Market Performance - On September 5, the Henan state-owned enterprise reform sector rose by 2.2%, with Yicheng New Energy leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Individual Stock Performance - Yicheng New Energy (300080) closed at 4.68, up 9.09%, with a trading volume of 725,100 shares and a transaction value of 326 million yuan [1] - Shenhuo Co. (000933) closed at 19.50, up 4.33%, with a trading volume of 338,400 shares and a transaction value of 649 million yuan [1] - Rongke Technology (300290) closed at 24.83, up 3.80%, with a trading volume of 311,300 shares and a transaction value of 760 million yuan [1] - Other notable stocks include Yuguang Jinchang (600531) and Senyuan Electric (002358), which also saw positive gains [1] Capital Flow Analysis - The Henan state-owned enterprise reform sector experienced a net inflow of 92.47 million yuan from institutional investors, while retail investors saw a net outflow of 111 million yuan [2][3] - Notable net inflows from institutional investors include Shenhuo Co. (434.19 million yuan) and Rongke Technology (404.44 million yuan) [3] - Retail investors showed significant outflows in stocks like An Cai High-Tech (600207) and Yicheng New Energy (300080) [3]

Group 1: Market Performance - The coal mining sector increased by 0.03% compared to the previous trading day, with Electric Power Investment leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Group 2: Individual Stock Performance - Electric Power Investment (002128) closed at 21.37, up 1.38% with a trading volume of 162,300 shares [1] - Yongtai Energy (600157) closed at 1.49, up 1.36% with a trading volume of 9.64 million shares [1] - China Shenhua (601088) closed at 38.16, up 0.69% with a trading volume of 425,700 shares [1] - Jinko Energy (601001) closed at 12.96, down 2.56% with a trading volume of 226,400 shares [2] Group 3: Capital Flow Analysis - The coal mining sector experienced a net outflow of 420 million yuan from main funds, while retail investors saw a net inflow of 314 million yuan [2] - The main funds showed a negative net flow in several stocks, including Yongtai Energy and Pingmei Shenhua [3] - Retail investors contributed positively to stocks like Gansu Energy and New Dazhou A, indicating varied investor sentiment across the sector [3]

Core Viewpoint - The coal industry is facing significant challenges due to declining coal prices, leading to substantial losses for several coal companies, including Zhengzhou Coal Electricity [2][6]. Group 1: Company Performance - Zhengzhou Coal Electricity reported a 15.01% decline in revenue for the first half of the year, with a total profit drop of 189.82% and a staggering net profit decrease of 2256.68% [2][3]. - The company's average coal price fell by approximately 19% year-on-year, resulting in a sales revenue decrease of 25.52 million yuan [3]. - Other coal companies, such as Anyuan Coal Industry and China Coal Energy, also reported significant declines in performance, with net profit losses expanding [2][6]. Group 2: Cost Structure - Despite the drop in coal prices, Zhengzhou Coal Electricity's operating costs remained relatively stable, with total costs reaching 1.978 billion yuan, only slightly down from 2.076 billion yuan the previous year [4]. - Direct costs, including labor, materials, and safety, constitute a significant portion of expenses, with employee compensation being a major factor [5][6]. - Indirect costs, such as sales, management, and financial expenses, have not decreased significantly, complicating the company's financial situation [4][5]. Group 3: Market Outlook - The coal market is expected to remain under pressure, with Zhengzhou Coal Electricity predicting a continuation of the "strong supply, weak demand" scenario, which may lead to sustained low prices [7][8]. - Recent price increases in coal have been noted, but the overall sentiment remains cautious regarding the sustainability of these gains [7][8]. - The coal industry is anticipated to experience limited price rebounds due to ongoing market conditions and regulatory factors [8].

Financial Performance - Zhengzhou Coal Electricity reported a total revenue of 1.838 billion yuan for the first half of 2025, a decrease of 15.01% year-on-year [1] - The net profit attributable to shareholders was -224 million yuan, a significant decline of 2256.68% compared to the previous year [1] - The gross profit margin was 16.35%, down 36.82% year-on-year, while the net profit margin was -8.11%, a decrease of 375.01% [1] - Total expenses (selling, administrative, and financial) amounted to 331 million yuan, accounting for 18.02% of revenue, an increase of 5.67% year-on-year [1] - Earnings per share were -0.18 yuan, a drop of 2262.35% compared to the previous year [1] Debt and Liquidity - The company faced increased short-term debt pressure, with a current ratio of 0.46 [1] - The interest-bearing debt rose to 3.291 billion yuan, an increase of 29.08% year-on-year [1] - Cash assets were reported as healthy, but the cash flow situation raised concerns, with cash assets to current liabilities at only 36.52% [5] Historical Performance - The company's return on invested capital (ROIC) was 9.79% last year, indicating average capital returns [3] - Historical data shows a median ROIC of 5.04% over the past decade, with five years of losses since its listing [3] - The company has had a poor investment return history, with the worst ROIC recorded at -5.56% in 2020 [3] Accounts Receivable - The accounts receivable to profit ratio reached 421.32%, indicating potential issues with collections [5]

