External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Yancoal’s (YAL) 2Q26 attributable production/ sales volume was +15%/+43% YoY.</li><li>The higher sales volume growth was due to low base last year due to shipping delays.</li><li>Given that blended ASP increased 13% YoY in 2Q26, we estimate Yancoal delivered revenue of ~A$1.85bn in 2Q26 (+63% YoY; +53% QoQ). In Jul (MTD), coking coal price/GC Newc price have been up &gt;30%/20% (YoY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yancoal’s (YAL) 2Q26 attributable production/ sales volume was +15%/+43% YoY.The higher sales volume growth was due to low base last year due to shipping delays.Given that blended ASP increased 13% YoY in 2Q26, we estimate Yancoal delivered revenue of ~A$1.85bn in 2Q26 (+63% YoY; +53% QoQ). In Jul (MTD), coking coal price/GC Newc price have been up &gt;30%/20% (YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yancoal Australia (3668 HK) - Strong Sales Volume in 2Q26 Alongside Increased ASP

<ul><li>Yancoal’s (YAL) net profit in 2025 came in at A$440mn (-64% YoY), which is 15% below Bloomberg consensus but 20% above our estimates due to the high earnings sensitivity to the unit cash margin.</li><li>YAL declared a final dividend of A$0.122/shr.</li><li>This, together with the interim dividend of A$0.062/shr, implies a pay-out ratio of 55% which is in line with YAL’s dividend policy. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yancoal’s (YAL) net profit in 2025 came in at A$440mn (-64% YoY), which is 15% below Bloomberg consensus but 20% above our estimates due to the high earnings sensitivity to the unit cash margin.YAL declared a final dividend of A$0.122/shr.This, together with the interim dividend of A$0.062/shr, implies a pay-out ratio of 55% which is in line with YAL’s dividend policy. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yancoal Australia (3668 HK) - Resilient Coal Price to Support 2026 Earnings

<ul><li>Yancoal’s (YAL) 3Q25 attributable production/ sales volume -9%/+3% YoY.</li><li>The decline in production was due to rainfall, while the increase in sales volume was due to the improvement of previous shipping delays.</li><li>Blended ASP dropped 18% YoY in 3Q25, largely in-line with market trend. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yancoal’s (YAL) 3Q25 attributable production/ sales volume -9%/+3% YoY.The decline in production was due to rainfall, while the increase in sales volume was due to the improvement of previous shipping delays.Blended ASP dropped 18% YoY in 3Q25, largely in-line with market trend. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yancoal Australia (3668 HK) - Production Volume in 3Q25 Affected by Unfavourable Weather

Thematic (Sector/Industry)

<ul><li>In our last report dated 17 October, we highlighted a list of 21 long ideas.</li><li>The basket (equal weighted) of these 21 stocks underperformed MSCI China index by 5.4ppt, delivering 0.2% return (vs MSCI China 5.6%).</li><li>China Meidong Auto and Innovent Biologics delivered over 20% of return, and 4 of our 21 long ideas outperformed the benchmark.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In our last report dated 17 October, we highlighted a list of 21 long ideas.The basket (equal weighted) of these 21 stocks underperformed MSCI China index by 5.4ppt, delivering 0.2% return (vs MSCI China 5.6%).China Meidong Auto and Innovent Biologics delivered over 20% of return, and 4 of our 21 long ideas outperformed the benchmark.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CMBI Research Focus List (November Edition) – Our best high conviction stock ideas

<ul><li>Yancoal’s (YAL) net profit came in at A$163mn in 1H25 (-61% YoY) which is slightly below our expectation due to higher-than-expected effective tax rate.</li><li>YAL proposes interim dividend of A$0.062/shr, implying ~50% payout ratio which is consistent with YAL’s dividend policy.</li><li>Meanwhile, YAL maintains the full-year guidance on sales volume, unit cost and capex. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yancoal’s (YAL) net profit came in at A$163mn in 1H25 (-61% YoY) which is slightly below our expectation due to higher-than-expected effective tax rate.YAL proposes interim dividend of A$0.062/shr, implying ~50% payout ratio which is consistent with YAL’s dividend policy.Meanwhile, YAL maintains the full-year guidance on sales volume, unit cost and capex. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yancoal Australia (3668 HK) - Weak Earnings but Largely Anticipated

Australia

Yancoal Australia Ltd. is a prominent Australian coal mining company engaged in the exploration, development, production, and marketing of metallurgical and thermal coal. It supplies thermal coal for electricity generation and metallurgical coal for steel manufacturing to international markets, primarily in the Asia-Pacific region. The company was founded in 2004 and is headquartered in Sydney, Australia.

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Yancoal Australia (3668 HK)