Earnings release
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1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. ʮ̡ (A joint stock company incorporated in the People ’s Republic of China with limited liability) (Stock Code: 01898) FIRST QUARTERLY REPORT 2025 Pursuant to the regulations and rules of China Securities Regulatory Commission and Shanghai Stock Exchange ( “SSE”), China Coal Energy Company Limited (the “Company ” or “China Coal Energy ”, together with its subsidiaries, collectively the “Group”) is required to publish reports on a quarterly basis. This announcement is made pursuant to Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. This announcement is a summary of the 2025 first quarterly financial report of the Company for the three months ended 31 March 2025. The full text of the quarterly financial report will be available on the website of The Stock Exchange of Hong Kong Limited (the “HKSE”) on 25 April 2025. The full text of the quarterly financial report is in Chinese only. IMPORTANT NOTICE: The board of directors and the supervisory committee of the Company together with the directors, supervisors and the senior management thereof guarantee that the content of this quarterly report is true, accurate and complete and does not contain any false representations, misleading statements or material omissions, and severally and jointly accept legal responsibility for the content of this report. The person-in-charge of the Company, the person-in-charge of accounting affairs and the person responsible for the accounting department (head of the accounting department) guarantee that the financial information set out in this quarterly report is true, accurate and complete. Whether the first quarterly financial statements are audited or not ½ Yes √ No
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2 I. MAJOR FINANCIAL DATA (I) Major accounting data and financial indicators Unit: RMB ’000 Items The reporting period The corresponding period of the previous year Increase/decrease in the reporting period as compared to the corresponding period of the previous year (%) Operational revenue 38,391,521 45,394,500 -15.4 Net profit attributable to shareholders of the listed company 3,977,869 4,969,520 -20.0 Net profit attributable to shareholders of the listed company net of non-recurring gains or losses 3,942,074 4,892,218 -19.4 Net cash flows generated from operating activities 376,151 3,405,180 -89.0 Basic earnings per share (RMB per share) 0.30 0.37 -18.9 Diluted earnings per share (RMB per share) 0.30 0.37 -18.9 Weighted average return on net assets (%) 2.58 3.38 Decreased by 0.8 percentage point As at the end of the reporting period As at the end of the previous year Increase/decrease at the end of the reporting period as compared to the end of the previous year (%) Total assets 355,673,905 357,964,555 -0.6 Owners ’ equity attributable to shareholders of the listed company 155,918,224 151,911,215 2.6 Note : “the reporting period ” refers to the three-month period from the beginning of the current quarter to the end of the current quarter, the same as below.
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3 (II) Items of non-recurring gains or losses and relevant amounts √ Applicable ½ Not applicable Unit: RMB ’000 Items of non-recurring gains or losses Amount for the reporting period Explanations Profit or loss on disposal of non-current assets, including the write-off portion of provision for assets impairment 216 – Government grants included in profit or loss for the current period, excluding those closely related to the Company ’s ordinary business and granted on determined standards and having a sustained impact on the Company ’s profit and loss according to certain principles under national policies 37,093 – Capital occupation fee received from non-financial entities included in profit or loss for the current period 5,859 – Gains or losses from external entrusted loans 42 – Other non-operating income and expenses apart from the foregoing 9,866 – Less: Effect of income tax 15,961 – Impact on minority shareholders ’ interests (after tax) 1,320 – Total 35,795 – Explanation shall be provided for the Company ’s determination of the items which are not defined in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public-Extraordinary Profit and Loss as non-recurring profit or loss items which are significant in amounts and the determination of the non-recurring profit or loss items defined in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public-Extraordinary Profit and Loss as recurring items. ½Applicable √ Not applicable
