[Definitions](index=4&type=section&id=Item%20I.%20Definitions) This chapter defines specific terms and abbreviations used in the report, covering the company, its affiliates, subsidiaries, and regulatory bodies, to ensure content consistency and clarity - This chapter primarily explains specific terms and abbreviations used in the report, including the company, its affiliates, subsidiaries, and regulatory bodies, to ensure consistency and clarity of the report content[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=Item%20II.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's fundamental information and its key financial performance metrics over recent periods [Company Basic Information](index=4&type=section&id=I.%20Company%20Information) This chapter provides the company's basic business registration information, contact details, information disclosure channels, and stock overview, with its Chinese abbreviation "Yunmei Energy" and stock code 600792 listed on the Shanghai Stock Exchange Company Basic Information | Item | Information | | :--- | :--- | | Chinese Name | Yunnan Coal Energy Co., Ltd. | | Chinese Abbreviation | Yunmei Energy | | Stock Code | 600792 (A-share), 122258 (Corporate Bond) | | Listing Exchange | Shanghai Stock Exchange | | Legal Representative | Peng Wei | [Key Accounting Data and Financial Indicators for the Past Three Years](index=6&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Past%20Three%20Years) In 2018, the company's operating revenue grew **22.07%**, net profit attributable to shareholders turned profitable at **CNY 192 million**, and operating cash flow increased **32.80%**, reflecting enhanced core business profitability Key Accounting Data (Unit: CNY) | Key Accounting Data | 2018 | 2017 | YoY Change (%) | 2016 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 5,399,279,342.17 | 4,422,929,775.19 | 22.07 | 3,375,166,041.60 | | Net Profit Attributable to Shareholders of Listed Company | 191,643,022.93 | -48,638,680.59 | N/A | 48,542,597.11 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 148,576,648.48 | -80,011,574.61 | N/A | -299,694,348.22 | | Net Cash Flow from Operating Activities | 517,667,103.35 | 389,795,893.34 | 32.80 | 628,395,566.65 | | Net Assets Attributable to Shareholders of Listed Company | 3,107,025,729.00 | 2,915,325,719.38 | 6.58 | 2,972,228,313.50 | | Total Assets | 5,359,583,313.02 | 5,268,274,448.16 | 1.73 | 6,413,511,916.25 | Key Financial Indicators | Key Financial Indicators | 2018 | 2017 | YoY Change (%) | 2016 | | :--- | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.19 | -0.05 | N/A | 0.05 | | Weighted Average Return on Net Assets (%) | 6.36 | -1.65 | Increased by 8.01 percentage points | 1.65 | | Weighted Average Return on Net Assets (Excluding Non-recurring Gains/Losses) (%) | 4.93 | -2.72 | Increased by 7.65 percentage points | -10.17 | [2018 Quarterly Financial Data](index=7&type=section&id=IX.%202018%20Quarterly%20Financial%20Data) The company's 2018 performance improved quarter-over-quarter, with strong Q3 and Q4 growth; operating revenue steadily rose, and net profit attributable to shareholders turned positive in H2, peaking at **CNY 107 million** in Q4 2018 Quarterly Key Financial Data (Unit: CNY) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,210,775,618.73 | 1,255,423,622.30 | 1,361,813,616.95 | 1,571,266,484.19 | | Net Profit Attributable to Shareholders of Listed Company | 6,312,671.54 | -2,338,879.44 | 80,705,547.28 | 106,963,683.55 | | Net Cash Flow from Operating Activities | 32,921,225.01 | 27,221,213.43 | 216,512,087.91 | 241,012,577.00 | [Non-recurring Gains and Losses](index=7&type=section&id=X.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) In 2018, total non-recurring gains and losses were **CNY 43.0664 million**, mainly from **CNY 35.3746 million** investment income from asset disposal and **CNY 11.9479 million** government subsidies, significantly contributing to net profit Non-recurring Gains and Losses Items (Unit: CNY) | Non-recurring Gains and Losses Item | 2018 Amount | 2017 Amount | | :--- | :--- | :--- | | Government Subsidies Recognized in Current Profit/Loss | 11,947,902.00 | 35,304,258.52 | | Investment Income from Disposal of Available-for-Sale Financial Assets | 35,374,600.00 | 0.00 | | Other Non-operating Income and Expenses Excluding the Above | 1,541,434.54 | -4,205,555.11 | | **Total** | **43,066,374.45** | **31,372,894.02** | [Company Business Overview](index=8&type=section&id=Item%20III.%20Company%20Business%20Overview) This section outlines the company's primary business activities, operational strategies, and the prevailing conditions within its industry [Main Business, Operating Model, and Industry Overview](index=8&type=section&id=I.