二、本次发行公司债券应严格按照报送上海证券交易所的募集说 明书进行。 三、本批复自同意注册之日起 24 个月内有效，你公司在注册有 效期内可以分期发行公司债券。 四、自同意注册之日起至本次公司债券发行结束前，你公司如发 生重大事项，应及时报告并按有关规定处理。 股票代码：600123 股票简称：兰花科创 公告编号：临 2026-005 债券代码：138934 债券简称：23 兰创 01 债券代码：115227 债券简称：23 兰创 02 山西兰花科技创业股份有限公司 关于获得中国证监会向专业投资者公开发行 公司债券注册批复的公告 特别提示 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 担个别及连带责任。 近日，山西兰花科技创业股份有限公司(以下简称"公司")收到 中国证券监督管理委员会出具的《关于同意山西兰花科技创业股份有 限公司向专业投资者公开发行公司债券注册的批复》(证监许可 [2026]598 号)(以下简称"批复")，现将批复文件主要内容公告如 下: 一、同意你公司向专业投资者公开发行面值总额不超过 30 亿元 公司债券的注册申 ...

股票代码：600123 股票简称：兰花科创 公告编号：临 2026-003 债券代码：138934 债券简称：23 兰创 01 债券代码：115227 债券简称：23 兰创 02 山西兰花科技创业股份有限公司（以下简称"公司"）原指定信 息披露媒体为《上海证券报》《证券时报》和上海证券交易所网站 （www.sse.com.cn）。公司与《证券时报》签订的信息披露服务协议 已于 2026 年 3 月 31 日到期，自 2026 年 4 月 1 日起，公司指定信息 披露媒体变更为《上海证券报》《证券日报》和上海证券交易所网站 （www.sse.com.cn）。 公司所有公开披露的信息均以在上述指定报刊、网站刊登的正式 公告为准，敬请广大投资者理性投资，注意投资风险。 公司对《证券时报》长期以来提供的优质服务表示衷心的感谢。 特此公告 山西兰花科技创业股份有限公司董事会 2026 年 4 月 2 日 山西兰花科技创业股份有限公司 关于变更指定信息披露媒体的公告 特别提示 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 担个别及连带责任。 ...

股票代码：600123 股票简称：兰花科创 公告编号：临 2026-004 债券代码：138934 债券简称：23 兰创 01 债券代码：115227 债券简称：23 兰创 02 经审议，以 8 票同意，0 票反对，0 票弃权，审议通过此议案。 第八届董事会第八次临时会议决议公告 特别提示 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 担个别及连带责任。 一、董事会会议召开情况 （一）本次董事会会议的召开符合《公司法》《公司章程》和上 市公司规范性文件要求。 （二）本次会议通知于 2026 年 3 月 25 日以电子邮件和书面方式 发出。 (三)本次会议采用通讯表决方式于 2026 年 3 月 31 日召开，应参 加董事 8 名，实际参加董事 8 名。 二、董事会会议审议情况 （一）关于向兰科煤层气科技公司增资的议案 山西兰花科技创业股份有限公司 山西兰科煤层气科技利用有限公司（以下简称"兰科煤层气科技 公司"）系公司全资子公司，成立于 2023 年 1 月，注册资本 2000 万 元，主营煤矿低浓度瓦斯利用、节能改造服务等业务，是公司 ...

