Financial Performance - The company's operating revenue for Q3 2025 was CNY 6,782,516,278.80, a decrease of 25.81% compared to CNY 9,142,604,571.67 in the same period last year[5] - The total profit for Q3 2025 was CNY 418,288,600.33, down 34.65% from CNY 640,382,858.76 year-on-year[5] - Net profit attributable to shareholders for Q3 2025 was CNY 158,644,652.24, representing a significant decline of 71.01% from CNY 547,516,789.96 in the previous year[5] - The basic earnings per share for Q3 2025 was CNY 0.0244, a decrease of 70.71% compared to CNY 0.0834 in the same period last year[7] - In the first three quarters, the company achieved operating revenue of 22.53 billion RMB, a year-on-year decrease of 14.63%[23] - The net profit attributable to shareholders was 1.012 billion RMB, down 49.03% year-on-year[23] - Net profit for the first three quarters of 2025 was CNY 902,242,771.62, a decline of 52.4% compared to CNY 1,895,268,593.85 in 2024[70] - Comprehensive income for the first three quarters of 2025 was CNY 843,850,773.99, down from CNY 1,879,673,704.84 in 2024, a decrease of 55.8%[72] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 52,690,366,599.46, reflecting a decrease of 7.47% from the previous year[7] - The company's current assets totaled approximately CNY 9.64 billion, down from CNY 12.35 billion at the end of 2024[60] - Total liabilities decreased to CNY 29,918,029,378.65 in 2025 from CNY 30,795,147,587.66 in 2024, reflecting a reduction of 2.8%[66] - Total equity attributable to shareholders decreased to CNY 23,823,330,202.55 in 2025 from CNY 26,919,228,724.49 in 2024, a decline of 11.0%[66] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 4,314,762,961.33, an increase of 6.14% from CNY 4,066,844,476.52[7] - The net cash flow from operating activities was CNY 4,314,762,961.33, an increase from CNY 4,064,975,159.87 in the previous period, reflecting a growth of approximately 6.1%[77] - Cash inflow from investment activities totaled CNY 792,854,725.25, down from CNY 1,084,098,746.89, indicating a decrease of about 26.9%[79] - The net cash flow from financing activities was -CNY 6,552,474,066.78, worsening from -CNY 4,917,359,195.21, representing a decline of approximately 33.2%[79] - Total cash and cash equivalents at the end of the period stood at CNY 1,521,927,247.33, down from CNY 2,501,865,667.14, a decrease of about 39.2%[79] Production and Sales - LNG production in Q3 was 121.09 million cubic meters (8.65 million tons), a year-on-year increase of 2.03%[30] - LNG sales in Q3 were 480.11 million cubic meters (331,100 tons), a year-on-year decrease of 44.49%[32] - In Q3 2025, the company achieved raw coal production of 11.81 million tons, a year-on-year decrease of 0.63%, while coal sales reached 12.38 million tons, down 3.99% year-on-year[38] - For the first three quarters of 2025, raw coal production increased by 78.64% to 38.68 million tons, and coal sales rose by 39.92% to 40.03 million tons[38] - The company’s coal chemical product sales in Q3 were 422,300 tons, a year-on-year decrease of 12.23%, while total sales for the first three quarters were 1,575,100 tons, down 9.66% year-on-year[49] Prices and Costs - The average price of domestic LNG in Q3 was 4,085.53 RMB/ton, a decrease of 6.57% quarter-on-quarter and 15.15% year-on-year[27] - The average price of 5000 kcal port coal in Q3 was 599.48 RMB/ton, a quarter-on-quarter increase of 6.77% but a year-on-year decrease of 20.32%[38] - The average price of Brent crude oil in Q3 was $68.16/barrel, down 13.52% year-on-year, while WTI crude oil averaged $64.96/barrel, down 13.78% year-on-year[40] - The average price of coal tar in Q3 was 2,955.89 RMB/ton, down 10.6% year-on-year, while the average price of methanol futures was 2,390.87 RMB/ton, down 3.18% year-on-year[40] Shareholder Information - The company’s major shareholder, Xinjiang Guanghui Industry Investment Group, holds 1.303 billion shares, accounting for 20.39% of total shares[19] - As of the report date, 914.94 million shares held by the major shareholder were pledged, representing 70.21% of their holdings and 14.31% of total shares[19] Strategic Initiatives - The company is focusing on "cost reduction and efficiency enhancement" as part of its management goals[21] - The company is advancing key engineering projects and enhancing management processes to improve project construction quality and efficiency[52] - The company is actively developing the Ma Lang coal mine and the Zaisan oil and gas project in Kazakhstan, with significant progress in obtaining necessary approvals and permits[53] - The company has completed the design work for two new wells (S-311 and S-312) aimed at increasing production and confirming reserves, with S-312 currently drilled to a depth of 3,910 meters[54] - The company has made significant progress on the 15 million tons/year coal quality utilization demonstration project, with 93% of the foundational design work completed[56] - The company has completed the project filing for the 40 million tons/year Naoliu Highway expansion project, with 207.6 km of asphalt paving expected to be completed by October 2025[57] - The company has constructed two methanol refueling stations in the Naomao Lake area, which are ready to open pending operational approvals[58] Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 188,607,659.37, slightly down from CNY 192,564,029.78 in 2024[70]

