Coal & Consumable Fuels

Banpu Public Company Limited, or BANPU, is set to benefit after BKV, in which BANPU holds a 63.3% stake, announced the closing of a transaction to acquire new upstream, midstream and carbon capture and storage assets in the Barnett Shale natural gas field in Texas, United States. The deal was funded with BKV's cash together with borrowings under a revolving credit facility, though the transaction value was not disclosed. The acquired assets have production capacity of about 65 million cubic feet equivalent per day, of which more than 50% is liquid hydrocarbons. Proved and producing reserves stand at approximately 0.35 trillion cubic feet equivalent, covering roughly 117,000 acres, with about 1,000 producing wells, a gas processing plant with capacity of 180 million cubic feet per day, a gas pipeline system of about 340 miles, and a CCS project capable of capturing and storing roughly 100,000 tonnes of carbon dioxide per year. Compared with BKV's current gas production of 978 million cubic feet equivalent per day, this represents about 6.6% of its existing production base. The US gas business accounted for about 24% of total EBITDA in 2025. Asia Plus Securities therefore maintained its fair value for BANPU at 17 baht per share and recommended gradually accumulating the stock on weakness to capture the expected second-half 2026 earnings trend, which is forecast to be better than the first half on seasonal factors.

BKV, a subsidiary of BANPU, has acquired additional upstream, midstream, and CCS assets in the Barnett gas field in the United States. The transaction value has not yet been disclosed under the terms of the purchase agreement. Analysts at Yuanta Securities (Thailand) estimate that the acquisition will add 65 mmcfd of gas production, or about 6% of current output, and increase carbon capture capacity by 100,000 tons per year, or roughly one-third more than at present. Their estimates do not yet include this project, as investment details are still pending. Initially, they expect an upside of about 6% to the gas sales volume assumption and a 2-5% boost to profit estimates on a full-year recognition basis. They maintain a Buy recommendation with a fair value of 19 baht.

French auto giant Renault and Chinese peer Geely Automobile announced on the 15th that they will invest a further 319 million euros in Brazil through their joint venture, strengthening their partnership in that market. With this new investment, the two companies' total investment in Brazil from 2025 to 2027 will reach 899 million euros. According to Renault, the agreement will allow Geely to use Renault's existing plants and dealership network, while Renault will be able to raise utilization at its assembly plants and add large vehicles to its lineup. Under the new investment plan, Renault will begin producing its flex-fuel-capable four-wheel-drive hybrid system, Hybrid E-Tech, in Brazil starting in 2027. In Brazil, rival Chinese electric vehicle giant BYD is steadily building a foothold with affordable EVs and plug-in hybrids.

Banpu, or BANPU, has announced a push into two new businesses: energy for data centers and liquefied natural gas trading. CEO Sinon Vongkusolkit said the Banpu group will leverage its strengths from its natural gas base in the United States and its business networks in both the United States and Asia to expand into new forms of energy. BKV Corporation, a subsidiary listed on the New York Stock Exchange, has begun developing Modular Gas Engines as a power source for data centers in the United States in the first phase, aiming to accelerate the delivery of stable, flexible, and continuous power within one to two years before connecting to the grid over the longer term. BKV is currently in talks on long-term power purchase agreements with AI service providers and large data center operators in the United States. Meanwhile, Banpu has 10 battery energy storage system projects across four countries, namely Japan, Australia, the United States, and China, with total storage capacity of about 2.3 gigawatt-hours. For its LNG trading business, Banpu plans to use its natural gas production base in the United States, which has output of about 1 billion cubic feet per day, connected by pipeline to the Gulf of Mexico coast, to expand into LNG trading and link U.S. gas to Asian markets, including Thailand, Indonesia, South Korea, and Japan. It estimates that LNG prices will return to an equilibrium level of about 8 to 12 U.S. dollars per MMBtu over the long term.

Banpu, or BANPU, has announced it is moving forward with expanding its natural gas and power business portfolio, aiming to increase the combined cash flow contribution from these two businesses to more than 50%, from the current level where coal generates about 50% of cash flow, natural gas 25%, and power 25%. Chief Executive Officer Sinon Vongkusolkit stated that the integrated natural gas business group in the United States through BKV Group will be a key mechanism driving growth, while also pushing Carbon-Sequestered Gas solutions that cover greenhouse gas emissions management across Scope 1, 2, and 3 through CCUS technology. In the LNG market, the company views the price level of 20 US dollars as unsustainable and expects a return to an equilibrium level of approximately 8-12 US dollars. At the same time, the company is accelerating the expansion of its battery energy storage system, or BESS, business in the United States, Japan, China, and Australia to meet the surging electricity demand from AI and data centers. In the United States, a 100 MW BESS project is under construction and is expected to be completed in about one year. In China, there are plans to invest further in both renewable farm and BESS projects from late this year to early next year. In Thailand, the company is ready to expand immediately if the government opens bidding for BESS projects.

