Bao Tailong: The start-up of the coking furnace is expected to optimize the revenue structure.

Bao Tailong announced that due to environmental reasons, the company shut down the coke oven for maintenance in October 2024 and the maintenance was completed in October 2025. Prior to this, the revenues and costs of coke and its related products were inverted, but with the recent market recovery, the company has decided to restart the coke oven. The preheating furnace is expected to take about 60 days, and production will gradually resume after the preheating is completed. The operation of the coke oven will help optimize revenue structure and enhance competitiveness, but there is uncertainty in the short term and future benefits are subject to various factors. The risk of not meeting expectations exists.