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) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2026 FINANCIAL HIGHLIGHTS: • Revenue of the Group in the first half of 2026 was RMB73.136 billion, representing a year- on-year decrease of RMB1.311 billion (or -1.8%). • Profit attributable to the equity holders of the Company in the first half of 2026 was RMB8.192 billion, representing a year-on-year increase of RMB0.865 billion (or 11.8%). • Basic earnings per share of the Company in the first half of 2026 amounted to RMB0.62, representing a year-on-year increase of RMB0.07. • EBITDA in the first half of 2026 was RMB17.564 billion, representing a year-on-year increase of RMB0.699 billion (or 4.1%). • Pursuant to the approval and authorisation granted by the 2025 annual general meeting of the Company, the Board resolved the distribution of 2026 interim dividend of RMB0.184 per Share (inclusive of tax). The Board announces the interim results of the Group for the six months ended 30 June 2026 prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting ”. The Group ’s interim results have not been audited, but have been reviewed by the Company ’s auditor, Ernst & Young.
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2 INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the six months ended 30 June 2026 Six months ended 30 June 2026 2025 Notes RMB’000 RMB’000 (Unaudited) (Unaudited) (Restated) Revenue 73,136,057 74,447,082 Cost of sales Materials used and goods traded (32,128,907) (33,802,488) Staff costs (4,700,467) (4,482,960) Depreciation and amortisation (5,292,500) (5,170,807) Repairs and maintenance (884,231) (1,268,243) Transportation costs and port expenses (5,725,149) (6,118,365) Sales taxes and surcharges (3,425,922) (3,155,595) Others (4,951,680) (5,885,788) (57,108,856) (59,884,246) Gross profit 16,027,201 14,562,836 Selling expenses (389,078) (448,778) General and administrative expenses (3,194,332) (2,800,427) Other income, gains and losses, net (398,504) 168,925 Impairment losses under expected credit loss model, net of reversal (131,988) (76,505) Profit from operations 11,913,299 11,406,051 Finance income 4 51,240 59,145 Finance costs 4 (940,532) (1,092,979) Share of profits of associates and joint ventures 1,402,859 1,233,440 Profit before income tax 12,426,866 11,605,657 Income tax expense 5 (2,865,172) (2,505,422) Profit for the period 9,561,694 9,100,235
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3 Six months ended 30 June 2026 2025 Notes RMB’000 RMB’000 (Unaudited) (Unaudited) (Restated) Profit for the period 9,561,694 9,100,235 Other comprehensive (loss)/income: Items that will not be reclassified to profit or loss in subsequent periods (net of tax): Share of other comprehensive (loss)/income of associates (4,967) 13,061 Net fair value loss on equity instruments at designated fair value through other comprehensive income (21,181) (139,240) Net other comprehensive loss that will not be reclassified to profit or loss in subsequent periods (26,148) (126,179) Items that may be reclassified to profit or loss in subsequent periods (net of tax): Debt investments at fair value through other comprehensive income: Changes in fair value (728) 4,462 Reclassified to profit or loss – (1,741) Exchange differences arising on translation of foreign operations (2,712) 18,950 Share of other comprehensive loss of associates (2,137) – Net other comprehensive (loss)/income that may be reclassified to profit or loss in subsequent periods (5,577) 21,671 Other comprehensive loss for the period, net of tax (31,725) (104,508) Total comprehensive income for the period 9,529,969 8,995,727 Profit for the period attributable to: Equity holders of the Company 8,191,826 7,326,537 Non-controlling interests 1,369,868 1,773,698 9,561,694 9,100,235 Total comprehensive income for the period attributable to: Equity holders of the Company 8,160,064 7,219,702 Non-controlling interests 1,369,905 1,776,025 9,529,969 8,995,727 Basic and diluted earnings per share for the profit attributable to equity holders of the Company (RMB) 7 0.62 0.55
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4 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 30 June 2026 30 June 31 December 2026 2025 Notes RMB’000 RMB’000 (Unaudited) (Audited) Non-current assets Property, plant and equipment 153,155,295 149,543,947 Investment properties 56,924 59,304 Right-of-use assets 782,470 857,402 Mining rights 42,184,605 44,019,931 Intangible assets 2,135,586 1,928,607 Land use rights 6,759,729 6,837,017 Goodwill 6,084 6,084 Investments in associates 30,319,377 29,694,177 Investments in joint ventures 4,579,638 4,665,948 Equity investments designated at fair value through other comprehensive income 2,261,771 2,300,287 Deferred tax assets 3,658,959 3,283,781 Long-term receivables 195,297 150,630 Other non-current assets 15,820,009 12,325,975 Total non-current assets 261,915,744 255,673,090 Current assets Inventories 7,229,088 6,995,004 Trade receivables and notes receivable 8 10,138,517 7,316,396 Debt instruments at fair value through other comprehensive income 1,022,508 970,651 Contract assets 2,977,844 2,457,022 Prepayments and other receivables 8,028,152 8,388,208 Restricted bank deposits 11,991,229 11,482,439 Term deposits with initial terms of over three months 60,205,984 52,595,101 Cash and cash equivalents 22,955,989 24,639,831 Total current assets 124,549,311 114,844,652 TOTAL ASSETS 386,465,055 370,517,742
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5 30 June 31 December 2026 2025 Notes RMB’000 RMB’000 (Unaudited) (Audited) Current liabilities Trade payables and notes payable 9 29,767,221 24,275,485 Contract liabilities 2,835,301 2,362,835 Other payables and accruals 52,088,134 54,045,525 Lease liabilities 100,166 118,453 Tax payable 947,722 1,091,435 Short-term borrowings 996,566 1,045,605 Current portion of long-term borrowings 14,775,930 21,246,852 Current portion of long-term bonds 624,614 3,199,649 Current portion of provision for close-down, restoration and environmental costs 43,931 55,951 Total current liabilities 102,179,585 107,441,790 Non-current liabilities Long-term borrowings 51,041,400 37,975,456 Long-term bonds 9,793,861 7,294,642 Deferred tax liabilities 4,302,056 4,394,834 Lease liabilities 658,019 722,366 Provision 599 608 Provision for employee benefits 60,709 64,677 Provision for close-down, restoration and environmental costs 6,142,478 6,202,828 Deferred revenue 929,837 963,684 Other long-term liabilities 4,665,263 4,614,947 Total non-current liabilities 77,594,222 62,234,042 Total liabilities 179,773,807 169,675,832 Equity Share capital 13,258,663 13,258,663 Reserves 48,997,982 48,217,695 Retained earnings 104,145,190 98,889,429 Equity attributable to the equity holders of the Company 166,401,835 160,365,787 Non-controlling interests 40,289,413 40,476,123 Total equity 206,691,248 200,841,910 TOTAL EQUITY AND LIABILITIES 386,465,055 370,517,742
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6 NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL INFORMATION For the six months ended 30 June 2026 1. GENERAL INFORMATION China Coal Energy Company Limited (the “Company ”) was established in the People ’s Republic of China (the “PRC”) on 22 August 2006 as a joint stock Company with limited liability under the Company Law of the PRC as a result of a group restructuring of China National Coal Group Corporation ( “China Coal Group ” or the “Parent Company ”) in preparing for the listing of the Company ’s shares on The Main Board of The Stock Exchange of Hong Kong Limited (the “Restructuring ”). China Coal Group is a subordinate enterprise of State-owned Assets Supervision and Administration Commission of the State Council established in China. The Company and its subsidiaries (collectively referred to as the “Group ”) are principally engaged in mining and processing of coal, sales of coal and chemical products, manufacture and sales of coal mining machinery and provision of finance services. The address of the Company ’s registered office is No. 1 Huangsidajie, Chaoyang District, Beijing, the PRC. The H shares of the Company have been listed on the Main Board of The Stock Exchange of Hong Kong Limited since December 2006 while its A shares have been listed on the Shanghai Stock Exchange since February 2008. This condensed consolidated financial information is presented in thousands of Renminbi ( “RMB”), which is also the functional currency of the Company. The interim condensed consolidated financial information has not been audited. 2.1 BASIS OF PREPARATION The interim condensed consolidated financial information for the six months ended 30 June 2026 has been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting (“IAS 34 ”), as issued by the International Accounting Standards Board ( “IASB”) as well as the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited. The interim condensed consolidated financial information does not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group ’s annual consolidated financial statements for the year ended 31 December 2025. On 1 October 2025, the Group acquired a 100% equity interest in Shanxi Zhongmei Pingshuo Clean Energy Co., Ltd. ( “Pingshuo Clean Energy ” “பʮ̡ ”) from China Coal Pingshuo Development Group Co., Ltd. ( “Pingshuo Development ” “ʮ̡ ”), a subsidiary of the Parent Company. As the Group and Pingshuo Clean Energy were under common control of China Coal Group before and after the transaction, the transaction is regarded as business combination under common control. The interim condensed consolidated financial information for the six months ended 30 June 2025 included the results and cash flows of Pingshuo Clean Energy from the beginning of the earliest period presented and has been restated accordingly. The interim condensed consolidated financial information has been prepared on the historical cost basis except for certain financial instruments, which are measured at fair values, as appropriate.
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7 2.2 CHANGE IN ACCOUNTING POLICIES The accounting policies adopted in the preparation of the interim condensed consolidated financial information are consistent with those applied in the preparation of the Group ’s annual consolidated financial statements for the year ended 31 December 2025, except for the adoption of the following amended IFRS Accounting Standards for the first time for the current period ’s financial information. Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial Instruments Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity Annual Improvements to IFRS Accounting Standards-Volume 11 Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7 The nature and impact of amended IFRS Accounting Standards are described below: (a) Amendments to IFRS 9 and IFRS 7 Amendments to the Classification and Measurement of Financial instruments clarify that a financial asset is derecognised when the entity ’s rights to the contractual cash flows expire or are transferred, while a financial liability is derecognised on the settlement date. The amendments introduce an accounting policy option to derecognise a financial liability that is settled through an electronic payment system before the settlement date if specified criteria are met. The amendments clarify how to assess the contractual cash flow characteristics of financial assets with environmental, social and governance and other similar contingent features. Moreover, the amendments clarify the requirements for classifying financial assets with non-recourse features and contractually linked instruments. The amendments also include additional disclosures for investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features. Since the Group ’s accounting policy for the derecognition of financial assets and liabilities in prior years aligned with the amendments and the Group did not have the financial assets that were addressed by the amendments, the amendments did not have any impact on the interim condensed consolidated financial information. The Group will provide additional disclosures for its equity investments designated at fair value through other comprehensive income in the Group ’s consolidated financial statements for the year ending 31 December 2026. (b) Amendments to IFRS 9 and IFRS 7 Contracts Referencing Nature-dependent Electricity clarify the application of the “own-use ” requirements for in-scope contracts and amend the designation requirements for a hedged item in a cash flow hedging relationship for in-scope contracts. The amendments also include additional disclosures that enable users of financial statements to understand the effects these contracts have on an entity ’s financial performance and future cash flows. As the Group did not have any contracts that are in the scope of the amendments, the amendments did not have any impact on the interim condensed consolidated financial information. (c) Annual Improvements to IFRS Accounting Standards-Volume 11 set out narrow scope amendments to IFRS 1, IFRS 7 (and the accompanying Guidance on implementing IFRS 7), IFRS 9, IFRS 10 and IAS 7. The amendments include clarifications, simplifications, corrections or changes to improve consistency in the corresponding IFRS Accounting Standards. The amendments did not have any impact on the interim condensed consolidated financial information.
