Core Insights - Company reported a total operating revenue of 7.23 billion, an increase of 781 million compared to the same period last year, representing a year-on-year growth of 12.11% [1] - The net profit attributable to shareholders was -17.38 million, a decrease of 52.57 million compared to the same period last year, reflecting a year-on-year decline of 149.40% [1] Financial Performance - Operating cash flow net inflow was 591 million, an increase of 715 million compared to the same period last year [1] - The latest debt-to-asset ratio is 75.11%, an increase of 0.21 percentage points from the previous quarter and an increase of 4.34 percentage points from the same period last year [3] - The latest gross profit margin is 22.41%, an increase of 0.63 percentage points from the previous quarter, but a decrease of 2.94 percentage points from the same period last year [3] - The latest return on equity (ROE) is -0.17%, a decrease of 0.48 percentage points from the same period last year [3] - The diluted earnings per share is -0.01, a decrease of 0.02 from the same period last year, reflecting a year-on-year decline of 150.00% [3] - The latest total asset turnover ratio is 0.16 times, a decrease of 0.01 times from the same period last year [3] - The latest inventory turnover ratio is 6.53 times, a decrease of 2.95 times from the same period last year, representing a year-on-year decline of 31.14% [3] Shareholder Structure - The number of shareholders is 42,500, with the top ten shareholders holding 1.341 billion shares, accounting for 62.45% of the total share capital [3] - The largest shareholder is Guizhou Energy Group Co., Ltd., holding 45.5% of the shares [3]

Core Viewpoint - The company has released its third-quarter report for 2025, ensuring the accuracy and completeness of the financial information presented, and has made decisions regarding the appointment of auditors and guarantees for its subsidiaries [8][9][39]. Financial Data Summary - The third-quarter report for 2025 has been approved by the board, confirming that it meets the regulatory requirements and accurately reflects the company's financial status and operational results [8]. - The financial statements for the third quarter are unaudited, and the company has not reported any significant changes in accounting data or financial indicators [3][7]. Shareholder Information - The company has confirmed the total number of shareholders and the status of major shareholders, with no changes reported in the top ten shareholders due to share lending activities [5][6]. Audit and Internal Control - The board has approved the appointment of Zhongshun Zhonghuan Accounting Firm as the financial and internal control auditor for 2025, with an audit fee of 1.35 million yuan, which remains unchanged from the previous year [9][21]. Guarantee for Subsidiary Financing - The company has agreed to provide a full joint liability guarantee for its subsidiary, Guizhou Panjiang Hengpu Coal Industry Co., Ltd., for financing not exceeding 203.31 million yuan, with existing guarantees totaling 584.95 million yuan [40][44]. - The financing is intended to replace existing project loans, and the subsidiary will provide a mining right as collateral for the guarantee [42][46]. Upcoming Shareholder Meeting - The company will hold its first temporary shareholder meeting of 2025 on November 12, 2025, to discuss various proposals, including the appointment of auditors and the guarantee for the subsidiary [12][24].

Core Viewpoint - The company reported a revenue increase of 12.11% year-on-year for the first three quarters of 2025, but experienced a net loss attributable to shareholders of the parent company [1] Financial Performance - Total operating revenue for the first three quarters reached 7.23 billion yuan [1] - Net profit attributable to shareholders was -17.38 million yuan, compared to a net profit of 35.19 million yuan in the same period last year [1] - Basic earnings per share were -0.008 yuan [1]

Core Viewpoint - Panjiang Co., Ltd. reported a revenue increase of 12.11% year-on-year for the first three quarters of 2025, amounting to approximately 7.23 billion yuan, despite a net loss attributable to shareholders of approximately 17.38 million yuan [1] Financial Performance - Revenue for the first three quarters of 2025 reached approximately 72.3 billion yuan, reflecting a year-on-year growth of 12.11% [1] - The net profit attributable to shareholders was a loss of approximately 17.38 million yuan [1] - Basic earnings per share showed a loss of 0.008 yuan [1] Market Position - As of the report, Panjiang Co., Ltd. has a market capitalization of 12.2 billion yuan [1]

证券代码：600395 证券简称：盘江股份 编号：临 2025-051 贵州盘江精煤股份有限公司 关于为控股子公司融资提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 被担保人名称：贵州盘江恒普煤业有限公司（以下简称"恒普公司"）， 为贵州盘江精煤股份有限公司（以下简称"公司"）控股子公司。 本次担保金额及已实际为其提供的担保余额：本次担保金额为不超过 20,331 万元，公司已实际为其提供的担保余额为 58,494.81 万元。 本次担保是否有反担保：恒普公司以其持有的发耳二矿（一期）采矿 权抵押给公司提供反担保。 对外担保逾期的累计数量：无。 特别风险提示：本次担保事项尚需提交公司股东会审议。 一、担保情况概述 二、被担保人基本情况 1.公司名称：贵州盘江恒普煤业有限公司 2.成立时间：2009 年 1 月 19 日 （一）担保基本情况 为缓解资金压力，降低财务成本，恒普公司拟向金融机构申请不超过 20,331 万元额度的融资，用于置换发耳二矿（一期）项目剩余项目贷款。 根据金融机构授信条件， ...