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4 (III) Major production and operational data Currency: RMB Items Unit January to March 2025 January to March 2024 Percentage change % I. Coal operations (I) Production volume of commercial coal 10,000 tonnes 3,335 3,273 1.9 Of which: Thermal coal 10,000 tonnes 3,068 2,992 2.5 Coking coal 10,000 tonnes 267 281 -5.0 (II) Sales volume of commercial coal 10,000 tonnes 6,414 6,387 0.4 Of which: Self-produced commercial coal 10,000 tonnes 3,268 3,231 1.1 Proprietary coal trading 10,000 tonnes 3,120 2,973 4.9 Import and export and domestic agency 10,000 tonnes 26 183 -85.8 II. Coal chemical operations (I) Polyolefin 1. Production volume 10,000 tonnes 37.8 39.2 -3.6 2. Sales volume 10,000 tonnes 35.5 37.3 -4.8 (II) Urea 1. Production volume 10,000 tonnes 52.8 47.5 11.2 2. Sales volume 10,000 tonnes 60.0 55.1 8.9 (III) Methanol 1. Production volume 10,000 tonnes 51.4 41.2 24.8 2. Sales volume 10,000 tonnes 52.9 39.6 33.6 (IV) Ammonium nitrate 1. Production volume 10,000 tonnes 13.9 13.0 6.9 2. Sales volume 10,000 tonnes 14.1 13.0 8.5 III. Coal mining equipment operations Output value of coal mining equipment RMB100 million 24.2 29.0 -16.6
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5 (IV) Major differences arising from the adoption of different accounting standards in preparing the financial statements Unit: RMB ’000 Net profit attributable to shareholders of the listed company Net assets attributable to shareholders of the listed company January to March 2025 January to March 2024 31 March 2025 31 December 2024 According to PRC GAAP 3,977,869 4,969,520 155,918,224 151,911,215 Items and amounts adjusted according to IAS: (1) Adjustment to special funds and deferred tax of the coal industry 13,651 527,786 -42,950 -41,239 (2) Adjustment to floating of non- tradable shares under equity split – – -155,259 -155,259 (3) Adjustment to government grants 927 927 -6,493 -7,420 According to IAS 3,992,447 5,498,233 155,713,522 151,707,297 Explanations on major reconciliations are as follows: (1) Adjustment to special reserves and relevant deferred tax: special reserves comprise maintenance fee, safety fund, coal mine transformation fund and sustainable development reserve. Under PRC GAAP, the Company should make provisions for the special reserves which will be accounted as the production cost and contributions made to the special reserves of equity attributable to shareholders. Non-capital expenditure incurred should be directly offset against special reserves upon incurrence, while capital expenditure incurred should be recorded as fixed assets upon completion, and offset against special reserves based on the cost of the fixed assets with accumulated depreciation fully recognised. After that, no subsequent provisions for depreciation would be made to the relevant fixed assets. Under IFRS, provisions made for the special reserves should be recorded as retained earnings provision while the relevant expenditures are recognised upon incurrence and the special reserves are accordingly transferred to retained earnings. (2) Under PRC GAAP, the consideration paid by holders of non-tradable shares to holders of tradable shares in accordance with the reform proposal of equity split should be recorded as long-term equity investments in the balance sheet. Under IFRS, such consideration shall be recorded as interests of minority shareholders directly deducted from the equity attributable to shareholders. (3) Under PRC GAAP, subsidies considered as capital investment by the government should be recorded in “capital reserve ”. Under IFRS, the subsidies mentioned above shall be treated as government grants.
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6 (V) Changes of the major accounting data and financial indicators and the reasons thereof √ Applicable ½ Not applicable Items Percentage change (%) Major reasons Net cash flows generated from operating activities -89.0 Mainly attributable to the decline in market prices of coal and coal chemical products. (VI) Changes in accounting items and analysis of operational status of major business Sectors 1. Analysis of accounting items with notable changes Unit: RMB ’000 Items As at 31 March 2025/ January to March 2025 As at 31 December 2024/ January to March 2024 Percentage change (%) Major reasons Prepayments 3,049,789 2,314,008 31.8 Mainly attributable to the increase in advance payments for railway freight, electricity fees, and material costs to safeguard safe production and sales. Short-term borrowings 1,644,323 1,062,460 54.8 Mainly attributable to the arrangement of initial loans for certain projects based on the construction progress of key projects. Other payables 8,189,394 11,862,207 -31.0 Mainly attributable to payments made during this period for resource extraction and usage, and dividends declared in the previous year paid by certain non-wholly- owned subsidiaries. Bonds payable 8,292,745 5,494,153 50.9 Mainly attributable to the public issuance of RMB2.8 billion in technology innovation corporate bonds during this period. Net cash flow generated from investing activities -8,237,684 -1,070,859 669.3 Mainly attributable to a year-on-year increase of RMB3.537 billion in cash payments for capital expenditures, a year- on-year increase of RMB2.553 billion in cash outflow from changes in time deposits with an initial term exceeding three months and an increase of RMB972 million in loans provided by China Coal Finance Co., Ltd. to members other than China Coal Energy. Net cash flow generated from financing activities 299,148 -2,752,430 -110.9 Mainly attributable to a year-on-year increase of RMB4.17 billion in net debt financing.
