Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is the early stage of a new upward cycle in the coal economy, driven by both fundamental and policy factors, making it an opportune time to invest in the coal sector during price corrections [11][12] - The supply side is tightening due to a decrease in coal mine capacity utilization rates, while demand is increasing, particularly in inland provinces [11][12] - The coal price has established a new support level, and high-quality coal companies are characterized by strong profitability, cash flow, return on equity (ROE), and dividends [11][12] Summary by Sections Coal Price Tracking - As of August 2, the market price for Qinhuangdao port thermal coal (Q5500) is 655 CNY/ton, up 10 CNY/ton week-on-week [3][28] - The price for coking coal at Jingtang port remains stable at 1650 CNY/ton [30] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 90.9%, down 3.1 percentage points week-on-week [11][45] - Daily coal consumption in inland provinces increased by 44.4 thousand tons/day (+13.05%) [11][46] - The daily coal consumption in coastal provinces rose by 1.0 thousand tons/day (+0.45%) [11][46] Inventory Situation - As of July 31, coal inventory in inland provinces decreased by 1.20% week-on-week, while daily consumption increased [46] - Coastal provinces saw a 1.08% decrease in coal inventory week-on-week [46] Company Performance - The coal sector is characterized by high performance, cash flow, and dividends, with a focus on companies like China Shenhua, Shaanxi Coal and Energy, and others [12][13]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, supported by both fundamental and policy factors, making it an opportune time to invest in the coal sector [11][12] - The report highlights a tightening supply side due to government policies aimed at curbing overproduction, which is expected to support a rebound in coal prices [3][11] - The underlying investment logic of coal capacity shortages remains unchanged, with a balanced short-term supply-demand situation and a medium to long-term gap still anticipated [11][12] Summary by Sections Coal Price Tracking - As of July 26, the market price for Qinhuangdao port thermal coal (Q5500) is 645 CNY/ton, an increase of 11 CNY/ton week-on-week [30] - The price for coking coal at Jing Tang port is reported at 1650 CNY/ton, up 230 CNY/ton week-on-week [32] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 94%, down 0.6 percentage points week-on-week, while the utilization rate for coking coal mines is 86.9%, up 0.8 percentage points [11][42] - Daily coal consumption in inland provinces has decreased by 51,000 tons/day (-13.04%) and in coastal provinces by 19,600 tons/day (-8.1%) [11][42] Inventory Situation - Coal inventory in coastal provinces increased by 429,000 tons week-on-week, while inland provinces saw a slight increase of 85,000 tons [11] Company Performance - The coal sector has shown strong performance, with the coal mining sector rising by 8.00% this week, outperforming the broader market [15][17] - Key companies to focus on include China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, which are noted for their stable operations and solid performance [12][13]

Group 1 - New Yi Sheng expects a net profit increase of 327.68%-385.47% for the first half of 2025, reaching between 37 billion to 42 billion yuan, driven by growth in AI-related computing power demand and product structure optimization [2][4] - Xinghui Entertainment plans to sell 99.66% of its stake in the Spanish club Espanyol for 1.3 billion euros, with half of the payment in cash and the other half in shares [3] - *ST Yushun intends to acquire 100% of three companies for a total of 33.5 billion yuan, aiming to diversify its business into data center infrastructure services and related products [4] Group 2 - Salted Fish plans to reduce its shareholding by up to 2.04%, with a major shareholder intending to sell 5,455,572 shares [5] - Lian Microelectronics expects a net loss of approximately 1.21 billion yuan for the first half of 2025 [6] - Meinian Health anticipates a net loss of 1.92 billion to 2.36 billion yuan for the first half of 2025, with revenue expected to decline by 0.12%-5.83% [7] Group 3 - Chengdi Xiangjiang forecasts a net profit of 28 million to 42 million yuan for the first half of 2025, marking a turnaround from a loss of 69.29 million yuan in the previous year [8] - Jinpu Titanium plans to acquire 100% of Nanjing Lide Oriental Rubber and Plastic Technology Co., Ltd., with stock resuming trading after the announcement [9] - Bohai Leasing expects a net loss of 1.8 billion to 2.4 billion yuan for the first half of 2025 due to goodwill impairment from a subsidiary's asset sale [10] Group 4 - Foton Motor anticipates a net profit increase of approximately 87.5% for the first half of 2025, reaching about 777 million yuan [11] - Shenwan Hongyuan expects a net profit growth of 92.66%-111.46% for the first half of 2025, estimating profits between 4.1 billion to 4.5 billion yuan [12] - Ganfeng Lithium predicts a net loss of 5.5 billion to 3 billion yuan for the first half of 2025, an improvement from a loss of 7.6 billion yuan in the previous year [13] Group 5 - Suzhou Planning intends to acquire 100% of Beijing Dongjin Aviation Technology Co., Ltd., with stock resuming trading after the announcement [14] - Xiangyang Bearing expects a net loss of approximately 13 million yuan for the first half of 2025, slightly worse than the previous year's loss [15] - Tianqi Lithium forecasts a net profit of 0 to 1.55 billion yuan for the first half of 2025, a significant improvement from a loss of 5.2 billion yuan in the previous year [16] Group 6 - Shandong Gold anticipates a net profit increase of 84.3%-120.5% for the first half of 2025, estimating profits between 2.55 billion to 3.05 billion yuan [17] - Yunnan Geology expects a net profit of 16 million to 23 million yuan for the first half of 2025, marking a turnaround from a loss in the previous year [18] - Four-dimensional Map expects a net loss of 319 million to 268 million yuan for the first half of 2025, with revenue growth of 3.07%-14.30% [19] Group 7 - Tangrenshen anticipates a net loss of 54 million to 69 million yuan for the first half of 2025, a significant decline from the previous year's profit [20] - Changbai Mountain expects a net loss of 2.58 million to 1.58 million yuan for the first half of 2025, with revenue decreasing by approximately 7.48% [21] - Jiu Gui Jiu predicts a net profit of 8 million to 12 million yuan for the first half of 2025, a decline of 90.08%-93.39% compared to the previous year [22] Group 8 - Hengsheng Electronics expects a net profit increase of 740.95% for the first half of 2025, estimating profits around 251 million yuan [23] - Qixia Construction anticipates a net profit of 5.5 million to 8 million yuan for the first half of 2025, driven by increased project completions [24] - Poly Development expects a net profit decrease of 63.15% for the first half of 2025, estimating profits around 27.35 billion yuan [25] Group 9 - Anyuan Coal anticipates a net loss of 259 million to 310 million yuan for the first half of 2025, worsening from the previous year's loss [26] - Zhonghua Equipment plans to acquire 100% of Yiyang Rubber Machine and Beihua Machine, with stock suspension expected for no more than 10 trading days [27] - Bayi Steel expects a net loss of 650 million to 700 million yuan for the first half of 2025, primarily due to weak market conditions [28] Group 10 - Yuegui Co. anticipates a net profit increase of 58.67%-77.12% for the first half of 2025, estimating profits between 215 million to 240 million yuan [29] - Dalian Friendship expects a net loss of 38 million to 30 million yuan for the first half of 2025, with revenue impacted by tax-related issues [30] - Hangfa Power expects a net profit decrease of 84.53%-86.55% for the first half of 2025, estimating profits around 80 million to 92 million yuan [31] Group 11 - Dongfang Zirconium anticipates a net profit increase of 141.77%-156.80% for the first half of 2025, estimating profits between 