Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year decrease in revenue and net profit for the first half of 2024, with revenue at 5.477 billion yuan, down 15.33%, and net profit at 550 million yuan, down 59.50% [1] - In Q2 2024, the company achieved revenue of 3.215 billion yuan, a year-on-year decrease of 6.86% but a quarter-on-quarter increase of 42.12% [1] - The coal business showed improved performance with increased production and sales, leading to a quarter-on-quarter improvement in results [1] - The company is expected to face challenges due to declining coal prices, leading to revised revenue forecasts for 2024-2026 [1][2] Financial Performance Summary - Revenue projections for 2023, 2024, 2025, and 2026 are 13.284 billion yuan, 13.996 billion yuan, 15.207 billion yuan, and 16.303 billion yuan respectively, with growth rates of -6%, 5%, 9%, and 7% [1][2] - Net profit projections for the same years are 2.098 billion yuan, 1.675 billion yuan, 2.029 billion yuan, and 2.301 billion yuan, with growth rates of -35%, -20%, 21%, and 13% [1][2] - Earnings per share (EPS) for 2024 is projected at 1.41 yuan, with a P/E ratio of 5.7 [1][2] Business Segment Performance - Coal production in the first half of 2024 was 7.0561 million tons, a year-on-year increase of 9.34%, with sales of 5.7585 million tons, also up year-on-year [1] - The average selling price of coal was 637 yuan per ton, with a gross profit margin of 41.57% [1] - The chemical segment, including urea and caprolactam, saw significant improvements in production and sales compared to the previous quarter [1]

证券代码：600123 证券简称：兰花科创 公告编号：2024-051 山西兰花科技创业股份有限公司 关于股份回购进展公告 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： | 回购方案首次披露日 | 2024/5/18 | | | --- | --- | --- | | 回购方案实施期限 | 2024/6/6~2025/6/5 | | | 预计回购金额 | 1 亿元~2 | 亿元 | | 回购用途 | □用于员工持股计划或股权激励 | √减少注册资本 | | | □用于转换公司可转债 | | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 7,000,050 | 股 | | 累计已回购股数占总股本比例 | 0.4713% | | | 累计已回购金额 | 元 | 57,617,687.90 | | 实际回购价格区间 | 7.51 元/股 | 元/股~9.20 | 一、 回购股份的基本情况 山西兰花科技创业股份有限公司（以下简称"公司"）于 2024 年 6 月 6 日召开的 2024 年第三次 ...

兰花科创（600123.SH）2024 年半年报点评 [盈利预测与财务指标 Table_Forcast] ➢ 事件：2024 年 8 月 30 日，公司发布 2024 半年度报告。2024 年上半年， 公司实现营业收入 54.77 亿元，同比减少 15.33%；归母净利润 5.52 亿元，同比 减少 59.50%。 ➢ 24Q2 业绩环比提升，税费增加影响业绩释放。2024 年二季度，公司实现 营业收入 32.15 亿元，同比下降 6.86%，环比增长 42.12%；归母净利润 4.17 亿 元，同比下降 29.20%，环比增加 208.89%。24Q2 公司税金及附加环比增加 0.77 亿元，主因山西资源税率上调影响，四费环比增加 1.16 亿元，其中销售/管理/研 发/财务费用分别环比+0.04/+1.29/-0.06/-0.11 亿元。24Q2 公司投资收益环比 增加 0.66 亿元，主要来自参股矿井亚美大宁。 ➢ 煤炭售价下滑、成本抬升致盈利受损，24Q2 环比改善。1）24H1：公司实 现煤炭产销量 705.61/575.85 万吨，同比+9.34%/+1.66%；吨煤售价 636.99 元/吨，同 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that Q2 coal production and pricing improved sequentially, and the company's dividend and share buyback programs demonstrate its investment value [4] - The company reported a significant increase in Q2 net profit and revenue compared to Q1, indicating a recovery trend [4] Financial Performance Summary - For H1 2024, the company achieved operating revenue of 5.48 billion yuan, a year-on-year decrease of 15.3%, and a net profit attributable to shareholders of 550 million yuan, down 59.5% year-on-year [4] - In Q2 2024, the company reported operating revenue of 3.21 billion yuan, a quarter-on-quarter increase of 42.1%, and a net profit of 420 million yuan, a quarter-on-quarter increase of 208.9% [4] - The company maintains its profit forecast for 2024-2026, expecting net profits of 1.20 billion, 1.61 billion, and 1.84 billion yuan respectively [4] Coal Business Performance - Q2 coal production and sales showed significant sequential growth, with production at 3.94 million tons and sales at 3.38 million tons, representing increases of 26.4% and 41.7% respectively [4] - The average selling price of coal in Q2 was 640.9 yuan per ton, a quarter-on-quarter increase of 1.5%, while the gross profit per ton was 294.2 yuan, up 10.6% quarter-on-quarter [4] Chemical Business Performance - Urea production and sales improved year-on-year in H1 2024, with production at 478,000 tons and sales at 476,000 tons, although Q2 saw a slight decline in profitability [4] - The average price of urea in H1 was 2010.9 yuan per ton, down 12% year-on-year, with a gross profit of 432.3 yuan per ton, up 54.5% year-on-year [4] Growth Potential and Investment Value - The company has growth potential in coal production capacity, with new projects expected to come online in the coming years [4] - The dividend payout ratio reached 53.1% in 2023, an increase of 17.7 percentage points from 2022, and a share buyback plan of 100 to 200 million yuan has been proposed [4]

