SHAN XI HUA YANG GROUP NEW ENERGY CO.(600348)

Search documents
华阳股份(600348.SH):公司钠电池业务将重点围绕煤矿应急电源和储能两大方向持续发展
Ge Long Hui· 2025-09-03 09:21
Core Viewpoint - Huayang Co., Ltd. has been selected for the first major technological equipment list in the national energy sector for its sodium battery emergency power supply [1] Group 1: Company Developments - The company has equipped some coal mines with emergency power supplies and has won bids for emergency power supply projects from provincial coal enterprises this year [1] - The company is promoting this type of product across the province [1] Group 2: Future Business Focus - The future development of the company's sodium battery business will focus on two main areas: emergency power supply for coal mines and energy storage [1]
华阳股份跌2.00%,成交额1.13亿元,主力资金净流出515.13万元
Xin Lang Cai Jing· 2025-09-03 06:50
Group 1 - The core viewpoint of the news is that Huayang Co., Ltd. has experienced fluctuations in stock price and trading volume, with a recent decline in share price and a notable decrease in revenue and net profit year-on-year [1][2][3] Group 2 - As of September 3, Huayang's stock price was 6.85 CNY per share, with a market capitalization of 24.71 billion CNY and a trading volume of 113 million CNY [1] - Year-to-date, Huayang's stock price has increased by 1.02%, but it has decreased by 2.42% over the last five trading days and by 7.81% over the last 20 days [1] - The company's main business includes coal production (79.07% of revenue), electricity production (7.39%), and other services [2] - For the first half of 2025, Huayang reported a revenue of 11.24 billion CNY, a year-on-year decrease of 7.86%, and a net profit of 783 million CNY, down 39.75% year-on-year [2] - The company has distributed a total of 12.93 billion CNY in dividends since its A-share listing, with 5.81 billion CNY distributed in the last three years [3] - As of June 30, 2025, major shareholders include Hong Kong Central Clearing Limited and various ETFs, indicating a diverse institutional holding structure [3]
高质量发展看山西国企:华阳集团钠电煤矿应急电源入选国家首台(套)重大技术装备名单
Xin Lang Cai Jing· 2025-09-02 06:30
Group 1 - The "16MW/17.04MWh high-reliability coal mine emergency power supply based on sodium-ion batteries" project led by Huayang Group has been successfully selected for the fifth batch of major technological equipment in the energy sector by the National Energy Administration, marking a significant recognition of the group's technological innovation capabilities in the new energy field [1][3] - The selection process was highly competitive, with over 600 projects entering the final defense stage, and only 82 technological equipment items making it to the final list [3] - The project utilizes high-performance sodium-ion batteries, which offer advantages such as high safety, high rate, wide temperature range, and long lifespan, along with a customized energy management system and reliable safety features [6] Group 2 - The sodium-ion battery emergency power supply system has demonstrated stable operation, uniform output, and qualified power quality during its previous deployments, achieving international leading standards as recognized by the China Coal Industry Association [4][6] - Huayang Group aims to leverage this recognition to promote the demonstration application and market expansion of the project, accelerating the industrialization process and enhancing independent innovation capabilities [6]
华阳股份上半年受煤炭市场价格下跌影响 营业收入同比减少7.86%
Xin Lang Cai Jing· 2025-09-01 06:09
Core Viewpoint - Huayang Co., Ltd. reported a decline in revenue and net profit for the first half of 2025, primarily due to falling coal prices despite an increase in production and sales volume [1][3]. Financial Performance - The company achieved an operating income of 11.24 billion, a decrease of 7.86% compared to the same period last year [2]. - The net profit attributable to shareholders was 783 million, down 39.75% year-on-year [2]. - The net profit after deducting non-recurring items was 824 million, a decrease of 32.18% compared to the previous year [2]. Production and Sales - Huayang Co., Ltd. saw an increase in coal production, with raw coal output rising by 11.25% and purchased coal increasing by 14.28% [1][3]. - The total sales volume of commodity coal reached 19.28 million tons, reflecting a year-on-year growth of 12.79% [1]. Market Conditions - The decline in operating income is linked to a drop in coal prices, with the average selling price of coal at 460.84 per ton, down 19.50% year-on-year [3]. - The sales revenue from coal products was 8.89 billion, a decrease of 9.21% compared to the previous year [3]. Risk Management Strategies - The company faces cyclical risks in the coal industry and rapid technological changes in new energy and materials [4]. - To mitigate these risks, Huayang Co., Ltd. plans to enhance coal quality through technological advancements and adjust production based on market conditions [4]. - The company aims to focus on niche markets such as emergency power supply and low-speed electric vehicles while collaborating with research institutions to drive innovation [4]. Commitment to Shareholder Returns - Huayang Co., Ltd. is actively participating in the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" initiative, focusing on high-quality development [5][6]. - The company declared a cash dividend of 3.09 per 10 shares (including tax), with a payout ratio of 50.11% [6].
煤炭行业2025年中报综述:煤价阶梯探底趋稳,业绩回落降幅明显
Changjiang Securities· 2025-09-01 04:41
Investment Rating - The report maintains a "Positive" investment rating for the coal industry [11]. Core Insights - The coal price has been stabilizing after a downward trend, with significant declines in performance metrics observed in the first half of 2025. The coal sector reported a revenue of CNY 548.55 billion, down 19.5% year-on-year, and a net profit of CNY 52.76 billion, down 31.6% year-on-year [2][51]. - The report suggests that the bottom of coal enterprise profits is becoming apparent, indicating potential opportunities for recovery in the sector, especially as the market enters a phase of policy effect verification [9]. Summary by Sections Operating Conditions - In the first half of 2025, the coal sector's revenue was CNY 548.55 billion, a decrease of 19.5% year-on-year, with a net profit of CNY 52.76 billion, down 31.6% year-on-year. In Q2 2025, revenue was CNY 269.17 billion, down 19.6% year-on-year and 3.7% quarter-on-quarter, with a net profit of CNY 24.12 billion, down 35.5% year-on-year and 15.8% quarter-on-quarter [2][51]. Thermal Coal - The thermal coal segment saw a revenue of CNY 434.9 billion in the first half of 2025, a decline of 17% year-on-year. The average price for Q2 2025 was CNY 632 per ton, down 26% year-on-year and 12% quarter-on-quarter [7][6]. - The segment's net profit was CNY 51 billion, down 28% year-on-year, with a profit margin of 30.5% [7]. Coking Coal - The coking coal segment reported a revenue of CNY 831 billion in the first half of 2025, down 29% year-on-year. The average price for Q2 2025 was CNY 1,315 per ton, down 37% year-on-year and 9% quarter-on-quarter [8][6]. - The segment's net profit was CNY 31 billion, down 65% year-on-year [8]. Investment Recommendations - The report highlights potential recovery opportunities in the coal sector, recommending companies such as Yancoal Energy, Jinneng Holding, and China Shenhua Energy for their strong fundamentals and growth potential [9].
