广汇能源股份有限公司 简式权益变动报告书 上市公司名称：广汇能源股份有限公司 股票上市地点：上海证券交易所 股票简称：广汇能源 股票代码：600256 信息披露义务人一名称：富德生命人寿保险股份有限公司 公司住所：深圳市福田区福中一路1001号生命保险大厦27、28、29、30层 通讯地址：深圳市福田区莲花街道福中社区福中一路1001号生命保险大厦三十八层 3811房 股份变动性质：股份增加 签署日期：2025年5月16日 第 1 页 共 31 页 信息披露义务人声明 一、信息披露义务人一与信息披露义务人二均依据《中华人民共和国公司法》、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司收购管理办 法》（以下简称"《收购办法》"）、《公开发行证券公司信息披露内容与格式准 则第15号—权益变动报告书》（以下简称"准则15号"）及相关的法律、法规编写 本报告书。 二、信息披露义务人一与信息披露义务人二签署本报告书均已获得必要的授权 和批准，其履行亦不违反信息披露义务人章程或内部规则中的任何条款，或与之相 冲突。 通讯地址：深圳市福田区福中一路1001号生命保险大厦27、28、29、30层 股份变动性 ...

本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（http://rs.p5w.net），或关注微信公众号：全景财经，或下载 全景路演 APP，参与本次互动交流，活动时间为 2025 年 5 月 23 日（周 五）15:00-17:30。届时公司高管将在线就公司 2024 年度业绩、公司 治理、发展战略、经营状况、融资计划及可持续发展等投资者关心的 问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 广汇能源股份有限公司董事会 二〇二五年五月十七日 广汇能源股份有限公司 关于参加新疆辖区上市公司 2025 年投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，广汇能源股份有限公司（简 称"公司"）将参加由新疆上市公司协会根据新疆证监局工作部署， 联合深圳市全景网络有限公司举办的"2025 年新疆辖区上市公司投 资者网上集体接待日活动"，现将相关事项公告如下： 证券代码：600256 证券简称：广汇能源 公告编号：2025-046 ...

广汇能源（600256）公告，广汇集团以协议转让方式分别向富德寿险、富德金控转让其所持广汇能源 6.39亿股、3.38亿股，合计转让9.76亿股无限售条件流通股，占广汇能源总股本的15.03%。本次权益变 动后，广汇集团持有广汇能源13.03亿股无限售条件流通股，占广汇能源总股本的20.06%。本次权益变 动不会导致广汇能源的控股股东、实际控制人发生变化。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has faced significant revenue and profit declines in 2024, with operating income of 36.441 billion yuan, down 40.72% year-on-year, and a net profit of 2.961 billion yuan, down 42.60% year-on-year [20][14] - Despite the challenges, the company remains optimistic about its coal transportation business in Xinjiang, which is expected to recover due to seasonal demand [14] Summary by Sections Overall Performance - In 2024, the company reported an operating income of 36.441 billion yuan, a decrease of 40.72% year-on-year, and a net profit of 2.961 billion yuan, down 42.60% year-on-year. The net cash flow from operating activities was 5.675 billion yuan, down 16.64% year-on-year [20][14] Coal Business - The coal business achieved record production and sales, with raw coal output reaching 39.8329 million tons, up 78.52% year-on-year, and total coal sales of 47.234 million tons, up 52.39% year-on-year. Revenue from coal operations was 17.379 billion yuan, an increase of 18.03% year-on-year, although the gross margin fell to 22.95%, down 11.73 percentage points due to declining sales prices [27][29] Natural Gas Business - The company reduced its external gas procurement due to price discrepancies, resulting in a 51.65% year-on-year decrease in external LNG sales to 2.2393 million tons. Total natural gas sales were 2.8401 million tons, down 52.95% year-on-year. Revenue from natural gas sales dropped to 13.065 billion yuan, down 65.95% year-on-year, while the gross margin improved to 14.37%, up 6.26 percentage points [31][33] Coal Chemical Business - The coal chemical segment maintained stable production, with methanol output of 1.0788 million tons, up 18.43% year-on-year, and ethylene glycol output of 155,600 tons, up 23.73% year-on-year. However, total sales in this segment decreased by 8.42% year-on-year [36][39] Profit Forecast and Valuation - The company forecasts a net profit of 3.487 billion yuan for 2025, reflecting a 17.75% increase year-on-year, with expected earnings per share of 0.54 yuan. The company is positioned well in Xinjiang with strong coal reserves and advanced production capacity, indicating potential for valuation recovery [14][42]

