Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, supported by both fundamental and policy factors, making it an opportune time to invest in the coal sector [11][12] - The report highlights a tightening supply side due to government policies aimed at curbing overproduction, which is expected to support a rebound in coal prices [3][11] - The underlying investment logic of coal capacity shortages remains unchanged, with a balanced short-term supply-demand situation and a medium to long-term gap still anticipated [11][12] Summary by Sections Coal Price Tracking - As of July 26, the market price for Qinhuangdao port thermal coal (Q5500) is 645 CNY/ton, an increase of 11 CNY/ton week-on-week [30] - The price for coking coal at Jing Tang port is reported at 1650 CNY/ton, up 230 CNY/ton week-on-week [32] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 94%, down 0.6 percentage points week-on-week, while the utilization rate for coking coal mines is 86.9%, up 0.8 percentage points [11][42] - Daily coal consumption in inland provinces has decreased by 51,000 tons/day (-13.04%) and in coastal provinces by 19,600 tons/day (-8.1%) [11][42] Inventory Situation - Coal inventory in coastal provinces increased by 429,000 tons week-on-week, while inland provinces saw a slight increase of 85,000 tons [11] Company Performance - The coal sector has shown strong performance, with the coal mining sector rising by 8.00% this week, outperforming the broader market [15][17] - Key companies to focus on include China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, which are noted for their stable operations and solid performance [12][13]

Core Points - The stock price of Panjiang Coal (600395) increased by 6.95% this week, closing at 5.23 yuan, with a market capitalization of 11.227 billion yuan [1] - The company approved an investment of 144 million yuan in its wholly-owned subsidiary, Panjiang New Energy Power (Panzhou) Co., Ltd., for the construction of the Luoxi River Wind Farm project [1][4] - The company also modified several corporate governance systems, including the working rules of the board committees and the management system for shareholders and executives [1][4] Financial Performance - As of the end of the reporting period, the company had a cash balance of 1.71 billion yuan, accounting for 27.22% of current assets, with an average cash balance of 2.26 billion yuan over four quarters [2] - The company's debt-to-asset ratio was 73.56%, an increase of 8.99 percentage points from the previous year, with interest-bearing liabilities amounting to 20.968 billion yuan, a year-on-year increase of 73% [2] - Interest expenses for the reporting period were 326 million yuan, reflecting a year-on-year increase of 90.1% [2] Project Updates - The company disclosed that the book value of construction in progress was 8.051 billion yuan, representing 21.66% of non-current assets, with some projects experiencing delays and frequent budget adjustments [2] - Detailed disclosures were made regarding the "Coal (Coke, Chemical) - Steel - Electricity" integrated circular economy industrial base project, including its background, construction changes, and impairment provisions [2]

Core Points - The company held its seventh temporary board meeting on July 18, 2025, where all seven directors participated and approved key resolutions [1][2]. Group 1: Investment Decisions - The board approved an investment of 144 million yuan in its wholly-owned subsidiary, Panjiang New Energy Power (Panzhou) Co., Ltd., to increase its registered capital for the construction of the Luoxi River Wind Farm project in Panzhou [1]. Group 2: Governance Modifications - The board agreed to modify certain corporate governance systems to enhance operational standards and governance levels, specifically updating the management measures for shares held by shareholders, directors, and senior management [2].

证券代码：600395 证券简称：盘江股份 编号：临 2025-036 贵州盘江精煤股份有限公司 关于向盘江新能源发电（盘州）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：盘江新能源发电（盘州）有限公司（以下简称"新能 源盘州公司" ）。 增资金额：14,400 万元。 一、增资情况概述 （一）增资基本情况 新能源盘州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 年第六次临时会议审议通过，由 新能源盘州公司投资建设盘州市落喜河风电场项目，建设规模为 120MW， 总投资 72,117 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，公司拟向新能源盘州公司增加投资 14,400 万元。 （二）本次增资事项决策程序 （一）新能源盘州公司基本情况 统研发；风力发电技术服务；发电业务、输电业务、供（配）电业务；水 力发电；检验检测服务（依法须经批准的项目，经相关部门批准后方可开 展经营活动） 年 1-3 月， ...

