山西焦化股份有限公司 2025 年第三季度报告 证券代码：600740 证券简称：山西焦化 山西焦化股份有限公司 2025 年第三季度报告 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： 公司董事会及董事、高级管理人员保证季度报告内容的真实、准确、完整，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。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比 上年同期增 | | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | | | | | 年初至报告期末 | | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 1,363,176,567.66 | -9.58 | 4,588,681, ...

证券代码：600740 证券简称：山西焦化 编号：临2025-031号 山西焦化股份有限公司 董事会决议公告 特别提示：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 整性承担个别及连带责任。 一、董事会会议召开情况 山西焦化股份有限公司第九届董事会第二十六次会议通知于 2025 年 10 月 14 日以送达、邮件和电话方式发出，会议于 2025 年 10 月 24 日 在本公司以现场和通讯方式召开。本次会议应出席董事 9 人，实际出席 9 人，会议由李峰董事长主持，公司高级管理人员列席了会议，本次会 议的召开符合《公司法》等有关法律、法规和《公司章程》的规定。 二、董事会会议审议情况 （一） 2025 年第三季度报告 公司《2025 年第三季度报告》已经公司第九届董事会审计委员会 2025 年第五次会议审议通过，并同意提交董事会审议。公司定于 2025 年 10 月 28 日在上海证券交易所网站、中国证券报、上海证券报上披露 2025 年第三季度报告。 （四） 关于修订《董事会提名委员会工作细则》的议案 根据《公司法》《关于新公司法配套制度规 ...

Core Insights - The coke sector experienced a 0.43% increase on October 27, with Shaanxi Black Cat leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] Sector Performance - Shaanxi Black Cat (601015) closed at 4.27, up 3.64% with a trading volume of 1.4962 million shares and a turnover of 631 million yuan [1] - Antai Group (600408) closed at 2.94, up 2.44% with a trading volume of 1.9995 million shares and a turnover of 581 million yuan [1] - Shanxi Coking Coal (600740) closed at 4.29, up 0.94% with a trading volume of 892,600 shares and a turnover of 381 million yuan [1] - Baotailong (601011) closed at 3.75, up 0.54% with a trading volume of 2.26 million shares and a turnover of 843 million yuan [1] - Yunnan Coal Energy (600792) closed at 4.65, up 0.43% with a trading volume of 1.0496 million shares and a turnover of 484 million yuan [1] - Meijin Energy (000723) closed at 4.89, down 1.01% with a trading volume of 948,200 shares and a turnover of 464 million yuan [1] - Yunwei Co. (600725) closed at 3.68, down 1.34% with a trading volume of 327,100 shares and a turnover of 121 million yuan [1] Capital Flow - The coke sector saw a net inflow of 134 million yuan from main funds, while retail funds experienced a net outflow of 93.52 million yuan [1] - Main fund inflows for Shaanxi Black Cat amounted to 50.44 million yuan, while retail funds saw a net outflow of 21.87 million yuan [2] - Antai Group had a main fund inflow of 29.62 million yuan, with retail funds experiencing a net outflow of 20.80 million yuan [2] - Baotailong recorded a main fund inflow of 20.23 million yuan, with retail funds seeing a net outflow of 0.49 million yuan [2] - Meijin Energy had a main fund inflow of 12.63 million yuan, while retail funds experienced a net outflow of 33.43 million yuan [2] - Yunnan Coal Energy saw a main fund inflow of 10.28 million yuan, with retail funds experiencing a net outflow of 0.12 million yuan [2] - Shanxi Coking Coal recorded a main fund inflow of 8.98 million yuan, while retail funds saw a net outflow of 1.75 million yuan [2] - Yunwei Co. had a main fund inflow of 2.02 million yuan, with retail funds experiencing a net inflow of 0.62 million yuan [2]

Core Viewpoint - Shanxi Coking's stock price has shown a modest increase this year, with a notable rise in recent trading days, despite a decline in revenue and net profit for the first half of 2025 [1][2]. Group 1: Stock Performance - On October 27, Shanxi Coking's stock rose by 2.35%, reaching 4.35 CNY per share, with a trading volume of 224 million CNY and a turnover rate of 2.05%, resulting in a total market capitalization of 11.145 billion CNY [1]. - Year-to-date, Shanxi Coking's stock price has increased by 8.48%, with a 0.23% rise over the last five trading days, 7.67% over the last 20 days, and 3.82% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on October 23, where it recorded a net purchase of 63.5265 million CNY [1]. Group 2: Financial Performance - For the first half of 2025, Shanxi Coking reported an operating revenue of 3.226 billion CNY, a year-on-year decrease of 18.23%, and a net profit attributable to shareholders of -77.6111 million CNY, representing a year-on-year decline of 142.18% [2]. - Since its A-share listing, Shanxi Coking has distributed a total of 2.167 billion CNY in dividends, with 692 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Shanxi Coking was 78,400, a decrease of 2.14% from the previous period, with an average of 32,693 circulating shares per shareholder, an increase of 2.18% [2]. - Among the top ten circulating shareholders, Guotai Zhongxin Coal ETF holds 19.8786 million shares, an increase of 4.0954 million shares compared to the previous period, while Hong Kong Central Clearing Limited holds 12.4704 million shares, a decrease of 1.3030 million shares [3].