华阳股份20250830
2025-08-31 16:21
Summary of Huayang Co., Ltd. Conference Call Company Overview - **Company**: Huayang Co., Ltd. - **Industry**: Coal and New Materials Key Points Coal Price and Market Conditions - In Q2 2025, coal prices decreased by approximately 100 CNY/ton compared to Q1, but began to recover from June, showing an overall improvement by August. The guaranteed supply price is around 570 CNY/ton based on the 5,500 kcal standard, with market coal prices increasing by about 100 CNY/ton recently, indicating a significant improvement over Q2 [1][4]. Long-term Contract Performance - The long-term contract fulfillment rate dropped to around 50% due to declining coal prices in Q2 but has since recovered. The current fulfillment rate is between 50%-60%, still below the 80%-90% levels seen at the end of the previous year [1][5]. Geological Issues and Production Impact - Geological issues at the Pingshu Mine previously caused a reduction in calorific value to 3,400-3,500 kcal, leading to prices dropping below 300 CNY/ton. This significantly affected the company's average selling price. However, these issues have been resolved, and calorific value has returned to over 4,100 kcal, which is expected to positively impact Q3 performance [1][6]. Cost Control Measures - The company is controlling costs by reducing material consumption, non-production expenses, and special funds. The cost per ton in H1 2025 was 286 CNY, a decrease of 6 CNY/ton year-on-year, with an expected annual comprehensive cost of around 290 CNY/ton, which may continue to decline [1][7][8]. Capacity Expansion Plans - The company has completed the necessary procedures for capacity expansion at the Yushup and Pingshu mines. The Pingshu mine incurred a loss of approximately 60 million CNY in H1 due to geological issues but is expected to return to normal operations in H2. The company plans to increase production by 5 million tons through new stripping mines, aiming for a total output of 45-50 million tons [1][9]. New Materials Development - The company is advancing its carbon fiber project, with a total investment of about 1 billion CNY. The project is currently in trial production and aims to produce T1,000 to T1,100 grade products, which are primarily used in aerospace and military applications. The first phase has a capacity of 200 tons/year, with a total design scale of 1,000 tons, indicating significant profit potential [1][10][11]. Emergency Power Orders - Huayang Co., Ltd. has secured emergency power orders from the Jiao Coal Group, valued between 30-40 million CNY, with a gross margin of approximately 30%-40%. The T1,000 and T1,100 high-performance carbon fiber products are expected to have a gross margin exceeding 40% [1][12][13]. Challenges and Future Outlook - The company’s Jingfu Mine continues to face losses due to complex geological conditions and gas emissions affecting construction progress. However, the company has been operating within its approved production capacity, mitigating risks associated with overproduction regulations [1][14][15]. Strategic Planning - The company is in the process of developing its "15th Five-Year Plan," which may include plans to inject quality assets into the listed company to enhance asset securitization rates [1][3][16]. Technological Advancements - Progress has been made in the intelligent construction of coal mines, with plans to introduce more robots to reduce labor intensity and improve safety [1][19]. Market Predictions - The company anticipates a continued recovery in coal prices from Q3 to Q4 2025, with plans to adjust production levels accordingly to maximize capacity and profits [1][20]. New Mining Projects - The Yujiazhuang block has obtained exploration rights, with minimal investment expected in the next two years for exploration and preliminary procedures. Full-scale construction is projected to begin in 2027, with total investment estimated between 10-13 million CNY [1][21].
华阳股份(600348.SH)上半年净利润7.83亿元,同比下降39.75%
Ge Long Hui A P P· 2025-08-30 16:46
Core Viewpoint - Huayang Co., Ltd. (600348.SH) reported a decline in revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company achieved total operating revenue of 11.24 billion yuan in the first half of 2025, representing a year-on-year decrease of 7.86% [1] - The net profit attributable to shareholders was 783 million yuan, down 39.75% compared to the previous year [1] - Basic earnings per share were reported at 0.22 yuan [1]
华阳股份(600348) - 2025 Q2 - 季度财报
2025-08-29 17:35
[Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, which is unaudited, with no profit distribution or capital reserve conversion to share capital during the reporting period, and forward-looking statements do not constitute a substantive commitment to investors - The company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content, with no false records, misleading statements, or major omissions[3](index=3&type=chunk) - This semi-annual report is unaudited[5](index=5&type=chunk) - No profit distribution or capital reserve conversion to share capital occurred during the reporting period[6](index=6&type=chunk) - Forward-looking statements regarding future plans and development strategies in this report do not constitute a substantive commitment to investors; investors are advised to be aware of investment risks[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines common terms used in the report, such as "CSRC," "SSE," "Huayang Group," and abbreviations for the company and its subsidiaries, ensuring clear understanding of the report content - This section primarily explains common terms used in the report, such as "CSRC," "SSE," "Huayang Group," and abbreviations for the company and its subsidiaries, to ensure clear understanding of the report content[13](index=13&type=chunk)[14](index=14&type=chunk) [Section II Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's basic information, contact details, changes in registration, information disclosure, stock overview, and a summary of key financial data and indicators, highlighting the impact of market conditions on performance [I. Company Information](index=6&type=section&id=I.%20Company%20Information) This section discloses the company's basic registration information, including its Chinese name, abbreviation, foreign name and abbreviation, and legal representative - The company's Chinese name is Shanxi Huayang Group Xinneng Co., Ltd., abbreviated as Huayang Shares, with Wang Yuming as the legal representative[16](index=16&type=chunk) [II. Contact Person and Information](index=6&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides the name, address, telephone number, and email of the company's Board Secretary for investor and public communication - The Board Secretary is Lu Xinbao, contact number **0353-7078618**, email hygf600348@sina.com[17](index=17&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=6&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section details changes in the company's registered and office addresses, along with its postal code and website - The company's registered and office addresses are both No. 2 Taobei West Street, Yangquan City, Shanxi Province, and the company website is https://yqmy.ymjt.com.cn[18](index=18&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=6&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section specifies the company's designated newspapers for information disclosure, the website for semi-annual reports, and the report storage location - The company's information disclosure newspapers are "China Securities Journal," "Shanghai Securities News," and "Securities Daily," with reports published on www.sse.com.cn[19](index=19&type=chunk) [V. Company Stock Profile](index=6&type=section&id=V.%20Company%20Stock%20Profile) This section provides the company's stock type, listing exchange, stock abbreviation, code, and previous stock abbreviation - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation Huayang Shares and stock code **600348**[20](index=20&type=chunk) [VII. Company's Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company experienced significant declines in operating revenue, total profit, and net profit attributable to parent company shareholders, primarily due to coal mine safety regulations and weak coal market demand Key Accounting Data (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 11,239,594,090.35 | 12,198,928,752.69 | -7.86 | | Total Profit | 1,268,956,416.93 | 1,919,393,536.75 | -33.89 | | Net Profit Attributable to Parent Company Shareholders | 782,636,331.30 | 1,298,886,234.29 | -39.75 | | Net Profit Attributable to Parent Company Shareholders (Excl. Non-recurring Gains/Losses) | 824,113,353.42 | 1,215,200,294.52 | -32.18 | | Net Cash Flow from Operating Activities | 51,817,267.07 | 140,094,169.67 | -63.01 | | Net Assets Attributable to Parent Company Shareholders (Period-end) | 33,250,077,659.72 | 33,277,589,256.26 | -0.08 | | Total Assets (Period-end) | 82,204,974,697.40 | 80,971,454,001.07 | 1.52 | Key Financial Indicators (Jan-Jun 2025 vs. Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.22 | 0.36 | -38.89 | | Diluted Earnings Per Share (yuan/share) | 0.22 | 0.36 | -38.89 | | Basic Earnings Per Share (Excl. Non-recurring Gains/Losses) (yuan/share) | 0.23 | 0.34 | -32.35 | | Weighted Average Return on Equity (%) | 2.81 | 4.53 | Decreased by 1.72 percentage points | | Weighted Average Return on Equity (Excl. Non-recurring Gains/Losses) (%) | 2.96 | 4.24 | Decreased by 1.28 percentage points | - The main reason for the year-on-year decrease in the company's net profit was the decline in the comprehensive selling price of its main coal products, influenced by coal mine safety production supervision and weak coal market demand[24](index=24&type=chunk) [IX. Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists non-recurring gains and losses for the reporting period, totaling **-41.48 million yuan**, primarily including government subsidies, reversal of impairment provisions for receivables, and other non-operating income and expenses Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Non-current asset disposal gains/losses | -84,173.72 | | Government subsidies included in current profit/loss | 29,819,233.43 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 10,168,549.61 | | Custody fee income from entrusted operations | -259,464.09 | | Other non-operating income and expenses apart from the above | -93,080,455.64 | | Less: Income tax impact | 4,580,671.62 | | Minority interest impact (after tax) | -16,539,959.91 | | Total | -41,477,022.12 | [Section III Management Discussion and Analysis](index=9&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section discusses the company's industry and main business operations, analyzes operating performance, core competitiveness, and key financial changes, and outlines potential risks and strategic responses [I. Description of the Company's Industry and Main Business Operations during the Reporting Period](index=9&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20during%20the%20Reporting%20Period) In the first half of 2025, China's coal industry saw strong supply and weak demand, leading to increased coal production but soft downstream demand, pushing coal prices to a multi-year low, while the company's main business diversified across coal, power, heating, and new energy [(1) Overall Industry Overview](index=9&type=section&id=(1)%20Overall%20Industry%20Overview) In H1 2025, national coal output grew by **5.4%**, but weak demand from power, construction, and steel sectors led to a supply-demand imbalance and record low coal prices, with a short-term price rebound expected in July-August due to high temperatures and supply constraints - From January to June 2025, national coal output above designated size reached **2.40 billion tons**, a year-on-year increase of **5.4%**[30](index=30&type=chunk) - Downstream demand was weak, with thermal power, crude steel, and cement output decreasing by **2.4%**, **3.0%**, and **4.3%** year-on-year, respectively[30](index=30&type=chunk) - The coal market continued to show a strong supply and weak demand pattern, with prices for all coal types reaching multi-year lows[30](index=30&type=chunk) [(2) Description of the Company's Main Business Operations](index=9&type=section&id=(2)%20Description%20of%20the%20Company's%20Main%20Business%20Operations) Huayang Shares, as the listed energy arm of Huayang Group, primarily engages in coal production, washing, processing, and sales, power and heat generation and sales, as well as manufacturing of photovoltaic equipment and sodium-ion batteries, and new energy technology promotion, leveraging rich coal resources and the "Yangyou" brand - The company primarily engages in coal production, washing, processing, and sales; power generation and sales; heat production and sales; manufacturing of photovoltaic equipment and components, and sodium-ion batteries; and new energy technology promotion services[31](index=31&type=chunk) - The company possesses abundant coal resource reserves and has established significant competitiveness in the industry with its "Yangyou" brand[31](index=31&type=chunk) [II. Discussion and Analysis of Operating Performance](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) In the first half of 2025, the company's raw coal output and commercial coal sales increased, but a significant year-on-year drop in the comprehensive coal selling price led to a substantial decline in operating revenue and net profit, while power generation decreased and heating supply increased 2025 H1 Key Operating Data | Indicator | Current Period (10,000 tons/10,000 kWh/10,000 million kilojoules) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Raw Coal Output | 2,076 | 11.25 | | Purchased and Sold Coal | 184 | 14.28 | | Commercial Coal Sales | 1,928 | 12.79 | | Power Generation | 231,652.86 | -21.09 | | Heat Supply | 200.92 | 21.13 | | Comprehensive Coal Selling Price (yuan/ton) | 460.84 | -19.50 | | Operating Revenue (billion yuan) | 112.40 | -7.86 | | Total Profit (billion yuan) | 12.69 | -33.89 | | Net Profit Attributable to Parent Company Owners (billion yuan) | 7.83 | -39.75 | - The comprehensive coal selling price decreased by **19.50%** year-on-year, which was the main reason for the decline in operating revenue and total profit[32](index=32&type=chunk) [III. Analysis of Core Competitiveness during the Reporting Period](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20during%20the%20Reporting%20Period) The company's core competitiveness stems from its vast coal reserves (**6.68 billion tons**), rare anthracite coal types and "Yangyou" brand reputation, intelligent mine construction, full coal washing strategy for quality and efficiency, consistent shareholder returns, and strategic exploration in new energy and materials like sodium-ion batteries and carbon fiber [(1) Total Resources and Resource Succession Potential](index=10&type=section&id=(1)%20Total%20Resources%20and%20Resource%20Succession%20Potential) The company's total controlled coal resources reached **6.68 billion tons** after acquiring new resources through bidding, with several mines increasing capacity or nearing production, expected to boost approved capacity to over **45 million tons per year** - In 2024, the company acquired approximately **630 million tons** of new resources in the Yujiazhuang block, Shouyang County, Shanxi Province, through bidding, bringing the company's total controlled coal resources to **6.68 billion tons**[33](index=33&type=chunk) - With the capacity increase of Yushupo and Pingshu mines, coupled with Qiyuan and Boli mines entering joint trial operation, the approved capacity is expected to increase to over **45 million tons per year** after official production[33](index=33&type=chunk) [(2) Rarity of Coal Type and Brand Reputation](index=10&type=section&id=(2)%20Rarity%20of%20Coal%20Type%20and%20Brand%20Reputation) Over **90%** of the company's coal resources are rare anthracite, known for high fixed carbon, smokelessness, low sulfur, and low ash, with its "Yangyou" brand enjoying a strong reputation for quality in the market - Over **90%** of the company's coal resources are anthracite, a rare coal type widely used in power, chemical, metallurgy, and other industries[33](index=33&type=chunk) - The company's "Yangyou" brand enjoys a strong reputation for its excellent quality in markets such as Northeast China, North China, and Shandong[33](index=33&type=chunk) [(3) Intelligent Mines and Technology Application](index=10&type=section&id=(3)%20Intelligent%20Mines%20and%20Technology%20Application) By the end of 2024, the company had built **7 intelligent mines** and **127 intelligent working faces**, becoming the first in Shanxi Province to achieve full mine intelligence, leveraging **5G, IoT, and AI** to enhance efficiency and safety - As of the end of 2024, the company had cumulatively built **7 intelligent mines**, **127 intelligent working faces**, and **1 intelligent coal washing plant**, with all production mines passing acceptance by the Shanxi Provincial Energy Bureau, becoming the first enterprise in Shanxi Province to achieve full mine intelligence[33](index=33&type=chunk) - The company widely applies advanced technologies such as **5G, IoT, and AI** to achieve remote monitoring, fault early warning, and unmanned operation of underground equipment[33](index=33&type=chunk) [(4) "Full Washing, Premium Coal" and Quality Improvement & Efficiency Enhancement](index=10&type=section&id=(4)%20%E2%80%9CFull%20Washing%2C%20Premium%20Coal%E2%80%9D%20and%20Quality%20Improvement%20%26%20Efficiency%20Enhancement) The company's coal washing plant upgrades enable full coal washing, improving commercial coal quality and calorific value, while new de-dusting processes reduce coal slime and a precise coal blending system increases clean coal yield, enhancing quality and efficiency - The company implemented coal washing plant technical upgrades to achieve full coal washing, improving the quality and calorific value of commercial coal[34](index=34&type=chunk) - Through technical upgrades, new de-dusting processes reduce coal slime, increasing economic benefits, and a precise coal blending system optimizes blending solutions, increasing clean coal yield[34](index=34&type=chunk) [(5) Shareholder Returns and Stable Dividends](index=10&type=section&id=(5)%20Shareholder%20Returns%20and%20Stable%20Dividends) The company prioritizes shareholder returns, having distributed a cumulative cash dividend of **12.931 billion yuan** since listing, with dividend payout ratios exceeding **50%** in both 2023 and 2024, demonstrating a consistent and stable cash dividend policy - The company has cumulatively distributed **12.931 billion yuan** in cash dividends since its listing[34](index=34&type=chunk) - The dividend payout ratio reached over **50%** in 2023 and 2024, reflecting the company's emphasis on shareholder returns[34](index=34&type=chunk) [(6) Transformation Exploration and New Energy & New Materials](index=10&type=section&id=(6)%20Transformation%20Exploration%20and%20New%20Energy%20%26%20New%20Materials) The company is actively transforming into new energy and materials, with sodium-ion coal mine emergency power systems moving from demonstration to commercial batch deployment, and a high-performance carbon fiber demonstration line completing equipment installation and entering joint commissioning, indicating promising prospects for new energy and materials industries - The company is advancing sodium-ion coal mine emergency power systems from individual mine demonstrations to commercial batch deployment[34](index=34&type=chunk) - The company's first phase **200 tons/year T1000-grade high-performance carbon fiber demonstration line** has completed equipment installation and entered the joint commissioning phase[34](index=34&type=chunk) [IV. Main Operating Performance during the Reporting Period](index=10&type=section&id=IV.