Industry Overview - The coal industry is experiencing a comprehensive price increase in the domestic market, driven by heightened demand from downstream sectors such as chemicals due to rising oil prices influenced by geopolitical tensions in the Middle East [6][3]. - As of March 27, the spot reference price for thermal coal in the Bohai Rim was 762 RMB/ton, reflecting a weekly increase of 3.39%, while the Qinhuangdao port price was 761 RMB/ton, up 3.54% [6]. - The metallurgical coal market is also seeing price increases, with main coking coal prices at 1750 RMB/ton, up 8.02%, and 1/3 coking coal at 1380 RMB/ton, up 2.99% [6]. Company Analysis: Aimeike (300896.SZ) - Aimeike reported a revenue of 2.453 billion RMB for 2025, a decrease of 18.94%, and a net profit of 1.291 billion RMB, down 34.05% [9]. - The company’s product lines, particularly solution and gel products, saw significant revenue declines of 27.48% and 26.82% respectively, while new freeze-dried powder products generated 208 million RMB [9]. - Aimeike's gross margin was 92.7%, down 1.94 percentage points, and the net profit margin was 53.07%, down 11.59 percentage points, indicating increased operational costs [9]. Investment Recommendations - The projected earnings per share (EPS) for Aimeike from 2026 to 2028 are estimated at 5, 5.41, and 6.06 RMB, respectively, with a current closing price of 118.74 RMB [8]. - The company is focusing on enhancing its product portfolio through independent research and acquisitions, including a recent acquisition of 85% of South Korea's REGEN for 1.9 million USD, which will strengthen its position in the global aesthetic medicine market [7][9]. - Aimeike's strategic initiatives in R&D and mergers are expected to bolster its capabilities in the aesthetic medicine industry, making it a noteworthy investment opportunity despite current performance pressures [7][9].

Investment Rating - The report maintains a "Recommended" rating for several companies in the coal industry, including 晋控煤业, 山煤国际, 潞安环能, 华阳股份, 兖矿能源, 中国神华, 陕西煤业, 中煤能源, and others [3][18]. Core Insights - The coal price is expected to enter a rapid upward trend due to increased demand from coastal power plants, which saw a year-on-year increase in daily consumption of 10.5% [1][10]. - The demand for coal is shifting from long-term contracts to spot market purchases, driven by rising gas prices and increased coal consumption in the chemical sector, which has grown by 12.9% year-on-year [1][10]. - The coal industry is projected to return to a state of basic supply-demand balance in 2023-2024, with prices for Qinhuangdao 5500 kcal coal expected to rebound to the range of 800-1000 RMB/ton [1][10]. Summary by Sections Weekly Market Review - The coal sector experienced a weekly decline of 1.2%, outperforming the broader market indices [19][22]. - The focus on coking coal saw the highest weekly increase of 3.0%, while thermal coal faced a decline of 3.2% [22]. Industry Dynamics - The report highlights the significant increase in coal consumption in the chemical sector and the impact of geopolitical tensions on energy security, emphasizing the need for domestic energy strategies [11][12]. - The report notes that the supply side remains constrained due to regulatory measures and expected production cuts in Indonesia, which will support domestic coal prices [1][10]. Company Performance - Key companies such as 辽宁能源 and 云煤能源 showed significant weekly gains, while 安泰集团 and 中国神华 faced notable declines [25][26]. - The report provides detailed earnings forecasts and valuations for various coal companies, indicating a positive outlook for those with high spot market exposure [3][18]. Future Outlook - The report suggests that the coal chemical sector will continue to see high growth rates in coal consumption, with projected increases in demand for new coal chemical projects [11][12]. - The overall sentiment in the coal market remains optimistic, with expectations of improved supply-demand dynamics and price stability in the near future [1][10].

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Views - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [11][12] - The coal market is expected to maintain a strong oscillating trend in the short term, despite rising inventories at northern ports, due to a decrease in overall chain inventory and upcoming maintenance on the Daqin line [11][12] - The underlying investment logic of coal capacity shortages remains unchanged, with a balanced short-term supply and demand, and a long-term gap still present [11][12] - The coal price is expected to stabilize at a new higher level, with high-quality coal companies maintaining strong profitability, cash flow, return on equity, and dividends [11][12] Summary by Sections 1. Coal Price Tracking - As of March 28, the market price for Qinhuangdao port thermal coal (Q5500) is 758 RMB/ton, an increase of 27 RMB/ton week-on-week [3][28] - The price for coking coal at Jingtang port is 1720 RMB/ton, up 120 RMB/ton week-on-week [3][30] - International thermal coal prices show mixed trends, with Newcastle coal at 85.1 USD/ton, down 1.2 USD/ton week-on-week [3][28] 2. Supply and Demand Tracking - The capacity utilization rate for thermal coal mines is 92.9%, an increase of 1.8 percentage points week-on-week [3][46] - The daily coal consumption in inland provinces increased by 22.6 thousand tons/day, a rise of 7.47% week-on-week, while coastal provinces saw a decrease of 18.7 thousand tons/day, down 8.8% week-on-week [3][47] - The operating rate of steel blast furnaces is 81.03%, up 1.25 percentage points week-on-week [3][11] 3. Inventory Situation - Coal inventory in inland provinces decreased by 1.557 million tons week-on-week, a decline of 2.04% [3][47] - Coastal provinces' coal inventory fell by 434 thousand tons week-on-week, down 1.28% [3][47] 4. Key Companies to Watch - Focus on stable operators such as China Shenhua, Shaanxi Coal and Energy, and China Coal Energy [12] - Companies with significant performance elasticity include Yancoal Energy, China Power Investment, and Jinneng Holding [12]