山西兰花科技创业股份有限公司舆情管理制度 山西兰花科技创业股份有限公司 舆情管理制度 （经公司 2024 年 8 月 29 日召开的第八届董事会第二次会议审议通过） 第一章 总则 第一条 为了提高山西兰花科技创业股份有限公司（以下简称"公 司"）应对各类舆情的能力，建立快速反应和应急处置机制，及时妥 善处理各类舆情对公司股价、商业信誉及正常经营活动造成的影响， 切实保护公司和投资者的利益，根据《上海证券交易所股票上市规则》 及相关法律法规、规范性文件的规定和《山西兰花科技创业股份有限 公司章程》（以下简称"《公司章程》"），结合公司实际，制定本制度。 第二条 本制度所称舆情包括： （一）报刊、电视、网络等媒体对公司进行的负面报道、不实报 道； 对公司造成的各种负面影响，切实维护公司的利益和形象。 第二章 舆情管理的组织机构及工作职责 （二）社会上存在的已经或将给公司造成不良影响的传闻或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异 常波动的信息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易 价格产生较大影响的事件信息。 第三条 舆情信息的分类: (一)重大舆情:指传播范围较广， ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 5,476,883,169.36, a decrease of 15.33% compared to CNY 6,468,777,361.51 in the same period last year[13]. - The net profit attributable to shareholders of the listed company was CNY 551,626,855.69, down 59.50% from CNY 1,361,873,931.22 year-on-year[13]. - The net cash flow from operating activities was CNY 630,825,572.46, a decline of 43.91% compared to CNY 1,124,590,821.72 in the previous year[13]. - The net profit after deducting non-recurring gains and losses was CNY 554,176,370.68, down 58.54% from CNY 1,336,671,834.65 in the same period last year[13]. - Basic earnings per share for the first half of 2024 was CNY 0.3714, a decrease of 59.50% compared to CNY 0.9170 in the same period last year[14]. - The company achieved a total profit of CNY 700 million, down 61.90% compared to the previous year[24]. - The total profit for the first half of 2024 was CNY 700,281,238.21, a decline of 61.9% compared to CNY 1,838,172,378.82 in the previous year[93]. - The company reported a decrease in investment income from joint ventures and associates to CNY 55,179,271.07 from CNY 187,115,305.22[93]. Production and Sales - The company produced 7.0561 million tons of coal in the first half of 2024, representing a year-on-year increase of 9.34%[19]. - Coal sales reached 5.7585 million tons, up 1.66% from 5.6647 million tons in the previous year[19]. - The average selling price of coal decreased by 19.24% to CNY 636.99 per ton[25]. - The production of urea was 478,100 tons, a decrease of 2.25% year-on-year[20]. - The production of caprolactam increased by 16.77% to 56,400 tons in the first half of 2024[21]. Assets and Liabilities - The net assets attributable to shareholders of the listed company at the end of the reporting period were CNY 16,125,367,508.94, a decrease of 3.11% from CNY 16,642,667,165.52 at the end of the previous year[13]. - Total assets increased by 1.29% to CNY 31,335,117,939.52 from CNY 30,937,298,162.19 at the end of the previous year[13]. - The company's total liabilities increased to approximately ¥10,920,588,204.61 from ¥11,482,801,348.92 at the end of the previous year[98]. - The company's total assets reached approximately ¥31.34 billion, compared to ¥30.94 billion at the end of the previous year[90]. Cash Flow and Financing - The company's cash and cash equivalents at the end of the reporting period were ¥6,250,727,405.18, representing 19.95% of total assets, an increase of 13.33% from the previous year[28]. - Short-term borrowings increased by 31.02% to ¥2,675,000,000.00 from ¥2,041,631,068.00 year-on-year[28]. - The company's total interest-bearing debt increased from 78.02 billion RMB at the beginning of the reporting period to 87.63 billion RMB at the end, representing a year-on-year growth of 12.32%[81]. - The company maintained a loan repayment rate of 100% during the reporting period[87]. Environmental Compliance - The company has highlighted potential risks related to safety production, environmental protection, and market changes in its management discussion and analysis section[2]. - The company has implemented environmental protection measures in compliance with local regulations[40]. - The company reported zero actual emissions exceeding the permitted limits for the first half of 2024[42]. - The company has established a total of 7 wastewater discharge outlets, with all wastewater being reused without external discharge[40]. - The company has completed the elimination of coal-fired boilers below 10t/h at four coal mines, transitioning to cleaner heating solutions[54]. Management and Governance - The company appointed Liu Haishan as the new general manager and Zheng Bin as the new deputy general manager, reflecting changes in senior management[37]. - The company has appointed several new senior management personnel, including deputy general managers and chief engineers[38]. - The company has not disclosed any plans for profit distribution or capital reserve transfer to increase share capital during this reporting period[2]. - The report has not been audited, and the management has confirmed the accuracy and completeness of the financial report[2]. Shareholder Information - The total number of common shareholders as of the end of the reporting period is 49,827[70]. - The largest shareholder, Shanxi Lanhua Coal Industry Group Co., Ltd., holds 669,942,000 shares, accounting for 45.11% of the total shares[71]. - The company reported no changes in the controlling shareholder or actual controller during the reporting period[76]. - There were no share buybacks or changes in voting rights among the top shareholders[71]. Research and Development - Research and development expenses fell by 43.26% to ¥11,692,724.57 from ¥20,608,821.70 year-on-year[27]. - The company reported a significant decrease in research and development expenses to CNY 11,692,724.57 from CNY 20,608,821.70, indicating a potential shift in investment strategy[93]. Community Engagement - The company has established partnerships with 8 units and villages to support poverty alleviation and rural revitalization efforts[62]. - The company has committed to purchasing products from assisted villages to promote income growth for farmers[62]. - The company has allocated special funds to improve basic infrastructure in assisted villages, enhancing the living environment[63].

