Core Viewpoint - The company, Lanhua Ketech (600123.SH), announced plans to acquire a 62% stake in Shandong Jiaxiang Yilong Port Co., Ltd. from Xuhong Industrial for a cash consideration of 148.8 million yuan, aiming to expand its business scope and enhance its market presence [1]. Group 1 - The acquisition is intended to facilitate the company's entry into the inland shipping and related logistics sectors [1]. - The transaction will leverage existing port facilities, transportation networks, and customer resources to increase market share in coal and other bulk commodity logistics [1]. - There is a complementary relationship between the company's current operations and Jiaxiang Port's business in terms of resources, channels, and customers, which is expected to lead to synergistic development post-acquisition [1].

Group 1 - The company has approved the acquisition of 62% equity in Shandong Jiaxiang Yilong Port Co., Ltd. to enhance its coal transportation capabilities and market competitiveness [1][3] - The acquisition was passed unanimously by the board with 9 votes in favor and no opposition [1] - Shandong Jiaxiang Yilong Port has a designed throughput capacity of 10.6 million tons per year and offers various logistics services including transportation and warehousing [2] Group 2 - The total assets of Jiaxiang Port as of December 31, 2024, were reported at 700.91 million yuan, with total liabilities of 198.13 million yuan and a net asset value of 502.78 million yuan [2] - The acquisition price for the 62% stake is set at 148.8 million yuan, based on an overall valuation of 240 million yuan for the port [3] - The strategic location of Jiaxiang Port is crucial for coal transportation networks, which will allow the company to expand its market share in logistics [4] Group 3 - The company has also approved a capital increase of 62.5 million yuan in the Jin City Northwest Railway Company to support coal transportation development [5] - After the capital increase, the registered capital of Jin City Northwest Railway will rise from 25 million yuan to 73.123 million yuan [5][6] - The company will maintain a 25% ownership stake in the Jin City Northwest Railway after the capital increase [6]

Group 1 - The company, Lanhua Ketech (SH 600123), announced on August 7 that its eighth board meeting was held via telecommunication to discuss the acquisition of Shandong Jiaxiang Yilong Port Co., Ltd. [2] - For the fiscal year 2024, the company's revenue composition is as follows: coal products account for 71.27%, fertilizer products account for 28.13%, and other income accounts for 0.6% [2]

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 年第三次会议于 2025 年 8 月 6 日以 通讯表决方式召开，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、关于收购山东嘉祥易隆港务有限公司的议案； 审核意见：根据公司煤炭业务发展需要，为进一步提升 公司市场竞争力，提升公司煤炭外运能力，强化与下游客户 联系沟通，打通矿路港航联运通道，公司拟出资收购旭洪实 业持有的嘉祥港 62%股权，收购价格为 14,880 万元，收购完 成 后 ， 公 司 将 成 为 嘉 祥 港 的 控 股 股 东 ， 持 有 嘉 祥 港 32,441.082 万元股权，持股比例 62%，旭洪实业将持有嘉祥 港 13,604.3247 万元股权，持股比例 26%，圣润公司将持有 嘉祥港 6,278.9191 万元股权，持股比例 12%。同时 ...

股票代码：600123 股票简称：兰花科创 公告编号：临 2025-032 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 第八届董事会第六次临时会议决议公告 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。 （二）本次会议通知于 2025 年 8 月 4 日以电子邮件和书面方式 发出。 (三)本次会议于 2025 年 8 月 7 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）关于收购山东嘉祥易隆港务有限公司的议案； 经审议，以 9 票同意，0 票反对，0 票弃权，审议通过此议案。 根据公司煤炭业务发展需要，为进一步提升公司市场竞争力，提 升公司煤炭外运能力，强化与下游客户联系沟通，打通矿路港航联运 通道，董事会同意公司收购山东嘉祥易隆港务有限公司 62%的股权 ...

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]

Market Overview - The Shanghai Composite Index is at 3570.20 points, above the six-month moving average, with a change of 0.29% [1] - The total trading volume of A-shares today is 15610.05 billion yuan [1] Stocks Breaking Six-Month Moving Average - A total of 61 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Huabei Mining: 8.00% deviation rate, with a price increase of 8.60% [1] - Hengjin Induction: 7.25% deviation rate, with a price increase of 8.04% [1] - Shanmei International: 7.00% deviation rate, with a price increase of 10.04% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - Juhua Technology: minor deviation rate [1] - *ST Chuntian: minor deviation rate [1] - Hanzhong Precision Machinery: minor deviation rate [1]

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)