江西江钨稀贵装备股份有限公司第九届董事会 独立董事第四次专门会议决议 一、独立董事专门会议召开情况 江西江钨稀贵装备股份有限公司（以下简称"公司"）第九届董事会独立董事第四 次专门会议于 2026 年 1 月 22 日，在公司 10 楼会议室以现场和通讯相结合的方式召开。 本次会议应出席独立董事 3 人，实际参会独立董事 3 人，经半数以上独立董事共同推举， 本次会议由独立董事徐光华先生担任会议主持人。本次会议的召集、召开和表决程序符 合《中华人民共和国公司法》《公司章程》《上市公司独立董事管理办法》及相关法律 法规的规定，会议合法有效。 二、独立董事专门会议审议情况 （一）审议并通过《关于日常关联交易 2025 年执行情况和 2026 年预计情况的议案》 独立董事审核意见：公司及下属公司 2025 年度实际发生的及 2026 年度预计的各项 日常关联交易均为公司日常经营活动所需，该等交易遵循公开、公平、公正及公允的原 则，定价原则符合市场化及公允原则，不存在损害公司及全体股东特别是中小股东的利 益，对公司的财务状况、经营成果无不利影响，同意将此议案提交公司第九届董事会第 六次会议审议。此议案经公司董事会审议 ...

证券代码：600397 证券简称：江钨装备 公告编号：2026-001 江西江钨稀贵装备股份有限公司 第九届董事会第六次会议决议公告 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。 一、 董事会会议召开情况 江西江钨稀贵装备股份有限公司（以下简称"公司"）第九届董事会第六次会议于 2026 年 1 月 22 日在公司会议室以现场结合通讯方式召开。本次会议应参会董事 9 人， 实际参会董事 9 人。会议由董事长熊旭晴主持，公司高级管理人员列席了本次会议，符 合《中华人民共和国公司法》（以下简称"《公司法》"）《江西江钨稀贵装备股份有 限公司章程》（以下简称"《公司章程》"）及相关法律法规的规定，会议合法有效。 二、 董事会会议审议情况 会议认真讨论和审议了本次会议议程事项，对有关议案进行了书面记名投票表决， 具体情况如下： （一）审议并通过《关于日常关联交易 2025 年执行情况和 2026 年预计情况的议 案》，其中 3 票赞成，0 票反对，0 票弃权，6 票回避。关联董事熊旭晴、潘长福、毕 利军、阳颖霖、温鹏、江莉娇已回避表 ...

证券代码：600397 证券简称：江钨装备 公告编号：2026-008 江西江钨稀贵装备股份有限公司 2025年年度业绩预亏公告 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：净利润为负值。 ●江西江钨稀贵装备股份有限公司（以下简称"公司"）预计 2025 年年度实现归属 于母公司所有者的净利润为-25,800 万元到-30,800 万元，与上年同期-24,165 万元相比, 将出现增亏。 2025年 1月 1日至 2025年 12月 31日。 经财务部门初步测算，预计公司 2025 年年度实现归属于母公司所有者的净利 润为-25,800 万元到-30,800 万元，与上年同期-24,165 万元相比，将出现增亏。 （二）业绩预告情况 预计 2025 年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- 26,900 万元到-32,100 万元。 ●公司预计 2025 年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-26,900 万元到-32,100 万元。 一 ...

格隆汇1月22日丨江钨装备(600397.SH)公布，经财务部门初步测算，预计公司2025年年度实现归属于母 公司所有者的净利润为-25,800万元到-30,800万元，与上年同期-24,165万元相比，将出现增亏。预计 2025年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-26,900万元到-32,100万元。 ...

江钨装备公告，预计2025年年度实现归属于母公司所有者的净利润为-2.58亿元到-3.08亿元，与上年同 期-2.42亿元相比，将出现增亏。公司本期业绩由资产交割前煤炭相关业务的损益以及本次重组置入资 产的损益构成。 ...

江钨装备1月20日交易公开信息 江钨装备(600397)今日下跌5.85%，全天换手率7.89%，成交额7.54亿元，振幅15.62%。龙虎榜数据显 示，机构净卖出1259.60万元，沪股通净卖出4825.63万元，营业部席位合计净卖出2357.93万元。 上交所公开信息显示，当日该股因日振幅值达15.62%上榜，机构专用席位净卖出1259.60万元，沪股通 净卖出4825.63万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交2.61亿元，其中，买入成交额为8848.89 万元，卖出成交额为1.73亿元，合计净卖出8443.16万元。 具体来看，今日上榜的营业部中，共有2家机构专用席位现身，即买五、卖四，合计买入金额724.46万 元，卖出金额1984.06万元，合计净卖出1259.60万元，沪股通为第一大买入营业部及第一大卖出营业 部，买入金额为4446.12万元，卖出金额为9271.75万元，合计净卖出4825.63万元。 资金流向方面，今日该股主力资金净流出4417.60万元，其中，特大单净流出5370.48万元，大单资金净 流入952.87万元。近5日主力资金净流出2508.95万元。 ...

