Dear investors and analysts, good afternoon. I am Jiang Qun, Board Secretary of China Coal Energy.

Welcome to our results presentation. Present at today's meeting are Mr.

Gao Shigang, Deputy Secretary of the Party Committee, Executive Director and President of the company; Mr. Zhan Yanjing, Independent Non-Executive Director; Mr.

Chai Qiaolin, Chief Financial Officer; as well as responsible heads and relevant staff from the Securities Affairs Department, Planning and Development Department, Finance Department, Coal Business Department, Chemical Business Department, Power Business Department, and Marketing Management Office. We would like to express our heartfelt thanks for all of your long-term care and support for the company.

Now, I will present China Coal Energy's operating results for the first half of 2026 and our key work arrangements for the second half. Unless otherwise specified, all figures below are calculated under the Chinese Accounting Standards for Business Enterprises.

Number one: operating results and key features for the first half. In the first half, China Coal Energy resolutely implemented the decisions and arrangements of the CPC Central Committee and the State Council, deeply pursued the development philosophy of enhancing efficiency for existing assets and positioning for incremental growth, actively responded to various risks, challenges, and multiple operating pressures.

Our production and operations maintained a sound momentum. Under the Chinese Accounting Standards, we achieved operating revenue of 73.13 billion, total profit of 12.46 billion, up 4.4% year-on-year.

Net profit attributable to shareholders was 8.14 billion, up 5.8%. Basic earnings per share was 0.61, up 5.2%.

Net cash flows from operating activities were 9.86 billion, an increase of 2.193 billion, or 28.6% year-on-year growth, continuing to maintain a sound profitability level and cash generation capability. Under the International Financial Reporting Standards, we achieved operating revenue of 73.13 billion and profit before tax 12.42 billion, up 7.1%.

Profit attributable to shareholders was 8.192 billion, up 11.8%. Basic earnings per share were 0.62, up 12.7%.

The company's production and operations in the first half featured the following: First, stable and orderly production and operations. In the first half, our coal business overcame challenges such as changing geological conditions and greater production and operational difficulties in some mining areas.

We have achieved commercial coal production of 61.95 million tonnes. We further strengthened the production-sales coordination mechanism and seized the window of rising coal prices, deepened product segmentation and market segmentation, and made every effort to increase sales and produce value, achieving commercial coal sales of 119.2 million tonnes, of which self-produced commercial coal sales amounted to 61.4 million tonnes.

Our coal chemical business strengthened system operation and maintenance management, focused on lean production and product differentiation, and achieved production of major coal chemical products of 3.01 million tonnes. We actively expanded sales channels, strengthened production-sales coordination, carried out targeted marketing by category, and achieved sales of major coal chemicals of 3.235 million tonnes, with efficiency and profitability remaining industry-leading.

Number two: steady recovery in prices of major products. In the first half, the prices of our major products, including coal and chemicals, rose with market trends.

The average selling price of the self-produced commercial coal was 524 per tonne, up 54 per tonne, or 11.5%. Among these, the selling price of thermal coal was 494 per tonne, up 58 per tonne, or 13.3%.

The selling price of coking coal was 1,017 per tonne, up 132 per tonne, or 14.9%. The selling price of bought-in trading coal was 549 per tonne, up 77 per tonne, or 16.3% year-on-year.

The selling price of polyolefin was 7,017 per tonne, up 336 per tonne, or 5%. The selling price of urea was 1,828 per tonne, up 76 per tonne, or 4.3%.

The selling price of methanol was 1,868 per tonne, up 98 per tonne, or 5.5% year-on-year. The selling price of ammonium nitrate was 1,902 per tonne, up 19 per tonne, basically flat.

Number three: tapping potential and improving quality and efficiency. In the first half, we dynamically adjusted our product mix in response to market demand, increasing the average calorific value of thermal coal by nearly 200 kcal per tonne.