25 million to 34 million yuan [32] - Hangzhou Steel expects a net profit decrease of 2% from a major shareholder's planned reduction [33] - Jingao Technology predicts a net loss of 2.5 billion to 3 billion yuan for the first half of 2025, worsening from the previous year's loss [34] Group 12 - Shanshan Co. expects a net profit increase of 810.41%-1265.61% for the first half of 2025, estimating profits between 160 million to 240 million yuan [35] - Guocheng Mining anticipates a net profit increase of 1046.75%-1174.69% for the first half of 2025, estimating profits between 493 million to 548 million yuan [36] - Jindi Group expects a net loss of 3.4 billion to 4.2 billion yuan for the first half of 2025, with significant declines in revenue [37] Group 13 - Founder Securities anticipates a net profit increase of 70%-80% for the first half of 2025, estimating profits between 22.96 billion to 24.32 billion yuan [38] - Hasi Lian expects a net loss of 98 million to 80 million yuan for the first half of 2025, a significant decline from the previous year [39] - Lanhua Ketech expects a net profit decrease of 89.12%-92.75% for the first half of 2025, estimating profits between 40 million to 60 million yuan [40] Group 14 - Shanxi Securities anticipates a net profit increase of 58.17%-70.72% for the first half of 2025, estimating profits between 5.04 billion to 5.44 billion yuan [41] - Xinda Real Estate expects a net loss of 3.5 billion to 3.9 billion yuan for the first half of 2025, with significant declines in revenue [42] - Xiangcai Co. anticipates a net profit increase of 63.64%-118.19% for the first half of 2025, estimating profits between 12 million to 16 million yuan [43] Group 15 - Longi Green Energy expects a net loss of 2.4 billion to 2.8 billion yuan for the first half of 2025, despite an increase in sales volume [44] - Wentai Technology anticipates a net profit increase of 178%-317% for the first half of 2025, estimating profits between 390 million to 585 million yuan [45] - Ruida Futures expects a net profit increase of 50.56%-83.15% for the first half of 2025, estimating profits between 206 million to 251 million yuan [46] Group 16 - Debang Co. anticipates a net profit decrease of 84.26%-87.86% for the first half of 2025, estimating profits between 40 million to 52 million yuan [47] - Jin Yi Culture expects a net loss of 20 million to 32 million yuan for the first half of 2025, a significant decline from the previous year [48] - Hongdian Film expects a net profit increase of 103.55%-160.09% for the first half of 2025, estimating profits between 180 million to 230 million yuan [49] Group 17 - Qiaqia Food anticipates a net profit decrease of 71.05%-76.25% for the first half of 2025, estimating profits between 80 million to 97.5 million yuan [50] - Guotai Haitong expects a net profit increase of 205%-218% for the first half of 2025, estimating profits between 15.283 billion to 15.957 billion yuan [51] - Xining Special Steel expects a net loss of approximately 234 million yuan for the first half of 2025, with revenue impacted by low steel prices [52]

Shanxi Lanhua Sci-Tech Venture Co., Ltd. 2025 Semi-Annual Performance Forecast Analysis [Current Period Performance Forecast](index=1&type=section&id=I.%20Current%20Period%20Performance%20Forecast%20Details) The company anticipates a significant decline in H1 2025 net profit attributable to shareholders, with a projected non-recurring net loss, based on unaudited preliminary estimates H1 2025 Performance Forecast Core Data | Metric | H1 2025 Forecast (CNY Million) | H1 2024 (CNY Million) | YoY Change | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 40 - 60 | 551.63 | -89.12% to -92.75% | | Non-Recurring Net Profit Attributable to Shareholders | -170 - -140 | 554.18 | - | - This performance forecast is unaudited and represents preliminary estimates by the finance department[5](index=5&type=chunk) [Prior Period Performance Review](index=2&type=section&id=II.