%20Description%20of%20Main%20Business%2C%20Operating%20Model%2C%20and%20Industry%20Situation%20During%20the%20Reporting%20Period) The company's main business is coal coking, with core products being coke for steel smelting, alongside chemical by-products like coal gas and methanol; its wholly-owned subsidiary, Kunsteel Heavy Equipment, engages in equipment manufacturing, with the coking industry's profitability closely tied to the downstream steel industry's prosperity, which saw significant coke price increases and profit recovery in 2018 due to supply-side reform and environmental policies - The company's main business is coal coking, producing and selling coke and related chemical products, with coke being a crucial raw material for the steel industry, significantly influenced by downstream steel mill prosperity[29](index=29&type=chunk) - In 2018, the coke market experienced tight supply and significant price increases, leading to a substantial recovery in industry profits, benefiting from the steel industry's supply-side reform and stricter coking industry capacity reduction and environmental policies[30](index=30&type=chunk)[31](index=31&type=chunk) [Analysis of Core Competencies](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competencies%20During%20the%20Reporting%20Period) The company's core competencies stem from stable sales through strategic cooperation with Kunsteel Group, enhanced coke quality and cost reduction via technology and refined management, continuous R&D and innovation leading to patents and national standards, and the strong technical capabilities and qualifications of its subsidiary Kunsteel Heavy Equipment - Leveraging its controlling shareholder Kunsteel Holding, the company maintains a long-term strategic partnership with Wuhan Iron and Steel Group Kunming Iron and Steel Co., Ltd., ensuring stable coke product sales and enhancing market risk resilience[32](index=32&type=chunk) - The company prioritizes technological innovation, securing multiple patent authorizations in 2018 and officially implementing the national standard 'Determination of Ammonia Nitrogen Content in Coking Wastewater - Formaldehyde Method,' enhancing its industry influence[33](index=33&type=chunk) - Wholly-owned subsidiary Kunsteel Heavy Equipment Group possesses strong technical capabilities and production qualifications in heavy equipment manufacturing, particularly holding provincial competitive advantages in lifting and transportation equipment and mining and metallurgical equipment, and mastering independent EB furnace manufacturing technology[34](index=34&type=chunk)[35](index=35&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Item%20IV.%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive discussion and analysis of the company's operational performance, financial condition, and future outlook [Overall Analysis of Operating Performance](index=10&type=section&id=I.%20Management%20Discussion%20and%20Analysis) In 2018, the company achieved all operating targets, benefiting from a favorable steel market driven by supply-side reform; it effectively adjusted coal and coke prices through market analysis, enhanced coke output and quality via technical improvements and full-capacity production, strengthened internal management and performance assessment, maintained stable safety and environmental compliance, and made new progress in technological innovation, laying a foundation for competitiveness and transformation - Strengthened market analysis by establishing a market analysis department, enhancing price trend judgment capabilities and effectively preventing coal and coke price inversions[38](index=38&type=chunk) - Designated 2018 as the 'Coke Quality Improvement Year,' significantly improving coke quality through technical breakthroughs and enhanced management; both Anning Branch and Shizong Company achieved high and stable production, leading to a notable year-on-year increase in total coke output[38](index=38&type=chunk)[39](index=39&type=chunk) - Promoted technological and management innovation, securing **17 utility model patents**, **1 software copyright**, and **1 invention patent** throughout the year, and initiated a low-cost high-end titanium ingot casting project, laying the foundation for the transformation and development of its heavy equipment business[40](index=40&type=chunk) [Key Operating Performance During the Reporting Period](index=12&type=section&id=II.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) During the reporting period, the company achieved operating revenue of **CNY 5.399 billion**, a **22.07%** year-on-year increase, and net profit attributable to shareholders of **CNY 192 million**, successfully turning losses into profits; double-digit growth in coke production and sales was the primary driver of performance improvement, with significant profitability enhancement attributed to the improved steel market, full-capacity production, and cost control measures [Analysis of Income Statement and Cash Flow Statement](index=12&type=section&id=Analysis%20Table%20of%20Changes%20in%20Income%20Statement%20and%20Cash%20Flow%20Statement%20Items) In 2018, the company's operating revenue and cost increased by **22.07%** and **17.57%** respectively, leading to an improved gross margin; investment income significantly rose by **CNY 35.277 million** due to the transfer of Chengdu Touzhiruifeng LP shares, resulting in both operating profit and net profit turning losses into gains, indicating a substantial improvement in profitability; net cash flow from operating activities increased by **32.80%**, while investing cash flow turned negative due to large investment principal recovery in the prior period and increased capital expenditures in the current period, and financing cash outflow significantly decreased due to lower loan repayments Key Income Statement and Cash Flow Statement Item Changes | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 5,399,279,342.17 | 4,422,929,775.19 | 22.07 | Increased sales volume and selling prices | | Operating Cost | 4,803,424,320.29 | 4,085,733,898.21 | 17.57 | Increased production leading to higher costs | | Investment Income | 35,276,990.02 | -575,561.21 | N/A | Investment income recognized from transfer of Chengdu Touzhiruifeng LP shares | | Operating Profit | 224,373,658.56 | -51,531,771.29 | N/A | Improved market, effective production organization, cost reduction, and efficiency enhancement | | Net Cash Flow from Operating Activities | 517,667,103.35 | 389,795,893.34 | 32.80 | Increased profitability of main business | | Net Cash Flow from Investing Activities | -45,140,683.86 | 353,469,641.29 | -112.77 | Recovery of investment principal in prior period and increased capital expenditures in current period | | Net Cash Flow from Financing Activities | -335,804,351.77 | -767,655,421.29 | 56.26 | Reduced repayment of financial institution loans compared to prior period | [Main Business Segment Performance](index=14&type=section&id=Main%20Business%20by%20Industry%2C%20Product%20and%20Region) In 2018, the company's main business revenue increased by **21.01%**, with gross margin rising by **3.66 percentage points** to **10.71%**; coal chemical business was the primary revenue contributor, growing by **24.48%** with a **4.48 percentage point** gross margin increase, while core product coke revenue grew by **27.25%** with a **6.10 percentage point** gross margin increase; however, coal gas and coal chemical by-products saw declining gross margins due to rising costs, and by region, Qujing City's business grew fastest, with revenue up **35.92%** and gross margin up **8.05 percentage points** Main Business by Product | By Product | Operating Revenue (CNY) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | | Coke | 4,195,842,800.29 | 17.97 | 27.25 | Increased by 6.10 percentage points | | Coal Gas | 173,946,829.01 | -90.35 | 3.31 | Decreased by 34.25 percentage points | | Coal Chemical By-products | 379,618,963.02 | -27.46 | 8.62 | Decreased by 6.79 percentage points | | Equipment Manufacturing | 328,718,547.90 | 18.65 | 15.22 | Decreased by 4.04 percentage points | | **Total** | **5,267,683,725.76** | **10.71** | **21.01** | **Increased by 3.66 percentage points** | - Coke sales volume increased by **307,300 tons** year-on-year, and the average selling price increased by **CNY 156.99 per ton**, which were the primary drivers of revenue growth[46](index=46&type=chunk)[47](index=47&type=chunk) - The decline in coal gas gross margin was primarily due to a decrease in selling price per unit and an increase in raw coal and labor costs; the decrease in coal chemical by-products gross margin was mainly due to rising raw coking coal prices and increased unit costs from desulfurization and denitrification project investments[51](index=51&type=chunk)[52](index=52&type=chunk) [Asset and Liability Analysis](index=18&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) As of the end of 2018, the company's total assets were **CNY 5.360 billion**, a slight **1.73%** increase from the beginning of the period; in asset structure, monetary funds significantly increased by **87.61%** due to enhanced profitability, while available-for-sale financial assets sharply decreased by **91.30%** due to LP share transfers; in liability structure, other payables and long-term payables both significantly declined due to repayments, resulting in an overall asset-liability ratio of **40.74%**, down **1.91 percentage points** year-on-year, with **CNY 878.06 million** in restricted assets at period-end, mainly related to finance lease fixed assets, intangible assets, and bank deposits Key Balance Sheet Item Changes | Item Name | Current Period End Balance (CNY) | Prior Period End Balance (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 400,271,822.49 | 213,355,721.23 | 87.61 | Company's profitability enhanced during the reporting period | | Available-for-Sale Financial Assets | 30,500,000.00 | 350,500,000.00 | -91.30 | Due to transfer of Chengdu Touzhiruifeng LP shares during the reporting period | | Long-term Payables | 113,873,620.06 | 269,097,140.75 | -57.68 | Due to repayment of some finance lease borrowings during the reporting period | | Retained Earnings | -294,475,652.49 | -484,032,840.26 | N/A | Due to company's operating accumulation during the reporting period | Major Restricted Assets at Period-End | Item | Year-end Carrying Value (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 97,594,033.43 | Letters of credit, bank acceptance bill deposits, and frozen accounts | | Fixed Assets | 684,847,704.73 | Sale-leaseback finance lease assets | | Intangible Assets | 95,617,085.40 | Sale-leaseback mortgage | | **Total** | **878,058,823.56** | | [Industry Operating Information Analysis](index=19&type=section&id=Industry%20Operating%20Information%20Analysis) In 2018, guided by the "13th Five-Year Plan" and "Three-Year Action Plan for Winning the Blue Sky Defense War," the coking industry continued supply-side reform and environmental upgrades, showing a trend of increasing volume and rising prices, with coke output slightly up and prices fluctuating to a near-decade high, significantly improving industry profits; as a major coking enterprise in Yunnan Province, the company boasts leading domestic process equipment, brand advantages, and a centralized management model for procurement and sales, actively engaging in R&D innovation and transparently disclosing production processes and