitte Touche Tohmatsu 德勤?關黃陳方會計師行 Certified Public Accountants 執業會計師 Registered Public Interest Entity Auditor 註冊公眾利益實體核數師35/F, One Pacific Place 香 88 Queensway 金鐘道88號 Hong Kong 太古廣場第一座35樓 LEGAL ADVISERS 法律顧問 As to Hong Kong Laws: 有關香法律： Loeb & Loeb LLP 樂博律師事務所有限法律責任合夥 2206–19 Jardine House 香 1 Connaught Place, Central 中環康樂廣場1號 Hong Kong 怡和大廈2206–19室 As to the People’s Republic of China Laws: 有關中華人民共和國法律：Commerce & Finance Law Offices 通商律師事務所 12–15th Floor, China World Office 2 中國 No. 1 Jianguomenwai Avenue 北京市 Chaoyang District 朝陽區 Beijing 建國門外大街1號 China 國貿寫字樓2座12–15層 As to the Cayman Islands Laws: 有關開曼群島法律： Maples and Calder (Hong Kong) LLP 邁普達律師事務所（香）有限法律責任合夥53rd Floor, The Center 香 99 Queen’s Road Central 皇后大道中99號 Hong Kong 中環中心53樓 REGISTERED OFFICE 註冊辦事處 P.O. Box 309, Ugland House P.O. Box 309, Ugland House Grand Cayman, KY1-1104 Grand Cayman, KY1-1104 Cayman Islands Cayman Islands CORPORATE INFORMATION (Continued) 公司資料（續） PRINCIPAL PLACE OF BUSINESS 主要?運地點 Head Office in China 中國總部 Office building next to E’Lang Pu Leisure Square 中國貴州省六盤水市Hongguo Economic Development Area 紅果經濟開發區 Liupanshui City, Guizhou Province, China 蛾螂鋪休閑廣場旁寫字樓Hong Kong Office 香辦事處 Unit A1, 25th Floor 香 NCB Innovation Centre 九龍 888 Lai Chi Kok Road 荔枝角道888號 Kowloon 南商金融創新中心 Hong Kong 25樓A1室 CAYMAN ISLANDS PRINCIPAL SHARE 開曼群島主要股份 REGISTRAR AND TRANSFER OFFICE 過戶登記處 Maples Fund Services (Cayman) Limited Maples Fund Services (Cayman) LimitedP.O. Box 1093, Boundary Hall P.O. Box 1093，Boundary Hall Cricket Square, Grand Cayman Cricket Square, Grand Cayman KY1-1102, Cayman Islands KY1–1102，Cayman Islands HONG KONG BRANCH SHARE 香股份過戶 REGISTRAR AND TRANSFER OFFICE 登記分處 Tricor Investor Services Limited 卓佳證券登記有限公司 17/F, Far East Finance Centre 香 16 Harcourt Road 夏道16號 Hong Kong 遠東金融中心17樓 PRINCIPAL BANKERS 主要往來銀行 Bank of China Limited 中國銀行有限公司 Bank of Guiyang Co. Ltd. 貴陽銀行股份有限公司 Bank of Communications Co., Limited, Hong Kong Branch 交通銀行股份有限公司香分行PLACE OF LISTING AND STOCK CODE 上市地點及股份代號 Main Board of The Stock Exchange of Hong Kong Limited/2798 香聯合交易所有限公司主板╱2798COMPANY’S WEBSITE 公司網站 www.perennialenergy.hk www.perennialenergy.hk MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 INDUSTRY REVIEW 行業回顧 During the first half of 2026, the global economic environment remained 於2026年上半年，受持續的地緣政治不確定 volatile amid ongoing geopolitical uncertainties, evolving trade dynamics 性、多變的貿易環境及通脹壓力影，全球經 and inflationary pressures. Despite a complex external environment, China’s 濟環境維持波動。儘管外部環境複雜，中國經 economy maintained stable growth momentum. According to the National 濟仍保持穩定增長勢頭。根據國家統計局數 Bureau of Statistics, China’s gross domestic product (“GDP”) reached 據，期內中國國內生產總值（「國內生產總值」） RMB69.6 trillion, representing a year-on-year (“YoY”) increase of 4.7% 達人民幣69.6萬億元，較去年同期（「同比」）增 during the period, supported by steady growth in industrial production, 長4.7%，此乃受工業生產穩步增長、內需呈 resilient domestic demand, and continued investment in key sectors. 現韌性及關鍵領域持續投資所帶動。 Nonetheless, despite the general optimism, market conditions in China’s 儘管市場普遍持樂觀態度，惟期內中國煤炭行 coal industry remained challenging during the period. Market demand 業市場仍充滿挑戰。房地產市場長期疲軟拖 remained flat as prolonged weakness in the property market weighed 累了建築活動及鋼鐵生產，繼而減少焦煤消 on construction activity and steel production, constraining coking coal 耗，導致整體需求承壓。根據官方統計數據， consumption. According to official statistics, raw coal output of enterprises 2026年首五個月規模以上工業原煤產量約為 above a designated size reached approximately 1.98 billion tonnes in the 19.8億噸，同比下降0.3%。 first five months of 2026, down 0.3% YoY. Driven by intensified safety inspections and tightening regulatory standards 同時，受近年加強安全檢查及更嚴謹的監管標 in recent years, domestic coal producers faced higher operating costs and 準所影，國內煤炭生產商亦面臨更高的?運 more cautious production schedules. The spot coking coal market was 成本，生產計劃亦因而變得更為審慎。市場透 supplemented by rising imports, with cumulative imports of coking coal 過增加進口量以補充現貨市場需求，2026年 reaching approximately 54.7 million tonnes in the first five months of 2026, 首五個月焦煤累計進口量達約5,470萬噸，同 representing a 25.0% increase YoY. Against the backdrop of diminishing 比增長25.0%。在經?規模效益及單位經濟效 scale of operations and unit economics, many domestic coal producers 益遞減的背景下，面對?運成本上升、市場競 continued to face narrowing margins amid rising operating costs, intensified 爭加劇及持續的市場調整，眾多國內煤炭生產 market competition, and ongoing market adjustments. 商因而面臨利潤空間持續收窄的局面。 Guizhou Province maintained its strategic position as a core coal- 貴州省維持了其作為核心產煤地區的戰略地 producing region, continuing to anchor regional energy security. According 位，並繼續保障區內能源安全。根據貴州省統 to the Guizhou Provincial Bureau of Statistics, the province’s coal mining 計局數據顯示，2026年上半年全省煤炭開採 and washing industry recorded YoY growth of 2.9% in the first half of 和洗選業同比增長2.9%。透過持續推行煤炭 2026, while efforts to promote coal industry development and capacity 產業發展及產能提升的相關工作，該省的目 enhancement continued, with a target of increasing the annual production 標是至2030年將生產及試運轉煤礦的年產能 capacity of operating and trial-operation coal mines to 260 million tonnes 提高至2.6億噸。儘管下游需求復甦仍相對緩 by 2030. Coal prices in the province also improved moderately during the 慢，期內省內煤炭價格亦錄得適度改善。 period, although the recovery in downstream demand remained relatively modest. Beyond production scale and market prices, under China’s dual-carbon 除生產規模及市場價格外，在中國雙碳目標及 goals and the objectives of the 15th Five-Year Plan, coal enterprises 「十五五」規劃目標下，煤炭企業鼓勵推行?