Banpu, or BANPU, has announced an aggressive strategy to expand its natural gas and LNG business in the United States through its subsidiary BKV Corporation. Sinon Vongkusolkit, Chief Executive Officer of BANPU, said the company sees opportunities from rising LNG prices amid tensions in the Middle East. Christopher Kalnin, Chief Executive Officer of BKV, said the company has natural gas production assets in Texas with output of up to 1 billion cubic feet per day, along with a network connected to the US Gulf Coast, and is urgently studying entry into the LNG business. In the first phase, it will focus on production in the United States, followed by a buy-and-sell business through partnerships with allies, aiming to serve as a bridge linking the energy value chain between the United States and customers in Thailand, China, South Korea, and Japan. Long-term LNG prices are expected to hold in a range of 8 to 12 US dollars per Btu. In Thailand, BANPU said it is ready to bring energy technology models from the United States to support data center investment through a Direct PPA power trading policy, and is ready to support the draft national Power Development Plan for 2026. At Gastech 2026, the company presented its U.S. Closed-Loop Gas model, covering everything from upstream gas sources and midstream business to a 1.5-gigawatt natural gas CCGT power plant and CCUS technology, to serve US gas demand that is expected to grow 25% by 2030 and electricity demand in Texas's deregulated ERCOT market that is expected to surge more than 21-fold by 2032. BKV is accelerating its Integrated Energy Complex center in Jack County, Texas, on an area of more than 6,200 acres, and expanding its CCS project with a target of storing 1.5 million tons of carbon per year by 2028.

Banpu Public Company Limited, or BANPU, presented its integrated natural gas business in the United States, known as U.S. Closed-Loop Gas, at Gastech 2026 under the concept The Future Flows Circular, linking operations from natural gas production, midstream business infrastructure and power generation through to carbon capture, utilisation and storage, or CCUS. The platform is driven through BKV Corporation, or BKV, an energy company in which BANPU holds a majority stake and one of the top 15 natural gas producers in the United States, as well as the largest producer in the Barnett gas field in Texas. BKV currently has upstream natural gas reserves, combined cycle gas turbine, or CCGT, gas-fired power plants with total generating capacity of 1.5 gigawatts in Texas, and three carbon capture and storage, or CCS, projects already in operation: Barnett Zero, Cotton Cove and Eagle Ford. It aims to increase its carbon dioxide storage rate to approximately 1.5 million tonnes per year by 2028. BANPU said demand for natural gas in the United States is likely to rise by about 25% by 2030, while electricity demand in Texas's deregulated power market, ERCOT, is expected to increase more than 21-fold by 2032. Given these trends, BKV is pressing ahead with the development of an Integrated Energy Complex in Jack County, Texas, on an area of more than 6,200 acres, and has already filed for approval to connect to the grid to support both power generation and consumption. Sinon Vongkusolkit, Chief Executive Officer of BANPU, said the integrated natural gas business in the United States is one of the key mechanisms driving BANPU's growth through its Carbon-Sequestered Gas, or CSG, solution, a carbon-neutral natural gas covering Scope 1, 2 and 3 greenhouse gas emissions.

Sinn Wongsakulkiat, Chief Executive Officer of Banpu Public Company Limited, or BANPU, disclosed that the company is studying an investment in the LNG trading business, leveraging an upstream business base or major natural gas producers in the United States that have infrastructure directly connected to U.S. LNG processing and export hubs, in order to expand export markets into Asia, in addition to its group of power plants in the United States. The company is studying business models and value chains that emphasize profitability efficiency with low capital investment, before expanding into full-scale trading, and wants clarity on this business as soon as possible. On the battery energy storage system, or BESS, business, the BANPU group currently has a total of 10 battery farm projects across four main countries: Japan, Australia, the United States, and China. It plans to expand investment in renewable energy and BESS platforms in China between late 2026 and early 2027 to respond to the relaxation of free energy market rules in China and the expansion of data centers. For carbon capture and storage, or CCS, projects in the United States, the company has three projects already in operation: Barnett Zero, Cotton Cove, and Eagle Ford. It also supports a carbon storage target of approximately 1.5 million tonnes of carbon dioxide per year in 2028, and sees Thailand as having the potential to become a leader in CCUS in the Asian region if appropriate supporting policies are in place.