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8 3. SEGMENT INFORMATION 3.1 General information (a) Factors that management used to identify the Group ’s operating and reportable segments The chief operating decision maker ( “CODM”) has been identified as the Executive management ( ᐄ ᄴ). The Group ’s operating and reportable segments are entities or groups of entities that offer different products and services. The following reportable segments are presented in a manner consistent with the way in which information is reported internally to the Group ’s CODM for the purpose of resources allocation and performance assessment. These entities are managed according to the nature of products and services, production process and environment in which they operate. Financial information of entities operating in more than one segment has been separately presented as discrete segment information for CODM ’s review. (b) Operating and reportable segments The Group ’s operating and reportable segments mainly include coal segment, chemical segment, coal mining equipment segment and finance segment. • Coal – Production and sales of coal; • Chemical – Production and sales of chemical products; • Coal mining equipment – Manufacturing and sales of coal mining equipment; and • Finance – Providing deposit-taking, loans, bills acceptance and discount and other financial services to entities within the Group and China Coal Group. In addition, businesses relating to power generation, aluminium processing, equipment and spare parts trading, tendering services, railway transportation and other miscellaneous services which do not constitute a reportable segment standalone are combined and disclosed in the category of “Others ” segment. 3.2 Information about operating and reportable segments ’ profit or loss, assets and liabilities (a) Measurement of operating and reportable segments ’ profit or loss, assets and liabilities The CODM evaluates performance on the basis of profit or loss before income tax expense. The Group accounts for inter-segment sales and transfers as if the sales or transfers were made to third parties, i.e. at current market prices. The amounts of segment information are denominated in RMB, which is consistent with the amounts in the reports used by the CODM. Segment assets and liabilities are those operating assets and liabilities that are employed by a segment in its operating activities and that either are directly attributable to the segment or can be allocated to the segment on a reasonable basis. Segment assets and liabilities exclude deferred income tax assets, deferred income tax liabilities, taxes payable or tax advanced payment and assets and liabilities of head office.
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9 (b) Operating and reportable segments ’ profit or loss, assets and liabilities For the six months ended 30 June 2026 (Unaudited) and as at 30 June 2026 (Unaudited) Coal Chemical Coal mining equipment Finance Others Total segment Unallocated Inter- segment elimination Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Segment revenue: Total revenue 57,945,903 10,430,981 3,960,416 925,483 4,880,789 78,143,572 – (5,007,515) 73,136,057 Inter-segment revenue (3,054,166) (529,661) (543,476) (179,588) (700,624) (5,007,515) – 5,007,515 – Revenue from external customers 54,891,737 9,901,320 3,416,940 745,895 4,180,165 73,136,057 – – 73,136,057 Segment results Profit/(loss) from operations 8,808,207 1,835,327 203,712 459,614 813,769 12,120,629 (245,602) 38,272 11,913,299 Profit/(loss) before income tax 8,877,626 2,482,332 265,140 459,259 925,004 13,009,361 (603,491) 20,996 12,426,866 Interest income 136,993 25,022 17,562 – 72,826 252,403 113,223 (314,386) 51,240 Interest expenses (521,416) (108,287) (20,405) – (87,872) (737,980) (471,030) 278,807 (930,203) Depreciation and amortisation (3,588,100) (1,513,412) (175,513) (1,576) (364,053) (5,642,654) (8,728) – (5,651,382) Share of profits of associates and joint ventures 470,644 729,851 65,946 – 136,418 1,402,859 – – 1,402,859 Income tax expense (2,028,354) (450,214) (113,843) (116,701) (151,373) (2,860,485) – (4,687) (2,865,172) Other material non- monetary items Provision for impairment of property, plant and equipment – – – – (20,676) (20,676) – – (20,676) (Provision)/reversal of impairment of other assets (2,141) (9) (37,580) (58,913) (41,010) (139,653) (400) 8,065 (131,988) Addition to non-current assets 3,622,176 4,605,820 256,938 7,218 598,225 9,090,377 8,056 – 9,098,433 Segment assets and liabilities Total assets 213,801,969 56,838,767 19,557,011 113,252,307 37,638,453 441,088,507 7,244,308 (61,867,760) 386,465,055 Including: interests in associates and joint ventures 9,551,604 16,152,939 1,421,551 – 7,772,921 34,899,015 – – 34,899,015 Total liabilities 106,556,260 26,769,097 9,157,547 99,745,673 15,168,858 257,397,435 51,325,013 (128,948,641) 179,773,807
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10 For the six months ended 30 June 2025 (Unaudited) and as at 31 December 2025 (Audited) (Restated) Coal Chemical Coal mining equipment Finance Others Total segment Unallocated Inter- segment elimination Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Segment revenue: Total revenue 60,567,537 9,360,022 4,766,846 1,168,437 4,580,468 80,443,310 – (5,996,228) 74,447,082 Inter-segment revenue (3,499,606) (512,323) (832,873) (239,779) (911,647) (5,996,228) – 5,996,228 – Revenue from external customers 57,067,931 8,847,699 3,933,973 928,658 3,668,821 74,447,082 – – 74,447,082 Segment results Profit/(loss) from operations 8,758,745 1,062,260 427,284 738,319 747,604 11,734,212 (204,026) (124,135) 11,406,051 Profit/(loss) before income tax 8,598,581 1,519,677 468,461 737,861 1,004,112 12,328,692 (631,886) (91,149) 11,605,657 Interest income 158,615 19,304 35,334 – 67,329 280,582 103,338 (324,775) 59,145 Interest expenses (609,435) (160,605) (43,658) – (79,065) (892,763) (531,236) 357,760 (1,066,239) Depreciation and amortisation (3,457,871) (1,505,257) (170,259) (1,594) (316,499) (5,451,480) (7,692) – (5,459,172) Share of profits of associates and joint ventures 303,781 598,901 48,855 – 281,903 1,233,440 – – 1,233,440 Income tax expense (1,962,836) (177,179) (98,375) (195,254) (90,179) (2,523,823) – 18,401 (2,505,422) Other material non-monetary items Provision for impairment of property, plant and equipment 65 – (708) – – (643) – – (643) (Provision)/reversal of impairment of other assets (1,266) 54 (25,550) (32,393) (1,892) (61,047) (2) (15,406) (76,455) Addition to non-current assets 7,451,536 9,227,495 374,434 12,099 2,408,868 19,474,432 238,710 – 19,713,142 Segment assets and liabilities Total assets 177,326,175 63,659,107 17,434,867 105,325,816 31,608,796 395,354,761 6,499,300 (31,336,319) 370,517,742 Including: interests in associates and joint ventures 9,387,647 15,985,087 1,350,804 – 7,636,587 34,360,125 – – 34,360,125 Total liabilities 70,283,151 21,821,968 8,923,951 92,137,293 15,021,376 208,187,739 48,516,720 (87,028,627) 169,675,832
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11 3.3 Geographical information Information about the Group ’s revenue from external customers is presented based on the geographical location of the customers ’ operations. Information about the Group ’s non-current assets is presented based on the geographical location of the assets. Analysis of revenue Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) (Restated) Domestic markets 72,900,624 74,191,855 Overseas markets 235,433 255,227 Total 73,136,057 74,447,082 Analysis of non-current assets 30 June 31 December 2026 2025 RMB’000 RMB’000 (Unaudited) (Audited) Domestic markets 255,762,254 249,898,186 Overseas markets 37,463 40,206 Total 255,799,717 249,938,392 Note: The non-current assets above exclude financial instruments, deferred tax assets and finance lease receivables included in the long-term receivables. 3.4 Major customers No revenue from transactions with a single external customer amounted to 10% or more of the Group ’s revenue for the six months ended 30 June 2026 and 2025.
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12 4. FINANCE INCOME AND COSTS Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) (Restated) Finance income: – Interest income on bank deposits 40,123 47,361 – Interest income on loans receivable 11,117 11,784 Total finance income 51,240 59,145 Interest expenses: – Borrowings 785,975 791,234 – Long-term bonds 132,638 153,297 – Unwinding of discount 144,862 165,738 – Lease liabilities 17,260 17,435 Other incidental bank charges 9,729 10,035 Net foreign exchange losses 600 16,705 Subtotal 1,091,064 1,154,444 Less: Amounts capitalised on qualifying assets (Note) (150,532) (61,465) Total finance costs 940,532 1,092,979 Finance costs, net (889,292) (1,033,834) Note: Capitalisation rates of finance costs capitalised on qualifying assets were as follows: Six months ended 30 June 2026 2025 (Unaudited) (Unaudited) Capitalisation rates used to determine the amount of finance costs eligible for capitalisation 2.28%-3.51% 2.24%-4.15%
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13 5. INCOME TAX EXPENSE The Group is subject to income tax on an entity basis on the profits arising in or derived from the tax jurisdictions in which members of the Group are domiciled and operate. Under the Law of the PRC on corporate income tax and the Implementation Regulation of the Corporate Income Tax Law (collectively, the “CIT Law ”), the Company ’s PRC subsidiaries are generally subject to PRC corporate income tax at the statutory rate of 25% on their respective assessable profits, except for certain subsidiaries which are subject to tax at preferential tax rate of 15% or 20% according to the preferential policy of CIT law for the six-month periods ended 30 June 2026 and 2025. For Sunfield Resources Pty Ltd, a subsidiary registered in Australia, tax is calculated based on the statutory income tax rate of 30%. For China Japan Coal Ltd., a subsidiary registered in Japan, tax is calculated by 15.0% for the portion under JPY8,000,000 and 23.2% for the portion of JPY8,000,000 or above. An analysis of the Group ’s provision for tax is as follows: Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) Current income taxes: PRC entities 3,294,049 2,604,367 Elsewhere 16 246 Deferred taxes (428,893) (99,191) Total income tax expenses for the period 2,865,172 2,505,422 6. DIVIDENDS During the six months ended 30 June 2026, the Company declared a final dividend of RMB0.217 per share based on a number of 13,258,663,400 ordinary shares, amounting to a total of approximately RMB2,877,129,958 for the year ended 31 December 2025 (six months ended 30 June 2025 (Unaudited): RMB0.258 per share based on a number of 13,258,663,400 ordinary shares, amounting to a total of approximately RMB3,420,735,157 for the year ended 31 December 2024) The declaration of the aforementioned dividends was approved at the 2025 annual general meeting of the Company held on 26 June 2026. According to the approval and authorisation from the Annual General Meeting for the year of 2025, on 21 August 2026, the board of directors approved the Company to implement the interim profit distribution plan for the first half of 2026 and declare an interim dividend of RMB0.184 (six months ended 30 June 2025: 0.166) per ordinary share, amounting to a total of approximately RMB2,444,790,300 (six months ended 30 June 2025: RMB2,197,579,500).
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14 7. EARNINGS PER SHARE ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT The calculation of basic earnings per share attributable to owners of the Company is based on the following data: Six months ended 30 June 2026 2025 RMB’000 RMB’000 (Unaudited) (Unaudited) (Restated) Profit attributable to the equity holders of the Company (RMB ’000) 8,191,826 7,326,537 Number of ordinary shares outstanding (in thousands) 13,258,663 13,258,663 Basic earnings per share (RMB per share) 0.62 0.55 There were no differences between the basic and diluted earnings per share amounts for the six-month periods ended 30 June 2026 and 2025 as the Group had no dilutive potential ordinary shares outstanding during those periods. 8. TRADE RECEIVABLES AND NOTES RECEIVABLES, DEBT INSTRUMENTS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME ( “FVTOCI ”) 30 June 31 December 2026 2025 RMB’000 RMB’000 (Unaudited) (Audited) Trade receivables (Notes (a), (b), (c) and (d)) 10,086,977 7,251,488 Notes receivables (Note (f)) 51,540 64,908 Total 10,138,517 7,316,396 Debt instruments at FVTOCI (Notes (e) and (f)) 1,022,508 970,651 Notes: (a) The following is an ageing analysis of trade receivables net of allowance for credit losses, as at the end of the reporting period, presented based on the invoice dates. 30 June 31 December 2026 2025 RMB’000 RMB’000 (Unaudited) (Audited) Within six months 6,630,318 4,388,718 Six months to one year 1,144,227 949,346 One year to two years 1,077,596 1,113,857 two years to three years 829,804 475,078 Over three years 1,198,239 1,032,468 Trade receivables, gross 10,880,184 7,959,467 Less: Allowance for credit losses (793,207) (707,979) Trade receivables, net 10,086,977 7,251,488
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15 (b) The carrying amounts of trade receivables are denominated in the following currencies: 30 June 31 December 2026 2025 RMB’000 RMB’000 (Unaudited) (Audited) RMB 10,030,862 7,246,333 United States Dollar ( “USD”) 56,115 5,155 Total 10,086,977 7,251,488 (c) The carrying amounts of trade receivables approximate to their fair values. (d) As at 30 June 2026, the Group ’s trade receivable from sales of electric power amounting to RMB249,329,000 (31 December 2025: RMB217,479,000) and the corresponding contractual right on further sales of electric power was pledged to secure long-term bank loans amounting to RMB714,463,000 (31 December 2025: RMB822,106,000). (e) Debt instruments at FVTOCI are notes receivable which are considered to be held within a business model whose objective is achieved by both selling and collecting contractual cash flows. The notes receivable are principally bank accepted notes with maturity of less than one year (31 December 2025: less than one year). As at 30 June 2026, the Group had no debt instruments at FVTOCI pledged to secure any bank loans. (31 December 2025: Nil). (f) Transfers of financial assets As at 30 June 2026, notes receivables endorsed but not matured amounting to RMB37,248,000 (31 December 2025: RMB53,392,000) were not derecognised as the Group has not transferred the significant risks and rewards relating to these notes receivable. As at 30 June 2026, notes receivables endorsed or discounted but not matured under debt instruments at FVTOCI amounting to RMB479,713,000 (31 December 2025: RMB926,986,000) were derecognised. In accordance with the relevant laws in the PRC, the holders of these note receivables have a right of recourse against the Group if the issuing banks default on payment. The Group has transferred substantially all the risks and rewards of the ownership relating to these notes receivable and accordingly derecognised the full carrying amounts of the note receivables and associated trade payables. The maximum exposure to loss for the Group ’s continuing involvement, if any, in the endorsed and discounted notes receivables will be their carrying amounts. The fair values of the Group ’s continuing involvement in the derecognised notes receivables are not significant.