%20Prior%20Period%20Operating%20Performance%20and%20Financial%20Position) In H1 2024, the company reported a net profit attributable to shareholders and a non-recurring net profit, along with basic earnings per share H1 2024 Performance Review | Metric | Amount | | :--- | :--- | | Net Profit Attributable to Shareholders | 551.63 CNY Million | | Non-Recurring Net Profit Attributable to Shareholders | 554.18 CNY Million | | Earnings Per Share | 0.3714 CNY | [Analysis of Performance Decline Reasons](index=2&type=section&id=III.%20Main%20Reasons%20for%20Current%20Period%20Performance%20Decline) The significant performance decline is primarily due to weakened market demand and price drops for core products, coupled with reduced investment income from an associate's production halt, partially offset by a non-recurring gain from an equity investment refund [Impact of Main Business Operations](index=2&type=section&id=%28I%29%20Impact%20of%20Main%20Business%20Operations) Weakened market demand and falling prices for core products, coal and urea, led to a decline in main business revenue and profit, further impacted by the cessation of operations at an associate company - The company's primary products, coal and urea, experienced declining revenue and profit due to easing market demand and continuous price drops[7](index=7&type=chunk) - Investment income significantly decreased as associate company Shanxi Yamei Daning Energy Co., Ltd. officially ceased production in mid-May due to the expiration of its operating period[7](index=7&type=chunk) [Impact of Non-Recurring Gains and Losses](index=2&type=section&id=%28II%29%20Impact%20of%20Non-Recurring%20Gains%20and%20Losses) The company received a significant refund for a long-term equity investment in May 2025, which generated a substantial non-recurring gain positively impacting current period net profit - The company received a refund of **CNY 337 million** for a long-term equity investment in a wholly-owned subsidiary acquisition, which, after deducting corresponding asset values, increased current period non-recurring gains and losses by **CNY 213 million**[8](index=8&type=chunk) [Risk Warning and Other Explanations](index=2&type=section&id=IV.%20Risk%20Warning) The company emphasizes that this performance forecast is based on preliminary, unaudited financial estimates and may differ from the final audited semi-annual report, urging investors to exercise caution - This performance forecast data is preliminary and unaudited; the final accurate financial data will be based on the company's officially disclosed 2025 semi-annual report[10](index=10&type=chunk)[11](index=11&type=chunk) - As of the announcement date, the company has not identified any significant uncertainties affecting the accuracy of this performance forecast[10](index=10&type=chunk)

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is the early stage of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [11][12] - The underlying investment logic of coal capacity shortages remains unchanged, with short-term supply-demand balance and long-term gaps still present [11][12] - Coal prices have established a bottom and are trending towards a new platform, with high profitability, cash flow, return on equity (ROE) of 10-20%, and dividend yields over 5% for quality coal companies [11][12] - The coal sector is relatively undervalued, with overall valuation expected to improve, supported by high premiums in the primary mining rights market and a price-to-book (PB) ratio around 1 for most companies [11][12] - The coal sector is expected to maintain a tight supply-demand balance over the next 3-5 years, with quality coal companies exhibiting high barriers to entry, cash flow, dividends, and yield characteristics [11][12] Summary by Sections Coal Price Tracking - As of July 12, the market price for Qinhuangdao port thermal coal (Q5500) is 624 CNY/ton, an increase of 8 CNY/ton week-on-week [28] - The price for coking coal at Jing Tang port is 1310 CNY/ton, up 60 CNY/ton week-on-week [30] Coal Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 93.7%, down 0.3 percentage points week-on-week, while