SHOUGANG RES (00639) rose over 6% again. As of the time of writing, the stock was up 5.98%, trading at HKD 3.19, with a turnover of HKD 26.0412 million. A research report from Tianfeng Securities stated that SHOUGANG RES's business centers around three coal mines. The company's total production capacity is 5.25 million tonnes per year, and the current coal type produced is semi-hard coking coal. Judging by the company's expense ratio and asset-liability ratio, its operations are relatively conservative and stable. However, from the perspective of gross profit margin and net profit margin, the company demonstrates strong profitability. The report pointed out that the company's per-tonne coal selling price is relatively high compared to its industry peers, potentially reflecting its high coal quality characteristics. Although short-term negative impacts from coal quality fluctuations were experienced, the company has still managed to steadily improve the quality of its commercial coal by implementing strict quality supervision and management, and strengthening on-site quality control at the mines and coal preparation plants. Data from recent years shows that the company has also made certain efforts in cost control, with both depreciation & amortization and processing fees for clean coking coal showing a declining trend. Against the backdrop of high coal prices driven by high coal quality and effective cost control, the company has achieved a relatively high per-tonne gross profit within the industry.