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16 9. TRADE AND NOTES PAYABLES 30 June 31 December 2026 2025 RMB’000 RMB’000 (Unaudited) (Audited) Trade payables (Note) 27,249,917 22,377,996 Notes payable 2,517,304 1,897,489 Total 29,767,221 24,275,485 Note: Aging analysis of trade payables based on date of delivery of goods and services received is as follows: 30 June 31 December 2026 2025 RMB’000 RMB’000 (Unaudited) (Audited) Less than 1 year 23,945,541 19,194,785 1 to 2 years 1,614,169 1,821,215 2 to 3 years 683,823 700,049 Over 3 years 1,006,384 661,947 Total 27,249,917 22,377,996 10. EVENTS AFTER THE END OF THE REPORTING PERIOD As of the date of this interim report, no subsequent events have occurred.
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17 CHAIRMAN ’S STATEMENT Dear Shareholders: In the first half of 2026, China Coal Energy resolutely implemented the decisions and deployment of the Party Central Committee and the State Council, and actively responded to various risks, challenges and uncertainties, steadily improved the quality of production and operation, further advanced reform and innovation, and strived to achieve a good start to the “15th Five-Year Plan ”. During the reporting period, the Group ’s profit before tax was RMB12.4 billion, a year-on-year increase of 7.1%; the profit attributable to equity holders of the Company reached RMB8.2 billion, a year-on-year increase of 11.8%; net cash inflow from production and sales activities reached RMB12.6 billion, a year-on-year increase of 68.2%. In the first half of the year, the Group rose to challenges to make every effort to ensure the quality and safety of energy supply. Facing the impact of multiple factors such as complex geological conditions, the coal business kept up with market demand and used a “data model ” to drive the synergy of production and sales as well as quality and efficiency enhancement; the production volume of self-produced commercial coal was 61.95 million tonnes and the sales volume was 61.42 million tonnes, and the average calorific value of thermal coal increased by nearly 200 kcal year-on-year. The chemical business maintained safe, stable and highly efficient operations. With part of equipment overhauled as scheduled, the output of major chemical products reached 3.02 million tonnes, an increase of 0.03 million tonnes year-on-year, and the efficiency and profitability remained industry-leading. In the power generation business, we strengthened the operation management of generating units. Power generation reached 8.62 billion kWh, a year-on-year increase of 830 million kWh. In the coal mine equipment business, we continued to enhance its levels of integration into complete sets and intelligentization, achieving an equipment output value of nearly RMB4 billion. In the first half of the year, we focused on “two combinations ” to actively build a green and low-carbon industrial park and accelerate the building of a highly synergistic industry chain of “coal-electricity-chemical-new energy ”. All the processing installations of the Shaanxi Yulin ’s coal chemical phase II project, with an annual output of 900,000 tonnes of polyolefin, have completed intermediate handover, and the “Liquid Sunlight ” demonstration project of Ordos Energy & Chemical has entered the commissioning phase. The construction work of the Wushenqi 2 ×660MW integrated coal power project fully entered the equipment installation stage, construction of the China Coal Yuyang 100MW wind power project of Shaanxi Company commenced, and Shanghai Energy completed the acquisition of 100% equity interest in the 400MW Fishery-Solar Hybrid Photovoltaic Power Generation Project in Qidong Lvsi Sea Area Mudflat. We deeply cooperated with Gansu Province, advanced the construction of the Longdong Integrated Energy Base, and built a world-class innovation demonstration base for the clean, low-carbon, and highly efficient utilization of energy. Balancing development with safety, we resolutely fought the concluding battle of the three-year action for tackling root causes in work safety, maintaining an overall stable work safety situation. We proactively advanced the rectification for the Central Ecological and Environmental Protection Inspection, deepened the battle against pollution, with no sudden environmental incidents occurring.
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18 In the first half of the year, we continued to deepen reforms and effectively stimulated innovative vitality. We established an integrated intelligent decision-making and penetrative management and control platform featuring end-to-end data connectivity and highly synergistic business operations across the entire value chain. By leveraging artificial intelligence as a new quality productive force to drive management transformation, industrial upgrading, and value restructuring, we initiated the reform of the management and operating mechanisms in the fields of procurement supply chain and sales. The independently developed “China Coal Intelligent Vision ” Procurement Supply Chain Intelligent Agent Application Large Model won the second prize in the national finals of the Intelligent Technology Track of the Digital China Innovation Contest, and, together with the Intelligent Safety and Quality Inspection System Application Model for Large-scale Modern Coal Chemical Engineering Projects, was selected into the typical artificial intelligence application cases by the MIIT. Efforts in tackling key core technologies have been intensified. We were approved to undertake a sub-task under the National Science and Technology Major Project for Coal titled the “Key Technologies and Equipment for Large-scale, High-efficiency and Intelligent Coal Preparation ”. Furthermore, the project “Self-circulating Ultra-long Gravity Heat Pipe Refrigeration System ” was successfully approved for establishment as a key special project of “Disruptive Technology Innovation ” under the 2026 National Key Research and Development Program of China. In the second half of the year, China Coal Energy will resolutely implement the decisions and deployment of the Party Central Committee and the State Council, adhere to the general principle of making progress amid stability and deepen the “two combinations+ ” development model to take the implementation of the “15th Five-Year Plan ” and the further deepening of the reform of state-owned assets and state-owned enterprises as a key driver, focus on promoting high-quality development, and achieve a good start for the “15th Five-Year Plan ” period. First, we will adhere to the multi-industry coupling path of “coal-electricity-chemical-new energy ”, coordinate intelligent, green and integrated development, accelerate the construction of key projects, continuously promote industrial transformation and upgrading, and actively cultivate emerging and future industries. Second, we will persistently benchmark against world-class standards, strengthen intelligent decision-making, deepen the synergy between production and sales, make every effort to improve quality and efficiency, focus on consolidating the sound momentum of production and operations, and ensure the security of energy supply. Third, we will persist in strengthening the dual drive of reform and innovation, actively carry out reforms of the management and operational mechanisms, deepen efforts to tackle key core technologies, and build a high-level innovation system. Fourth, we will adhere to systematic concepts and bottom-line thinking, fully leverage the penetrating supervision function of the intelligent control platform, and enhance production safety, ecological and environmental protection, energy conservation and emission reduction, as well as risk prevention and control. Fifth, we will continue to deepen market value management to continuously enhance the level of corporate governance and the quality of information disclosure. With the hopeful future mapped out in the development plan, we will forge ahead at full speed. The management and staff of the Company will remain committed to the goal of building a world-class enterprise, and forge ahead with resilience and initiative, in order to reward all shareholders and investors with high-quality development. Wang Shudong Chairman Beijing, China 21 August 2026
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19 MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND OPERATING RESULTS The following discussion and analysis should be read in conjunction with the Group ’s reviewed condensed interim financial information and the notes thereto. The Group ’s condensed interim financial information has been prepared in accordance with the International Accounting Standard 34 “Interim Financial Reporting ”. I. OVERVIEW In the first half of 2026, the Group focused on the annual key tasks and core operating indicators, taking a holistic approach to manage operations, reform and innovation, and transformation and upgrading. We continued to deepen the development of a lean operations system and adopted multiple measures to improve quality and efficiency, steadily enhancing operational resilience and overall capabilities. Profit before tax reached RMB12.427 billion, representing an increase of RMB0.821 billion or 7.1% year-on-year; profit attributable to equity holders of the Company amounted to RMB8.192 billion, an increase of RMB0.865 billion or 11.8% year-on-year; and net cash flows from operating activities amounted to RMB9.864 billion, an increase of RMB2.193 billion or 28.6% year-on-year, maintaining a sound level of profitability and cash generation capability. The Group ’s major business segments, including coal, chemicals, coal mining equipment, finance, and power, all operated well. Coal enterprises actively responded to challenges such as changes in geological conditions and adjustments in government policies, scientifically organized production, and strengthened coordination in production, transportation, and sales. In the first half of the year, self-produced commercial coal output reached 61.95 million tonnes with sales volume of 61.42 million tonnes. Coal enterprises rigorously enforced coal quality management and optimized our product mix, with the comprehensive sales price of self-produced commercial coal increasing by RMB54/tonne year-on-year, boosting revenue by RMB3.319 billion. Coal enterprises continued to enhance refined management and exercised scientific and reasonable cost control, with the unit sales cost of self-produced commercial coal at RMB343.22/tonne. As a result, the coal business achieved a gross profit of RMB11.465 billion, an increase of RMB0.736 billion year-on-year, demonstrating steady quality improvement in business operations. Chemical enterprises coordinated safe production with quality and efficiency improvement, as well as key project construction, maintaining stable and efficient operations. Therefore, major chemical products saw both volume and price increases, achieving a gross profit of RMB2.191 billion, an increase of RMB0.896 billion or 69.2% year-on-year, reflecting sound management capabilities and the synergy of integrated coal-to-chemicals development model. In the equipment segment, we actively addressed the severe challenges of a market downturn. While vigorously expanding the market and securing quality orders, we focused on optimizing standard cost management to
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20 drive cost reduction and efficiency enhancement, achieving a profit before tax of RMB0.265 billion. The Finance Company steadily advanced lean management and technological innovation, continuously improving the quality and efficiency of fund management through optimising the treasury system. Its fund concentration rate remained industry-leading, and its asset scale exceeded RMB100 billion, reaching a record high. The Finance Company strived to overcome external pressures such as declining market interest rates and actively developed new models of specialized financial services, achieving a profit before tax of RMB0.459 billion. In the power generation business, we continuously strengthened equipment management, improved unit reliability and energy efficiency, enhanced coordination between production and marketing, and made every effort to generate profitable electricity. In the first half of the year, the Group ’s power business recorded a cumulative electricity generation of 8.62 billion kWh, an increase of 0.83 billion kWh year-on-year, achieving a profit before tax of RMB0.567 billion. Unit: RMB100 million For the For the Year-on-year six months ended 30 June 2026 six months ended 30 June 2025 Increase/ decrease in amount Increase/ decrease (%) (Restated) Revenue 731.36 744.47 -13.11 -1.8 Cost of sales 571.09 598.84 -27.75 -4.6 Gross profit 160.27 145.63 14.64 10.1 Selling, general and administrative expenses 35.83 32.49 3.34 10.3 Other income, other gains and losses, net -3.99 1.69 -5.68 -336.1 Profit from operations 119.13 114.06 5.07 4.4 Finance income 0.51 0.59 -0.08 -13.6 Finance costs 9.41 10.93 -1.52 -13.9 Share of profits of associates and joint ventures 14.03 12.33 1.70 13.8 Profit before tax 124.27 116.06 8.21 7.1 EBITDA 175.64 168.65 6.99 4.1 Profit attributable to the equity holders of the Company 81.92 73.27 8.65 11.8 Net cash generated from operating activities 98.64 76.71 21.93 28.6 In which: Net cash flow generated from production and sales activities 126.14 75.01 51.13 68.2 Net cash flow generated from deposits absorbed from members other than China Coal Energy by Finance Company -27.50 1.70 -29.20 -1,717.6 Net cash generated from investing activities -143.62 -176.06 32.44 -18.4 Net cash generated from financing activities 28.24 -10.46 38.70 -370.0
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21 Unit: RMB100 million Compared with the end of last year As at 30 June 2026 As at 31 December 2025 Increase/ decrease in amount Increase/ decrease (%) Assets 3,864.65 3,705.18 159.47 4.3 Liabilities 1,797.74 1,696.76 100.98 6.0 Interest-bearing debts 772.33 707.62 64.71 9.1 Equity 2,066.91 2,008.42 58.49 2.9 Equity attributable to the equity holders of the Company 1,664.02 1,603.66 60.36 3.8 Gearing ratio (%) = total interest-bearing debts/(total interest-bearing debts + equity) 27.2 26.1 An increase of 1.1 percentage points Note: In respect of the business combination under common control that occurred, the Group has retrospectively adjusted the data for the same period of last year in accordance with the relevant requirements of accounting standards.
