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 for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [11][12] - The supply side constraints are expected to support prices despite high inventory levels and mild weather conditions, with coal prices anticipated to exhibit a bottoming and oscillating trend [11][12] - The underlying investment logic of coal capacity shortages remains unchanged, with a balanced short-term supply-demand scenario and a long-term gap still present [11][12] Summary by Sections Coal Price Tracking - As of December 6, the market price for Qinhuangdao port thermal coal (Q5500) is 791 RMB/ton, down 27 RMB/ton week-on-week [30] - The international thermal coal FOB price for Newcastle (NEWC5500) is 85.5 USD/ton, down 1.8 USD/ton week-on-week [30] - The price for coking coal at Jing Tang port is 1650 RMB/ton, down 60 RMB/ton week-on-week [32] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.5%, an increase of 0.2 percentage points week-on-week [48] - The daily coal consumption in inland 17 provinces has increased by 32.10 thousand tons/day, a rise of 9.07% week-on-week [47] - The daily coal consumption in coastal 8 provinces has increased by 10.70 thousand tons/day, a rise of 5.72% week-on-week [47] Inventory Situation - The coal inventory in inland 17 provinces has decreased by 100.60 thousand tons, a decline of 0.99% week-on-week [47] - The coal inventory in coastal 8 provinces has increased by 51.10 thousand tons, an increase of 1.48% week-on-week [47] Company Performance - The coal sector has shown a positive performance with a 0.77% increase, although it underperformed compared to the broader market [14][17] - Key companies to focus on include China Shenhua, Shaanxi Coal, and Yanzhou Coal, which are noted for their stable operations and strong performance [12][13]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The report indicates that the coal industry is at the beginning of a new upward cycle, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal stocks on dips [12][13] - The report highlights a tight supply situation, with coal prices stabilizing at a new platform, and emphasizes the high profitability, cash flow, and dividend yield of quality coal companies [12][13] - The report suggests that the coal sector is undervalued and has potential for valuation enhancement, with a focus on high dividend yields and cyclical elasticity [12][13] Summary by Sections Coal Price Tracking - As of November 22, the market price for Qinhuangdao port thermal coal (Q5500) is 827 RMB/ton, unchanged from the previous week [28] - The price for thermal coal from Shanxi at the pit head is 780 RMB/ton, up by 15 RMB/ton week-on-week [28] - International thermal coal prices have seen slight increases, with Newcastle thermal coal at 86.5 USD/ton, up by 1.5 USD/ton [28] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.5%, an increase of 0.3 percentage points week-on-week [46] - Daily coal consumption in 17 inland provinces has increased by 14.7 thousand tons/day, a rise of 4.37% week-on-week [12] - The report notes that the daily coal consumption in 8 coastal provinces has also risen by 7.5 thousand tons/day, up by 4.18% week-on-week [12] Coal Inventory Situation - Coal inventories in coastal provinces increased by 25.5 thousand tons week-on-week, while inland provinces saw an increase of 89.1 thousand tons [12] - The report indicates a decrease in available days of coal supply in both coastal and inland regions [12] Company Performance - The report emphasizes the strong performance of companies like China Shenhua, Shaanxi Coal and Chemical Industry, and others, which are expected to maintain stable operations and robust earnings [13] - It also highlights companies with higher elasticity such as Yanzhou Coal Mining Company and others, suggesting they are worth monitoring [13]