Banpu Public Company Limited, or BANPU, presented its integrated natural gas business group in the United States under the concept The Future Flows Circular at Gastech 2026, covering everything from natural gas production and midstream infrastructure to power generation and carbon capture, utilization and storage, or CCUS. The core operations are in the hands of BKV Corporation, in which Banpu holds a majority stake. BKV is one of the top 15 natural gas producers in the United States and the largest natural gas producer in the Barnett Shale in Texas. BKV has a combined cycle gas turbine natural gas power plant with a generating capacity of 1.5 gigawatts in Texas, and has three carbon capture and storage projects already in operation, namely Barnett Zero, Cotton Cove and Eagle Ford, with a target carbon storage rate of approximately 1.5 million tonnes of carbon dioxide per year in 2028. It sees U.S. natural gas demand rising by about 25 percent by 2030 and electricity demand in the ERCOT competitive power market growing more than 21-fold by 2032. BKV is therefore pushing forward a plan to develop an Integrated Energy Complex power production center in Jack County, Texas, on an area of more than 6,200 acres, and has already filed for interconnection approval to support both power production and consumption. Sinnat Vongkusolkit, Chief Executive Officer of Banpu Public Company Limited, said the platform is rooted in upstream resource bases, quality reserves and efficient cost management, and it offers a Carbon-Sequestered Gas solution, a carbon-neutral natural gas covering Scope 1, 2 and 3, to generate sustainable cash flow and create long-term value.

Banpu Public Company Limited presented its integrated natural gas business group in the United States under the concept "The Future Flows Circular" at Gastech 2026, covering everything from natural gas production and midstream business infrastructure to power generation and carbon capture, utilization and storage, or CCUS. Its core operations come from BKV Corporation, in which Banpu holds a majority stake. BKV is one of the top 15 natural gas producers in the United States and the largest natural gas producer in the Barnett Shale in Texas. BKV operates a 1.5-gigawatt combined cycle gas turbine power plant in Texas and has three already-operating CCS projects, namely Barnett Zero, Cotton Cove and Eagle Ford, and it aims for a carbon storage rate of approximately 1.5 million tonnes of carbon dioxide per year in 2028. With U.S. natural gas demand expected to rise by about 25 percent by 2030 and electricity demand in the ERCOT market projected to grow more than 21-fold by 2032, BKV is pushing ahead with a plan to develop a power production center in Jack County, Texas, on an area of more than 6,200 acres, and has already filed for interconnection approval to support both power production and consumption. Sinon Vongkusolkit, Chief Executive Officer of Banpu Public Company Limited, said that this natural gas-to-power platform has a strong foundation in upstream resources, quality reserves and efficient cost management, which strengthens its ability to operate in power generation and CCUS while generating sustainable cash flow and creating long-term value.

Pongtham Danwangdoem, Head of Investment at Asia Green Energy Public Company Limited, or AGE, and Managing Director of AGE Venture Company Limited, told Than Hoon that the government's move to raise the import tariff rate on electric vehicles is likely to settle at a balance point between Japanese and Chinese automakers, and he believes it will not affect sales in the near term, because the EV brands the company manages have already prepared to a certain extent for the policy change. The company expects sales to remain strong on continued market demand, combined with global oil prices that have just climbed back to around 100 dollars per barrel, a factor pushing more consumers to consider switching to electric vehicles. At the same time, the tariff increase, which has not yet taken immediate effect, may trigger a rush of buying beyond normal levels. The company therefore plans to manage its inventory several months in advance to ensure sufficient supply for demand throughout the year, and expects its automotive business performance in the second half to grow substantially better than in the first half. Currently, the automotive business accounts for about 35 percent of AGE's total revenue, and the company expects the share from the electric vehicle business to expand to about 40 percent of total revenue by the end of this year. Its other three core businesses, coal, Smart Logistics, and Sustainable Energy, also remain on a good trajectory, in line with the business plan the company has announced: in 2026, AGE still aims to drive growth in its core businesses, expand new businesses, improve cost management efficiency, and maintain its competitiveness. It also views Low Emission Mobility as one of the businesses with growth potential that will support the group's revenue growth over the long term.

