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 [4][12] - The coal price is expected to rise due to factors such as cold weather and low inventory levels at ports, which may drive demand quickly [4][12] - The coal sector remains undervalued, with a strong potential for price recovery and high dividend yields, making it a favorable investment opportunity [4][12] Summary by Sections Coal Price Tracking - As of November 15, the market price for Qinhuangdao port thermal coal (Q5500) is 827 CNY/ton, up 19 CNY/ton week-on-week [3][29] - The price for coking coal at Jing Tang port is 1830 CNY/ton, an increase of 30 CNY/ton week-on-week [3][31] Supply and Demand Tracking - The capacity utilization rate for thermal coal mines is 91.2%, up 0.1 percentage points week-on-week, while for coking coal it is 86.28%, up 2.5 percentage points [4][12] - Daily coal consumption in inland provinces increased by 12.3 thousand tons/day (+3.8%), while consumption in coastal provinces decreased by 8.0 thousand tons/day (-4.26%) [4][12] Inventory Situation - Coal inventory in coastal provinces increased by 464 thousand tons week-on-week, while inland provinces saw an increase of 2.517 million tons [4][12] Company Performance - The coal sector's performance is highlighted by companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company, which are noted for their stable operations and strong earnings [13][14]

1. Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] 2. Core Viewpoints of the Report - Currently, the coal economy is at the beginning of a new upward cycle, with fundamental and policy factors in resonance. It is advisable to allocate the coal sector at low levels [11]. - The underlying investment logic of coal production capacity shortage remains unchanged. The coal price has established a bottom and its central level has reached a new platform. High - quality coal enterprises maintain their core asset attributes, and coal assets are still undervalued with potential for valuation improvement. The coal sector has both dividend characteristics and pro - cyclical elasticity [3]. - In the context of energy inflation, the pattern of tight coal supply and demand in the next 3 - 5 years remains unchanged. High - quality coal enterprises have high - barrier, high - cash, high - dividend, and high - dividend - yield attributes. After a short - term correction, the coal sector has shown high investment value [3]. 3. Summaries Based on Relevant Catalogs 3.1 This Week's Core Viewpoints and Key Concerns - **Core Viewpoints**: In the short - term, coal supply and demand are basically balanced, but there is a long - term gap. Coal prices are expected to rise further due to tight supply and upcoming seasonal demand. Coal assets are cost - effective, with high win - rate and high odds. The report continues to be bullish on coal and suggests allocation at low levels [11]. - **Key Concerns**: From January to October 2025, China's coal imports decreased by 11.0% year - on - year. From January to September 2025, coal and coking coal imports in India decreased by 1.0% year - on - year, and in Japan decreased by 2.3% year - on - year [13] 3.2 This Week's Performance of the Coal Sector and Individual Stocks - The coal sector rose 4.43% this week, outperforming the market. The Shanghai and Shenzhen 300 Index rose 0.82% [14]. - The thermal coal sector rose 4.60%, the coking coal sector rose 2.46%, and the coke sector rose 6.42% [15]. - The top three stocks in terms of gains and losses in the coal mining and washing sector were Huayang Co., Ltd. (11.50%), Jinkong Coal Industry (10.11%), and China National Coal Group Corporation (8.54%) [18] 3.3 Coal Price Tracking - **Coal Price Index**: As of November 7, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 703.0 yuan/ton, up 10.0 yuan/ton week - on - week. The comprehensive average price index of Bohai Rim thermal coal (Q5500) was 694.0 yuan/ton, up 9.0 yuan/ton week - on - week. The annual long - term contract price of CCTD Qinhuangdao thermal coal (Q5500) was 684.0 yuan/ton, up 8.0 yuan/ton month - on - month [23]. - **Thermal Coal Price**: As of November 8, the market price of Qinhuangdao Port thermal coal (Q5500) from Shanxi was 808 yuan/ton, up 40 yuan/ton week - on - week. International thermal coal FOB prices also increased [29]. - **Coking Coal Price**: As of November 7, the ex - warehouse price of primary coking coal from Shanxi at Jingtang Port was 1800 yuan/ton, up 60 yuan/ton week - on - week. The CIF price of Australian Peak View Mine hard coking coal in China was 212.3 US dollars/ton, up 0.6 US dollars/ton week - on - week [31]. - **Anthracite and Pulverized Coal Price**: As of November 7, the wagon - loading price of Jiaozuo anthracite was 1020.0 yuan/ton, unchanged week - on - week. The wagon - loading prices of pulverized coal in Changzhi Lucheng and Yangquan increased [39] 3.4 Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of November 7, the capacity utilization rate of sample thermal coal mines was 91.1%, up 0.6 percentage points week - on - week, and that of sample coking coal mines was 83.76%, down 1.0 percentage points week - on - week [46]. - **Import Coal Price Difference**: As of November 7, the price difference between domestic and foreign 5000 - kcal thermal coal was - 79.1 