We continuously improved our refined management level and steadily enhanced overall quality and efficiency. The unit sales cost of self-produced commercial coal was 285.69 per tonne, up 22.72 per tonne, or 8.6%, mainly due to higher fixed costs from lower output, higher labor costs from converting some outsourced teams to self-operated teams.

Our coal chemical business remained focused on the goal of safe, stable, and long-cycle, full-load, and excellent operation. We have strengthened equipment management, optimized facility operations, and reasonably controlled cost expenditures, keeping unit sales costs of major coal chemical products within a reasonable range.

Among them, the unit sales cost of polyolefin was 5,674 per tonne, down 757 per tonne, or 11.8%, mainly because the polyolefin facility underwent planned major maintenance in the same period last year. The unit sales cost of urea was 1,280 per tonne, up 17 per tonne, or 1.3%, mainly affected by higher purchase prices of raw coal and fuel coal.

The unit sales cost of methanol was 1,370 per tonne, up 66 per tonne, or 5.1%, mainly affected by higher purchase prices of raw coal and fuel coal. The unit sales cost of ammonium nitrate was 1,893 per tonne, up 509 per tonne, or 36.8%, mainly affected by the planned major maintenance of ammonium nitrate facility in this period.

Number four: steady and sound operating performance. Against the backdrop of lower coal output and rigid cost increases, we adopted multiple measures to hedge against cost pressures and achieved total profit of 12.46 billion.

The main profit change factors were as follows: First, major profit-increasing factors: higher selling prices of self-produced commercial coal increased profit by 3.3 billion; second, chemical business increased profit by 878 million; third, the power business increased profit by 172 million; fourth, investment income and other income increased by 60 million. The profit-reducing factors: first, higher unit sales costs of self-produced commercial coal by 1.36 billion; second, lower sales volume of self-produced commercial coal reduced profit by 1.17 billion; third, non-operating income and expenses reduced profit by 483 million; fourth, higher taxes, surcharges, and period expenses reduced profit by 459 million; fifth, equipment and financial business reduced profit by 425 million.

Number five: accelerated construction of key projects. In the first half, all project units of the second-phase coal chemical project in Yulin, Shaanxi, with an annual polyolefin capacity of 900,000 tonnes, have been mechanically completed.

The liquid sunshine demonstration project of Ejin Horo Energy Chemical has entered the trial operation stage. The 2x660 MW coal-power integration project in Wushen Banner has fully moved into the equipment installation stage.

The 100 MW wind power project in Youyu, Shanxi, undertaken by Shanxi Company, has commenced construction. Shaanxi Energy Company completed the 100% equity acquisition of a 400 MW fishery-solar complementary PV project in Leizhou, Guangdong.

Number six: interim dividend to reward shareholders. Since our listing, the company's total cash dividends have exceeded 46 billion.

Striking the best possible balance between interests of all shareholders and the company's sustainable development, we have implemented interim dividends for three years in a row. For 2026 interim period, we plan to distribute cash dividends of 2.44 billion, or 0.184 per share.

The above dividends are expected to be distributed before the end of October 2026. Two: key work arrangements for the second half.

The company will thoroughly implement the decisions and arrangements of the CPC and State Council, adhere to the general principle of pursuing progress while ensuring stability, and leverage the implementation of the 15th Five-Year Plan to deepen state-owned enterprise reforms as key drivers of high-quality growth. First, we will adhere to the coal-power-chemical-new energy multi-industry coupled development pathway, coordinate intelligent, green, and integrated development.

Second, we will continue benchmarking against world-class standards, strengthen closing decision-making, deepen production-sales coordination, go all out to improve quality and efficiency. Third, we will persist in driving development through reform and innovation, actively carry out reforms of management and operating mechanisms, deeply advance key core technology breakthroughs, and build a high-level innovation system.

Fourth, we will uphold systematic thinking and bottom-line thinking, give full play to the penetrating supervision role of the intelligent control platform, and strengthen work safety as well as environmental protection and energy conservation. Number five: we'll continue to deepen market value management and continuously improve corporate governance and information disclosure quality.