Investment Rating - The report maintains a "Recommended" rating for several companies in the coal industry, including 晋控煤业, 山煤国际, 潞安环能, 华阳股份, 兖矿能源, 中国神华, 陕西煤业, 中煤能源, and 中广核矿业 [3][18]. Core Insights - The coal price is expected to enter a rapid upward channel due to increased demand from coastal power plants, which saw a year-on-year increase in average daily consumption of 10.5% [1][10]. - The demand for coal is shifting from long-term contracts to spot market purchases, driven by rising gas prices and the upcoming non-electric peak season [1][10]. - The coal industry is anticipated to return to a state of basic supply-demand balance in 2023-2024, with prices for Qinhuangdao 5500 kcal coal expected to rebound to the range of 800-1000 RMB/ton [1][10]. Summary by Sections Weekly Market Review - The coal sector experienced a weekly decline of 1.2%, outperforming the broader market indices [19][22]. - The coking coal sub-sector saw the largest weekly increase of 3.0%, while the thermal coal sub-sector faced a decline of 3.2% [22]. Industry Dynamics - The report highlights a significant increase in coal consumption in the chemical sector, with a year-on-year growth rate of 12.9% [1][10]. - International coal prices are expected to rise due to increased demand from European power plants restarting coal-fired generation amid high gas prices [1][10]. - The report notes that domestic coal supply may contract due to regulatory constraints and expected reductions in Indonesian coal production [1][10]. Company Performance - Companies such as 辽宁能源 and 云煤能源 showed significant weekly gains, while 安泰集团 and 中国神华 faced notable declines [25][27]. - The report emphasizes the importance of companies with high spot market exposure and strong balance sheets, particularly in Shanxi province, which is less affected by production limits [11][18]. Investment Recommendations - The report suggests focusing on companies with high spot market flexibility, such as 晋控煤业, 山煤国际, 潞安环能, 华阳股份, and 兖矿能源 [18]. - It also recommends industry leaders like 中国神华, 陕西煤业, and 中煤能源 for their stable performance [18]. Future Outlook - The coal chemical sector is projected to maintain high growth rates in coal consumption, with significant potential demand from new projects [11]. - The report indicates that geopolitical tensions and energy security concerns will further bolster the coal industry's importance in China's energy strategy [11].

Investment Rating - The report maintains an investment rating of "Leading the Market" for the coal industry, indicating an expected price increase exceeding the benchmark index by over 10% [1][44]. Core Insights - The coal supply in the first two months of 2026 has slightly contracted, with a cumulative production of 763 million tons, reflecting a year-on-year decrease of 0.3% [4][5]. - Terminal demand has shown marginal recovery, with fixed asset investment increasing by 1.8% year-on-year, driven by a 3.1% rise in manufacturing investment, while real estate investment has decreased by 11.1% [4][5]. - The report highlights that geopolitical tensions have led to a contraction in coal imports, with a cumulative import volume of 77.22 million tons in the first two months, marking a 1.5% year-on-year increase, but a significant drop in February [5][6]. Summary by Sections Supply and Demand - The coal supply has contracted slightly, with a total output of 763 million tons in early 2026, down 0.3% year-on-year [4]. - Demand has shown a mixed trend, with thermal power generation growth at 3.3% and cement growth at 6.8%, while pig iron production has decreased by 2.7% [4][5]. Price Trends - Coal prices have shown a divergent trend in early 2026, with varying adjustments in prices for different coal types, including an increase in the price of coking coal at the Tianjin port [5][6]. Investment Recommendations - The report suggests that the geopolitical situation, particularly uncertainties in Indonesian supply and the impact of the US-Iran conflict, will support a bullish outlook for coal prices in 2026 [6]. - Key stocks to watch include Yanzhou Coal Mining Company, Guanghui Energy, and China Coal Energy, which are expected to benefit from the current market dynamics [6][7].