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22 II. OPERATING RESULTS (I) Consolidated operating results 1. Revenue For the six months ended 30 June 2026, the Group ’s revenue decreased by RMB1.311 billion from RMB74.447 billion for the six months ended 30 June 2025 to RMB73.136 billion, representing a decrease of 1.8%. Revenue before netting of inter-segmental sales generated from each operating segment of the Group and the year-on-year changes are set out as follows: Unit: RMB100 million Revenue before netting of inter-segmental sales For the six months ended 30 June 2026 For the six months ended 30 June 2025 Year-on-year Increase/ decrease in amount Increase/ decrease (%) (Restated) Coal operations 579.46 605.68 -26.22 -4.3 Self-produced commercial coal 321.90 315.41 6.49 2.1 Proprietary coal trading 254.23 287.62 -33.39 -11.6 Chemical operations 104.31 93.60 10.71 11.4 Coal mining equipment operations 39.60 47.67 -8.07 -16.9 Financial operations 9.25 11.68 -2.43 -20.8 Other operations 48.81 45.80 3.01 6.6 Net of inter-segmental sales -50.07 -59.96 9.89 -16.5 The Group 731.36 744.47 -13.11 -1.8
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23 Revenue net of inter-segmental sales generated from each operating segment of the Group for the six months ended 30 June 2026 and the year-on-year changes are set out as follows: Unit: RMB100 million Revenue net of inter-segmental sales For the six months ended 30 June 2026 For the six months ended 30 June 2025 Year-on-year Increase/ decrease in amount Increase/ decrease (%) (Restated) Coal operations 548.92 570.68 -21.76 -3.8 Self-produced commercial coal 292.10 288.15 3.95 1.4 Proprietary coal trading 253.94 280.29 -26.35 -9.4 Chemical operations 99.01 88.48 10.53 11.9 Coal mining equipment operations 34.17 39.34 -5.17 -13.1 Financial operations 7.46 9.29 -1.83 -19.7 Other operations 41.80 36.68 5.12 14.0 The Group 731.36 744.47 -13.11 -1.8 The proportion of revenue net of inter-segmental sales generated from each operating segment of the Group in the Group ’s total revenue for the six months ended 30 June 2026 and the year-on-year changes are set out as follows: Proportion of revenue net of inter-segmental sales (%) For the six months ended 30 June 2026 For the six months ended 30 June 2025 Increase/ decrease (percentage point(s)) (Restated) Coal operations 75.1 76.7 -1.6 Self-produced commercial coal 39.9 38.7 1.2 Proprietary coal trading 34.7 37.6 -2.9 Chemical operations 13.5 11.9 1.6 Coal mining equipment operations 4.7 5.3 -0.6 Financial operations 1.0 1.2 -0.2 Other operations 5.7 4.9 0.8
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24 2. Cost of sales For the six months ended 30 June 2026, the Group ’s cost of sales decreased by RMB2.775 billion or 4.6% from RMB59.884 billion for the six months ended 30 June 2025 to RMB57.109 billion. Cost of sales of each operating segment of the Group and the year-on-year changes are set out as follows: Unit: RMB100 million For the For the Year-on-year six months ended 30 June 2026 six months ended 30 June 2025 Increase/ decrease in amount Increase/ decrease (%) (Restated) Coal operations 464.81 498.39 -33.58 -6.7 Self-produced commercial coal 210.82 212.67 -1.85 -0.9 Proprietary coal trading 251.92 283.87 -31.95 -11.3 Chemical operations 82.40 80.65 1.75 2.2 Coal mining equipment operations 32.36 38.35 -5.99 -15.6 Financial operations 3.87 3.79 0.08 2.1 Other operations 37.32 36.07 1.25 3.5 Net of inter-segmental sales -49.67 -58.41 8.74 -15.0 The Group 571.09 598.84 -27.75 -4.6
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25 3. Gross profit and gross profit margin For the six months ended 30 June 2026, the Group ’s gross profit increased by RMB1.464 billion or 10.1% from RMB14.563 billion for the six months ended 30 June 2025 to RMB16.027 billion; gross profit margin increased by 2.3 percentage points from 19.6% for the six months ended 30 June 2025 to 21.9%. The gross profit and gross profit margin of each operating segment of the Group and the year-on-year changes are set out as follows: Unit: RMB100 million Gross profit Gross profit margin (%) For the six months ended 30 June 2026 For the six months ended 30 June 2025 Increase/ decrease (%) For the six months ended 30 June 2026 For the six months ended 30 June 2025 Increase/ decrease (percentage point(s)) (Restated) (Restated) Coal operations 114.65 107.29 6.9 19.8 17.7 2.1 Self-produced commercial coal 111.08 102.74 8.1 34.5 32.6 1.9 Proprietary coal trading 2.31 3.75 -38.4 0.9 1.3 -0.4 Chemical operations 21.91 12.95 69.2 21.0 13.8 7.2 Coal mining equipment operations 7.24 9.32 -22.3 18.3 19.6 -1.3 Financial operations 5.38 7.89 -31.8 58.2 67.6 -9.4 Other operations 11.49 9.73 18.1 23.5 21.2 2.3 The Group 160.27 145.63 10.1 21.9 19.6 2.3 Note: The above gross profit and gross profit margin of each operating segment are figures before netting of inter-segmental sales.
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26 (II) Operating results of segments 1. Coal Operations Segment • Revenue Revenue from the coal operations of the Group was mainly generated from sales of coal produced from self-owned coal mines and coal washing plants (sales of self-produced commercial coal) to domestic and overseas customers, resale of coal purchased from external enterprises to customers (sales of proprietary trading coal) and coal import and export and domestic agency services. For the six months ended 30 June 2026, revenue from the coal operations of the Group decreased by 4.3% from RMB60.568 billion for the six months ended 30 June 2025 to RMB57.946 billion, and revenue net of inter-segmental sales decreased by 3.8% from RMB57.068 billion for the six months ended 30 June 2025 to RMB54.892 billion. For the six months ended 30 June 2026, revenue from sales of self-produced commercial coal of the Group increased by 2.1% from RMB31.541 billion for the six months ended 30 June 2025 to RMB32.190 billion, which was mainly attributable to the year-on-year increase of RMB54/tonne in the selling price of self-produced commercial coal leading to an increase of RMB3.319 billion in revenue; the year-on-year decrease of 5.69 million tonnes in sales volume leading to a decrease of RMB2.670 billion in revenue. Revenue net of inter-segmental sales increased by 1.4% from RMB28.815 billion for the six months ended 30 June 2025 to RMB29.210 billion. For the six months ended 30 June 2026, revenue from sales of proprietary trading coal of the Group decreased by 11.6% from RMB28.762 billion for the six months ended 30 June 2025 to RMB25.423 billion, which was mainly attributable to the year-on-year decrease of 14.60 million tonnes in sales volume of proprietary trading coal leading to a decrease of RMB6.894 billion in revenue; and the year-on-year increase of RMB77/tonne in the selling price leading to an increase of RMB3.555 billion in revenue. Revenue net of inter-segmental sales decreased by 9.4% from RMB28.029 billion for the six months ended 30 June 2025 to RMB25.394 billion. For the six months ended 30 June 2026, revenue from the coal agency operations of the Group was RMB0.104 billion, an increase of RMB88 million year-on-year. This was mainly attributable to the expansion of the Group’s agency business.
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27 For the six months ended 30 June 2026, the Group ’s coal sales volume before netting of inter-segmental sales and selling prices and the year-on-year changes are set out as follows: For the For the Year-on-year six months ended 30 June 2026 six months ended 30 June 2025 Increase/decrease in amount Increase/decrease Sales volume Selling price Sales volume Selling price Sales volume Selling price Sales volume Selling price (10,000 tonnes) (RMB/ tonne) (10,000 tonnes) (RMB/ tonne) (10,000 tonnes) (RMB/ tonne) (%) (%) I. Self-produced Total 6,142 524 6,711 470 -569 54 -8.5 11.5 commercial (I) Thermal coal 5,785 494 6,206 436 -421 58 -6.8 13.3 coal Domestic sales 5,785 494 6,206 436 -421 58 -6.8 13.3 (II) Coking coal 357 1,017 505 885 -148 132 -29.3 14.9 Domestic sales 357 1,017 505 885 -148 132 -29.3 14.9 II. Proprietary Total 4,631 549 6,091 472 -1,460 77 -24.0 16.3 coal trading (I) Domestic resales 4,068 563 5,511 476 -1,443 87 -26.2 18.3 (II) Self-operated export ¹ ¹ 6 1,217 -6 – -100.0 – (III) Import trading 563 448 574 432 -11 16 -1.9 3.7 III. Import and Total 1,197 9 66 25 1,131 -16 1,713.6 -64.0 export and (I) Import agency ¹ ¹ 1 1 -1 – -100.0 – domestic (II) Export agency 56 85 62 26 -6 59 -9.7 226.9 agency º (III) Domestic agency 1,141 5 3 11 1,138 -6 – -54.5 ¹: N/A for the period. º: Selling price is agency service fee. Note: Sales volume of commercial coal includes the inter-segment self-consumption volume of the Group, which amounted to 9.48 million tonnes for the current period (including self-produced commercial coal of 7.32 million tonnes, proprietary trading coal of 0.05 million tonnes and domestic agency of 2.11 million tonnes) and 9.50 million tonnes for the same period of last year (including self-produced commercial coal of 7.09 million tonnes and proprietary trading coal of 2.41 million tonnes).
