证券代码：600582 证券简称：天地科技 公告编号：临 2026-002 号 天地科技股份有限公司 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。 特此公告。 一、副总经理、财务总监离任情况 (一) 离任的基本情况 | | | | | | | | 是否继续 | | 是否存 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 原定任期 | | | 在上市公 | 具体职 | 在未履 | | 姓名 | 离任职务 | 离任时间 | | 到期日 | | 离任原因 | 司及其控 | 务（如适 | 行完毕 | | | | | | | | | 股子公司 | 用） | 的公开 | | | | | | | | | 任职 | | 承诺 | | 王志刚 | 副总经理、 | 2026 | 年 3 | 2028 | 年 6 | 工作变动 | 否 | 不适用 | 否 | | | 财务总监 | 月 12 | 日 | 月 29 | 日 | | | | | (二) ...

天地科技股份有限公司（以下简称"公司"）第八届董事会第五 次会议通知于 2026 年 3 月 10 日发出。会议于 2026 年 3 月 12 日以通 讯方式召开，会议应参加表决董事 7 人，实际参加表决董事 7 人。会 议符合《公司法》和《公司章程》的有关规定，合法有效。 证券代码：600582 证券简称：天地科技 公告编号：临 2026—001 号 天地科技股份有限公司 第八届董事会第五次会议决议公告 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、完整性承担个别及连带责任。 特此公告。 天地科技股份有限公司董事会 2026 年 3 月 12 日 会议由胡善亭董事长主持，全体董事经审议一致通过《关于聘任 公司财务总监的议案》，同意聘任闵勇先生为公司财务总监，聘期自 本次董事会审议通过之日起至第八届董事会任期届满之日止。在本次 董事会前，该议案已经公司第八届董事会提名委员会 2026 年第一次 会议、第八届董事会审计委员会 2026 年第一次会议审议通过。 表决结果：同意 7 票、反对 0 票、弃权 0 票。 ...

Investment Rating - The report maintains a bullish outlook on the coal sector, suggesting that it is an opportune time to accumulate coal stocks at lower prices [11][12]. Core Insights - The current phase is identified as the early stage of a new upward cycle in the coal economy, driven by fundamental and policy factors [11]. - The report highlights a significant increase in coal mine capacity utilization rates, with thermal coal at 81.4% (+8.5 percentage points) and coking coal at 68.24% (+19.4 percentage points) [11][48]. - Demand for coal has risen, with inland provinces showing an increase in daily consumption by 12.90 million tons (+4.68%) and coastal provinces by 12.50 million tons (+10.06%) [11][49]. - The report notes that coal prices are expected to stabilize at a higher level due to supply constraints and geopolitical tensions, with a potential for price spikes [11][12]. Summary by Sections 1. Coal Price Tracking - As of February 28, the market price for thermal coal (Q5500) at Qinhuangdao Port is 745 CNY/ton, up 28 CNY/ton from the previous week [29]. - The international thermal coal price (NEWC5500) is reported at 87.0 USD/ton, reflecting a weekly increase of 1.5 USD/ton [29]. - Coking coal prices at major ports remain stable, with the price at Jing Tang Port holding at 1700 CNY/ton [31]. 2. Coal Supply and Demand Tracking - The report indicates a significant increase in coal mine capacity utilization rates, with thermal coal at 81.4% and coking coal at 68.24% [48]. - Daily coal consumption in inland provinces has increased, while coastal provinces also show a rise in consumption [49]. - The report emphasizes the ongoing supply constraints and the need for new capacity to meet long-term energy demands [12]. 3. Coal Inventory Situation - As of February 24, coal inventories in inland provinces decreased by 257,000 tons (-2.89%), while coastal provinces saw an increase of 108,800 tons (+3.31%) [49]. - The report highlights the importance of monitoring inventory levels as they impact price stability and market dynamics [49]. 4. Downstream Metallurgical Demand - The report notes that the steel industry is experiencing a slight increase in production, with the national blast furnace operating rate at 80.2% [67]. - The average profit per ton for independent coking enterprises has improved slightly, indicating a recovery in the metallurgical sector [67]. 5. Downstream Chemical and Construction Demand - The report indicates a stable demand for coal in the chemical sector, with weekly coal consumption rising by 4.14 million tons/day [11]. - The cement industry shows a slight decline in production capacity utilization, which may affect coal demand in the short term [11].