Dear investors and analysts, the company's management and all colleagues will stay focused on our goals, remain confident, take proactive actions, and forge ahead with determination, will continue to advance high-quality development, and strive to deliver better results. That's all for my presentation.

Now opening the floor for Q&A. Thank you.

Dear management, I am an analyst from Guosen Securities. I am Zhang Jingming.

I have two questions. First, as mentioned earlier by Mr.

Jiang, in Gansu Province, there were some in-depth cooperation, and in July, they also signed a provincial-level cooperation with the provincial government involving a large-scale investment. In terms of the collaboration with Gansu Province, what's the specific plan for the future, and also what tasks and missions will be carried out by the joint stock company?

Thank you.

Thank you for the question. In July, the group has signed a strategic cooperation agreement with Gansu Province, planning to build the energy base of China Coal Yongdong, which the Hongjiahe coal mine and Tangjiahe coal mine have obtained geological reserves of about 1.75 billion tonnes, with an annual production capacity of 9 million tonnes.

At present, the company has established a wholly owned subsidiary, the China Coal Gansu Energy, to advance the preliminary work of the project. Currently, we have not reached the stage of actual investment, and we will disclose further information later.

Thank you.

I have a follow-up question in the first half regarding all the cost items. In the first half, the non-operating expenses are 500 million more than the same period last year.

There may be some different parties involved, including the payment of the late fees and fines, as well as the taxes and surcharges, and also the resource tax and land use tax. I think these costs have increased compared with last year.

Just wanted to know the reasons behind them and the outlook for the expenses in the future. Thank you.

Thank you. In the first half, for well-known reasons and also according to requirements of the State Taxation Administration, we carried out special tax work.

It's true that the non-operating expenses and taxes and surcharges have increased. This tax payment is a result of previous practical standards and its differences against the current practice.

For example, the identification of high-tech and also there are some differences caused by the division of raw coal and washed coal, and these led to the increased tax items. We have paid these taxes according to the requirements of the tax bureau.

All of these expenses have been disclosed in the interim results. Thank you.

Thank you. That's all for my questions.

Xinyu Shen from Citi. First, thank you for organizing this event, and I have several questions to go through.

The first one is about our production capacity. Our capacity in H1 is down a little bit.

Of course, there's the Shaanxi incident to consider. My question is, of course, if any accident happened to other manufacturers, does that affect our production?

Has it recovered? We have heard that post the accident the security inspection is stricter than before, and more to come in the future.

My question is that, do you think the production volume can go back to the pre-incident level, and how is recovery going? Thank you.

One by one. Thank you.

Okay.

My understanding of your first question is that it comes in two parts. The first one is the regulatory policy for the whole sector, and also the prospect of all the main coal-manufacturing provinces and their capacity.

I will give the floor to our Marketing Office colleague, and also how the safety inspection policy is going.

Thank you for your question. In H1 2026, especially in the second half of May, the Xinheishan coal mine incident has affected the production of the entire sector.

After that, the competent authorities have initiated the security checks and the inspection on the overproduction conditions. Also, modifications and rectifications are underway.

Based on the current trend, I don't think it will ease up this year. This year for the entire coal sector, the impact on the production and overall volume is quite clear.

If you consider the numbers from January to June, the total volume was down by 1.7%, or it's 40 million tonnes less. From January to May, the imported coal was down by 10 million tonnes.

After the lower production in June, more imported coal, about 3.8 million tonnes more. We have much of our production area in Shaanxi as well, it's a huge impact on us.

The upside is that for China Coal, we are sticking to our overall production schedule, and we're trying to make adjustments according to our whole year's production plan.

About our company's production volume in H1, it's down by 3.39 million tonnes year-over-year, down by 8%. As Mr.

