上述关联交易有利于推进唐安洗选分公司新建项目建 设，我们同意对安达科工贸本次拆迁资产进行补偿，补偿价 格为 320.99 万元（不含税），该补偿款从唐安洗选分公司配 套新建选煤厂项目资金中列支。我们同意将该议案提交公司 董事会审议。 山西兰花科技创业股份有限公司 独立董事专门会议 2025 年第二次会议审核意见 山西兰花科技创业股份有限公司（以下简称"公司"） 独立董事专门会议 2025 年第二次会议于 2025 年 6 月 5 日在 公司六楼会议室召开，本次会议应参加独立董事 3 名，实际 参加独立董事 3 名。本次会议的召集、召开和表决程序符合 《上市公司独立董事管理办法》《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 1 号—— 规范运作》和《公司章程》《独立董事制度》的相关规定。 经与会独立董事认真审议，形成决议并发表审核意见如下： 一、关于对晋城市安达科工贸有限公司部分资产拆除补 偿及关联交易的议案； 审核意见：经公司第八届董事会议第三次会议审议通过， 同意全资子公司山西兰花科创煤炭洗选有限公司（以下简称 "兰花科创洗选公司"）所属唐安洗选分公司新建 120 万吨/ 年沫煤洗 ...

股票代码：600123 股票简称：兰花科创 公告编号：临 2024-028 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 第八届监事会第一次临时会议决议公告 特别提示 本公司监事会及全体监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、监事会会议召开情况 （一）本次监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 2025 年 6 月 3 日以电子邮件和书面方式 发出。 (三)本次会议于 2025 年 6 月 6 日在公司六楼会议室召开，会议 由监事会主席司麦虎先生主持，应参加监事 5 名，实际参加监事 5 名。 二、监事会会议审议情况 （一）关于对晋城市安达科工贸有限公司部分资产拆除补偿及关 联交易的议案； 经审议，以 5 同意，0 票反对，0 票弃权，审议通过此议案。 特此公告 山西兰花科技创业股份有限公司监事会 2025 年 6 月 10 日 经公司第八届董事会议第三次会议审议通过，同意全资子公司山 ...

第八届董事会第五次临时会议决议公告 特别提示 股票代码：600123 股票简称：兰花科创 公告编号：临 2025-027 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 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）关于对晋城市安达科工贸有限公司部分资产拆除补偿及 关联交易的议案； 经审议，以 7 票同意，0 票反对，0 票弃权，审议通过此议案。 经公司第八届董事会议第三次会议审议通过，同意全资子公司山 西兰花科创煤炭洗选有限公司（以下简称"兰花科创洗选公司"）所 属唐安洗选分公司新建 120 万吨/年沫煤洗选项目。该项目选址为唐 安洗选分公司现有洗煤厂南部，按照项目规划设计，需占用晋城市安 达科工贸有限公司（下简称"安达科工贸"）洗煤车间部分建筑，并 需要拆除该建筑及相关机器设备。经与安达科工贸协商，安达科工贸 同意对洗煤车间部分建筑及相关机器设备进行拆除，由兰花科创洗选 公司按照评估后结果对其拆迁资产进行补偿。 根据山西中 ...

Investment Rating - The report maintains a "Buy" rating for several coal companies, including Jin控煤业, 陕西煤业, 华阳股份, 中国神华, 中煤能源, 山煤国际, 新集能源, 兖矿能源, and 淮北矿业, indicating a positive outlook for these stocks [3][11]. Core Views - The report highlights that the continuous destocking at ports and the upcoming peak summer demand are expected to drive a rebound in thermal coal prices. The demand side is seeing an increase in daily consumption by power plants as temperatures rise, while supply is tightening due to reduced production and stricter safety inspections [1][7]. - The report suggests that after verifying the bottom support for coal prices, the stable high dividend yield of coal stocks enhances their investment value, leading to a potential valuation uplift for the sector [1][8]. - The report emphasizes the importance of focusing on companies with stable performance and high cash flow growth, recommending specific stocks based on their financial health and market position [11]. Summary by Sections Market Overview - The report notes that the coal market is experiencing mixed price movements, with low-calorie coal prices slightly increasing due to tight supply. The overall market remains stable, with port coal prices showing minor fluctuations [1][7]. - The report indicates that the average daily coal consumption by power plants has increased, with a week-on-week rise of 33.7 thousand tons, reflecting a growing demand for electricity [9]. Supply and Demand Dynamics - The report discusses the supply side, noting a significant decline in coal production due to low prices and stricter environmental checks, particularly in regions like Xinjiang and Inner Mongolia. This is expected to lead to a tighter supply situation [1][10]. - On the demand side, the report highlights that non-electric demand remains high, and the anticipated increase in thermal power generation could lead to a positive shift in coal prices [1][7]. Company Performance - The report provides earnings forecasts and valuations for key companies, with Jin控煤业 expected to have an EPS of 1.68 yuan in 2024, while 陕西煤业 is projected to have an EPS of 2.31 yuan. The report recommends these companies based on their stable earnings and growth potential [3][11]. - The report also notes that the coal sector has underperformed compared to the broader market, with a weekly decline of 0.3% for the coal sector compared to a 0.9% increase in the Shanghai Composite Index [12][15]. Investment Recommendations - The report recommends focusing on companies with robust performance and cash flow, such as Jin控煤业 and 陕西煤业, as well as industry leaders like 中国神华 and 中煤能源. It also suggests looking at companies with growth in production, such as 华阳股份 and 山煤国际 [11][12].