capacity utilization - Core industry policies focus on capacity reduction, industrial upgrading, and stricter environmental regulations, with the '13th Five-Year Plan for Coking Industry Development' mandating elimination of outdated capacity and higher environmental standards, and the 'Three-Year Action Plan for Winning the Blue Sky Defense War' strengthening pollution control in key regions[65](index=65&type=chunk)[66](index=66&type=chunk) - Key operating characteristics of the coking industry in 2018 included a **0.8%** year-on-year increase in coke output; prices initially suppressed then rose, with an overall upward trend; both export volume and price increased; and industry profits reached a historical high, with an average gross profit of **CNY 382 per ton** for coke enterprises[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) Capacity and Operating Status | Main Plant or Project | Design Capacity | Capacity Utilization Rate (%) | | :--- | :--- | :--- | | Anning Branch Coking Project | 1 million tons/year | 103.69% | | Shizong Coal Coking Project | 980,000 tons/year | 94.90% | | Shizong Coal Coking Methanol Project | 100,000 tons/year | 48.46% | [Discussion and Analysis of Future Development](index=26&type=section&id=Discussion%20and%20Analysis%20of%20the%20Company%27s%20Future%20Development) The company anticipates future trends in the coking industry to include a prominent coal-coke-steel industry chain advantage, continuously stricter environmental requirements, and increased industry concentration; based on this, it has formulated a strategy to gradually exit the coal chemical business and transition into high-end advanced equipment manufacturing, while also planning for clean energy and modern logistics industries, with a 2019 target of producing **2.1 million tons** of coke and achieving **CNY 5.6 billion** in revenue, while also identifying major risks such as macroeconomic fluctuations, industrial policies, environmental regulations, safety management, and high reliance on related party sales - Company development strategy: gradually exit the coal chemical business, leverage capital market advantages to complete the transformation and upgrading of traditional equipment manufacturing within **3-5 years**, enter the high-end advanced equipment manufacturing sector, and strategically deploy in clean energy and modern logistics industries[96](index=96&type=chunk) 2019 Operating Plan | Product | Planned Output | | :--- | :--- | | Coke | 2.1 million tons | | Chemical Products | 178,300 tons | | Coal Mining Products | 175,000 tons | | **Operating Revenue** | **CNY 5.6 billion** | - Key risks faced by the company include: macroeconomic fluctuations impacting downstream steel industry demand, changes in coking industry policies, increased costs due to stricter environmental standards, production safety management, and a high proportion of sales to related party Wuhan Iron and Steel Kunming[98](index=98&type=chunk)[99](index=99&type=chunk) [Significant Matters](index=29&type=section&id=Item%20V.%20Significant%20Matters) This section details important events and decisions impacting the company, including profit distribution, fulfillment of commitments, major related-party transactions, and social responsibility initiatives [Profit Distribution Plan](index=29&type=section&id=I.%20Ordinary%20Share%20Profit%20Distribution%20or%20Capital%20Reserve%20to%20Share%20Capital%20Increase%20Plan) During the reporting period, the company formulated the "Shareholder Dividend Return Plan for the Next Three Years (2018-2020)"; however, as of the end of 2018, the company's retained earnings were negative (**-CNY 294 million**), not meeting the dividend conditions, thus the board proposed no cash dividends or capital reserve to share capital increase for 2018, consistent with no dividend distribution in the past three years - Due to accumulated losses from prior years, the company's retained earnings as of the end of the reporting period were **-CNY 294,475,652.49**, thus the company proposes no cash distribution or capital reserve to share capital increase for 2018[5](index=5&type=chunk)[101](index=101&type=chunk) [Fulfillment of Commitments](index=31&type=section&id=II.%20Fulfillment%20of%20Commitments) During the reporting period, controlling shareholder Kunsteel Holding strictly fulfilled long-term commitments regarding maintaining the listed company's independence, standardizing related-party transactions, and avoiding horizontal competition; however, Kunsteel Heavy Equipment Group failed to meet its 2018 performance commitment from the 2016 asset swap, with actual net profit (excluding non-recurring items) of **CNY 4.4735 million**, falling short of the **CNY 25 million** target, requiring Kunsteel Holding to compensate the company **CNY 18.8403 million** in cash per the agreement - Kunsteel Heavy Equipment Group's net profit after deducting non-recurring gains and losses for 2018 was **CNY 4,473,516.63**, failing to meet the committed target of no less than **CNY 25 million**[112](index=112&type=chunk) - According to the performance commitment agreement, controlling shareholder Kunsteel Holding must compensate Yunmei Energy with **CNY 18,840,304.45** in cash for the difference by May 12, 2019[113](index=113&type=chunk)[126](index=126&type=chunk) [Significant Related Party Transactions](index=37&type=section&id=XIV.