证券之星消息，9月1日炼化及贸易板块较上一交易日下跌0.08%，广汇能源领跌。当日上证指数报收于 3875.53，上涨0.46%。深证成指报收于12828.95，上涨1.05%。炼化及贸易板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002476 | 宝莫股份 | 5.78 | 10.10% | 36.51万 | | 2.03亿 | | 000637 | 茂化实华 | 4.37 | 4.80% | 57.46万 | | 2.56亿 | | 300839 | 博汇股份 | 14.80 | 4.74% | 13.85万 | | 2.07亿 | | 000819 | 军阻兴长 | 17.29 | 3.78% | 15.79万 | | 2.72亿 | | 600800 | 渤海化学 | 4.24 | 1.92% | 22.32万 | | 9457.71万 | | 603798 | 康普顿 | 14.52 | 1.11% | 12.54万 | | 1.81亿 | | ...

广汇能源（600256.SH）2025 年半年报点评 25H1 煤炭产量高增，天然气盈利能力显著提升 2025 年 09 月 01 日 ➢ 事件：2025 年 8 月 29 日，公司发布 2025 年半年度报告。2025 年上半年， 公司实现营业收入 157.48 亿元，同比下降 8.70%；实现归母净利润 8.53 亿元， 同比下降 40.67%；实现扣非归母净利润 8.34 亿元，同比下降 43.57%。 ➢ 25Q2 归母净利润同环比下降。25Q2，公司实现营业收入 68.46 亿元，同 /环比-5.02%/-23.10%；实现归母净利润 1.59 亿元，同/环比-74.73%/-77.03%； 实现扣非归母净利润 1.33 亿元，同/环比-81.10%/-81.03%。 ➢ 25H1 煤炭产量同比大增，煤价下滑导致毛利润下降。随着马朗煤矿的建设 和手续稳步推进，25H1，公司实现煤炭产量 2882 万吨，同比+150.41%；实现 煤炭销量 2764 万吨，同比+75.97%。其中，25Q2，煤炭产量 1378 万吨，同/ 环比+189.46%/-8.39%；煤炭销量 1295 万吨，同/环比+93. ...

本周新疆指数 118.93，环比-1.15%；新疆煤化工投资指数 115.43，环比 +0.17%；新疆国企改革指数 121.48，环比-1.74%。 行业研究 证券研究报 告 新疆周报（20250823-20250829） 山能 80 万吨煤制烯烃 MTO 装置总承包开工 推荐（维持） 会召开 本周涨幅前三的公司为：大全能源（688303.SH）上涨+16.38%，天山股份 （000877.SZ）上涨+12.54%，中泰股份（300435.SZ）上涨+9.55%；跌幅前 三的公司：洪通燃气（605169.SH）下跌-6.88%，立昂技术（300603.SZ）下 跌-7.71%，准油股份（002207.SZ）下跌-8.64%。 基础化工 2025 年 09 月 01 日 华创证券研究所 证券分析师：杨晖 邮箱：yanghui@hcyjs.com 执业编号：S0360522050001 证券分析师：陈俊新 邮箱：chenjunxin@hcyjs.com 执业编号：S0360525040001 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 489 | 0.0 ...

