Core Viewpoint - The coal sector is expected to benefit from a new round of anti-involution and capacity reduction measures initiated by the National Energy Administration, aimed at stabilizing coal supply and optimizing industry order [2][3][9]. Group 1: Policy Announcement - The National Energy Administration issued a notification on July 10, 2025, regarding the organization of coal mine production situation checks to promote stable and orderly coal supply [2][5]. - The notification indicates that the coal supply-demand situation has been generally loose this year, with prices continuously declining, leading some coal enterprises to produce beyond their announced capacity, disrupting market order [3][4]. Group 2: Inspection Scope and Requirements - The inspection will cover coal mines in eight provinces, including Shanxi, Inner Mongolia, and Anhui, focusing on whether the annual coal output exceeds announced capacity and if production plans are reasonable [5][6]. - Violations will be categorized and dealt with according to the nature and severity, with corrective actions mandated for companies exceeding production limits [6][7]. Group 3: Market Reaction and Investment Outlook - Following the announcement, the coal sector saw a significant increase, with a rise of over 6% on July 22, 2025, although it experienced a slight decline the following day [9][10]. - Analysts suggest that the anti-involution measures will help stabilize supply-demand relationships and optimize industry order, with high-quality coal companies still showing strong attributes such as high barriers to entry and cash flow [2][9]. - The current proportion of loss-making companies in the coal industry stands at 53.6%, significantly higher than 35% in 2016, indicating a pressing need for the anti-involution actions to restore profitability [9][11]. Group 4: Price Trends and Future Expectations - As of July 21, 2025, the price of Qinhuangdao 5500 kcal thermal coal was 642 RMB/ton, reflecting a week-on-week increase of 12 RMB/ton, and a rebound of 27 RMB/ton from the yearly low [10]. - Analysts predict that with improved demand and more rational supply releases, coal prices are expected to rise further, creating a safer and more sustainable development environment for the industry [10][11].

二、主要原材料的采购量、消耗量及价格变动情况 山西焦化股份有限公司 2025年第二季度主要经营数据公告 重要提示：本公司及董事会全体成员保证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。 根据《上海证券交易所上市公司自律监管指引第3号——行业信息披露第 十三号—化工》有关规定和披露要求，公司2025年第二季度主要经营数据如 下： | 主要产品 | 经营指标 | 单位 | 2025 年第二季度 | 2025年第一季度 | 变动比率（%） | | --- | --- | --- | --- | --- | --- | | 焦炭 | 产量 | 吨 | 735,647.30 | 731,962.69 | 0.50 | | | 销量 | 吨 | 761,790.27 | 727,501.76 | 4.71 | | | 销售收入 （不含税） | 元 | 981,617,628.62 | 1,055,586,825.97 | -7.01 | | | 平均售价 （不含税） | 元/吨 | 1,288.57 | 1,450.97 | -11.19 | | 沥青 | ...

Core Viewpoint - Shanxi Coking Co., Ltd. reported its operational data for Q2 2025, showing mixed results in production, sales, and revenue across its main products, indicating potential challenges in pricing and market demand [1][2]. Group 1: Main Products Performance - Coking production reached 735,647.30 tons in Q2 2025, a slight increase of 0.50% from Q1 2025 [1]. - Coking sales volume increased by 4.71% to 761,790.27 tons, while sales revenue decreased by 7.01% to ¥981,617,628.62 [1]. - The average selling price of coking dropped by 11.19% to ¥1,288.57 per ton [1]. - Asphalt production decreased by 6.51% to 29,221.94 tons, with sales revenue down by 9.45% to ¥98,788,742.08 [1]. - Industrial naphthalene production increased by 2.17% to 9,111.67 tons, with sales revenue slightly up by 0.77% to ¥39,532,666.68 [1]. - Methanol production rose significantly by 26.07% to 19,495.50 tons, while sales revenue decreased by 2.77% to ¥130,614,383.57 [1]. Group 2: Raw Materials Procurement and Consumption - The procurement volume of raw materials was 989,588.60 tons in Q2 2025, a 0.91% increase from Q1 2025 [2]. - The consumption of raw materials was 1,028,813.74 tons, reflecting a 0.58% increase [2]. - The procurement amount for washed coal was ¥1,000,020,435.97, down by 12.18% compared to Q1 2025 [2]. - The average price of washed coal decreased by 12.97% to ¥1,010.54 per ton [2]. Group 3: Other Significant Matters - No other significant matters affecting the company's production and operations were reported for the quarter [2].