%20Significant%20Related%20Party%20Transactions) The company engaged in multiple related-party transactions related to daily operations, primarily selling coke and purchasing raw materials from related parties, all of which followed appropriate approval procedures; additionally, the company completed a significant asset sale related-party transaction, transferring part of its stake in Chengdu Touzhiruifeng Investment Center (Limited Partnership) to related party Kunsteel Real Estate to revitalize funds - To revitalize funds, the company and its subsidiary Shizong Coal Coking transferred part of their shares in Chengdu Touzhiruifeng Investment Center (Limited Partnership) to related party Kunsteel Real Estate, a transaction completed by the end of the reporting period[87](index=87&type=chunk)[123](index=123&type=chunk) [Work on Actively Fulfilling Social Responsibilities](index=41&type=section&id=XVII.%20Work%20on%20Actively%20Fulfilling%20Social%20Responsibilities) The company actively fulfills its social responsibilities, participating in targeted poverty alleviation in Haidai Town, Xuanwei City, Yunnan Province, under the unified plan of its controlling shareholder Kunsteel Company, including leadership support, personnel deployment, and charitable product purchases, raising **CNY 394,602** in poverty alleviation funds in 2018; as a key pollutant-discharging entity, the company also transparently disclosed its pollutant discharge information, environmental investments, and pollution control facility operations, with environmental investments totaling **CNY 52.7139 million**, accounting for **0.98%** of operating revenue during the reporting period - In 2018, under the unified arrangement of Kunsteel Company, the company carried out targeted poverty alleviation work in Haidai Town, Xuanwei City, raising a total of **CNY 394,602** in poverty alleviation funds through leadership support, personnel deployment, and charitable purchases[131](index=131&type=chunk)[132](index=132&type=chunk) Environmental Investment Status | Environmental Investment Funds (Unit: CNY 10,000) | Proportion of Investment Funds to Operating Revenue (%) | | :--- | :--- | | 5,271.39 | 0.98 | [Changes in Ordinary Shares and Shareholder Information](index=44&type=section&id=Item%20VI.%20Changes%20in%20Ordinary%20Shares%20and%20Shareholder%20Information) This section details any changes in the company's ordinary share capital and provides an overview of its shareholder structure [Changes in Ordinary Share Capital](index=44&type=section&id=I.%20Changes%20in%20Ordinary%20Share%20Capital) During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure - During the reporting period, there were no changes in the company's total ordinary share capital or share capital structure[143](index=143&type=chunk) [(II) Top Ten Shareholders and Top Ten Circulating Shareholders (or Unrestricted Shareholders) as of the End of the Reporting Period](index=45&type=section&id=%28II%29%20Top%20Ten%20Shareholders%20and%20Top%20Ten%20Circulating%20Shareholders%20%28or%20Unrestricted%20Shareholders%29%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the end of 2018, the company had **37,923** shareholders; the top two shareholders, Kunming Iron and Steel Holding Co., Ltd. and Yunnan Yuntianhua Group Co., Ltd., both state-owned legal entities, held **60.19%** and **10.31%** respectively, indicating a highly concentrated equity structure, with a portion of the controlling shareholder Kunsteel Holding's shares (**246.9 million shares**) pledged Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-End (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Kunming Iron and Steel Holding Co., Ltd. | 595,841,429 | 60.19 | State-owned Legal Entity | | Yunnan Yuntianhua Group Co., Ltd. | 102,083,000 | 10.31 | State-owned Legal Entity | | Zhang Qunying | 7,611,800 | 0.77 | Domestic Natural Person | | Central Huijin Asset Management Co., Ltd. | 1,899,000 | 0.19 | State-owned Legal Entity | - Controlling shareholder Kunming Iron and Steel Holding Co., Ltd. pledged **246,900,000** of its company shares[147](index=147&type=chunk) [Directors, Supervisors, Senior Management, and Employees](index=50&type=section&id=Item%20VIII.%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Employees) This section provides information on the company's board of directors, supervisory board, senior management, and overall employee structure [(I) Changes in Shareholdings and Remuneration of Current and Departed Directors, Supervisors, and Senior Management During the Reporting Period](index=50&type=section&id=%28I%29%20Changes%20in%20Shareholdings%20and%20Remuneration%20of%20Current%20and%20Departed%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management%20During%20the%20Reporting%20Period) During the reporting period, none of the company's directors, supervisors, or senior management held company shares, with no changes in their shareholdings; in 2018, the total pre-tax remuneration paid to directors, supervisors, and senior management was **CNY 3.5656 million**, with Chairman Mr. Peng Wei receiving **CNY 570,600** and General Manager Mr. Li Li receiving **CNY 416,700** Remuneration of Selected Directors, Supervisors, and Senior Management (Unit: CNY 10,000) | Name | Position | Total Pre-tax Remuneration Received from Company During Reporting Period | | :--- | :--- | :--- | | Peng Wei | Chairman, Party Secretary | 57.06 | | Li Li | Director, General Manager | 41.67 | | Zhang Kunhua | Director, Deputy General Manager | 35.43 | | **Total** | **/** | **356.56** | [Employee Information](index=56&type=section&id=VI.