Li has said, it's affected by the tightening rules about safety inspection, and also for some of the mining areas, we have complicated geological conditions, and it's harder to organize production. That also played a part.

In the second half, we plan to stick to our original production plan and try to catch up here. Frankly speaking, since the inspection for safety has tightened and we are strictly compliant with the safe production for each month, while we try to meet our annual production target set at the beginning of this year, but for the actual result at the end of the year, it comes down to our actual execution.

That's what I wanted to add. Do you have any other questions?

I have two more questions, and I will cover them both.

Our in-house product selling price was up to almost the market average, and it grew more than the LTA product. I wonder why that is.

Then about our costs, what's your outlook for the H2 costs, because costs were up a little bit for the first half of the year, and I wonder how the costs would be in second half of the year on a year-over-year basis. Thank you.

The price is at 524 RMB, up by 54 RMB per tonne. For the fuel coal, up by 58 RMB per tonne.

It's because we have optimized the Pingshuo product mix, the average calorific value is up by 200 kilocalories. Also, the LTA pricing in the market has gone up, also lifting our selling price.

Thirdly, Shanghai Datun Mei is also a part of the fuel coal, and it is also sold in combo with the coking coal. The price has gone up by 82 RMB per tonne.

Much for the reasons.

It's a good question. We have covered this question before.

We have already told our investors that it's normal to have about minus plus 10% of the cost fluctuations, and we are a modernized, highly efficient, mining-based production type of manufacturer. Since we have strengthened the unified procurement, better management there, and we have introduced the digitalized intelligent technology, and we have got more of the innovative operational cost control and better management there, yielding good results.

In H1, our cost was up by 22 RMB, up by 8.6%. For various reasons, our overall production volume was down, and of course, that affects our costs.

For example, 6 RMB that went into depreciation and amortization. For the operational expenses, it has a lot to do with the sales method.

As some of the coals, we have to pay for the shipping fee. If it comes in a larger volume, then it affects the overall cost.

Also, it has a lot to do with how we spend our dedicated funds. We have a timetable for it, and in H1, the production volume was down, this year we'll have to use less of the dedicated fund.

Relative to the same period last year, we spend 470 million RMB more. That means the cost would be higher than before.

It has a lot to do with coordinated production schedule and the changing production volume. Also, you have the remuneration and social security payments for our employees.

Since we have reduced the outsourced labor, and we have more of the in-house labor use, that has increased our costs, too. Those are all normal.

As for H2, I would say the costs are all controllable. We are looking at some of the improvement, and also production volume in H2 would be better than H1, because we're trying to catch up with better utilization of the regulations.

For our own management and administration, it will only be more optimized. As for the whole year's costs, is it really on par with last year or even better than last year?

Not necessarily, because we want to prioritize the profitability, not the overall expenses. I hope that answers your question.

Thank you, Mr. Chai and Mr.

Jiang. I have no other questions.

Thank you.

I am from Changjiang Securities. Congratulations on your good interim results.

I have only one question, because in H1 this year, the profitability of chemicals has been improved, for example, for urea and polyolefin. What's the outlook for H2 and for the next year, because we are also onboarding some new projects, right?

Are we looking at a better margin profile?

Let me clarify. I'm putting on a headpiece.

Of course. I'm from Changjiang Securities, I'm Song Chu.

First, congratulations on your excellent interim results. In H1, the chemical sector has received a lot of attention, and your business here has grown on a year-over-year basis.

For second half of the year, and also for next year, what's your outlook of your chemicals business, and what's your expectations for the costs and profitability? Thank you.

Thank you for your question. For the chemicals business in H2 and in next year, let's first talk about our production.

In H2, we're not looking at much growth. The only growth is coming from Phase 2 of Yulin.

It will go online in H2, but it will only contribute incremental volume in next year. Next year, we're looking at 900,000 tonnes more of polyolefin, because if it goes online this year, next year it will start producing more.