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28 • Cost of sales For the six months ended 30 June 2026, the Group ’s cost of sales of coal operations decreased by 6.7% to RMB46.481 billion from RMB49.839 billion for the six months ended 30 June 2025, mainly attributable to the combined impact of a year-on-year decrease of RMB3.195 billion in the cost of proprietary coal trading resulting from the decline in sales volume of proprietary coal trading (wherein purchase cost was RMB23.732 billion, a decrease of RMB3.231 billion from RMB26.963 billion for the six months ended 30 June 2025; transportation costs and port expenses were RMB1.460 billion, an increase of RMB0.036 billion from RMB1.424 billion for the six months ended 30 June 2025), and a decrease of RMB0.185 billion in the cost of sales of self-produced commercial coal resulting from the year-on-year decrease in the sales volume of self-produced commercial coal, partially offset by the year-on-year increase in the unit cost of sales. For the six months ended 30 June 2026, the composition of the Group ’s cost of sales for self-produced commercial coal and the year-on-year changes are set out as follows: Unit: RMB100 million For the For the Year-on-year Item six months ended 30 June 2026 Percentage (%) six months ended 30 June 2025 Percentage (%) Increase/ decrease in amount Increase/ decrease (%) Material costs 33.43 15.9 32.48 15.3 0.95 2.9 Staff costs 34.45 16.3 32.12 15.1 2.33 7.3 Depreciation and amortisation 33.71 16.0 32.90 15.5 0.81 2.5 Repairs and maintenance 5.44 2.6 5.00 2.4 0.44 8.8 Transportation costs and port expenses 38.56 18.3 38.93 18.3 -0.37 -1.0 Sales tax and surcharges 32.83 15.6 29.65 13.9 3.18 10.7 Other costs º 32.40 15.3 41.59 19.5 -9.19 -22.1 Total cost of sales for self-produced commercial coal 210.82 100.0 212.67 100.0 -1.85 -0.9 º: Other costs include expenses related to environmental restoration and governance arising from coal mining, outsourced mining engineering fees, and expenditures for sporadic projects incurred in direct relation to coal production.
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29 For the six months ended 30 June 2026, the composition of the unit cost of sales of the Group ’s self-produced commercial coal and the year-on-year changes are set out as follows: Unit: RMB/tonne For the For the Year-on-year Item six months ended 30 June 2026 six months ended 30 June 2025 Increase/ decrease in amount Increase/ decrease (%) Material costs 54.43 48.39 6.04 12.5 Staff costs 56.09 47.86 8.23 17.2 Depreciation and amortization 54.89 49.03 5.86 12.0 Repairs and maintenance 8.86 7.45 1.41 18.9 Transportation costs and port expenses 62.79 58.01 4.78 8.2 Sales tax and surcharges 53.44 44.18 9.26 21.0 Other costs 52.72 61.96 -9.24 -14.9 Total unit cost of sales of self-produced commercial coal 343.22 316.88 26.34 8.3 For the six months ended 30 June 2026, the unit cost of sales of the Group ’s self-produced commercial coal was RMB343.22/tonne, a year-on-year increase of RMB26.34/tonne or 8.3%. This was mainly attributable to the following factors: a year-on-year increase in the sales revenue of self-produced commercial coal, resulting in a corresponding increase in the resource tax levied on an ad valorem basis; a year-on-year increase in labor cost per tonne of coal was driven by factors such as the transition of certain production teams from outsourcing to self-operation and the normal growth of social security contribution bases; a year-on-year increase in material cost per tonne of coal was due to the year-on-year increase in self-operated stripping volume and the year-on-year decrease in production and sales volumes; the higher proportion of self-produced commercial coal sales for which the Group bore railway transportation and port expenses relative to the total sales volume of self-produced commercial coal led to a year-on-year increase in transportation costs and port expenses per tonne of coal; the increase in depreciation and amortization cost per tonne of coal year-on-year was due to the year-on-year decrease in production and sales volumes; and the decrease in other costs year-on-year was mainly attributable to the year-on-year decrease in outsourced mining engineering expenses resulting from fewer operations by outsourced teams and fewer sporadic underground mining works, as well as the year-on-year decrease in the provision for inventory impairment.
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30 • Gross profit and gross profit margin For the six months ended 30 June 2026, affected by the year-on-year increase in the selling price of coal, gross profit of the coal operations segment of the Group increased by 6.9% from RMB10.729 billion for the six months ended 30 June 2025 to RMB11.465 billion, while gross profit margin increased by 2.1 percentage points from 17.7% for the six months ended 30 June 2025 to 19.8%. In particular, gross profit of self-produced commercial coal increased by RMB834 million year-on-year, and gross profit margin increased by 1.9 percentage points year-on-year. Gross profit of proprietary coal trading decreased by RMB144 million year-on-year, and gross profit margin decreased by 0.4 percentage points year-on-year. 2. Chemical Operations Segment • Revenue For the six months ended 30 June 2026, revenue from the chemical operations of the Group increased by 11.4% from RMB9.360 billion for the six months ended 30 June 2025 to RMB10.431 billion; revenue net of inter-segmental sales increased by 11.9% from RMB8.848 billion for the six months ended 30 June 2025 to RMB9.901 billion, which was mainly attributable to the year-on-year increase in the sales volume and prices of chemical products such as polyolefin, urea and methanol. For the six months ended 30 June 2026, the sales volume and selling prices of major self-produced chemical products of the Group and the year-on-year changes are set out as follows: For the six months For the six months Year-on-year ended 30 June 2026 ended 30 June 2025 Increase/decrease in amount Increase/decrease Sales volume Selling price Sales volume Selling price Sales volume Selling price Sales volume Selling price (10,000 tonnes) (RMB/ tonne) (10,000 tonnes) (RMB/ tonne) (10,000 tonnes) (RMB/ tonne) (%) (%) I. Polyolefin 76.5 7,017 66.0 6,681 10.5 336 15.9 5.0 1. Polyethylene 40.2 6,807 34.0 6,916 6.2 -109 18.2 -1.6 2. Polypropylene 36.3 7,250 32.0 6,432 4.3 818 13.4 12.7 II. Urea 108.7 1,828 107.9 1,752 0.8 76 0.7 4.3 III. Methanol 100.1 1,868 99.7 1,770 0.4 98 0.4 5.5 Of which: Inter-segment self-consumption 99.8 1,869 91.9 1,781 7.9 88 8.6 4.9 External sales 0.3 1,714 7.8 1,629 -7.5 85 -96.2 5.2 IV. Ammonium nitrate 22.8 1,902 29.5 1,883 -6.7 19 -22.7 1.0
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31 • Cost of sales For the six months ended 30 June 2026, cost of sales of the chemical operations of the Group increased by 2.2% from RMB8.065 billion for the six months ended 30 June 2025 to RMB8.240 billion, which was mainly attributable to the net impact of the increase in the procurement prices of raw material coal and fuel coal, offset by the year-on-year decrease in maintenance expenses. For the six months ended 30 June 2026, the composition of the cost of sales of the Group ’s chemical operations and the year-on-year changes are set out as follows: Unit: RMB100 million For the For the Year-on-year Item six months ended 30 June 2026 Percentage (%) six months ended 30 June 2025 Percentage (%) Increase/ decrease in amount Increase/ decrease (%) Material costs 46.58 56.5 42.12 52.2 4.46 10.6 Staff costs 6.15 7.5 5.80 7.2 0.35 6.0 Depreciation and amortization 14.93 18.1 14.87 18.4 0.06 0.4 Repairs and maintenance 3.08 3.7 6.09 7.6 -3.01 -49.4 Transportation costs and port expenses 3.98 4.8 3.89 4.8 0.09 2.3 Sales tax and surcharges 1.06 1.3 1.37 1.7 -0.31 -22.6 Other costs 6.62 8.1 6.51 8.1 0.11 1.7 Total cost of sales for chemical operations 82.40 100.0 80.65 100.0 1.75 2.2
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32 The unit cost of sales of major self-produced chemical products of the Group for the six months ended 30 June 2026 and the year-on-year changes are set out as follows: Unit: RMB/tonne For the six months ended 30 June 2026 For the six months ended 30 June 2025 Year-on-year Item Increase/ decrease in amount Increase/ decrease (%) I. Polyolefin 5,816 6,643 -827 -12.4 1. Polyethylene 5,784 6,617 -833 -12.6 2. Polypropylene 5,852 6,671 -819 -12.3 II. Urea 1,287 1,278 9 0.7 III. Methanol 1,382 1,307 75 5.7 IV. Ammonium nitrate 1,897 1,387 510 36.8 For the six months ended 30 June 2026, the Group ’s unit cost of sales of polyolefins decreased by RMB827/tonne year-on-year, representing a decrease of 12.4%, mainly due to the decrease in repair costs in the current period resulting from the scheduled overhaul of polyolefin plants in the same period last year. The unit cost of sales of urea increased by RMB9/ tonne year-on-year, an increase of 0.7%, while that of methanol increased by RMB75/tonne year-on-year, an increase of 5.7%. These increases were primarily attributable to factors including higher procurement prices of raw coal and fuel coal. The unit cost of sales of ammonium nitrate increased by RMB510/tonne year-on-year, an increase of 36.8%, mainly due to factors such as the decrease in production volume and increase in repair costs resulting from the scheduled overhaul of ammonium nitrate plants in the current period. • Gross profit and gross profit margin For the six months ended 30 June 2026, the Group ’s gross profit of the chemical operations segment increased by 69.2% from RMB1.295 billion for the six months ended 30 June 2025 to RMB2.191 billion; gross profit margin increased by 7.2 percentage points from 13.8% for the six months ended 30 June 2025 to 21.0%.
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33 3. Coal Mining Equipment Operations Segment • Revenue For the six months ended 30 June 2026, the Group ’s revenue from coal mining equipment operations decreased by 16.9% from RMB4.767 billion for the six months ended 30 June 2025 to RMB3.960 billion; revenue net of inter-segmental sales decreased by 13.1% from RMB3.934 billion for the six months ended 30 June 2025 to RMB3.417 billion. This was mainly due to the year-on-year decrease in sales of products affected by the market trend of coal mining equipment. • Cost of sales For the six months ended 30 June 2026, the Group ’s cost of sales of coal mining equipment operations decreased by 15.6% from RMB3.835 billion for the six months ended 30 June 2025 to RMB3.236 billion. For the six months ended 30 June 2026, the composition of the Group ’s cost of sales of coal mining equipment operations and the year-on-year changes are set out as follows: Unit: RMB100 million For the For the Year-on-year Item six months ended 30 June 2026 Percentage (%) six months ended 30 June 2025 Percentage (%) Increase/ decrease in amount Increase/ decrease (%) Material costs 24.05 74.3 27.04 70.5 -2.99 -11.1 Staff costs 3.05 9.4 3.70 9.6 -0.65 -17.6 Depreciation and amortization 1.19 3.7 1.24 3.2 -0.05 -4.0 Repairs and maintenance 0.30 0.9 0.46 1.2 -0.16 -34.8 Transportation costs 0.63 1.9 0.50 1.3 0.13 26.0 Sales tax and surcharges 0.11 0.3 0.23 0.6 -0.12 -52.2 Other costs 3.03 9.5 5.18 13.6 -2.15 -41.5 Total cost of sales for coal mining equipment operations 32.36 100.0 38.35 100.0 -5.99 -15.6 • Gross profit and gross profit margin For the six months ended 30 June 2026, the Group ’s gross profit of the coal mining equipment operations segment decreased by 22.3% from RMB932 million for the six months ended 30 June 2025 to RMB724 million; and gross profit margin decreased by 1.3 percentage points from 19.6% for the six months ended 30 June 2025 to 18.3%.
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34 4. Financial Operations Segment Financial operations of the Group are mainly engaged by Finance Company, which deepened the lean management philosophy, strengthened financial technology innovation, steadily advanced the construction and application of the treasury system, deepened and solidified industry-finance services, actively served the development strategy, secured safe, stable and efficient capital flow of funds, and dynamically optimised and adjusted the allocation strategy of deposits with peers in a timely manner when the interest rate of deposits in the interbank market declined, striving to achieve stable interbank income. For the six months ended 30 June 2026, revenue from the financial operations segment of the Group decreased by 20.8% from RMB1.168 billion for the six months ended 30 June 2025 to RMB925 million; revenue net of inter-segmental sales decreased by 19.7% from RMB929 million for the six months ended 30 June 2025 to RMB746 million; cost of sales increased by 2.1% from RMB379 million for the six months ended 30 June 2025 to RMB387 million; gross profit decreased by 31.8% from RMB789 million for the six months ended 30 June 2025 to RMB538 million; gross profit margin decreased by 9.4 percentage points from 67.6% for the six months ended 30 June 2025 to 58.2%. 5. Other Operations Segment The other operations segment of the Group mainly includes power generation, aluminium processing, import of equipment and accessories, tendering and bidding services, railway transportation and other businesses. For the six months ended 30 June 2026, benefiting from factors such as year-on-year increases in the Group ’s power generation volume and revenue from the aluminium processing business, the Group ’s revenue from the other operations segment increased by 6.6% from RMB4.580 billion for the six months ended 30 June 2025 to RMB4.881 billion; revenue net of inter-segmental sales increased by 14.0% from RMB3.668 billion for the six months ended 30 June 2025 to RMB4.180 billion; cost of sales increased by 3.5% from RMB3.607 billion for the six months ended 30 June 2025 to RMB3.732 billion; gross profit increased by 18.1% from RMB973 million for the six months ended 30 June 2025 to RMB1.149 billion, and gross profit margin increased by 2.3 percentage points from 21.2% for the six months ended 30 June 2025 to 23.5%. (III) Selling, general and administrative expenses For the six months ended 30 June 2026, the Group ’s selling, general and administrative expenses increased by RMB334 million from RMB3.249 billion for the six months ended 30 June 2025 to RMB3.583 billion. (IV) Other Income, Other Gains and Losses, Net For the six months ended 30 June 2026, the Group ’s other income, other gains and losses, net decreased by RMB568 million to RMB-399 million from RMB169 million for the six months ended 30 June 2025, mainly attributable to an increase in non- recurring expenses, such as losses on asset write-offs and late payment surcharges.