%20Employee%20Information%20of%20Parent%20Company%20and%20Major%20Subsidiaries) As of the end of the reporting period, the company and its major subsidiaries had a total of **2,036** employees; by professional composition, production personnel accounted for the largest proportion at **1,717** individuals, and by education level, most employees held college degrees or below; the company implements a performance-linked remuneration policy and has developed annual training plans to enhance employee skills Employee Professional Composition | Professional Category | Number of Employees | | :--- | :--- | | Production Personnel | 1,717 | | Sales Personnel | 66 | | Technical Personnel | 154 | | Financial Personnel | 33 | | Administrative Personnel | 66 | | **Total** | **2,036** | [Corporate Governance](index=57&type=section&id=Item%20IX.%20Corporate%20Governance) This section describes the company's corporate governance framework, including its structure, operational mechanisms, and internal control systems [Overview of Corporate Governance](index=57&type=section&id=I.%20Description%20of%20Corporate%20Governance) During the reporting period, the company continuously improved its corporate governance structure in strict accordance with laws and regulations such as the "Company Law" and "Securities Law"; the responsibilities among the general meeting of shareholders, board of directors, supervisory board, and management are clearly defined, ensuring standardized overall operation, with the company maintaining independence from its controlling shareholder in business, personnel, assets, organization, and finance, and strictly implementing information disclosure and insider information registration management systems - The company's corporate governance structure is sound, with clear responsibilities and standardized operations among the general meeting of shareholders, board of directors, supervisory board, and management, complying with relevant requirements of the China Securities Regulatory Commission[172](index=172&type=chunk) - The company possesses independent and complete business operations and autonomous management capabilities, maintaining independence from its controlling shareholder in business, personnel, assets, organization, and finance[172](index=172&type=chunk) [Internal Control](index=59&type=section&id=VIII.%20Whether%20Internal%20Control%20Self-Evaluation%20Report%20is%20Disclosed) The company has disclosed its 2018 internal control self-evaluation report, for which Ruihua Certified Public Accountants (Special General Partnership) issued a standard unqualified internal control audit report, indicating no material weaknesses in the company's internal control during the reporting period - The company disclosed its 2018 Internal Control Evaluation Report, for which Ruihua Certified Public Accountants issued a standard unqualified 'Internal Control Audit Report'[178](index=178&type=chunk)[179](index=179&type=chunk) [Corporate Bonds Information](index=61&type=section&id=Item%20X.%20Corporate%20Bonds%20Information) This section provides details regarding the company's outstanding corporate bonds, including their basic terms and credit ratings [Basic Information of Corporate Bonds](index=61&type=section&id=I.%20Basic%20Information%20of%20Corporate%20Bonds) The company has one outstanding corporate bond, "13 Yunmei Industry," code 122258, which completed interest payment on December 3, 2018, and saw **CNY 59.991 million** in principal repurchased under its put option, leaving a balance of **CNY 190 million**; concurrently, the company opted to raise the coupon rate for the remaining two years from **7.80%** to **8.80%** '13 Yunmei Industry' Bond Basic Information | Abbreviation | Code | Issue Date | Maturity Date | Bond Balance (Unit: CNY 10,000) | Adjusted Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | 13 Yunmei Industry | 122258 | 2013-12-03 | 2020-12-03 | 19,000.90 | 8.80 | - During the reporting period, the company exercised a put option on the '13 Yunmei Industry' bond, with a repurchase amount of **CNY 59,991,000.00**; concurrently, the company opted to increase the coupon rate for the remaining two years of the bond's term by **100 basis points** to **8.80%**[184](index=184&type=chunk)[185](index=185&type=chunk) [Corporate Bond Rating Status](index=62&type=section&id=IV.%20Corporate%20Bond%20Rating%20Status) According to the follow-up rating report issued by United Credit Ratings Co., Ltd. on June 1, 2018, the company's main credit rating was maintained at "AA-", with a "stable" outlook, and the "13 Yunmei Industry" bond's credit rating was maintained at "AA" - In June 2018, United Credit Ratings Co., Ltd. maintained the company's corporate credit rating at **'AA-'** with a **'stable'** outlook, and the '13 Yunmei Industry' corporate bond's credit rating at **'AA'**[187](index=187&type=chunk) [Financial Report](index=65&type=section&id=Item%20XI.%20Financial%20Report) This section presents the company's audited financial statements and the accompanying audit report for the reporting period [Audit Report](index=65&type=section&id=I.