Core Viewpoint - The sudden resignation of Meng Jun, the chairman of Shanmei International, highlights ongoing leadership instability within the company, which is facing significant operational challenges due to declining coal prices and market conditions [1][3]. Group 1: Leadership Changes - Meng Jun resigned from all positions within Shanmei International, including chairman and various committee roles, due to "work changes" [1]. - Fu Zhonghua has been elected as the new representative director and legal representative of the company, while Han Tao has been appointed as the deputy general manager [11]. - Meng Jun's tenure lasted only about two years, having been appointed in May 2023, following the resignation of previous chairman Wang Weimin [3]. Group 2: Company Background - Shanmei International, established in November 2009, is a state-controlled A-share listed company under Shanxi Coking Coal Group, with a registered capital of 1.982 billion yuan [2][5]. - The company primarily engages in new energy development, coal and coke industry investment, and logistics services [2]. Group 3: Financial Performance - In the first half of 2025, Shanmei International reported revenue of 9.66 billion yuan, a year-on-year decline of 31.28%, and a net profit of 655 million yuan, down 49.25% [5][6]. - The decline in revenue is attributed to falling coal prices and a decrease in coal sales, despite an increase in raw coal production [6]. Group 4: Industry Challenges - The coal industry is facing severe challenges, with Shanmei International's production increasing by 15.86% to 17.82 million tons, while sales decreased by 13.19% to 10.35 million tons [6]. - The company anticipates a "mainly fluctuating, limited rebound" in the coal market for the second half of the year, indicating ongoing weakness in demand [6]. Group 5: Regional Economic Context - Shanxi Province, heavily reliant on coal, is experiencing economic difficulties, with a GDP growth rate of only 2.3% in 2024, ranking last among China's provinces [7]. - The province is aware of its over-reliance on coal and is actively seeking to diversify its economy, as indicated by the frequent mention of "transformation" in government reports [8]. Group 6: Talent and Human Resource Issues - Shanxi faces significant challenges in attracting and retaining high-level talent, with a notable outflow of graduates from local universities [9][10]. - The province aims to implement strategies to attract and retain skilled professionals to support economic transformation and development [10].

Investment Rating - The report maintains a "Buy" rating for the coal sector, with specific recommendations for several companies based on their performance and market conditions [4]. Core Insights - The upcoming safety production assessments are expected to lead to a contraction in coal supply, which may support a rebound in coal prices. Since July 2025, the monthly coal output has seen a year-on-year decline of over 3%, and the anticipated inspections may further tighten supply [1][2]. - The coal price has shown signs of recovery, stabilizing above 700 RMB/ton by the end of September 2025. The report predicts that by the end of the year, coal prices could exceed 900 RMB/ton due to supply constraints and increased demand from the coal chemical sector [2]. - The report highlights several investment opportunities within the sector, particularly focusing on companies with high spot market exposure and those expected to benefit from supply-demand dynamics [2]. Summary by Sections Supply and Demand Dynamics - The safety inspections scheduled for November 2025 are likely to impact coal supply negatively, reinforcing expectations of reduced output. This is particularly relevant as the country transitions into the heating season, which typically sees increased demand [1][2]. - The report notes that the coal chemical sector is poised to benefit from the seasonal demand increase, providing additional support for coal prices [2]. Company Recommendations - The report recommends specific companies based on their market positioning and expected performance: 1. **High Spot Market Exposure**: Lu'an Huanneng (潞安环能) is highlighted for its significant elasticity in response to price changes. 2. **Stable Growth Companies**: Jin控煤业 (晋控煤业) and Huayang Co., Ltd. (华阳股份) are recommended for their robust performance. 3. **Recovery in Production**: Shanmei International (山煤国际) is noted for its potential production recovery. 4. **Industry Leaders**: China Shenhua (中国神华), Zhongmei Energy (中煤能源), and Shaanxi Coal (陕西煤业) are recognized for their stable earnings [2][4].

山煤国际（600546） 山煤国际能源集团股份有限公司 2025 年第三次临时股东会会议资料 山煤国际能源集团股份有限公司 2025 年第三次临时股东会 会议资料 2025 年 10 月 1 山煤国际（600546） 山煤国际能源集团股份有限公司 2025 年第三次临时股东会会议资料 山煤国际能源集团股份有限公司 五、会议方式：现场投票和网络投票相结合的方式 六、会议出席人： 2025 年第三次临时股东会议程 （2025 年 10 月 17 日） 一、会议时间：2025 年 10 月 17 日（星期五）下午 15：00 二、会议地点：太原市小店区晋阳街 162 号三层会议室 三、会议召集人：公司董事会 四、会议主持人：公司董事、总经理付中华先生 2．公司董事及高级管理人员。 3．公司聘请的律师。 1．截至 2025 年 10 月 10 日（星期五）下午交易结束后，在中国证券登记结 算有限责任公司上海分公司登记在册的本公司股东均有权参加会议。因故不能参 加会议的股东可以书面委托代理人出席会议（该代理人不必是公司股东），或在网 络投票时间内参加网络投票。 4．本次会议工作人员。 七、会议内容： （一）宣布会议出席 ...