運 are increasingly encouraged to modernise operations, strengthen 現代化、增強技術能力及採納具可持續性的? technological capabilities, and adopt sustainable development practices. 運方式。市場更為強調智能化開採、更清潔的 Greater emphasis is being placed on intelligent mining, cleaner production 生產流程以及整個煤炭價值鏈的創新整合。在 processes, and the integration of innovation across the coal value chain. 貴州省，推進產業升級及現代化投入正助力全 In Guizhou Province, ongoing efforts to advance industry upgrades and 省煤炭行業轉型。隨著行業持續適應演變中的 modernisation are contributing to the transformation of the provincial 標準及監管要求，主動擁抱技術創新及可持續 coal sector. As the industry continues to adapt to evolving standards 發展的煤炭企業或能將更具競爭力，有效把握 and regulatory requirements, coal enterprises that proactively embrace 行業持續轉型所帶來的機遇。 technological innovation and sustainable development may be better MANAGEMENT DISCUSSION AND ANALYSIS (Continued) 管理層討論及分析（續） BUSINESS REVIEW 業務回顧 Perennial Energy Holdings Limited (the “Company” together with its 久泰邦達能源控股有限公司（「本公司」，連同 subsidiaries, the “Group”) mainly owns and operates three underground 其附屬公司統稱「本集團」）主要擁有及經?位 coal mines in Panzhou City, Guizhou Province, including 盤縣紅果鎮紅果煤 於貴州省盤州市的三個地下煤礦，即盤縣紅果 礦 (Pan County Hongguo Town Hongguo Coal Mine*) (“Hongguo Coal 鎮紅果煤礦（「紅果煤礦」）、盤縣紅果鎮苞谷山 Mine”), 盤縣紅果鎮苞谷山煤礦 (Pan County Hongguo Town Baogushan Coal 煤礦（「苞谷山煤礦」）及盤縣羊場鄉謝家河溝煤 Mine*) (“Baogushan Coal Mine”) and 盤縣羊場鄉謝家河溝煤礦 (Pan County 礦（「謝家河溝煤礦」）。 Yangchang Village Xiejiahegou Coal Mine*) (“Xiejiahegou Coal Mine”).Resource and Reserve 資源量及儲量 The following table indicates the resource and reserve data of the three 下表顯示三個煤礦的資源量及儲量數據： mines: Hongguo Baogushan Xiejiahegou Coal Mine Coal Mine Coal Mine 紅果煤礦 苞谷山煤礦 謝家河溝煤礦 (Thousand (Thousand (Thousand tonnes) tonnes) tonnes) （千噸） （千噸） （千噸） # # Resource data under the JORC Code 根據JORC規則概覽的資源量 1 Summary (as at 30 June 2026) 數據（於2026年6月30日）1 Measured resources 14,258 7,096 – 探明資源量 Indicated resources 7,780 24,700 13,848 控制資源量 Inferred resource 13,225 7,000 9,520 推斷資源量 # # Reserve data under the JORC Code 根據JORC規則概覽的儲量數 1 Summary (as at 30 June 2026) 據（於2026年6月30日）1 Proved reserves 10,450 4,949 – 證實儲量 Probable reserves 5,910 18,790 8,048 概略儲量 2 Marketable reserve 可銷售儲量2 3 – Clean coal 8,730 12,578 4,800 －精煤3 – Middling coal 3,080 4,483 838 －中煤 – Sludge coal 693 1,150 1,126 －泥煤 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) 管理層討論及分析（續） Notes: 附註： 1. The resource and reserve data of Hongguo Coal Mine and Baogushan Coal 1. 紅果煤礦及苞谷山煤礦截至2023年12月 Mine are estimated based on the resource and reserve review report prepared 31日的資源量及儲量數據乃根據Valtech by Mr. Edmundo Laporte of Valtech Corporate Services Limited (“Valtech”) as Corporate Services Limited（「 Valtech」） of 31 December 2023, while the resource and reserve data of the Xiejiahegou 的Edmundo Laporte先生編製的資源量及 Coal Mine are based on the competent persons’ report provided by Mr. Liu 儲量審查報告進行估計，而謝家河溝煤礦 Hongbo, Mr. Leung Karfai and Dr. Zhao Shugang of BAW Mineral Partners 截至2025年11月30日的資源量及儲量數 Limited (“BAW”) as of 30 November 2025. The resource and reserve data as 據乃根據 BAW Mineral Partners Limited of 30 June 2026 of the Hongguo Coal Mine and Baogushan Coal Mine have （「BAW」）的劉洪波先生、梁嘉輝先生及趙 been adjusted by the measured resource data and the proved reserve data 書剛博士提供的合資格人士報告而得出。 as at 31 December 2023, after deducting the respective data extracted from 紅果煤礦及苞谷山煤礦截至2026年6月30日 the mining activities between 1 January 2024 and 30 June 2026, whereas the 的資源量及儲量數據已根據於2023年12月 resource and the reserve data as of 30 June 2026 of the Xiejiahegou Coal 31日的探明資源量數據及證實儲量數據作 Mine have been adjusted by the indicated resource data and the probable 出調整，並扣除自2024年1月1日至2026年 reserve data as at 30 November 2025, after deducting the respective data 6月30日期間的採礦活動得出的相關數據， extracted from the mining activities between 1 December 2025 and 30 June 而謝家河溝煤礦截至2026年6月30日的資源 2026. 量及儲量數據已按2025年11月30日的控制 資源量數據及概略儲量數據作出調整，並 扣除自2025年12月1日至2026年6月30日期 間的採礦活動得出的相關數據。 2. The marketable reserves of each of the three final products (clean coal, 2. 紅果煤礦、苞谷山煤礦及謝家河溝煤礦三 middling coal, and sludge coal) of the Hongguo Coal Mine, Baogushan Coal 項最終產品（精煤、中煤及泥煤）各自的可 Mine and Xiejiahegou Coal Mine were estimated by deducting the respective 銷售儲量透過扣除自2026年1月1日至2026 data extracted from the mining activities between 1 January 2026 to 30 June 年6月30日期間採礦活動得出的有關數據進 2026. 行估計。 3. The clean coal produced from the Hongguo Coal Mine and Baogushan Coal 3. 紅果煤礦及苞谷山煤礦所生產的精煤大部 Mine is mostly 1/3 coking coal, whereas the clean coal produced from the 分為1/3焦煤，而謝家河溝煤礦所生產的精 Xiejiahegou Coal Mine is mostly coking coal. 煤大部分為焦煤。 # # JORC Code: The Australasian Code for Reporting of Exploration Results, JORC規則：《澳大拉西亞報告勘探結果、 Mineral Resources and Ore Reserves. 礦物資源量及礦石儲量守則》。 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) 管理層討論及分析（續） Production 生產 As at 30 June 2026, each of the Hongguo Coal Mine and Baogushan Coal 於2026年6月30日，紅果煤礦及苞谷山煤礦各 Mine had a permitted annual production capacity of 1,200 thousand tonnes, 自的許可年產能為1,200千噸，而謝家河溝煤 whereas the Xiejiahegou Coal Mine had a permitted annual production 礦的許可年產能為450千噸，本集團煤礦的整 capacity of 450 thousand tonnes, totalling 2,850 thousand tonnes for the 體許可年產能合共為2,850千噸。