%20Audit%20Report) Ruihua Certified Public Accountants (Special General Partnership) audited the company's 2018 financial statements and issued a standard unqualified audit report, concluding that the financial statements fairly presented the company's financial position and operating results in all material respects, with key audit matters being "Related Parties and Related Party Transactions" and "Goodwill Impairment" - Audit firm Ruihua Certified Public Accountants issued a standard unqualified audit report[195](index=195&type=chunk) - Key audit matters include: - **Related Parties and Related Party Transactions**: Due to diverse transaction types and significant amounts, there is a risk of incomplete disclosure and fairness of transactions - **Goodwill Impairment**: Goodwill impairment testing, arising from the acquisition of four coal mines, relies on significant management estimates and assumptions[198](index=198&type=chunk)[201](index=201&type=chunk) [Financial Statements](index=69&type=section&id=II.%20Financial%20Statements) This chapter includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the year 2018 Consolidated Income Statement Key Data (Unit: CNY) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Total Operating Revenue | 5,399,279,342.17 | 4,422,929,775.19 | | Operating Profit | 224,373,658.56 | -51,531,771.29 | | Total Profit | 225,825,104.02 | -30,323,631.18 | | Net Profit | 197,002,552.95 | -40,007,098.72 | | Net Profit Attributable to Shareholders of the Parent Company | 191,643,022.93 | -48,638,680.59 | Consolidated Balance Sheet Key Data (Unit: CNY) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | Total Assets | 5,359,583,313.02 | 5,268,274,448.16 | | Total Liabilities | 2,183,380,353.15 | 2,285,675,027.93 | | Total Owners' Equity Attributable to the Parent Company | 3,107,025,729.00 | 2,915,325,719.38 | Consolidated Cash Flow Statement Key Data (Unit: CNY) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 517,667,103.35 | 389,795,893.34 | | Net Cash Flow from Investing Activities | -45,140,683.86 | 353,469,641.29 | | Net Cash Flow from Financing Activities | -335,804,351.77 | -767,655,421.29 | | Net Increase in Cash and Cash Equivalents | 136,722,067.83 | -24,389,886.66 | [Reference Documents](index=213&type=section&id=Item%20XII.%20Reference%20Documents) This chapter lists reference documents, including financial statements signed and sealed by the legal representative, CFO, and head of accounting, the original audit report with the accounting firm's seal and certified public accountant's signature, and originals of all publicly disclosed documents and announcements during the reporting period - This chapter lists reference documents, including financial statements bearing the signatures and seals of the legal representative, CFO, and head of accounting, the original audit report with the accounting firm's seal and certified public accountant's signature, and originals of all publicly disclosed documents and announcements during the reporting period[611](index=611&type=chunk)

2018 年第三季度报告 | 公司代码：600792 | 公司简称：云煤能源 | | --- | --- | | 债券代码：122258 | 债券简称：13 云煤业 | 云南煤业能源股份有限公司 2018 年第三季度报告 1 / 21 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 10 | 2018 年第三季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 | | 本报告期末 | | 上年度末 | | 本报告期末比上 年度末增减(%) | | --- | --- | --- | --- | --- | --- | | 总资产 | 5,338,335,647.09 | | 5,268,274,448.16 | | 1.33 | | 归属于上市公司股东的净资产 | 3,002,472,683.58 | | 2,915,325,719.38 | | 2.99 | | | 年初至报告期末 | | 上年初至上年报告期末 | | 比上年同期增减 | ...

2018 年半年度报告 公司代码：600792 公司简称：云煤能源 债券代码：122258 债券简称：13 云煤业 云南煤业能源股份有限公司 2018 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、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。 二、 未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说明 | 被委托人姓名 | | --- | --- | --- | --- | | 董事 | 卢应双 | 因公出差 | 彭伟 | | 董事 | 杨勇 | 因公出差 | 张国庆 | 三、 本半年度报告未经审计。 四、 公司负责人彭伟、主管会计工作负责人马云丽及会计机构负责人（会计主管人员）杨四平声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其关联方非经营性占 ...

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions for key terms used throughout the report [Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section outlines the company's corporate information and presents key financial data, highlighting a shift from profit to loss in 2017 [Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic corporate details, contact information, and stock exchange listings Company Basic Information | Item | Content | | :--- | :--- | | Chinese Name | Yunnan Coal & Energy Co., Ltd. | | Chinese Abbreviation | Yunmei Energy | | Stock Code | 600792 (A-Share) | | Bond Code | 122258 (13 Yunmei Bond) | | Legal Representative | Peng Wei | | Information Disclosure Media | China Securities Journal | | Designated Website | http://www.sse.com.cn | [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%20%E8%BF%91%E4%B8%89%E5%B9%B4%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's revenue grew in 2017, but profitability deteriorated significantly, resulting in a net loss and reduced operating cash flow 2017 Key Accounting Data | Key Accounting Data | 2017 (RMB) | 2016 (RMB) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,422,929,775.19 | 3,375,166,041.60 | 31.04% | | Net Profit Attributable to Shareholders | -48,638,680.59 | 48,542,597.11 | -200.20% | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) | -80,011,574.61 | -299,694,348.22 | N/A | | Net Cash Flow from Operating Activities | 389,795,893.34 | 628,395,566.65 | -37.97% | | Total Assets (Year-end) | 5,268,274,448.16 | 