- 1 - 证券代码：600395 证券简称：盘江股份 编号：临 2025-050 贵州盘江精煤股份有限公司 关于续聘会计师事务所的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 拟聘任的会计师事务所名称：中审众环会计师事务所（特殊普通合 伙）（以下简称"中审众环"） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 中审众环始创于 1987 年，是全国首批取得国家批准具有从事证券、期 货相关业务资格及金融业务审计资格的大型会计师事务所之一。根据财政 部、证监会发布的从事证券服务业务会计师事务所备案名单，中审众环具 备股份有限公司发行股份、债券审计机构的资格。2013 年 11 月，按照国家 财政部等有关要求转制为特殊普通合伙制。注册地址为湖北省武汉市武昌 区水果湖街道中北路 166 号长江产业大厦 17-18 层。首席合伙人为石文先， 2024 年末合伙人数量 216 人，注册会计师数量 1,304 人，签署过证券服务 业务审计报告的注册会计师人数 723 人。经审计，中审众环 2024 ...

证券代码：600395 证券简称：盘江股份 公告编号：临 2025-052 贵州盘江精煤股份有限公司 关于召开2025年第一次临时股东会的通知 2025年第一次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 12 日 14 点 30 分 召开地点：贵州省盘州市红果经济开发区干沟桥盘江股份七楼会议室 (五)网络投票的系统、起止日期和投票时间。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、召开会议的基本情况 (一)股东会类型和届次 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 11 月 12 日 至2025 年 11 月 12 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东会召 开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的 投票时间为股东 ...

证券代码：600395 证券简称：盘江股份 编号：临 2025-049 贵州盘江精煤股份有限公司 第七届董事会 2025 年第十次临时会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 贵州盘江精煤股份有限公司（以下简称"公司"）第七届董事会 2025 年 第十次临时会议于 2025 年 10 月 27 日以通讯方式召开。会议由公司董事长 纪绍思先生主持，应参加会议董事 7 人，实际参加会议董事 7 人。会议符 合《公司法》和《公司章程》等有关规定，合法有效。 出席会议的董事经过认真审议，以记名投票的表决方式，审议通过了 以下议案： 一、2025 年第三季度报告 表决结果：7 票同意，0 票反对，0 票弃权。内容详见上海证券交易所 网站（http://www.sse.com.cn）。 会议认为：公司《2025 年第三季度报告》的内容和格式符合中国证监 会和上海证券交易所的各项规定，报告的内容真实、准确、完整地反映了 公司 2025 年第三季度的财务状况和经营成果，会议同意公司《2025 年第三 季度报告》。 本议案已 ...

