Investment Rating - The investment rating for Guanghui Energy is "Buy" [1] Core Views - The report indicates that Guanghui Energy's performance in the first three quarters of 2025 has been impacted by declining prices of coal, coal chemical products, and natural gas, along with increased soil conservation compensation fees [7] - The company is expected to see improved profitability in Q4 due to seasonal demand [7] - Future growth is anticipated from the Marang coal mine and oil and gas projects, which are expected to provide new momentum for long-term growth [8] Financial Performance Summary - For the first three quarters of 2025, Guanghui Energy reported revenue of 22.53 billion, a year-on-year decrease of 14.63%, and a net profit attributable to shareholders of 1.01 billion, down 49.47% [2][3] - In Q3 2025, the company achieved revenue of 6.78 billion, a decline of 25.81%, and a net profit of 159 million, down 71.01% [3] - The operating cash flow for the first three quarters was 4.31 billion, an increase of 6.10% year-on-year [2] Natural Gas Segment Summary - Natural gas production for the first three quarters of 2025 was 465.69 million cubic meters, a decrease of 4.00% year-on-year, while Q3 production was 121.09 million cubic meters, an increase of 2.03% [5] - Natural gas sales for the first three quarters were 2.18 billion cubic meters, down 32.06%, with Q3 sales at 656.55 million cubic meters, down 36.17% [5] Coal Chemical Segment Summary - Methanol production for the first three quarters was 753,500 tons, a decrease of 1.46%, with Q3 production at 189,700 tons, an increase of 1.80% [6] - Coal-based oil production for the first three quarters was 434,700 tons, an increase of 8.83%, with Q3 production at 118,400 tons, an increase of 11.81% [6] - Ethylene glycol production for the first three quarters was 88,900 tons, an increase of 16.84%, with Q3 production at 48,400 tons, an increase of 65.71% [6] Future Outlook - The Marang coal mine is expected to further increase production, with various approvals in place for its operations [8] - The Zaisang oil and gas project has shown positive progress, with significant oil and gas reserves identified, which could become a major profit growth point for the company [8] - Profit forecasts for 2025-2027 are set at 2.08 billion, 2.94 billion, and 3.24 billion respectively, with corresponding EPS of 0.33, 0.46, and 0.51 [8]

Group 1 - Guanghui Energy (SH 600256) announced on October 31 that its 9th Board of Directors meeting was held on October 29, 2025, in Urumqi, where it reviewed documents including a proposal to provide guarantees for its controlling subsidiary's business [1] - For the year 2024, Guanghui Energy's revenue composition is 97.26% from industrial operations and 2.74% from commercial operations [1] Group 2 - Multiple regions are experiencing "negative electricity prices," raising questions about why power plants are reluctant to shut down despite not making profits from selling electricity [2]

Summary of Guanghui Energy Conference Call Company Overview - **Company**: Guanghui Energy - **Reporting Period**: First three quarters of 2025 Key Financial Metrics - **Revenue**: 22.53 billion CNY, down 14.63% year-on-year [2][3] - **Net Profit**: 1.012 billion CNY, down 49.03% year-on-year [2][3] - **Operating Cash Flow**: 4.315 billion CNY, up 6.14% year-on-year, indicating good cash flow management [2][3] Segment Performance Coal Segment - **Net Profit**: 560 million CNY, down 65.37% year-on-year, significantly impacted by falling coal prices [2][5] - **Production**: Total raw coal production reached 49.13 million tons, up 56% year-on-year [2][6] - **Sales Volume**: External sales of 40.02 million tons, up 39% year-on-year [2][6] - **Price Trends**: Average selling price of coal adjusted between 200 to 215 CNY per ton [18] Natural Gas Segment - **Net Profit**: 336 million CNY, up 101% year-on-year, marking it as a performance highlight [2][5] - **Sales Volume**: Anticipated sales of 4 ships of natural gas in Q4, expected to further contribute to profits [2][20] Chemical Products - **Methanol Sales Price**: Down 5% year-on-year [2][6] - **Ethylene Glycol Sales Price**: Up 4% year-on-year, with a successful turnaround in August [2][7] Strategic Adjustments - **Sales Strategy**: Shift from "volume-based pricing" to "sales-driven production" to maximize profits [11] - **Infrastructure Improvements**: Completion of the Naoliu Highway expansion, increasing transport capacity to 40 million tons/year, potentially adding 800 million CNY in toll revenue [12] Market Outlook - **Coal Price Expectations**: Anticipated stabilization and slight increase in coal prices due to tightening supply and growing demand in specific regions [8][21] - **Impact of National Policies**: Recent policy changes have led to a decrease in industrial coal production, which may benefit future pricing [8][22] Future Plans - **Dividends**: Commitment to distribute at least 90% of the average net profit over the past three years as dividends, with 30% of annual net profit allocated for dividends [26][27] - **Investment in Upgrades**: Ongoing projects to enhance production efficiency and environmental standards, including a 2 billion CNY investment in coal upgrading projects [13] Risks and Challenges - **Environmental Fees**: High water and soil conservation fees in Xinjiang, totaling 604 million CNY for the first three quarters, are a concern [15] - **Market Volatility**: Fluctuations in coal and natural gas prices due to seasonal demand and external market conditions [14][20] Conclusion - **Overall Performance**: Despite a decline in revenue and profit, Guanghui Energy shows resilience through improved cash flow and strategic adjustments in sales and production [2][3][28] - **Future Outlook**: Optimistic about Q4 performance with expected improvements in market conditions and operational efficiency [28][29]