[Current Period Performance Forecast](index=1&type=section&id=One.%20Current%20Period%20Performance%20Forecast) The company expects a net loss attributable to shareholders in H1 2025, ranging from **-87.27 million RMB** to **-72.77 million RMB**, a significant reversal from the prior year's profit H1 Performance Forecast Comparison | Metric | H1 2025 Forecast | H1 2024 Actual | | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | -87.27 million RMB to -72.77 million RMB | 183.98 million RMB | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) | -97.82 million RMB to -83.32 million RMB | 172.75 million RMB | - The performance forecast data represents preliminary calculations by the company's finance department and has not been audited by a certified public accountant[4](index=4&type=chunk) [Prior Year Period Performance Review](index=1&type=section&id=Two.%20Prior%20Year%20Period%20Performance) In H1 2024, the company achieved robust profitability with net profit attributable to shareholders of **183.98 million RMB** and diluted EPS of **0.0718 RMB** H1 2024 Performance Summary | Metric | H1 2024 Performance | | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | 183.98 million RMB | | Net Profit Attributable to Parent Company Shareholders (Excluding Non-Recurring Items) | 172.75 million RMB | | Earnings Per Share | 0.0718 RMB | [Analysis of Main Reasons for Forecasted Loss](index=2&type=section&id=Three.%20Main%20Reasons%20for%20Current%20Period%20Forecasted%20Loss) The forecasted loss primarily stems from the main business remaining unprofitable due to sustained low market prices and a significant year-over-year decrease in investment income from an associate [Impact of Main Business](index=2&type=section&id=Main%20Business%20Impact) Despite improvements from cost control and marketing, the main business remains unprofitable due to persistently low upstream and downstream market prices - In H1 2025, the main business, despite improvements, has not yet escaped losses due to persistently low upstream and downstream market prices[7](index=7&type=chunk) - The company is implementing lean cost control, scientific marketing management, and optimized processes to enhance operational resilience[7](index=7&type=chunk) [Impact of Non-Operating Gains and Losses](index=2&type=section&id=Impact%20of%20Non-Operating%20Gains%20and%20Losses) Investment income from associate China Coal Huajin Group Co., Ltd., in which the company holds a 49% stake, significantly decreased due to a year-over-year profit reduction, negatively impacting overall company profit - Associate China Coal Huajin Group Co., Ltd. (**49% owned by the company**) experienced a year-over-year profit decrease in H1 2025, leading to a corresponding reduction in the company's recognized investment income[7](index=7&type=chunk) [Risk Warning](index=2&type=section&id=Four.%20Risk%20Warning) The company emphasizes that this performance forecast is a preliminary, unaudited calculation by the finance department, with no material uncertainties affecting its accuracy - This performance forecast represents preliminary calculations by the company's finance department and has not been audited by a certified public accountant[8](index=8&type=chunk) - The company confirms there are no material uncertainties affecting the accuracy of this performance forecast[8](index=8&type=chunk) [Other Explanations](index=2&type=section&id=Five.%20Other%20Explanations) The company advises investors that final financial data will be based on the officially disclosed 2025 semi-annual report, recommending rational investment and risk awareness - The final accurate financial data will be subject to the company's officially disclosed 2025 semi-annual report[9](index=9&type=chunk) - The company's designated information disclosure media are China Securities Journal, Shanghai Securities News, and the Shanghai Stock Exchange website[9](index=9&type=chunk)

山西焦化（600740）公告，预计2025年半年度实现归属于母公司所有者的净利润为-8726.92万元 到-7276.92万元，与上年同期1.84亿元相比，将出现亏损。预计2025年半年度实现归属于母公司所有者 的扣除非经常性损益的净利润为-9782.24万元到-8332.24万元。 ...