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7 2. Revenue, cost and gross profit of coal operations For the first quarter, the Company ’s coal operations achieved sales revenue of RMB31.250 billion, representing a decrease of RMB6.233 billion or 16.6% as compared with RMB37.483 billion for the same period of last year. Among them: sales revenue of self-produced commercial coal was RMB16.070 billion, representing a decrease of RMB3.236 billion or 16.8% as compared with RMB19.306 billion for the same period of last year, mainly because the sales price of self-produced commercial coal decreased by RMB106/tonne year on year, decreasing revenue by RMB3.457 billion, and the sales volume increased by 0.37 million tonnes year on year, increasing revenue by RMB221 million. The sales revenue of proprietary coal trading was RMB15.173 billion, representing a decrease of RMB2.994 billion or 16.5% as compared with RMB18.167 billion for the same period of last year, mainly because the sales price of proprietary coal trading decreased by RMB125/tonne year on year, decreasing revenue by RMB3.893 billion, the sales volume increased by 1.47 million tonnes year on year, increasing revenue by RMB0.899 billion. The cost of sales of coal operations was RMB23.797 billion, representing a decrease of RMB3.559 billion or 13.0%, as compared to RMB27.356 billion for the same period of last year, of which, the combined effect of the unit cost of sales of proprietary coal trading decreasing by RMB124/tonne year on year and sales volume increasing by 1.47 million tonnes resulted in the cost of sales of proprietary coal trading decreasing by RMB2.975 billion year on year, the combined effect of the unit cost of sales of self-produced commercial coal decreasing by RMB21.15/tonne year on year and sales volume increasing by 0.37 million tonnes resulted in the cost of sales of self-produced commercial coal decreasing by RMB0.584 billion year on year. The coal operations achieved a gross profit of RMB7.453 billion, representing a decrease of RMB2.674 billion or 26.4%, as compared with RMB10.127 billion for the same period of last year.
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8 3. Coal sales volume and selling prices before netting of inter-segmental sales and the year- on-year changes Currency: RMB Items January to March 2025 January to March 2024 Year-on-year Increase/decrease in amount Increase/decrease in percentage Sales volume (10,000 tonnes) Selling price (RMB/ tonne) Sales volume (10,000 tonnes) Selling price (RMB/ tonne) Sales volume (10,000 tonnes) Selling price (RMB/ tonne) Sales volume (%) Selling price (%) I. Self-produced commercial coal Total 3,268 492 3,231 598 37 -106 1.1 -17.7 (I) Thermal coal 3,002 454 2,961 514 41 -60 1.4 -11.7 Domestic sale 3,002 454 2,961 514 41 -60 1.4 -11.7 (II) Coking coal 266 922 270 1,515 -4 -593 -1.5 -39.1 Domestic sale 266 922 270 1,515 -4 -593 -1.5 -39.1 II. Proprietary coal trading Total 3,120 486 2,973 611 147 -125 4.9 -20.5 (I) Domestic resale 2,731 495 2,798 612 -67 -117 -2.4 -19.1 (II) Self-operated exports 3 1,318 10 1,557 -7 -239 -70.0 -15.4 (III) Import trading 386 419 165 530 221 -111 133.9 -20.9 III. Import and export and domestic agency º Total 26 28 183 6 -157 22 -85.8 366.7 (I) Import agency 1 1 ¹ ¹ 1 – – – (II) Export agency 23 31 3 30 20 1 666.7 3.3 (III) Domestic agency 2 11 180 5 -178 6 -98.9 120.0 ¹: N/A. º: Selling price is agency service fee. Note: Sales volume of the commercial coal is before netting of inter-segmental sales within the Company which was 5.58 million tonnes (including 3.73 million tonnes of self-produced commercial coal and 1.85 million tonnes of proprietary coal trading) in January to March 2025 and 4.23 million tonnes (including 2.93 million tonnes of self-produced commercial coal and 1.30 million tonnes of proprietary coal trading) in January to March 2024.
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9 4. Unit cost of sales of self-produced commercial coal and the year-on-year changes Unit: RMB/tonne Currency: RMB Items January to March 2025 January to March 2024 Year-on-year Increase/ decrease in amount Increase/ decrease in percentage (%) Materials costs 48.52 55.03 -6.51 -11.8 Staff costs 47.37 49.26 -1.89 -3.8 Depreciation and amortization 46.96 43.98 2.98 6.8 Repair expenses 8.17 11.04 -2.87 -26.0 Outsourced mining engineering fee 37.17 33.64 3.53 10.5 Transportation costs and port expenses 61.47 58.45 3.02 5.2 Other costs º 20.16 39.57 -19.41 -49.1 Unit cost of sales of self-produced commercial coal 269.82 290.97 -21.15 -7.3 º: Other costs include the environmental restoration expenses arising from coal mining, and the expenditures for the sporadic projects incurred in direct relation to coal production and the utilization of unused safety and maintenance funds provided in prior years or for the current period. In the first quarter, the Company ’s unit cost of sales of self-produced commercial coal was RMB269.82/tonne, representing a year-on-year decrease of RMB21.15/tonne or 7.3%. This was mainly attributable to the decrease of materials costs per tonne of coal year-on-year due to the year-on-year decrease in self-operated stripping volume of open-pit mines and the drifting footage of underground mines, the decrease of maintenance expenditure per tonne of coal year-on-year due to the reduced overhaul expenses based on equipment usage, and the decrease of other costs per tonne of coal year-on-year due to the increased utilization of safety and maintenance funds (expensed rather than capitalized) to meet safety production and future production continuity requirements, which reduced the balance of special funds.