Core Viewpoint - The company, Shanxi Lanhua Science and Technology Innovation Co., Ltd. (Lanhua Ketech), reported a decline in financial performance for 2024, attributing this to prolonged construction periods and significant investments in two mines, as well as fluctuations in coal prices [1][2]. Financial Performance - In 2024, the company achieved an operating revenue of 11.697 billion yuan, a total profit of 827 million yuan, and a net profit attributable to shareholders of 718 million yuan, all showing a decline compared to previous periods [1]. - The decline in performance is linked to weaker profitability in the coal and coal chemical sectors due to the aforementioned factors [1]. Strategic Initiatives - The company has launched a series of strategic measures covering the entire business chain from coal resource expansion to downstream coal chemical industry upgrades [2]. - Key projects include the launch of the Lanhua Qinyu 900,000 tons/year integrated mine in January 2024 and the Baisheng Coal Industry project expected to begin production by the end of September 2024 [2]. - The company also secured coal exploration rights in Shanxi Province for 6.949 billion yuan, enhancing its resource reserve capabilities [2]. Market Outlook - With the peak summer electricity demand approaching, coal demand is expected to recover, leading to a potential increase in coal prices [2]. - Positive changes in market demand and prices for the company's urea products are anticipated to support operational performance [2]. Future Plans - The company has outlined a 2025 valuation enhancement plan focusing on coal and coal chemical sectors, aiming to optimize market layout and business structure [2]. - The company plans to achieve a coal production target of 14.5 million tons, urea production of 803,400 tons, and caprolactam production of 110,000 tons by 2025 [3]. Dividend Policy - The company plans to distribute a cash dividend of no less than 30% of the net profit attributable to shareholders for the 2025 fiscal year [3]. - Over its 26 years as a listed company, Lanhua Ketech has implemented cash dividends 23 times, totaling 7.165 billion yuan, with an average dividend payout ratio of 41.02% over the past three years [3].

证券代码：600123 证券简称：兰花科创 公告编号：2025-026 山西兰花科技创业股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 6 月 6 日 (二)股东大会召开的地点：公司六楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 513 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 723,341,767 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 49.0987 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，董事长刘海山先生主持，会议采取现场投 票与网络投票相结合的方式召开，会议的召集、召开和表决符合《公司法》、《公 司章程》的规定。 (一)非累 ...

北京市中勤律师事务所 BEIJING ZHONGQIN LAW FIRM 中国·北京市朝阳区安苑路甲 17 号 205 室 205,No.17 Anyuan Road,Chaoyang District,Beijing 100029 ,China 电话 Tel：(86-10) 85801637, 传真 Fax：(86-10) 85801653 北京市中勤律师事务所 致：山西兰花科技创业股份有限公司 北京市中勤律师事务所（以下简称本所）接受山西兰花科技创业 股份有限公司（以下简称公司）委托，指派律师出席公司 2024 年度 股东大会，并依据《中华人民共和国公司法》（以下简称《公司法》）、 《上市公司股东会规则》（以下简称《规则》）、《上海证券交易所上市 公司自律监管指引第 1 号—规范运作》（以下简称"自律指引"）等相 关法律、法规和规范性文件的规定，以及现行的《山西兰花科技创业 股份有限公司章程》（以下简称《公司章程》）、《山西兰花科技创业股 份有限公司股东大会议事规则》（以下简称"公司股东大会议事规则"）， 就公司本次股东大会的召集、召开程序、出席会议人员的资格、表决 1 _________________ ...

根据《公司债券发行与交易管理办法》、《上海证券交易所公司 债券上市规则》等相关规定，截至 2025 年 5 月 31 日，山西兰花 科技创业股份有限公司（以下简称"公司"）当年累计新增借款超过 上年末净资产的 20%，具体情况如下： 一、 主要财务数据概况 （合并口径） 截至 2024 年 12 月末，公司经审计净资产为 159.64 亿元，借款 余额为 77.95 亿元，截至 2025 年 5 月 31 日，公司借款余额为 144.68 亿元，2025 年 1 月-5 月较上年末累计新增借款 66.73 亿元，累计新 增借款占上年末净资产的 41.80%。 二、 新增借款的分类披露（合并口径） 股票代码：600123 股票简称：兰花科创 公告编号：临 2025-025 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 关于当年累计新增借款超过上年末净资产 20% 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。 上述新 ...

