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 2025 年半年度报告 2025 年 8 月 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 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 十、 重大风险提示 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。 否 九、 是否存在半数以上董事无法保证公司所披露 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The report indicates that thermal coal prices are rebounding, aiming for a target of 750 CNY per ton, with a current price of 704 CNY per ton as of August 22, 2025, reflecting a 15.6% increase from the lowest price of 609 CNY per ton earlier this year [4][5] - The report emphasizes that both thermal coal and coking coal prices have reached a turning point, with expectations for further price recovery [5][13] Summary by Sections Thermal Coal Market - As of August 22, 2025, the Qinhuangdao Q5500 thermal coal price is 704 CNY/ton, with a 15.6% increase from the year's lowest price of 609 CNY/ton [4] - The operating rate of 442 coal mines in Shanxi, Shaanxi, and Inner Mongolia is 81.7%, indicating a relatively low supply level [4] - Port inventories have decreased by 29.82% from the highest level of 3,316.3 million tons earlier this year to 2,327.4 million tons [4] - The daily consumption of coal remains high during the summer, with the methanol operating rate at 80.65%, reflecting strong demand [4] Coking Coal Market - The price of coking coal at the Jing Tang Port is 1,610 CNY/ton, rebounding from a low of 1,230 CNY/ton in early July, with a significant increase of 61.61% in futures prices [4][5] - The report notes a tightening supply expectation due to regulatory measures on overproduction in coal mines [5] Investment Logic - The report suggests that the current thermal coal price has surpassed the second target price of around 700 CNY, with expectations to reach the third target price of 750 CNY, which is the breakeven point for coal and power generation companies [5][13] - Coking coal prices are expected to be influenced more by supply and demand fundamentals, with target prices set based on the ratio of coking coal to thermal coal prices [5][13] Investment Recommendations - The report identifies four main investment lines in the coal sector: 1. Cycle logic: Companies like Jinko Coal and Yancoal 2. Dividend logic: Companies like China Shenhua and China Coal Energy 3. Diversified aluminum elasticity: Companies like Shenhua Holdings and Electric Power Investment 4. Growth logic: Companies like Xinji Energy and Guanghui Energy [6][14]

Group 1 - The coal mining sector increased by 0.68% on August 20, with Anyuan Coal Industry leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] - Anyuan Coal Industry's closing price was 6.68, reflecting a 6.37% increase, with a trading volume of 970,300 shares and a transaction value of 638 million yuan [1] Group 2 - The coal mining sector experienced a net outflow of 257 million yuan from institutional investors, while retail investors saw a net inflow of 56.08 million yuan [2] - Major stocks in the coal mining sector showed varied performance, with Yanzhou Coal Mining Company and China Shenhua Energy receiving significant net inflows from retail investors [3] - The trading data indicates that while some companies like Anyuan Coal Industry faced net outflows from institutional investors, others like Shaanxi Coal and Chemical Industry experienced net inflows from speculative funds [3]

证券日报网讯 8月19日晚间，盘江股份发布公告称，公司将于2025年8月27日召开2025年半年度业绩说 明会。 （文章来源：证券日报） ...

证券代码：600395 证券简称：盘江股份 公告编号：2025-042 贵州盘江精煤股份有限公司 关于召开 2025 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。 二、说明会召开的时间、地点 重要内容提示： 会议召开时间：2025 年 8 月 27 日（星期三）14:00-15:00 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 2025 年 8 月 20 日（星期三）至 8 月 26 日（星期二）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 2025 年 8 月 26 日发布公司 2025 年半年度报告，为便于广大 投资者更全面深入地了解公司 2025 年半年度的经营成 ...

8月18日，盘江股份大宗交易成交500万股，成交额2490万元，占当日总成交额的19.44%，成交价4.98元，较市场收盘价4.98元持平。 | | | ...

证券代码：600395 证券简称：盘江股份 编号：临2025-039 贵州盘江精煤股份有限公司 第七届董事会2025年第八次临时 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年第八次临时会议于2025年8月8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、关于向盘江新能源发电（镇宁）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2025-040）。 会议同意公司以非公开协议方式向全资子公司盘江新能源发电（镇宁）有限公司增加投资5,580万元， 认缴其新增注册资本5,580万元，用于镇宁县盘江革利风电场项目建设。 二、关于为贵州盘江马依煤业有限公司融资提供担保的议案 表 ...