下表載列於 overall permitted annual production capacity of the Group’s mines. Below 截至2026年6月30日止六個月及截至2025年 sets forth the actual production and utilisation rate for the Group’s coal 6月30日止六個月本集團煤礦之實際產量及使 mines for the six months ended 30 June 2026 and the six months ended 30 用率：June 2025: Six months ended 30 June 截至6月30日止六個月 2026 2025 Permitted Permitted Annual Annual Production Actual Utilisation Production Actual Utilisation 1 1 Capacity Production Rate Capacity Production Rate 1 1 許可年產能 實際產量 使用率 許可年產能 實際產量 使用率 (Thousand (Thousand (Thousand (Thousand tonnes) tonnes) (Percentage) tonnes) tonnes) (Percentage) （千噸） （千噸） （百分比） （千噸） （千噸） （百分比） 1,200 278 23 Hongguo Coal Mine 紅果煤礦 1,200 348 29 1,200 419 35 Baogushan Coal Mine 苞谷山煤礦 1,200 330 28 450 51 11 Xiejiahegou Coal Mine 謝家河溝煤礦 450 257 57 2,850 748 26 2,850 935 33 附註： Note: 1. 使用率按有關期間實際產量除以許可年產 1. Utilisation rate is calculated by actual production volume over the permitted 能計算得出。 annual production capacity for the relevant period. MANAGEMENT DISCUSSION AND ANALYSIS (Continued) 管理層討論及分析（續） For the period under review, the Group’s total raw coal production was 於回顧期間，本集團的原煤總產量為約748千 approximately 748 thousand tonnes, of which approximately 278 thousand 噸，當中約278千噸、419千噸及51千噸乃分 tonnes, 419 thousand tonnes and 51 thousand tonnes were produced by 別由紅果煤礦、苞谷山煤礦及謝家河溝煤礦 Hongguo Coal Mine, Baogushan Coal Mine and Xiejiahegou Coal Mine, 生產，分別同比減少約20.1%、同比增加約 respectively, representing a YoY decrease of approximately 20.1%, a YoY 27.0%及同比減少約80.2%。紅果煤礦、苞 increase of approximately 27.0%, and a YoY decrease of approximately 谷山煤礦及謝家河溝煤礦的使用率分別約為 80.2%, respectively. The utilisation rates of Hongguo Coal Mine, Baogushan 23%、35%及11%，分別同比減少約6個百分 Coal Mine and Xiejiahegou Coal Mine were approximately 23%, 35% and 點（「百分點」）、同比增加約7個百分點及同比 11%, respectively, representing a YoY decline of approximately 6 percentage 減少約46個百分點。整體下降主要由於謝家 points (“ppt”), a YoY increase of approximately 7 ppt, and a YoY decrease 河溝煤礦出現地質斷層及局部煤層變薄，過渡 of approximately 46 ppt, respectively. The overall decline was primarily due 至新的地下工作面，額外資源整備及開發新工 to geological faults and localized seam thinning at the Xiejiahegou Coal 作面成為必要，導致煤炭利用率下降。另一方 Mine, which necessitated a transition to new underground working faces 面，紅果煤礦的地質斷層對精煤洗選回收率造 and additional resources to prepare and develop the new working faces, 成不利影，導致精煤產量減少。 leading to lower coal utilization rates. On the other hand, geological faults at the Hongguo Coal Mine adversely affected the clean coal washing recovery rate, resulting in a lower yield of clean coal output. Coal Processing 煤炭加工 The Group operates its own coal preparation plants, namely, 松山洗煤廠 本集團自?洗煤廠松山洗煤廠（「松山洗煤廠」） (Songshan Coal Preparation Plant*) (“Songshan CPP”) and 謝家河溝洗煤廠 及謝家河溝洗煤廠（「謝家河溝洗煤廠」），將其 (Xiejiahegou Coal Preparation Plant*) (“Xiejiahegou CPP”) for processing 煤礦開採的原煤進行加工。於2026年6月30 the raw coal extracted from its coal mines. As at 30 June 2026, the capacity 日，松山洗煤廠的洗煤能力為每年2,400千 held by Songshan CPP was 2,400 thousand tonnes per annum. Xiejiahegou 噸。謝家河溝洗煤廠目前的洗煤能力為每年 CPP currently holds a capacity of 1,800 thousand tonnes per annum. 1,800千噸。 During the period under review, a total of approximately 737 thousand 於回顧期間，加工總量為約737千噸（截至 tonnes (six months ended 30 June 2025: approximately 937 thousand 2025年6月30日止六個月：約937千噸）煤 tonnes) of coal was processed, of which, approximately 696 thousand 炭，當中松山洗煤廠及謝家河溝洗煤廠的加工 tonnes (six months ended 30 June 2025: approximately 680 thousand 量分別約為696千噸（截至2025年6月30日止 tonnes) and 41 thousand tonnes (six months ended 30 June 2025: 六個月：約680千噸）及41千噸（截至2025年6 approximately 257 thousand tonnes) were processed by Songshan CPP 月30日止六個月：約257千噸）。 and Xiejiahegou CPP, respectively. MANAGEMENT DISCUSSION AND ANALYSIS (Continued) 管理層討論及分析（續） Sales Volume and Average Selling Price 銷量及平均售價 Below sets forth the sales volumes and average selling prices of the 下表分別載列本集團煤炭產品於截至2026年 Group’s coal products for the six months ended 30 June 2026 and 2025, 及2025年6月30日止六個月的銷量及平均售 respectively: 價： Six months ended 30 June 截至6月30日止六個月 2026 2025 Sales Average Sales Average Unit Volume Selling price Volume Selling price 單位 銷量 平均售價 銷量 平均售價 (RMB/unit) (RMB/unit) （人民幣╱單位） （人民幣╱單位） Clean coal 精煤 Tonne 噸 293,834 1,364 429,979 1,202 Middling coal 中煤 Tonne 噸 136,172 242 145,280 370 Sludge coal 泥煤 Tonne 噸 167,964 119 177,173 114 Raw coal 原煤 Tonne 噸 11,337 307 – – Coalbed methane gas 煤層氣 Thousand cubic 11,317 173 4,249 172meter 千立方米 Coal product trading 煤炭產品貿易 Tonne 噸 103,849 509 – –During the period under review, the resilient market demand and the short- 於回顧期間，穩健的市場需求及短期供應緊張 term squeeze in supply supported stable average selling prices of the 支本集團煤炭產品的平均售價保持穩定。本 Group’s coal products. The Group’s average selling price of clean coal 集團的精煤平均售價同比上漲約13.5%至每噸 increased by approximately 13.5% YoY to approximately RMB1,364/tonne 約人民幣1,364元（截至2025年6月30日止六個 (six months ended 30 June 2025: RMB1,202/tonne). Meanwhile, the average 月：每噸人民幣1,202元）。同時，中煤的平 selling price of middling coal decreased by approximately 34.6% YoY to 均售價同比下降約34.6%至每噸約人民幣242 approximately RMB242/tonne (six months ended 30 June 2025: RMB370/ 元（截至2025年6月30日止六個月：每噸人民 tonne). The average selling price of sludge coal increased by approximately 幣370元）。泥煤的平均售價上漲約4.4%至每 4.4% to approximately RMB119/tonne (six months ended 30 June 2025: 噸約人民幣119元（截至2025年6月30日止六 RMB114/tonne). The average selling prices of raw coal and coal product 個月：每噸人民幣114元）。原煤及煤炭產品 trading were RMB307/tonne and RMB509/tonne, respectively. The average 貿易的平均售價分別為每噸人民幣307元及每 selling price of coalbed methane gas remained relatively flat, increased 噸人民幣509元。煤層氣的平均售價仍相對 slightly by approximately 0.6% to approximately RMB173/thousand cubic 平穩，略上漲約0.6%至每千立方米約人民幣 meters (six months ended 30 June 2025: RMB172/thousand cubic meters). 