Core Viewpoint - The company plans to increase its investment in its wholly-owned subsidiary, Panjiang (Puding) Power Co., Ltd., by 1.334 billion yuan to support the construction of the Guizhou Energy Puding Power Plant project, which has a total investment of 6.66994 billion yuan [4][10]. Group 1: Investment Overview - The investment amount is set at 1.334 billion yuan [3]. - The investment will be used for the construction of the Guizhou Energy Puding Power Plant project, which includes the procurement of main equipment, engineering costs, land acquisition, and other expenses [11]. - The project aims to build two 660MW high-efficiency supercritical coal-fired generating units and is expected to take 25 months to complete [8]. Group 2: Company and Subsidiary Information - Panjiang (Puding) Power Co., Ltd. was established on April 29, 2022, with a registered capital of 1 billion yuan [6]. - As of June 30, 2025, the subsidiary has total assets of approximately 5.7029584 billion yuan, total liabilities of about 4.7056733 billion yuan, and a net asset value of approximately 997.2851 million yuan, resulting in a debt-to-asset ratio of 82.51% [7]. - The company holds 100% equity in Panjiang (Puding) Power Co., Ltd. [6][10]. Group 3: Decision-Making Process - The investment decision was approved during the 11th temporary meeting of the company's 7th board of directors, held on November 24, 2025, with unanimous support from all participating directors [5][16]. - The investment does not require shareholder approval as it falls within the board's authority [5][12]. Group 4: Impact on the Company - The investment represents 12.80% of the company's most recent audited net assets and will be funded from the company's own funds [12]. - This investment aligns with the company's strategic goals of structural adjustment, green transformation, and high-quality development, contributing to regional economic growth and energy supply security [12].

截至发稿，盘江股份市值为103亿元。 每经头条（nbdtoutiao）——大鹏工业战略配售"肥"了自家人！认购价9元，上市首日涨到118元，实控 人和亲哥哥凭配售一天浮盈2492万元 每经AI快讯，盘江股份（SH 600395，收盘价：4.78元）11月24日晚间发布公告称，公司第七届2025年 第十一次董事会临时会议于2025年11月24日以通讯方式召开。会议审议了《关于调整公司内部管理机构 的议案》等文件。 （记者 曾健辉） 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%。 ...

证券日报网讯 11月24日晚间，盘江股份发布公告称，公司所属全资子公司。经公司第七届董事会2025 年第二次临时会议和公司2025年第一次临时股东会审议通过，由盘江（普定）发电有限公司（简称"普 定发电公司"）投资建设贵州能源普定电厂项目，项目总投资为666，994万元。为了满足项目建设需 要，按照不低于20%的项目资本金要求，公司拟向普定发电公司增加投资133，400万元。公司第七届董 事会2025年第十一次临时会议于2025年11月24日以通讯方式召开，审议通过了《关于向盘江（普定）发 电有限公司增加投资的议案》。该事项属于公司董事会审批权限，无需提交股东会审议。 （文章来源：证券日报） ...

11月24日晚间盘江股份（600395）公告，为了满足项目建设需要，按照不低于20%的项目资本金要求， 公司拟向盘江（普定）发电有限公司（下称"普定发电公司"）增资13.34亿元。 普定发电公司是盘江股份所属全资子公司。此前，上市公司审议通过相关议案，由普定发电公司投资建 设贵州能源普定电厂项目，项目总投资为66.7亿元，拟建设2×660MW高效二次再热超超临界燃煤发电 机组，同步建设烟气除尘、脱硫、脱硝装置等配套项目，计划工期25个月，该项目已取得贵州省能源局 《关于普定电厂项目核准的批复》和《省国资委关于同意能源集团自主实施贵州能源普定电厂项目的批 复》。 盘江股份是以煤炭生产、先进煤电及新能源发电一体化发展为主导，融合资源综合利用、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。 根据发展战略，该公司将以盘江新光和盘江普定两个火电厂为中心，按照成熟一个推进一个的原则，加 快发展新能源发电项目，努力建成盘州和安顺两个多能互补新型综合能源基地，提高公司能源安全保障 水平和清洁能源供应能力，增强公司的盈利能力和抗风险能力。 截至2025年半年报，盘江股份已采用超超临界二 ...