Key Points - Hainan Huatie's shareholder Hu Danfeng has terminated the share reduction plan and plans to increase holdings in the company with an investment of no less than 30 million yuan and no more than 50 million yuan [2] - Yonghe Co. expects a net profit increase of 447.64% to 506.85% year-on-year for Q3 2025, driven by the high demand in the refrigerant industry and product optimization [3] - Delis Co. is planning a change in company control, leading to a suspension of its stock from October 9, 2025 [4] - BYD reported September 2025 sales of 396,300 new energy vehicles, a slight decrease from 419,400 units in the same month last year, while cumulative sales for the year reached 3.26 million units, up 18.64% [5] - Chipone Technology expects Q3 2025 revenue of 1.284 billion yuan, marking a historical high for the company, with a year-on-year increase of 78.77% [7] - Chipone anticipates a significant improvement in profitability for Q3 2025, with new orders expected to reach 1.593 billion yuan, a year-on-year increase of 145.80% [8] - ST Zhengping's stock will be suspended from trading starting October 9, 2025, due to unusual stock price fluctuations [2][28] - Huanxin Cement plans to repurchase shares worth between 32.25 million and 64.5 million yuan [14] - Sichuan Gold won exploration rights for a gold mine in Xinjiang for 510 million yuan, indicating strong geological potential [15]

行 业 及 产 业 煤炭/ 煤炭开采 2025 年 10 月 08 日 需求阶段性放缓，但大秦线检修叠 加产地发运倒挂，预计煤价短期震 荡 看好 ——煤炭行业周报（2025.9.27-2025.10.4） 证 券 研 究 证券分析师 严天鹏 A0230524090004 yantp@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 施佳瑜 A0230521040004 shijy@swsresearch.com 研究支持 施佳瑜 A0230521040004 shijy@swsresearch.com 联系人 施佳瑜 (8621)23297818× shijy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 本期投资提示： ⚫ 动力煤方面，截至 9 月 30 日，据中国煤炭市场网，秦皇岛港口 Q4500、Q5000、 Q5500 动力煤现货价收报 535、607、699 元/吨，环比分别下跌 11、7、7 元/吨。供给 端，据中国煤炭市场网，环渤海四港区本周日均调入量 183.54 万吨，环比上周增加 7.7 万吨 ...

Group 1 - Cambrian's private placement price is set at 1195.02 yuan per share, with a total fundraising amount of 3.985 billion yuan [4] - Bee Assistant plans to raise no more than 984 million yuan for projects including cloud terminal computing power center and IoT terminal upgrades [5] - Kexing Pharmaceutical is planning to issue H-shares and list on the Hong Kong Stock Exchange [6] - Three squirrels have received approval from the China Securities Regulatory Commission for H-share issuance, with plans to issue up to 81.5483 million shares [7] - Ruiming Technology has submitted an application for H-share issuance to the Hong Kong Stock Exchange [8] Group 2 - Binhua Co. plans to invest 1.421 billion yuan in an integrated project for wind, solar, and energy storage [9] - Sains plans to invest no more than 300 million yuan in the expansion of its selection agent project [10] Group 3 - Hunan YN reports no significant changes in its internal and external operating environment [11] - Electric Power Investment has had its major asset replacement review suspended by the Shenzhen Stock Exchange due to expired financial documents [12] - Guanzhong Ecological is in the planning stage for acquiring a 51% stake in Hangzhou Actuary [13][14] Group 4 - Aima Technology's subsidiary is transferring production capacity and ceasing operations due to strategic adjustments [17] - Fosun Pharma's subsidiary has received approval for clinical trials of a new drug [18] - SAIC Group's subsidiary plans to invest 666 million yuan in the restructuring of SAIC Hongyan [19] Group 5 - Hanwei Technology plans to sell 65% of Hanwei Zhiyuan for approximately 440 million yuan [20] - Xingtong Co. has been awarded new capacity for coastal inter-provincial bulk liquid hazardous goods transportation [21][22] Group 6 - EVE Battery Investment received a cash dividend of 375 million HKD from its associate company [23] - Shanmei International's chairman has resigned due to work changes [24] - Weiye Co.'s chairman has resigned for personal reasons [25] Group 7 - Jiao Da Sino's chairman has been placed under detention [26] - Duorui Pharmaceutical is planning a change in control, leading to a stock suspension [27][28] - *ST Zhengping's stock has been suspended for investigation due to abnormal price fluctuations [29] Group 8 - Zhenray Technology's chairman has had detention measures lifted [30] - Shiming Technology's chairman has had detention measures changed to a warning [31] - Nanxin Pharmaceutical is under investigation by the CSRC for suspected violations in annual report disclosures [32] Group 9 - Daqian Ecology's shareholder plans to reduce holdings by up to 3% [33] - Rundar Medical's shareholders plan to reduce holdings by up to 2.99% [34][35] - Saili Medical's shareholder plans to reduce holdings by up to 2% [36] Group 10 - Huaxin Environmental plans to repurchase shares for 40 to 80 million yuan [37] - Tianyong Intelligent has been awarded a contract worth 58.8 million yuan for an engine assembly line project [38] - Zhongwu Drone has signed a significant contract worth 615 million yuan for drone systems [39]

证券日报网讯 9月30日晚间，山煤国际发布公告称，经公司2025年9月30日召开的第八届董事会第三十 四次会议审议通过《关于聘任公司副总经理的议案》，根据公司总经理提名，董事会提名委员会审查， 决定聘任韩涛先生为公司副总经理，任期与本届董事会任期一致。 （文章来源：证券日报） ...