2.煤炭生产、销售量不含自用煤。 二、风险提示 广汇能源股份有限公司 2025 年第三季度主要运营数据公告 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。 | 产品 | 计量 | | 2025 年第三季度 | | 自年初累计 | | | --- | --- | --- | --- | --- | --- | --- | | | 单位 | 类别 | 数值 | 同比增减幅 | 数值 | 同比增减幅 | | | | | | （%） | | （%） | | 天然气 | 万方 | 产量 | 12,109.00 | 2.03 | 46,568.58 | -4.00 | | | 万方 | 销量 | 65,655.19 | -36.17 | 217,888.15 | -32.06 | | 煤炭 | 万吨 | 原煤产量 | 1,181.14 | -0.63 | 3,868.08 | 78.64 | | | 万吨 | 原煤销量 | 1,126.78 | -7.06 | 3,600.90 | 41.19 | | | 万吨 | 提质煤产量 | 75 ...

证券代码：600256 证券简称：广汇能源 公告编号：2025-085 广汇能源股份有限公司 关于控股股东股权质押情况的公告 保或其他保障用途的情况。 广汇集团于近日将其持有的 33,500,000 股无限售流通股质押给 中国农业银行股份有限公司新疆自由贸易试验区乌鲁木齐经济技术 2、本次质押股份不涉及用作重大资产重组业绩补偿等事项的担 1 股东名称 是否为 控股股 东 本次质押股 数(股) 是否为限售 股（如是，注 明限售类型） 是否 补充 质押 质押 起始 日 质押 到期 日 质权人 占其所持 股份比例 (%) 占公司总 股本比例 (%) 质押融 资资金 用途 新疆广汇实业 投资（集团）有 限责任公司 是 33,500,000 否 否 2025. 10.29 2026. 11.30 中 国 农 业 银 行 股 份 有 限 公 司 新 疆 自 由 贸 易 试 验 区 乌 鲁 木 齐 经 济 技 术 开 发区支行 2.57 0.52 补充流 动资金 合计 \ 33,500,000 \ \ \ \ \ 2.57 0.52 \ 开发区支行，如下表所示： 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 ...

证券代码：600256 证券简称：广汇能源 公告编号：2025-084 广汇能源股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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。 二、说明会召开的时间、方式 1、会议召开时间：2025 年 11 月 12 日（星期三）上午 11:00-12:00 2、会议召开网址：上海证券交易所上证路演中心（网址：http: //roadshow.sseinfo.com） 重要内容提示： 会议召开时间：2025 年 11 月 12 日（星期三）上午 11:00-12:00 会议召开网址：上海证券交易所上证路演中心（网址：http: //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 5 日（星期三）至 11 月 11 日（星 期二）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（zqb600256@126.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。 广汇能源股 ...

证券代码：600256 证券简称：广汇能源 公告编号：2025-082 广汇能源股份有限公司 关于为控股子公司开展业务提供担保的公告 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。 重要内容提示： ●债务人名称：广汇能源综合物流发展有限责任公司。 ●被担保人名称：南通众和融资担保集团有限公司。 ●担保金额及担保余额：本次担保金额不超过 4,000 万元；截止 2025 年 9 月 30 日公司担保余额为 1,316,845.46 万元（上述数据为 未审数，具体以经审计数据为准）。 ●是否存在关联担保：否 ●担保逾期情况：无逾期担保情形 ●风险提示：本次担保业务实质为公司向控股子公司在 2025 年 初预计担保额度范围内所提供的担保，被担保方资产负债率未超过 70%，担保风险可控，敬请投资者注意投资风险。 一、担保情况概述 （一）担保预计情况 公司于 2025 年 1 月 7 日、23 日分别召开董事会第九届第十三次 会议和 2025 年第一次临时股东大会，审议通过了《广汇能源股份有 限公司关于 2025 年度担保额度预计的议 ...

Core Insights - Guanghui Energy reported a third-quarter revenue of 6.783 billion yuan, a year-on-year decrease of 25.81% [1] - The net profit for the third quarter was 159 million yuan, reflecting a year-on-year decline of 71.01% [1] - For the first three quarters, the total revenue was 22.53 billion yuan, down 14.63% compared to the same period last year [1] - The net profit for the first three quarters amounted to 1.012 billion yuan, which is a 49.03% decrease year-on-year [1]

Group 1 - The refining and trading sector saw a slight increase of 0.05% on October 30, with Guanghui Energy leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] - Guanghui Energy's stock price rose by 2.67% to 5.39, with a trading volume of 2.12 million shares and a transaction value of 1.137 billion yuan [1] Group 2 - The refining and trading sector experienced a net inflow of 58.54 million yuan from main funds, while retail funds saw a net inflow of 38.13 million yuan [2] - Major stocks in the sector showed varied performance, with some experiencing significant net outflows from speculative funds [3] - China Petroleum had a net inflow of 84.42 million yuan from main funds, but also faced a net outflow of 71.62 million yuan from retail investors [3]

