证券代码：600395 证券简称：盘江股份 编号：临 2024-068 贵州盘江精煤股份有限公司 关于为控股子公司提供委托贷款的公告 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： 委托贷款对象：贵州盘江恒普煤业有限公司（以下简称"恒普公司"）、 贵州盘江马依煤业有限公司（以下简称"马依公司"）。 委托贷款金额和期限等：委托贷款金额 6 亿元，其中恒普公司 3 亿 元，马依公司 3 亿元。委托贷款期限均为一年。委托贷款利率均为 LPR1Y。 一、委托贷款事项概述 （一）交易基本情况 为满足恒普公司和马依公司资金需求，公司拟通过金融机构向恒普公 司和马依公司分别提供 3 亿元额度的委托贷款，用于日常生产经营和偿还 银行贷款本息，委托贷款期限均为 1 年，委托贷款利率均为 LPR1Y，并授 权公司经理层办理委托贷款相关事宜。 - 1 - 2.成立时间：2009 年 1 月 19 日 （二）本次交易事项决策程序 2024 年 11 月 8 日，公司第七届董事会 2024 年第一次临时会议以 7 票 同意、0 票反对、 ...

投资者可于 2024 年 11 月 11 日(星期一)至 11 月 15 日(星期五)16:00 前登录上证路演中心网站首页点击 "提问预征集 "栏目或通过邮箱 pj600395@163.com 进行提问。贵州盘江精煤股份有限公司（以下简称"公司"） 将在说明会上对投资者普遍关注的问题进行回答。 证券代码：600395 证券简称：盘江股份 公告编号：2024-072 贵州盘江精煤股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： 会议召开时间：2024 年 11 月 18 日(星期一)上午 09:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 公司已于 2024 年 10 月 26 日发布公司 2024 年第三季度报告，为便于 广大投资者更全面深入地了解公司 2024 年第三季度的经营成果和财 ...

证券代码：600395 证券简称：盘江股份 编号：临 2024-067 贵州盘江精煤股份有限公司 关于控股子公司开展融资租赁暨关联交易的公告 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： 贵州盘江精煤股份有限公司（以下简称"公司"）控股子公司贵州盘 江恒普煤业有限公司（以下简称"恒普公司"）拟与贵州乌江能源投资有限 公司控股子公司贵州贵金融资租赁股份有限公司（以下简称"贵金租赁"） 通过售后回租方式开展融资租赁业务，融资金额 15,500 万元，租赁期限 3 年，最终均以签订的协议为准。 二、交易各方基本情况 （一）贵州盘江恒普煤业有限公司 - 1 - 1.公司名称：贵州盘江恒普煤业有限公司 根据《上海证券交易所股票上市规则》等有关规定，贵金租赁为公 司关联方，本次交易构成关联交易。 本次交易不构成《上市公司重大资产重组管理办法》规定的重大资 产重组。 公司过去 12 个月未与贵金租赁进行交易，未与其他不同关联人进行 与本交易类别相关的交易，根据《上海证券交易所股票上市规则》等有关 规定，本次交易无需提交公司 ...

投资金额：上述项目总投资合计 111,518.56 万元。 一、对外投资概述 （一）对外投资的基本情况 为贯彻落实国家"双碳"目标政策和省委省政府组建贵州能源集团战 略决策部署，抢抓国发〔2022〕2 号文件历史机遇，贵州盘江精煤股份有限 公司（以下简称"公司"）围绕建设新型综合能源基地，加快布局发展清洁 能源，拟通过公司控股子公司盘江新能源发电(关岭)有限公司投资建设关岭 县沙营镇石老虎风电场项目，建设安装容量 100MW，总投资为 55,895.17 万元；通过全资子公司盘江新能源（普定）有限公司投资建设普定县猫洞 乡余家尖山新民风电场项目，建设安装容量 100MW，总投资为 55,623.39 万元。前述项目合计建设安装容量 200MW，总投资为 111,518.56 万元。 （二）董事会审议情况 证券代码：600395 证券简称：盘江股份 编号：临 2024-069 贵州盘江精煤股份有限公司 关于子公司投资建设新能源发电项目的公告 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： 投资项目名称：关岭县沙营 ...

