（文章来源：证券日报） 证券日报网讯 9月9日晚间，盘江股份发布公告称，公司于2025年9月8日接到公司控股股东贵州能源集 团有限公司（简称"贵州能源"）告知函，贵州能源吸收合并贵州乌江能源集团有限责任公司事项已取得 贵州省人民政府国有资产监督管理委员会批复，吸收合并双方已于2025年9月8日签署《吸收合并协 议》。 ...

证券代码：600395 证券简称：盘江股份 编号：临 2025-045 贵州盘江精煤股份有限公司（以下简称"公司"）于 2025 年 9 月 8 日接 到公司控股股东贵州能源集团有限公司（以下简称"贵州能源"）告知函， 贵州能源吸收合并贵州乌江能源集团有限责任公司（以下简称"乌江能源"） 事项已取得贵州省人民政府国有资产监督管理委员会（以下简称"贵州省 国资委"）批复，吸收合并双方已于 2025 年 9 月 8 日签署《吸收合并协议》。 现将吸收合并事项相关内容公告如下： 一、吸收合并的主要内容 2.吸收合并方式：乌江能源的全部资产、债权债务、证照资质、业务、 对外投资等均纳入本次吸收合并范围。吸收合并后，乌江能源债权债务、 乌江能源持有其他公司的股权均由贵州能源承继。合并后贵州能源继续存 续，乌江能源解散并注销。 贵州盘江精煤股份有限公司 关于控股股东吸收合并的进展公告 3.吸收合并后贵州能源股权结构 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。 | 序号 | 股东名称 | 出资比例（%） | 认缴出资额（万元） | | ...

Core Insights - Guizhou listed companies have shown significant growth in both revenue and net profit, with 25 companies reporting profits and 19 companies achieving year-on-year revenue growth in the first half of 2025 [1][2][3] Revenue Performance - In the first half of 2025, Guizhou listed companies achieved a total revenue of 172.85 billion yuan, representing a year-on-year increase of 6.03% and a 52.29% increase compared to the same period in 2021 [2] - The revenue growth rate of Guizhou listed companies is ranked 4th nationally and 3rd in the western region, surpassing the GDP growth rate of Guizhou by 0.73 percentage points [2] - Among these companies, 18 have revenues exceeding 1 billion yuan, and 6 have revenues exceeding 5 billion yuan, with Kweichow Moutai leading at 89.39 billion yuan [2] Profitability - Guizhou listed companies reported a total net profit of 50.26 billion yuan in the first half of 2025, ranking 9th nationally and 2nd in the western region, with a year-on-year increase of 5.37% and a 60.45% increase compared to 2021 [3] - 71.43% of the companies reported profits, with Kweichow Moutai again leading at 45.40 billion yuan [3] Innovation and R&D - A total of 33 Guizhou listed companies disclosed R&D expenditures, totaling 2.52 billion yuan, a slight increase of 0.04% year-on-year and a 70.18% increase compared to 2021 [4] - 6 companies reported R&D expenditures exceeding 100 million yuan, with Zhongwei Co. leading at 545 million yuan [4] International Business - 13 companies reported overseas business income totaling 18.29 billion yuan, reflecting an 18.66% year-on-year increase, with Zhongwei Co. achieving 10.78 billion yuan in overseas revenue [5] Investor Returns - In the first half of 2025, 7 Guizhou listed companies announced interim dividend plans, with a total dividend amount of 591 million yuan, nearly quadrupling from the previous year [7] - 8 companies engaged in share buybacks, investing a total of 7.14 billion yuan, ranking 6th nationally [7]

Group 1: Market Performance - The coal mining sector increased by 0.03% compared to the previous trading day, with Electric Power Investment leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Group 2: Individual Stock Performance - Electric Power Investment (002128) closed at 21.37, up 1.38% with a trading volume of 162,300 shares [1] - Yongtai Energy (600157) closed at 1.49, up 1.36% with a trading volume of 9.64 million shares [1] - China Shenhua (601088) closed at 38.16, up 0.69% with a trading volume of 425,700 shares [1] - Jinko Energy (601001) closed at 12.96, down 2.56% with a trading volume of 226,400 shares [2] Group 3: Capital Flow Analysis - The coal mining sector experienced a net outflow of 420 million yuan from main funds, while retail investors saw a net inflow of 314 million yuan [2] - The main funds showed a negative net flow in several stocks, including Yongtai Energy and Pingmei Shenhua [3] - Retail investors contributed positively to stocks like Gansu Energy and New Dazhou A, indicating varied investor sentiment across the sector [3]

