广汇能源股份有限公司 未来三年（2025-2027年）股东回报规划 为了积极回报投资者，切实维护全体股东合法权益，根据《公司 法》《上市公司监管指引第3号——上市公司现金分红》《上海证 券交易所上市公司自律监管指引第1号——规范运作》等相关制度要 求以及《公司章程》的相关规定，广汇能源股份有限公司（简称"公 司"）在充分考虑实际经营情况及未来发展规划的基础上，制定了 《广汇能源股份有限公司未来三年（2025-2027年）股东回报规划》 （简称"本规划"），具体内容如下： 1 （三）利润分配具体政策 一、制定本规划考虑的因素 本规划着眼于公司长远和可持续的发展，综合考虑公司所处行业 特点、公司实际经营情况及未来发展规划、盈利水平、公司财务及现 金流状况、外部融资环境及股东回报等因素，建立对投资者科学、 持续、稳定的股东回报规划和机制，以保证公司利润分配政策的持 续性和稳定性。 二、本规划的制定原则 本规划的制定以符合相关法律法规及《公司章程》关于利润分 配的相关规定为原则，兼顾公司持续发展需要和投资者合理回报需 求，实行持续、稳定的利润分配政策。 三、未来三年（2025—2027年）股东回报规划 （一）实施前提 ...

Core Viewpoint - Guanghui Energy Co., Ltd. has announced the progress of its guarantee implementation for July 2025, detailing changes in guarantee amounts and the overall guarantee balance as part of its operational strategy to support its subsidiaries and joint ventures [1][2]. Summary by Sections 1. Guarantee Amount and Balance - In July 2025, the company increased the guarantee amount by 43,553.71 million yuan and decreased it by 57,360.48 million yuan, resulting in a total guarantee balance of 1,327,149.08 million yuan as of July 31 [1][2][4]. 2. Expected Guarantee for 2025 - The company has approved a total expected guarantee amount not exceeding 20 billion yuan for 2025, with a net increase of guarantees expected to be no more than 6 billion yuan. This includes 5.71 billion yuan for subsidiaries and 3.3 billion yuan for companies with an asset-liability ratio above 70% [1][4]. 3. Implementation of Guarantees in July 2025 - The company has provided detailed monthly disclosures regarding its guarantee activities, with specific amounts allocated to various subsidiaries and joint ventures, ensuring that the total does not exceed the approved limits [2][3]. 4. Necessity and Reasonableness of Guarantees - The guarantees are deemed necessary and reasonable to ensure the normal operation of the subsidiaries and joint ventures, which are reported to have stable operations and good credit status, thus minimizing risks [4]. 5. Cumulative Guarantee Amount and Overdue Guarantees - As of July 31, the cumulative guarantee balance was 1,327,149.08 million yuan, accounting for 49.17% of the company's latest audited equity. There are no overdue guarantees reported [4].

Core Insights - Guanghui Energy (600256) closed at 5.48 CNY on August 26, 2025, with a 1.48% increase and a turnover rate of 2.73% [1] - The company reported a total revenue of 8.902 billion CNY for Q1 2025, a year-on-year decrease of 11.34%, and a net profit of 694 million CNY, down 14.07% year-on-year [1] Financial Performance - Total revenue for Q1 2025: 89.02 billion CNY, down 11.34% year-on-year [1] - Net profit: 6.94 billion CNY, down 14.07% year-on-year [1] - Non-recurring net profit: 7.01 billion CNY, down 9.48% year-on-year [1] - Current ratio: 0.597, Quick ratio: 0.527, Debt-to-asset ratio: 52.34% [1] Market Activity - Main capital inflow: 86.0227 million CNY, accounting for 9.06% of transaction volume [1] - Large single net inflow: 82.6554 million CNY, accounting for 8.71% of transaction volume [1] - Medium and small orders showed net outflows of 51.9744 million CNY and 34.0484 million CNY, respectively [1] Company Background - Guanghui Energy was established in 1999 and is based in Urumqi, primarily engaged in gas production and supply [2] - The company has invested in 38 enterprises and participated in 3,532 bidding projects [2] - It holds 5 trademark registrations and has 23 administrative licenses [2]

重要内容提示： ●被担保人名称：公司之控股子公司及参股公司 4 家公司。 ●担保金额及担保余额：2025 年 7 月增加担保金额 43,553.71 万元，减少担 保金额 57,360.48 万元（含汇率波动）；截止 7 月 31 日担保余额 1,327,149.08 万元（上述数据为未审数，具体以经审计数据为准）。 证券代码：600256 证券简称：广汇能源 公告编号：2025-063 广汇能源股份有限公司 关于 2025 年 7 月担保实施进展的公告 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。 ●是否存在反担保：是 ●是否存在关联担保：是 ●担保逾期情况：无逾期担保情形 ●风险提示：2025 年担保预计已履行股东大会审议程序，预计范围内存在对 资产负债率超过 70%的子公司提供担保的情形，敬请投资者注意投资风险。 一、2025 年担保预计情况 为确保广汇能源股份有限公司（简称"公司"或"广汇能源"）生产经 营持续、稳健的发展，满足公司及控股子公司和参股公司的融资担保需求， 公司在运作规范和风险可控的前提下，结合 202 ...