Group 1 - The coal mining sector saw a slight increase of 0.33% on January 19, with Xinda Zhou A leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] - Key stocks in the coal mining sector showed varied performance, with Xinda Zhou A closing at 6.48, up 7.11%, and Jiangte Equipment at 10.08, up 7.01% [1] Group 2 - Major coal companies like China Shenhua and Shaanxi Coal experienced slight declines, with China Shenhua closing at 40.70, down 0.73% [2] - The coal mining sector experienced a net inflow of 1.03 billion yuan from institutional investors, while retail investors saw a net inflow of 773.97 million yuan [2][3] - The top net inflows from institutional investors were led by Shaanxi Coal with 80.36 million yuan, while retail investors showed significant outflows in several stocks [3]

Group 1 - The coal mining sector increased by 1.23% on January 9, with Jiangte Equipment leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] - Jiangte Equipment's stock price rose by 9.95% to 9.06, with a trading volume of 448,900 shares and a transaction value of 397 million yuan [1] Group 2 - Major coal companies such as China Shenhua and Xinda Zhou A also saw increases, with China Shenhua up 2.41% to 42.45 and a transaction value of 1.551 billion yuan [1] - Conversely, some companies like Dayou Energy and Shanxi Coking Coal experienced declines, with Dayou Energy down 3.23% to 8.10 and a transaction value of 859 million yuan [2] - The coal mining sector experienced a net outflow of 324 million yuan from major funds, while retail investors saw a net inflow of 397 million yuan [2][3] Group 3 - Jiangte Equipment had a net inflow of 109 million yuan from major funds, while retail investors had a net outflow of 46 million yuan [3] - China Shenhua also saw a net inflow of 34.67 million yuan from major funds, with retail investors experiencing a slight outflow [3] - The overall trend indicates a mixed sentiment in the coal mining sector, with significant retail interest despite the net outflow from major funds [2][3]

Core Insights - The coal industry has undergone a significant transformation from 2015 to 2024, moving from a historical low in profitability to a new phase characterized by elevated profit levels and improved development quality [2][29] - The industry's overall prosperity is giving way to pronounced differentiation among companies, driven by strategic choices in business models, cost control, and asset management [29] Industry Performance - The coal industry's total revenue reached a peak of 1,408.3 billion yuan in 2022, a 179% increase from 2015, with net profit soaring to 291.2 billion yuan, 34.5 times that of 2015 [2] - Despite a downturn in 2023-2024, key financial metrics remain significantly above the starting point of the cycle, indicating a fundamental reshaping of the industry's value center [2][4] Financial Characteristics - Revenue growth peaked, with a compound annual growth rate (CAGR) of 15.8% from 2015 to 2022, primarily driven by rising coal prices [3] - Profitability has shown significant elasticity, with net profit margins increasing from 2% in 2015 to a peak of 21% in 2022, demonstrating a qualitative change in profitability [3] - Operational efficiency has improved, with the overall expense ratio declining from 18% in 2015 to 7%-8% post-2021, indicating a shift from extensive to refined development models [3][4] Revenue Structure Analysis - In 2024, total revenue for sample companies is expected to remain above 1.2 trillion yuan, although growth momentum is slowing [6] - Major players like China Shenhua and China Coal Energy dominate the revenue rankings, benefiting from integrated business models that combine coal production with stable electricity and transportation operations [6][7] Profitability Insights - Profitability is highly concentrated among leading firms, with China Shenhua and Shaanxi Coal Industry together accounting for over 1 billion yuan in net profit, highlighting the significant head effect [9] - Integrated leaders demonstrate resilience during market downturns, with minor profit declines, showcasing the advantages of their business models [9][10] Cost and Efficiency Analysis - High gross margins are linked to resource endowments, with companies like Jinko Coal enjoying high margins due to the scarcity and high value of their products [15][16] - Cost control is critical, as evidenced by Shaanxi Coal's ability to maintain a gross margin of 32.7% despite being a standard coal producer [17] - Companies with high expense ratios, such as Anyuan Coal and Dayou Energy, face significant profitability challenges due to poor cost management [18][19] Strategic Choices and Future Outlook - The future of coal companies hinges on strategic decisions regarding business model evolution, cost control, and proactive asset management [29] - Companies must transition from reliance on price fluctuations to building robust operational defenses, leveraging digital and intelligent technologies for integrated operations [29]

Group 1 - The A-share market saw a collective rise in coal stocks on January 7, with notable increases in various companies, including a 10% surge for Shaanxi Black Cat and over 7% for Shanxi Coking Coal [1] - Futures for coking coal reached a limit increase of 8%, priced at 1164 yuan/ton, while coking coal futures main contract rose over 7% to 1757 yuan/ton [1] Group 2 - Shaanxi Black Cat (601015) had a market cap of 8.313 billion yuan and a year-to-date increase of 12.43% [2] - Shanxi Coking Coal (000983) reported a market cap of 40.1 billion yuan with a year-to-date increase of 9.97% [2] - Jiangxi Tungsten Equipment (600397) had a market cap of 8.009 billion yuan and a year-to-date increase of 6.45% [2] - Lu'an Environmental Energy (601699) reported a market cap of 38.3 billion yuan with a year-to-date increase of 8.39% [2] - Dayou Energy (600403) had a market cap of 1.79 billion yuan and a year-to-date increase of 7.45% [2] - Baotailong (601011) reported a market cap of 6.743 billion yuan with a year-to-date increase of 3.53% [2] - Yunmei Energy (600792) had a market cap of 4.606 billion yuan and a year-to-date increase of 6.96% [2] - Zhengzhou Coal Power (600121) reported a market cap of 5.483 billion yuan with a year-to-date increase of 7.91% [2] - Shanxi Coking (600740) had a market cap of 10.2 billion yuan and a year-to-date increase of 5.85% [2]