173元（截至2025年6月30日止六個月：每千 立方米人民幣172元）。 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) 管理層討論及分析（續） The Group’s raw coal is processed into clean coal at Songshan CPP and 本集團的原煤於松山洗煤廠及謝家河溝洗煤廠 Xiejiahegou CPP before being sold to customers. In addition to clean coal, 經過加工為精煤後，方會銷售予客戶。除精煤 the Group also sells by-products generated during the coal refining process, 外，本集團亦銷售洗選煤過程中產生的副產 including middling coal, sludge coal and coalbed methane gas. 品，括中煤、泥煤及煤層氣。 During the period under review, the sales volume of clean coal, the Group’s 於回顧期間，本集團主要產品精煤的銷量同 primary product, decreased by approximately 31.7% YoY to 293,834 比減少約31.7%至293,834噸（截至2025年6月 tonnes (six months ended 30 June 2025: 429,979 tonnes). Similarly, the 30日止六個月：429,979噸）。同樣，中煤銷 sales volume of middling coal decreased by approximately 6.3% to 136,172 量減少約6.3%至136,172噸（截至2025年6月 tonnes (six months ended 30 June 2025: 145,280 tonnes), while the sales 30日止六個月：145,280噸），而泥煤銷量減 volume of sludge coal decreased by approximately 5.2% to 167,964 tonnes 少約5.2%至167,964噸（截至2025年6月30日 (six months ended 30 June 2025: 177,173 tonnes). These declines were 止六個月：177,173噸）。該等跌幅被新收入 partially offset by the new revenue streams, and the sales volume of raw 來源部分抵銷，且原煤銷量為11,337噸（截至 coal was 11,337 tonnes (six months ended 30 June 2025: nil), and the sales 2025年6月30日止六個月：無），煤炭產品貿 volume for coal product trading was 103,849 tonnes (six months ended 30 易銷量為103,849噸（截至2025年6月30日止六 June 2025: nil). 個月：無）。 Meanwhile, the sales volume of coalbed methane gas increased by 同時，煤層氣銷量增加約166.3%至11,317千 approximately 166.3% to 11,317 thousand cubic meters (six months ended 立方米（截至2025年6月30日止六個月：4,249 30 June 2025: 4,249 thousand cubic meters). Overall, the total sales volume 千立方米）。整體而言，煤炭產品銷量合共為 of coal products amounted to 713,156 tonnes (six months ended 30 June 713,156噸（截至2025年6月30日止六個月：約 2025: approximately 752,432 tonnes), reflecting a modest decrease of 752,432噸），同比輕微減少約5.2%。 approximately 5.2% YoY. Update on the Operation of an Associate of the Company 本公司一間聯?公司?運之更新During the period under review, the Group’s associate company, 中電建盤 於回顧期間，本集團之聯?公司中電建盤州低 州低熱值煤發電有限公司 (PowerChina Panzhou Low Calorific Value Coal 熱值煤發電有限公司（「盤州發電公司」）就盤南 Power Generation Co., Ltd.*) (the “Panzhou Power Generation Company”), 低熱值煤綜合利用發電項目（「發電廠項目」）取 achieved major operational milestones for the Pan’nan Low Calorific Value 得了重大?運里程碑。 Coal Comprehensive Utilisation Power Project (the “Power Plant Project”).The Power Plant Project comprises two 660MW ultra-supercritical 發電廠項目括兩台660兆瓦超超臨界循環 circulating fluidised bed coal-fired generating units (collectively, Unit 1 流化床燃煤發電機組（統稱1號機組及2號機 and Unit 2). Designed to utilise low calorific value coal resources more 組）。該項目旨在更有效地利用低熱值煤資 efficiently, the project improves energy conversion performance and 源、提高能量轉換性能及減少排放，符合國家 reduces emissions, in alignment with national policies on clean and efficient 有關清潔高效燃煤發電及資源利用的政策。 coal-fired power generation and resource utilisation. Significant progress was made on the Group’s Power Plant Project. During 本集團發電廠項目取得重大進展。於回顧期 the period under review, Unit 1 commenced trial operation in March 2026 間，1號機組於2026年3月開始試運行，並於 and, following the satisfactory completion of all relevant testing and receipt 圓滿完成所有相關測試及獲得必要監管批准後 of necessary regulatory approvals, successfully achieved grid connection 成功實現併網及開始商業?運。於回顧期間 and commenced commercial operation. Subsequent to the period under 後，2號機組亦按計劃推進，完成調試及測試 review, Unit 2 also progressed on schedule, completing its commissioning 階段並於2026年7月全面投入商業?運。 and testing phases to enter full commercial operation in July 2026.MANAGEMENT DISCUSSION AND ANALYSIS (Continued) 管理層討論及分析（續） With both units becoming fully operational subsequent to the period under 隨著兩台機組於回顧期間後全面投入運作，發 review, the Power Plant Project will be a major source of new generation 電廠項目將成為該地區新增發電能力的主要來 capacity for the region. The project is expected to bolster the Group’s long- 源，該項目預期將推動本集團的長期經?穩定 term operational stability and strengthen its overall financial performance 性，並於未來加強本集團的整體財務表現。 moving forward. FINANCIAL REVIEW 財務回顧 Revenue 收益 During the period under review, the Group recorded a total revenue 於回顧期間，本集團從生產及銷售精煤、中 of approximately RMB512.0 million (six months ended 30 June 2025: 煤、泥煤、原煤及煤層氣以及煤炭產品貿易 approximately RMB591.5 million) from the production and sales of clean 錄得的總收益約為人民幣512.0百萬元（截至 coal, middling coal, sludge coal, raw coal, and coalbed methane gas, as 2025年6月30日止六個月：約人民幣591.5百 well as coal product trading, representing a YoY decrease of approximately 萬元），同比減少約13.4%。截至2026年及 13.4%. The revenues for the six months ended 30 June 2026 and 2025 2025年6月30日止六個月的收益概述如下： were summarised as follows: Six months ended 30 June 截至6月30日止六個月 2026 2025 Percentage Percentage Revenue to total Revenue to total RMB’000 revenue RMB’000 revenue 收益 佔總收益 收益 佔總收益 Sales of coal products 煤炭產品銷售額 人民幣千元 百分比 人民幣千元 百分比– Clean coal －精煤 400,726 78.3% 516,921 87.4% – Middling coal －中煤 33,005 6.4% 53,690 9.1% – Sludge coal －泥煤 19,963 3.9% 20,179 3.4% – Raw coal －原煤 3,477 0.7% – 0.0% Sales of coalbed methane gas 銷售煤層氣 1,959 0.4% 731 0.1% Coal product trading 煤炭產品貿易 52,844 10.3% – 0.0% Total 總計 511,974 100.0% 591,521 100.0% 本集團一直致力其整體產品組合中維持穩定 Consistent with the Group’s strategy, clean coal remains the principal 的精煤比例，作為其持之以恆的業務策略， product of the Group, and the Group has been adhering to the strategy of 因此，精煤仍然是本集團之主要產品。