China Qinfa (00866) issues profit warning, expecting a after-tax loss of no more than 98 million yuan by 2025, a turnaround from profit to loss year-on-year.

CHINA QINFA (00866) announced that the group is expected to incur a loss of not more than RMB 98 million after tax in 2025, while the post-tax profit in 2024 is about RMB 556 million. The announcement stated that the group's post-tax loss in 2025 is mainly due to a combination of the following factors: the average coal sales price in 2025 is lower than the same period in 2024; the raw coal production of the terminated operating business decreased from 6.7 million tons in 2024 to 2.1 million tons in 2025; the raw coal production of the ongoing operating business increased from 2.6 million tons in 2024 to 5.4 million tons in 2025; the group's post-tax loss is also attributed to the depreciation of the Indonesian rupiah against the RMB and USD, resulting in exchange losses of approximately RMB 104 million (RMB 38.687 million in 2024), the exchange loss significantly increased by RMB 65.753 million compared to 2024; and there is no significant income from major loan amendments in 2025 (approximately RMB 476 million in 2024).