Core Viewpoint - Guanghui Energy announced that there are no overdue guarantees, indicating a stable financial position and management of liabilities [2] Company Summary - Guanghui Energy released an announcement on October 30, stating that it does not have any overdue guarantees, which reflects positively on its financial health and risk management practices [2]

Core Viewpoint - Guanghui Energy reported a stable operational performance in Q3 2025 despite a decline in product prices, achieving a revenue of 22.53 billion yuan and a net profit of 1.012 billion yuan in the first three quarters [1][2]. Group 1: Financial Performance - The company achieved a revenue of 22.53 billion yuan and a net profit of 1.012 billion yuan in the first three quarters, with a net cash flow from operating activities of 4.315 billion yuan, reflecting a year-on-year growth of 6.14% [1]. - LNG production reached 332,600 tons, while LNG sales totaled 1,087,600 tons, showing a decline compared to the previous year, but the terminal market layout continued to improve [1]. Group 2: Business Segments - The coal segment showed significant growth, with raw coal production reaching 38.6808 million tons, a year-on-year increase of 78.64%, and coal sales of 40.0267 million tons, up 39.92% [2]. - The coal chemical segment demonstrated operational efficiency, with methanol production at 753,500 tons and ethylene glycol production increasing by 16.84% year-on-year [2]. Group 3: Project Development - Key projects are progressing smoothly, including the completion of supporting facilities for the Malang coal mine and steady advancement in drilling and fracturing for the Kazakhstan Zaisan oil and gas development project [2]. - The 40 million tons/year Naoliu Highway expansion project has been fully opened, and the methanol refueling station demonstration project is completed and awaiting operation [2]. Group 4: Future Outlook - The company aims to continue focusing on its core energy business and enhance its integrated industrial chain advantages, with expectations of stabilizing performance amid industry supply-demand adjustments and project capacity releases [3].

证券代码：600256 证券简称：广汇能源 公告编号：2025-081 广汇能源股份有限公司 董事会第九届第二十次会议决议公告 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： 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》《证券法》和《公司章 程》的有关规定。 （二）本次会议通知和议案于 2025 年 10 月 24 日以通讯方式向各位 董事发出。 （三）本次董事会于 2025 年 10 月 29 日在乌鲁木齐市新华北路 165 号中天广场 27 楼会议室以现场和通讯相结合的方式召开。 （四）本次会议由公司董事长韩士发先生主持，应到会董事 11 人（其 中：独立董事 4 人），实际到会董事 11 人，其中：董事蔺剑、张涛、闫军 及独立董事吴中华、蔡镇疆、甄卫军、高丽以通讯方式出席会议。 （五）本次会议由公司董事长韩士发先生主持，公司全部高级管理人 员列席了会议。 本议案在提交董事会审议前，已经审计委员会 2025 年第五次会议审 1 无董事对本次董事会议案投反对或弃权票。 本次董事会议案全部 ...

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 ...