Core Viewpoint - Guizhou Panjiang Coal Industry Co., Ltd. has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting the company to provide detailed responses about its financial status, including cash reserves, interest-bearing liabilities, and risk management measures [1]. Financial Status - As of the end of the reporting period, the company's cash balance was 1.71 billion yuan, accounting for 27.22% of current assets, with an average cash balance of 2.26 billion yuan throughout the year [1]. - The interest income for the reporting period was 8 million yuan, representing only 0.35% of the average cash balance, indicating a low yield on cash reserves [1]. - The company's debt-to-asset ratio was 73.56%, an increase of 8.99 percentage points from the previous year, with interest-bearing liabilities totaling 20.968 billion yuan, a year-on-year increase of 73% [1]. Cash Management - The average deposit balance in the group financial company for 2024 was 469 million yuan, with the company maintaining certain funds to enhance cash flow efficiency and expedite fund turnover [2][10]. - The interest rate for deposits in the group financial company was 0.405%, which is higher than the average rates of 0.1%-0.2% offered by commercial banks [3][10]. Debt Situation - As of the end of 2024, the total loan balance was 20.288 billion yuan, with short-term loans of 5.406 billion yuan and long-term loans of 13.791 billion yuan [11]. - The company has implemented a "coal-electricity-new energy integration" development strategy, leading to significant investments in power generation projects, which have increased the loan balance substantially [11][12]. Risk Management - The group financial company has established a robust risk management framework, with all regulatory indicators meeting the required standards, including a capital adequacy ratio of 33.10% and a non-performing loan ratio of 0% [4]. - The company has a comprehensive debt risk monitoring mechanism in place, ensuring early identification and response to potential risks [13]. Construction Projects - The company reported that the book value of construction in progress was 8.051 billion yuan, accounting for 21.66% of non-current assets, with some projects experiencing delays and budget adjustments [14]. - The budget for the Panjiang New Energy Agricultural Photovoltaic Power Station project increased from 740 million yuan to 2.437 billion yuan, with the project completion rate decreasing from 66.96% to 41.91% [17].

Core Points - The company has established a management system for external information reporting and usage to ensure fair disclosure and prevent insider trading [1][2][3] - The board of directors is the sole authority for information disclosure, and no department or individual may leak insider information without board approval [1][2] - All departments must follow a strict approval process before reporting any information externally, ensuring the accuracy and completeness of the information [2][3] Summary by Sections Information Definition and Reporting Process - The term "information" refers to any undisclosed information that could significantly impact the trading prices of the company's securities [2] - Departments must submit an approval form for external information reporting, which requires signatures from department heads and the board secretary [2][3] Confidentiality Obligations - Directors and senior management must maintain confidentiality regarding reports and major matters until officially disclosed [3][4] - The company must issue confidentiality notices and require external parties to sign confidentiality agreements when sharing undisclosed significant information [5][6] Insider Information Management - Any undisclosed significant information shared externally is considered insider information, and the company must maintain a registry of individuals who are privy to such information [4][5] - External parties must take measures to limit the dissemination of insider information and comply with confidentiality obligations [6][12] Legal Responsibilities and Consequences - If external parties improperly disclose the company's undisclosed information, they must notify the company immediately, and the company will report to the relevant authorities [6][8] - The company reserves the right to seek compensation for economic losses caused by the misuse of its undisclosed information [6][8]

Core Points - The article outlines the insider information management system of Guizhou Panjiang Coal and Electricity Co., Ltd, emphasizing the importance of confidentiality and compliance with relevant laws and regulations [1][2][3]. Group 1: Insider Information Management - The board of directors is responsible for managing insider information, with the chairman as the main responsible person and the board secretary handling the registration and reporting of insider information [1][2]. - Insider information is defined as non-public information that could significantly impact the company's operations, finances, or stock market price [3][4]. - The scope of insider information includes major changes in business strategy, significant asset transactions exceeding 30% of total assets, important contracts, major debts, and significant losses [4][5]. Group 2: Registration and Documentation - The company must maintain a record of insider information personnel, including their names, departments, positions, and the nature of the insider information they are aware of [5][6]. - Insider information personnel are required to confirm their awareness of insider information and submit documentation within two working days [5][6]. - The company must ensure that all relevant parties, including shareholders and service institutions, comply with the registration requirements for insider information [6][7]. Group 3: Confidentiality Obligations - All insider information personnel are obligated to maintain confidentiality and are prohibited from disclosing or trading based on insider information before it is publicly disclosed [10][11]. - The company must control the dissemination of insider information to a minimum number of individuals before public disclosure [10][11]. - Violations of confidentiality obligations may result in disciplinary actions or civil liability for the responsible individuals [25][26]. Group 4: Accountability and Compliance - The company is required to conduct self-inspections regarding insider trading and report any violations to regulatory authorities [9][12]. - The company retains the right to pursue accountability for any damages caused by violations of the insider information management system [25][26]. - The insider information management system is effective upon approval by the board of directors and is subject to revisions as necessary [30][31].