Core Viewpoint - Zhengzhou Coal Electricity reported a significant loss in the first half of 2025, which may impact investor confidence [1] Company Summary - As of August 27, 2025, Zhengzhou Coal Electricity's stock price was 4.10 yuan, down 3.76% from the previous trading day [1] - The company achieved a net profit attributable to the parent company of -224 million yuan in the first half of 2025, a shift from a profit of 10.38 million yuan in the same period last year [1] - The company's main business includes coal mining, washing, processing, and sales, making it one of the major coal producers in Henan Province [1] - The company's products are primarily used in the power, metallurgy, and chemical industries [1] Market Activity - On August 27, 2025, the main capital outflow was 36.46 million yuan, accounting for 0.73% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow was 20.84 million yuan, representing 0.42% of the circulating market value [1]

Group 1 - The company Zhengzhou Coal Electricity (600121.SH) reported a total operating revenue of 1.838 billion yuan for the first half of 2025, representing a year-on-year decrease of 15.01% [1] - The net profit attributable to shareholders of the parent company was -224 million yuan, compared to a net profit of 10.3842 million yuan in the same period last year [1] - The basic earnings per share were -0.1838 yuan [1]

证券代码：600121 证券简称：郑州煤电 公告编号：临 2025-031 郑州煤电股份有限公司 第十届董事会第二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 郑州煤电股份有限公司（以下简称公司）第十届董事会第二次会 议于 2025 年 8 月 27 日在郑州市中原西路 66 号公司本部会议室以现 场表决方式召开，会议通知及会议材料提前已送达各位董事。会议由 董事长余乐峰先生召集并主持，应参会董事 9 人，实际参会 9 人，符 合《公司法》及《公司章程》有关规定。 一、审议通过了公司 2025 年半年度报告全文及摘要（详见上海 证券交易所网站 http://www.sse.com.cn） 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会事前审核，并同意提交董事会 审议。 二、审议通过了关于公司与中煤金租开展融资租赁业务的议案 （详见同日编号临 2025-032 号公告） 表决结果：同意 9 票，反对 0 票，弃权 0 票。 三、审议通过了《郑州煤电股份有限公司信息披露暂缓与 ...

郑州煤电股份有限公司 信息披露暂缓与豁免事务管理制度 第一章 总则 第一条 为规范郑州煤电股份有限公司（以下简称公司） 信息披露暂缓和豁免事务，加强公司信息披露事务管理，督 促公司及相关信息披露义务人依法合规地履行信息披露义 务，保护投资者的合法权益，根据中国证监会《上市公司信 息披露暂缓与豁免管理规定》《上海证券交易所股票上市规 则》《上海证券交易所上市公司自律监管指引第 2 号——信 息披露事务管理》等法律法规、规范性文件及《公司章程》 有关规定，结合公司实际情况，制定本制度。 第二条 公司和其他信息披露义务人暂缓、豁免披露临 时报告，在定期报告、临时报告中豁免披露中国证券监督管 理委员会（以下简称中国证监会）和证券交易所规定或者要 求披露的内容，适用本制度。 第三条 公司和其他信息披露义务人应当真实、准确、 完整、及时、公平地披露信息，不得滥用暂缓或者豁免披露 规避信息披露义务、误导投资者，不得实施内幕交易、操纵 市场等违法行为。 第四条 公司和其他信息披露义务人应当审慎确定信息 1 披露暂缓、豁免事项，履行内部审核程序后实施。 第五条 公司应当披露的信息存在可暂缓、豁免情形的， 可以无须向证券交易所申 ...

郑州煤电股份有限公司2025 年半年度报告 公司代码：600121 公司简称：郑州煤电 郑州煤电股份有限公司 2025 年半年度报告 1 / 157 郑州煤电股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人余乐峰、主管会计工作负责人房敬及会计机构负责人（会计主管人员）房敬声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 否 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质承诺，请投 资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 作为我国重要的一次性能源，煤炭 ...

证券代码：600121 证券简称：郑州煤电 公告编号：临 2025-033 郑州煤电股份有限公司 关于召开 2025 年半年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 9 月 12 日（星期五）10:00-11:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：网络文字互动 投资者可于 2025 年 9 月 5 日（星期五）至 9 月 11 日（星期四）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 zce600121@163.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 郑州煤电股份有限公司（以下简称公司）已于 2025 年 8 月 28 日 发布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解 公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 ...