营业收入扣除情况表 关于贵州盘江精煤股份有限公司 2024年度营业收入扣除情况表 的专项核查报告 众环专字(2025)1600079号 起始页码 1-2 目 专项核查报告 营业收入扣除情况表 · 众环专字(2025)1600079 号 贵州盘江精煤股份有限公司全体股东: 我们接受委托,在审计了贵州盘江精煤股份有限公司(以下简称"盘江股份")2024年 12 月 31 日的合并及公司的资产负债表,2024年度合并及公司的利润表、合并及公司的现金流量表和 合并及公司的股东权益变动表以及财务报表附注(以下简称"2024年度财务报表")的基础上,对 后附的《贵州盘江精煤股份有限公司 2024 年度营业收入扣除情况表》(以下简称"营业收入扣除 表")进行了专项核查。 1 传真 Fax, 027-85424329 按照《上海证券交易所股票上市规则》及《上海证券交易所上市公司自律监管指南第2号- 业务办理》的规定,编制和披露营业收入扣除表,提供真实、合法、完整的核查证据,是盘江 股份管理层的责任。我们的责任是在执行核查工作的基础上对营业收入扣除表发表专项核查意 见。 关于贵州盘江精煤股份有限公司 2024 年度营业收入扣除 ...

印尼禁止煤炭出口，国内煤炭市场或将紧张，国内煤价将提前止跌企稳。 投资建议。当前煤炭价格已经处于预期底部，估值明显偏低，伴随动力煤长协基准提升、焦煤长协价预 计维持高位，资源优质企业具备长期价值，转型企业具备成长空间，板块估值提升开启，1）当前首 推：中国神华、靖远煤电、电投能源、兖矿能源、中国旭阳集团；2）推荐：陕西煤业、淮北矿业、中 煤能源、山西焦煤、潞安环能、兰花科创、盘江股份、平煤股份。 1）事件：根据12月31日印尼政府新规，2022年1月禁止煤炭出口。 2）本次印尼限制煤炭出口，我们认为核心原因在于印尼煤炭产量不及预期，且国内消费量增加，导致 煤炭供不应求。印尼矿产能源部公布最新统计数据显示，截至12月17日印尼煤炭开采量达5.81亿吨，完 成年度产量目标的93%，全年产量预计略低于6.25亿吨目标， 2022 年煤炭产量目标提高到 6.37 ~6.64 亿 吨，但由于国内需求提升，出口潜力将有下降。 3）中国2020年/2021年1-11月进口煤及褐煤30399/29232万吨，其中来自印尼13783/17822万吨，占进口 45%/61%、占国内产量3.6%/4.9%，印尼煤供应对国内影响巨大 ...

Group 1 - The core viewpoint is that coal companies are expected to report strong earnings growth for 2021, with profit growth rates of 514%, -125% (turning profitable), 475%, and 62% for various companies, indicating a significant improvement in profitability despite a drop in coal prices due to regulatory measures [1] - The coal price has rebounded significantly, with Qinhuangdao Q5500 thermal coal prices exceeding 1000 yuan/ton, reflecting a 30% increase from the bottom, driven by export restrictions from Indonesia and mandatory inventory replenishment by power plants [1] - The overall economic growth is expected to stabilize, enhancing demand support, which will benefit coal as a primary energy source, alongside a recovery in the coal-coke-steel industry chain [1] Group 2 - High dividends are anticipated to continue, leading to a long-term increase in coal sector valuations, as companies are expected to disclose new shareholder return plans after March 2022 [2] - The capital expenditure in the coal industry has peaked, and with the trend towards "carbon neutrality," capital spending is expected to decline, optimizing the relationship between capital expenditure, cash flow, financials, profits, and dividends [2] - The coal sector is currently at a valuation bottom, with undervalued stocks, and companies with high dividends and those transitioning to green energy are expected to see valuation increases [2]

