Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6]. Core Views - The company reported a significant increase in revenue for the first half of 2025, achieving 5.152 billion yuan, a year-on-year growth of 27.34%. However, it experienced a net loss of 5.0951 million yuan, compared to a net profit of 37.2748 million yuan in the same period last year [1]. - In Q2 2025, the company turned a profit with a net profit of 99.4768 million yuan, a year-on-year increase of 523.69% [1]. - The company's coal production increased significantly in the first half of 2025, with a total output of 5.1537 million tons, up 15.27% year-on-year, although sales volume decreased by 3.1% [1][2]. Summary by Sections Financial Performance - In Q2 2025, the company produced 2.9738 million tons of coal, a year-on-year increase of 22.19% and a quarter-on-quarter increase of 36.42%. Sales volume reached 2.2586 million tons, up 3.94% year-on-year and 33.76% quarter-on-quarter [2]. - The average selling price per ton of coal was 631.47 yuan, down 19.44% year-on-year and 6.02% quarter-on-quarter. The cost per ton was 451.53 yuan, down 27.78% year-on-year and 24.21% quarter-on-quarter, resulting in a gross profit of 179.94 yuan per ton, which is a year-on-year increase of 13.46% [2]. Power Generation - The company achieved a substantial increase in power generation, with a total output of 71.13 billion kWh in the first half of 2025, a year-on-year increase of 380.01%. The average on-grid electricity price was 0.3656 yuan/kWh, down 0.57% year-on-year [3]. - In Q2 2025, power generation reached 34.44 billion kWh, a year-on-year increase of 273.06% [3]. Earnings Forecast - The company is expected to achieve net profits of 236 million yuan, 305 million yuan, and 356 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.11 yuan, 0.14 yuan, and 0.17 yuan [3][5]. - The report indicates that the company's PE ratios for 2025, 2026, and 2027 will be 46, 36, and 31, respectively [5].

中证报中证网讯(记者吴科任)8月25日晚，盘江股份（600395）发布2025年半年度报告。报告期内，公 司实现营业收入51.52亿元，同比增长27.34%；利润总额、归母净利润分别为2065.89万元、-509.51万 元；经营活动产生的现金流量净额为3.08亿元，同比增长约185%。 分季度来看，得益于二季度商品煤产量、销量均实现同比环比增加，以及发电量和售电量同比增加，二 季度业绩出现改善。具体来看，公司第二季度实现营业收入26.70亿元，同比增长27.35%，环比增长 7.58%；第二季度归母净利润为9947.68万元，今年一季度亏损10457.18万元，去年一季度为1594.96万 元。 盘江股份是一家以煤炭生产、先进煤电及新能源发电一体化发展为主导，融资源综合利用、机械加工制 造、矿山综合服务为一体的综合型能源企业。公司业务主要涉及煤炭和电力两个行业。 上半年，盘江股份煤炭业务实现营业收入25.61亿元，占营业总收入的49.71%；电力业务实现营业收入 24.46亿元，占营业总收入的47.47%。电力业务占营业收入的比例进一步提高。 各项业务收入增减不一。报告期内，由于煤炭价格下行，盘江股份煤炭销 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company is expected to benefit from the integration of coal and electricity sectors, with significant growth potential in the future [5][6][8] - The company's coal production and sales have recovered, although profit margins have been impacted by market conditions [5] - The electricity segment has shown remarkable performance, with substantial increases in power generation and operational capacity [5][6] Financial Performance Summary - In the first half of 2025, the company achieved operating revenue of 5.152 billion yuan, a year-on-year increase of 27.34%, while the net profit attributable to shareholders was a loss of 0.05 billion yuan, down 113.67% year-on-year [1] - The company's cash flow from operating activities was 0.308 billion yuan, up 184.55% year-on-year [1] - For Q2 2025, the company reported a single-quarter operating revenue of 2.670 billion yuan, a year-on-year increase of 27.35% and a quarter-on-quarter increase of 7.58% [2] Coal Production and Sales - The company produced 5.1537 million tons of coal in the first half of 2025, an increase of 15.27% compared to 4.471 million tons in the same period of 2024 [5] - Coal sales reached 5.1011 million tons, a year-on-year increase of 13.32% [5] - The average selling price of coal decreased by 22% year-on-year to 649 yuan per ton [5] Electricity Generation - The company has accelerated the development of its electricity segment, with a total installed capacity of 2.64 million kilowatts from thermal power plants [5] - The total power generation in the first half of 2025 reached 713,117 million kilowatt-hours, a year-on-year increase of 380.01% [5] - The electricity business's gross profit margin increased significantly from approximately 18% in the first half of 2024 to 44% in the first half of 2025 [5] Future Outlook - The company plans to expand its coal production capacity significantly, with existing capacity at 22.2 million tons per year and additional projects under development [5][6] - The company is positioned as a leading player in the Southwest coal market, with substantial potential for asset injections from its parent company [6][8] - Profit forecasts for the company indicate a net profit attributable to shareholders of 1.24 billion yuan, 4.36 billion yuan, and 6.17 billion yuan for 2025, 2026, and 2027 respectively [8]