第三条 本制度所称资金占用包括 （但不限于其他方式）：经营性资 金占用（控股股东及关联方通过采购、销售等生产经营环节的关联交易产 生的资金占用）、非经营性资金占用（为控股股东及关联方垫付工资与福 利、保险、广告等费用和其他支出、为控股股东及关联方有偿或无偿直接 或间接拆借资金、代偿债务及其他在没有商品和劳务对价情况下提供给控 股股东及关联方使用的资金等）。 贵州盘江精煤股份有限公司 防范控股股东及关联方占用公司资金制度 第一章 总则 第一条 为了建立防止控股股东或实际控制人占用贵州盘江精煤股份 有限公司（以下简称"公司"）资金的长效机制，杜绝控股股东及关联方 资金占用行为的发生，根据《中华人民共和国公司法》《上市公司监管指 引第 8 号——上市公司资金往来、对外担保的监管要求》等法律、法规及 规范性文件以及公司章程的有关规定，制定本制度。 第二条 公司董事和高级管理人员对维护公司资金安全有法定义务。 （六）中国证监会认定的其他方式。 第六条 公司按照监管部门对关联交易的相关规定实施公司与控股股 东及关联方通过采购、销售、生产经营等环节产生的关联交易行为。 公司及公司合并财务报表范围的所有子公司与公司控股股东、 ...

Core Points - The document outlines the management measures for the shareholding and changes of shareholders, directors, and senior management of Guizhou Panjiang Coal and Electricity Co., Ltd. [1] - It emphasizes the need for compliance with relevant laws, regulations, and company articles regarding shareholding changes [2] - The document specifies the procedures for reporting shareholding changes and the responsibilities of the board secretary [3][4] Summary by Sections General Principles - The purpose of the measures is to strengthen the declaration, disclosure, and supervision of shareholding changes by shareholders, directors, and senior management [1] - Shareholding includes all shares registered in their name and those held through others' accounts [1] Management of Shareholding Changes by Directors and Senior Management - Directors and senior management must notify the board secretary in writing before buying or selling shares [2] - They are required to submit personal information for disclosure within two trading days of any changes [2] Trading Prohibitions and Restrictions - There are specific circumstances under which directors and senior management cannot transfer their shares, such as within one year of the company's stock listing [4] - Shareholders holding more than 5% of the company's shares are also restricted from reducing their holdings under certain conditions [5] Additional Regulations - Directors and senior management can only reduce their holdings by a maximum of 25% of their total shares during their term and within six months after their term ends [6] - Any profits from buying and selling shares within six months must be returned to the company [7] Insider Trading and Confidentiality - Directors and senior management must ensure that their immediate family and related parties do not engage in insider trading [8] - The company must disclose any longer prohibitions or lower transfer ratios in its articles of association [8] Final Provisions - The measures will be executed according to national laws and regulations, and the board of directors is responsible for their interpretation [9]

Core Viewpoint - The company has established a system for accountability regarding significant errors in annual report disclosures to enhance the quality, transparency, and accuracy of financial reporting [1][2]. Group 1: Accountability System - The accountability system applies to directors, senior management, department heads, and other relevant personnel involved in annual report disclosures [2][3]. - Significant errors in annual report disclosures include major accounting errors, substantial omissions, and significant discrepancies in performance forecasts [3][4]. - The company will hold individuals accountable for significant errors due to negligence, misconduct, or other personal reasons [4][5]. Group 2: Compliance and Internal Controls - Company personnel must strictly adhere to accounting standards and internal control systems to ensure accurate financial reporting [5][6]. - The company will pursue accountability when annual report disclosures violate accounting laws or regulations, leading to significant errors [6][7]. Group 3: Principles of Accountability - The principles guiding the accountability process include objectivity, thorough investigation, and proportionality between fault and responsibility [7][8]. - The company will impose heavier penalties for severe violations, such as retaliating against whistleblowers or obstructing investigations [8][9]. Group 4: Mitigating Factors for Penalties - Factors that may lead to reduced penalties include proactive measures taken by responsible individuals to prevent negative outcomes or correct errors [9][10]. - The board must consider the opinions of those involved before making decisions regarding penalties [10][11]. Group 5: Reporting and Investigation Procedures - The board office is responsible for gathering information, investigating causes of errors, and proposing corrective actions [11][12]. - In cases of significant accounting errors, the company must disclose the impact on financial status and the results of any re-audits [12][13]. Group 6: Enforcement of Penalties - Penalties for responsible individuals may include reprimands, demotions, or even termination, depending on the severity of the error [13][14]. - Individuals may appeal the board's decisions within ten days, but this does not suspend the enforcement of penalties [14][15]. Group 7: Implementation and Review - The board is responsible for revising and interpreting the accountability system, which takes effect upon approval [15][16].