As for our other businesses, other capacity, they are staying at the current level, no incremental growth. Secondly, for the profitability, the overall chemical sector keeps a good margin, especially for the polyolefin business.

We do not have a clear read on the market now, but I would say for second half of the year, polyolefin would fluctuate within a band at the higher level, at an elevated level. The overall margin in H2 would be on par with H1.

Next year, with more incremental growth, we are looking at a higher margin. Thank you.

That's very clear. Thank you.

I wish you more success in the future. Thank you.

Dear management, good afternoon. I'm analyst from Orient Securities.

I have a question regarding the coal mines in Weizi Valley and Libi. Seems that there are some delay.

Can you share more details about that?

I will address this question. For these two coal mine construction projects, one in Libi and one in Weizi Valley, we have adjusted the timing in interim report, and there are two reasons for that.

At the beginning of this year, during the construction process, there were some incidents, one for each, leading to the shutdown. As now the safety supervision is very strict, so that has affected the project schedule.

For the Libi coal mine, the incident was due to the exploration of gas, the gas that explored is quite different from actual gas content, and this has also led to the delay. At present, one could expect a one-year delay roughly for each coal mine.

For the Libi coal mine, the production is likely to start in 2028, and for the Weizi Valley coal mine, production will start to the end of '27. We will update you on any further progress of the project.

Thank you.

I have another question. In the first half, the proportion of self-produced coal gone by river transportation and the port handling expenses has increased.

I'd like to know from sales structure point of view, what is the company's current idea? Is this structure sustainable?

Thank you for the question. The sales mix for the joint stock company has not changed much, but in our daily operation and management, we will make some minor adjustment corresponding to the market prices to the spot market.

The amount of the water-sealed coal in the first half is slightly higher, including some logistics costs are slightly higher. Because of that, the sales of the water-sealed coal has also increased, and also the contractual volume for the water-sealed coal has also increased.

This change in sales mix was not that much. Looking onward, I think the overall mix will remain stable.

That's all.

I see. Thank you.

I don't have any further questions.

Dear management, I am from Guohai Securities, I'm analyst Wang Xuanshuang. I also have a question about taxation.

Regarding the tax payment in the first half, are they done? Are there any additional taxes to be paid later, including the land tax as part of the tax surcharges, or will this proportion stay the same?

My second question is about the selling price of the company's thermal coal. The thermal coal price has increased by 90 year-on-year, and the price of thermal coal in the company increased by 58 year-on-year.

Considering that the proportion of the company's reserve is relatively high in the long run, what's the reason behind this?

In the first half, the tax work has been basically completed. As to whether there will be additional tax work in response to State Taxation Administration's requirement, this is still to be seen.

Your second question is about the land use tax, correct?

That's right.

We will follow the laws and regulations to pay our due. This tax, the tax paid this time, is mainly about the different definitions of urban land.

Coming forward, we will follow the relevant requirements of tax laws to pay our due. Regarding the pricing issue, actually it has been addressed by Mr.

Xu from Finance, but I would give you a brief answer to it as well. On one hand, we have increased the proportion of self-produced commercial coal in the first half, I mean the high calorific value coals.

There are more high-variety coals are produced in the first half. As responded by our marketing colleague, in the first half, the water-sealed coal, the sales mix has also been adjusted with more water-sealed coal sales, which is also counted as a thermal coal or coking coal.

Because of these three reasons, in the first half, the pricing for the self-produced thermal coal has increased a lot.

That's very clear. Thank you, and all the best for the company.

Dear management, I'm Cheung Yi from Shandong Railway Development Fund. I have a question regarding the JV business.

In Q1 and Q2, the investment income is roughly the same, even though that in the second quarter the coal price or the coking coal price or the price of polyolefin, they have increased month-on-month or quarter-on-quarter. Why the profit level across Q1 and Q2 is similar?

Is because of production reduction or other reasons? Thank you.

Let me do it. For the JV business, China Energy Conservation, this JV business has both coal business and coal chemical business, right?