Core Points - The company held its second extraordinary general meeting of shareholders on November 21, 2025, with no resolutions being rejected [2][3] - The meeting was convened by the board of directors and chaired by Chairman Zhao Chenguang, utilizing a combination of on-site and online voting [2][3] Meeting Attendance and Voting - The meeting was attended by all 8 current directors and 5 current supervisors, along with the board secretary and some senior executives [3][4] - The voting methods complied with the Company Law and the company's articles of association [2][3] Resolutions Passed - The following resolutions were approved: 1. Proposal to abolish the supervisory board and repeal the "Rules of Procedure for Supervisory Meetings" [3][4] 2. Proposal to amend the company's articles of association [3][4] 3. Proposal to revise certain provisions of the "Rules of Procedure for Shareholders' Meetings" [3][4] 4. Proposal to amend the "Rules of Procedure for Board Meetings" [4] 5. Proposal to amend the "Independent Director System" [4] 6. Proposal to nominate candidates for the eighth board of directors [4] Voting Results - Resolutions 1-4 were special resolutions, requiring more than two-thirds of the valid voting rights held by attending shareholders to pass, while resolutions 5-6 were ordinary resolutions, requiring more than half [4] - Separate counting of votes for resolutions 1-4 was conducted for minority shareholders [4] Legal Verification - The meeting was witnessed by Beijing Zhongqin Law Firm, with lawyers providing confirmation that the meeting's procedures and resolutions complied with relevant laws and regulations [4]

山西兰花科技创业股份有限公司独立董事制度 山西兰花科技创业股份有限公司 独立董事制度 （2025 年 11 月修订） 第一章 总则 第二条 独立董事是指不在公司担任除董事外的其他职务，并与 公司及主要股东、实际控制人不存在直接或者间接利害关系，或者其 他可能影响其进行独立客观判断关系的董事。 公司独立董事应当独立、公正地履行职责，不受公司及主要股东、 实际控制人等单位或者个人的影响。 第三条 独立董事对公司及全体股东负有忠实与勤勉义务，应当 按照法律、行政法规、中国证券监督管理委员会（以下简称中国证监 会）规定、证券交易所业务规则和公司章程的规定，认真履行职责， 在董事会中充分发挥参与决策、监督制衡、专业咨询作用，维护公司 整体利益，保护中小股东合法权益。 第四条 公司独立董事占董事会成员的比例不得低于三分之一， 且至少包括一名会计专业人士。 第五条 独立董事最多在 3 家境内上市公司担任独立董事，每年 在公司现场工作时间应当不少于 15 日，并应当确保有足够的时间和 精力有效地履行独立董事的职责。 第二章 独立董事任职资格 第六条 独立董事必须保持独立性。下列人员不得担任独立董事： （一）在公司或者附属企业 ...

山西兰花科技创业股份有限公司 股东会议事规则 （2025 年 11 月修订） 山西兰花科技创业股份有限公司股东会议事规则 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"）行为，保证股东会依法行使职权，根据《中华人民共和国公司 法》（以下简称《公司法》）、《中华人民共和国证券法》（以下简 称《证券法》）、《上市公司股东会规则》等相关法律法规和《山西 兰花科技创业股份有限公司章程》规定，结合公司实际，特制定本规 则。 第二条 股东会应当在《公司法》和《公司章程》规定的范围内 行使职权。 第三条 股东会分为年度股东会和临时股东会。年度股东会每年 召开一次,应当于上一会计年度结束后的六个月内举行出现以下应该 召开股东会情形时,临时股东会议应该在两个月内召开。 (一) 董事人数不足《公司法》规定人数或者公司章程所定人数 的三分之二时， 山西兰花科技创业股份有限公司股东会议事规则 第四条 公司召开股东会，应当聘请律师对以下问题出具法律意 见并公告: (一)会议的召集、召开程序是否符合法律、行政法规、本公司章 程； (二)公司未弥补的亏损达股本总额三分之一时； (三)单独或者合计持有公司百分之 ...