截至 stabilising the proportion of clean coal within its overall product mix. For 2026年6月30日止六個月，銷售精煤所產生收 the six months ended 30 June 2026, the proportion of revenue generated 益所佔比例約為78.3%（截至2025年6月30日 from the sales of clean coal accounted for approximately 78.3% (six months 止六個月：約87.4%），反映收益貢獻較去年 ended 30 June 2025: approximately 87.4%), indicating a decrease in 同期有所減少。 revenue contribution compared with the corresponding period last year.MANAGEMENT DISCUSSION AND ANALYSIS (Continued) 管理層討論及分析（續） During the period under review, following the decrease in sales volume, the 於回顧期間，隨銷量減少，本集團的精煤銷 Group’s sales revenue of clean coal decreased by approximately 22.5% 售收益減少約22.5%至約人民幣400.7百萬 to approximately RMB400.7 million (six months ended 30 June 2025: 元（截至2025年6月30日止六個月：約人民幣 approximately RMB516.9 million). Sales revenue of middling coal decreased 516.9百萬元）。中煤銷售收益減少約38.5%至 by approximately 38.5% to approximately RMB33.0 million (six months 約人民幣33.0百萬元（截至2025年6月30日止 ended 30 June 2025: approximately RMB53.7 million), whereas sales 六個月：約人民幣53.7百萬元），而泥煤銷售 revenue of sludge coal decreased by approximately 1.1% to approximately 收益減少約1.1%至約人民幣20.0百萬元（截至 RMB20.0 million (six months ended 30 June 2025: approximately RMB20.2 2025年6月30日止六個月：約人民幣20.2百萬 million). Sales revenue of raw coal was approximately RMB3.5 million (six 元）。原煤銷售收益約為人民幣3.5百萬元（截 months ended 30 June 2025: nil). Sales of coalbed methane gas increased 至2025年6月30日止六個月：無）。煤層氣銷 by approximately 168.0% to approximately RMB2.0 million (six months 售增加約168.0%至約人民幣2.0百萬元（截至 ended 30 June 2025: approximately RMB0.7 million). The Group is engaged 2025年6月30日止六個月：約人民幣0.7百萬 in trading of coal products. During the Period, the Group purchased coal 元）。本集團從事煤炭產品貿易。於期內，本 products, mainly raw coal, from a domestic coal enterprise for resale to 集團透過向一家國內煤炭企業採購主要為原煤 the customers, and its sales revenue amounted to approximately RMB52.8 的煤炭產品並轉售予客戶，產生銷售收入約為 million, contributing to approximately 10.3% of the total revenue. The 人民幣52.8百萬元，佔總收入約10.3%。於回 decrease in total revenue for the period under review was mainly attributable 顧期間，總收益減少主要歸因於煤炭產品銷量 to the drop in sales volume of coal products. 下跌。 Gross Profit and Gross Profit Margin 毛利及毛利率 The Group recorded a decrease in gross profit from approximately 本集團的毛利由截至2025年6月30日止六個月 RMB167.8 million for the six months ended 30 June 2025 to approximately 約人民幣167.8百萬元減少至截至2026年6月 RMB86.5 million for the six months ended 30 June 2026, representing a 30日止六個月約人民幣86.5百萬元，同比減 decrease of 48.4% YoY. Gross profit margin for the six months ended 30 少48.4%。截至2026年6月30日止六個月的毛 June 2026 was approximately 16.9% (six months ended 30 June 2025: 利率約為16.9%（截至2025年6月30日止六個 approximately 28.4%), representing a YoY decrease of approximately 11.5 月：約28.4%），同比減少約11.5個百分點。 ppt. The decline in gross profit and gross profit margin was mainly attributable 毛利及毛利率的減少主要歸因於煤炭產品銷量 to the decrease in sales volume of coal products, which led to growing 減少，導致規模效益下滑及單位生產成本上 diseconomies of scale and rising unit production cost. Besides, the 升。此外，煤炭產品貿易的收益貢獻增加，加 increasing revenue contribution from coal product trading, along with the 上因於回顧期間紅果煤礦及謝家河溝煤礦地質 increased costs associated with underground preparatory work, which 情況複雜而導致地下準備工作相關成本增加， stemmed from geological complexities encountered in the Hongguo Coal 進一步侵蝕了毛利及毛利率。 Mine and Xiejiahegou Coal Mine, further eroded the gross profit and gross profit margin during the period under review. Other Income 其他收入 The Group’s other income increased by approximately 120.8% YoY from 本集團其他收入由截至2025年6月30日止六個 approximately RMB4.6 million for the six months ended 30 June 2025 to 月約人民幣4.6百萬元同比增加約120.8%至回 approximately RMB10.2 million for the period under review. Such increase 顧期間約人民幣10.2百萬元。有關增加主要由 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) 管理層討論及分析（續） Other Gains and Losses 其他收益及虧損 The Group’s other losses increased by approximately 887.9% from 本集團其他虧損由截至2025年6月30日止六個 approximately RMB0.6 million for the six months ended 30 June 2025 月約人民幣0.6百萬元增加約887.9%至回顧期 to approximately RMB5.9 million for the period under review, primarily 間約人民幣5.9百萬元，主要由於出售物業、 attributable to the losses on disposal of property, plant and equipment. 廠房及設備的虧損所致。 Share of Profits/(Losses) of an Associate 應佔一間聯?公司溢利╱（虧損）The Group recorded a share of profit of an associate amounting to 本集團於回顧期間錄得應佔一間聯?公司溢 approximately RMB7.2 million for the period under review, representing a 利約為人民幣7.2百萬元，而去年同期應佔一 turnaround compared with the share of loss of the associate of RMB4.0 間聯?公司虧損為人民幣4.0百萬元，扭虧為 million for the corresponding period last year. The amount represents 盈。該金額指其聯?公司盤州發電公司所確認 the Group’s share of profit recognised by its associate, Panzhou Power 的本集團應佔溢利。於回顧期間，發電廠項目 Generation Company. During the period under review, the Power Plant 已正式投入商業?運，帶動財務業績扭虧為 Project officially commenced commercial operations, leading to a 盈。更多詳情請參閱本報告「本公司一間聯? turnaround in financial results. For more information, please refer to “Update 公司?運之更新」。 on the Operation of an Associate of the Company” in this interim report.Distribution and Selling Expenses 分銷及銷售開支 The Group’s distribution and selling expenses decreased by approximately 本集團分銷及銷售開支由截至2025年6月30 4.9% YoY from approximately RMB39.5 million for the six months ended 30 日止六個月約人民幣39.5百萬元同比減少約 June 2025 to approximately RMB37.5 million for the period under review. 4.9%至回顧期間約人民幣37.5百萬元。