Group 1 - China Coal Technology and Engineering Group Mining Research Institute Co., Ltd. obtained a patent for "Method and Device for Determining the Impact Tendency of Coal Rock Samples Based on Size Effect," with authorization announcement number CN116660023B, applied on April 2023 [1] - The company was established in 2020, located in Beijing, and primarily engages in research and experimental development, with a registered capital of 200 million RMB [1] - The company has invested in 4 enterprises, participated in 1,041 bidding projects, and holds 1,881 patent records, along with 10 administrative licenses [1] Group 2 - China Coal Science Research Institute, established in 2000 and located in Beijing, also focuses on research and experimental development, with a registered capital of approximately 1,006.8 million RMB [1] - This institute has invested in 23 enterprises, participated in 760 bidding projects, and has 23 trademark records and 1,448 patent records, in addition to 46 administrative licenses [1] Group 3 - Tiandi Technology Co., Ltd., founded in 2000 and based in Beijing, primarily engages in technology promotion and application services, with a registered capital of approximately 4,138.6 million RMB [2] - The company has invested in 30 enterprises, participated in 2,066 bidding projects, and holds 29 trademark records and 1,953 patent records, along with 23 administrative licenses [2]

Group 1 - The core point of the article is that Tiandi Technology Co., Ltd. has obtained a patent for a "drilling device for coal mines," with the authorization announcement number CN115977550B, and the application date being December 2022 [1] - Tiandi Technology Co., Ltd. was established in 2000 and is located in Beijing, primarily engaged in technology promotion and application services, with a registered capital of 4.138588892 billion RMB [1] - The company has invested in 30 enterprises, participated in 2067 bidding projects, holds 29 trademark registrations, and has 1945 patent records, along with 22 administrative licenses [1] Group 2 - China Coal Technology and Engineering Group Mining Research Institute Co., Ltd. was established in 2020 and is also located in Beijing, focusing on research and experimental development, with a registered capital of 200 million RMB [1] - This company has invested in 4 enterprises, participated in 1041 bidding projects, holds 1871 patent records, and has 10 administrative licenses [1]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Views - The report indicates that the coal industry is at the beginning of a new upward cycle, with a favorable combination of fundamentals and policies, making it a good time to invest in the coal sector [11][12] - The report highlights a significant increase in coal prices, with Qinhuangdao port's Q5500 coal price reaching 717 CNY/ton, up 24 CNY/ton week-on-week, driven by optimistic market expectations post-holiday and reduced supply from major coal-producing regions [11][30] - The report emphasizes the ongoing supply-demand balance in the short term, with a medium to long-term supply gap expected to persist, reinforcing the investment logic in coal assets [11][12] Summary by Sections 1. Coal Price Tracking - As of February 13, the market price for Qinhuangdao port's Q5500 coal is 717 CNY/ton, reflecting a week-on-week increase of 3.5% [6][30] - International coal prices have also risen, with Newcastle's FOB price for Q5500 coal at 81.5 USD/ton, up 6.5% week-on-week [6][30] 2. Coal Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 84.4%, down 3.1 percentage points week-on-week, while the utilization rate for coking coal mines is 81.39%, down 5.3 percentage points [11][49] - Daily coal consumption in inland provinces decreased by 10% week-on-week, while coastal provinces saw an 18.8% decline [11][50] 3. Coal Inventory Situation - Coal inventory in inland provinces increased by 1.854 million tons week-on-week, while coastal provinces saw a smaller increase of 0.235 million tons [50] 4. Investment Recommendations - The report suggests focusing on stable and high-performing companies such as China Shenhua, Shaanxi Coal, and others, while also considering companies with high elasticity like Yanzhou Coal and others [12]