Banpu Public Company Limited presented its fully integrated natural gas business group in the United States under the concept "The Future Flows Circular" at Gastech 2026, covering everything from natural gas production, midstream infrastructure and power generation to carbon capture, utilisation and storage, or CCUS. The operations are carried out through BKV Corporation, in which Banpu holds a majority stake. BKV is one of the top 15 natural gas producers in the United States and the largest natural gas producer in the Barnett Shale in Texas. BKV has a 1.5-gigawatt combined cycle gas turbine natural gas power plant in Texas and three carbon capture and storage projects already in operation, namely Barnett Zero, Cotton Cove and Eagle Ford. With US natural gas demand expected to rise by about 25 percent by 2030 and electricity demand in the ERCOT competitive power market forecast to grow more than 21-fold by 2033, BKV is pushing ahead with a plan to develop a power generation centre in Jack County, Texas, on an area of more than 6,200 acres, and has filed for interconnection approval to support both power generation and consumption. It is also expanding carbon storage through the East Texas project, targeting a carbon storage rate of about 1.5 million tonnes of carbon dioxide per year in 2028. Sinon Vongkusolkit, Chief Executive Officer of Banpu Public Company Limited, said that this natural gas-to-power platform has a strong foundation in upstream resources, quality reserves and efficient cost management, which enhances the company's ability to operate in power generation and CCUS and will generate sustainable cash flow and create long-term value.

Asia Plus Securities said the Barlow Jonker Index, or BJI, reference coal price stood at 150.01 dollars per tonne on September 11, 2026, up 5.36 dollars per tonne, or 3.71%, from the previous week. The average since the start of 2026 to date is 130.40 dollars per tonne, up 23.59% from a year earlier. The supporting factor comes from higher demand in India after stockpiles at many power plants fell to critical levels. As of September 6, the number of power plants with critically low stockpiles rose to 58 from 45 earlier in the month, while coal volumes in India remain tight due to the impact of monsoon rains. There is also demand from China, Vietnam and South Korea, which are rushing to stockpile coal for winter power generation, along with the expansion of the AI and data center industries, as well as the sharp rise in oil and LNG energy prices caused by the conflict in the Middle East that has affected shipping routes through the Strait of Hormuz. The research team recommends trading the coal group in line with price direction and assesses BANPU's fair value for 2027 at 17.0 baht per share, with a buy recommendation, based on second-half 2026 earnings that are expected to grow from the first half of 2026 on higher coal production volumes and selling prices expected to hold steady at a good level.

Tamboran Resources Corporation announced September 7 that it and Daly Waters Energy, LP had begun gas sales from the Shenandoah South Pilot Project into Australia's Northern Territory network, marking the Beetaloo Basin's first gas sales and moving the project into revenue generation. The Sturt Plateau Compression Facility has a capacity of approximately 48.5 million cubic feet per day, and contracted supply of approximately 38.8 million cubic feet per day is expected by early 2027 under a long-term take-or-pay agreement with the Northern Territory Government, with those figures representing gross project volumes. Commissioning gas receives a discounted price because supply remains interruptible, and the announcement did not quantify initial delivery rates or realized prices. All five wells on the Shenandoah South 2 pad have been drilled, stimulated and connected to the facility, and the gas sales agreement specifies a fixed price with annual adjustments linked to Australia's Consumer Price Index. The processing-facility funding package announced in September 2025 provided up to A$179.8 million through a four-year facility, with 30% amortization and a 70% balloon payment at maturity.

Banpu Next, part of Banpu Public Company Limited, is expanding its Net Zero advisory services to help Thailand's manufacturing and export industries manage their carbon footprints and cope with increasingly stringent sustainability regulations from overseas trading partners. The company said Thai manufacturers and exporters are facing pressure from the European Union's carbon border adjustment mechanism, or CBAM, and carbon taxes in many countries, which directly affect production costs, as well as the ESPR regulation requiring products in the EU to have a Digital Product Passport, or DPP, and policies from international partners requiring disclosure of greenhouse gas emissions throughout the supply chain. In Thailand, the Stock Exchange of Thailand is encouraging listed companies to disclose ESG information in line with international sustainability reporting standards and to take part in the SET ESG Ratings assessment. Banpu Next's advisory services cover assessment and preparation of corporate carbon footprint, or CFO, and product carbon footprint, or CFP, reports covering Scope 1 to 3, carbon credit registration, monitoring and management of carbon through a digital platform, carbon reduction guidelines, and preparation of sustainability reports in line with international standard frameworks. Somthiporn Sestapramote, Chief Executive Officer of Banpu Next Company Limited, said carbon regulations and international sustainability standards are changing the direction of business operations in the export manufacturing sector and many other industries worldwide. Banpu Next currently provides Net Zero advisory services on an ongoing basis to clients across a range of industries, including manufacturing and export groups, educational institutions, and airport ground services businesses.

