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 第五次临时会议于 2025 年 5 月 16 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。 一、关于公司土城矿混煤高质化技术改造的议案 证券代码：600395 证券简称：盘江股份 编号：临 2025-023 贵州盘江精煤股份有限公司 第七届董事会 2025 年第五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。 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： - 1 - 有限公司注册资本不变的情况下，将一期和二期项目节省的资本金调整至 三期项目使用，三期项目资本金仍有不足的，由盘江新能源发电（关岭） 有限公司自筹资金解决。 特此公告。 贵州盘江精煤股份有限公司董事会 表决结果：7 票同意，0 票反对，0 票弃权。 为优化产品结构、提高煤炭产品附加值，更好地将资源优势转化为经济 优势，实现煤炭资源充分利 ...

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

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [12][13] - The coal price is expected to remain weak in May due to seasonal demand fluctuations, but there is a bottom support for prices, and a gradual recovery is anticipated as the peak season approaches [3][12] - The underlying investment logic of coal supply shortages remains unchanged, with a balanced short-term supply and demand but a medium to long-term gap still present [12][13] Summary by Sections Coal Price Tracking - As of May 10, the market price for Qinhuangdao port thermal coal (Q5500) is 635 CNY/ton, down 17 CNY/ton week-on-week [30] - The international thermal coal price for Newcastle (NEWC5500) is 69.8 USD/ton, down 0.5 USD/ton week-on-week [30] - The price for coking coal at Jing Tang port is 1380 CNY/ton, down 20 CNY/ton week-on-week [32] Supply and Demand Tracking - The capacity utilization rate for thermal coal mines is 96.4%, an increase of 2.5 percentage points week-on-week [47] - The daily coal consumption in inland provinces has increased by 33.80 thousand tons/day, a rise of 12.17% week-on-week [12] - The daily coal consumption in coastal provinces has decreased by 12.40 thousand tons/day, a decline of 6.67% week-on-week [12] Inventory Situation - As of May 9, coal inventory at Qinhuangdao port has increased to 753 thousand tons, up 8.0% week-on-week [5] - The inventory of coking coal at production sites has risen to 390.43 thousand tons, an increase of 8.9% week-on-week [5] Company Performance - The coal sector has shown a 1.47% increase this week, underperforming the broader market [15] - Key companies to focus on include China Shenhua, Shaanxi Coal, and China Coal Energy, which are noted for stable operations and solid performance [13]

Core Viewpoint - The company faces pressure on performance due to declining coal prices and volumes, while its electricity business shows growth in both volume and price, maintaining a "buy" rating. Group 1: Financial Performance - In 2024, the company achieved revenue of 8.9 billion yuan, a year-on-year decrease of 5.4%, and a net profit attributable to shareholders of 100 million yuan, down 85.8% year-on-year [1] - For Q4 2024, revenue was 2.45 billion yuan, a quarter-on-quarter increase of 2%, with a net profit of 70 million yuan, up 3402% quarter-on-quarter [1] - In Q1 2025, revenue reached 2.48 billion yuan, a year-on-year increase of 27.3%, but the net profit was -100 million yuan, a decline of 590.4% year-on-year [1] Group 2: Coal Business Performance - In 2024, the company produced 9.41 million tons of commodity coal, a decrease of 16.5% year-on-year, with external sales down 32% to 7.84 million tons [2] - The average selling price of coal in 2024 was 808 yuan per ton, an increase of 3.3% year-on-year, while in Q1 2025, the price dropped to 672 yuan per ton, down 24.9% year-on-year [2] - The gross profit per ton of coal in 2024 was 181 yuan, a decrease of 17.3% year-on-year, and in Q1 2025, it fell to 76 yuan, down 66.7% year-on-year [2] Group 3: Electricity Business Performance - In 2024, the company's power generation reached 651,472 million kWh, a year-on-year increase of 4020%, with grid-connected electricity also rising by 4060% [2] - The average on-grid electricity price in 2024 was 0.367 yuan per kWh, a decrease of 2% year-on-year, while in Q1 2025, it increased slightly to 0.3718 yuan per kWh, up 0.5% year-on-year [2] Group 4: Future Prospects - The company expects coal production capacity to increase, with several projects progressing as planned, including the Ma Yidong and Yangshan coal mines [3] - The company is advancing its coal, electricity, and renewable energy projects, with significant investments in renewable energy capacity [3] - The dividend payout ratio for 2024 was 45%, an increase of 4.94% year-on-year, resulting in a current dividend yield of 6.6% [3]

煤炭/煤炭开采 盘江股份（600395.SH） Q1 煤炭量价齐跌致业绩承压，电力业务量价齐升 2025 年 05 月 08 日 投资评级：买入（维持） 张绪成（分析师） zhangxucheng@kysec.cn 证书编号：S0790520020003 Q1 煤炭量价齐跌致业绩承压，电力业务量价齐升，维持"买入"评级 公司发布 2024 年报及 2025 一季报，2024 年实现营收 89 亿元，同比-5.4%，归 母净利润 1 亿元，同比-85.8%，扣非归母净利润-0.3 亿元，同比-104.6%；其中 2024Q4 实现营收 24.5 亿元，环比+2%，归母净利润 0.7 亿元，环比+3402%， 扣非归母净利润 0.2 亿元，环比+1003.1%。2025Q1 实现营收 24.8 亿元，同比 +27.3%，归母净利润-1 亿元，同比-590.4%，扣非归母净利润-1.2 亿元，同比 -4826.2%。考虑到煤炭销量下滑，我们下调 2025-2026 年盈利预测并新增 2027 年盈利预测，预计 2025-2027 年公司实现归母净利润 0.59/1.12/1.63 亿元 （2025-2026 年前值 ...