Group 1: Development Goals and Framework - The State-owned Assets Supervision and Administration Commission (SASAC) has set the annual development goals centered on "two guarantees and two strives" for 2026, marking a shift towards quality and efficiency in state-owned enterprises (SOEs) [4] - The total assets of central enterprises have surpassed 95 trillion yuan, with R&D investment exceeding 1 trillion yuan for four consecutive years, indicating a focus on quality-driven growth [8] - The framework aims to guide state capital towards strategic security, public welfare, and emerging industries, providing a clear action plan for reform and development [4] Group 2: Industry Integration and Collaboration - In 2025, the restructuring of central enterprises will follow a dual-track approach, focusing on strategic formation of new central enterprises and multi-field professional integration [13] - The establishment of new central enterprises, such as China Yajiang Group and China Chang'an Automobile Group, aims to serve national macro strategies and enhance industry collaboration [14] - A total of 17 units signed agreements in key areas like artificial intelligence and new materials, creating a multi-party collaborative model involving central enterprises, private enterprises, and local governments [16] Group 3: Capital Investment and Fund Management - The total scale of the China Chengtong fund system reached 710 billion yuan, with 97.99% allocated to strategic emerging industries, demonstrating a strong focus on high-tech sectors [18] - The National Investment Group manages 61 funds with a total scale of 345.1 billion yuan, having invested in 1,249 projects and facilitated 293 companies going public [20] - The investment strategy emphasizes long-term support for innovative enterprises, with over two-thirds of funds directed towards private enterprises [20] Group 4: Resource Integration and Security - Central enterprises are undergoing intensive integration in key mineral sectors, such as iron ore and rare earths, to enhance resource control and pricing power [24] - The integration aims to create a closed-loop industry chain, improving domestic supply security and reducing reliance on imports [25] - This strategic move is seen as a vital step in ensuring national resource security and enhancing the global influence of China's mineral resources [24]

Group 1: Coal Prices - Qinhuangdao port thermal coal (Q5500) price increased to 692 CNY/ton, up 1 CNY/ton week-on-week as of February 7 [1] - Datong thermal coal price (Q5500) decreased to 567 CNY/ton, down 1 CNY/ton week-on-week as of February 5 [1] - International thermal coal prices: Newcastle NEWC5500 at 76.3 USD/ton, up 1.5 USD/ton week-on-week; ARA6000 at 101.6 USD/ton, down 1.5 USD/ton [1] Group 2: Coking Coal Prices - Beijing Tangshan port coking coal price decreased to 1700 CNY/ton, down 80 CNY/ton week-on-week as of February 5 [2] - Linfen coking coal price decreased to 1570 CNY/ton, down 80 CNY/ton week-on-week as of February 6 [2] - Australian hard coking coal price at 265.6 USD/ton, up 1.5 USD/ton week-on-week as of February 5 [2] Group 3: Production and Consumption - Sample thermal coal mine capacity utilization at 87.5%, down 0.8 percentage points week-on-week; coking coal mine utilization at 86.67%, down 2.5 percentage points [2] - Coastal provinces' coal consumption decreased by 16.3 million tons/day, down 7.22% week-on-week as of February 4 [3] - Inland provinces' coal consumption decreased by 81.8 million tons/day, down 18.1% week-on-week as of February 4 [3] Group 4: Market Outlook - Current coal market is at the beginning of a new upward cycle, with fundamental and policy support [4] - Indonesian government reduced coal production quotas by 40% to 70% compared to 2025 levels, impacting global coal supply [4] - Domestic coal supply is expected to remain constrained, with potential for price recovery due to demand resilience [5] Group 5: Investment Recommendations - Coal sector remains attractive due to high performance, cash flow, and dividends; recommended to focus on quality coal companies [6] - Suggested companies include China Shenhua, Shaanxi Coal, and Yancoal Australia among others [6] - Emphasis on the importance of coal assets as they are undervalued and have high potential for appreciation [5]