Core Viewpoint - Guanghui Energy's stock has shown fluctuations with a recent increase of 2.04%, while the company has experienced a year-to-date decline of 9.94% in stock price [1] Financial Performance - For the period from January to March 2025, Guanghui Energy reported a revenue of 8.902 billion yuan, representing a year-on-year decrease of 11.34%, and a net profit attributable to shareholders of 694 million yuan, down 14.07% year-on-year [2] - Cumulative cash dividends paid by Guanghui Energy since its A-share listing amount to 18.358 billion yuan, 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 second-largest circulating shareholder is Ruiyuan Growth Value Mixed A, holding 146 million shares, which is a decrease of 9.1016 million shares compared to the previous period [3] Market Activity - As of August 26, 2025, Guanghui Energy's stock price was 5.51 yuan per share, with a trading volume of 6.51 billion yuan and a turnover rate of 1.87%, resulting in a total market capitalization of 35.22 billion yuan [1] - The net inflow of main funds was 49.8686 million yuan, with significant buying activity from large orders [1]

Summary of Key Points Core Viewpoint - As of August 25, 2023, a total of 509 stocks in the Shanghai and Shenzhen markets have experienced a net outflow of main funds for five consecutive days or more, indicating a trend of capital withdrawal from these stocks [1]. Group 1: Stocks with Longest Net Outflow - Hongchuang Holdings has the longest net outflow, with 22 consecutive days of capital withdrawal [1]. - Dashengda follows with 21 consecutive days of net outflow [1]. Group 2: Stocks with Highest Total Net Outflow - Inner Mongolia First Machinery Group has the largest total net outflow, with a cumulative amount of 3.976 billion yuan over 8 days [1]. - Wolong Electric Drive is next, with a total net outflow of 3.784 billion yuan over 7 days [1]. Group 3: Stocks with Highest Net Outflow Ratio - Guanghui Energy has the highest net outflow ratio, with 19.99% over 11 days, and has seen a decline of 2.17% in its stock price [1]. - Other notable stocks include Yuyuan Lithium Chip and Aerospace Rainbow, with net outflow ratios of 9.25% and 7.86% respectively [1]. Group 4: Performance of Affected Stocks - The stock of Inner Mongolia First Machinery Group has decreased by 10.46% during the net outflow period [1]. - In contrast, Wolong Electric Drive has increased by 22.34% despite the net outflow [1].

Group 1 - The oil industry experienced a rise of 0.71% on August 25, with a net outflow of 451 million yuan from main funds [1] - Among the constituent stocks, 14 increased while 2 decreased, indicating a generally positive market sentiment [1] - The stocks with the highest net outflow included Guanghui Energy (189 million yuan), Sinopec (155 million yuan), and PetroChina (81.14 million yuan) [1] Group 2 - Notable stocks with significant inflows included Unified Holdings (34.65 million yuan), Shenyang Chemical (18.42 million yuan), and China National Offshore Oil Corporation (13.21 million yuan) [1] - The percentage of net inflow for Unified Holdings was 10.99%, while Shenyang Chemical and China National Offshore Oil Corporation had 15.57% and 0.98% respectively [1] - Other companies like Guangju Energy and Heshun Petroleum also saw minor inflows, indicating selective investor interest [1]

Investment Strategy - The report highlights that global oil and gas capital expenditures are on a downward trend, leading to a slowdown in supply growth. Since the signing of the Paris Agreement in 2015, capital expenditures in the oil and gas upstream sector have significantly decreased, with a notable drop of nearly 22% from the 2014 peak [9][29]. - The report indicates that major energy companies are facing increasing pressure from policies aimed at carbon reduction, prompting them to shift focus towards energy transition and renewable projects. This trend is expected to continue, resulting in a sustained reduction in capital expenditures for oil and gas [9][29]. - The report notes that the active drilling rig count in the U.S. remains low, which may lead to a slowdown in U.S. oil production growth. The OPEC+ group is also expected to maintain limited supply increases in the coming year [9][29]. Oil Market - The Brent crude oil price is reported at $67.93 per barrel, reflecting a slight increase of 0.03% week-on-week, while WTI crude oil is at $63.13 per barrel, down 0.28% [31][30]. - The report mentions that geopolitical tensions, particularly the ongoing conflict in Ukraine, have contributed to fluctuations in oil prices, with expectations of resilient demand amid limited supply growth [10][29]. Coal Market - The report states that the average market price for Qinhuangdao port thermal coal (Q5500) is 703 RMB per ton, showing a week-on-week increase of 1.59%. The market is characterized by stable prices, with downstream demand primarily driven by essential purchases [11][12]. - Inventory levels at major ports are reported to be 23.336 million tons, down 1.27% week-on-week, indicating a tightening supply situation [11][12]. - The report highlights that domestic coal production is being affected by weather conditions, but overall supply remains sufficient to meet demand from power plants and the chemical industry [11][12]. Coking Coal Market - The report indicates that the coking coal market is currently in a stalemate, with prices for coking coal remaining stable at 1,610 RMB per ton. The market is influenced by fluctuating raw material prices and the profitability of downstream steel enterprises [14][15]. - The report notes that the average daily pig iron production from 247 steel mills is 2.4082 million tons, reflecting a slight increase of 0.04% week-on-week, which supports the demand for coking coal [14][15]. Natural Gas Market - The report highlights a breakthrough in natural gas helium extraction technology in China, with a new device achieving a helium purity level of 6N9. This development is expected to enhance the domestic helium supply [16][17]. - Natural gas prices in the U.S. have decreased, with the NYMEX natural gas average at $2.81 per million British thermal units, down 2.2% week-on-week [16][17]. Oilfield Services - The report emphasizes that the oilfield services sector is expected to maintain its growth due to government policies aimed at increasing oil and gas reserves. The capital expenditure for major oil companies is projected to remain high, supporting the oilfield services industry's outlook [18][19]. - The global active rig count is reported at 1,621, with a slight increase of 21 rigs week-on-week, indicating ongoing activity in the oilfield services sector [18][19].

