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Looking forward to the second half of 2018, uncertainty in external environment is expected to increase with continuous structural adjustment in China. The PRC government is expected to maintain supply-side reform as the main policy, and actively stimulate effective domestic demand, to ensure the orderly operation of economy and healthy development of the coal industry with stable coal prices.

In April 2018, the National Development and Reform Commission and other five departments jointly issued the "Notice of Resolving Overcapacity in Key Areas in 2018 (《關於做好2018年重點領域化解產能過剩工作的通知》)" , in which it was clearly specified that de-capacity and closure of enterprises which were unqualified to further optimize resources allocation, increase high-quality incremental supply, achieve dynamic balance between supply and demand, improve the industry's sustainable mechanism and further boost mergers and acquisitions, transformation and upgrading and safe production, thereby bringing opportunities for development of the industry.

Following continuous deepening of supply-side reform, continuous advancement of de-capacity, tightening of environmental protection policies, industry consolidation and improvement towards quality development, the industry is entering a new phase where the best will survive. The Group has long been implementing refined management, focusing on quality and efficiency improvement and attaching great importance to environmental protection and production safety. The Group will continue to improve its operational quality, optimize its production and sales structure, and achieve sustainable growth to ensure that it will maintain growth and become a competitive, leading and efficient coal enterprise.

The coal industry is developing steadily with sound prospects. As a leading company in production technologies, safety and environmental protection and efficiency and quality, the Group is expected to develop stably and healthy in the second half of 2018 with stable profits and cash flows towards favorable development trend.