Core Viewpoint - The coal mining and processing sector is experiencing a significant downturn, with major companies facing substantial declines in stock prices [1] Company Summary - Antai Group has seen a drop of over 9% in its stock price [1] - Yunmei Energy and Liaoning Energy both reported declines exceeding 8% [1] - Baotailong also experienced a similar drop of over 8% [1] - Shaanxi Black Cat and Shanxi Coking Coal followed suit with declines in their stock prices [1]

Core Insights - The A-share and Hong Kong stock markets saw a positive turn towards the end of trading on October 23, with over half of the more than 1,300 ETFs in the market rising, particularly in sectors like coal, chemicals, and non-ferrous metals [1][2] - The coal sector led the market with a 1.75% increase, and the coal ETF (515220) rose by 2.46%, ranking second in overall ETF performance [1] - Despite a significant drop in gold ETFs, there was still a net inflow of approximately 45.5 billion yuan into gold-related ETFs, indicating a continued interest in safe-haven assets [2] ETF Market Performance - On October 22, the overall ETF market experienced a net inflow of about 2.5 billion yuan, with notable inflows into gold ETFs despite their decline [1][2] - The coal ETF's performance was particularly strong, with 29 out of 30 constituent stocks rising, including seven hitting the daily limit up [1] - Other sectors, such as chemicals and rare metals, also saw good performance attributed to global liquidity easing and expectations of resource price increases [2] Investment Sentiment - The market is currently exhibiting signs of risk aversion, with funds flowing into safer assets like gold ETFs and bond ETFs, while high-volatility ETFs faced net outflows [2] - Analysts suggest that the current market dynamics are influenced by factors such as liquidity conditions, event impacts, and changes in trading sentiment, which may provide good entry points for investors [2] - Long-term outlook remains positive for the stock market, supported by declining risk-free interest rates, ample liquidity, and favorable corporate earnings expectations [2]

Core Viewpoint - The coal sector in the A-share market has experienced a significant turnaround, with a surge in stock prices following a period of underperformance, driven by a combination of supply-demand dynamics and a shift in investor sentiment towards high-dividend stocks [1][2]. Group 1: Market Performance - The coal sector has seen a remarkable increase, with the Shenwan Coal Index rising over 11% in October, contrasting sharply with a 10% decline in the electronic industry index during the same period [1][2]. - Major coal stocks, including Daqo Energy and Shanxi Coking Coal, have reached their daily price limits, indicating strong market interest [1]. - Prior to this surge, the coal sector was the worst-performing segment in the A-share market, with a cumulative decline of 7.16% from January to September [1]. Group 2: Supply and Demand Dynamics - The coal market has benefited from a rebound in prices due to a tight supply-demand balance, with third-quarter coal production dropping to 1.166 billion tons, a year-on-year decrease of 2.98% [3][5]. - The demand for coal has been supported by a recovery in electricity consumption, particularly due to unusual weather patterns that increased coal consumption to historical highs [3][4]. - The upcoming winter heating season is expected to further boost coal demand, with supply constraints anticipated due to ongoing production checks [4][5]. Group 3: Investor Sentiment and Strategy - Investors are shifting focus from overheated technology stocks to undervalued sectors like coal, which are perceived to have improving fundamentals and attractive dividend yields [2][5]. - The coal sector is seen as a defensive play, with its high dividend characteristics appealing to investors amid declining risk appetite [2][5]. - Analysts suggest that the recent price rebound in coal is crucial for restoring confidence in the sector, as it breaks the previous negative sentiment regarding future price declines [2].