Core Points - Shanxi Coking Co., Ltd. announced a cash dividend of RMB 0.02 per share for its A shares [1] - The total cash dividend distribution amounts to RMB 51,242,423.08 based on a total share capital of 2,562,121,154 shares [1] Distribution Dates - The record date for the dividend is June 18, 2025, with the last trading day and ex-dividend date both on June 19, 2025 [2] Distribution Implementation - Cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered by the record date [2] - Individual shareholders holding shares for over one year will be exempt from individual income tax on dividends, while those holding for less than one month will incur a 20% tax [2][3] - Qualified Foreign Institutional Investors (QFIIs) will have a 10% withholding tax applied, resulting in a net dividend of RMB 0.018 per share [3][4] - Other institutional investors will not have tax withheld by the company, and the gross dividend of RMB 0.02 per share will be distributed [4] Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the Board Secretary Department of Shanxi Coking Co., Ltd. at the provided phone numbers [4]

证券代码：600740 证券简称：山西焦化 公告编号：2025-020 山西焦化股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.02元 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 16 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本2,562,121,154股为基数，每股派发现金红利 0.02元（含税），共计派发现金红利51,242,423.08元。 1. 发放年度：2024年年度 2. 分派对象： 三、 相关日期 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | ...

Core Viewpoint - The legal opinion provided by Beijing Deheng (Taiyuan) Law Firm confirms the legality of the 2024 annual general meeting of Shanxi Coking Coal Co., Ltd., including the procedures for convening, attendance qualifications, and voting processes [1][3][7]. Group 1: Meeting Legality - The law firm was commissioned to witness the legality of the annual general meeting and to provide legal opinions based on relevant laws and the company's articles of association [1][2]. - The firm verified that the qualifications of attendees and the convenor met the requirements of the Company Law and the company's rules [3][7]. Group 2: Voting Procedures and Results - Eight proposals were voted on during the meeting, with no special resolutions or priority shareholder participation [3][5]. - The voting results showed significant support for the proposals, with the majority of votes in favor, such as 1,571,866,411 shares (99.9833%) for one proposal and 112,282,110 shares (97.9713%) for the small shareholders' total voting situation [3][4][6]. - The law firm confirmed that the voting methods and procedures complied with legal and regulatory requirements, deeming the results valid [7].

北京德恒（太原）律师事务所 关于山西焦化股份有限公司 2024 年年度股东大会的法律意见 地址 Add: 山西省太原市长风商务区长兴路 1 号华润大厦 T6 座 30、31 层 电话 Tel: 0351-8395811 传真 Fax: 0351-8395822 邮编：030006 关于山西焦化股份有限公司 北京德恒（太原）律师事务所 2024 年年度股东大会的法律意见 北京德恒（太原）律师事务所 关于山西焦化股份有限公司 2024 年年度股东大会的法律意见 本法律意见根据《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》（以下简称"《证券法》"）等有关法律、法规、规范性文 件，以及《山西焦化股份有限公司章程》（以下简称"《公司章程》"）、《山西 焦化股份有限公司股东大会议事规则》（以下简称"《股东大会规则》"）而出具。 为出具本法律意见，本所律师审查了公司本次股东大会的有关文件和材料。本 所律师得到公司如下保证，即其已提供了本所律师认为作为出具本法律意见所必需 的材料，所提供的原始材料、副本、复印件等材料、口头证言均符合真实、准确、 完整的要求，有关副本、复印件等材料与原始材料一致 ...

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。 证券代码：600740 证券简称：山西焦化 公告编号：2025-019 山西焦化股份有限公司 2024年年度股东大会决议公告 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 05 月 16 日 (二) 股东大会召开的地点：公司办公楼四楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份 情况： | 1、出席会议的股东和代理人人数 | 352 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数 | 1,573,791,322 | | （股） | | | 3、出席会议的股东所持有表决权股份数占公司 | 61.4253 | | 有表决权股份总数的比例（%） | | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情 况等。 本次股东大会由公司董事会召集，李峰董事长主持。会议采用现场投票 和网络投票相结合的方式进行表决。会议召开和表决符合《公司法》及《公 司章程 ...