证券研究报告 | 朝闻国盛 gszqdatemark 2025 09 01 年 月 日 朝闻国盛 8 月 PMI 低位小升的背后 今日概览 ◼ 重磅研报 【宏观】政策半月观—市场迎来关键窗口——20250831 【宏观】8 月 PMI 低位小升的背后——20250831 【金融工程】市场波动开始加大——20250831 【金融工程】择时雷达六面图：本周外资指标弱化——20250830 【固定收益】相对性价比在行情中改变——20250831 【固定收益】资金继续宽松，杠杆小幅回升——流动性和机构行为跟踪 ——20250830 【固定收益】低利率反转后的压力与应对——低利率时代资管机构之美 国银行保险篇——20250829 【家用电器】乐摩吧：共享按摩服务提供商，市场份额领先——20250831 【食品饮料】用出清换改善——白酒行业 2025H1 中报总结—— 20250831 【银行】本周聚焦—上市银行 2025 年中报：营收及利润增速双双转正— —20250831 【建筑装饰】Q2 营收业绩降幅收窄，现金流边际改善——20250831 【能源】预期寻底，新机当立——20250829 【计算机】有方科技（688 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 31 年 月 日 广汇能源（600256.SH） Q2 煤价回落业绩承压，关注能源价格回升对公司业绩弹性贡献 公司发布 2025 半年度业绩公告。2025H1 营业收入 157.48 亿元，同比减 少 8.70%；归母净利润 8.53 亿元，同比减少 40.67%。2025Q2 营业收入 68.46 亿元，同比减少 5.02%，环比减少 23.10%；归属母净利润 1.59 亿 元，同比减少 74.73%，环比减少 77.03%。 Q2 产销环比回落，Q3 有望实现量价齐升。 Q2 自产气规模恢复，淡季压制外购销量。2025H1 公司实现天然气产量 34460 万方，同比-5.95%，实现天然气销量合计 152233 万方，同比- 30.12%，其中贸易气销量 109695 万方，同比-37.16%。25Q2 公司实现 LNG 产量 17893 万方，同比持平，环比+8.0%，实现天然气销量合计 65698 万方，同比-0.34%，环比-24.1%。 乙二醇装置进入检修，预计 8 月重新投入生产。2025H1 公司甲醇产/销量 56.38 ...

Investment Rating - The investment rating for Guanghui Energy is "Buy" [1] Core Views - The company's performance in the first half of 2025 was impacted by a significant decline in coal sales prices, a decrease in natural gas international business sales volume, and a reduction in coal chemical product output [4][6] - The Marang coal mine has commenced production, leading to a substantial increase in coal output, although profitability per ton has been pressured due to falling coal prices [4][6] - Future growth is anticipated from the Marang coal mine and ongoing oil and gas projects, which are expected to inject new momentum into the company's long-term growth [6][7] Financial Summary - In the first half of 2025, the company achieved operating revenue of 15.748 billion yuan, a year-on-year decrease of 8.70%, and a net profit attributable to shareholders of 853 million yuan, down 40.67% year-on-year [2][4] - The company's cash flow from operating activities was 2.823 billion yuan, an increase of 7.59% year-on-year, with basic earnings per share of 0.1302 yuan [2][4] - For Q2 2025, the company reported operating revenue of 6.846 billion yuan, a year-on-year decline of 5.02%, and a net profit of 159 million yuan, down 75.39% year-on-year [3] Production and Sales Performance - Coal production in the first half of 2025 reached 26.8694 million tons, a year-on-year increase of 175.11%, with total coal sales of 27.6444 million tons, up 75.97% year-on-year [4][5] - The average price of domestic Qinhuangdao port 5500 kcal thermal coal was 685.23 yuan/ton in the first half of 2025, a decrease of 22.14% year-on-year, significantly impacting profitability [4] - LNG production was 344.5959 million cubic meters (approximately 246,100 tons), a year-on-year decrease of 5.95%, while total LNG sales volume was 1.5223296 billion cubic meters (approximately 1.0588 million tons), down 30.12% year-on-year [5] Future Outlook - The Marang coal mine is expected to continue releasing production capacity, and the oil and gas projects are anticipated to become significant profit growth points for the company [6][7] - The company has made progress in the Zaisang oil and gas project, with substantial reserves identified, and plans to enhance production capacity in the coming years [7] - The coal chemical and logistics projects are advancing steadily, which will improve the company's ability to convert coal locally and enhance product value [7] Earnings Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is adjusted to 2.084 billion, 2.937 billion, and 3.238 billion yuan, respectively, with corresponding EPS of 0.33, 0.46, and 0.51 yuan [6][8]

据证券之星公开数据整理，近期广汇能源（600256）发布2025年中报。截至本报告期末，公司营业总收 入157.48亿元，同比下降8.7%，归母净利润8.53亿元，同比下降40.67%。按单季度数据看，第二季度营 业总收入68.46亿元，同比下降5.02%，第二季度归母净利润1.59亿元，同比下降74.73%。本报告期广汇 能源公司应收账款体量较大，当期应收账款占最新年报归母净利润比达73.22%。 建议关注公司债务状况（有息资产负债率已达32.63%） 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率17.2%，同比减10.95%，净利率4.95%， 同比减38.27%，销售费用、管理费用、财务费用总计9.54亿元，三费占营收比6.06%，同比增5.13%，每 股净资产3.65元，同比减7.59%，每股经营性现金流0.43元，同比增8.75%，每股收益0.13元，同比减 40.58% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 172.49亿 | 157.48亿 | -8.70% | | 归母净利润( ...

