China Coal Energy released preliminary operating data for March 2026, showing a softening in core coal volumes alongside divergent trends in its coal‐chemical and equipment businesses.

Coal Operations • Commercial-coal output fell 5.7% year on year (YoY) to 10.97 million tonnes in March, taking first-quarter production to 30.17 million tonnes, down 9.5% versus the same period of 2025. • Commercial-coal sales declined 21.4% YoY to 19.46 million tonnes for the month; January–March sales amounted to 56.02 million tonnes, a 12.7% retreat. • Sales of self-produced coal slipped 15.4% YoY in March to 10.48 million tonnes and contracted 9.1% to 29.70 million tonnes in the quarter, underscoring softer downstream demand and/or supply constraints.

Coal-Chemical Operations Performance in value-added products was mixed: — Polyethylene: Production was flat YoY at 67,000 tonnes in March, while sales expanded 12.7% to 80,000 tonnes; first-quarter sales rose 12.9% to 201,000 tonnes. — Polypropylene: March production decreased 9.2% YoY to 59,000 tonnes; sales slipped 2.8% to 69,000 tonnes. Year-to-date sales eased 3.4% to 171,000 tonnes. — Urea: March output held steady at 187,000 tonnes, but sales surged 43.6% to 290,000 tonnes; cumulative sales climbed 17.3% to 704,000 tonnes. — Methanol: Production was broadly unchanged at 171,000 tonnes (-0.6% YoY); sales fell 4.9% to 173,000 tonnes, leading to a 3.4% decline in first-quarter sales to 511,000 tonnes. — Ammonium nitrate volumes contracted sharply, with March production down 28.8% YoY to 42,000 tonnes and sales tumbling 33.9% to 39,000 tonnes; year-to-date sales fell 17.7% to 116,000 tonnes.

Coal-Mining Equipment Revenue from coal-mining equipment manufacturing reached RMB 0.87 billion in March, up 8.8% YoY, although the three-month total slipped 9.1% to RMB 2.20 billion, indicating a robust monthly rebound but softer cumulative demand.

Management notes that monthly operational data are preliminary and may differ from figures disclosed in statutory reports due to factors such as macroeconomic conditions, weather, maintenance schedules and mine geology. A briefing on the March data will be arranged; investors can contact the company’s investor hotline (+86-10-8223-6028) for details.