yuan/ton, down 19.5 yuan/ton week - on - week; the price difference for 4000 - kcal thermal coal was - 75.2 yuan/ton, down 20.1 yuan/ton week - on - week [42]. - **Coal - fired Power Consumption and Inventory**: Inland 17 provinces' coal inventory increased, while daily consumption decreased. Coastal 8 provinces' coal inventory decreased, while daily consumption increased [45]. - **Downstream Metallurgical Demand**: As of November 7, the Myspic comprehensive steel price index decreased, the price of Tangshan - produced primary metallurgical coke increased, the blast furnace operating rate increased, and the profit per ton of coke in independent coking enterprises increased [64][65]. - **Downstream Chemical and Building Materials Demand**: As of November 7, the prices of urea in some regions decreased, the national methanol, ethylene glycol, and acetic acid price indices decreased, the synthetic ammonia price index increased, the cement price index increased slightly, the cement clinker capacity utilization rate decreased, the float glass operating rate decreased, and the weekly coal consumption in the chemical industry increased [70][74][76] 3.5 Coal Inventory Situation - **Thermal Coal Inventory**: As of November 7, the coal inventory at Qinhuangdao Port increased to 577.0 tons. The 55 - port thermal coal inventory decreased to 6148.7 tons as of October 31, and the production - area inventory decreased to 292.0 tons [91]. - **Coking Coal Inventory**: As of November 7, the production - area coking coal inventory increased to 165.6 tons, the six - port coking coal inventory increased to 304.3 tons, the coking enterprise inventory increased to 923.8 tons, and the steel mill inventory decreased to 787.3 tons [92]. - **Coke Inventory**: As of November 7, the total coke inventory of coking plants, four - port coke inventory, and the total coke inventory of domestic sample steel mills all decreased [94] 3.6 Coal Transportation Situation - **International and Domestic Coal Transportation**: As of November 7, the Baltic Dry Index (BDI) was 2104.0 points, up 138.0 points week - on - week. As of November 6, the average daily coal shipment volume of the Datong - Qinhuangdao Railway increased slightly week - on - week [108]. - **Ratio of Cargo to Ships at Four Ports in the Bohai Rim**: As of November 7, the inventory of four ports in the Bohai Rim was 1449.0 tons, the number of anchored ships was 106, and the cargo - to - ship ratio was 13.7, down 4.03 week - on - week [106] 3.7 Weather Conditions - As of November 7, the Three Gorges outflow was 10200 cubic meters per second, down 23.88% week - on - week. - In the next 10 days (November 9 - 18), there will be precipitation in some areas, with high - impact weather including cooling in Xinjiang and central - eastern regions. - In the next 11 - 14 days (November 19 - 22), there will be light precipitation in some areas, and the average temperature in some regions will be different from the normal level [113] 3.8 Listed Company Valuation Table and Key Announcements - **Listed Company Valuation Table**: The table provides the closing prices, net profits attributable to the parent company, EPS, and P/E ratios of key listed coal companies from 2024A to 2027E [114]. - **Key Announcements**: Companies such as Meijin Energy, China Shenhua, and Hengyuan Coal and Electricity have made announcements regarding project terminations, asset acquisitions, and corporate restructurings [115][116][118]

Core Points - Shanxi Lanhua Coal Chemical Co., Ltd. was fined 232,000 yuan due to nitrogen oxide emissions exceeding the standard by 0.34 times [1][3] - The company claimed that the excess emissions were caused by an unexpected incident and took measures to reduce pollution [3] - The company is 100% controlled by Shanxi Lanhua Technology Entrepreneurship Co., Ltd. [3] Environmental Violation - The investigation revealed that on January 31, 2025, the nitrogen oxide hourly average concentration at the waste gas discharge outlet was 66.98 mg/m³, exceeding the standard of 50 mg/m³ [2][3] - Evidence supporting the violation included inspection records, monitoring data, and emission reports [2] Financial Performance - Shanxi Lanhua Technology Entrepreneurship Co., Ltd. reported a revenue of 5.886 billion yuan for the first three quarters of 2025, a year-on-year decrease of 30.09% [3] - The net profit attributable to shareholders plummeted by 98.51%, amounting to 10.51 million yuan [3] - In Q3 alone, the company experienced a 37.61% decline in main business revenue, totaling 1.835 billion yuan, and a net loss of 46.96 million yuan [4] Market Conditions - The decline in performance is attributed to falling prices of coal and urea, as well as reduced investment income from a subsidiary that ceased operations [4] - The average coal price before tax was 485.76 yuan/ton, down 23.32% year-on-year [4] - Urea prices also fell by 17%, averaging 1,628 yuan/ton, while the production of caprolactam dropped by 64.55% to 30,100 tons [4] Operational Adjustments - The company is gradually restoring production at its main coal mines, which had been affected by geological conditions [4] - An investment of 3.962 billion yuan is underway for energy-saving and environmental upgrades, including projects for VOCs treatment and LNG storage [4]

