盘江股份独立董事候选人声明与承诺 本人李守兵，已充分了解并同意由提名人贵州盘江精煤股份 有限公司董事会提名为贵州盘江精煤股份有限公司第七届董事 会独立董事候选人。本人公开声明，本人具备独立董事任职资格， 保证不存在任何影响本人担任贵州盘江精煤股份有限公司独立 董事独立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验， 已经参加培训并取得证券交易所认可的相关培训证明材料。 二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定（如适用）； （五）中共中 ...

证券代码：600395 证券简称：盘江股份 编号：临 2024-052 贵州盘江精煤股份有限公司 关于山脚树矿收到《行政处罚告知书》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。 2023 年 9 月 24 日，贵州盘江精煤股份有限公司（以下简称"公司"）所 属山脚树矿发生一起重大火灾事故，造成 16 人遇难。事故发生后，山脚树 矿被责令停产整顿，经整改，山脚树矿自 2024 年 1 月 25 日开始恢复生产 （详见公司公告：临 2023-050、临 2023-058、临 2024-003）。近日，山脚树 矿收到了《国家矿山安全监察行政处罚告知书》（黔煤安监执一告（2024） 101 号），现将相关情况公告如下： 一、行政处罚告知书的主要内容 经查，2023 年 9 月 24 日，山脚树矿采一区 1200 运输平巷发生一起重大 火灾事故，造成 16 人死亡。山脚树矿对该起事故负有责任，违反了《中华 人民共和国安全生产法》第四十一条、第八十三条，《生产安全事故报告和 调查处理条例》第四条的规定，依据《中华人民共和国安全生 ...

Investment Rating - The report maintains a "Buy" rating for Panjiang Co Ltd (600395 SH) [1] Core Views - Coal business is expected to recover in H2 2024 with improved profitability due to increased production and sales volume [1] - Power generation business has shown strong performance with new projects coming online [1] - The company's profitability is expected to improve in 2025-2026 with revenue growth of 18% and 11% respectively [1] Financial Performance Revenue and Profit - 2024 H1 revenue was 4 046 billion yuan down 23 63% YoY [1] - Net profit attributable to parent company was 37 million yuan down 93 98% YoY [1] - 2024E revenue is forecasted at 8 844 billion yuan down 6% YoY [1] - 2025E revenue is expected to grow 18% to 10 393 billion yuan [1] Coal Business - Coal production in H1 2024 was 2 43 million tons down 30 14% YoY [1] - Coal sales volume was 4 07 million tons down 24 65% YoY [1] - Average coal price in H1 2024 was 835 yuan/ton up 9 32% YoY [1] - Coal cost was 644 yuan/ton up 19 64% YoY [1] Power Business - Power generation in H1 2024 was 1 408 billion kWh up 14 86% YoY [1] - New power projects contributed significantly to profit growth [1] - Power sector became a new profit driver for the company [1] Valuation - 2024E EPS is forecasted at 0 18 yuan [1] - Current P/E ratios for 2024-2026 are 29 6X 15 8X and 15 2X respectively [1] - P/B ratio remains stable at 1 0X for 2024-2026 [1] Financial Ratios - ROE is expected to improve from 3% in 2024E to 6% in 2025E and 2026E [1] - Gross margin is forecasted to recover to 28 3% in 2025E from 24 6% in 2024E [3] - Net margin is expected to increase from 4 4% in 2024E to 7 0% in 2025E [3]

