久泰邦达能源中期报告 2025

2025I N T E R I MR E P O R T CONTENTS Corporate Information2Management Discussion and Analysis5Other Information20Condensed Consolidated Statement of Profit or Loss andOther Comprehensive Income27Condensed Consolidated Statement of Financial Position28Condensed Consolidated Statement of Changes in Equity30Condensed Consolidated Statement of Cash Flows31Notes to the Condensed Consolidated Financial Statements32Summary of Mine Properties50 CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. YU Bangping(Chairman)Mr. YU Zhilong(Chief Executive Officer)Mr. LI Xuezhong(Chief Operating Officer)Mr. LAU Kai Ming(Chief Financial Officer)Mr. YU Xiao Punnya Niraan DE SILVA Independent non-executive Directors Mr. FONG Wai HoMr. Punnya Niraan DE SILVAMr. SI ZeyuMs. YAU Shu Shan Punnya Niraan DE SILVA AUDIT COMMITTEE Mr. FONG Wai Ho(Chairman)Mr. Punnya Niraan DE SILVAMs. YAU Shu Shan NOMINATION COMMITTEE Mr. YU Bangping(Chairman)Mr. FONG Wai HoMs. YAU Shu Shan Punnya Niraan DE SILVA REMUNERATION COMMITTEE Mr. FONG Wai Ho(Chairman)Mr. Punnya Niraan DE SILVAMr. LAU Kai Ming COMPANY SECRETARYMr. CHAN Kwong Leung, Eric AUTHORIZED REPRESENTATIVES Mr. LAU Kai MingMr. CHAN Kwong Leung, Eric AUDITOR •8835 Deloitte Touche TohmatsuCertified Public AccountantsRegistered Public Interest Entity Auditor35/F, One Pacific Place88 QueenswayHong Kong LEGAL ADVISERS As to Hong Kong Laws:Loeb & Loeb LLP2206–19 Jardine House1 Connaught Place, CentralHong Kong 12206–19 As to People’s Republic of China Laws:Commerce & Finance Law Offices6/F, NCI TowerA12 Jianguomenwai AvenueChaoyang DistrictBeijingChina 126 As to Cayman Islands Laws:Maples and Calder (Hong Kong) LLP53rd Floor, The Center99 Queen’s Road CentralHong Kong 9953 REGISTERED OFFICE P.O. Box 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands P.O. Box 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands PRINCIPAL PLACE OF BUSINESS Head Office in ChinaOffice building next to E’Lang Pu Leisure SquareHongguo Economic Development AreaLiupanshui City, Guizhou Province, China Hong Kong Office 88825A1 Unit A1, 25th FloorNCB Innovation Centre888 Lai Chi Kok RoadKowloonHong Kong CAYMAN ISLANDS PRINCIPAL SHAREREGISTRAR AND TRANSFER OFFICE Maples Fund Services (Cayman) LimitedP.O. Box 1093, Boundary HallCricket Square, Grand CaymanKY1-1102, Cayman Islands Maples Fund Services (Cayman) LimitedP.O. Box 1093, Boundary HallCricket Square, Grand CaymanKY1-1102, Cayman Islands HONG KONG BRANCH SHAREREGISTRAR AND TRANSFER OFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong PRINCIPAL BANKERS Bank of China LimitedBank of Guiyang Co. Ltd.Bank of Communications Co., Limited Hong Kong Branch 2798 PLACE OF LISTING AND STOCK CODE Main Board of The Stock Exchange of Hong Kong Limited/2798 www.perennialenergy.hk COMPANY’S WEBSITEwww.perennialenergy.hk MANAGEMENT DISCUSSION AND ANALYSIS INDUSTRY REVIEW 2025665.3%5.4% During the first half of 2025, China’s macroeconomic environment remainedrobust. GDP surpassed RMB66 trillion, making 5.3% year-on-year (“YoY”)increase, accompanied by resilient household income and a modest fall inurban unemployment. Real disposable incomes rose by 5.4% nationwide,with rural incomes outpacing those of urban residents. Strong domesticdemand provided a solid foundation for industrial activity. However, the national coal sector faced mounting pressures. Both thermaland metallurgical coal prices experienced sharp declines amid oversupply,subdued steel demand, and shrinking order volumes. At the end of May2025, spot coking coal prices were hovering around RMB765 per tonne onthe Dalian Exchange – levels not seen since 2016. Oversupply persisted,driven by robust domestic output and rising metallurgical coal imports.Regulatory measures encouraging import reductions and stockpiling ofdomestic coal may take time to stabilize the market. In the meantime, manycoal producers continued to face narrowing margins amid ongoing marketadjustments. 202557652016 In line with the sluggish trend in the national coal market, coal pricesin Guizhou Province remain under significant pressure. Affected by thecontinued downturn in real estate investment and slower progress ininfrastructure projects, steel mills continue to face substantial inventorypressure. Weak demand from downstream industries, particularly for cokingcoal used in steel production, has significantly dragged down coal prices. The coal prices in Guizhou experienced a significant decline in the earlyof the year, followed by a gradual stabilization beginning in mid-year.According to a report released by the Guizhou Provincial Department ofCommerce, provincial coal prices had rebounded to above-market levelsby mid-June. Notably, pricing conditions in the Group’s headquarters cityof Liupanshui have not exhibited the same recovery pattern seen in otherregional markets. These persistent pricing headwinds are compressingprofit marg