股票代码：600123 股票简称：兰花科创 公告编号：临 2025-047 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 年第三季度业绩说明会的公告 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。 重要内容提示： ●会议召开时间：2025 年 11 月 14 日 （星期五） 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 11 月 07 日 （星期五） 至 11 月 13 日 （星 期四）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 china_lanhua@163.com 进行提问。公司将在说明会 上对投资者普遍关注的问题进行回答。 山西兰花科技创业股份有限公司（以下简称"公司"）已于 2025 年 10 月 3 ...

Core Viewpoint - The appointment of Bi Kun as the General Manager of Shanxi Lanhua Technology Entrepreneurship Co., Ltd. (Lanhua Ketech) is aimed at meeting the company's operational needs and ensuring healthy management [1][3]. Company Appointment - The Board of Directors approved the appointment of Bi Kun as General Manager, effective from the date of the board's decision until the current board's term ends [1][3]. - Bi Kun has also been nominated as a candidate for the eighth board of directors, pending approval from the shareholders' meeting [3]. Company Background - Shanxi Lanhua Technology Entrepreneurship Co., Ltd. was established in December 1998 and is recognized as one of the top 500 listed companies in China [7]. - The company is the only A-share listed company in Shanxi with local state-owned capital control, with a registered capital of 148.512 million [7]. - Lanhua Ketech has maintained annual revenue at the hundred billion level, achieving revenue of 5.886 billion in the first three quarters of this year, with a net profit attributable to shareholders of 10.5139 million [7]. Core Business - The company focuses on coal, chemical fertilizers, and chemicals as its core industries, with its coal production mines located in the largest anthracite coal base in the country [7]. - Lanhua Ketech has a total production capacity of 14.1 million tons from 10 wholly-owned or controlled mines and has a 41% stake in the Yamei Danning Coal Mine with a production capacity of 4 million tons [7].

Core Viewpoint - Shanxi Lanhua Coal Chemical Co., Ltd. was fined 232,000 yuan due to nitrogen oxide emissions exceeding the standard by 0.34 times, highlighting environmental compliance issues in the coal chemical industry [1][3]. Regulatory Actions - The fine was issued by the Ecological Environment Bureau of Jincheng City, based on findings from an investigation conducted on June 30, 2025, which revealed that the nitrogen oxide hourly average concentration was 66.98 mg/m3, exceeding the standard of 50 mg/m3 [2][3]. - Lanhua Coal Chemical filed an appeal stating that the excess emissions were due to an unexpected incident and that they took immediate measures to mitigate pollution [3]. Financial Performance - Lanhua Technology, the parent company of Lanhua Coal Chemical, reported a significant decline in financial performance, with a revenue of 5.886 billion yuan for the first three quarters of 2025, down 30.09% year-on-year, and a net profit of only 10.51 million yuan, a staggering drop of 98.51% [3][4]. - In the third quarter alone, the company experienced a 37.61% decrease in main business revenue, totaling 1.835 billion yuan, and a net loss of 46.96 million yuan, marking a 130.27% decline year-on-year [4]. Market Conditions - The decline in performance is attributed to falling prices of key products such as coal and urea, as well as reduced investment income from a subsidiary that ceased operations [4]. - The average price of coal (excluding tax) was 485.76 yuan/ton, down 23.32% year-on-year, while the average price of urea was 1,628 yuan/ton, a decrease of 17% [4]. Operational Adjustments - Despite the challenges, Lanhua Technology is gradually restoring production in its main coal mines, with operations in key mines resuming normal levels from October 2025 [4]. - The company is also investing in energy-saving and environmental upgrades, with a total investment of 3.962 billion yuan for projects aimed at improving environmental compliance [4].