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company experienced a significant decline in performance in the first half of 2024, with total revenue of 4.046 billion yuan, a year-on-year decrease of 23.63%, and a net profit attributable to shareholders of 37 million yuan, down 93.98% year-on-year [1]. - The company is positioned as a leading player in the Southwest coal market, with ongoing capacity expansion and integration of coal and power operations expected to drive future growth [2][3]. - The company is advancing several coal-fired power projects, with expectations for substantial revenue growth in the power sector in 2024 [2]. Financial Summary - In the first half of 2024, the company's coal production was 4.47 million tons, a decrease of 30.14% year-on-year, while the average coal price increased by 9.32% year-on-year to 835 yuan per ton [1]. - The company's gross margin for the coal segment was 22.9%, down 6.6 percentage points year-on-year, indicating pressure from declining prices and increased costs due to safety incidents [1]. - The company aims to increase its coal production capacity to 25.2 million tons per year, with significant projects underway to enhance its operational scale [2]. Earnings Forecast - The company is projected to achieve net profits of 189 million yuan, 811 million yuan, and 1.171 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 0.09, 0.38, and 0.55 yuan per share [2][3]. - The price-to-earnings ratio (P/E) for the years 2024, 2025, and 2026 is expected to be 60.27, 14.05, and 9.73, respectively, indicating a potential for value appreciation as earnings recover [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3]. Core Views - The company's performance has been impacted by a decline in coal production and sales, but the integration of coal and electricity operations is progressing steadily [2][3]. - The company reported a significant drop in revenue and net profit for the first half of 2024, with a year-on-year revenue decrease of 23.6% and a net profit decline of 94% [2][3]. - Future profit forecasts for 2024-2026 have been adjusted downward due to declining coal production, with expected net profits of 310 million, 530 million, and 730 million yuan respectively [2][3]. Summary by Sections Financial Performance - In H1 2024, the company achieved operating revenue of 4.05 billion yuan, down 23.6% year-on-year; net profit attributable to shareholders was 37 million yuan, down 94% year-on-year; and net profit after deducting non-recurring items was -46 million yuan, down 108.2% year-on-year [2][4]. - For Q2 2024, the company reported operating revenue of 2.1 billion yuan, a quarter-on-quarter increase of 7.6%; net profit attributable to shareholders was 16 million yuan, a quarter-on-quarter decrease of 25.2% [2][4]. Coal Business - The company's coal production and sales significantly declined in H1 2024, with sales volume of 4.47 million tons and production volume of 4.07 million tons, down 30.1% and 39.6% year-on-year respectively [4][5]. - The average selling price of coal in H1 2024 was 835 yuan per ton, up 9.3% year-on-year, while the cost per ton increased by 19.6% to 644 yuan [4][5]. Power Generation Business - The company's power generation capacity has increased significantly, with H1 2024 power generation reaching 148,563 million kWh, up 6690% year-on-year [4][5]. - The average on-grid electricity price (excluding tax) was 0.3677 yuan per kWh, down 3% year-on-year [4][5]. Future Outlook - The company has a total production capacity of 23.1 million tons per year, with ongoing projects expected to further enhance coal production capacity [5]. - The integration of coal, electricity, and renewable energy is expected to gradually show advantages, with significant investments in both coal and renewable energy projects [5].