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10 5. Sales volume and price of major coal chemical products and the year-on-year changes Currency: RMB Items January to March 2025 January to March 2024 Year-on-year Increase/decrease in amount Increase/decrease in percentage Sales volume (10,000 tonnes) Selling price (RMB/ tonne) Sales volume (10,000 tonnes) Selling price (RMB/ tonne) Sales volume (10,000 tonnes) Selling price (RMB/ tonne) Sales volume (%) Selling price (%) I. Polyolefin 35.5 6,876 37.3 6,848 -1.8 28 -4.8 0.4 1. Polyethylene 17.8 7,256 19.1 7,182 -1.3 74 -6.8 1.0 2. Polypropylene 17.7 6,495 18.2 6,498 -0.5 -3 -2.7 0.0 II. Urea 60.0 1,702 55.1 2,237 4.9 -535 8.9 -23.9 III. Methanol 52.9 1,794 39.6 1,675 13.3 119 33.6 7.1 Of which: In ter-segment self- consumption volume 52.9 1,794 39.4 1,676 13.5 118 34.3 7.0 External sales 0.01 1,957 0.19 1,577 -0.18 380 -94.7 24.1 IV. Ammonium Nitrate 14.1 1,861 13.0 2,251 1.1 -390 8.5 -17.3 6. Unit cost of sales of major coal chemical products and the year-on-year changes Unit: RMB/tonne Currency: RMB Items January to March 2025 January to March 2024 Year-on-year Increase/ decrease in amount Increase/ decrease in percentage (%) I. Polyolefin 5,775 5,899 -124 -2.1 1. Polyethylene 5,872 5,883 -11 -0.2 2. Polypropylene 5,677 5,915 -238 -4.0 II. Urea 1,342 1,561 -219 -14.0 III. Methanol 1,414 1,741 -327 -18.8 IV. Ammonium Nitrate 1,475 1,515 -40 -2.6
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11 II. INFORMATION OF SHAREHOLDERS (I) Table of the total number of shareholders of ordinary shares and shareholders of preference shares with voting rights restored and shareholding of top ten shareholders Unit: shares Total number of shareholders of ordinary shares at the end of the reporting period 108,006 Total number of shareholders of preference shares with voting rights restored at the end of the reporting period (if any) – Particulars of top 10 shareholders (excluding share lent through refinancing) Name of shareholders Nature of shareholders Number of shares held Percentage of shareholding (%) Number of shares held subject to trading moratorium Shares pledged, marked or frozen Status Number China National Coal Group Corporation State-owned legal person 7,611,207,908 57.41% – Nil 0 HKSCC NOMINEES LIMITED Overseas legal person 3,960,604,129 29.87% – Unknown – China Securities Finance Corporation Limited (ʮ̡ ) State-owned legal person 335,624,355 2.53% – Nil 0 China Coal Hong Kong Limited (ʮ̡ ) Overseas legal person 132,351,000 1.00% – Nil 0 Hong Kong Securities Clearing Company Limited Overseas legal person 70,180,625 0.53% – Nil 0 Central Huijin Asset Management Company Ltd. (பʮ̡ ) State-owned legal person 65,745,241 0.50% – Nil 0 Industrial and Commercial Bank of China Limited – Huatai-PineBridge CSI 300 Exchange-traded Open-end Index Securities Investment Fund ( ʕʈਠვ လଉ 300 ʹ ږ) Others 30,004,692 0.23% – Nil 0 Rui Life Insurance Company Limited – proprietary funds (ப ږ) State-owned legal person 24,275,700 0.18% – Nil 0 Industrial and Commercial Bank of China Limited – Cathay CSI Coal Open-end Index Securities Investment Fund ( ʕ ލ ږ) Others 22,390,459 0.17% – Nil 0 China Construction Bank Corporation – E Fund CSI 300 Open-end Index-initiated Securities Investment Fund (ணვ ˙༺လଉ 300 ږ) Others 21,007,500 0.16% – Nil 0
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12 Particulars of top 10 shareholders not subject to trading moratorium (excluding share lent through refinancing) Name of shareholders Number of listed shares held not subject to trading moratorium Type and number of Shares Type Number China National Coal Group Corporation 7,611,207,908 Ordinary shares denominated in RMB 7,611,207,908 HKSCC NOMINEES LIMITED 3,960,604,129 Overseas listed foreign shares 3,960,604,129 China Securities Finance Corporation Limited (ʮ̡ ) 335,624,355 Ordinary shares denominated in RMB 335,624,355 China Coal Hong Kong Limited (ʮ̡ ) 132,351,000 Overseas listed foreign shares 132,351,000 Hong Kong Securities Clearing Company Limited 70,180,625 Ordinary shares denominated in RMB 70,180,625 Central