Group 1 - The stock price of Panjiang Coal Industry Co., Ltd. has increased for four consecutive days, with a current price of 5.28 CNY per share and a total market capitalization of 11.334 billion CNY [1] - The company's main business involves coal mining, washing, processing, and sales, as well as electricity production and sales, with revenue composition being 49.71% from coal, 47.47% from electricity, 1.54% from other sources, and 1.28% from machinery [1] Group 2 - According to data, a fund under China Merchants Fund has increased its holdings in Panjiang Coal, with the China Merchants CSI Coal Equal-weighted Index A fund (161724) adding 594,300 shares in the second quarter, bringing total holdings to 5.2652 million shares, accounting for 3.27% of the fund's net value [2] - The fund has generated a floating profit of approximately 2.78 million CNY during the four-day price increase, with a total floating profit of about 158,000 CNY on the day of reporting [2] - The fund manager, Hou Hao, has a tenure of 8 years and 14 days, with a total asset scale of 55.459 billion CNY, while the other manager, Deng Tong, has a tenure of 3 years and 285 days, managing assets of 10.902 billion CNY [2]

Group 1 - The coal mining sector increased by 0.66% on September 1, with Xindazhou A leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Key stocks in the coal mining sector showed varied performance, with Xindazhou A rising by 4.85% and Huaihe Energy declining by 1.14% [2] Group 2 - The coal mining sector experienced a net outflow of 165 million yuan from institutional investors and 124 million yuan from retail investors, while retail investors saw a net inflow of 289 million yuan [2] - Specific stock fund flows indicated that Yongtai Energy had a net outflow of 43.62 million yuan from institutional investors, while Yanzhou Coal had a net inflow of 31.27 million yuan [3] - The overall trading volume and turnover for key stocks in the coal mining sector varied, with significant transactions recorded for stocks like Anyuan Coal and China Shenhua [1][2]

Core Viewpoint - The company has shown significant improvement in Q2 earnings, driven by rising coal prices and increased electricity generation, maintaining a "buy" rating. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 5.15 billion yuan, a year-on-year increase of 27.3%, while the net profit attributable to shareholders was a loss of 5.095 million yuan, a decline of 113.67% year-on-year [1] - In Q2 2025, revenue reached 2.67 billion yuan, a quarter-on-quarter increase of 7.6%, with a net profit of 99.477 million yuan, a quarter-on-quarter increase of 200 million yuan [1] - The company has revised its profit forecasts for 2025-2027, expecting net profits of 243 million, 372 million, and 472 million yuan respectively, with year-on-year growth rates of 133.4%, 53.1%, and 26.9% [1] Group 2: Coal and Power Business - In H1 2025, the company produced 5.154 million tons of marketable coal, a year-on-year increase of 15.3%, while external sales decreased by 3.1% to 3.947 million tons [2] - The average selling price of coal in H1 2025 was 684.8 yuan per ton, down 22.3% year-on-year, while the cost per ton was 513.2 yuan, down 20.3% year-on-year [2] - In H1 2025, the company's electricity generation increased significantly, with a total output of 7.13 billion kWh, a year-on-year increase of 380% [2] Group 3: Capacity Expansion and Integration - The company has commenced production at the Mayixi No. 1 mine, which has an annual capacity of 2.4 million tons, and is progressing with the second phase of construction [3] - As of June 2025, the company has established a total installed capacity of 2.64 million kilowatts for thermal power and 3.9396 million kilowatts for renewable energy, forming a multi-energy supply structure [3] - The company is set to benefit from a 15% corporate income tax reduction starting in 2025, along with additional financial incentives totaling 48.563 million yuan [3]