有關 The decrease was primarily due to lower coal transportation costs, as a 減少主要由於回顧期間煤炭產品銷量減少導致 result of the decreasing sales volume of coal products during the period 煤炭運輸成本降低所致。 under review. Administrative Expenses 行政開支 Administrative expenses decreased by approximately 10.0% YoY from 行政開支由截至2025年6月30日止六個月約人 approximately RMB77.3 million for the six months ended 30 June 2025 to 民幣77.3百萬元同比減少約10.0%至回顧期間 approximately RMB69.5 million for the period under review. The decrease 約人民幣69.5百萬元。有關減少主要歸因於回 was mainly attributable to tighter cost control measures and improved 顧期間實施更嚴格的成本控制措施及提升企業 efficiency in corporate management during the period under review. 管理效率。 Reversal of impairment losses under expected credit loss 根據預期信貸虧損（「預期信貸虧損」）模(“ECL”) model 式撥回減值虧損 During the period under review, the Group recognized a reversal of 於回顧期間，本集團就貿易應收款項確認根據 impairment losses under ECL model in respect of the trade receivables 預期信貸虧損模式撥回的減值虧損約人民幣 of approximately RMB1.8 million. No such reversal was recognized for 1.8百萬元。2025年同期並無確認有關撥回。 the corresponding period of 2025. The recognition reflects an updated 該確認反映了對信貸風險的最新評估，當中已 assessment of credit risk, taking into account evolving customer profiles 考慮不斷變化的客戶概況及宏觀經濟狀況。 and macroeconomic conditions. MANAGEMENT DISCUSSION AND ANALYSIS (Continued) 管理層討論及分析（續） Other Expenses 其他開支 The Group’s other expenses increased by approximately 36.9% YoY from 本集團其他開支由截至2025年6月30日止六個 approximately RMB16.5 million for the six months ended 30 June 2025 to 月約人民幣16.5百萬元同比增加約36.9%至回 approximately RMB22.6 million for the period under review. This increase 顧期間約人民幣22.6百萬元。有關增加主要由 was mainly attributable to an increase in research and development 於與採礦技術及煤層研究有關的研發開支增 expenses in relation to mining technology and coal seam studies, and 加，以及相關監管機構對本集團煤礦處以的行 administrative fines imposed by the relevant regulatory authorities on the 政罰款所致。 Group’s coal mines. Finance Costs 融資成本 The Group’s finance costs primarily comprised interest expense on bank 本集團的融資成本主要括銀行借款的利息開 borrowings and interest expense on other borrowings from factoring of bills 支及保理本集團客戶所發行具全面追索權的應 receivables with full recourse from the Group’s customers. Finance costs 收票據所得其他借款的利息開支。融資成本 decreased by approximately 13.0% YoY from approximately RMB25.4 由截至2025年6月30日止六個月約人民幣25.4 million for the six months ended 30 June 2025 to approximately RMB22.1 百萬元同比減少約13.0%至回顧期間約人民幣 million for the period under review. This was primarily due to reduced bank 22.1百萬元。有關減少主要由於回顧期間銀行 borrowings and recourse factoring activities during the period under review. 借款及有追索權保理活動減少所致。 Income Tax Credit/(Expense) 所得稅抵免╱（支出） The Group’s income tax credit for the period under review was 本集團於回顧期間的所得稅抵免約為人民幣 approximately RMB8.2 million, compared with an income tax expense of 8.2百萬元，而截至2025年6月30日止六個月 approximately RMB6.2 million for the six months ended 30 June 2025. The 的所得稅開支約為人民幣6.2百萬元。有關轉 change was mainly due to a significant decrease in operating profits before 變主要由於回顧期間除所得稅前經?溢利大幅 income tax during the period under review. 減少所致。 (Loss)/Profit for the Period 期內（虧損）╱溢利 As a result of the foregoing, the Group recorded a net loss of approximately 由於以上所述，本集團於回顧期間錄得虧損約 RMB43.9 million during the period under review (six months ended 30 June 人民幣43.9百萬元（截至2025年6月30日止六 2025: net profit of approximately RMB3.0 million). This turnaround from a 個月：純溢利約人民幣3.0百萬元）。由盈轉虧 net profit to a net loss was mainly attributable to a reduction in sales volume 主要歸因於煤炭產品銷量減少，直接壓縮了回 of coal products, which directly compressed its gross profit margins during 顧期間的毛利率。 the period under review. PROSPECTS 展望 China’s full-year GDP growth forecast for 2026 has recently been revised 中國2026年全年國內生產總值增長預測近期 downward to approximately 4.4% from 4.6%, reflecting softening consumer 由4.6%下調至約4.4%，反映消費需求疲 demand, fiscal strains on local governments fueled by the prolonged 弱、房地產市場長期銳減激化地方政府面財政 property market slump, and muted infrastructure investment. 緊張，以及基礎設施投資減弱的情況。 MANAGEMENT DISCUSSION AND ANALYSIS (Continued) 管理層討論及分析（續） For the second half of 2026, the domestic coking coal market is expected 展望2026年下半年，國內焦煤市場預計將維 to maintain a tight supply-demand balance. The revised Standards for 持供需偏緊平衡。於2026年7月1日生效的經 Determining Major Accident Hazards in Coal Mines, effective on 1 July 修訂《煤礦重大事故隱患判定標準》強化了主要 2026, have reinforced safety-driven production restrictions across key 焦煤產區的安全生產限制，一定程度限制了國 coking coal-producing regions, constraining domestic supply recovery. 內供應復甦。需求方面，儘管粗鋼產量控制持 On the demand side, hot metal production at steel mills has remained 續且鋼材需求疲軟，惟鋼廠鐵水產量仍具韌 resilient despite continued crude steel output controls and softer steel 性，為焦煤消耗提供穩定的底層支。因此， demand, providing steady underlying support for coking coal consumption. 市場預期焦炭價格將在第三季度走軟，隨後在 Hence, the market expects coke prices to soften in the third quarter before 第四季度走強，此乃受季節性建築需求及冬季 strengthening in the fourth quarter which is driven by seasonal construction 補庫需求推動。 demand and winter stockpiling replenishment. The Group’s operations in Guizhou Province underpin such outlook. 本集團於貴州省的?運狀況支持了上述展望。 The province continues to operate under quarterly safety supervision, 該省繼續實施季度安全監管，有效區分了正常 distinguishing mines in normal production from those suspended for 生產礦井與停產整頓礦井。預計該監管制度將 rectification. This regulatory regime is expected to remain in force 在下半年持續執行，並繼續直接影省內煤炭 throughout the second half of the year and will continue to directly 生產商的生產靈活性。