In these two quarters, the cadence of the production, there will definitely be some changes. Also in Q2, Huajin was under the inspection from Shanxi provincial authority, there were some limitations in production.

That's the situation.

Let me add something. This is for the Huajin Coking Coal Company.

We have 49% of shares in China Coal Huajin. Very soon, the Shanxi coking coal will also have their interim results announcement, and you can see more statistics from their report.

What about looking forward to Q3 or in the second half? How is that going to happen, because now the coking coal price has increased?

Again, I am particularly interested in Zhongtian Hechuang, particularly the coal chemical business. The coal chemical business started production quite early, even though that the cost control measures has to be higher than new coal chemical project.

What would be the guidance and prospect for the coal business?

Firstly, regarding the Huajin Coking Coal and also the production plan for the second half, please refer to the data disclosed by Shanxi Coking Coal because it's also a listed company and it's not appropriate for us to make comments on their performance. Regarding the Zhongtian Hechuang Company Limited, the production or the output scale, to be frank, it's about 1.32 million tonnes.

As mentioned by Mr. Xue, the tuning of that pricing remains high, and it's going to likely to fluctuate at a high level.

I think that the economy of scale is still there, and I believe it's going to maintain a relatively good profit level. The ultimate results depend on the price fluctuations.

Thank you, that's all.

Regarding these two projects, firstly, for the Shaanxi Yulin Phase 2, it has entered into a comprehensive handover period. Some of the devices have started debugging and commissioning.

Judging by current progress, starting from November, the facility will enter the start-up period. That is to say, from next year, in starting from December, the production or the output will start to be up and running.

That exclude the EVA installation, because EVA will start production next year. It's one year later than the other devices.

Regarding FATL, it also started the debugging stage, commissioning stage, with a plan to start production after December. That's the first question, right?

The second question is about the Phase 2 of Yulin project. It's mostly polyolefin for the Yulin Phase 2 project, but it's different from the existing polyolefin.

Phase 2 is different from Phase 1. We have high-density polyolefin for Phase 2.

Regarding the polypropylene, it's also using a different process. We are currently adopting the cutting-edge process for the polypropylene.

After Phase 2, our products would be more premium and also differentiated against the competition. The profitability for Phase 2 is likely to be better than Phase 1.

That's all.

Thank you for your question. The pricing of coking coal comes with or it's based on two prices.

For the raw materials of coking coal, it's priced on a seasonal basis. If there are some violent fluctuations, adjustments could be made.

It could transform quarterly pricing to monthly pricing, and it's quite stable. There is some gap to the market average, but the gap is not huge.

The second system is just spot price, and it accounts for very small proportion of our own coking coal. Our pricing of the coking coal is following the market price, and since our coking coal business is scaling up and we have a stable pool of clients, and our price is well received by the market, and we have got a proven track record here.

In this sense, when the coking coal price was poor earlier this year, our pricing was very robust. Now the market pricing has trended up, and we're also following the upward trend.

For the overall year, our coking coal price would follow the market trend. It's well synchronized.

If we shift from outsource to in-house labor, first, it doesn't affect our costs a lot, because previously the costs to the outsourced labor is factored as other expenses. Now, since we have shifted to in-house labor, then the cost items are broken into raw materials, human labor.

In this sense, it doesn't really affect our costs here. Okay.

I am Chai Qiaolin. For your question, they're not the same metric here.

Once we have shifted to the in-house labor, it's, of course, being displayed along with all other costs, because here you also have the social security, investments, and management. Of course, if you use the outsourced labor, on the paper it seems cheaper, but there's some discreet compliance risks.

If there are any issues, penalties is to be paid. You don't consider the procurement costs only, you need to consider the comprehensive costs of the whole lifecycle, right?

Along the same line, when we're shifting to in-house labor, it's high-quality, healthy, sustainable operation. Of course, for the shifting to the in-house labor, the well, based on the industry-released data, if you shift to in-house labor, the costs is up by 30 to 80 RMB for SOE.