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35 (V) Finance income and finance costs For the six months ended 30 June 2026, the Group ’s net finance costs decreased by RMB144 million from RMB1.034 billion for the six months ended 30 June 2025 to RMB890 million, which was mainly attributable to the further reduction in financing costs as a result of the Group ’s continued optimization of its debt structure. (VI) Share of profits of associates and joint ventures For the six months ended 30 June 2026, the Group ’s share of profits of associates and joint ventures increased by RMB170 million from RMB1.233 billion for the six months ended 30 June 2025 to RMB1.403 billion, primarily due to the upward trend in the market prices of coal and chemical products, and the year-on-year increase in the profits of certain associates and joint ventures. III. CASH FLOW As at 30 June 2026, the balance of the Group ’s cash and cash equivalents amounted to RMB22.956 billion, representing a net decrease of RMB1.684 billion as compared to RMB24.640 billion as at 31 December 2025. Net cash inflow generated from operating activities increased by RMB2.193 billion from RMB7.671 billion for the six months ended 30 June 2025 to RMB9.864 billion. Excluding the impact of deposits absorbed from members other than China Coal Energy by Finance Company, the net cash inflow generated from production and sales activities of the Group amounted to RMB12.614 billion, representing a year-on-year increase of RMB5.113 billion, which was mainly attributable to the combined impact of the rise in market prices of coal and chemical products, and the Group ’s strengthened and refined management of working capital. Net cash outflow generated from investing activities decreased by RMB3.244 billion from RMB17.606 billion for the six months ended 30 June 2025 to RMB14.362 billion, which was mainly attributable to the combined impact of a year-on-year decrease of RMB4.379 billion in cash outflows for capital expenditure, a year-on-year increase of RMB3.194 billion in cash outflows from time deposits with an initial term of over three months, an increase in dividends received from associates and joint ventures, and a year-on-year increase in cash inflow generated from the recovery of loans to members other than China Coal Energy by Finance Company. Net cash inflow generated from financing activities increased by RMB3.870 billion from a net cash outflow of RMB1.046 billion for the six months ended 30 June 2025 to a net cash inflow of RMB2.824 billion, which was mainly attributable to a year-on-year increase in net debt financing.
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36 IV. SOURCES OF CAPITAL For the six months ended 30 June 2026, the Group ’s funds were mainly derived from the proceeds generated from business operations, bank borrowings and net proceeds raised in capital markets. The Group ’s funds were mainly used for investments in production facilities and equipment for coal, chemical, coal mining equipment and power generation operations, repayment of debts of the Group, and as the Group ’s working capital and general recurring expenditures. During the reporting period, the Group has repaid the loans as well as the principal and interest of the bonds when they became due by the agreed time. No overdue payment or default has occurred. The cash generated from the Group ’s operations, net proceeds from offerings in capital markets, relevant banks ’ line of credit obtained, and the issue amount of bonds approved but not utilised will provide financial support for future production and operating activities as well as project construction. V. ASSETS AND LIABILITIES (I) Property, plant and equipment As at 30 June 2026, the net value of property, plant and equipment of the Group amounted to RMB153.155 billion, representing a net increase of RMB3.611 billion or 2.4% from RMB149.544 billion as at 31 December 2025, among which, the net value of buildings was RMB30.210 billion, accounting for 19.7%; that of mining structures was RMB42.331 billion, accounting for 27.6%; that of machinery and equipment was RMB42.567 billion, accounting for 27.8%; that of construction in progress was RMB30.488 billion, accounting for 19.9%; and that of railways, transportation vehicles and others was RMB7.559 billion, accounting for 5.0%. (II) Mining rights As at 30 June 2026, the net value of the Group ’s mining rights amounted to RMB42.185 billion, representing a net decrease of RMB1.835 billion or 4.2% from RMB44.020 billion as at 31 December 2025, which was mainly attributable to the impact of amortisation of mining rights and others. (III) Trade receivables and notes receivables As at 30 June 2026, the trade receivables and notes receivables of the Group amounted to RMB10.139 billion, representing a net increase of RMB2.823 billion or 38.6% from RMB7.316 billion as at 31 December 2025, which was primarily attributable to an increase in receivables from product sales during the settlement period.
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37 (IV) Trade payables and notes payable As at 30 June 2026, the balance of trade payables and notes payable of the Group amounted to RMB29.767 billion, representing a net increase of RMB5.492 billion or 22.6% from RMB24.275 billion as at 31 December 2025, which was primarily due to an increase in payables for the procurement of spare parts and tools, raw materials, etc., as well as an increase in payables for engineering projects. (V) Borrowings As at 30 June 2026, the balance of the Group ’s borrowings amounted to RMB66.814 billion, representing a net increase of RMB6.546 billion or 10.9% from RMB60.268 billion as at 31 December 2025, among which, the balance of long-term borrowings (including long-term borrowings due within one year) was RMB65.817 billion, representing a net increase of RMB6.595 billion from RMB59.222 billion as at 31 December 2025, and the balance of short-term borrowings amounted to RMB0.997 billion, representing a net decrease of RMB0.049 billion from RMB1.046 billion as at 31 December 2025. (VI) Long-term bonds As at 30 June 2026, the balance of the Group ’s long-term bonds (including long-term bonds due within one year) amounted to RMB10.419 billion, representing a net decrease of RMB0.075 billion or 0.7% from RMB10.494 billion as at 31 December 2025. VI. OVERSEAS ASSETS As at 30 June 2026, total assets of the Group amounted to RMB386.465 billion, representing an increase of RMB15.947 billion or 4.3% from RMB370.518 billion as at 31 December 2025, among which, overseas assets amounted to RMB0.517 billion, accounting for 0.13% of total assets. During the reporting period, there was no material change in the Group ’s overseas assets. VII. SIGNIFICANT CHARGE OF ASSETS The Group did not have any significant charge of assets during the reporting period. As at 30 June 2026, the book value of the Group ’s charge of assets amounted to RMB0.421 billion, of which the book value of pledged assets was RMB0.249 billion and the book value of charged assets was RMB0.172 billion. VIII. SIGNIFICANT INVESTMENT Save as disclosed in this announcement, the Group had no significant investment during the reporting period. IX. MATERIAL ACQUISITIONS AND DISPOSALS Save as disclosed in this announcement, the Group did not have any material acquisitions and disposals in relation to subsidiaries, associates and joint ventures during the reporting period.
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38 X. CONTINGENT LIABILITIES (I) Bank guarantees As at 30 June 2026, the Group provided guarantees of RMB1.014 billion in total, all of which were provided to the invested companies in proportion to the Group ’s shareholdings. Details are as follows: Unit: RMB10 thousand The Company ’s external guarantees (excluding guarantees for subsidiaries) Guarantor Relation between guarantor and listed company Guaranteed party Guaranteed amount Date of execution of guarantee (the date of signing agreement) Commencement date of guarantee Expiry date of guarantee Type of guarantee Major debts Collateral (if any) Completed or not Overdue or not Overdue amount Counter guarantee available or not Related party guarantee or not Connected party relationship China Coal Energy Company Limited Company headquarters Shaanxi Yanchang China Coal Yulin Energy Chemical Company Limited 75,746.55 19 December 2018 19 December 2018 18 December 2035 Joint and several liability Punctual payment of principal and interests – No No – Yes No Other China Coal Shaanxi Energy & Chemical Group Company Limited Wholly-owned subsidiary Shaanxi Jingshen Railway Company Limited 25,640.00 26 July 2018 26 July 2018 25 July 2045 Joint and several liability Punctual payment of principal and interests – No No – Yes No Other Total guarantee incurred during the reporting period (excluding those provided to subsidiaries) -8,132.00 Total balance of guarantee as at the end of the reporting period (A) (excluding those provided to subsidiaries) 101,386.55 Guarantee provided by the Company to its subsidiaries Total guarantee to subsidiaries incurred during the reporting period – Total balance of guarantee to subsidiaries as at the end of the reporting period (B) – Total guarantee of the Company (including those provided to subsidiaries) Total guarantee (A + B) 101,386.55 Percentage of total guarantee to net assets of the Company (%) 0.6 Of which: Amount of guarantee provided to shareholders, de facto controllers and their related parties (C) – Amount of debt guarantee directly or indirectly provided to guaranteed parties with gearing ratio of over 70% (D) – Excess amount of total guarantee over 50% of net assets (E) – Total amount of the above three categories (C + D + E) –
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39 (II) Environmental protection responsibilities Environmental protection laws and regulations have been fully implemented in China. The management of the Group is of the opinion that other than those that have been accounted for in the financial statements, there are currently no other environmental protection responsibilities that may have a material adverse impact on the financial position of the Group. (III) Contingent legal liabilities For the six months ended 30 June 2026, to the knowledge of the Group, there was no material litigation or arbitration pending or threatened against or involving the Group. (IV) Risks faced by the Group in business operations and its countermeasures During the reporting period, there were no significant changes in the risks faced by the Group in business operations and its countermeasures compared with the information disclosed in the Company ’s annual report for the year ended 31 December 2025. For details, please refer to the section headed “Directors ’ Report ” in the 2025 Annual Report of the Company. BUSINESS PERFORMANCE I. PRINCIPAL BUSINESS OPERATIONS OF THE COMPANY (I) Coal Operations 1. Coal production In the first half of the year, the Group ’s production volume of commercial coal amounted to 61.95 million tonnes, representing a year-on-year decrease of 5.39 million tonnes due to factors such as adjustments to safety regulatory policies, complex geological conditions at certain mines, and staged suspension of production resulting from accidents at surrounding mines. Despite a year-on-year decrease in production volume, the Group achieved continuous quality improvement, cost reduction and efficiency enhancement through measures such as strengthening on-site production management and control, optimizing the mining and excavation succession, and dynamically adjusting the product mix. The labor productivity of raw coal was 31.4 tonnes per worker, continuously maintaining an industry-leading level. The development of intelligent coal mines has achieved remarkable results. As at the end of the Reporting Period, the Group had 21 coal mines that had been accepted as intelligent coal mines, and 108 intelligent coal mining working faces had been built. The intelligent projects at 3 coal mines were selected into the pilot programs for the technology upgrade and application of intelligent coal mines by the National Energy Administration, and the safety assurance level and intelligent production capacity of coal mines continued to improve.