Group 1 - Huafeng Co., Ltd. announced a stock suspension due to a potential change in control after signing a share transfer intention agreement [1] - Keshida plans to reduce its shareholding by up to 424,000 shares, representing 0.07% of its total share capital [1] - Jinqilin intends to distribute a cash dividend of 0.10 yuan per share, totaling 19.61 million yuan [1] Group 2 - Rejingshi Biotech has repurchased 904,100 shares, accounting for 0.98% of its total share capital, with a total expenditure of 150 million yuan [2] - Yishitong has repurchased 1,236,500 shares, representing 0.619% of its total share capital, with a total expenditure of approximately 33.49 million yuan [2] Group 3 - Hanjia Design announced the release of a detention on its subsidiary's chairman, allowing him to resume duties [4] - Qingmu Technology plans to acquire 65.83% of Vitalis Pharma AS for 300 million Norwegian Krone (approximately 212 million yuan) [4] - Anda Intelligent's shareholder plans to reduce its stake by up to 2.74% [4] Group 4 - Wansheng Intelligent is a candidate for a project with a pre-bid amount of approximately 42.99 million yuan, representing 4.56% of its audited revenue for 2024 [4] - Yipin Hong received a drug registration certificate for a medication used to treat Alzheimer's symptoms [4] Group 5 - *ST Sansheng received a total of 254 million yuan from restructuring investors [4] - Haichuang Pharmaceutical received approval for clinical trials of HP518 tablets for advanced prostate cancer treatment [4] Group 6 - Ningbo Huaxiang's subsidiary plans to invest 5 million yuan in a venture capital fund focusing on intelligent industries [4] - Petty Co. plans to repurchase shares worth 50 to 70 million yuan [4] Group 7 - Tongji Technology's subsidiary won a construction project with a bid price of 866 million yuan [4] - Prolo Pharmaceutical received a drug registration certificate for a generic drug [4] Group 8 - Jingyan Technology plans to use up to 1.6 billion yuan of idle funds for financial management [4] - Furan De received government subsidies totaling 34.65 million yuan [4] Group 9 - David Medical's subsidiary's medical device registration has been accepted [4] - Jusaylong plans to increase its subsidiary's capital by 170 million yuan through debt-to-equity conversion [4] Group 10 - Heng Rui Pharmaceutical's application for a drug license has been accepted by the National Medical Products Administration [4] - Lege Co. plans to increase its stake in the company by 40 to 80 million yuan [4] Group 11 - New Beiyang's subsidiary won a project with the Bank of Communications [4] - Jiangxi Changyun plans to publicly transfer land use rights and buildings with a starting price of 7.79 million yuan [4] Group 12 - Shenqi Pharmaceutical's subsidiary has paid approximately 16.67 million yuan in tax and penalties [4] - Panjiang Co. plans to invest 1.334 billion yuan in a power plant project [4] Group 13 - Fashilong's vice president resigned for personal reasons [4] - Chunxue Food received government subsidies of 3.79 million yuan [4] Group 14 - China Galaxy completed the repayment of a short-term financing bond totaling 3.025 billion yuan [4] - Jiuzhou Pharmaceutical received approval for a chemical raw material drug [4] Group 15 - Longqi Technology's subsidiary plans to invest 30 million yuan in a venture capital fund [4]

11月24日，盘江股份公告，公司拟以货币方式出资13.34亿元，认缴普定发电公司新增注册资本13.34亿 元，增资资金按项目建设进度分阶段出资到位。增资完成后，普定发电公司注册资本为23.34亿元，公 司仍持有其100%股权。 据悉，普定发电公司是盘江股份所属全资子公司。普定发电公司投资建设贵州能源普定电厂项目，项目 总投资66.7亿元，建设2×660MW高效二次再热超超临界燃煤发电机组，同步建设烟气除尘、脱硫、脱 硝装置等配套项目，计划工期25个月。 截至2025年6月30日，普定发电公司资产总额57.03亿元，负债总额47.06亿元，净资产9.97亿元，资产负 债率为82.51%。2025年1月~6月，普定发电公司营业收入11.66亿元，净利润7268.88万元（以上数据未 经审计）。 根据公告，本次增资主要用于投资建设贵州能源普定电厂项目，包括但不限于项目三大主机采购款、 EPC工程款、征地搬迁款及其他费用等。当增资资金有结余时，可将结余资金用于主业其他投资项目。 盘江股份称，本次增加投资的资金来源为公司的自有资金，根据项目建设进度分阶段出资到位。本次投 资金额占公司最近一期经审计净资产的12.80%， ...