Core Viewpoint - The coal prices have significantly increased since the beginning of the year, and the National Development and Reform Commission (NDRC) has intervened to stabilize supply and prices, indicating that coal prices will operate at the upper limit of a reasonable range. The focus for coal stock investments should shift towards high dividends and transformation opportunities throughout the year [1]. Investment Highlights - Since the beginning of the year, coal prices have continued to rise, supported by fundamentals. The spot price of Qinhuangdao (Q5500) coal increased from 790 RMB/ton at the beginning of January to 1070 RMB/ton by the end of January. The rise is attributed to the rapid decline in port coal prices and the inversion of pit coal prices, leading to decreased enthusiasm among traders to pull coal to ports and low port inventories. The sentiment was further catalyzed by Indonesia's announcement to restrict coal exports. Demand has exceeded expectations due to strong electricity consumption and power plant restocking, with economic growth policies expected to further strengthen demand, providing effective support for coal prices [2]. - The NDRC has taken measures to consolidate supply and price stability, indicating that coal prices will operate at the upper limit of a reasonable range. A meeting held on February 9 emphasized that coal companies should resume normal production and supply, strictly implement supply and price stabilization policies, and regulate pricing behavior. It is believed that the rise in coal prices may pause, but there is no risk of a rapid short-term decline due to factors such as increased demand for coal and electricity from a cold spring and economic growth, as well as the increase in Indonesia's benchmark coal price to 188.4 USD/ton, which translates to a domestic cost of over 1237 RMB/ton, exceeding domestic coal prices, limiting the increase in imported coal supply [2]. Investment Strategy - In 2022, investments in coal stocks should not overly focus on coal prices but rather seek alpha opportunities, as high dividends and transformation present greater potential for increases. Following the volatility in the coal market in 2021, the government has sufficient means to maintain price stability. The significant rise in prices leading to high earnings elasticity is unlikely to occur in 2022. However, the government shows tolerance for relatively high coal prices, which are expected to fluctuate at high levels. The long-term contract prices have significantly increased year-on-year, leading to an elevation in corporate profit levels. Value discovery will be the main theme for coal stock investments in 2022. The long-term contract price for Qinhuangdao Q5500 coal in February 2022 was 725 RMB/ton, and under the new mechanism, high long-term contract prices are expected to be maintained, leading to sustainable optimization in capital expenditure, cash flow, finance, profit, and dividends. New dividend plans are anticipated following the disclosure of annual reports by coal companies in March 2022. Additionally, the government encourages the construction of photovoltaic projects to address mining subsidence, suggesting that some coal companies may leverage local resources to acquire green energy projects, accelerating transformation [3]. Investment Recommendations - The coal sector is currently at a projected bottom, with valuations significantly low. With the increase in benchmark long-term contract prices for thermal coal and expected high prices for coking coal, high-quality resource companies possess long-term value, while transformation companies have growth potential. The sector is set to see valuation increases. The main investment themes for the year include high dividends, green energy transformation, and growth-oriented coal chemical projects. Recommended companies include China Shenhua, Jingyuan Coal Electricity, Energy Investment, Yanzhou Coal, China Xuyang Group, and Baofeng Energy. Additionally, high-quality resource companies recommended are Shaanxi Coal and Chemical Industry, Huaibei Mining, China Coal Energy, Shanxi Coking Coal, Lu'an Environmental Energy, Lanhua Sci-Tech, Panjiang Coal and Electricity, and Pingdingshan Coal [4].

Group 1 - The company held its fifth temporary board meeting on May 16, 2025, with all seven directors present, ensuring compliance with legal regulations [1] - The board approved a proposal for the high-quality transformation of the Tucheng Mine's mixed coal, with a total investment of 179 million yuan [1] - The board also approved an adjustment to the capital increase plan for its controlling subsidiary, ensuring no change to the registered capital of the subsidiary [2] Group 2 - The actual total investment for the first and second phases of the Guizhou Panjiang New Energy Power Generation project was reduced due to the decline in photovoltaic module prices [2] - Both the first and second phases of the project have achieved full capacity grid connection, allowing for the reallocation of saved capital to the third phase [2] - Any remaining capital shortfall for the third phase will be addressed through self-raised funds by the subsidiary [2]

证券代码：600395 证券简称：盘江股份 编号：临 2025-024 贵州盘江精煤股份有限公司 关于调整公司控股子公司增资用途的公告 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。 贵州盘江精煤股份有限公司（以下简称"公司"）于 2025 年 5 月 16 日召 开第七届董事会 2025 年第五次临时会议，以 7 票同意、0 票反对、0 票弃 权的表决结果审议通过了《关于调整公司控股子公司增资方案的议案》（详 见公司公告：临 2025-023），现将其主要内容公告如下。 一、调整增资用途概述 盘江新能源发电（关岭）有限公司（以下简称"关岭公司"）为公司控 股子公司，注册资本为 96,560 万元，其投资建设的关岭县盘江百万千瓦级 光伏基地一期和二期项目已实现全容量并网，三期项目在建。在保持关岭 公司注册资本整体不变的情况下，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，由关岭公司自筹资金解决。 关于关岭公司投资建设关岭县盘江百万千瓦级光伏基地一期、二期项 目和增加投资相关事宜，以及投资建设三期项 ...

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]