Banpu Next Company Limited, part of Banpu Public Company Limited, or BANPU, is expanding its comprehensive Net Zero advisory services to help Thailand's manufacturing and export industries manage their carbon footprint and cope with sustainability regulations from overseas trading partners. Samitiphorn Setpramote, Chief Executive Officer of Banpu Next Company Limited, said the services cover everything from assessing and preparing corporate carbon footprint and product carbon footprint reports across Scope 1 to 3, carbon credit registration, and monitoring and managing carbon through a digital platform, through to planning organizations' paths toward Net Zero goals. Thai manufacturers and exporters are facing pressure from the European Union's carbon border adjustment mechanism, or CBAM, and carbon taxes in many countries, which directly affect production costs, as well as the ESPR regulation requiring products in the EU to have a Digital Product Passport, or DPP. Currently, Banpu Next provides Net Zero advisory services to clients across a range of industries, such as manufacturing and export groups, educational institutions, and airport ground services businesses.

Lu'an Environmental Energy announced on September 9, 2026 that its board of directors has approved a plan to invest 100 million yuan of its own funds to establish a wholly-owned subsidiary, Shanxi Lu'an Environmental Energy Shangma Coal Company Limited, as the dedicated implementation entity for the Shangma coal mine project. The company won the coal exploration rights for the Shangma block in Xiangyuan County, Shanxi Province in August 2024, and has now completed the procedures to convert the exploration rights into mining rights and obtained the relevant licenses. The new subsidiary's business scope includes coal mining, washing and sales, aiming to build a specialized implementation vehicle for the project, in line with the company's coal-focused development strategy.

The extraordinary shareholders' meeting of Banpu Public Company Limited (BANPU) has approved the payment of an interim dividend from retained earnings as of July 31, 2026, at a rate of 0.40 baht per share. The record date for shareholders entitled to receive the dividend is set for September 14, 2026, with the dividend payment scheduled for September 25, 2026. Additionally, the meeting approved the issuance and offering of debentures in an amount not exceeding 80 billion baht.

Energy Fuels Inc. has completed its acquisition of Australian Strategic Materials for approximately $243.4 million, adding an operating metal and alloy business to its rare-earth portfolio. The deal, which included $217.2 million in shares and $26.2 million in cash, brings the Korean Metals Plant with about 1,300 tonnes of annual neodymium-iron-boron alloy capacity, as well as the Dubbo Project in Australia. Management plans to expand alloy capacity to 3,600 tonnes annually, with commissioning possible by the end of 2026, and is pursuing the acquisition of VACUUMSCHMELZE to add finished magnet manufacturing. The company reported roughly $996 million in working capital at June 30, 2026, but also posted a second-quarter net loss of $33.4 million on revenue of $25.1 million. The broader strategy, which includes integrating ASM, expanding the Korean plant, advancing Dubbo, enlarging White Mesa, and closing the VAC deal, carries significant execution and financing risks.

Rome Resources Plc has raised the tin content of its Kalayi deposit in the Democratic Republic of Congo by 45%, placing it among a small group of high-grade tin resources as tin prices climb. In other developments, Georgina Energy PLC has completed key civil works at its Hussar prospect in Western Australia, moving closer to mobilising the drill rig for a subsalt target worth an estimated $152 billion in-situ. Sterling Digital Plc has recorded its first verified Bitcoin output at its West Texas gas-powered mining facility, a milestone its CEO called "defining." Aminex PLC jumped almost 24% after agreeing a revised programme for its Ntorya gas project in Tanzania, targeting first production for December. Critical Mineral Resources PLC has appointed former Rio Tinto executive Brett Capper to chair its Technical Committee, overseeing development decisions as its Agadir Melloul project in Morocco advances. Quantum Blockchain Technologies PLC has raised £350,000 to fund further work on its Bitcoin mining technologies, including preparing its newly patented ASIC Ultra Boost for commercial talks.