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 4,045,868,879.82, a decrease of 23.63% compared to CNY 5,297,402,874.88 in the same period last year[15]. - The net profit attributable to shareholders of the listed company was CNY 37,274,787.88, down 93.98% from CNY 619,277,332.88 year-on-year[15]. - The net cash flow from operating activities was CNY 108,232,401.81, a decline of 86.40% compared to CNY 795,992,811.10 in the previous year[15]. - Basic earnings per share for the first half of 2024 were CNY 0.017, a decrease of 94.097% from CNY 0.288 in the same period last year[16]. - The weighted average return on net assets was 0.326%, down 4.910 percentage points from 5.236% year-on-year[16]. - The total revenue for the first half of 2024 was approximately 404.59 million yuan, representing a 23.63% decrease compared to the same period in 2023[32]. - The company reported a significant increase in financial expenses by 132.23% year-on-year, amounting to approximately 138.65 million yuan[32]. - The company reported a net profit attributable to shareholders of 37.27 million yuan, with a total profit of 107.33 million yuan for the first half of 2024[37]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 39,186,912,667.53, an increase of 11.14% from CNY 35,259,119,613.92 at the end of the previous year[15]. - The total liabilities increased to CNY 27.29 billion, up from CNY 22.74 billion, reflecting a growth of about 19.8%[108]. - The total equity attributable to shareholders decreased to CNY 10.78 billion from CNY 11.41 billion, a decline of approximately 5.5%[109]. - Accounts receivable increased by CNY 164.90 million, a growth of 41.90%, mainly due to reduced sales collections in the downstream steel industry[40]. - Inventory rose by CNY 176.65 million, an increase of 72.22%, primarily due to increased raw coal reserves at Xin Guang Company and Pu Ding Power Company[40]. - Short-term borrowings increased by CNY 146.87 million, a rise of 80.91%, attributed to an increase in working capital loans[41]. - Long-term borrowings increased by CNY 211.04 million, a growth of 27.27%, driven by project loans for coal and new energy power generation projects[41]. Production and Operations - In the first half of 2024, the company's total electricity consumption reached 4.66 trillion kWh, representing a year-on-year growth of 8.1%[21]. - The company produced 4.471 million tons of commercial coal and sold 4.0736 million tons, with a significant year-on-year decrease of 30.14% in production and 39.59% in sales[29]. - The company operates 10 pairs of production mines with an approved production capacity of 23.1 million tons per year, including 2.4 million tons per year from the entrusted Songhe Company[21]. - The company has built a coal-fired power generation capacity of 1.32 million kW and is constructing an additional 1.32 million kW of coal-fired power generation capacity[21]. - The company’s coal production includes high-quality coking coal and thermal coal, with coking coal accounting for 47.97% of the total coking coal reserves in Guizhou Province[22]. Environmental and Safety Management - The company is facing macroeconomic risks due to the impact of the energy sector and global economic uncertainties, which may affect operational performance[56]. - Safety production risks are significant due to the nature of the coal mining industry, and the company is implementing measures to enhance safety management[56]. - Environmental protection risks are increasing as the company must comply with stricter regulations on pollution and carbon emissions[57]. - The company has implemented advanced pollution control technologies, achieving SO2 emissions below 35 mg/m³ and NOx emissions below 50 mg/m³[64]. - The company has established emergency response plans for environmental incidents, which are currently valid[66]. Research and Development - Research and development expenses increased by 31.39% to 152.58 million yuan, reflecting the company's focus on technological innovation[34]. - The company’s coal washing and processing technology is leading in the industry, with advanced techniques such as dry desulfurization and intelligent gangue selection widely used[25]. - The company has established 42 intelligent mining faces and 28 intelligent tunneling faces, enhancing the automation level of mining operations[25]. Strategic Initiatives - The company aims to complete the first unit of the Panjiang Puding 2×66 MW coal-fired power project by the end of this year[26]. - The company plans to enhance its energy security and clean energy supply capabilities through the development of integrated coal and renewable energy projects[28]. - The company has committed to avoiding competition with its controlling shareholder, Guizhou Energy Group, ensuring independent operations and financial management[74]. - The company has outlined a plan to manage and integrate its subsidiaries to avoid conflicts of interest and ensure operational independence[76]. Related Party Transactions - The company reported a total of 22,020.88 million CNY in actual transactions with related parties in the first half of the year, accounting for 17.03% of the annual estimated amount of 129,300 million CNY[80]. - The actual amount of coal sales to related parties reached 27,582.31 million CNY, representing 29.07% of the annual estimated amount of 250,000 million CNY[80]. - The company engaged in related transactions with Guizhou Energy Group Co., Ltd., with an estimated annual amount of 75,000 million CNY for coal, and actual transactions of 7,845.47 million CNY in the first half of the year[80]. Compliance and Governance - The company has not disclosed any changes in the management team or significant shareholder meetings during the reporting period[60]. - The integrity status of the company and its major stakeholders remains good, with no significant debts or court judgments unfulfilled[79]. - The company has not reported any changes or terminations in fundraising projects during the reporting period[98].

