Group 1 - The core viewpoint of the news is that Lanhua Kecai has signed a strategic cooperation agreement with Shanghai Pangu Power Technology Co., Ltd. to promote the transformation of the coal mining industry towards intelligence, efficiency, and greenness [1] - The strategic cooperation agreement is an intention-based arrangement, with specific cooperation details and agreements to be defined in subsequent formal agreements, and it does not involve specific transaction amounts [1] - The impact on the company will depend on the implementation of the cooperation between both parties [1] Group 2 - Shanghai Pangu Power Technology Co., Ltd. was established on September 13, 2016, with a registered capital of 2,208.87391 million yuan, and its business scope includes technology development in power technology, motor technology, and automotive technology [2] - The main content of the cooperation includes the joint development of explosion-proof axial flux motors for coal mines, with plans to establish a joint venture company for this purpose [2] - The manufacturing base for advanced electric drive systems will be built in stages in areas such as Jincheng, with future plans for research and assembly bases for coal mine axial flux motors and integrated machines [2]

股票代码：600123 股票简称：兰花科创 公告编号：临 2025-040 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 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。 重要内容提示： ●近日，公司与上海盘毂动力科技股份有限公司签订了《战略合 作协议》，本次战略合作协议是双方合作意愿的意向性约定，具体合 作内容及相关约定以后续签订的正式合作协议为准。 ●本协议的签署不涉及具体交易金额，对公司的影响需视双方合 作实施情况而定。 山西兰花科技创业股份有限公司 ●公司将按照法律法规和《公司章程》的相关规定，对合作后续 事项履行相应的审批程序和信息披露义务，敬请广大投资者注意投资 风险。 关于签订战略合作协议的公告 一、战略合作协议签署概况 法定代表人：韩军 注册地址：上海市松江区九亭镇中心路1158号21幢401室 成立日期：2016 年 9 月 13 日 为推动煤炭开采行业向智能化、高效化、绿色化转型，充分发挥 双方核心优势，山西兰花科技创业股份有限公司（ ...

Core Viewpoint - Company LanHua KeChuang (600123.SH) has signed a strategic cooperation agreement with Shanghai PanGu Power Technology Co., Ltd. to collaborate on the application of axial flux motors in coal mining and non-coal sectors [1] Group 1: Strategic Cooperation Agreement - The agreement is based on voluntary equality and mutual benefit principles [1] - Both parties will jointly develop explosion-proof axial flux motors and related products for coal mining [1] - The collaboration includes applying for major national and local technological projects and innovation platforms [1] Group 2: Manufacturing Base Development - The partner company will invest in building an advanced electric drive system manufacturing base in JinCheng and other locations [1] - The manufacturing base will focus on producing motors and electric drive assemblies [1] - Following successful technology breakthroughs and product development, the base will support the research and assembly of coal-related axial flux motors and integrated machines [1] Group 3: Non-Coal Sector Expansion - The low-carbon operation company controlled by LanHua KeChuang will handle commercial operations [1] - The company will promote energy-efficient industrial equipment such as conventional fans and pumps through energy management contracts and financing leases [1] - It will also offer comprehensive services for promoting new energy vehicles and electric conversion products in the mining sector [1]

兰花科创（600123）(600123.SH)公告，公司与上海盘毂动力科技股份有限公司于近日在上海签订《战 略合作协议》。双方拟围绕煤矿用轴向磁通电机专机开发、产业创新生产制造基地建设、非煤矿用专机 领域业务拓展等方面开展合作。 ...

智通财经APP讯，兰花科创(600123.SH)公告，公司与上海盘毂动力科技股份有限公司于近日在上海签 订《战略合作协议》。双方拟围绕煤矿用轴向磁通电机专机开发、产业创新生产制造基地建设、非煤矿 用专机领域业务拓展等方面开展合作。 ...