Asia Green Energy Public Company Limited (AGE) reported net profit attributable to the parent company for the second quarter of 2026 at 134 million baht, up 27% from the previous year. Total revenue from operations stood at 4,935 million baht, an increase of 23%. The company continues to expand its coal and low-emission mobility businesses while enhancing efficiency and cost management to support long-term quality growth.

China Uranium released its 2026 interim report. Total operating revenue was 10.583 billion yuan, up 10.80% year on year, and net profit attributable to the parent was 987 million yuan, up 29.08% year on year. Both indicators rose for a second consecutive year. Net operating cash inflow was 349 million yuan, an increase of 4.235 billion yuan compared with the same period last year. The company's asset-liability ratio was 45.23%, down 8.39 percentage points from a year earlier. Gross margin was 20.83%, up 1.61 percentage points year on year, rising for a second straight year. ROE was 5.70%. Diluted earnings per share were 0.48 yuan, up 14.29% year on year. The company had 96,200 shareholders, and the top ten shareholders held 89.20% of total share capital.

China Shenhua released its 2026 interim report. Total operating revenue was 189.338 billion yuan, up 7.93% year on year, and net profit attributable to the parent was 28.715 billion yuan, up 4.10% year on year. Net cash inflow from operating activities was 54.664 billion yuan, up 6.05% year on year. The company's asset-liability ratio was 40.27%, gross margin was 35.48%, return on equity was 6.37%, and diluted earnings per share was 1.34 yuan. The number of shareholders was 233,400, and the top ten shareholders held 91.51% of the shares.

Yankuang Energy released its 2026 interim report. Total operating revenue was 75.647 billion yuan, up 13.01% year on year. Net profit attributable to the parent was 7.473 billion yuan, up 45.05% year on year. Net cash inflow from operating activities was 13.836 billion yuan. The asset-liability ratio fell to 60.93%. Gross margin was 30.60%. ROE was 6.94%. Diluted earnings per share were 0.71 yuan. The company had 86,800 shareholders, and the top ten shareholders held 87.18% of the shares.

NexGen Energy Ltd. is in active talks with BHP Group Limited regarding a potential equity stake and financing for its Rook I uranium project in Saskatchewan, as CEO Leigh Curyer revealed on August 17. NexGen, which recently broke ground on the project slated to be one of the world's largest and lowest-cost uranium mines, aims to raise $1 billion in capital over the next nine months through prepayments, debt, or direct equity. The company posted a net income of $74.55 million CAD in Q2 2026, reversing a net loss of $86.69 million CAD a year earlier, and holds $970.25 million CAD in cash and short-term investments. In contrast, BHP reported record FY2026 results with underlying EBITDA of $33 billion, up 27% year-over-year, and free cash flow of $9.8 billion, up 83%. BHP's financial strength and diversified portfolio contrast sharply with NexGen's development-stage profile, making the potential partnership a key catalyst for NexGen's funding gap.

Shanxi Coking Coal released its 2026 interim report. The company's total operating revenue was 18.028 billion yuan, and net profit attributable to the parent was 1.237 billion yuan, up 22.03% from the same period last year. Net cash inflow from operating activities was 1.601 billion yuan, the asset-liability ratio was 55.63%, the gross margin was 29.79%, and diluted earnings per share were 0.22 yuan. The company had 128,300 shareholders, and the top ten shareholders held 66.05% of the shares.

Shaanxi Coal Industry released its 2026 interim report. Total operating revenue was 78.895 billion yuan, up 1.17% year on year, and net profit attributable to the parent company was 11.272 billion yuan, up 47.57% year on year. Net cash inflow from operating activities was 20.537 billion yuan, up 29.86% year on year. The company's asset-liability ratio was 40.26%, down 2.61 percentage points year on year. Gross margin was 33.36%, rising for four consecutive quarters. ROE was 11.15%, up 2.56 percentage points year on year. Diluted earnings per share were 1.16 yuan, up 46.84% year on year.

Yankuang Energy announced on August 28 that it plans to distribute a cash dividend of 0.2 yuan per share, before tax, to all shareholders, with an estimated total payout of 2.007 billion yuan. In the first half of 2026, the company achieved revenue of 75.647 billion yuan and net profit attributable to the parent of 7.15 billion yuan.

China Shenhua released its 2026 semi-annual report, achieving operating revenue of 189.338 billion yuan, up 7.9% year on year. Net profit attributable to shareholders of the listed company was 28.715 billion yuan, up 4.1% year on year. The company's board recommended an interim dividend for 2026 of 0.98 yuan per share, tax inclusive.