贵州能源集团财务有限公司 风险持续评估报告 按照《上海证券交易所上市公司自律监管指引第 5 号——交易与关联 交易》的要求，贵州盘江精煤股份有限公司（以下简称"公司"）通过查 验贵州能源集团财务有限公司（以下简称"财务公司"）《金融许可证》《营 业执照》等证件资料，并审阅包括资产负债表、利润表、现金流量表等在 内的财务公司定期财务报告，对财务公司的经营资质、业务和风险状况进 行了评估，现将财务公司有关风险评估情况报告如下。 一、财务公司基本情况 财务公司成立于 2013 年 5 月 3 日，是经国家金融监督管理总局（原 中国银行业监督管理委员会）批准设立，合法持有《金融许可证》并持续 有效经营的非银行金融机构，由公司与贵州能源集团有限公司共同投资设 立，其中：贵州能源集团有限公司出资 5.50 亿元，持股 55%；本公司出 资 4.50 亿元，持股 45%。 统一社会信用代码：91520190067726228Q 金融许可证机构编码：L0176H252010001 法定代表人：龙治安 企业类型：其他有限责任公司 住 所：贵州省贵阳市观山湖区林城西路 95 号 经营范围：吸收成员单位存款；办理成员单位贷款；办理 ...

证券代码：600395 证券简称：盘江股份 公告编号：2024-048 贵州盘江精煤股份有限公司 关于召开 2024 年半年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 09 月 02 日(星期一)上午 10:00-11:00。 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。 投资者可于 2024 年 08 月 26 日(星期一)至 08 月 30 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。 公司将于 2024 年 08 月 28 日发布公司 2024 年半年度报告，为便于广 大投资者更全面深入地了解公司 2024 年半年度的经营成果和财 ...

中信建投证券股份有限公司 关于贵州盘江精煤股份有限公司 募集资金投资项目结项 并使用节余募集资金永久补充流动资金的核查意见 中信建投证券股份有限公司（以下简称"中信建投"或"保荐人"）作为贵 州盘江精煤股份有限公司（以下简称"盘江股份""上市公司"或"公司"）非 公开发行股票的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交 易所上市公司自律监管指引第1号——规范运作》《上海证券交易所上市公司自 律监管指引第11号——持续督导》《上市公司监管指引第2号——上市公司募集 资金管理和使用的监管要求》等有关法律法规的要求，对盘江股份募集资金投资 项目结项并使用节余募集资金永久补充流动资金进行了审慎核查，核查具体情况 及核查意见如下： 一、募集资金基本情况概述 （一）募集资金基本情况 根据中国证监会《关于核准贵州盘江精煤股份有限公司非公开发行股票的批 复》（证监许可[2021]4148号），公司向特定投资者发行人民币普通股（A股） 491,573,033 股 （ 每 股 面 值 1 元 ） ， 每 股 发 行 价 格 7.12 元 ， 募 集 资 金 总 额 3,499,999,994.96元，扣除各项发行费 ...

贵州盘江精煤股份有限公司监事会 2024 年 8 月 13 日 贵州盘江精煤股份有限公司（以下简称"公司"）第六届监事会 2024 年 第四次临时会议于 2024 年 8 月 13 日以通讯方式召开。会议由公司监事会 主席赖远忠先生主持，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，采用记名投票的表决方式，以 5 票同意、0 票反对、0 票 弃权的表决结果，审议通过了《关于公司募集资金投资项目结项并使用节 余募集资金永久补充流动资金的议案》。监事会认为：公司本次募投项目结 项并将节余募集资金永久补充流动资金，有利于提高募集资金使用效率， 降低公司财务成本，符合公司和全体股东的利益，符合中国证监会、上海 证券交易所关于上市公司募集资金使用的相关规定，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。 特此公告。 证券代码：600395 证券简称：盘江股份 编号：临 2024-047 贵州盘江精煤股份有限公司 第六届监事会 2024 年第四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 ...