Core Points - The China Securities 1000 Energy Index has experienced a decline of 8.54% over the past month, 8.15% over the past three months, and 11.55% year-to-date [2] Group 1: Index Performance - The China Securities 1000 Energy Index is currently reported at 436.46 points [1] - The index is based on a sample of liquid and representative securities from each industry, providing a diversified investment option [2] - The index was established on December 31, 2004, with a base point of 1000.0 [2] Group 2: Index Holdings - The top ten weighted stocks in the China Securities 1000 Energy Index include Donghua Energy (10.57%), New Natural Gas (9.55%), and Continental Oil & Gas (9.04%) [2] - The Shanghai Stock Exchange accounts for 71.66% of the index holdings, while the Shenzhen Stock Exchange accounts for 28.34% [2] - The industry composition of the index holdings includes coal (32.49%), oil refining (22.69%), coke (20.60%), natural gas processing (13.65%), and oil and gas circulation and others (10.57%) [2] Group 3: Sample Adjustment - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3] - Temporary adjustments may occur under special circumstances, such as delisting or corporate actions like mergers and acquisitions [3] - Changes in industry classification due to special events will also lead to corresponding adjustments in the index samples [3]

Core Viewpoint - The company, Guizhou Panjiang Coal and Electricity Co., Ltd., has released its 2024 annual report summary, highlighting its operational results, financial status, and future development plans, emphasizing its role in energy security and green low-carbon transition in China [1]. Company Overview - The company operates primarily in coal production and integrated coal-electricity and new energy generation, focusing on resource utilization, mechanical processing, and mining services [5]. - The main products include coal and electricity, with coal products being categorized into premium coal and mixed coal, serving industries such as steel and power generation [5]. Financial Performance - In the reporting period, the company produced 9.4473 million tons of commercial coal and sold 7.8419 million tons, generating a total revenue of 8.8997 billion yuan and a net profit attributable to shareholders of 1.0416 billion yuan [8]. - The proposed profit distribution plan suggests a cash dividend of 0.40 yuan per share, totaling 85.865 million yuan, which represents 82.44% of the net profit for the year [4]. Development Strategy - The company aims to enhance energy security and promote the integration of traditional and new energy sources, focusing on building a new comprehensive energy base and becoming a coal supply center in Southwest China [10]. - Plans include increasing coal production to 15.61 million tons and generating 14.421 billion kilowatt-hours of electricity by 2025, with a total revenue target of 11.774 billion yuan [13]. Operational Goals - The company emphasizes safety and environmental protection, aiming to eliminate major safety incidents and ensure compliance with environmental standards [14][16]. - It plans to optimize coal production processes and enhance the quality of coal products while expanding its market reach and reducing operational costs [24][25]. Innovation and Reform - The company is committed to deepening state-owned enterprise reforms and enhancing technological innovation, focusing on smart mining and efficient resource utilization [21][23]. - It aims to improve its operational efficiency and value creation through market-oriented management and strategic investments in renewable energy projects [20][22].

贵州盘江精煤股份有限公司 关于会计师事务所 2024 年度履职情况的 评估报告 中审众环会计师事务所（特殊普通合伙）（以下简称"中审众环"） 作为贵州盘江精煤股份有限公司（以下简称"公司"）2024 年度财务审 计机构和内控审计机构，根据财政部、国务院国有资产监督管理委员 会、中国证券监督管理委员会印发的《国有企业、上市公司选聘会计 师事务所管理办法》，公司对中审众环 2024 年度审计过程中的履职情 况进行了评估。经评估，公司认为：中审众环在资质条件、质量管理 水平、审计人员独立性方面符合相关规定，审计过程中勤勉尽责，公 允表达意见，较好完成了 2024 年度审计工作。具体情况如下： 一、资质条件 （一）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。 ...

证券代码：600395 证券简称：盘江股份 编号：临 2025-018 贵州盘江精煤股份有限公司 关于为首黔公司提供委托贷款暨关联交易的公告 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： 委托贷款对象：贵州首黔资源开发有限公司（以下简称"首黔公司"）。 委托贷款金额：公司拟通过金融机构向首黔公司提供 5 亿元额度委 托贷款，用于偿还到期的委托贷款，贷款期限为 2 年，利率不低于银行同 期贷款利率，并授权公司经理层办理委托贷款相关事宜，包括但不限于： 确定委托贷款的金额、贷款利率、选择委托贷款的金融机构等。 首黔公司为公司控股子公司，由于公司与控股股东贵州能源集团有 限公司所属的贵州盘江电投发电有限公司均为首黔公司的股东。根据《上 海证券交易所股票上市规则》等有关规定，本次交易构成关联交易。 一、关联交易概述 （一）交易基本情况 首黔公司是公司所属控股子公司。为了加快推进杨山煤矿 120 万吨/年 兼并重组项目和露天开采项目建设，2023 年 5 月首黔公司向公司申请委托 贷款 5 亿元，该贷款将于 2025 ...