证券代码：600395 证券简称：盘江股份 编号：临 2024-071 贵州盘江精煤股份有限公司 第七届监事会 2024 年第一次临时会议决议公告 本公司监事会及全体监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"）第七届监事会 2024 年 第一次临时会议于 2024 年 11 月 8 日以通讯方式召开。会议由公司监事会 主席吴黎女士主持，应参加会议监事 5 人，实际参加会议监事 5 人。会议 符合《公司法》和《公司章程》等有关规定，合法有效。 出席会议的监事经过认真审议，以记名投票的表决方式，审议通过了 以下议案： 一、关于贵州盘江恒普煤业有限公司与贵州贵金融资租赁股份有限公 司开展融资租赁暨关联交易的议案 表决结果：5 票同意，0 票反对，0 票弃权。 监事会认为：贵州盘江恒普煤业有限公司与贵州贵金融资租赁股份有 限公司开展融资租赁业务，系贵州盘江恒普煤业有限公司正常生产经营需 要；本次交易定价公允合理，不存在损害公司及广大股东特别是中小股东 利益的情形。因此，会议同意该议案。 表决结果：5 票同 ...

证券代码：600395 证券简称：盘江股份 编号：临 2024-066 贵州盘江精煤股份有限公司 第七届董事会 2024 年第一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 2024 年 第一次临时会议于 2024 年 11 月 8 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、关于贵州盘江恒普煤业有限公司与贵州贵金融资租赁股份有限公 司开展融资租赁暨关联交易的议案 表决结果：5 票同意，0 票反对，0 票弃权。根据《上海证券交易所股 票上市规则》等有关规定，与本议案有关联关系的 2 名关联董事回避表决。 内容详见上海证券交易所网站（http://www.sse.com.cn）公司公告（临 2024-067）。 会议同意贵州盘江恒普煤业有限公司与贵州贵金融资租 ...

Investment Rating - The report maintains a "Buy" rating for Panjiang Coal and Electric Power (600395 SH) [2] Core Views - The company's coal business is expected to recover gradually, with improved profitability in Q3 2024 despite a significant decline in sales volume [3] - The power generation business showed strong growth in Q3 2024, with a 7877 64% YoY increase in power generation and the successful grid connection of the Puding 1 unit [3] - The report forecasts revenue growth of 17 5% in 2025 and 11 2% in 2026, with net profit expected to increase by 87 6% in 2025 [6] Financial Performance - In 2024 Q3, the company reported revenue of 2 403 billion yuan (+3 50% YoY, +14 60% QoQ) and a net loss of 2 million yuan (-101 36% YoY, -113 10% QoQ) [3] - For the first three quarters of 2024, revenue was 6 449 billion yuan (-15 36% YoY) with net profit of 35 million yuan (-95 45% YoY) [3] - The company's coal sales volume in Q3 2024 was 1 85 million tons (-33 11% YoY, -14 97% QoQ) [3] Business Segments Coal Business - Coal production in Q3 2024 was 2 44 million tons (-13 61% YoY, +0 40% QoQ) [3] - The average coal price in Q3 2024 was 815 yuan/ton (+2 38% YoY, +4 01% QoQ) with a cost of 644 yuan/ton (+18 23% YoY, +2 96% QoQ) [3] - Gross profit per ton of coal was 172 yuan (-31 88% YoY, +8 15% QoQ) [3] Power Business - Power generation in Q3 2024 reached 2 417 billion kWh (+7877 64% YoY, +161 80% QoQ) [3] - The average grid electricity price was 0 363 yuan/kWh (-8 79% YoY, -0 92% QoQ) [3] - The Puding 2*660MW coal-fired power project's first unit was successfully connected to the grid on September 30, 2024 [3] Financial Projections - Revenue is projected to be 8 844 billion yuan in 2024, 10 393 billion yuan in 2025, and 11 553 billion yuan in 2026 [1][3] - Net profit attributable to parent company is expected to be 380 million yuan in 2024, 712 million yuan in 2025, and 740 million yuan in 2026 [1][3] - EPS is forecasted at 0 18 yuan in 2024, 0 33 yuan in 2025, and 0 34 yuan in 2026 [1][3] Valuation Metrics - The current P/E ratio is 31 4x for 2024, 16 8x for 2025, and 16 1x for 2026 [1][3] - The P/B ratio remains at 1 0x across all forecast years [1][3] - ROE is expected to improve from 3% in 2024 to 6% in 2025-2026 [1] Capital Structure - The debt-to-equity ratio is projected to increase from 144% in 2024 to 187 8% in 2026 [6] - The asset-liability ratio is expected to rise from 64 7% in 2024 to 70 4% in 2026 [6] - Current ratio is forecasted to decline from 0 6 in 2024 to 0 4 in 2026 [6]