Core Viewpoint - Guanghui Energy's stock price has shown fluctuations, with a recent increase of 2.10% and a year-to-date decline of 12.39%, indicating potential volatility in the market [1][2]. Financial Performance - For the first half of 2025, Guanghui Energy reported a 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 41.36% compared to the previous year [2]. - The company has distributed a total of 18.358 billion yuan in dividends since its A-share listing, with 13.720 billion yuan distributed over the last three years [3]. Shareholder Information - As of July 31, 2025, the number of shareholders for Guanghui Energy reached 201,100, an increase of 0.76% from the previous period, while the average circulating shares per person decreased by 2.35% to 31,787 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 92.7905 million shares, an increase of 669,200 shares from the previous period [3]. Market Activity - As of October 30, Guanghui Energy's stock was trading at 5.36 yuan per share, with a total market capitalization of 34.261 billion yuan and a trading volume of 375 million yuan [1]. - The stock has experienced a slight increase of 0.19% over the last five trading days and a 6.99% increase over the last 20 days, while it has decreased by 2.72% over the last 60 days [1].

Group 1 - The core viewpoint of the news is that the National Petroleum and Natural Gas Index (399439) has shown a strong increase of 1.00%, driven by significant gains in constituent stocks such as Lanstone Heavy Industry (603169) up 9.98%, and China Merchants Energy Shipping (601872) up 7.81% [1] - The U.S. Energy Information Administration (EIA) reported a decrease in crude oil inventories by 6.86 million barrels last week, exceeding expectations, which contributed to the rise in oil prices [1] - Zhongyou Securities indicated that if there is a future premium on crude oil due to regional situations, it would benefit upstream assets, while improvements in demand and supply could favor midstream refining [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the National Petroleum and Natural Gas Index (399439) include China National Petroleum (601857), China Petroleum & Chemical (600028), and China National Offshore Oil (600938), collectively accounting for 64.68% of the index [2] - The Oil and Gas ETF (159697) closely tracks the National Petroleum and Natural Gas Index, reflecting the price changes of publicly listed companies in the oil and gas sector on the Shanghai and Shenzhen stock exchanges [1]

Investment Strategy - Crude oil supply growth is slowing due to declining global oil and gas capital expenditure, which has decreased significantly since the Paris Agreement in 2015. In 2021, global oil and gas capital expenditure was $351 billion, down nearly 22% from the 2014 peak. Major energy companies are cautious about capital spending due to long-term low oil prices and increasing decarbonization pressures [9][27][28] - The Brent crude oil spot price was $63.48 per barrel, up 1.25% week-on-week, while WTI crude oil was $59.31 per barrel, up 1.75% week-on-week. The outlook suggests that oil prices will remain volatile due to geopolitical risks and OPEC+ production cuts [10][32] Crude Oil - The report indicates that the overall supply of crude oil is limited, with demand remaining resilient. The OPEC+ production cuts are expected to continue, leading to limited supply growth in the coming year [9][27] - The report suggests focusing on companies that benefit from mid-to-high oil price fluctuations, such as China National Offshore Oil Corporation (CNOOC), China National Petroleum Corporation (CNPC), and Sinopec [10][49][50] Coal - The average market price for thermal coal at Qinhuangdao Port was 757.9 yuan per ton, up 4.84% week-on-week. The increase in demand due to falling temperatures and the tightening of supply due to safety inspections at coal mines are driving coal prices higher [11][12] - The report highlights companies with strong resource endowments and integrated operations, such as China Shenhua Energy and Shaanxi Coal and Chemical Industry, as potential investment opportunities [12][13] Coking Coal - Coking coal prices are experiencing slight increases due to ongoing demand from steel companies, despite some resistance to high-priced coal. The price of main coking coal at Jing Tang Port was 1,760 yuan per ton, up 2.92% week-on-week [14] - The report emphasizes the structural scarcity of high-quality coking coal resources in China and suggests focusing on companies like Huabei Mining and Pingmei Shenma Group that have strong resource acquisition capabilities [14] Natural Gas - The European Union is expected to ban Russian natural gas by the end of 2027, which has led to an increase in natural gas prices. The average price of natural gas in the U.S. was $3.41 per million British thermal units, up 13.0% week-on-week [15][16] - The report notes that the EU's price cap agreement on natural gas could exacerbate liquidity issues in the market, potentially leading to supply shortages [16] Oilfield Services - The oilfield services industry is expected to maintain its prosperity due to government policies supporting energy security. In 2023, the total capital expenditure of the three major oil companies was 583.3 billion yuan, with CNOOC showing a compound growth rate of 13.1% [17][18] - The report indicates that the number of active drilling rigs globally was 1,812, with a slight increase in the U.S. and Middle East regions, suggesting a stable demand for oilfield services [18]