Huijin Asset Management Company Ltd. (பʮ̡ ) 65,745,241 Ordinary shares denominated in RMB 65,745,241 Industrial and Commercial Bank of China Limited – Huatai-PineBridge CSI 300 Exchange-traded Open-end Index Securities Investment Fund (ʮ̡ Ñ လଉ 300ږ) 30,004,692 Ordinary shares denominated in RMB 30,004,692 Rui Life Insurance Company Limited – proprietary funds (ږ) 24,275,700 Ordinary shares denominated in RMB 24,275,700 Industrial and Commercial Bank of China Limited – Cathay CSI Coal Open-end Index Securities Investment Fund (ލ ږ) 22,390,459 Ordinary shares denominated in RMB 22,390,459 China Construction Bank Corporation – E Fund CSI 300 Exchange-traded Open-end Index Securities Investment Fund (΅ ˙༺လଉ 300ᅰ ږ) 21,007,500 Ordinary shares denominated in RMB 21,007,500 Explanations on affiliated relationship or parties acting in concert among the above-mentioned shareholders China Coal Hong Kong Limited (ʮ̡ ) is a wholly- owned subsidiary of China Coal Group ( ʕʕ ), the controlling shareholder of the Company. It is not certain if any of the other shareholders are affiliated or acting in concert with each other. Details of top 10 shareholders and top 10 shareholders not subject to trading moratorium participating in securities margin trading and short selling and refinancing (if any) Top 10 shareholders and top 10 shareholders not subject to trading moratorium did not participate in securities margin trading business.
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13 Notes: The above tables of particulars of top 10 shareholders and particulars of top 10 shareholders not subject to trading moratorium are based on the followings: 1. The above information was prepared in accordance with the register of shareholders of the Company as at 31 March 2025 provided by the China Securities Depository and Clearing Corporation Limited Shanghai Branch and Computershare Hong Kong Investor Services Limited. 2. The A shares held by Hong Kong Securities Clearing Company Limited are held on behalf of various customers. 3. The H shares held by HKSCC NOMINEES LIMITED are held on behalf of various customers. As at 31 March 2025, 7,611,207,908 A shares of the Company are held by China Coal Group, accounting for 57.41% of the Company ’s total issued share capital; 132,351,000 H shares of the Company are held by China Coal Hong Kong Company Limited, its wholly-owned subsidiary, aggregating amount of approximately 58.40% of the Company ’s total issued share capital. As at 31 March 2025, according to the disclosure of interests published on the website of HKSE, Funde Sino Life Insurance Co., Ltd. had long positions in 2,012,858,147 H shares of the Company. Particulars of shareholders holding more than 5% of shares, top 10 shareholders and top 10 shareholders not subject to trading moratorium participating in refinancing and share lending ½Applicable √ Not applicable The top 10 shareholders and the top 10 shareholders not subject to trading moratorium changed from the previous period due to the lending/repayment of refinancing ½Applicable √ Not applicable III. OTHER CAUTIONS Other important information in relation to operating of the Company during the reporting period that investors are advised to pay attention ½ Applicable √ Not applicable IV. QUARTERLY FINANCIAL STATEMENT (I) Type of audit opinion ½ Applicable √ Not applicable
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14 (II) Relevant information on the adjustment to the implementation of the financial statements at the beginning of such year for the first time against initial application of the new accounting standards or interpretation of standards since 2025 ½ Applicable √ Not applicable By Order of the Board China Coal Energy Company Limited Wang Shudong Chairman of the Board, Executive Director Beijing, the PRC 25 April 2025 As at the date of this announcement, the Company ’s executive directors are Wang Shudong, Liao Huajun and Zhao Rongzhe; non-executive director is Xu Qian; independent non-executive directors are Jing Fengru, Zhan Yanjing and James Kong Tin Wong. * For identification purpose only