Summary of the Conference Call for Lanhua Ketech Company Overview - **Company**: Lanhua Ketech - **Industry**: Coal and Chemical Industry Key Points and Arguments Operational Challenges - **Amei Danning's License Expiration**: Amei Danning has ceased operations due to the expiration of its business license, leading to a dispute with Lanhua Ketech regarding the cooperation period and resource recovery, which involves a significant number of employees [2][3][5] - **Investment Contribution**: Last year, the mine contributed over 200 million yuan in investment income to Lanhua Ketech, while in Q1 of this year, the contribution was approximately 5.5 million yuan, accounting for 41% of the shares [2][7] Valuation Enhancement Plan - **Background**: The valuation enhancement plan was initiated in response to the China Securities Regulatory Commission's guidelines for companies with long-term negative net asset values [2][8] - **Measures**: The plan includes integrating existing mines, upgrading coal chemical processes, and increasing dividend payout ratios to 30% of net profit [4][12] Coal Chemical Projects - **Energy Efficiency Upgrades**: The coal chemical energy-saving and environmental upgrade project aims to maintain existing production capacity while expanding the capacity for synthetic ammonia and urea, with expected outputs of 600,000 tons of synthetic ammonia, 800,000 tons of urea, and 920 million cubic meters of LNG [2][9] - **New Mining Operations**: The trial operation of new coal seams is planned for 2026-2028, which will extend the mining period by at least 20 years [2][9] Environmental Standards - **Tianwan Pure Oxygen Gasification Project**: This project aims to enhance environmental standards by converting from atmospheric gasification to high-pressure boilers, improving operational efficiency and production capacity [2][10] Financial Performance and Cost Management - **Cost Structure**: The production cost per ton is approximately 260 to 270 yuan, with total costs around 370 yuan [15] - **Revenue and Profit Goals**: The company aims for total revenue of 11.4 billion yuan and a profit of 850 million yuan for the year, with a production target of 14.5 million tons [16] Market Conditions - **Coal Inventory**: As of Q1 2025, coal inventory was around 600,000 to 700,000 tons, showing an increase compared to last year due to market supply and demand dynamics [13] - **Coal Price Trends**: The company continues to execute coal supply at a capped price of 570 yuan per ton, despite market fluctuations [21] Challenges in the Mining Sector - **Loss-Making Mines**: Three mines (Tongbao, Baisheng, and Qingyu) are currently at the brink of losses due to high fixed asset depreciation and poor coal quality [14] Future Capital Expenditure - **Investment Plans**: Future capital expenditures will focus on the Demei Chemical project with an estimated total investment of 3.962 billion yuan over two years, alongside smaller investments in new coal projects [30] Profitability Outlook - **Profit Coverage**: Expected profits are projected to cover annual capital expenditures, ensuring financial sustainability [31] Additional Important Information - **Employee Impact**: The operational halt affects approximately 1,000 to 2,000 employees, necessitating urgent communication to resolve the situation [5][6] - **Stockholder Engagement**: The company plans to enhance communication with investors and consider share buyback options as part of its valuation enhancement strategy [4][12]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes that marginal improvements in supply and demand have stabilized coal prices, indicating a potential recovery in coal asset allocation [1][4] - The coal sector is viewed as entering a "Golden Era 2.0," with core value assets expected to rise again due to favorable macroeconomic policies and capital market support [4][12] Summary by Sections Investment Logic - The current weak domestic economic performance and external pressures, such as tariff policies, create a favorable environment for coal as a stable dividend investment [4][12] - The cyclical elasticity of coal stocks is highlighted, with both thermal and coking coal prices expected to rebound as supply-demand fundamentals improve [4][12] - The report notes a trend of increasing dividends among coal companies, indicating a strong response to policy support and a shift towards higher dividend payouts [4][12] Key Indicators Overview - The coal sector saw a slight increase of 1.03% this week, outperforming the CSI 300 index by 1.21 percentage points [7][9] - The current PE ratio for the coal sector is 11.9, and the PB ratio is 1.19, ranking low among all A-share industries [9] Thermal Coal Industry Chain - As of May 23, the Qinhuangdao Q5500 thermal coal price is 611 CNY/ton, reflecting a slight decrease of 0.49% [3][15] - The operating rate of 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia is 81.3%, showing a minor decline [15] - Daily coal consumption by coastal power plants increased to 187.6 thousand tons, up 3.93% from the previous period [15] Coking Coal Industry Chain - The report indicates a slight decrease in port coking coal prices, with the average price at 1300 CNY/ton [16] - The market price for coking coal in Shanxi is reported at 1130 CNY/ton, down 4.24% [16] Company Announcements - Several coal companies have announced mid-term dividend plans, reflecting a trend towards higher shareholder returns [4][12] Industry Dynamics - The report discusses the resilience of black demand and the overall stability of the coal market despite recent price fluctuations [3][4]