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40 Table on Commercial Coal Production Volume Unit: 10,000 tonnes Item For the six months ended 30 June 2026 For the six months ended 30 June 2025 Change (%) Production volume of commercial coal 6,195 6,734 -8.0 (I) By region: 1. Shanxi 4,014 4,405 -8.9 2. Inner Mongolia and Shaanxi 1,878 2,034 -7.7 3. Jiangsu 263 240 9.6 4. Xinjiang and others 40 55 -27.3 (II) By coal type: 1. Thermal coal 5,841 6,227 -6.2 2. Coking coal 354 507 -30.2 2. Coal sales In the first half of the year, the Group maintained firm confidence in development, further strengthened the synergistic coordination mechanism between production and sales, and enhanced the refined and precise management and control of coal. Closely focusing on the core task of ensuring coal supply, the Group raised its political stance and strengthened its sense of responsibility, solidly advanced various tasks of guaranteeing the supply of thermal coal, and continuously improved its supply guarantee capacity along with the quality and efficiency guarantee. Seizing the window period of upward coal prices, the Group deepened its product segmentation and market segmentation marketing strategies, and made every effort to increase sales and boost profitability. We accelerated the implementation of marketing and operation optimization mechanisms, deeply explored existing customers, and expanded into premium markets; dynamically and flexibly adjusted sales plans, optimized the coal product mix, enhanced quality and efficiency through precise coal blending, and made every effort to secure railway transportation capacity. We continuously advanced the resource development of “virtual coal mines ”, improved the comprehensive logistics layout, and took multiple measures to enhance overall profitability.
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41 Table on Coal Sales Unit: 10,000 tonnes Item For the six months ended 30 June 2026 For the six months ended 30 June 2025 Change (%) Sales volume of commercial coal 11,970 12,868 -7.0 (I) By business type: 1. Self-produced commercial coal 6,142 6,711 -8.5 2. Proprietary coal trading 4,631 6,091 -24.0 3. Import and export and domestic agency 1,197 66 1,713.6 (II) By sales region: 1. North China 3,450 4,069 -15.2 2. East China 4,380 4,365 0.3 3. South China 1,681 1,536 9.4 4. Central China 720 1,186 -39.3 5. Northwest China 1,254 1,316 -4.7 6. Others 485 396 22.5 (II) Chemical Operations During the first half of the year, the Group remained focused on its core objectives of maintaining stable production, improving quality, reducing costs and enhancing efficiency, and comprehensively optimized its production organization. By adhering to standardized operations and strengthening the operation and maintenance control of facilities, the Group achieved stable and high-level production of urea, methanol and polyolefin products, with output of major chemical products reaching 3.017 million tonnes, representing a year-on-year increase of 1.0%. Meanwhile, the Group focused on lean production and product differentiation, and continued to unlock the production capacity of high value-added products. The Group also steadily advanced the construction of chemical projects, including the Shaanxi Yulin Coal Chemical Phase II polyolefin project with an annual production capacity of 900,000 tonnes, and the Ordos Energy Chemical Company ’s “Liquid Sunlight ” project.
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42 During the first half of the year, the Group actively expanded its sales channels. Against the backdrop of rising prices of major chemical products, the Group seized market opportunities and achieved a sales volume of 3.235 million tonnes of major chemical products, representing a year-on-year increase of 2.2%. In response to the situation of increasing demand for fertilizers for spring ploughing and intensified market volatility, the Group implemented the national work requirements to ensure the supply and stabilize the prices of chemical fertilizers by timely releasing over 100,000 tonnes of national reserve urea into the market, demonstrating its responsibility and commitment as a central state-owned enterprise. Meanwhile, we adhered to a market-oriented approach to strengthen the alignment between production and sales and conduct targeted marketing by category. By adopting marketing strategies such as “off-season storage and peak-season sales ”, as well as stepping up the production scheduling and promotion of high-premium differentiated products, the product mix was continuously enriched to enhance profitability and market competitiveness. In the first half of the year, the cumulative benefits from quality improvement and efficiency enhancement in the sales of chemical products exceeded RMB60 million. Table on Production and Sales Volume of Major Chemical Products Unit: 10,000 tonnes Item For the six months ended 30 June 2026 For the six months ended 30 June 2025 Change (%) Production volume of chemical products 301.7 298.8 1.0 Sales volume of chemical products 323.5 316.6 2.2 (I) Polyolefin 1. Production volume 76.4 66.7 14.5 2. Sales volume 76.5 66.0 15.9 (II) Urea 1. Production volume 102.3 104.6 -2.2 2. Sales volume 124.1 121.4 2.2 of which: Self-produced 108.7 107.9 0.7 Purchased from external sources 15.4 13.5 14.1 (III) Methanol 1. Production volume 100.2 98.2 2.0 2. Sales volume 100.1 99.7 0.4 (IV) Ammonium nitrate 1. Production volume 22.8 29.3 -22.2 2. Sales volume 22.8 29.5 -22.7 Notes: 1. The process for manufacturing the Group ’s major chemical products starts with the gasification of coal as a raw material to produce synthetic gas (CO + H2), which is then purified to produce synthetic ammonia or methanol; synthetic ammonia reacts with carbon dioxide to produce urea; synthetic ammonia reacts to produce nitric acid, which is then neutralised with ammonia to produce ammonium nitrate; through the MTO reaction, methanol is turned into ethylene and propylene monomers, which are polymerised to form polyethylene and polypropylene. 2. The methanol sales volume of the Group includes internal consumption volume.
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43 (III) Coal Mining Equipment Operations During the first half of the year, enterprises in the equipment segment made full efforts to cope with the downward market pressure. They deepened the integrated development of “product + service ” and vigorously promoted full-lifecycle solutions comprising “complete sets of equipment + intelligent systems + leasing and allocation + joint inventory and shared reserves + operation and maintenance services ” to enhance the value-added and market competitiveness of the products. Meanwhile, they actively expanded into overseas markets and explored the overseas expansion path of “equipment going global + service empowerment ”, achieving new breakthroughs in their international layout. In terms of production, process innovations and the intelligent upgrading of production lines were further accelerated, process synergy and production capacity linkage were strengthened, and full efforts were made to ensure the delivery of key orders and major projects. We achieved an output value of RMB3.95 billion, representing a year-on-year decrease of 18.0%, as we made continuous efforts to stabilize the fundamentals of production and operation amidst an overall industry downturn. Table on Production Value and Revenue of Coal Mining Equipment Unit: RMB100 million Production value Revenue Product type For the six months ended 30 June 2026 For the six months ended 30 June 2025 Change (%) For the six months ended 30 June 2026 Percentage of revenue of coal mining equipment segment (%) Main conveyor products 23.8 26.3 -9.5 20.7 52.3 Main support products 12.4 17.7 -29.9 14.0 35.4 Others 3.3 4.2 -21.4 4.9 12.3 Total 39.5 48.2 -18.0 39.6 100.0
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44 (IV) Financial Operations In the first half of the year, the Group closely focused on its key initiatives to gather momentum, solidly advanced lean management and technological innovation, continuously enriched its financial service methods, and strived to overcome external pressures such as the downward trend in market interest rates. The Group constantly stimulated the vitality of quality improvement and efficiency enhancement, strengthened the supply of high-quality financial services, and created a new paradigm of distinctive financial services, thereby achieving new progress and tangible results in all aspects of its work. As at the end of the Reporting Period, the scale of deposits absorbed amounted to RMB99.49 billion, representing a year-on-year increase of 20.1%; placement of interbank deposits amounted to RMB78.11 billion, representing a year-on-year increase of 28.3%; and the scale of self-operated loans amounted to RMB30.39 billion, representing a year-on-year decrease of 3.9%. Table on Financial Operations Unit: RMB100 million Business type As at 30 June 2026 As at 30 June 2025 Change (%) Scale of deposits absorbed 994.9 828.1 20.1 Placement of interbank deposits 781.1 608.6 28.3 Scale of self-operated loans 303.9 316.1 -3.9 (V) Synergy among Business Segments Taking advantage of the coal-electricity-chemical industry chain, the Group further pushed forward regional integrated management and continuously optimised the regional industry structure, thereby realising the synergetic development among business segments and improving the overall competitiveness and risk resistance capacity. In the first half of the year, the Group produced 7.32 million tonnes of coal for internal consumption. The coal mining equipment operations achieved internal product sales and services revenue of RMB0.54 billion. For financial operations, newly issued internal loans amounted to RMB2.81 billion and the amount of internal loans as at the end of the reporting period was RMB15.80 billion. Through engaging in financing operations with rich varieties and quality service and vigorously coordinating with member entities to lower the interest rates of loans, total finance costs of RMB0.18 billion have been saved.
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45 II. ANALYSIS OF CORE COMPETITIVENESS The Company ’s core business segments are coal, chemical, coal mining equipment and power generation. Leveraging bases located in Shanxi, Inner Mongolia, Shaanxi, Jiangsu and Xinjiang, etc. and adhering to the development direction of “Driving Efficiency in Existing Operations and Pursuing Transformational Growth ”, the Company strives to build a world-class energy enterprise pursuing “multi-energy complementation, green and low-carbon business, innovation demonstration and modern governance ”. The scale of the Company ’s principal coal business is at the forefront of the country. The production and development layouts are concentrated in the energy bases under the national planning, as well as the provinces and districts with abundant resources in the central and western regions. With its leading positions in the industry in terms of the proportion of quality production capacity, coal resource reserves, and technologies and techniques in coal mining, washing and compounding, the Company has distinctive competitive advantages of large-scale and low-cost operation of coal mines. Mining Areas in Pingshuo, Shanxi and Hujierte, Ordos of Inner Mongolia, primarily developed by the Company, are important thermal coal production bases in the PRC. Xiangning Mining Area in Shanxi where Wangjialing Coal Mine is located is the production base of high-quality coking coal with low sulphur and extra low phosphorus content in the PRC. Jincheng Mining Area in Shanxi where Libi Coal Mine is located is the production base of high-quality anthracite in the PRC. The Company ’s key coal construction projects have achieved progress smoothly. Projects such as Libi Coal Mine all progressed steadily and orderly. It is the professional and sophisticated management and control mode, the capable and efficient production methodology, the scale merit of cluster development, the high-quality and abundant coal resources and the coordinated development of the industry chain that constitute the core competitive advantages of the Company in the coal industry. The Company focuses on clean and efficient conversion and utilisation of coal, and strives to establish a new circular economic business model of “coal-power-chemical-new energy ” integration. For chemical operations, the development of modern coal chemical industries such as coal-to-olefins and coal-to-urea is highlighted. Equipment maintains the operating situation of “work safety, stable production, long-period operation, fully loaded operation and producing quality products ” in the long term, and major production and operation indicators remain leading in the industry. As for the coal-power business, the Company orderly develops environment-friendly pit-mouth power plants and power plants comprehensively utilising inferior coal, promotes coal-power integration, and actively creates the distinctive advantages of low-cost, efficient and comprehensive utilisation of resources. The Company relies on its own advantages in the mining areas to promote the in-depth integration of coal, coal-fired power, chemical and new energy. The Company has a large number of open-pit and underground coal mines, boasting a variety of mine types and a wide geographic distribution. The Company possesses abundant on-ground land resources and underground space resources, such as coal mining subsidence areas, industrial sites, dumps, underground roadways and mine pits as well as the coal power industry and coal chemical industry to support energy consumption, the Company enjoys the advantages of developing energy bases complemented by multiple types of energy and “integration of source-network-load-storage ”.