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - Coal prices have rebounded above 700 RMB, with a current price of 704 RMB/ton, reflecting a week-on-week increase of 24 RMB/ton (3.53%) [3][4] - The demand for non-electric coal is expected to be a highlight in the upcoming months, particularly during the "golden September and silver October" period [4] - The report predicts that the current rebound in coal prices is at a turning point, with potential further increases expected as the market stabilizes [4][5] Summary by Sections Investment Logic - The prices of thermal coal and coking coal are at a turning point, with thermal coal prices expected to recover to long-term contract prices, currently above the second target price of around 700 RMB [4][13] - Future expectations indicate that thermal coal prices could reach a third target price of approximately 750 RMB, with a potential peak at around 860 RMB [4][13] Market Performance - The coal index increased by 3.51% this week, outperforming the CSI 300 index by 3.96 percentage points [8][25] - The average PE ratio for the coal sector is 13.59, and the PB ratio is 1.28, ranking low among all A-share industries [25][31] Coal Price Indicators - As of September 19, the Qinhuangdao Q5500 thermal coal price is 704 RMB/ton, with a week-on-week increase of 24 RMB [20] - The price of coking coal at the Jingtang port has risen to 1670 RMB/ton, reflecting a significant increase from earlier months [21][23] Investment Recommendations - The report suggests a dual logic for investment in coal stocks, focusing on both cyclical recovery and stable dividends, with specific stocks recommended for investment [5][14] - Key stocks identified for investment include: - Cyclical logic: Jinko Coal Industry, Yanzhou Coal Mining - Dividend logic: China Shenhua, Zhongmei Energy - Diversified aluminum elasticity: Shenhua Holdings, Electric Power Investment Energy - Growth logic: Xinjie Energy, Guanghui Energy [5][14][15]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The report indicates that the coal economy is at the beginning of a new upward cycle, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [3][13] - The report highlights that coal prices have shown signs of stabilization, and there is an expectation for price increases due to seasonal demand and supply constraints [5][13] - The report emphasizes the continued investment logic of coal capacity shortages, with a short-term balance and a long-term gap in supply [13][14] Summary by Sections Coal Price Tracking - As of September 19, the market price for Qinhuangdao port thermal coal (Q5500) is 699 CNY/ton, an increase of 21 CNY/ton week-on-week [4][31] - The price for coking coal at Jingtang port is 1610 CNY/ton, up 60 CNY/ton week-on-week [4][33] - International thermal coal prices have also seen fluctuations, with Newcastle thermal coal at 69.6 USD/ton, a week-on-week increase of 0.4 USD/ton [4][31] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.7%, an increase of 2.4 percentage points week-on-week [4][48] - Daily coal consumption in inland provinces has increased by 4.10 thousand tons/day (+1.22%) [5][13] - The report notes that the supply side is still constrained by policies, and the demand is expected to rise as winter heating needs begin [5][13] Industry Performance - The coal sector has shown a weekly increase of 3.59%, outperforming the broader market [16] - The report identifies key companies to focus on, including China Shenhua, Shaanxi Coal, and others, highlighting their stable operations and strong performance [14][16]

Core Viewpoint - The stock of Lanhua Sci-Tech has experienced fluctuations, with a recent increase of 2.14% on September 19, 2023, despite a year-to-date decline of 20.45% [1][2]. Company Overview - Lanhua Sci-Tech, established on December 8, 1998, and listed on December 17, 1998, is located in Jin City, Shanxi Province. The company primarily engages in the production and sales of coal, briquettes, chemical products, and building materials [2]. - The revenue composition of Lanhua Sci-Tech is as follows: coal accounts for 73.82%, fertilizers 16.84%, chemicals 9.06%, and others 0.29% [2]. Financial Performance - For the first half of 2025, Lanhua Sci-Tech reported a revenue of 4.05 billion yuan, representing a year-on-year decrease of 26.05%. The net profit attributable to shareholders was 57.48 million yuan, down 89.58% compared to the previous year [2]. - The company has distributed a total of 7.166 billion yuan in dividends since its A-share listing, with 2.477 billion yuan distributed over the last three years [3]. Shareholder Structure - As of June 30, 2025, Lanhua Sci-Tech had 62,200 shareholders, an increase of 5.08% from the previous period. The average number of circulating shares per shareholder decreased by 4.83% to 23,680 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited as the second-largest shareholder, holding 70.8424 million shares, a decrease of 7.8469 million shares from the previous period [3].

股票代码：600123 股票简称：兰花科创 公告编号：临 2025-039 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 关于召开 2025 年半年度业绩说明会的公告 特别提示 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半 年度的经营成果及财务指标的具体情况与投资者进行互动交流和沟 通，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 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。 重要内容提示： ●会议召开时间：2025 年 09 月 25 日 （星期四） 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 2025 年 09 月 18 日 （星期四） 至 09 月 24 日 （星 期三）16:00 前登录上证路演中心网 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 7.54 CNY, while the current price is 6.55 CNY [5]. Core Views - The report highlights that the significant decline in coal prices has adversely affected the company's performance, but it suggests that the bottom has been reached. The recovery in urea prices has led to a sequential increase in profitability [2][11]. - The company has shown growth in coal production capacity, indicating that the most challenging period has passed. The report anticipates a recovery in coal prices due to improved supply and demand dynamics [11]. Financial Summary - The company reported total revenue of 4.05 billion CNY for the first half of 2025, a year-on-year decrease of 26.05%. The net profit attributable to shareholders was 57 million CNY, down 89.58% year-on-year [11]. - For Q2 2025, the net profit attributable to shareholders was 24 million CNY, reflecting a 94.22% year-on-year decline and a 27.77% sequential decline [11]. - The average coal price for H1 2025 was 486 CNY per ton, down 151 CNY per ton year-on-year, with Q2 prices at 438 CNY per ton, down 203 CNY per ton year-on-year [11]. - The company’s coal production for H1 2025 was 7.57 million tons, up 7.35% year-on-year, while sales were 6.04 million tons, up 4.94% year-on-year [11]. Production and Cost Analysis - The report indicates that the company has one mine under construction with a capacity of 900,000 tons. Additionally, it has acquired coal exploration rights in Shanxi Province, with a resource volume of 21.67 million tons [11]. - The report notes that the cost of coal sales for Q2 2025 was 344 CNY per ton, which is a slight increase compared to the previous quarter [11]. Urea Segment Performance - Urea production for H1 2025 was 405,800 tons, down 15.12% year-on-year, with a unit selling price of 1,590 CNY per ton, down 20.91% year-on-year [11]. - The urea segment reported a gross profit of 36 million CNY for H1 2025, a decrease of 82.34% year-on-year [11]. Market Outlook - The report suggests that the pressure on the coal industry has eased, with coal prices recovering from a low of 609 CNY per ton in June to around 700 CNY per ton [11].