the utilization rate for coking coal mines is 85.52%, up 1.7 percentage points [11][46] - Daily coal consumption in coastal provinces increased by 6.10 thousand tons/day (+2.92%) week-on-week, while inland provinces saw a decrease of 9.50 thousand tons/day (-2.61%) [11][47] Coal Inventory Situation - As of July 10, coal inventory in coastal provinces decreased by 785 thousand tons (-2.18%) week-on-week, while inland provinces saw a slight decrease of 0.70 thousand tons (-0.01%) [11][47] Key Companies to Watch - Focus on stable and robust performers such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy [12] - Attention to companies with significant upside potential like Yanzhou Coal Mining, China Power Investment, and Guanghui Energy [12]

Summary of Key Points Core Viewpoint - LanHua KeChuang (600123) has shown a positive stock performance with a 3.5% increase in share price over the past week, reflecting a total market capitalization of 10.033 billion yuan as of July 11, 2025 [1] Company Announcements - The company announced a cash dividend distribution of 0.15 yuan per share (before tax), totaling approximately 220.99 million yuan, with the record date set for July 11, 2025, and the payment date on July 14, 2025 [2][4] - For individual shareholders holding shares for over one year, the actual cash dividend is 0.15 yuan per share, while qualified foreign institutional investors (QFII) and Hong Kong investors will receive 0.135 yuan per share after tax [2] Share Capital Changes - LanHua KeChuang has completed the cancellation of 11,879,979 repurchased A-shares, resulting in a change in registered capital to 1.473 billion yuan and total share capital to 1,473,240,021 shares [3][4]

股票代码：600123 股票简称：兰花科创 公告编号：临 2025-030 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 关于完成回购股份注销减少注册资本工商登记的公告 名称：山西兰花科技创业股份有限公司 统一社会信用代码：91140000713630037E 类型：其他股份有限公司(上市） 法定代表人：刘海山 注册资本：147324.0021万元 成立日期：1998年12月08日 住所：山西省晋城市城区钟家庄街道凤台东街2288号 经营范围：许可项目：煤炭开采【分支机构经营】；肥料生产【 分支机构经营】；危险化学品生产【分支机构经营】；燃气经营【分 支机构经营】；道路货物运输（不含危险货物）【分支机构经营】。 （依法须经批准的项目，经相关部门批准后方可开展经营活动，具体 经营项目以相关部门批准文件或许可证件为准）一般项目：煤炭及制 品销售；煤炭洗选【分支机构经营】；炼焦【分支机构经营】；矿山 机械制造；矿山机械销售；软件开发；信息系统集成服务；企业管理 咨询；软件销售；专用设备修理；技术服务、技术开发、技术咨询、 技术交 ...

证券代码：600123 证券简称：兰花科创 公告编号：2025-029 山西兰花科技创业股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.15元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/11 | － | 2025/7/14 | 2025/7/14 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 1. 发放年度：2024年年度 2. 分派对象： 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/11 | － | 2025/7/14 | 2025/7/14 | 四、 分配实施办法 1. 实施办法 本次利润分配方案经公司2025 ...

Group 1 - The company held its first temporary meeting of the eighth supervisory board on June 6, 2025, with all five supervisors present [1] - The supervisory board approved a proposal regarding the compensation for the demolition of certain assets of Jincheng Andako Trading Co., Ltd., with a unanimous vote of 5 in favor [1] Group 2 - The company’s wholly-owned subsidiary, Shanxi Lanhua Kechuang Coal Washing Co., Ltd., has been authorized to construct a new coal washing project with an annual capacity of 1.2 million tons [2] - The project will require the demolition of part of the existing buildings and related equipment at the Jincheng Andako Trading Co., Ltd. coal washing workshop, which has been agreed upon by both parties [2] - The compensation for the demolition will be based on an asset evaluation report issued by Shanxi Zhongxin Asset Appraisal Co., Ltd., with a reference date of December 31, 2024 [2]

山西兰花科技创业股份有限公司章程 山西兰花科技创业股份有限公司 章 程 （经 2025 年 6 月 6 日召开的 2024 年年度股东大会审议通过） 1 山西兰花科技创业股份有限公司章程 目 录 第五章 董事会 2 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东大会 第一节 股东 第二节 股东大会的一般规定 第三节 股东大会的召集 第四节 股东大会的提案与通知 第五节 股东大会的召开 第六节 股东大会的表决和决议 第一节 董事 第二节 独立董事 第三节 董事会 第六章 党委 第七章 总经理及其他高级管理人员 第一节 总经理 第二节 董事会秘书 第八章 监事会 第一节 监事 第二节 监事会 第九章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 山西兰花科技创业股份有限公司章程 第三节 会计师事务所的聘任 3 第十章 通知与公告 第一节 通知 第二节 公告 第十一章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十二章 修改章程 第十三章 附则 山西兰花科技创业股 ...