%20Main%20Operating%20Performance%20during%20the%20Reporting%20Period) During the reporting period, the company's operating revenue and costs both decreased, but the cost reduction outpaced revenue decline, leading to an improved gross margin. Coal product sales revenue and power supply revenue decreased, while heating supply revenue increased. The asset-liability structure changed, with increases in prepayments and development expenditures, decreases in notes payable, and an increase in dividends payable. The company held a small amount of financial assets measured at fair value and analyzed its major controlled and investee companies [(1) Analysis of Main Business Operations](index=10&type=section&id=(1)%20Analysis%20of%20Main%20Business%20Operations) The company's main business revenue decreased by **1.046 billion yuan** year-on-year, primarily due to lower coal selling prices. Operating costs decreased by **9.49%** due to enhanced internal management and cost control. Selling, general and administrative, and R&D expenses all increased, while financial expenses rose due to lower deposit interest rates [1. Analysis Table of Changes in Financial Statement Items](index=10&type=section&id=1.%20Analysis%20Table%20of%20Changes%20in%20Financial%20Statement%20Items) Operating revenue decreased by **7.86%** year-on-year, mainly due to lower coal product prices. Operating costs decreased by **9.49%** due to strengthened internal management and cost control. Selling, general and administrative, R&D, and financial expenses all increased to varying degrees Financial Statement Item Changes (Jan-Jun 2025 vs. Prior Year Period) | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 11,239,594,090.35 | 12,198,928,752.69 | -7.86 | | Operating Cost | 7,512,658,707.88 | 8,300,770,169.54 | -9.49 | | Selling Expenses | 70,345,521.32 | 56,098,858.40 | 25.40 | | Administrative Expenses | 674,104,518.83 | 628,352,055.84 | 7.28 | | Financial Expenses | 264,480,501.23 | 235,356,539.71 | 12.37 | | R&D Expenses | 304,653,472.56 | 240,839,216.26 | 26.50 | | Net Cash Flow from Operating Activities | 51,817,267.07 | 140,094,169.67 | -63.01 | | Net Cash Flow from Investing Activities | -2,589,688,987.12 | -1,945,814,432.89 | -33.09 | | Net Cash Flow from Financing Activities | 2,450,817,256.14 | 3,346,558,187.30 | -26.77 | - Operating revenue change was mainly due to a year-on-year decrease in the company's coal product prices, leading to lower commercial coal revenue[37](index=37&type=chunk) - Operating cost change was mainly due to the company strengthening internal management, promoting intelligent mine construction, and comprehensively enhancing cost control[38](index=38&type=chunk) - Selling expenses increased mainly due to a year-on-year increase in coal blending and loading/unloading fees, and an increase in bidding service fees[38](index=38&type=chunk) - Financial expenses increased mainly due to lower deposit interest rates, resulting in reduced interest income[38](index=38&type=chunk) [Revenue and Cost Analysis](index=11&type=section&id=Revenue%20and%20Cost%20Analysis) The company's main business revenue decreased by **1.046 billion yuan** year-on-year, with coal sales revenue down by **901 million yuan** due to lower selling prices. Power supply revenue decreased, while heating supply revenue increased. Gross margins for coal, power, and heating businesses all changed to varying degrees - The company's main business revenue decreased by **1.046 billion yuan** year-on-year, with coal sales revenue decreasing by **901 million yuan**, power supply decreasing by **151 million yuan**, and heating supply increasing by **6 million yuan**[39](index=39&type=chunk) - Coal sales volume increased by **2.19 million tons** year-on-year, increasing sales revenue by **1.252 billion yuan**, but the comprehensive coal selling price decreased by **111.63 yuan/ton**, reducing sales revenue by **2.153 billion yuan**[39](index=39&type=chunk) Main Business by Industry (Jan-Jun 2025) | Industry | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin (%) | Operating Revenue Year-on-Year Change (%) | Operating Cost Year-on-Year Change (%) | Gross Margin Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Coal | 8,887,279,402.54 | 5,573,659,196.55 | 37.28 | -9.21 | -7.92 | Decreased by 0.87 percentage points | | Power Supply | 830,212,646.32 | 543,041,174.17 | 34.59 | -15.42 | -40.07 | Increased by 26.90 percentage points | | Heating Supply | 36,866,412.85 | 61,925,519.89 | -67.97 | 22.17 | 17.23 | Increased by 7.08 percentage points | | Subtotal | 9,754,358,461.71 | 6,178,625,890.61 | 36.66 | -9.68 | -11.89 | Increased by 1.59 percentage points | Main Business by Product (Jan-Jun 2025) | Product | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Margin (%) | Operating Revenue Year-on-Year Change (%) | Operating Cost Year-on-Year Change (%) | Gross Margin Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Washed Lump Coal | 1,105,421,911.74 | 558,640,089.52 | 49.46 | -24.38 | -10.59 | Decreased by 7.79 percentage points | | Washed Slack Coal | 680,288,014.95 | 310,056,735.12 | 54.42 | 69.87 | 57.19 | Increased by 3.68 percentage points | | Slack Coal | 5,882,314,689.45 | 3,662,293,978.41 | 37.74 | -10.05 | -10.83 | Increased by 0.55 percentage points | | Coal Slime | 151,182,842.96 | | 100.00 | -31.99 | | Increased by 0.00 percentage points | | Purchased and Sold Coal | 1,068,071,943.44 | 1,042,668,393.50 | 2.38 | -8.28 | -7.24 | Decreased by 1.09 percentage points | [Production and Sales Volume Analysis Table](index=12&type=section&id=Production%20and%20Sales%20Volume%20Analysis%20Table) During the reporting period, coal production and sales volumes both increased year-on-year, but inventory decreased. Power generation and sales volumes decreased, while heating production and sales volumes both increased Main Product Production and Sales Volume (Jan-Jun 2025) | Main Product | Production Volume | Sales Volume | Inventory Volume | Production Volume Year-on-Year Change (%) | Sales Volume Year-on-Year Change (%) | Inventory Volume Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Coal (10,000 tons) | 2,076 | 1,928 | 44 | 11.25 | 12.79 | -11.90 | | Power Supply (10,000 kWh) | 251,260.26 | 231,652.86 | - | -21.80 | -21.09 | - | | Heating Supply (10,000 million kilojoules) | 200.92 | 200.92 | - | 21.13 | 21.13 | - | [Cost Analysis Table](index=12&type=section&id=Cost%20Analysis%20Table) During the reporting period, the company's coal sales cost and unit sales cost both decreased year-on-year, power supply costs significantly decreased, while heating supply costs increased. Coal business remains the primary component of the company's total costs Main Business by Industry Cost (Jan-Jun 2025) | Industry | Current Period Amount (yuan) | Current Period % of Total Cost | Prior Year Period Amount (yuan) | Prior Year Period % of Total Cost | Current Period Amount Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Coal | 5,573,659,196.55 | 90.21 | 6,053,378,206.96 | 86.33 | -7.92 | | Power Supply | 543,041,174.17 | 8.79 | 906,096,628.77 | 12.92 | -40.07 | | Heating Supply | 61,925,519.89 | 1.00 | 52,821,917.11 | 0.75 | 17.23 | | Subtotal | 6,178,625,890.61 | 100.00 | 7,012,296,752.84 | 100.00 | -11.89 | Main Business by Product Cost (Jan-Jun 2025) | Product | Current Period Amount (yuan) | Current Period % of Total Cost | Prior Year Period Amount (yuan) | Prior Year Period % of Total Cost | Current Period Amount Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Washed Lump Coal | 558,640,089.52 | 9.04 | 624,819,938.98 | 8.91 | -10.59 | | Washed Slack Coal | 310,056,735.12 | 5.02 | 197,250,504.36 | 2.81 | 57.19 | | Slack Coal | 3,662,293,978.41 | 59.27 | 4,107,209,246.47 | 58.58 | -10.83 | | Purchased and Sold Coal | 1,042,668,393.50 | 16.88 | 1,124,098,517.15 | 16.03 | -7.24 | - In the first half of 2025, coal sales cost was **5.574 billion yuan**, a decrease of **479 million yuan** year-on-year; unit sales cost was **289.02 yuan**, a decrease of **65.01 yuan** year-on-year[43](index=43&type=chunk) [(3) Analysis of Assets and Liabilities](index=13&type=section&id=(3)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's prepayments and development expenditures significantly increased, mainly due to higher advance payments for goods and increased investment in the high-performance carbon fiber project. Notes payable and non-current liabilities due within one year decreased, while other payables and dividends payable increased due to cash dividend recognition [1. Asset and Liability Status](index=13&type=section&id=1.