Investment Rating - The report maintains a "Positive" investment rating for the petrochemical industry [9] Core Insights - The petrochemical industry is experiencing a downturn in revenue and net profit due to pressures from real estate and infrastructure, as well as global trade tensions, but the industry is nearing historical lows in terms of profitability [2][6] - There is a notable divergence in profitability among sub-industries, with downstream processing, coal chemical, and gas chemical sectors showing positive growth, indicating structural investment opportunities [2][6] - Key investment opportunities are identified in high-quality growth, growth potential, and high dividend yield sectors [2][7] Summary by Sections Industry Performance Overview - The petrochemical sector's revenue and net profit are projected to decline in 2024 and Q1 2025, with overall revenue for 2024 estimated at approximately 8,210.4 billion yuan, a decrease of 3.02% year-on-year, and net profit at about 395.0 billion yuan, down 0.54% [21][22] - For Q1 2025, revenue is expected to be around 200.5 billion yuan, reflecting a 6.14% decline, with net profit decreasing by 4.43% [21][22] Sub-Industry Analysis - The performance of various sub-sectors in 2024 shows mixed results: - Petrochemical (-0.54%) - Oil and gas services and equipment (-7.61%) - Energy extraction (4.87%) - Oil and gas storage and sales (-35.41%) - Traditional refining (-19.10%) - Private refining (-38.09%) - Coal and gas chemicals (19.21%) - Downstream processing (117.14%) [6][22] - In Q1 2025, the performance continues to vary: - Petrochemical (-4.43%) - Oil and gas services and equipment (18.13%) - Energy extraction (-2.48%) - Oil and gas storage and sales (-2.43%) - Traditional refining (-28.31%) - Private refining (-9.55%) - Coal and gas chemicals (65.79%) - Downstream processing (55.26%) [6][22] Investment Focus - The report emphasizes three main investment themes: 1. Gradual recovery in the industry, favoring quality leading companies with rising volumes and prices [7] 2. Opportunities in high-end materials and technology import substitution, particularly in POE and ethylene technology [7] 3. Stable cash flow and high dividend yields, particularly in central and state-owned enterprises, which may see a revaluation [7][8] Recommended Stocks - Key stocks to focus on include: - High-quality growth: Satellite Chemical, Baofeng Energy, Zhongman Petroleum, New Natural Gas, and Guanghui Energy - High-end material import substitution: AkzoNobel and Dingjide - Beneficiaries of coal chemical investments in regions like Xinjiang and Shanxi: Aerospace Engineering - Recovery plays: Huajin Co., Hengli Petrochemical, Rongsheng Petrochemical, Dongfang Shenghong, and Hengyi Petrochemical - High dividend stocks: CNOOC, PetroChina, and Sinopec [8]

Core Viewpoint - The China Oil and Gas Industry Index has shown a decline in recent trading sessions, reflecting broader market trends and specific sector performance [1][2]. Group 1: Index Performance - The China Oil and Gas Industry Index (H30198) opened lower and fell by 1.04%, closing at 1751.37 points with a trading volume of 13.948 billion yuan [1]. - Over the past month, the index has increased by 4.60%, but it has decreased by 1.07% over the last three months and is down 4.38% year-to-date [1]. Group 2: Index Composition - The index includes companies involved in oil and gas exploration, equipment manufacturing, transportation, sales, refining, and primary petrochemical production [1]. - The top ten weighted companies in the index are: China National Petroleum (10.46%), China National Offshore Oil (9.96%), Sinopec (9.54%), Guanghui Energy (5.02%), and others [1]. - The index is primarily composed of companies listed on the Shanghai Stock Exchange (70.91%) and the Shenzhen Stock Exchange (29.09%) [1]. Group 3: Sector Allocation - The sector allocation of the index shows that energy constitutes 61.44%, materials 20.57%, industrials 15.14%, finance 1.77%, and utilities 1.08% [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2].

以下为研究报告摘要： 核心观点 4月油价回顾： 2025年4月布伦特原油期货均价为66.5美元/桶，环比下跌5.0美元/桶，月末收于63.1美元/ 桶；WTI原油期货均价62.9美元/桶，环比下跌5.0美元/桶，月末收于58.2美元/桶。4月上旬， 美国"对等关税"落地引发经济衰退及能源需求担忧，同时OPEC+宣布将从5月加速增产41.1 万桶/天，国际油价暴跌；4月中旬，美国暂缓"对等关税"政策90天实施，美国对伊朗出口实 施新制裁，OPEC+产油国提交补偿性减产计划，但三大机构下调全球需求增长，国际油价 震荡上行；4月下旬至5月初，EIA原油库存增加，OPEC+宣布将在6月再次加速增产41.1万 桶/天，国际油价再次下跌。 国信证券近日发布油气行业2025年4月月报：由于"对等关税"政策对需求影响，国际主 要能源机构下调2025年原油需求增长，预计增长73-130万桶/天。根据OPEC、IEA、EIA最新 4月月报显示，2024年原油需求分别为103.75、102.79、102.74万桶/天（上次为103.75、 102.79、102.86桶/天），分别较2023年增加151、83、89万桶/天（上次为1 ...