提名人广汇能源股份有限公司监事会，现提名吴中华为广汇能源股份 有限公司第九届董事会独立董事候选人，并已充分了解被提名人职业、学 历、职称、详细的工作经历、全部兼职、有无重大失信等不良记录等情况。 被提名人已同意出任广汇能源股份有限公司第九届董事会独立董事候选人 广汇能源股份有限公司独立董事提名人声明 广汇能源股份有限公司 独立董事提名人和候选人声明公告 （参见该独立董事候选人声明）。提名人认为，被提名人具备独立董事任职 资格，与广汇能源股份有限公司之间不存在任何影响其独立性的关系，具 体声明并承诺如下： 一、被提名人具备上市公司运作的基本知识，熟悉相关法律、行政法 规、规章及其他规范性文件，具有 5 年以上法律、经济、会计、财务、管 理或者其他履行独立董事职责所必需的工作经验。 被提名人已经参加培训并取得证券交易所认可的相关培训证明材料。 二、被提名人任职资格符合下列法律、行政法规和部门规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的规定（如适 用）； （三）中国证监会《上市公司独立董事管理办法》、上海证券交易所自 律监管规则以及公司章 ...

Core Points - The Supervisory Board of Guanghui Energy Co., Ltd. held its 15th meeting of the 9th session, where all resolutions were passed unanimously without any dissenting or abstaining votes [1][2][3] Meeting Details - The meeting was conducted in accordance with the Company Law, Securities Law, and the company's articles of association, with notifications sent to all supervisors on August 18, 2025 [1] - The meeting took place on August 28, 2025, with all 5 supervisors present, including the chairman Liu Guangyong participating via telecommunication [1] Resolutions Passed - The meeting approved the 2025 semi-annual report and its summary, with a unanimous vote of 5 in favor, confirming compliance with relevant laws and regulations [1][2] - The proposal for a three-year shareholder return plan (2025-2027) was also approved unanimously, to be submitted for shareholder meeting review [2] - The resolution to abolish the Supervisory Board and the related rules was passed with unanimous support, pending shareholder approval [2] - The reappointment of the accounting firm Zhongxinghua was approved, with an audit fee of RMB 4 million (excluding tax and travel expenses), which includes RMB 2.4 million for the 2025 financial report audit and RMB 1.6 million for internal control audit [5]

Core Viewpoint - Guanghui Energy's 2025 semi-annual report highlights a significant decline in revenue and profit, indicating challenges in the energy sector amidst changing market dynamics and regulatory environments [3][4][11]. Financial Performance - The company's operating income for the first half of 2025 was approximately CNY 15.75 billion, a decrease of 8.70% compared to the same period last year [4]. - Total profit for the period was about CNY 1.02 billion, reflecting a 41.66% decline year-on-year [4]. - Net profit attributable to shareholders was approximately CNY 853 million, down 40.67% from the previous year [4]. - The company's total assets decreased by 4.30% to approximately CNY 54.50 billion [4]. Business Overview - Guanghui Energy operates in coal, oil, and gas sectors, leveraging its resource advantages to develop energy bases in Hami, Jiangsu, and Central Asia [5][6]. - The company has established a comprehensive energy industry system focusing on coal, LNG, methanol, coal tar, and ethylene glycol [5][6]. - The company is actively pursuing the integration of traditional coal chemical industries with modern clean energy initiatives, including hydrogen energy and carbon capture [5][6]. Industry Context - The energy sector is facing challenges due to global economic fluctuations, geopolitical tensions, and the need for a transition to low-carbon energy sources [11][12]. - China's energy production has shown growth, with coal output increasing by 5.4% in the first half of 2025, while natural gas production reached a historical high [11][12]. - The modern coal chemical industry is positioned as a strategic pillar for energy security and economic stability, with ongoing government support for its development [14][15].