Core Viewpoint - The financial performance of Panjiang Co., Ltd. (600395) for the first half of 2025 shows a significant increase in revenue but a substantial decline in net profit, indicating challenges in profitability despite revenue growth [1]. Financial Performance Summary - Total revenue for the first half of 2025 reached 5.152 billion yuan, a year-on-year increase of 27.34% compared to 4.046 billion yuan in 2024 [1]. - The net profit attributable to shareholders was -5.0951 million yuan, a decline of 113.67% from a profit of 37.2748 million yuan in the previous year [1]. - The gross profit margin decreased to 21.79%, down 17.06% year-on-year, while the net profit margin fell to -0.44%, a drop of 128.38% [1]. - Accounts receivable increased significantly by 62.98%, reaching 910 million yuan, compared to 558 million yuan in the previous year [1]. Cost and Expense Analysis - Total operating costs increased by 35.08%, driven by higher material consumption in power generation and other business costs [3]. - Selling, general, and administrative expenses totaled 777 million yuan, accounting for 15.09% of revenue, a decrease of 21.1% year-on-year [1]. - Financial expenses surged by 105.67%, attributed to increased interest expenses as projects moved into operation [4]. Cash Flow and Asset Management - Operating cash flow per share improved significantly by 184.55%, reaching 0.14 yuan, compared to 0.05 yuan in the previous year [1]. - The company reported a decrease in cash and cash equivalents by 5.34%, totaling 2.52 billion yuan [1]. - The ratio of cash to current liabilities stands at 23.98%, indicating potential liquidity concerns [8]. Investment and R&D - R&D expenses increased by 18.87%, reflecting the company's commitment to innovation and technology [5]. - The return on invested capital (ROIC) was reported at 1.5%, indicating weak capital efficiency [8]. Market Position and Future Outlook - Analysts project a net profit of 236 million yuan for 2025, with an average earnings per share of 0.11 yuan [8]. - The company’s reliance on coal and power generation remains a critical factor for future performance, necessitating close monitoring of capital expenditures and operational efficiency [8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 earnings have significantly improved, driven by rising coal prices and increased electricity generation [3] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 243 million, 372 million, and 472 million yuan respectively, reflecting year-on-year growth of 133.4%, 53.1%, and 26.9% [3] - The company's coal production capacity is expected to grow, and the integration of coal, electricity, and renewable energy is progressing steadily [3] Financial Performance Summary - In H1 2025, the company achieved revenue of 5.15 billion yuan, a year-on-year increase of 27.3%, while the net profit attributable to shareholders was a loss of 5.1 million yuan, down 113.67% year-on-year [3] - In Q2 2025, revenue reached 2.67 billion yuan, up 7.6% quarter-on-quarter, with a net profit of 99.48 million yuan, an increase of 200 million yuan quarter-on-quarter [3] - The average selling price of coal in H1 2025 was 684.8 yuan per ton, down 22.3% year-on-year, while the cost per ton was 513.2 yuan, down 20.3% year-on-year [4] - The company's electricity generation in H1 2025 was 7.13 billion kWh, a year-on-year increase of 380% [4] Capacity and Project Development - The company has commenced production at the Mayixi No. 1 well, contributing an annual capacity of 2.4 million tons, with further projects underway [5] - As of June 2025, the company has established a total installed capacity of 2.64 million kilowatts for thermal power generation and 3.9396 million kilowatts for renewable energy [5] - The company benefits from policy incentives, including a 15% corporate income tax reduction starting in 2025, which supports its expansion in renewable energy [5]

Core Viewpoint - The report highlights that Panjiang Coal Industry Co., Ltd. has turned a profit in Q2 2025 after a significant decrease in coal costs, despite a net loss in the first half of the year. The company is rated as a buy due to its improving financial performance and growth potential in the coal and power sectors [1]. Financial Performance - In H1 2025, the company achieved operating revenue of 5.152 billion yuan, a year-on-year increase of 27.34%. However, it reported a net loss attributable to shareholders of 5.0951 million yuan, compared to a net profit of 372.748 million yuan in the same period last year [2]. - In Q2 2025, the company recorded a net profit of 994.768 million yuan, a year-on-year increase of 523.69%, marking a turnaround from the previous quarter [2][3]. Production and Sales - In H1 2025, the company’s coal production reached 5.1537 million tons, a year-on-year increase of 15.27%, while coal sales volume decreased by 3.1% to 3.9471 million tons. The average selling price per ton of coal was 648.79 yuan, down 22.34% year-on-year [2]. - In Q2 2025, coal production was 2.9738 million tons, up 22.19% year-on-year and 36.42% quarter-on-quarter. Coal sales volume was 2.2586 million tons, reflecting a year-on-year increase of 3.94% and a quarter-on-quarter increase of 33.76% [3]. Cost and Profitability - The average revenue per ton of coal in Q2 2025 was 631.47 yuan, down 19.44% year-on-year and 6.02% quarter-on-quarter. The cost per ton of coal was 451.53 yuan, down 27.78% year-on-year and 24.21% quarter-on-quarter [3]. - The gross profit per ton of coal was 179.94 yuan, a year-on-year increase of 13.46% and a quarter-on-quarter increase of 136.22%. The gross profit margin was 28.50%, up 8.26 percentage points year-on-year and 17.16 percentage points quarter-on-quarter [3]. Power Generation - In H1 2025, the company’s power generation reached 71.13 billion kWh, a year-on-year increase of 380.01%. The on-grid electricity volume was 66.90 billion kWh, also up 375.23% [4]. - In Q2 2025, power generation was 34.44 billion kWh, a year-on-year increase of 273.06%, while the on-grid electricity volume was 32.28 billion kWh, up 267.04% [4]. Investment Outlook - The company is expected to achieve net profits of 236 million yuan, 305 million yuan, and 356 million yuan for 2025, 2026, and 2027 respectively, with corresponding earnings per share (EPS) of 0.11, 0.14, and 0.17 yuan [4].