Core Viewpoint - Guanghui Energy has responded to market concerns, showcasing its current development status and strategic planning, with a focus on improving operational conditions amid a challenging coal market [1][2][3] Financial Performance - In Q1 2025, the company reported revenue of 8.902 billion yuan and a net profit attributable to shareholders of 694 million yuan, reflecting a year-on-year decline due to weak coal market demand and falling prices [1] - The company's debt-to-asset ratio decreased from 53.85% at the end of 2024 to 52.34% by the end of Q1 2025, indicating overall financial stability [1] Project Development - Key projects are progressing, with the Malang coal mine receiving environmental approval in February 2025 and currently enhancing its coal quality from an initial calorific value of 4600-4700 kcal to 5000-5100 kcal [2] - The company announced a 16.481 billion yuan investment in the "Yihu Guanghui 15 million tons/year coal quality utilization demonstration project," which aims to produce various high-value products and achieve an annual profit of 2.184 billion yuan [2] Market Analysis - In Q1 2025, coal prices adjusted due to warm temperatures and insufficient downstream recovery, but signs of a bottoming out are emerging supported by costs [3] - Market expectations for coal prices are improving, with potential stabilization and rebound as summer electricity demand peaks and power plants begin to replenish stocks [3] Strategic Focus - The company aims to enhance performance through four main strategies: stabilizing coal production, advancing the coal quality utilization project, optimizing energy structure through oil development, and adapting to market dynamics for high-quality growth [3]

Core Insights - The report emphasizes the importance of coal allocation in the current market environment, highlighting a basket of financial policies aimed at stabilizing market expectations [1][2] - The coal sector is viewed as entering a "golden era 2.0," with core value assets expected to rebound due to favorable macroeconomic policies and capital market support [2][10] Coal Market Overview - As of May 9, 2025, the price of Q5500 thermal coal at Qinhuangdao port was 630 CNY/ton, a decrease of 20 CNY/ton or 3.08% from the previous week [1][13] - The operating rate of coal mines in the Shanxi, Shaanxi, and Inner Mongolia regions was 81.1%, reflecting a slight decline of 0.3 percentage points [1][13] - In April 2025, China imported 37.825 million tons of coal, a year-on-year decrease of 16.41% [1] Demand and Supply Dynamics - The daily coal consumption of coastal power plants reached 1.734 million tons, an increase of 235,000 tons week-on-week [1][9] - The inventory at ports in the Bohai Rim increased to 33.051 million tons, up 201,800 tons or 6.5% [1][9] - The operating rates for methanol and urea production were 84.1% and 87.35%, respectively, indicating a stable demand for coal in chemical production [1][9] Investment Logic - The report outlines a robust dividend investment logic for coal stocks, suggesting that they remain a preferred choice for institutional investors due to their stable returns and low risk associated with state-owned enterprises [2][10] - The cyclical elasticity of coal stocks is highlighted, with expectations for price recovery as supply-demand fundamentals improve post-policy implementation [2][10] Key Indicators - The coal sector's PE ratio was reported at 11.6, and the PB ratio was 1.16, indicating relatively low valuations compared to other sectors [5][7] - The report identifies key coal stocks that are expected to benefit from the current market conditions, including China Shenhua, Shaanxi Coal, and China Coal Energy [2][10] Focused Stock Recommendations - The report suggests a selection of coal stocks based on different investment themes: - Dividend logic: China Shenhua, Shaanxi Coal, China Coal Energy - Cyclical logic: Pingmei Shenma, Huabei Mining - Diversified aluminum elasticity: Shenhua Energy, Electric Power Energy - Growth logic: Guanghui Energy, New Hope Energy [2][10]

Investment Rating - The coal mining industry is rated as "Recommended" [7][78] Core Views - The coal mining industry is experiencing a supply-side constraint, while demand may fluctuate in the short term, leading to price volatility and dynamic rebalancing [7][78] - The report highlights the investment value of coal companies as high dividend and cash cow assets, especially in light of recent market changes and government support for major coal enterprises [7][77] - Key companies in the coal sector are characterized by high profitability, strong cash flow, high barriers to entry, substantial dividends, and a high safety margin [7][78] Summary by Sections 1. Thermal Coal - Thermal coal prices at ports have decreased by 22 CNY/ton year-on-year, with port inventory increasing [14][15] - Production in major coal-producing areas has increased, with capacity utilization in the Sanxi region rising by 0.69 percentage points [14][21] - April coal imports totaled 37.825 million tons, a year-on-year decrease of 16.4% [14][28] - Demand remains weak due to high inventory levels at power plants, with daily consumption showing mixed trends [14][31] 2. Coking Coal - Coking coal production has stabilized, with capacity utilization rising by 0.45 percentage points to 89.0% [39][76] - The average customs clearance volume at Ganqimaodu port increased by 281 vehicles week-on-week [39][44] - Coking coal supply and demand are marginally loose, with inventories at production enterprises rising by 14.84 million tons [39][76] 3. Coke - The production rate of coking plants has increased, with capacity utilization rising by 0.29 percentage points to 75.83% [53][76] - Despite a slight increase in coke inventory, it remains at a low level with no significant pressure [53][66] - The average profit per ton of coke has risen to approximately 1 CNY, an increase of 7 CNY week-on-week [57][76] 4. Anthracite - Anthracite prices have remained stable, with supply exceeding demand and no new purchasing needs from power users [71][72] 5. Key Companies and Investment Focus - Recommended stocks include China Shenhua, Shaanxi Coal, and others, with a focus on companies with strong cash flow and high dividend yields [7][78] - The report emphasizes the importance of monitoring iron and steel production, as well as the consumption of steel and coking coal [39][76]