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46 The Company is one of the largest coal traders in the PRC with branches in major coal consumption regions, trans-shipment ports and major coal import regions of the PRC. It has an industry-leading proportion of seaborne coal resources in the four northern ports of coal. Leveraging on its own marketing network of coal sales and logistics system, well-established port service and high-calibre professional teams, the Company is able to provide customers with high-quality services with excellent capabilities for market exploration and distribution. The Company is a large-scale energy enterprise with the advantages of a complete industry chain for coal business. It is able to engage in the manufacturing of coal mining equipment, coal mining, washing, preparation and processing, logistics and trading and provide systems solutions. Under the new situation, the Company has a solid business foundation to expand the market of intelligent transformation of coal mines and provide energy efficiency improvement and comprehensive energy services to the enterprise and society. The Company insists on innovation-driven growth and becomes the leader of the industry. With the increased investment in research and development, the Company accelerates the integration of innovative resources and the construction of scientific research platforms, and further promotes industry-university-research cooperation to ensure innovative development. The Company speeds up the construction of the big data and digital management system. It also actively strives to construct intelligent coal mines. New achievements were made in major technological projects, and the implementation of an array of national technological projects achieved phased results. Through strengthening the research on key technologies, the Company takes a step forward in digital transformation. The integration of intelligence and digitalisation enables the business to grow steadily. The Company attaches importance to the development of corporate culture, continuously improves its management system and creates a good internal development environment. The Company continues to promote a reform of the headquarters ’ institution and strives to build a capable and efficient headquarters with “clear strategic orientation, excellent operational management and control, and first-class value creation ”. The Company has established a sound corporate management system and is gradually improving its internal management and control and risk control systems. The Company devotes major efforts to implementing centralised management and control over sales of coal and chemical products as well as centralised management of finance, investment and material procurement, and enhances management by objectives and comprehensive budget control, allowing it to enjoy distinctive advantages in cost reduction and efficiency enhancement and operational efficiency. In recent years, the Company has adhered to the strategic focus with complete confidence in development, and its principal coal operations have achieved scale development. The Company has expedited the extension of its coal business to coal chemical and coal-fired power generation areas, enhanced value-added capabilities of the whole industry chain, and created a highly synergistic industry chain. The Company has promoted a shift of development model from a scale and speed-oriented approach to a quality and efficiency-focused one, thus continuously improving its core competitiveness. The Company has vigorously pushed forward quality enhancement and efficiency improvement, cost reduction and efficiency improvement, and maintained a sound financial structure to enhance risk resistance capability, thus taking solid steps towards high-quality development of the Company.
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47 COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE The Company always attaches great importance to corporate governance and the enhancement of its transparency, complies with the requirements on corporate governance prescribed by domestic and overseas regulatory rules and makes constant efforts to improve the internal control of the Company, so as to facilitate more standardized and efficient operation of the Company and ensure maximum returns for the Shareholders through excellent corporate governance. During the reporting period, the Company had complied with the code provisions under the Corporate Governance Code as set out in Appendix C1 to the Hong Kong Listing Rules. MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS The Company has adopted the “Model Code for Securities Transactions by Directors of Listed Issuers ” as set out in Appendix C3 to the Hong Kong Listing Rules (the “Model Code ”). After the Company made specific enquiries, all Directors confirmed that they had fully complied with the Model Code during the reporting period. AUDIT AND RISK MANAGEMENT COMMITTEE The audit and risk management committee under the Board has reviewed the interim results of the Company. Ernst & Young, the auditor of the Company, conducted an independent review of the unaudited condensed consolidated interim financial information of the Company for the six months ended 30 June 2026 in accordance with the International Standard on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity ” issued by the International Auditing and Assurance Standards Board. On the basis of its review, which did not constitute an audit, Ernst & Young confirmed in writing that nothing came to their attention which would cause them to believe that the interim financial information was not prepared, in all material respects, in accordance with the International Accounting Standard 34 “Interim Financial Reporting ”. DISCLOSURE OF MAJOR EVENTS I. DISTRIBUTION OF FINAL DIVIDEND FOR 2025 Upon approval at the Company ’s 2025 annual general meeting, the Company will distribute a final dividend of RMB0.217 per Share (inclusive of tax) for 2025, representing a total distribution of RMB2,877,129,958. The aforesaid dividends are intended to be fully paid to the Shareholders before 28 August 2026.
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48 II. INTERIM PROFIT DISTRIBUTION PLAN FOR 2026 AND CLOSURE OF REGISTER OF MEMBERS (I) Interim Profit Distribution Plan for 2026 To enhance the investment value of the listed company and share the development results with investors, upon approval at the 2025 annual general meeting of the Company, the Board is authorised to formulate and implement the interim profit distribution plan for 2026 subject to the profit distribution conditions. For the half-year ended 30 June 2026, the net profit attributable to the equity holders of the listed company as set out in the consolidated financial statements was RMB8,191,826,000 under the International Financial Reporting Standards and RMB8,149,301,000 under the China Accounting Standards for Business Enterprises. Upon the resolution of the Board of the Company, cash dividends of RMB2,444,790,300, representing 30% of the net profit attributable to the equity holders of the listed company as set out in the consolidated financial statements of RMB8,149,301,000 for the first half of 2026 under the China Accounting Standards for Business Enterprises, will be distributed to the Shareholders, which represents a dividend of RMB0.184 per Share (inclusive of tax) based on the total issued share capital of 13,258,663,400 Shares of the Company (the “Interim Dividend ”). Pursuant to the Articles of Association, the Interim Dividend will be denominated and declared in RMB, with the dividend on A Shares to be paid in RMB and the dividend on H Shares to be paid in Hong Kong dollars. The amount of dividend payable in Hong Kong dollars will be calculated based on the average central parity rate of Hong Kong dollars to Renminbi as announced by the People ’s Bank of China for the five business days (exclusive of the declaration date) prior to the date of the declaration of dividend (i.e. 21 August 2026). The Interim Dividend is expected to be paid on or before 21 October 2026 to holders of H Shares whose names appear on the H Share register of members of the Company on Friday, 11 September 2026. Investors should be aware that, in accordance with the relevant regulations of China Securities Depository and Clearing Corporation Limited Shanghai Branch and the market practice regarding dividend distribution for A Shares, a separate dividend implementation announcement in respect of the distribution of the Interim Dividend to holders of A Shares of the Company will be issued. (II) Closure of Register of Members In order to determine the entitlement of the Shareholders to receive the Interim Dividend, the Company ’s register of members will be closed from Tuesday, 8 September 2026 to Friday, 11 September 2026 (both days inclusive), during which period no transfer of Shares will be registered. In order to qualify for receiving the Interim Dividend, all transfer documents of the holders of H Shares of the Company must be lodged with Computershare Hong Kong Investor Services Limited, the H Share registrar and transfer office of the Company in Hong Kong, at Rooms 1712-1716, 17th Floor, Hopewell Centre, 183 Queen ’s Road East, Wanchai, Hong Kong no later than 4:30 p.m. on Monday, 7 September 2026.
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49 (III) Withholding of Income Taxes Pursuant to the Enterprise Income Tax Law of the People ’s Republic of China and its implementing rules, the Company is required to withhold enterprise income tax at a rate of 10% before distributing the Interim Dividend to non-resident enterprise Shareholders whose names appear on the Company ’s H Share register of members. Any Shares registered in the name of the non-individual registered Shareholders, including HKSCC Nominees Limited, other nominees, trustees or other groups and organisations, will be treated as being held by non-resident enterprise Shareholders and therefore an enterprise income tax shall be withheld for their dividends receivable. Pursuant to the “Notice on Matters Concerning the Levy and Administration of Individual Income Tax After the Repeal of Guo Shui Fa [1993] No. 045 ” (Guo Shui Han [2011] No. 348) issued by the State Administration of Taxation, the dividend received by the overseas resident individual Shareholders from the stocks issued by domestic non-foreign invested enterprises in Hong Kong is subject to individual income tax at a rate of 10% in general. If an individual H Shareholder considers that his/her individual income tax withheld by the Company does not comply with the tax rate stipulated in the tax treaties between country(ies) or region(s) in which he/she is domiciled and the PRC, he/she should, either personally or through an appointed agent, after receiving the dividends according to requirements set out in tax treaties notice, register with the competent tax authority of the Company for subsequent taxation handling. Pursuant to the “Notice on Taxation Policies concerning the Pilot Program of an Interconnection Mechanism for Transactions in the Shanghai and Hong Kong Stock Markets ” (Cai Shui [2014] No. 81) and the “Notice on Taxation Policies concerning the Pilot Program of an Interconnection Mechanism for Transactions in the Shenzhen and Hong Kong Stock Markets ” (Cai Shui [2016] No. 127) jointly promulgated by the Ministry of Finance, the State Administration of Taxation and the China Securities Regulatory Commission, for dividends derived by Mainland individual investors from investing in H Shares listed on the HKSE through Shanghai Hong Kong Stock Connect or Shenzhen Hong Kong Stock Connect, the Company shall withhold individual income tax at a tax rate of 20% for the investors. For Mainland securities investment funds investing in shares listed on HKSE through Shanghai Hong Kong Stock Connect or Shenzhen Hong Kong Stock Connect, individual income tax shall be levied on dividends derived therefrom in accordance with the above rules. For Chinese Mainland enterprise investors through Shanghai Hong Kong Stock Connect or Shenzhen Hong Kong Stock Connect, the Company will not withhold or pay enterprise income tax on their behalf in the distribution of dividends, and such shareholders should report and pay relevant tax on their own. The Company will have no liability in respect of any claims arising from any delay in, or inaccurate determination of the status of the Shareholders or any disputes over the mechanism of withholding. III. ASSETS TRANSACTION During the reporting period, the Company had no significant asset transactions.
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50 IV. PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY For the six months ended 30 June 2026, the Company and its subsidiaries had not purchased, sold or redeemed any securities (including sale of treasury shares) (the terms “securities ” and “treasury shares ” have the meaning as ascribed to under the Listing Rules of the Stock Exchange) of the Company. As at 30 June 2026, the Company did not hold any treasury shares. DEFINITIONS In this announcement, unless the context otherwise requires, the following expressions have the following meanings: Company/China Coal Energy/ the Group/the Company China Coal Energy Company Limited, unless otherwise indicated, also includes all of its subsidiaries Board of the Company/Board the board of directors of China Coal Energy Company Limited Director(s) the director(s) of the Company, including all the executive directors, non-executive directors and independent non-executive directors China Coal Group China National Coal Group Corporation, the controlling shareholder of the Company Shanghai Energy Shanghai Datun Energy Resources Co., LTD. Shaanxi Company China Coal Shaanxi Energy & Chemical Group Company Limited Finance Company China Coal Finance Co., Ltd. Pingshuo Mine Area a mining area located in Shanxi Province, mainly comprising Antaibao Open Pit Mine and its underground mine, Anjialing Open Pit Mine and its underground mine as well as East Open Pit Mine Wangjialing Coal Mine Wangjialing Coal Mine Project of China Coal Huajin Energy Group Limited Libi Coal Mine Libi Coal Mine of China Coal Huajin Group Jincheng Energy Company Limited Wushenqi 2 ×660MW integrated coal power project China Coal Northwest Energy Chemical Company Limited Wushenqi Tuke Industrial Park 2 ×660MW pithead coal power project
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51 Shaanxi Yulin ’s coal chemical phase II project with an annual output of 900,000 tonnes of polyolefin China Coal Shaanxi Energy & Chemical Group Company Limited Coal Chemical Industry Phase II Project with an annual output of 900,000 tonnes of polyolefin two combinations combination of coal and coal power, combination of coal power and renewable energy Liquid Sunlight it is the synthesis of liquid solar fuel, which involves the production of hydrogen through water electrolysis powered by solar energy and other renewable energy sources, followed by the hydrogenation of carbon dioxide to produce green methanol HKSE the Stock Exchange of Hong Kong Limited HKSE Website www.hkexnews.hk SSE the Shanghai Stock Exchange SSE Website www.sse.com.cn Company Website www.chinacoalenergy.com Articles of Association the articles of association passed at the inaugural meeting of the Company on 18 August 2006 and approved by the relevant state authorities, as amended and supplemented from time to time A Share(s) the ordinary share(s) issued to domestic investors in China with approval from CSRC, which are listed on the SSE and traded in RMB H Share(s) the overseas listed foreign share(s) of RMB1.00 each in the share capital of the Company, which are listed on the HKSE for subscription in Hong Kong dollars Share(s) the ordinary shares of the Company, including A Share(s) and H Share(s) Shareholder(s) the shareholder(s) of the Company, including holder(s) of A Shares and holder(s) of H Shares Hong Kong Listing Rules the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited
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52 SSE Listing Rules the Rules Governing the Listing of Stocks on the Shanghai Stock Exchange RMB RMB yuan By Order of the Board China Coal Energy Company Limited Wang Shudong Chairman of the Board, Executive Director Beijing, the PRC 21 August 2026 As at the date of this announcement, the Company ’s executive directors are Wang Shudong, Gao Shigang and Liao Huajun; the non-executive director is Xu Qian; independent non-executive directors are Jing Fengru, Zhan Yanjing and James Kong Tin Wong. * For identification purposes only