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, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [10][11] - The coal supply is expected to tighten due to domestic supply constraints and Indonesia's reduction in coal production targets, which will support a stable recovery in coal prices throughout the year [10][11] - The investment logic of coal capacity shortages remains unchanged, with a short-term supply-demand balance and a long-term gap still present [10][11] - High-quality coal companies are characterized by high profitability, cash flow, return on equity (ROE) of 10-15%, and dividend yields exceeding 5% [10][11] - The coal sector is considered undervalued, with overall valuation expected to improve, and public funds currently underweight in coal holdings [10][11] Summary by Sections 1. Coal Prices - As of January 31, the market price for Qinhuangdao port thermal coal (Q5500) is 691 CNY/ton, up 5 CNY/ton week-on-week [3][29] - The international thermal coal offshore price for Newcastle NEWC5500 is 74.5 USD/ton, up 0.7 USD/ton week-on-week [3][29] - The price for coking coal at Jing Tang port remains stable at 1780 CNY/ton [31] 2. Coal Supply and Demand - The capacity utilization rate for sample thermal coal mines is 88.3%, down 1.3 percentage points week-on-week [10][49] - Daily coal consumption in inland provinces decreased by 8.30 thousand tons/day (-1.8%) [50] - Daily coal consumption in coastal provinces decreased by 7.70 thousand tons/day (-3.3%) [50] 3. Industry Performance - The coal sector saw a 3.98% increase this week, outperforming the broader market [13][16] - The thermal coal segment rose by 4.07%, while the coking coal segment increased by 3.92% [16] 4. Future Outlook - The coal supply bottleneck is expected to persist, necessitating new high-quality capacity planning to meet medium to long-term energy demands [11] - The coal sector is characterized by high performance, cash flow, and dividends, with a favorable long-term outlook due to macroeconomic improvements and regulatory changes [11]

Core Insights - The coal mining machinery industry in China is characterized by a diverse range of listed companies involved in various segments of the industry chain, including raw materials, manufacturing, and application in coal and related sectors [1][2][4]. Industry Overview - The coal mining machinery industry includes upstream raw materials and components, midstream manufacturing of coal mining equipment such as tunneling machines and hydraulic supports, and downstream applications primarily in the coal industry, which further serves sectors like thermal power, steel, chemicals, and construction [1]. Listed Companies Summary - Key listed companies in the coal mining machinery sector include: - **Tiandi Technology (天地科技)**: A leader in the coal equipment industry with a focus on research and manufacturing [3]. - **Zhongchuang Zhiling (中创智领)**: A global giant in comprehensive coal mining equipment with a leading market share in hydraulic supports [3]. - **SANY International (三一国际)**: A supplier of mining and logistics equipment with rapid growth in overseas markets [3]. - **Linzhou Heavy Machinery (林州重机)**: An energy equipment service provider specializing in coal mining machinery and military equipment [3]. Revenue and Business Layout - The revenue for major companies in the coal mining machinery sector for 2024 includes: - **Tiandi Technology**: 30.53 billion CNY [6]. - **Zhongchuang Zhiling**: 37.05 billion CNY [6]. - **SANY International**: 21.91 billion CNY [6]. - **Linzhou Heavy Machinery**: 1.68 billion CNY [6]. - Companies exhibit varying degrees of focus on coal mining machinery, with SANY International and Chuangli Group having over 85% of their revenue from this sector, while Tiandi Technology and Zhongchuang Zhiling derive about 51% of their revenue from coal machinery, indicating a more diversified business layout [8][10]. Market Distribution - SANY International has a significant international sales ratio of 67.16%, while Zhongchuang Zhiling has 32.41% from overseas markets, contrasting with other companies that primarily focus on domestic markets with over 92% of their sales [8][10]. Business Performance - The coal mining machinery industry shows strong market demand, with most companies reporting a sales-to-production ratio exceeding 90%, indicating a healthy match between supply and demand [11]. - Notable performance metrics include: - **Tiandi Technology**: Revenue of 13.87 billion CNY with a gross margin of 30.54% [12]. - **Zhongchuang Zhiling**: Revenue of 19.00 billion CNY with a gross margin of 23.99% [12]. - **SANY International**: Revenue of 21.14 billion CNY with a gross margin of 22.43% [12]. Future Development Plans - Companies are focusing on smart mining solutions and green technologies, with plans to enhance their product offerings and expand into international markets. Key initiatives include: - **Tiandi Technology**: Emphasizing the development of intelligent mining systems and AI applications [14]. - **Zhongchuang Zhiling**: Enhancing smart mining control systems and expanding global market share [14]. - **SANY International**: Focusing on the deployment of unmanned mining vehicles and upgrading intelligent excavation equipment [14].