Core Insights - Nine listed companies have recently been exposed to environmental risks, with three being state-controlled enterprises [2][3][4] Group 1: Environmental Violations and Penalties - Anke Detection's two subsidiaries, Zhuhai Jinsheng Automotive Testing Co., Ltd. and Zhuhai Jinda Automotive Testing Co., Ltd., were fined a total of 262,500 yuan for issuing false emission inspection reports [2][3] - Wan Feng Co., Ltd.'s subsidiary, Shaoxing Sand New Materials Co., Ltd., was fined 180,000 yuan for exceeding pollution discharge limits and evading supervision [3][4] - Lanhua Technology's subsidiary, Shanxi Lanhua Coal Chemical Co., Ltd., was fined 232,000 yuan for exceeding nitrogen oxide emissions [4][5] - Tianbang Food's subsidiary, Tianbang Food Technology (Hefei) Co., Ltd., was fined 248,000 yuan for failing to construct required waste gas treatment facilities [5] Group 2: Regulatory Framework and Reporting - The penalties were issued based on various environmental protection laws, including the Air Pollution Prevention and Control Law and the Water Pollution Prevention and Control Law [2][3][4][5] - The public environmental research center (IPE) emphasizes the importance of transparency in environmental information, advocating for a norm of public disclosure [6]

Group 1: Industry Development - Liu Ning emphasized the need for technological transformation and upgrading in the coal chemical industry to achieve clean and efficient resource recycling [3] - The focus is on expanding product application scenarios and enhancing cooperation between upstream and downstream sectors in the steel industry to promote high-quality development [3] - Companies are encouraged to strengthen their innovation capabilities and integrate innovation chains, industrial chains, capital chains, and talent chains to foster the growth of the private economy [3] Group 2: Rural Development and Governance - The importance of developing rural characteristic industries and improving benefit linkage mechanisms to enhance the livelihoods of local residents was highlighted [4] - Liu Ning called for increased efforts in public welfare and basic livelihood construction to address the concerns of the community effectively [4] - The need for effective governance at the grassroots level, driven by party leadership, was emphasized to ensure community needs are met [4] Group 3: Water Resource Management - Liu Ning underscored the importance of enhancing flood disaster prevention and water resource management capabilities [4] - The focus is on implementing the recommendations from the recent plenary session in planning and advancing water conservancy projects [4] Group 4: Economic Stability - The necessity to align thoughts and actions with the spirit of the plenary session and to focus on stabilizing employment, enterprises, markets, and expectations was stressed [5] - The planning for the 14th Five-Year Plan period should be based on practical considerations to ensure the completion of annual targets [5]

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [4] Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with revenue at 5.886 billion yuan, down 30.1% year-on-year, and a net profit of 10.154 million yuan, down 98.5% year-on-year [1] - The coal business showed signs of improvement in profitability due to rising prices and decreasing costs, with a gross margin of 31.4% in Q3 2025 [2] - The urea production and sales decreased significantly in Q3 2025, but the gross margin improved to 15.5% [3] Summary by Sections Financial Performance - For Q3 2025, the company achieved revenue of 1.835 billion yuan, a decrease of 37.6% year-on-year, and a net loss of 46.964 million yuan [1] - The coal production for Q3 2025 was 3.84 million tons, with a sales volume of 2.99 million tons, and the average selling price per ton was 485.4 yuan [2] - Urea production was 113,000 tons with a sales volume of 139,000 tons, and the average selling price was 1,734.7 yuan per ton [3] Profitability Forecast - The company expects net profits to improve in the coming years, with forecasts of 234 million yuan in 2025, 542 million yuan in 2026, and 812 million yuan in 2027 [4] - The earnings per share (EPS) are projected to be 0.16 yuan in 2025, 0.37 yuan in 2026, and 0.55 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 43, 18, and 12 respectively [4] Market Conditions - The report indicates that coal prices are entering an upward trend, and Q4 is expected to be a peak season, which may lead to improved profitability for the company [4]

Core Viewpoint - The company has announced significant changes in its governance structure, including the cancellation of the supervisory board and amendments to its articles of association to enhance corporate governance and compliance with legal regulations [10][11][12]. Financial Data - The third-quarter financial report has not been audited, and the company assures the accuracy and completeness of the financial information presented [3][8]. - The company has reported non-recurring gains and losses, with specific details to be disclosed as per regulatory requirements [4]. Shareholder Information - The company has approved the acquisition of a 62% stake in Shandong Jiaxiang Yilong Port Co., Ltd. for 148.8 million yuan, with the transaction completed on September 8, 2025 [6]. - The company has also agreed to increase its investment in Jincheng Northwest Railway Company, raising its total investment to 182.8 million yuan, maintaining a 25% ownership stake [7]. Governance Changes - The company has decided to abolish the supervisory board, transferring its responsibilities to the audit committee of the board of directors, in compliance with relevant laws and regulations [10][11]. - Amendments to the articles of association include the removal of references to the supervisory board and adjustments to the structure of the governance documents to streamline operations [12][13].