%20Asset%20and%20Liability%20Status) Prepayments increased by **36.15%** due to higher advance payments for goods. Development expenditures increased by **201.98%** due to increased investment in the first phase of the thousand-ton high-performance carbon fiber project. Notes payable decreased by **57.66%**, dividends payable increased by **234.41%**, and other payables increased by **42.38%** Asset and Liability Status Changes (Period-end vs. Prior Year-end) | Item Name | Current Period-end Amount (yuan) | Current Period-end % of Total Assets | Prior Year-end Amount (yuan) | Prior Year-end % of Total Assets | Current Period-end Amount Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Prepayments | 401,261,269.75 | 0.49 | 294,730,672.83 | 0.36 | 36.15 | | Development Expenditures | 150,988,100.00 | 0.18 | 50,000,000.00 | 0.06 | 201.98 | | Notes Payable | 930,920,819.98 | 1.13 | 2,198,488,368.20 | 2.72 | -57.66 | | Other Payables | 3,051,347,848.51 | 3.71 | 2,143,110,066.79 | 2.65 | 42.38 | | Dividends Payable | 1,261,717,500.00 | 1.53 | 377,300,000.00 | 0.47 | 234.41 | | Non-current Liabilities Due Within One Year | 542,845,199.31 | 0.66 | 929,731,607.35 | 1.15 | -41.61 | - The increase in prepayments was mainly due to an increase in advance payments for goods[45](index=45&type=chunk) - The increase in development expenditures was mainly due to increased investment in the first phase of the thousand-ton high-performance carbon fiber project (200 tons/year demonstration project)[45](index=45&type=chunk) - The increase in dividends payable was mainly due to the recognition of increased cash dividends during the reporting period[45](index=45&type=chunk) [3. Major Asset Restrictions as of the End of the Reporting Period](index=13&type=section&id=3.%20Major%20Asset%20Restrictions%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, the company's restricted monetary funds and accounts receivable totaled **2.017 billion yuan**, primarily due to litigation freezes, guarantees, and loan pledges Major Asset Restrictions (Period-end) | Item | Period-end Book Value (yuan) | Restriction Reason | | :--- | :--- | :--- | | Monetary Funds | 1,869,823,195.78 | Bank deposits frozen by litigation, special accounts for land reclamation fees and mine environmental governance and restoration funds, bank acceptance bill margins, performance bonds, credit guarantees | | Accounts Receivable | 147,652,411.59 | Loan pledge | | Total | 2,017,475,607.37 | / | [(4) Analysis of Investment Status](index=14&type=section&id=(4)%20Analysis%20of%20Investment%20Status) The company's financial assets measured at fair value primarily include stocks and private equity funds, totaling **215 million yuan** at period-end, with a slight increase in private equity funds during the current period [(3). Financial Assets Measured at Fair Value](index=14&type=section&id=(3).%20Financial%20Assets%20Measured%20at%20Fair%20Value) The company's total financial assets measured at fair value at period-end were **215 million yuan**, comprising **36 million yuan** in stocks and **179 million yuan** in private equity funds, with a small amount of private equity funds purchased during the current period Financial Assets Measured at Fair Value (Period-end) | Asset Category | Beginning Balance (yuan) | Current Period Purchase Amount (yuan) | Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | | Stocks | 36,000,000.00 | | 36,000,000.00 | | Private Equity Funds | 179,202,992.90 | 174,300.00 | 179,377,292.90 | | Total | 215,202,992.90 | 174,300.00 | 215,377,292.90 | [(6) Analysis of Major Controlled and Investee Companies](index=14&type=section&id=(6)%20Analysis%20of%20Major%20Controlled%20and%20Investee%20Companies) The company disclosed financial information for its major controlled subsidiaries and investee companies with a net profit impact exceeding **10%**, covering coal mining, sales, power, heating, and new energy sectors, with some subsidiaries reporting losses during the period - The company's main subsidiaries include Kaiyuan Company, Xinjing Company, Yushupo Company, Qiyuan Company, Boli Company, etc., with businesses covering coal mining, sales, power, heating, and new energy[52](index=52&type=chunk) - Some subsidiaries, such as Jingfu Company, Pingshu Company, and Xinyang Energy Company, reported negative net profits during the reporting period[52](index=52&type=chunk) - Investee company Financial Company achieved a net profit of **111.8325 million yuan** during the reporting period[52](index=52&type=chunk) [V. Other Disclosure Matters](index=16&type=section&id=V.%20Other%20Disclosure%20Matters) The company identified cyclical risks in the coal industry and technological iteration risks in new energy and materials, developing corresponding strategies, and actively implemented its "Quality Improvement, Efficiency Enhancement, and Return" action plan, making progress in safety management, coal main business, new energy and materials development, information disclosure, investor relations, shareholder returns, and corporate governance [(1) Potential Risks](index=16&type=section&id=(1)%20Potential%20Risks) The company faces cyclical risks in the coal industry (supply-demand fluctuations, price drops) and technological iteration risks in new energy and materials (uncertainty of investment recovery), and has developed strategies including stable operations, dynamic production, cost reduction, stable revenue, full industry chain synergy, scenario-based application breakthroughs, and technological innovation cooperation - Coal industry cyclical risk: Demand fluctuations due to macroeconomic conditions, policy adjustments, and energy structure transformation may lead to price drops and overcapacity[53](index=53&type=chunk) - Response strategies include: enhancing coal quality through "full coal washing," comprehensive budget management for cost control, relying on "eight special teams" to strengthen production efficiency; flexibly adjusting output and product structure based on market changes; strictly executing expense budgets and continuously implementing cost reduction initiatives; adopting a "railway-first, long-term contract-first" sales strategy to stabilize revenue[53](index=53&type=chunk) - New energy and new materials industry technological iteration risk: Rapid technological updates in sodium-ion batteries, carbon fiber, etc., pose risks of uncertain investment recovery[53](index=53&type=chunk) - Response strategies include: leveraging anthracite resource advantages to build a full industry chain; focusing on niche markets like coal mine emergency power and low-speed electric vehicles to promote batch delivery; deeply binding with Zhongke Hainan and strengthening cooperation with research institutes and universities to drive technological innovation and achievement transformation[54](index=54&type=chunk) [(2) Other Disclosure Matters](index=16&type=section&id=(2)%20Other%20Disclosure%20Matters) In the first half of 2025, the company actively implemented its "Quality Improvement, Efficiency Enhancement, and Return" action plan, achieving significant progress in safety management, optimizing coal main business, innovating new energy and materials technologies, enhancing information disclosure and investor relations, ensuring shareholder returns, and standardizing corporate governance - Strengthened safety management, with Yushupo successfully passing the national first-level standardization mine re-inspection; the company allocated **614.84 million yuan** for safety expenses this year, using **373.01 million yuan** in the first half[55](index=55&type=chunk) - Focused on the coal main business, promoting high-yield and high-efficiency operations, strengthening process control in coal washing and processing, and Yujiazhuang obtained a mineral resource exploration permit[56](index=56&type=chunk) - Significant technological achievements in new energy and new materials development, such as the "High-Power Sodium-Ion Battery Coal Mine Emergency Power System" reaching international leading levels, and Huana Xinneng being listed among the 2025 Top 10 Innovative Energy Storage Applications[57](index=57&type=chunk) - Continuously optimized information disclosure and investor relations management, publishing **46 announcements** in the first half with "zero errors," actively interacting with investors through online and offline platforms, receiving **297 investor visits**, and answering **421 phone calls**[58](index=58&type=chunk) - Firmly committed to shareholder return policy, distributing a cash dividend of **3.09 yuan per 10 shares** (including tax) to all shareholders in 2025, with a dividend payout ratio of **50.11%**, and cumulative dividends totaling **12.931 billion yuan**[60](index=60&type=chunk) - Strengthened corporate governance structure, holding **4 board meetings, 1 supervisory board meeting, and 2 general meetings of shareholders** in the first half, and enhancing the responsibility and performance capabilities of "key minorities"[61](index=61&type=chunk)[63](index=63&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=19&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers the company's corporate governance, including profit distribution plans, environmental information disclosure for its subsidiaries, and specific efforts in consolidating poverty alleviation achievements and rural revitalization [II. Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company did not distribute profits or convert capital reserves into share capital during the reporting period - During the reporting period, the company did not distribute profits or convert capital reserves into share capital[65](index=65&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=19&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) **Nine** of the company's subsidiaries are on the list of enterprises required to disclose environmental information by law, with query indexes provided for their respective environmental information disclosure reports - **Nine** of the company's subsidiaries are included in the list of enterprises required to disclose environmental information by law[66](index=66&type=chunk) - Environmental information disclosure reports for each enterprise can be queried through the Enterprise Environmental Information Disclosure System (Shanxi)[66](index=66&type=chunk)[67](index=67&type=chunk) [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=20&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) In the first half of 2025, Huayang Shares systematically advanced poverty alleviation consolidation and rural revitalization through a "resident assistance + industrial assistance + consumption assistance" model, including dynamic monitoring to prevent relapse into poverty,慰问 activities, assistance project construction, increased industrial support, expanded employment channels, and enhanced effectiveness of consumption assistance - In terms of resident assistance, **1,000 person-times** were surveyed for dynamic monitoring to prevent relapse into poverty, identifying **50 "three-category households"** with no large-scale relapse; **406,300 yuan** in relief supplies were distributed to **2,158 households**; **8 assistance projects** were completed[68](index=68&type=chunk)[69](index=69&type=chunk) - In terms of industrial assistance, approximately **1.5 million catties** of local and surrounding agricultural products were purchased, cold storage services were provided for approximately **4.3 million catties**, and information-assisted sales of approximately **680,000 catties** of fruit were facilitated; **9 employment positions** were provided, absorbing **289 temporary workers**, generating approximately **480,000 yuan** in income[69](index=69&type=chunk) - In terms of consumption assistance, over **60 types** of agricultural products, totaling **5.5858 million catties**, were purchased; **5.6674 million catties** of various assisted agricultural products were sold, with a consumption amount of **52.4305 million yuan**[69](index=69&type=chunk) [Section V Important Matters](index=22&type=section&id=Section%20V%20Important%20Matters) This section details the fulfillment of commitments, particularly regarding related party transactions and guarantees, addresses the impact of regulatory penalties on the controlling shareholder, and outlines the progress of major construction and new energy projects [I. Fulfillment of Commitments](index=22&type=section&id=I.%20Fulfillment%20of%20Commitments) Since 2000, the company's controlling shareholder, Huayang Group, has committed to avoiding horizontal competition and ensuring the listed company's priority rights to acquire assets, businesses, or interests. Huayang Group strictly fulfilled these commitments during the reporting period - Huayang Group committed to avoiding competition with the listed company's products or businesses and granting the listed company priority rights to produce or acquire new products or technologies, and to purchase assets, businesses, or interests[71](index=71&type=chunk) - During the reporting period, Huayang Group strictly fulfilled its commitment to avoid horizontal competition[71](index=71&type=chunk) [VIII. Alleged Violations, Penalties, and Rectification of Listed Company, Its Directors, Supervisors, Senior Management, Controlling Shareholder, and Actual Controller](index=23&type=section&id=VIII.%20Alleged%20Violations%2C%20Penalties%2C%20and%20Rectification%20of%20Listed%20Company%2C%20Its%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company's controlling shareholder received an investigation notice and a pre-penalty notice from the CSRC, but this penalty does not involve Huayang Shares and will not affect the company's daily operations. The company will maintain market trust and shareholder rights through improved governance, strengthened internal controls, timely information disclosure, and active investor communication - The company's controlling shareholder received an investigation notice and a pre-penalty notice from the China Securities Regulatory Commission on June 25 and July 2, 2025, respectively[72](index=72&type=chunk) - The aforementioned administrative penalty does not involve Huayang Shares and will not affect the company's daily production and business activities[72](index=72&type=chunk) - The company will maintain market trust and shareholder rights by improving governance, strengthening internal controls, timely information disclosure, and actively communicating with investors[72](index=72&type=chunk) [X. Significant Related Party Transactions](index=23&type=section&id=X.%20Significant%20Related%20Party%20Transactions) The company engaged in related party transactions related to daily operations and conducted financial business, including deposits, loans, and credit facilities, with an affiliated financial company. At period-end, deposits with the affiliated financial company totaled **5.205 billion yuan**, and loans totaled **150 million yuan** [(1) Related Party Transactions Related to Daily Operations](index=23&type=section&id=(1)%20Related%20Party%20Transactions%20Related%20to%20Daily%20Operations) The company has disclosed resolutions regarding the execution of daily related party transactions for 2024 and the estimated daily related party transactions for 2025 in its interim announcements - The company disclosed the "Announcement on the Execution of Daily Related Party Transactions in 2024 and the Estimated Daily Related Party Transactions in 2025 of Shanxi Huayang Group Xinneng Co., Ltd." on April 26, 2025[73](index=73&type=chunk) [(5) Financial Business Between the Company and Affiliated Financial Companies, and Between the Company's Controlled Financial Company and Related Parties](index=24&type=section&id=(5)%20Financial%20Business%20Between%20the%20Company%20and%20Affiliated%20Financial%20Companies%2C%20and%20Between%20the%20Company's%20Controlled%20Financial%20Company%20and%20Related%20Parties) The company conducted deposit, loan, and credit facility businesses with an affiliated financial company. At period-end, deposits with the financial company totaled **5.205 billion yuan**, loans totaled **150 million yuan**, actual credit facility usage was **150 million yuan**, and entrusted loans were **3.369 billion yuan** Deposit Business with Financial Company (Unit: 10,000 yuan) | Related Party | Related Relationship | Maximum Daily Deposit Limit | Deposit Interest Rate Range | Beginning Balance | Total Deposits This Period | Total Withdrawals This Period | Period-end Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Company | Holding subsidiary of parent company | 1,700,000.00 | 0.2%-1.9% | 572,599.94 | 4,448,400.42 | 4,500,481.91 | 520,518.44 | Loan Business with Financial Company (Unit: 10,000 yuan) | Related Party | Related Relationship | Loan Limit | Loan Interest Rate Range | Beginning Balance | Total Loans This Period | Total Repayments This Period | Period-end Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Company | Holding subsidiary of parent company | 400,000.00 | 2.19%-3.45% | 4,000.00 | 15,000.00 | 4,000.00 | 15,000.00 | Credit Facility and Other Financial Business with Financial Company (Unit: 10,000 yuan) | Related Party | Related Relationship | Business Type | Total Amount | Actual Amount | | :--- | :--- | :--- | :--- | :--- | | Financial Company | Holding subsidiary of parent company | Credit Facility | 400,000.00 | 15,000.00 | | Financial Company | Holding subsidiary of parent company | Entrusted Loans | 336,926.00 | 336,926.00 | | Financial Company | Holding subsidiary of parent company | Issuance of Performance Guarantees | 200.00 | 200.00 | [XI. Significant Contracts and Their Fulfillment](index=26&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) The company had multiple significant guarantees during the reporting period, primarily providing joint liability guarantees for subsidiaries' bank loans, totaling **7.733 billion yuan**, representing **23.26%** of the company's net assets, with **6.905 billion yuan** for guaranteed entities with a debt-to-asset ratio exceeding **70%** [(2) Significant Guarantees Performed and Not Yet Performed During the Reporting Period](index=26&type=section&id=(2)%20Significant%20Guarantees%20Performed%20and%20Not%20Yet%20Performed%20During%20the%20Reporting%20Period) At the end of the reporting period, the company's total guarantee balance for subsidiaries was **7.733 billion yuan**, accounting for **23.26%** of its net assets. Of this, **6.905 billion yuan** was for guaranteed entities with a debt-to-asset ratio exceeding **70%**. Major guaranteed entities include Boli Company, Qiyuan Company, Yangquan Thermal Power Company, Pingshu Railway Company, and Huana Xinneng Company Company's Total Guarantee Amount (Including Guarantees for Subsidiaries) | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Total Guarantee Amount for Subsidiaries During Reporting Period | 192,131.28 | | Total Guarantee Balance for Subsidiaries at Period-end (B) | 773,276.60 | | Total Guarantee Amount (A+B) | 773,276.60 | | Percentage of Net Assets (%) | 23.26 | | Of which: Guarantees for Shareholders, Actual Controllers, and Their Related Parties (C) | | | Debt Guarantees for Entities with Debt-to-Asset Ratio Exceeding 70% (D) | 690,460.18 | | Total of the Above Three Guarantee Amounts (C+D+E) | 690,460.18 | - The company provided multiple joint liability guarantees for bank loans of subsidiaries such as Boli Company, Qiyuan Company, Yangquan Thermal Power Company, Pingshu Railway Company, Huachuang Optoelectronics Company, New Energy Sales Company, Huana Xinneng Company, and Huana Technology Management Company[84](index=84&type=chunk)[85](index=85&type=chunk)[87](index=87&type=chunk)[88](index=88&type=chunk)[89](index=89&type=chunk) - Some guarantees were counter-guaranteed by the controlling shareholder Huayang Group with mining rights, or by subsidiaries with power tariff collection rights, land, plant, and equipment as pledges/mortgages[84](index=84&type=chunk)[85](index=85&type=chunk)[87](index=87&type=chunk)[89](index=89&type=chunk) [XIII. Explanation of Other Significant Matters](index=31&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company's ongoing coal mine construction projects (Qiyuan Company, Boli Company) are progressing smoothly with substantial cumulative investments. Sodium-ion battery cathode and anode material projects, cell and Pack battery projects, Yujiazhuang coal mine project, and high-performance carbon fiber project are all advancing as planned, with some having completed plant construction or entered commissioning, demonstrating the company's active strategic layout in new energy and new materials [1. Progress of Coal Mine Construction Projects Under Construction](index=31&type=section&id=1.%20Progress%20of%20Coal%20Mine%20Construction%20Projects%20Under%20Construction) The Qiyuan Company coal mine construction project achieved joint trial operation on December 15, 2024, with a cumulative investment of **5.637 billion yuan**. The Boli Company coal mine construction project had a cumulative investment of **4.55 billion yuan**, completing **6,334 meters** of tunneling in the first half of 2025 - Qiyuan Company coal mine construction project, with an approved production capacity of **5 million tons/year**, achieved joint trial operation on December 15, 2024, with a cumulative investment of **5.637 billion yuan**[90](index=90&type=chunk) - Boli Company coal mine construction project, with an approved production capacity of **5 million tons/year**, had a cumulative investment of **4.55 billion yuan**, completing **6,334 meters** of tunneling in the first half of 2025[90](index=90&type=chunk) [2. Sodium-Ion Battery Cathode and Anode Material Projects](index=31&type=section&id=2.%20Sodium-Ion%20Battery%20Cathode%20and%20Anode%20Material%20Projects) The thousand-ton sodium-ion battery cathode and anode material project is completed, and the plant construction for the ten-thousand-ton project is finished, with basement wall masonry, foundation pit backfilling, exterior wall waterproofing, protective layer completed, and dormitory building main structure finished - The thousand-ton sodium-ion battery cathode and anode material project, with a total investment of approximately **130 million yuan**, has been completed[91](index=91&type=chunk) - The ten-thousand-ton sodium-ion battery cathode and anode material project, with a total investment of approximately **1.14 billion yuan**, as of the first half of 2025, has completed all plant construction, basement wall masonry, foundation pit backfilling, exterior wall waterproofing, protective layer, and the main structure of the dormitory building[91](index=91&type=chunk) [3. Sodium-Ion Battery Cell Project and Pack Battery Project](index=31&type=section&id=3.%20Sodium-Ion%20Battery%20Cell%20Project%20and%20Pack%20Battery%20Project) The sodium-ion battery cell and Pack battery projects are implemented by Shanxi Huana Xinneng Technology Co., Ltd., which operates the world's first production line for sodium-ion cells, Pack batteries, and energy storage integration, and its independently developed sodium-ion coal mine emergency power system has successfully operated and reached international leading levels - The sodium-ion battery cell project has a total investment of approximately **316 million yuan**, and the Pack battery project has a total investment of approximately **73 million yuan**, both implemented by Shanxi Huana Xinneng Technology Co., Ltd[92](index=92&type=chunk) - Huana Xinneng Company owns the world's first production lines for sodium-ion cells (**1GWh**), sodium-ion Pack batteries (**1GWh**), and energy storage integration (**1GWh**)[92](index=92&type=chunk) - The independently developed sodium-ion coal mine emergency power system has successfully operated in Jingfu Mine and Kaiyuan Mine, was selected as one of the "Top 10 Innovative Energy Storage Applications" in the International Energy Storage Innovation Competition, and has reached an overall international leading level[92](index=92&type=chunk) [4. Yujiazhuang Coal Mine Project](index=31&type=section&id=4.%20Yujiazhuang%20Coal%20Mine%20Project) In August 2024, the company successfully bid for the coal exploration right of the Yujiazhuang block in Shouyang County, Shanxi Province, with geological reserves of approximately **630 million tons**. As of June 30, 2025, the company has obtained the exploration permit for Yujiazhuang, and exploration engineering and feasibility study report preparation are progressing orderly - On August 22, 2024, the company successfully bid for the coal exploration right of the Yujiazhuang block in Shouyang County, Shanxi Province, for **6.8 billion yuan**, with geological reserves of approximately **630 million tons**[93](index=93&type=chunk) - As of June 30, 2025, the company has obtained the Yujiazhuang mineral resource exploration permit, and exploration engineering is being organized and implemented as planned, with the project feasibility study report also being prepared concurrently[94](index=94&type=chunk) [5. High-Performance Carbon Fiber Project](index=32&type=section&id=5.%20High-Performance%20Carbon%20Fiber%20Project) The high-performance carbon fiber project, with a total investment of approximately **608 million yuan**, is implemented by Shanxi Huayang Carbon Material Technology Co., Ltd. The project commenced full construction on June 15, 2024, and as of the first half of 2025, the public auxiliary workshop completed unit joint debugging, the polymerization workshop completed hot commissioning, the spinning workshop initiated wire drawing joint debugging, and the carbonization workshop continued full-line trial operation - The high-performance carbon fiber project has a total investment of approximately **608 million yuan**, implemented by the company's controlled subsidiary Shanxi Huayang Carbon Material Technology Co., Ltd[95](index=95&type=chunk) - The project commenced full construction on June 15, 2024; as of the first half of 2025, the public auxiliary workshop completed unit joint debugging, the polymerization workshop completed hot commissioning, the spinning workshop initiated wire drawing joint debugging, and the carbonization workshop continued full-line trial operation[95](index=95&type=chunk) [Section VI Share Changes and Shareholder Information](index=33&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital structure, which remained unchanged during the reporting period, and provides an overview of its shareholders, including the controlling shareholder and top ten shareholders [I. Share Capital Changes](index=33&type=section&id=I.%20Share%20Capital%20Changes) The company's total share capital and share structure remained unchanged during the reporting period [1. Table of Share Capital Changes](index=33&type=section&id=1.%20Table%20of%20Share%20Capital%20Changes) The company's total share capital and share structure remained unchanged during the reporting period - During the reporting period, the company's total share capital and share structure remained unchanged[97](index=97&type=chunk) [II. Shareholder Information](index=33&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **104,228** common shareholders. The controlling shareholder, Huayang New Materials Technology Group Co., Ltd., held **55.52%** of shares and pledged a portion of its holdings. The top ten shareholders included several institutional investors [(1) Total Number of Shareholders:](index=33&type=section&id=(1)%20Total%20Number%20of%20Shareholders%3A) As of the end of the reporting period, the total number of common shareholders was **104,228** - As of the end of the reporting period, the total number of common shareholders was **104,228**[98](index=98&type=chunk) [(2) Table of Top Ten Shareholders and Top Ten Circulating Shareholders (or Shareholders with No Restricted Shares) as of the End of the Reporting Period](index=33&type=section&id=(2)%20Table%20of%20Top%20Ten%20Shareholders%20and%20Top%20Ten%20Circulating%20Shareholders%20(or%20Shareholders%20with%20No%20Restricted%20Shares)%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of the reporting period, Huayang New Materials Technology Group Co., Ltd. was the controlling shareholder, holding **55.52%** of the company's shares and pledging **13.76%** of its holdings. The top ten shareholders also included institutional investors such as Hong Kong Securities Clearing Company Limited and ICBC – Guotai CSI Coal ETF Top Ten Shareholders' Holdings (As of Period-end) | Shareholder Name | Period-end Holding Quantity (shares) | Percentage (%) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | | Huayang New Materials Technology Group Co., Ltd. | 