Core Viewpoint - The company plans to provide a guarantee for its subsidiary, Guizhou Panjiang Mayi Coal Industry Co., Ltd., to facilitate a financing of 1.64836 billion yuan aimed at replacing existing project loans, thereby reducing financial costs and alleviating funding pressure [2][3][6]. Summary by Sections Guarantee Overview - The company intends to provide a full joint liability guarantee for a financing amount of 1.64836 billion yuan, which will be used to replace existing loans for the Mayi West No. 1 mining project [2][3]. - The subsidiary will offer its mining rights as collateral for the guarantee [2][3]. Basic Information of the Guaranteed Party - Guizhou Panjiang Mayi Coal Industry Co., Ltd. is a subsidiary of the company, with a total debt of 3.45598 billion yuan and total equity of 516.9436 million yuan as of 2025 [3]. Main Content of the Guarantee Agreement - The company will sign guarantee and counter-guarantee agreements in accordance with the financing progress of the subsidiary, within the approved guarantee limit [3]. Necessity and Reasonableness of the Guarantee - The financing of 1.64836 billion yuan is intended to replace existing loans, with a financing term of 5 to 15 years, which will lower the financial costs for the subsidiary [3][6]. - The guarantee period will align with the financing period, and the existing guarantee for the original project loans will be extinguished upon loan replacement [3][6]. Board of Directors' Opinion - The board has agreed to provide the guarantee to reduce financial costs and has decided to submit the matter for shareholder meeting approval [6]. Cumulative External Guarantee Amount - As of the announcement date, the company has provided a total of 4.227 billion yuan in external guarantees, all to its subsidiaries, which accounts for 40.56% of the company's most recent audited net assets [6].

Overview - The company plans to increase its investment in Panjiang New Energy Power (Zhenning) Co., Ltd. by 55.8 million yuan to support the construction of the Zhenning Panjiang Geli Wind Farm project, which has a total investment of 279.17 million yuan [1][2]. Investment Details - The investment will be made in cash and will be used for project-related expenses, including EPC engineering fees and land lease payments [3][5]. - The decision was approved by the company's board with a unanimous vote of 7 in favor [1][2]. Company and Project Information - Panjiang New Energy Power (Zhenning) Co., Ltd. is a wholly-owned subsidiary of Guizhou Panjiang Coal Co., Ltd. [2]. - The wind farm project will have a capacity of 50 MW, consisting of 10 units of single-machine capacity [2][5]. - As of the first quarter of 2025, the subsidiary reported a revenue of 5.39 million yuan and a net profit of 1.06 million yuan [2]. Impact on the Company - After the capital increase, the company will still hold 100% equity in the subsidiary, which is expected to accelerate project construction and promote the integration of traditional and renewable energy sources, contributing to the company's high-quality development [5].

Core Viewpoint - The company held its 8th temporary board meeting of the 7th board on August 8, 2025, where several key investment and financing decisions were made, including an increase in investment in a subsidiary and providing guarantees for financing [1][2][3]. Investment Decisions - The company approved an additional investment of 55.8 million yuan in its wholly-owned subsidiary, Panjiang New Energy Power (Zhenning) Co., Ltd., to support the construction of the Zhenning County Panjiang Geli Wind Farm project [1]. - The board agreed to provide a full guarantee for Guizhou Panjiang Mayi Coal Industry Co., Ltd. for a financing limit of 1.64836 billion yuan, aimed at reducing financial costs [2]. Executive Compensation - The board approved the incentive assessment payout for the vice chairman, Yang Dejin, for the year 2023, amounting to 163,000 yuan, which will be submitted for shareholder approval [2][3]. - The total compensation for senior management for the year 2023 was also approved, with specific amounts detailed for various executives, including: - Yin Xiang (Deputy General Manager): 146,200 yuan - Ma Zhulin (Deputy General Manager): 145,400 yuan - Wang Mingzhong (Chief Engineer): 147,200 yuan - Liu Wenxue (Chief Accountant): 145,900 yuan [3].