在市級層面，六盤水市 affect the production flexibility of coal producers in the province. At the 繼續從傳統的煤炭採銷模式向能源綜合開發轉 municipal level, Liupanshui City continues to transition from a traditional 型，根據其「2151」發展戰略，將煤焦價值鏈 coal-extraction-and-sale model towards integrated energy development, 延伸至粗苯、煤焦油及焦爐煤氣加工。這種向 extending its coal-coking value chain into crude benzene, coal tar and coke- 下游高價值煤化工一體化的結構性轉變，預計 oven gas processing, in alignment with its “2151” development strategy. 將在下半年支持當地焦煤作為原材料的需求。 This structural shift towards downstream, high-value coal-chemical integration is expected to support local coking coal demand as feedstock during the second half of the year. Looking ahead, the Group will sharpen its cost and product quality control 展望未來，本集團將加強成本及產品質量控制 measures to ease margin pressure amid challenging market conditions. 措施，以緩解市場挑戰下的利潤壓力。憑藉在 Its established footprint in Guizhou, supported by proximity to end-users 貴州建立的業務版圖、鄰近終端用戶的優勢以 and growing position in premium coking coal, leaves it well placed to 及在優質焦煤領域日益鞏固的市場地位，本集 capture regional demand and reduce exposure to broader price volatility. 團已做好充分準備把握地區需求，同時減少受 The Group will also keep a keen eye on the opportunities for integration of 整體價格波動的影。本集團亦將密切關注整 nearby coking coal mines to further expand its resource base and unlock 合周邊焦煤礦的機遇，以進一步擴大資源儲備 longer-term synergies. Together, these initiatives reflect the Group’s 並釋放長期協同效應。該等舉措反映了本集團 continued efforts to strengthen its competitiveness and build a more 致力打造更具競爭力及更具韌性的業務基礎的 resilient foundation, thus creating sustainable value for its customers and 決心，因此為客戶及股東創造可持續性價值。 shareholders. MANAGEMENT DISCUSSION AND ANALYSIS (Continued) 管理層討論及分析（續） LIQUIDITY AND FINANCIAL INFORMATION 流動資金及財務資料 Cash and Cash Equivalents 現金及現金等價物 As at 30 June 2026, bank balances and cash amounted to approximately 於2026年6月30日，銀行結餘及現金達約人民 RMB39.9 million (31 December 2025: approximately RMB70.5 million). 幣39.9百萬元（2025年12月31日：約人民幣 70.5百萬元）。 Bank and Other Borrowings 銀行及其他借款 As of 30 June 2026, secured other borrowings from factoring of bills 截至2026年6月30日，來自保理具全面追索權 receivables with full recourse amounted to approximately RMB303.6 million 應收票據的有抵押其他借款約為人民幣303.6 (31 December 2025: approximately RMB219.9 million). The effective interest 百萬元（2025年12月31日：約人民幣219.9百 rate on the discounted bills was approximately 0.6% to 3.1% per annum 萬元）。於回顧期間，貼現票據的實際年利 during the period under review (31 December 2025: approximately 1.5% to 率約為0.6%至3.1%（2025年12月31日：約 3.1%). 1.5%至3.1%）。 As of 30 June 2026, secured bank borrowings amounted to approximately 截至2026年6月30日，有抵押銀行借款約為人 RMB768.5 million (31 December 2025: approximately RMB833.4 million). 民幣768.5百萬元（2025年12月31日：約人民 The effective interest rate on bank borrowings was approximately 2.8% 幣833.4百萬元）。於回顧期間，銀行借款的 to 5.5% per annum during the period under review (31 December 2025: 實際年利率約為2.8%至5.5%（2025年12月31 approximately 3.1% to 5.5%). 日：約3.1%至5.5%）。 Gearing Ratio 資產負債比率 As of 30 June 2026, the Group’s gearing ratio was approximately 0.37 (31 截至2026年6月30日，本集團的資產負債比率 December 2025: 0.36). The gearing ratio is calculated based on total bank 約為0.37（2025年12月31日：0.36）。資產負 and other borrowings divided by total equity as at the end of the period. The 債比率乃按期末銀行及其他借款總額除以總權 increased gearing ratio was mainly due to an increase in bank and other 益計算。資產負債比率上升主要由於銀行及其 borrowings. 他借款增加所致。 Foreign Currency Risk 外匯風險 The Group is subject to limited foreign currency exposure as its business 由於本集團主要於中國開展業務活動，且所有 activities mainly take place in China, and all sales and most of its costs are 銷售額及大部分成本均以各集團實體的功能貨 denominated in the functional currency (RMB) of respective group entities. 幣（人民幣）計值，故本集團所承受的外匯風險 The Group’s exposure to foreign currency risk is primarily from Hong 有限。由於若干銀行結餘、存款及應計費用以 Kong dollars as certain bank balances, deposits and accrued charges are 元計值，故本集團所承受外匯風險主要來自 denominated in Hong Kong dollars. The Group currently does not have 元。本集團現時並無外匯對沖政策。然而， a foreign currency hedging policy. However, the management monitors 管理層將妥善管理外匯風險，並將於有需要時 foreign exchange exposure and will consider hedging significant foreign 考慮對沖重大外匯風險。 currency exposure should the need arise. MANAGEMENT DISCUSSION AND ANALYSIS (Continued) 管理層討論及分析（續） Credit Risk 信貸風險 The Group’s credit risk is primarily attributable to trade and bills receivables, 本集團的信貸風險主要來自於2026年6月30日 deposits and other receivables, restricted bank deposits and bank balances 及2025年12月31日的貿易應收款項及應收票 as at 30 June 2026 and 31 December 2025. Such risk may cause financial 據、按金及其他應收款項、受限制銀行存款及 loss to the Group in the case of a failure to discharge obligations by the 銀行結餘。倘交易對手未有履行責任，該等風 counterparties. 險可能使本集團蒙受財務虧損。 As of 30 June 2026 and 31 December 2025, the Group’s three largest 截至2026年6月30日及2025年12月31日，本 trade debtors accounted for approximately 68% and 60% of the total 集團三大應收貿易賬款分別佔貿易應收款項總 trade receivables, respectively. In view of this, management regularly visits 額約68%及60%。有鑒於此，管理層定期拜 customers with such trade receivables to gain an understanding of their 訪所述貿易應收款項相關客戶，以了解其業務 business operations and cash flow positions and follows up on subsequent 運?及現金流量狀況，並跟進交易對手的後續 settlement by the counterparties. 結算情況。 Furthermore, the management delegates a dedicated team to monitor 此外，管理層委派專門團隊負責監察程序，以 procedures to ensure that follow-up actions are taken to recover overdue 確保採取跟進行動收回逾期債務。就此而言， debts. In this regard, the management considers that such credit 管理層認為有關信貸集中風險已大幅降低。