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the coal industry [2]. Core Insights - Domestic coal prices are beginning to rise, driven by stable downstream demand and favorable market conditions influenced by international geopolitical conflicts and reduced coal imports from Indonesia [5]. - The report highlights that the current market dynamics favor companies with overseas production capabilities and those closely related to coal chemical products [5]. Summary by Sections 1. Industry Performance - The coal industry has shown a strong performance over the past year, with significant price movements influenced by external factors [1]. 2. Dynamic Data Tracking 2.1 Thermal Coal - As of March 20, the reference price for thermal coal in the Bohai Rim was 737 CNY/ton, with a weekly change of +0.14% [2]. - The inventory of coal at nine ports in the Bohai Rim was 25.57 million tons, reflecting a weekly decrease of -3.65% [2]. 2.2 Metallurgical Coal - The production of coking coal is steadily recovering, with prices for main coking coal at Jing Tang Port reaching 1620 CNY/ton, a weekly increase of +3.18% [3]. - The operating rate of sample steel mills' blast furnaces was reported at 79.8%, an increase of +1.44 percentage points week-on-week [3]. 3. Investment Recommendations - Companies such as Yanzhou Coal Mining Company and Guanghui Energy are highlighted as favorable investments due to their strategic positioning in the current market [5]. - Other companies with strong configuration value include Jinkong Coal Industry, Huayang Co., and Shanxi Coal International [5].

Investment Rating - The report maintains a recommendation for the coal industry, particularly focusing on coal chemical and chemical coal sectors [3][4]. Core Views - The report highlights the changes in imported coal, particularly from Indonesia and Mongolia, indicating a potential increase in coal supply. It notes that Indonesia's coal supply disruptions are gradually easing, while Mongolia's coal imports have increased by 1.6 million tons in January and February [3][12]. - The report emphasizes that the current domestic coal supply-demand relationship is not under pressure from international oil and gas prices, suggesting that geopolitical disturbances in the Middle East could boost chemical coal demand. It projects that by 2025, the chemical coal consumption will reach 430 million tons, a year-on-year increase of 10.2% [3][12]. - The report suggests focusing on companies with quality anthracite and coal chemical production capacity, specifically recommending Lanhua Sci-Tech, Yanzhou Coal, and China Coal Energy [3][12]. Data Tracking Prices - As of March 20, the price of Qinhuangdao port's 5500 kcal thermal coal is reported at 735 RMB/ton, a week-on-week increase of 6 RMB/ton. The 5000 kcal price is 654 RMB/ton, up by 1 RMB/ton [1]. - For coking coal, the price of Shanxi's main coking coal at Jingtang port is 1600 RMB/ton, increasing by 10 RMB/ton week-on-week [2]. Demand Data - The daily consumption of the six major coastal power plants is 733,000 tons, a slight decrease of 2,000 tons week-on-week. The methanol operating rate is at 90.15%, down by 1.5 percentage points [2]. - The average daily pig iron production is 2.2115 million tons, down by 63,700 tons week-on-week, while the steel mill profit margin has improved to 41.14%, an increase of 3.02 percentage points [2]. Inventory - As of March 20, the total inventory of the six major coastal power plants is 12.996 million tons, a decrease of 65,000 tons week-on-week. The available days remain stable at 18 days [2].