Group 1 - Cambrian's private placement price is set at 1195.02 yuan per share, with a total fundraising amount of 3.985 billion yuan [2] - Bee Assistant plans to raise up to 984 million yuan for projects including cloud terminal computing power center and IoT terminal upgrades [3] - Kexing Pharmaceutical is planning to issue H-shares and list on the Hong Kong Stock Exchange [4] Group 2 - Three squirrels received approval from the China Securities Regulatory Commission for H-share issuance, planning to issue up to 81.5483 million shares [5] - Ruiming Technology has submitted an application for H-share issuance to the Hong Kong Stock Exchange [6] - Binhua Co. plans to invest 1.421 billion yuan in an integrated project for wind and solar energy [7] Group 3 - Sainz's subsidiary plans to invest up to 300 million yuan in the expansion of selection and extraction agents [8] - Hunan YN reported no significant changes in its internal and external operating environment [9] - Electric Power Investment plans to restructure assets and has received a notice from the Shenzhen Stock Exchange to suspend review [10] Group 4 - Guanzhong Ecology is in the planning stage to acquire 51% of Hangzhou Actuary [11] - Aima Technology announced the transfer and suspension of production capacity at its subsidiary in Guangdong [12] - Fosun Pharma's subsidiary received approval for clinical trials of a new drug [13] Group 5 - EVE Battery Investment received a cash dividend of 375 million HKD from its indirect associate, Simoer International [14] - Shanmei International announced a change in its board leadership due to personnel changes [15] - Weiye Co. announced the resignation of its chairman for personal reasons [16] Group 6 - Jiaoda Sinuo's chairman is under detention, and the company has appointed a new acting chairman [17] - Duorui Pharmaceutical is planning a change in control, leading to a stock suspension [18] - ST Zhengping's stock price has seen an abnormal increase, leading to a suspension for investigation [19] Group 7 - Daqian Ecology's shareholder plans to reduce its stake by up to 3% [20] - Rundat Medical's shareholders plan to collectively reduce their stake by up to 2.99% [21] - Seli Medical's shareholder plans to reduce its stake by up to 2% [22] Group 8 - Tianyong Intelligent has been awarded a contract worth 58.8 million yuan for an engine assembly line project [23] - Zhongwu Drone signed a significant contract worth 615 million yuan for drone systems [24]

每经AI快讯，山煤国际9月30日晚间发布公告称，公司于2025年9月29日收到山西焦煤集团有限责任公 司副总经理，山煤国际董事长孟君先生书面辞去山煤国际职务的报告。孟君先生因工作变动原因，申请 不再兼任山煤国际第八届董事会董事长、董事、董事会战略委员会主任委员、委员及董事会提名委员会 委员职务，将不再担任山煤国际任何职务。 （记者 王晓波） 根据公司总经理提名，董事会提名委员会审查，决定聘任韩涛先生为公司副总经理，任期与本届董事会 任期一致。 每经头条（nbdtoutiao）——前脚消费贷，后脚被银行追讨发票，7天内上传，否则后果严重！有人为此 焦虑，有人却趁机牟利：帮开票包过审 为促进公司规范运作、科学决策、健康发展发挥了积极作用，为公司高质量发展做出了卓越贡献，董事 会同意选举付中华先生为代表公司执行公司事务的董事，并担任公司法定代表人。 ...

山煤国际能源集团股份有限公司 董事会议事规则 2025 年 9 月修订 | 1 | 4 | | --- | --- | | . | | | 第一章 | 总则 2 | | | --- | --- | --- | | 第二章 | 董事会的组成和职权 2 | | | 第三章 | 董事长 5 | | | 第四章 | 董事会组织机构 6 | | | 第五章 | 董事会议案 | 11 | | 第六章 | 董事会会议的召集 12 | | | 第七章 | 董事会会议的通知 13 | | | 第八章 | 董事会会议的召开和表决 14 | | | 第九章 | 董事会会议记录 17 | | | 第十章 | 决议公告与执行 18 | | | 第十一章 | 附 则 | 19 | 山煤国际能源集团股份有限公司董事会议事规则 第一章 总则 第一条 为规范山煤国际能源集团股份有限公司（以下简称"公司"）董事 会的议事方式和决策程序，促使公司董事和董事会有效地履行其职责，提高公司 董事会规范运作和科学决策水平，根据《中华人民共和国公司法》（以下简称"《公 司法》"）《中华人民共和国证券法》《上市公司治理准则》《上市公司章程指 引》《上市公司独 ...