2,003,021,367 | 55.52 | Pledged | 275,559,560 | | Hong Kong Securities Clearing Company Limited | 29,676,217 | 0.82 | Unrestricted | 0 | | Industrial and Commercial Bank of China Co., Ltd. – Guotai CSI Coal Exchange Traded Open-ended Index Securities Investment Fund | 28,016,267 | 0.78 | Unrestricted | 0 | | Agricultural Bank of China Co., Ltd. – CSI 500 Exchange Traded Open-ended Index Securities Investment Fund | 26,754,512 | 0.74 | Unrestricted | 0 | | Guoxin Securities Co., Ltd. | 22,668,911 | 0.63 | Unrestricted | 0 | - Huayang New Materials Technology Group Co., Ltd. pledged **275,559,560 shares**, accounting for **13.76%** of its total holdings in the company and **7.64%** of the company's total share capital[101](index=101&type=chunk) [Section VII Bond-Related Information](index=36&type=section&id=Section%20VII%20Bond-Related%20Information) This section details the company's issuance of multiple tranches of technology innovation perpetual corporate bonds to professional investors, totaling **6 billion yuan**, with interest rates ranging from **2.51% to 2.95%**, none of which had their options exercised. It also covers the company's debt structure and key financial indicators related to debt [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=36&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company issued multiple tranches of technology innovation perpetual corporate bonds to professional investors, totaling **6 billion yuan**, with interest rates between **2.51% and 2.95%**, none of which had their options exercised. These bonds were classified as innovation-driven enterprise issuers. At period-end, the company's consolidated interest-bearing debt balance was **25.993 billion yuan**, a year-on-year change of **17.26%** [(1) Corporate Bonds (Including Enterprise Bonds)](index=36&type=section&id=(1)%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)) The company issued multiple tranches of technology innovation perpetual corporate bonds to professional investors, totaling **6 billion yuan**, with interest rates between **2.51% and 2.95%**, none of which had their renewal, deferred interest payment, or redemption options exercised [1. Basic Information of Corporate Bonds](index=36&type=section&id=1.%20Basic%20Information%20of%20Corporate%20Bonds) The company issued five tranches of perpetual corporate bonds to professional investors, totaling **6 billion yuan**, with interest rates ranging from **2.51% to 2.95%**, all listed and traded on the Shanghai Stock Exchange Basic Information of Corporate Bonds (As of Period-end) | Bond Name | Abbreviation | Code | Issue Date | Interest Commencement Date | Maturity Date | Bond Balance (billion yuan) | Interest Rate (%) | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2024 Publicly Issued Technology Innovation Perpetual Corporate Bonds (Tranche 1) to Professional Investors | Huayang YK01 | 240807.SH | 2024-3-25 | 2024-3-27 | 2026-3-27 | 20.00 | 2.88 | Shanghai Stock Exchange | | 2024 Publicly Issued Technology Innovation Perpetual Corporate Bonds (Tranche 2) to Professional Investors | Huayang YK02 | 240929.SH | 2024-4-18 | 2024-4-22 | 2026-4-22 | 10.00 | 2.57 | Shanghai Stock Exchange | | 2024 Publicly Issued Perpetual Corporate Bonds (Tranche 1) (Type 1) to Professional Investors | 24 Huayang Y1 | 241770.SH | 2024-10-22 | 2024-10-24 | 2026-10-24 | 5.00 | 2.51 | Shanghai Stock Exchange | | 2024 Publicly Issued Perpetual Corporate Bonds (Tranche 1) (Type 2) to Professional Investors | 24 Huayang Y2 | 241771.SH | 2024-10-22 | 2024-10-24 | 2027-10-24 | 10.00 | 2.95 | Shanghai Stock Exchange | | 2024 Publicly Issued Perpetual Corporate Bonds (Tranche 2) (Type 2) to Professional Investors | 24 Huayang Y4 | 241972.SH | 2024-11-21 | 2024-11-25 | 2027-11-25 | 15.00 | 2.71 | Shanghai Stock Exchange | [2. Triggering and Execution of Company or Investor Option Clauses and Investor Protection Clauses](index=37&type=section&id=2.%20Triggering%20and%20Execution%20of%20Company%20or%20Investor%20Option%20Clauses%20and%20Investor%20Protection%20Clauses) During the reporting period, none of the company's perpetual corporate bonds had their renewal, deferred interest payment, or redemption options exercised, nor were any investor protection clauses triggered - Bonds such as Huayang YK01, Huayang YK02, 24 Huayang Y1, 24 Huayang Y2, and 24 Huayang Y4 all include issuer renewal options, deferred interest payment options, issuer redemption options, as well as issuer credit maintenance commitments and remedy clauses[106](index=106&type=chunk) - During the reporting period, none of the aforementioned bonds had any options exercised[106](index=106&type=chunk) [(3) Other Matters to be Disclosed for Special Category Bonds](index=37&type=section&id=(3)%20Other%20Matters%20to%20be%20Disclosed%20for%20Special%20Category%20Bonds) The company's multiple tranches of perpetual corporate bonds were classified as innovation-driven enterprise issuers, all in their first cycle during the reporting period, with no interest rate step-ups or deferred interest, and were accounted for as equity instruments [3. The Company as an Issuer of Perpetual Corporate Bonds](index=37&type=section&id=3.%20The%20Company%20as%20an%20Issuer%20of%20Perpetual%20Corporate%20Bonds) Huayang YK01, Huayang YK02, 24 Huayang Y1, 24 Huayang Y2, and 24 Huayang Y4 are all perpetual corporate bonds issued by the company, all in their first cycle during the reporting period, with fixed interest rates, no deferred interest or mandatory interest payments, and are accounted for as other equity instruments - Huayang YK01, Huayang YK02, 24 Huayang Y1, 24 Huayang Y2, and 24 Huayang Y4 are all perpetual corporate bonds, all in their first cycle during the reporting period, with fixed interest rates[108](index=108&type=chunk)[109](index=109&type=chunk) - All perpetual bonds did not involve deferred interest or mandatory interest payments during the reporting period and were accounted for as other equity instruments[108](index=108&type=chunk)[109](index=109&type=chunk) [7. The Company as an Issuer of Technology Innovation Corporate Bonds or Innovation and Entrepreneurship Corporate Bonds](index=39&type=section&id=7.%20The%20Company%20as%20an%20Issuer%20of%20Technology%20Innovation%20Corporate%20Bonds%20or%20Innovation%20and%20Entrepreneurship%20Corporate%20Bonds) The company's Huayang YK01 and Huayang YK02 bonds were classified as innovation-driven enterprise issuers, but the use of proceeds does not involve disclosure of progress in innovation projects or the effect of promoting technological innovation - The issuer category for Huayang YK01 and Huayang YK02 bonds is "innovation-driven enterprise"[111](index=111&type=chunk) - These bonds do not involve the progress of innovation projects, and the use of proceeds does not involve the effect of promoting technological innovation[111](index=111&type=chunk) [(4) Important Matters Related to Corporate Bonds During the Reporting Period](index=39&type=section&id=(4)%20Important%20Matters%20Related%20to%20Corporate%20Bonds%20During%20the%20Reporting%20Period) At the end of the reporting period, the company's consolidated non-operating receivables and intercompany borrowings totaled **569 million yuan**, not exceeding **10%** of consolidated net assets. Consolidated interest-bearing debt was **25.993 billion yuan**, a year-on-year change of **17.26%**, with bank loans accounting for **99%** [1. Non-Operating Receivables and Intercompany Borrowings](index=40&type=section&id=1.%20Non-Operating%20Receivables%20and%20Intercompany%20Borrowings) At the end of the reporting period, the company's consolidated non-operating receivables and intercompany borrowings totaled **569 million yuan**, accounting for **1.50%** of consolidated net assets, not exceeding **10%** Non-Operating Receivables and Intercompany Borrowings Balance (Period-end) | Unit Name | Period-end Balance (yuan) | Nature of Payment | Age | Impairment Provision Period-end Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Yangquan Coal Industry (Group) Pingding Taichang Coal Industry Co., Ltd. | 547,055,470.20 | Borrowing from former controlled subsidiary | Over 5 years | 547,055,470.20 | | China Railway Taiyuan Bureau Group Co., Ltd. - Shanxi Joint Venture Railway Transportation Dispatching Coordination Center Project Management Department | 22,000,000.00 | Dispatching Coordination Center Project Funds | Over 5 years | 22,000,000.00 | | Total | 569,055,470.20 | | | 569,055,470.20 | - At the end of the reporting period, the proportion of unrecovered consolidated non-operating receivables and intercompany borrowings to consolidated net assets was **1.50%**, not exceeding **10%**[114](index=114&type=chunk) [2. Liability Status](index=40&type=section&id=2.%20Liability%20Status) At the end of the reporting period,
华阳股份:9月22日将召开2025年第二次临时股东大会
Zheng Quan Ri Bao Wang· 2025-08-29 12:46
证券日报网讯8月29日晚间,华阳股份(600348)发布公告称,公司将于2025年9月22日召开2025年第二 次临时股东大会。本次股东大会将审议《关于修订 <公司章程> 的议案》《关于修订 <股东会议事规则 > 的议案》等多项议案。 ...
华阳股份(600348) - 山西华阳集团新能股份有限公司关于召开2025年第二次临时股东大会的通知
2025-08-29 12:14
| 证券代码:600348 | 证券简称:华阳股份 | | | 公告编号:2025-028 | | --- | --- | --- | --- | --- | | 债券代码:240807 | 债券简称:华阳 | | YK01 | | | 债券代码:240929 | 债券简称:华阳 | | YK02 | | | 债券代码:241770 | 债券简称:24 | 华阳 | Y1 | | | 债券代码:241771 | 债券简称:24 | 华阳 | Y2 | | | 债券代码:241972 | 债券简称:24 | 华阳 | Y4 | | 山西华阳集团新能股份有限公司 关于召开2025年第二次临时股东大会的通知 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: 股东大会召开日期:2025年9月22日 本次股东大会采用的网络投票系统:上海证券交易所股东大会网络投票 系统 (一)股东大会类型和届次 2025年第二次临时股东大会 (二)股东大会召集人:董事会 (三)投票方式:本次股东大会所采用的表决方式是现场投票和网络投票相 结 ...