Core Points - The Shanghai Composite Index rose by 0.22% on October 23, with 21 out of 28 sectors experiencing gains, led by coal and oil & petrochemicals, which increased by 1.75% and 1.53% respectively [1] - The coal industry topped the gainers' list, while the communication and real estate sectors saw declines of 1.51% and 0.99% respectively [1] - Overall, there was a net outflow of 33.733 billion yuan in the main funds across the two markets, with six sectors seeing net inflows, primarily in coal [1] Industry Summary - The coal industry experienced a 1.75% increase with a net inflow of 1.465 billion yuan, where 34 out of 37 stocks rose, including 8 that hit the daily limit [2] - The top three stocks in terms of net inflow were Zhengzhou Coal Electricity (2.71 billion yuan), Shanxi Coking Coal (1.82 billion yuan), and Shaanxi Black Cat (1.69 billion yuan) [2] - The coal sector had six stocks with net outflows exceeding 10 million yuan, led by Baotailong, Dayou Energy, and Yanzhou Coal Mining, with outflows of 103 million yuan, 6.258 million yuan, and 4.727 million yuan respectively [2][3]

Market Overview - A-shares experienced a weak downward trend in the morning but stabilized and rebounded in the afternoon, with all three major indices closing in the green [1] - The Shanghai Composite Index rose by 0.22% to 3922.41 points, while the Shenzhen Component Index also increased by 0.22% to 13025.45 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 166.09 billion yuan, a decrease of nearly 30 billion yuan from the previous day [1] Sector Performance - The coal sector saw significant gains, with stocks like Daya Energy achieving 9 limit-ups in the last 10 trading days, accumulating a nearly 150% increase [1][16] - The brokerage sector also performed well, with stocks such as Harbin Investment and Guosen Securities leading the gains [1] - The media sector was active, with companies like Rongxin Culture and Haikan Co. hitting the limit-up [1] - The quantum technology concept stocks surged, with Keda Guokuan and Dahua Intelligent both hitting the limit-up [2][3] Quantum Technology - The quantum technology sector saw a substantial late-session rally, with stocks like Keda Guokuan and Dahua Intelligent rising by approximately 10% within five minutes [3] - Keda Guokuan reached a limit-up of 20%, while other stocks like Dahua Intelligent and Shenzhou Information also hit their limit-ups [3][4] - Recent advancements in quantum communication technology by China Telecom's Quantum Research Institute have been recognized internationally, enhancing China's technological standing in this field [5] Coal Sector Insights - The coal sector is expected to see a shift from structural oversupply to a tight balance due to increased demand for winter heating and industrial activity [18] - Regulatory policies are expected to constrain coal supply, while demand is anticipated to rise, supporting coal prices in the short term [18][19] - The overall valuation of the coal sector is considered low, with potential for rebound as market sentiment shifts [19] Shenzhen State-Owned Enterprises - The Shenzhen state-owned enterprises sector saw a collective surge, with stocks like Jian Ke Yuan hitting a limit-up of 20% [21] - The recent action plan released by Shenzhen aims to enhance the quality of listed companies and promote mergers and acquisitions, targeting a total market value of over 20 trillion yuan by 2027 [21]

Group 1 - The coal sector saw an increase of 1.97%, ranking fifth among concept sectors, with 68 stocks rising, including Shaanxi Black Cat, Shanxi Coking Coal, and Yunmei Energy hitting the daily limit [1] - Leading stocks in the coal sector included Zhongfu Industrial, Shanxi Coking Coal, and Hengyuan Coal Power, which rose by 5.98%, 4.83%, and 4.78% respectively [1] - The top decliners in the sector were Northern International, Quzhou Development, and Jiangxi Tungsten Equipment, which fell by 5.32%, 2.25%, and 2.23% respectively [1] Group 2 - The coal sector attracted a net inflow of 1.238 billion yuan, with 45 stocks receiving net inflows, and 8 stocks exceeding 100 million yuan in net inflows [2] - Zhengzhou Coal Power led the net inflow with 271 million yuan, followed by Shanxi Coking Coal, Shaanxi Black Cat, and Shanxi Coal, which received net inflows of 182 million yuan, 169 million yuan, and 168 million yuan respectively [2] - The net inflow ratios for Zhengzhou Coal Power, Shaanxi Black Cat, and Yunmei Energy were 60.34%, 44.11%, and 40.88% respectively [3] Group 3 - The top stocks in the coal sector based on net inflow included Zhengzhou Coal Power, Shanxi Coking Coal, and Shaanxi Black Cat, with respective daily price increases of 10.02%, 10.07%, and 10.12% [3][4] - Other notable stocks included Antai Group, which rose by 10.00%, and Yunmei Energy, which increased by 10.06% [4] - The overall trading activity in the coal sector was characterized by significant turnover rates, with some stocks like Antai Group reaching a turnover rate of 20.83% [4]