股票代码：600123 股票简称：兰花科创 公告编号：临 2024-049 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 第八届董事会第二次会议决议公告 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。 (三)本次会议于 2024 年 8 月 29 日以通讯表决方式召开，应参加 表决董事 9 名，实际参加表决董事 9 名。 二、董事会会议审议情况 （一）2024 年半年度报告全文及摘要； 经审议，以 9 票同意，0 票反对，0 票弃权，审议通过此议案。 本议案已经董事会审计委员会事前认可。 （二）兰花科创董事、监事和高级管理人员持股变动管理制 度； 经审议，以 9 票同意，0 票反对，0 票弃权，审议通过此议案。 （具体内容详见上海证券交易所网站 www.sse.com.cn） （三）兰花科创对外捐赠管理制度； 经审议 ...

证券代码：600123 证券简称：兰花科创 公告编号：临 2024-050 山西兰花科技创业股份有限公司 关于召开 2024 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：2024 年 09 月 19 日(星期四) 上午 09:00- 10:00 ●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：上证路演中心网络互动 ●投资者可于 2024 年 09 月 10 日(星期二)至 09 月 18 日(星期 三)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 lhkcir@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。 山西兰花科技创业股份有限公司（以下简称"公司"）已于 2024 年 8 月 31 日发布公司 2024 年半年度报告，为便于广大投资者 更全面深入地了解公司 2024 年半年度经营成果、财务状况，公司计 划于 2024 ...

山西兰花科技创业股份有限公司对外捐赠管理制度 山西兰花科技创业股份有限公司 对外捐赠管理制度 （经公司 2024 年 8 月 29 日召开的第八届董事会第二次会议审议通过） 第一章 总则 第一条 为规范山西兰花科技创业股份有限公司（以下简称"公 司"）对外捐赠行为，加强公司对外捐赠事项的管理，在充分维护公 司股东、债权人及员工利益的基础上，更好地履行公司的社会责任， 根据《中华人民共和国公司法》、《中华人民共和国公益事业捐赠法》、 《中华人民共和国慈善法》、《上海证券交易所股票上市规则》等法律 法规、行政法规、规范性文件以及《公司章程》的有关规定，结合公 司实际，制定本制度。 第二条 本制度所称"对外捐赠"，是指自愿将有权处分的合法财 产赠送给合法的受赠人，用于与生产经营活动没有直接关系的公益事 业的行为。 山西兰花科技创业股份有限公司对外捐赠管理制度 导致市场的不公平竞争； （二）权责清晰原则。公司以其拥有处分权的合法财产做出的 任何对外捐赠行为，均应当以公司的名义进行。公司董事、监事、高 级管理人员或者其他职工不得将公司拥有的财产以个人或其他企业、 机构名义对外捐赠。公司对外捐赠应当要求受赠人落实公司的捐 ...

股票代码：600123 股票简称：兰花科创 公告编号：临 2024-048 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 以上生产经营数据来自本公司内部统计，为投资者及时了解本公 司生产经营概况之用，该等数据未经审计，与本公司定期报告披露的 数据可能有差异，董事会提醒投资者审慎使用。 2024 年半年度主要生产经营数据公告 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。 根据上海证券交易所《上市公司自律监管指引第 3 号—行业信息 披露》相关要求，现披露公司 2024 年半年度主要生产经营数据如下： 项目 2024 年 1-6 月 2023年1-6月 变化比例（%） 一、煤炭产品 1、产量（万吨） 705.61 645.33 9.34% 2、销量（万吨） 575.85 566.47 1.66% 3、销售收入（万元） 366,808 446,823 -17.91% 4、销售成本（万元） 204,103 172,888 18. ...