证券代码：600395 证券简称：盘江股份 编号：临 2025-056 贵州盘江精煤股份有限公司 关于向盘江（普定）发电有限公司增加投资的公告 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： 增资标的名称：盘江（普定）发电有限公司（以下简称"普定发电公 司"）。 增资金额：133,400 万元。 一、增资情况概述 （一）增资基本情况 普定发电公司是贵州盘江精煤股份有限公司（以下简称"公司"）所属 全资子公司。经公司第七届董事会 2025 年第二次临时会议和公司 2025 年 第一次临时股东会审议通过，由普定发电公司投资建设贵州能源普定电厂 项目，项目总投资为 666,994 万元。为了满足项目建设需要，按照不低于 20%的项目资本金要求，公司拟向普定发电公司增加投资 133,400 万元。 （二）本次增资事项决策程序 公司第七届董事会 2025 年第十一次临时会议于 2025 年 11 月 24 日以 通讯方式召开，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《关于向盘江（普定）发电有限公司 ...

证券代码：600395 证券简称：盘江股份 编号：临 2025-055 贵州盘江精煤股份有限公司 第七届董事会 2025 年第十一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 2025 年 第十一次临时会议于 2025 年 11 月 24 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、关于调整公司内部管理机构的议案 表决结果：7 票同意，0 票反对，0 票弃权。 二、关于向盘江（普定）发电有限公司增加投资的议案 表决结果：7 票同意，0 票反对，0 票弃权。内容详见上海证券交易所 网站（http://www.sse.com.cn）公司公告（临 2025-056）。 为满足项目建设资金需求，会议同意公司以非公开协议方式向全资子 公司盘江（普定）发电有限公司增加投 ...

盘江股份（600395）(600395.SH)发布公告，盘江(普定)发电有限公司(简称"普定发电公司")是公司所属 全资子公司。经公司第七届董事会2025年第二次临时会议和公司2025年第一次临时股东会审议通过，由 普定发电公司投资建设贵州能源普定电厂项目，项目总投资为66.7亿元。为了满足项目建设需要，按照 不低于20%的项目资本金要求，公司拟向普定发电公司增加投资13.34亿元。 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [1] Core Views - The report indicates that the new long-term contracts for thermal coal remain unchanged, supporting a stable pricing logic [3] - Thermal coal prices have risen, with the Qinhuangdao Q5500 thermal coal closing at 834 CNY/ton as of November 21, remaining flat week-on-week, while the Guangzhou port price has reached 890 CNY, achieving the previously indicated profit-sharing target of 750 CNY [3][4] - The increase in thermal coal prices is attributed to a combination of supply contraction and a surge in demand due to colder weather in northern regions [4] - The report outlines a four-step process for the upward movement of thermal coal prices, including the restoration of central and local long-term contracts, reaching a profit-sharing line for coal and power companies, and approaching the breakeven point for power plants [4][13] - The report predicts that the price of thermal coal will range between 800 CNY and 860 CNY, with a breakeven point at 860 CNY [4][13] Summary by Sections Thermal Coal Market - As of November 21, the price of Qinhuangdao Q5500 thermal coal is 834 CNY/ton, unchanged from the previous week [17] - The Guangzhou port price for thermal coal has increased to 890 CNY/ton, achieving the profit-sharing target [3][17] - The report notes a significant increase in port inventories and a rise in daily consumption at coastal power plants [17][18] Coking Coal Market - The price of coking coal at the Jing Tang port is reported at 1780 CNY/ton, down from 1860 CNY/ton [18] - The report highlights a strong correlation between coking coal prices and thermal coal prices, with a current ratio of 2.4 times [4][13] - The report suggests that the target prices for coking coal, based on the thermal coal price movements, are set at 1608 CNY, 1680 CNY, 1800 CNY, and 2064 CNY [4][13] Investment Recommendations - The report identifies four main investment lines in the coal sector: 1. Cyclical logic: Companies like Jinko Coal and Yanzhou Coal 2. Dividend logic: Companies such as China Shenhua and Zhongmei Energy 3. Diversified aluminum elasticity: Companies like Shenhua Holdings and Electric Power Investment 4. Growth logic: Companies such as Xinji Energy and Guanghui Energy [5][14]