本报讯(记者冯雨瑶)8月25日晚间，贵州盘江精煤股份有限公司(以下简称"盘江股份（600395）")发布 2025年半年度报告，报告期内实现营业收入51.52亿元，同比增长27.34%；实现归属于上市公司股东的 净利润-509.51万元。 上半年，盘江股份依托两条路径深化经营管控。一是狠抓增产增收。深入践行"富矿精开"战略，探索建 立多元化销售渠道，丰富商品煤销售模式，促进煤矿稳产达产和公司效益提升，实现量的合理增长和质 的有效提升。二是狠抓节支降耗。在"两金"压控、代储代销、修旧利废等方面深挖潜力，有效盘活闲置 资产，持续加强集中采购工作，多渠道降低生产成本，压缩非生产性支出，提高经济效益。 展望2025年下半年，盘江股份将积极应对能源行业转型发展、煤炭市场震荡下行等多重挑战，统筹安全 生产、项目建设、市场开拓、公司治理、改革创新等各项工作，深入推进煤电新能源一体化发展，努力 完成全年目标任务。 上半年，盘江股份克服市场低迷、煤炭价格下滑等多重困难，聚焦安全发展、创新发展、绿色发展、协 同发展，全力稳大局应变局，总体呈现稳中有进、进中提质的发展态势。数据显示，上半年商品煤产量 515.37万吨，同比增长15 ...

Group 1 - The board of directors of Guizhou Panjiang Coal Industry Co., Ltd. held its fourth meeting of the seventh session on August 25, 2025, via communication, with all seven directors present, ensuring compliance with relevant laws and regulations [1] - The meeting approved the 2025 semi-annual report and summary, with a unanimous vote of 7 in favor, confirming that the report accurately reflects the company's financial status and operational results for the first half of 2025 [1] - The board also approved the risk assessment report for Guizhou Energy Group Financial Co., Ltd., with 5 votes in favor, noting that the company has valid financial licenses and a robust internal control system, indicating controllable risks in financial service operations [2] Group 2 - The board agreed on the semi-annual evaluation report of the "Quality Improvement, Efficiency Enhancement, and Return to Shareholders" action plan, with a unanimous vote of 7 in favor, aimed at safeguarding investor rights and enhancing investor satisfaction [2]

公司代码：600395 公司简称：盘江股份 贵州盘江精煤股份有限公司 贵州盘江精煤股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人纪绍思、主管会计工作负责人刘文学及会计机构负责人（会计主管人员）邓丽 茶声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期，公司不派发现金红利，不送红股，不进行资本公积转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告内容涉及的未来计划、发展战略等前瞻性陈述因存在不确定性，不构成公司对 投资者的实质承诺，敬请广大投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本 ...

年度报告摘要 第一节 重要提示 | | | 贵州盘江精煤股份有限公司 贵州盘江精煤股份有限公司 2025 年半 | 展规划，投资者应当到 http://www.sse.com.cn | | | | 网站仔细阅读半年度报告全文。 | | | | --- | --- | --- | --- | --- | --- | --- | | 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | | | | 本报告期，公司不派发现金红利，不送红股，不进行资本公积转增股本。 | | | | | | | | 第二节 | | | | | | 公司基本情况 | | 公司股票简况 | | | | | | | | 股票种类 股票上市交易所 | | | | 股票简称 股票代 | | | | 变更前股票简称 | | 码 | | | | | | A股 | | | 上海证券交易所 盘江股份 600395 | | | | | 联系人和联系方式 董事会秘书 | | | | 证券事务 | | | | 代表 | | | | | | | | 姓名 刘和平 | | | | 梁东平 | | | | 0858-3700123 | ...

Group 1 - The company reported a revenue of 5.152 billion yuan for the first half of 2025, representing a year-on-year increase of 27.34%, despite a loss of 5.0951 million yuan [1] - In the second quarter, the company achieved a revenue of 2.670 billion yuan with a profit of 99.48 million yuan, showing increases of 27.35% and 523.69% respectively [1] - The company produced 5.1537 million tons of commercial coal and sold 3.9471 million tons during the reporting period, with a total electricity generation of 7.131 billion kWh [1] Group 2 - The company’s electricity sales revenue increased by 1.928 billion yuan year-on-year, with a growth rate of 372.51% [2] - As of June 30, the company had completed the construction of thermal power generation capacity of 2.64 million kW and invested in new energy projects with a total installed capacity of 3.9396 million kW, of which 3.0314 million kW is connected to the grid [2] - The company aims to address challenges in the energy sector and coal market while promoting integrated development of coal, electricity, and new energy [2]

截至发稿，盘江股份市值为110亿元。 每经头条（nbdtoutiao）——租下2.5万亩"试验田"，兽医学博士在非洲种粮：首季亩产250斤，打算扩至 10万亩，月薪1~2万元招人 每经AI快讯，盘江股份（SH 600395，收盘价：5.12元）8月25日晚间发布公告称，公司第七届第四次董 事会会议于2025年8月25日以通讯方式召开。会议审议了《2025年半年度报告及摘要》等文件。 2024年1至12月份，盘江股份的营业收入构成为：煤炭占比77.61%，电力占比25.09%，机械占比 6.79%，其他业务占比2.02%，内部抵销占比-11.5%。 （记者 曾健辉） ...

格隆汇8月25日丨盘江股份(600395.SH)发布2025年半年度报告，报告期实现营业收入51.52亿元，同比增 长27.34%；归属上市公司股东的净利润-509.51万元，同比下降113.67%；扣除非经常性损益后的归属于 上市公司股东的净利润-0.18亿元，同比增长59.65%；基本每股收益-0.002元。 ...