Core Viewpoint - The National Mine Safety Supervision Bureau's Guizhou branch conducted a systematic research visit to several companies, focusing on safety and operational improvements in mining practices [1] Group 1: Research Visit Details - The research visit took place from October 30 to November 1, involving key personnel from the National Mine Safety Supervision Bureau and China University of Mining and Technology [1] - The research team visited Songhe Company, Pannan Company, and Jinjia Mine to assess safety measures and operational practices [1] Group 2: Areas of Focus - Discussions at Songhe Company included topics such as roof support, gas management, and coal selection processes [1] - The research team conducted on-site inspections of specific mining areas, including the 123202 transport drainage lane and the 131602 transport lane [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 performance was impacted by a decline in coal sales, but power projects are progressing steadily. The company reported a revenue of 6.45 billion yuan for the first three quarters of 2024, a year-on-year decrease of 15.4%, and a net profit attributable to shareholders of 35 million yuan, down 95.5% year-on-year [1][2] - The report anticipates a recovery in net profit for 2025 and 2026, projecting net profits of 373 million yuan and 548 million yuan respectively, with corresponding EPS of 0.17 yuan and 0.26 yuan [1][3] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 2.4 billion yuan, a quarter-on-quarter increase of 14.6%, but a net loss of 2 million yuan, a quarter-on-quarter decline of 113.1% [1] - The average selling price of coal for the first three quarters was 829 yuan per ton, up 7.2% year-on-year, while the cost per ton increased by 19.2% to 644 yuan [1][3] Coal and Power Business - Coal production and sales significantly declined due to safety regulations, with production and external sales of 6.91 million tons and 5.92 million tons respectively for the first three quarters, down 25.1% and 37.7% year-on-year [1] - The company’s power generation capacity is expanding, with a significant increase in power generation and grid-connected electricity in Q3 2024, achieving 241.66 million kWh, a quarter-on-quarter increase of 161.8% [1][2] Future Outlook - The company has a total production capacity of 23.1 million tons per year, with ongoing projects expected to add 2.2 million tons of capacity by 2026 [1] - The integration of coal, electricity, and renewable energy projects is progressing, with a total installed capacity of 1.32 million kW for coal-fired power and approximately 1.22 million kW for renewable energy [1][3]

Investment Rating - The report maintains a "Buy" rating for Panjiang Co Ltd (600395) [1] Core Views - Panjiang Co Ltd's Q3 2024 revenue was 2.403 billion yuan, up 3.49% YoY and 14.59% QoQ, but net profit attributable to shareholders was -2 million yuan, down 101.3% YoY and 112.29% QoQ [1] - The company's coal production in Q3 2024 was 2.44 million tons, down 13.61% YoY, with coal prices rising 4.01% QoQ to 815 yuan/ton [1] - Panjiang's coal production capacity is expected to reach 25.2 million tons/year by the end of the 14th Five-Year Plan period [1] - The company's power generation business saw significant growth, with 3.902 billion kWh generated in the first three quarters of 2024, up 7379.53% YoY [2] Financial Performance - In Q3 2024, Panjiang's revenue was 2.403 billion yuan, with a net loss of 2 million yuan [1] - For the first three quarters of 2024, the company reported revenue of 6.449 billion yuan, down 15.36% YoY, and net profit of 34 million yuan, down 95.47% YoY [1] - The company's debt-to-asset ratio reached 70.78% in Q3 2024, up 6.22 percentage points from 2023 [1] Business Development - Panjiang is accelerating the construction of coal-fired power projects, including the 2×660MW Panjiang Xinguang project and 2×660MW Panjiang Puding project [2] - The company's new energy projects have achieved grid-connected capacity of 1.22GW, with 2.35GW under construction or planned [2] - Panjiang is the only platform for coal and power business integration under Guizhou Energy Group, with significant potential for asset injection [1] Industry Outlook - The report is optimistic about the fundamentals of the coking coal industry and the company's development potential under energy reform and transformation [2] - Panjiang's position as a leading coking coal producer in Southwest China is expected to strengthen with its expanding production capacity [1] Financial Projections - The report forecasts Panjiang's net profit attributable to shareholders to be 56 million yuan in 2024, 734 million yuan in 2025, and 1.065 billion yuan in 2026 [2] - EPS is projected to be 0.03 yuan/share in 2024, 0.34 yuan/share in 2025, and 0.50 yuan/share in 2026 [2] - The company's P/E ratio is expected to be 219.76x in 2024, 16.68x in 2025, and 11.49x in 2026 [2]