Core Viewpoint - The company, Panjiang Coal and Electricity (600395.SH), expects a significant increase in net profit for the fiscal year 2025, projecting a rise of 205.30% to 264.83% compared to the previous year [1] Financial Projections - The estimated net profit attributable to the parent company for 2025 is projected to be between 31,800 million and 38,000 million [1] - The estimated net profit after deducting non-recurring gains and losses is expected to be between 25,800 million and 32,000 million, indicating a turnaround from loss to profit compared to the previous year [1] Strategic Initiatives - The company is implementing a strategy of "integration of coal and electricity, and the fusion of coal power with new energy," focusing on enhancing safety, increasing production and revenue, and reducing costs [1] - During the reporting period, the company saw an increase in both coal production and electricity generation, while costs and expenses decreased year-on-year [1] - The coal mining subsidiary is optimizing its mining operations, enhancing coal washing and processing, and improving the quality of commercial coal, leading to better operational performance and reduced losses compared to the previous year [1]

| 指标项目 | 2025 年 | 2024 年 | 增减幅 | 2025 年度 | 2024 年度 | 增减幅 | | --- | --- | --- | --- | --- | --- | --- | | | 第四季度 | 第四季度 | 度（%） | 累计 | 累计 | 度（%） | | （一）煤炭业务 | | | | | | | | 商品煤产量（万吨） | 256.93 | 253.29 | 1.44 | 1,008.79 | 944.73 | 6.78 | | 商品煤销量（万吨） | 259.04 | 248.71 | 4.15 | 1,010.71 | 944.72 | 6.99 | | 其中：自用量（万吨） | 48.26 | 56.65 | -14.81 | 215.18 | 160.53 | 34.04 | | 对外销量（万吨） | 210.78 | 192.06 | 9.75 | 795.53 | 784.19 | 1.45 | | 商品煤对外销售收入（万元） | 160,957.78 | 142,522.93 | 12.93 | 547,244.83 | 633,470.71 | -13. ...

证券代码：600395 证券简称：盘江股份 编号：临 2026-005 贵州盘江精煤股份有限公司 2025 年年度业绩预增公告 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： 业绩预告的具体适用情形：本期业绩实现盈利，且净利润与上年同 期相比上升 50%以上。 业绩预告相关的主要财务数据情况：贵州盘江精煤股份有限公司（以 下简称"公司"）预计 2025 年度实现归属于母公司所有者的净利润为 31,800 万元到 38,000 万元，与上年同期相比，将增加 21,384.06 万元到 27,584.06 万元，同比增加 205.30%到 264.83%；预计 2025 年度实现归属于母公司所 有者的扣除非经常性损益后的净利润为 25,800 万元到 32,000 万元，与上年 同期相比，将实现扭亏为盈。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 （三）本次业绩预告为公司财务部门初步测算的结果，未经审计机构 审计。 二、上年同期 ...

格隆汇1月29日｜盘江股份公告，预计2025年度实现归属于母公司所有者的净利润为3.18亿元到3.8亿 元，与上年同期相比，将增加2.14亿元到2.76亿元，同比增加205.30%到264.83%；预计2025年度实现归 属于母公司所有者的扣除非经常性损益后的净利润为2.58亿元到3.2亿元，与上年同期相比，将实现扭亏 为盈。 ...

Core Viewpoint - The company Panjiang Coal and Electricity Co., Ltd. (盘江股份) expects a significant increase in net profit for the fiscal year 2025, projecting a net profit attributable to shareholders of between 318 million to 380 million yuan, representing a year-on-year increase of 205.30% to 264.83% [2] Group 1: Financial Performance - The expected net profit for 2025 is projected to be between 318 million to 380 million yuan [2] - This represents a substantial year-on-year increase of 205.30% to 264.83% [2] Group 2: Operational Factors - The growth in performance is primarily attributed to an increase in both commodity coal production and electricity sold [2] - Cost expenses have decreased year-on-year, contributing to improved profitability [2] - The company's coal mining subsidiary has optimized its mining operations and enhanced washing and processing, leading to better production and a significant reduction in losses [2]