經 concentration risk has been significantly mitigated. Taking into account the 計及客戶的財務狀況、其過往結算模式以及前 financial conditions of the customers, their historical settlement patterns and 瞻性資料（如中國未來煤炭價格及國內生產總 forward-looking information (such as the future coal prices and GDP growth 值增長），管理層認為，根據內部信貸評級評 of China), the management considers that based on internal credit rating 估，貿易應收款項及應收票據的交易對手違約 assessment, the trade and bills receivables have low risk of default from the 風險較低。 counterparties. In respect of other receivables, restricted bank deposits, and bank balances, 就其他應收款項、受限制銀行存款及銀行結餘 the management considers that no material inherent credit risk exists based 而言，根據過往結算記錄評估，管理層認為並 on the assessment of historical settlement records. 無重大內在信貸風險。 Liquidity Risk 流動資金風險 As of 30 June 2026, the Group recorded net current liabilities of 截至2026年6月30日，本集團錄得流動負債淨 approximately RMB677.5 million. In preparing the consolidated financial 額約為人民幣677.5百萬元。董事在編製綜合 statements, the Directors have considered the future liquidity of the Group. 財務報表時，已考慮過本集團未來的資金流動 The Directors are of the view that the Group will have sufficient working 性。董事經計及現金流量預測（假設持續進行 capital to finance its operations and to meet its financial obligations as and 正常業務活動，並顯示本集團自回顧期末計 when they fall due in the foreseeable future, after taking into consideration 12個月內將有充足流動資金以應付其經?需 of the cash flow forecasts, which assume the continuity of normal business 要、現有合約債務及資本開支需求）後，認為 activity and indicate that the Group will have sufficient liquidity to meet 本集團擁有足夠?運資本，可為其?運提供資 its operational needs, existing contractual debts, and capital expenditure 金以及履行於可預見未來到期的財務責任。 requirements for the 12 months from the end of the period under review.MANAGEMENT DISCUSSION AND ANALYSIS (Continued) 管理層討論及分析（續） Interest Rate Risk 利率風險 The Group is exposed to fair value interest rate risk in relation to lease 本集團就租賃負債以及銀行及其他借款而面臨 liabilities and bank and other borrowings, and is also exposed to cash flow 公平值利率風險，亦就受限制銀行存款及銀行 interest rate risk in relation to restricted bank deposits and bank balances. 結餘而面臨現金流量利率風險。本集團現時並 The Group currently has no interest rate hedging policy. However, the 無利率對沖政策。然而，管理層密切監察本 management closely monitors the Group’s exposure to future cash flow 集團因市場利率變動而面臨的未來現金流量利 interest rate risk as a result of changes in market interest rates, and will 率風險，並將於有需要時考慮對沖市場利率風 consider hedging against market interest rate risk should the need arise. 險。 Capital Commitments and Expected Source of Funding 資本承擔及預期資金來源As at 30 June 2026, the Group’s capital commitments in respect of the 於2026年6月30日，本集團就收購物業、廠房 acquisition of property, plant and equipment contracted for but not yet 及設備已訂約但尚未產生的資本承擔約為人 incurred amounted to approximately RMB60.8 million (31 December 2025: 民幣60.8百萬元（2025年12月31日：約人民幣 approximately RMB58.1 million). The Group intends to finance its capital 58.1百萬元）。本集團擬利用內部資源及外部 commitments by utilising a combination of internal resources and external 融資相結合的方式撥付其資本承擔。 financing. Contingent Liabilities 或然負債 As at 30 June 2026, the Group had no material contingent liabilities (31 於2026年6月30日，本集團並無重大或然負債 December 2025: Nil). （2025年12月31日：無）。 HUMAN RESOURCES 人力資源 As of 30 June 2026, the Group had a total of 3,360 employees (31 截至2026年6月30日，本集團共有3,360名僱 December 2025: 3,547 employees). During the period under review, staff 員（2025年12月31日：3,547名僱員）。於回顧 costs (including Directors’ remuneration) totalled approximately RMB56.7 期間，員工成本（括董事酬金）總額約為人 million (six months ended 30 June 2025: approximately RMB40.9 million). 民幣56.7百萬元（截至2025年6月30日止六個 All members of the Group are equal opportunity employers, with the 月：約人民幣40.9百萬元）。本集團旗下所有 selection, promotion and remuneration of individual employees based 成員公司均為平等機會僱主，並根據個別員工 on their suitability for the positions offered. The Group participates in the 對所提供職位的適任程度進行甄選、提拔及支 Mandatory Provident Fund Scheme for its eligible employees in Hong Kong 付薪酬。本集團為其香合資格僱員參與強制 and maintains defined contribution retirement schemes for its employees in 性公積金計劃，並根據適用當地法律及法規為 the PRC pursuant to applicable local laws and regulations. 其中國僱員維持界定供款退休計劃。 Furthermore, the Group provides specialized training sessions tailored to 此外，本集團為特定工作職能提供專門培訓課 specific job functions to ensure compliance with relevant legal and statutory 程，以確保遵守相關法律及法定要求。 requirements. MANAGEMENT DISCUSSION AND ANALYSIS (Continued) 管理層討論及分析（續） MATERIAL ACQUISITIONS, DISPOSALS AND 重大收購、出售及投資項目INVESTMENT PROJECTS On 20 January 2026, Guizhou Jiutai Bangda Energy Development Co., Ltd.* 於2026年1月20日，本公司間接全資附屬公司 (貴州久泰邦達能源開發有限公司) (“Jiutai Bangda”), an indirect wholly- 貴州久泰邦達能源開發有限公司（「久泰邦達」） owned subsidiary of the Company, the shareholders (the “Original 、貴州華能佳源煤業有限公司（「華能佳源」）之 Shareholders”) of Guizhou Huaneng Jiayuan Coal Co., Ltd* (貴州華能佳源 股東（「原股東」）及華能佳源訂立增資協議（「增 煤業有限公司) (“Huaneng Jiayuan”) and Huaneng Jiayuan, entered into a 資協議」），據此久泰邦達有條件同意透過向華 capital increase agreement (the “Capital Increase Agreement”), pursuant to 能佳源注資註冊資本人民幣114,489,795.92元 which Jiutai Bangda conditionally agreed to acquire 51.0% equity （「出資完成」）收購華能佳源51.0%股權，該注 interests in Huaneng Jiayuan by contributing registered capital of 資須透過向華能佳源轉讓謝家河溝煤礦採礦 RMB114,489,795.92 into Huaneng Jiayuan (the “Capital Contribution 權、謝家河溝物業及謝家河溝資產（統稱定義 Completion”), which shall be settled by way of the transfer of the mining 見本公司日期為2026年1月20日之公告）的方 rights of Xiejiahegou Coal Mine, the Xiejiahegou Property and the 式結付。於本報告日期，華能佳源目前持有有（未完）  |