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report indicates that thermal coal prices are rebounding, aiming for a target of 750 CNY per ton, with a current price of 704 CNY per ton as of August 22, 2025, reflecting a 15.6% increase from the lowest price of 609 CNY per ton earlier this year [4][5] - The report emphasizes that both thermal coal and coking coal prices have reached a turning point, with expectations for further price recovery [5][13] Summary by Sections Thermal Coal Market - As of August 22, 2025, the Qinhuangdao Q5500 thermal coal price is 704 CNY/ton, with a 15.6% increase from the year's lowest price of 609 CNY/ton [4] - The operating rate of 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia is 81.7%, indicating a relatively low supply level [4] - Port inventories have decreased by 29.82% from the highest level of 3,316.3 million tons earlier this year to 2,327.4 million tons [4] - The daily consumption of coal remains high during the summer, with the methanol operating rate at 80.65%, reflecting strong demand [4] Coking Coal Market - The price of coking coal at the Jing Tang Port is 1,610 CNY/ton, rebounding from a low of 1,230 CNY/ton in early July, with a significant increase of 61.61% in futures prices [4][5] - The report notes a tightening supply expectation due to regulatory measures on overproduction in coal mines [5] Investment Logic - The report suggests that the current thermal coal price has surpassed the second target price of around 700 CNY, with expectations to reach the third target price of 750 CNY, which is the breakeven point for coal and power generation companies [5][13] - Coking coal prices are expected to be influenced more by supply and demand fundamentals, with target prices set based on the ratio of coking coal to thermal coal prices [5][13] Investment Recommendations - The report identifies four main investment lines in the coal sector: 1. Cycle logic: Companies like Jinko Coal and Yancoal 2. Dividend logic: Companies like China Shenhua and China Coal Energy 3. Diversified aluminum elasticity: Companies like Shenhua Holdings and Electric Power Investment 4. Growth logic: Companies like Xinji Energy and Guanghui Energy [6][14]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing a slow recovery in supply, with coal prices continuing to rise. The port coal price increased by 6 CNY/ton week-on-week, reaching 704 CNY/ton [3][13] - The supply side is constrained due to adverse weather conditions affecting production, particularly in the Ordos region, where capacity utilization has decreased by 1.42 percentage points [3][13] - Demand remains strong due to high temperatures, with daily coal consumption in coastal and inland power plants increasing by 11.2 and 14.8 thousand tons respectively [3][21] - The report highlights the investment value of coal companies, emphasizing their high profitability, cash flow, and dividend yields [70] Summary by Sections 1. Thermal Coal - Supply is tightening again, with port inventories decreasing and prices rising [3][13] - As of August 20, capacity utilization in the Sanxi region decreased to 88.57%, with a weekly production drop of 190 thousand tons [19] - Daily coal consumption in coastal power plants reached 249.6 thousand tons, up 11.2 thousand tons week-on-week [21] - Port inventories in northern regions decreased by 421 thousand tons week-on-week [25] 2. Coking Coal - Coking coal production recovery is limited, with capacity utilization increasing by 0.49 percentage points due to the resumption of previously halted mines [4][69] - The average daily customs clearance at Ganqimaodu port increased to 1212 trucks, up 132 trucks week-on-week [37] - Coking coal prices at the port remained stable at 1610 CNY/ton [34] 3. Coke - The seventh round of price increases for coke has been implemented, with an increase of 50-55 CNY/ton [46] - The overall inventory of coke remains low, with production rates showing some variability [53] - The average profit per ton of coke increased to 23 CNY/ton, up 3 CNY/ton week-on-week [49] 4. Investment Focus - Recommended stocks include China Shenhua, Shaanxi Coal, and others, with a focus on companies with strong cash flow and high dividend yields [70] - The report suggests monitoring the recovery of coal production, iron water output, and market conditions during the upcoming military parade [69][70]