Group 1 - The core viewpoint of the announcement is that the company has shown growth in coal production and sales in Q4 2025, with a notable increase in gross profit from external sales [1] - In Q4 2025, the company reported a coal production of 2.5693 million tons, an increase of 1.44% year-on-year [1] - The sales volume in Q4 2025 reached 2.5904 million tons, reflecting a year-on-year increase of 4.15% [1] - The external sales revenue for Q4 2025 was 1.610 billion yuan, up 12.93% compared to the previous year [1] - The gross profit from external sales in Q4 2025 was 684 million yuan, showing a significant increase of 89.90% year-on-year [1] Group 2 - For the entire year of 2025, the total coal production was 10.0879 million tons, which is a 6.78% increase year-on-year [1] - The total sales volume for 2025 was 10.1071 million tons, marking a year-on-year increase of 6.99% [1] - The external sales revenue for the year 2025 was 5.472 billion yuan, which represents a decline of 13.61% year-on-year [1] - The gross profit from external sales for the year 2025 was 1.504 billion yuan, reflecting a year-on-year increase of 3.26% [1] Group 3 - In terms of power generation, the company reported a generation of 2.515 billion kWh in Q4 2025, which is a decrease of 3.75% year-on-year [1] - The total power generation for the year 2025 was 11.863 billion kWh, showing a substantial increase of 82.10% year-on-year [1]

Core Viewpoint - The company expects a significant increase in net profit for the fiscal year 2025, projecting a net profit attributable to the parent company of between 318 million to 380 million yuan, representing a year-on-year increase of 214 million to 276 million yuan, with a growth rate of 205.30% to 264.83% [1] Financial Performance - The net profit after deducting non-recurring gains and losses is projected to be between 258 million to 320 million yuan, indicating a turnaround from a loss in the previous year [1] - In the same period last year, the net profit was 104 million yuan, and the net profit after deducting non-recurring items was a loss of 28 million yuan [1] Operational Factors - The expected performance improvement is primarily due to the company's efforts in increasing production and revenue from its main business, as well as cost reduction measures [1] - There has been an increase in the production of commodity coal and electricity sold to the grid, alongside a decrease in costs, contributing to the overall positive outlook [1] - The operational improvement of subsidiaries has also played a role in reducing losses [1]

Core Viewpoint - The financial performance of Panjiang Coal and Electricity Co., Ltd. shows mixed results, with a significant decline in net profit despite an increase in revenue, indicating potential challenges in profitability [2]. Group 1: Financial Performance - For the period from January to September 2025, Panjiang achieved a revenue of 7.23 billion, representing a year-on-year growth of 12.11% [2]. - The net profit attributable to shareholders was -17.38 million, a decrease of 149.40% compared to the previous period [2]. - Cumulative cash dividends since the A-share listing amount to 10.205 billion, with 1.567 billion distributed over the last three years [2]. Group 2: Shareholder and Market Activity - As of September 30, 2025, the number of shareholders decreased by 14.10% to 42,500, while the average circulating shares per person increased by 16.41% to 50,539 shares [2]. - On January 23, 2025, Panjiang's stock price remained unchanged at 0.00%, with a trading volume of 69.34 million [1]. - The financing buy-in on January 23 was 3.37 million, while the financing repayment was 6.54 million, resulting in a net financing outflow of -3.17 million [1]. Group 3: Financing and Margin Trading - The total margin trading balance for Panjiang as of January 23 was 507 million, accounting for 4.89% of the circulating market value, indicating a high level of financing activity [1]. - The company had a margin balance of 307,200, with a short selling volume of 63,600 shares, which is below the 20th percentile level over the past year, indicating low short selling activity [1].

证券日报网讯1月23日，盘江股份（600395）在互动平台回答投资者提问时表示，公司目前没有建立财 务共享中心，公司设有独立的财务部门，并配备有专职财务管理人员，并建立了独立的财务核算体系和 符合上市公司要求的各层级财务会计制度，并持续推进完善财务信息化建设。 ...

格隆汇1月23日丨盘江股份(600395.SH)公布，公司目前没有建立财务共享中心，公司设有独立的财务部 门，并配备有专职财务管理人员，并建立了独立的财务核算体系和符合上市公司要求的各层级财务会计 制度，并持续推进完善财务信息化建设。 ...