For a private player, unlike the SOEs, they would use the cheaper outsourced labor, for them, the increased cost would be between 100 to 200 RMB.

In this process, our team of Independent Executive Directors have been closely following the safety and environmental compliance issues, and we have been monitoring and nudging for more corrections. The company has been putting in more dollars into safety, especially for the digitalization.

Higher digitalized monitoring system being put into use in our operation will bring the positive effects as for the bottom line, and also for the compliance in environmental compliance. As an SOE, we will fulfill our responsibility, and in terms of our investment, supervision, we will follow closely what happens to all our subsidiaries and our associated companies, making sure that if there's anything, we would nip it in the bud.

It grew much because we have been following the plan rules about the trading of coals.

For the weekly controlled coal, we are shifting to the distributed coal. We are shifting the procurement structure.

In our report, we have disclosed the import and export, and also domestic distribution. The main change mainly comes from our domestic distributors.

Not much change is from the trading.

The adjustments are like this. Since last year, there has been a lot of pricing changes in coal.

Although we have been controlling who we sell to, and of course, if we have to store coal for a longer time before sales, and to prevent such risks in the contract, we try to pass on such risks to the end clients. In this case, through making adjustments to our contracts, there is some compliance risk before we can fully recognize the revenue here.

In this case, we are converting such business to domestic distributors. Even if it's done through distributors, we have full control of the source and the flow of the products.

In our statement, we have seen major changes to the non-operating expenses. The main reason is paying the taxes and the late fees.

It's based on how the tax policies in execution, there might be some differences between the understanding of the actual rules and the execution. For us, we are always a compliant taxpayer.

Internally, we use the refined and digitalized measures to make sure we have a refined management of our taxes. As an Independent Director, the administration and governance of the company is well in control.

For the Board to supervise the asset lifecycle of the company, and also to prevent the write-down of the assets and compliance risks on a quarterly basis, and for our internal audit reports, we would pay close attention to those items. In this process, we have also been asking questions about how to get a better read of the regulations and how to better communicate with the competent authorities in taxes and regulators so that we can narrow the gap between our read of the policy and the actual policy.

About the change of the non-operating expenses, as we have established, it's mainly because of in H1 the tax authorities, they had the tax inspection. Miss Tao has already given very specific answers and overview here, and personally, my understanding is that the impact has already been fully absorbed in our P&L of this period, and the non-operating expenses for this period will no longer be a negative drag to our long-term result.

As for our market cap management, China Coal has always stood by the shareholder return, and we have robust communication with our investors, and we have taken multiple measures to give better returns to our shareholders. For example, we have just announced we will continue to deliver the interim payout dividend.

In H1, China Coal, as the controlling shareholder of China Coal Energy, we have increased our shareholding of China Coal Energy, showing our confidence in China Coal Energy and strengthening the stock price. We have the confidence to continue to improve our operations in the future and to guarantee the strengthened value of the company.

We'll keep communicating with our investors, and we hope that you will keep in touch with us so that we can all together maintain the market value of China Coal Energy.

Thank you. During the 15th Five-Year Plan, China Coal Group's long-term target is to reach 50 million kW of installation.

For each year, it's 8 it's 8 million kW a year. With policy number 136, we want long-term healthy, sustainable development.

For China Coal Group, we are present in the source-grid-load-storage business. With the more utilization of renewable energy, with better presence of the business and with better management, renewable energy will be a positive lift to our operational results.

We have mentioned that we want 50 million of installation for renewable energy. That's for China Coal as a group.

As for China Coal Energy's 15th Five-Year Plan, it is being reviewed by the Board as we speak. Once that has been approved, we will disclose that.

Thank you.

We don't have any additional sharings. Thank all investors for joining this session.

If you have further questions, feel free to approach our IR team. We're more than happy to answer any questions you may have.

Thank you, and the meeting is adjourned.