山西兰花科技创业股份有限公司董事会议事规则 山西兰花科技创业股份有限公司 董事会议事规则 （2025 年 11 月修订） 第一章 总则 第一条 为了确保山西兰花科技创业股份有限公司（以下简称 "本公司"）董事会依法、独立、规范地行使职权，确保董事会高效 运作和科学决策，根据《中华人民共和国公司法》《上市公司治理准 则》《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》《山西兰花科技创业股份有限公司章 程》（以下简称"公司章程"）及其它有关法律法规及规范性文件，结 合本公司实际，制订本议事规则。 第二条 董事会是本公司经营决策的常设机构，由股东会选举产 生，遵照《公司法》、本公司章程及其他有关法律法规及规范性文件 的规定履行职责，维护公司和全体股东的利益，在公司章程的规定和 股东会的授权范围内，负责公司发展目标和重大经营活动的决策，对 股东会负责。 第二章董事会的组成机构 第三条 本公司设董事会，董事会由 9 名董事组成，设董事长 1 名，副董事长 1 至 2 名，独立董事 3 名，职工代表董事 1 名。 第四条 公司董事会成员中应当有 1/3 以上独立董事，其中至少 ...

山西兰花科技创业股份有限公司章程 章 程 山西兰花科技创业股份有限公司 （经 2025 年 11 月 21 日召开的 2025 年第二次临时股东会审议通过） 山西兰花科技创业股份有限公司章程 第十章 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 1 山西兰花科技创业股份有限公司章程 目 录 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 股东和股东会 第一节 股东 第二节 股东会的一般规定 第三节 股东会的召集 第四节 股东会的提案与通知 第五节 股东会的召开 第六节 股东会的表决和决议 第五章 党委 第六章 董事和董事会 第一节 董事 第二节 董事会 第三节 独立董事 第七章 高级管理人员 第八章 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 第三节 会计师事务所的聘任 第九章 通知与公告 第一节 通知 第二节 公告 第十一章 修改章程 第十二章 附则 3 山西兰花科技创业股份有限公司章程 第一章 总则 第一条 为建立现代企业制度，维护公司、股东、职工和债权人的合法权 ...

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 本所及经办律师依据《证券法》《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定， 以及本法律意见书出具日以前已经发生或者存在的事实，严格履行了 法定职责，遵循了勤勉尽责和诚实信用原则，对公司提供的与本次股 东会议有关的文件、资料进行了充分的核查验证，并据此出具法律意 见。 本所及经办律师保证本法律意见书所认定的事实真实、准确、完 整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述 或者重大遗漏。 电话 Tel：(86-10) 85801637, 传真 Fax：(86-10) 85801653 北京市中勤律师事务所 关于山西兰花科技创业股份有限公司 2025 年 第二次临时股东会律师见证法律意见书 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 ...

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)股东会召开的时间：2025 年 11 月 21 日 (二)股东会召开的地点：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 | 416 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 684,630,227 | | 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（%） | 46.4710 | 证券代码：600123 证券简称：兰花科创 公告编号：2025-048 山西兰花科技创业股份有限公司 2025年第二次临时股东会决议公告 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。 (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由董事会召集，董事长赵晨光先生主持，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。 (五)公司董事 ...

Market Overview - The coal mining sector experienced a decline of 2.38% on November 18, with Zhengzhou Coal Power leading the drop [1] - The Shanghai Composite Index closed at 3939.81, down 0.81%, while the Shenzhen Component Index closed at 13080.49, down 0.92% [1] Individual Stock Performance - Zhengzhou Coal Power (600121) closed at 5.08, down 8.30% with a trading volume of 1.25 million shares and a transaction value of 645 million yuan [1] - Dayou Energy (600403) closed at 10.26, down 7.98% with a trading volume of 2.00 million shares and a transaction value of 2.22 billion yuan [1] - Liaoning Energy (600758) closed at 4.28, down 5.93% with a trading volume of 537,200 shares and a transaction value of 233 million yuan [1] - Other notable declines include Lu'an Environmental Energy (669109) down 5.60%, and Electric Power Investment Energy (002128) down 5.51% [1] Capital Flow Analysis - The coal mining sector saw a net outflow of 1.616 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.356 billion yuan [1] - The table of capital flow indicates that Electric Power Investment Energy (002128) had a net inflow of 27.82 million yuan from institutional investors, despite a net outflow from retail investors [2] - Other companies like Huai Bei Mining (600985) and Gansu Energy Chemical (000552) also showed mixed capital flows, with varying degrees of net inflows and outflows from different investor types [2]