Financial Performance - The company's operating revenue for Q3 2025 was CNY 2,077,695,760.90, a decrease of 13.53% compared to the same period last year[5]. - The total profit for the year-to-date period was CNY -3,874,125.76, reflecting a decline of 83.73% year-on-year[5]. - The net profit attributable to shareholders for Q3 2025 was CNY -12,288,017.75, a significant drop of 488.27% compared to the previous year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2025 was CNY -38,751,015.52, a decrease of 2,784.60% year-on-year[5]. - Total operating revenue for the first three quarters of 2025 reached ¥7,229,672,379.38, an increase of 12.1% compared to ¥6,448,710,436.17 in the same period of 2024[20]. - The net profit for the first three quarters of 2025 was -¥19,010,663.52, a significant decline compared to a net profit of ¥49,800,142.21 in the same period of 2024[21]. - The total comprehensive income for the first three quarters of 2025 was -¥9,885,004.53, compared to ¥53,450,405.80 in 2024, showing a substantial decline[22]. - Basic and diluted earnings per share for the first three quarters of 2025 were both -¥0.008, down from ¥0.016 in the same period of 2024[22]. - The total comprehensive income for the first three quarters of 2025 was approximately ¥111 million, down from ¥134 million in 2024, reflecting a decline of 17.2%[33]. Cash Flow - The net cash flow from operating activities for the year-to-date period was CNY 590,809,456.33, an increase of 576.55% year-on-year[5]. - The net cash flow from operating activities was ¥590,809,456.33, a significant improvement compared to a negative cash flow of ¥123,977,514.42 in the previous period[24]. - Total cash inflow from financing activities reached ¥8,325,360,692.06, while cash outflow was ¥5,073,160,155.21, resulting in a net cash flow of ¥3,252,200,536.85[25]. - The cash and cash equivalents at the end of the period were ¥2,349,159,003.56, compared to ¥2,205,719,823.82 at the end of the previous period, marking a net increase of ¥739,976,331.06[25]. - The net increase in cash and cash equivalents for the first three quarters of 2025 was approximately ¥405 million, contrasting with a decrease of ¥46 million in 2024[35]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 46,503,946,550.18, representing a 7.02% increase from the end of the previous year[5]. - The company's total current assets as of September 30, 2025, amount to RMB 6,737,596,888.77, an increase from RMB 6,283,151,496.79 at the end of 2024[15]. - The company's total liabilities increased to ¥34,931,177,441.88 in 2025 from ¥31,964,605,219.34 in 2024, marking a growth of 9.2%[18]. - The total liabilities rose to ¥14,604,777,373.34, up from ¥13,408,232,205.66, indicating an increase of about 8.9%[30]. - The company's total assets increased to ¥25,504,041,745.69 from ¥24,129,193,900.09, reflecting a growth of approximately 5.7% year-over-year[29]. Production and Sales - The coal production volume for the first nine months of 2025 was 751.86 million tons, an increase of 8.74% compared to the same period in 2024[10]. - The sales volume of coal for the first nine months of 2025 was 751.67 million tons, an increase of 8.00% year-on-year[10]. - The electricity generation for the first nine months of 2025 was 934,842.49 million kWh, a substantial increase of 139.56% compared to the previous year[10]. - The average on-grid electricity price for the first nine months of 2025 was CNY 0.3601 per kWh, a decrease of 1.29% from the previous year[10]. Expenses - Total operating costs for the first three quarters of 2025 were ¥7,293,609,319.10, up from ¥6,549,636,800.61 in 2024, reflecting a year-over-year increase of 11.3%[20]. - Research and development expenses for the first three quarters of 2025 were ¥247,687,837.62, compared to ¥230,263,032.44 in 2024, reflecting an increase of 7.6%[21]. - The company's financial expenses for the first three quarters of 2025 were ¥444,334,852.19, significantly higher than ¥231,703,448.68 in 2024, indicating an increase of 91.6%[21]. - The company paid ¥2,780,383,257.86 in employee compensation, slightly down from ¥2,825,927,967.23 in the previous period[24]. - Research and development expenses decreased to approximately ¥104 million in 2025 from ¥140 million in 2024, reflecting a reduction of 25.5%[32]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 42,474[11]. - Guizhou Energy Group Co., Ltd. holds 976,878,600 shares, accounting for 45.51% of total shares[11]. - The company has no preferred shareholders with restored voting rights[11].

Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] Report's Core View - Currently at the beginning of a new upward cycle in the coal economy, with fundamental and policy factors in resonance, it's a good time to allocate coal stocks on dips. The coal supply bottleneck is expected to last until the 15th Five - Year Plan. With the westward shift of coal layout and rising costs, coal prices are likely to remain high. The coal sector is a high - performance, high - cash, and high - dividend asset, and the team continues to be bullish on the coal sector and suggests investors focus on the allocation opportunities at the current stage [3][11][12] Summary by Directory I. This Week's Core View and Key Focus - **Core View**: In the current coal economic cycle, supply is tightening due to policies like "over - production inspection", and demand is expected to pick up with the "peak winter" approaching. Coal prices are expected to rise in a volatile manner. The underlying investment logic of coal capacity shortage remains unchanged, and coal stocks are of high cost - effectiveness. Suggest investors allocate on dips [3][11] - **Investment Suggestions**: Focus on stable companies like China Shenhua, Shaanxi Coal Industry; oversold and high - elasticity companies like Yankuang Energy; and high - quality coking coal companies like Lu'an Environmental Energy. Also, pay attention to Huayang Co., Ltd., Yankuang Australia, etc. [3][12] - **Key Focus**: In the first three quarters, the national raw coal output was 3.57 billion tons, a 2.0% year - on - year increase. In September, the electricity consumption increased by 4.5% year - on - year. Australia's coal exports in the first three quarters of 2025 are expected to decline by 5.3% year - on - year [13] II. This Week's Performance of Coal Sector and Individual Stocks - The coal sector rose 1.46% this week, underperforming the broader market. The CSI 300 rose 3.24% to 4660.68. The top three performing sectors were communication, electronics, and machinery [14] - The thermal coal, coking coal, and coke sectors rose 1.68%, 0.89%, and 1.08% respectively [16] - The top three gainers in the coal mining and washing sector were Shanghai Energy (5.65%), Xinji Energy (4.72%), and Pingdingshan Tianan Coal Mining Co., Ltd. (3.83%) [19] III. Coal Price Tracking - **Coal Price Index**: As of October 24, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 691.0 yuan/ton, up 6.0 yuan/ton week - on - week. The comprehensive average price index of Bohai Rim thermal coal (Q5500K) was 684.0 yuan/ton, up 4.0 yuan/ton week - on - week. The annual long - term contract price of CCTD Qinhuangdao thermal coal (Q5500) was 676.0 yuan/ton, up 2.0 yuan/ton month - on - month [24] - **Thermal Coal Price**: At Qinhuangdao Port, the market price of Shanxi - produced thermal coal (Q5500) was 768 yuan/ton on October 25, up 28 yuan/ton week - on - week. In production areas, prices in Shaanxi, Inner Mongolia, and Datong also increased. Internationally, some prices rose while others fell [30] - **Coking Coal Price**: At ports like Jingtang Port and Lianyungang, and in production areas like Linfen and Yanzhou, coking coal prices increased. The CIF price of Australian Peak Downs hard coking coal in China also rose [32] - **Anthracite and Pulverized Coal Price**: The car - loading price of Jiaozuo anthracite and the car - loading prices of pulverized coal in Changzhi and Yangquan increased [40] IV. Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of October 24, the capacity utilization rate of sample thermal coal mines was 91%, down 0.7 percentage points week - on - week, and that of sample coking coal mines was 85.06%, down 2.3 percentage points week - on - week [45] - **Import Coal Price Difference**: As of October 24, the price difference of 5000 - kcal and 4000 - kcal thermal coal between domestic and international markets decreased [43] - **Coal - fired Power Consumption and Inventory**: Inland 17 provinces saw an increase in daily coal consumption and inventory, while coastal 8 provinces saw a decrease in daily consumption and an increase in inventory [46] - **Downstream Metallurgical Demand**: The Myspic composite steel price index rose, the price of Tangshan - produced primary metallurgical coke remained flat, the blast furnace operating rate increased, the average profit per ton of coke for independent coking enterprises decreased, the profit per ton of steel for blast furnaces increased, the iron - scrap price difference increased, and the scrap consumption ratio of pure blast furnace enterprises increased [64][65] - **Downstream Chemical and Building Materials Demand**: The prices of urea in some regions changed, the national methanol price index fell, the national ethylene glycol price index rose, the national acetic acid price index fell, the national synthetic ammonia price index rose, the national cement price index fell, the weekly coal consumption in the chemical industry decreased, the cement clinker capacity utilization rate increased, and the float glass operating rate remained flat [68][72][74] V. Coal Inventory Situation - **Thermal Coal Inventory**: Qinhuangdao Port's coal inventory increased, the inventory of 55 ports' thermal coal decreased, and the inventory of sample mines' thermal coal decreased [88] - **Coking Coal Inventory**: The production area's coking coal inventory decreased, the port's coking coal inventory increased, the coking enterprises' coking coal inventory increased, and the steel mills' coking coal inventory decreased [89] - **Coke Inventory**: The coking enterprises' coke inventory decreased, the port's coke inventory increased, and the steel mills' coke inventory decreased [91] VI. Coal Transportation Situation - **International and Domestic Coal Transportation**: As of October 24, the Baltic Dry Index (BDI) was 1991.0 points, down 78.0 points week - on - week. The average daily coal shipment volume of the Datong - Qinhuangdao Railway this week was 100.2 tons, up 0.18 tons week - on - week [104] - **Cargo - to - Ship Ratio of Four Major Ports in the Bohai Rim**: As of October 24, the inventory of four major ports in the Bohai Rim was 1430.9 tons, down 22.10 tons week - on - week, the number of anchored ships was 100, up 8 week - on - week, and the cargo - to - ship ratio was 14.3, down 1.48 week - on - week [102] VII. Weather Situation - As of October 24, the Three Gorges outflow was 11900 cubic meters per second, up 19.36% week - on - week. In the next 10 days, there will be significant precipitation in many regions, and some areas will experience more precipitation than usual. In the long - term, there will also be precipitation in some regions, and the temperature in some areas will be higher or lower than normal [109] VIII. Valuation Table and Key Announcements of Listed Companies - **Valuation Table**: The table shows the closing prices, net profits attributable to the parent company, EPS, and PE ratios of multiple listed coal companies from 2024 to 2027 [110] - **Key Announcements**: This week, companies such as Huaihe Energy, Shanxi Coking Coal, and China Shenhua made announcements regarding asset acquisitions, share pledge releases, profit distributions, and project commissioning [111][113][114]