6,413,511,916.25 | -17.86% | 2017 Key Financial Indicators | Key Financial Indicators | 2017 | 2016 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/Share) | -0.05 | 0.05 | -200.00% | | Weighted Average Return on Equity (%) | -1.65% | 1.65% | Decrease of 3.30 percentage points | - The company's non-recurring gains and losses in 2017 totaled **RMB 31.37 million**, primarily from **RMB 35.30 million in government subsidies**, partially offset by RMB 4.21 million in other non-operating net income and expenses[26](index=26&type=chunk)[27](index=27&type=chunk) [Business Overview](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%A6%81) This section details the company's primary coke and equipment manufacturing businesses and its core competitive advantages [Main Business, Operating Model, and Industry Overview](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F%E5%8F%8A%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company's main business is coke production, facing challenges of overcapacity and margin squeeze in a competitive industry - The company's core business is the production of coke from coal, with metallurgical coke as its main product, supplemented by by-products like coal gas, crude benzene, and tar[29](index=29&type=chunk) - Wholly-owned subsidiary Kunming Steel Heavy Equipment Group focuses on equipment manufacturing, including hoisting and transport machinery, mining and metallurgical equipment, maintenance services, and wear-resistant materials[29](index=29&type=chunk) - The coking industry is **highly competitive with overcapacity**, and its profit margins are severely squeezed by upstream coal and downstream steel industries, with the overall downturn expected to persist[30](index=30&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths lie in its strategic partnership with a key customer and the technical capabilities of its subsidiary - A long-term strategic partnership with WISCO Kunming Steel (annual demand exceeding 3 million tons of coke) provides a **stable sales channel for the company's 1.98 million tons/year coke capacity**, enhancing its risk resilience[34](index=34&type=chunk) - Wholly-owned subsidiary Kunming Steel Heavy Equipment Group possesses core advantages in heavy equipment manufacturing, holding **8 national and 7 provincial qualification certificates and 90 authorized patents** covering various technologies[35](index=35&type=chunk)[36](index=36&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section reviews the 2017 operational performance, analyzes key business segments, and discusses future development plans and risks [Overview of Operations](index=10&type=section&id=%E4%B8%80%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In 2017, the company managed operational challenges through strategic adjustments and cost controls, achieving a net loss of RMB 48.64 million - Facing challenges such as raw material procurement difficulties and capital shortages, the company implemented measures like adjusting procurement and sales strategies, increasing production load, and controlling costs to mitigate losses[38](index=38&type=chunk) - In December 2017, the company received **RMB 33.02 million in government subsidies** for coal gas losses and coal mine closure incentives, which positively contributed to its loss control target for the year[39](index=39&type=chunk) 2017 Main Product Output | Product | Output | % of Annual Plan | | :--- | :--- | :--- | | Coke | 1.7269 million tons | 95.94% | | Coal Chemical Products | 0.2102 million tons | 87.37% | | Wear-resistant Products | 0.0146 million tons | 73.00% | [Main Business Analysis](index=11&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Revenue grew due to higher coke prices, but rising raw material costs compressed the overall gross margin by 4.82 percentage points Key Items from Income Statement and Cash Flow Statement | Item | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,422,929,775.19 | 3,375,166,041.60 | 31.04 | | Operating Costs | 4,085,733,898.21 | 2,993,988,513.43 | 36.46 | | Administrative Expenses | 180,197,412.13 | 279,580,746.09 | -35.55 | | Financial Expenses | 89,338,499.01 | 157,493,342.80 | -43.27 | | Net Cash Flow from Operating Activities | 389,795,893.34 | 628,395,566.65 | -37.97 | - Revenue growth was primarily driven by a **RMB 771.62/ton year-over-year increase in coke selling price**, contributing to a RMB 1.37 billion revenue increase; cost growth was mainly due to a **RMB 633.81/ton year-over-year increase in coke unit cost**, leading to a RMB 1.13 billion cost increase[43](index=43&type=chunk)[45](index=45&type=chunk) - Sales to the **top five customers accounted for 65.11% of total annual sales**, with related-party sales comprising a significant **62.17%**, indicating a high dependency on related parties[57](index=57&type=chunk) Main Business by Product Segment | Product Segment | Operating Revenue (RMB) | Gross Margin (%) | Change in Gross Margin | | :--- | :--- | :--- | :--- | | Coke | 3,297,378,513.73 | 13.47% | Increase of 3.57 p.p. | | Coal Gas | 168,379,610.07 | -35.94% | Decrease of 38.57 p.p. | | Coal Chemical By-products | 349,492,013.58 | -17.13% | Decrease of 19.45 p.p. | | **Total** | **4,353,228,231.33** | **7.59%** | **Decrease of 4.82 p.p.** | [Analysis of Assets and Liabilities](index=18&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) Total assets decreased while the asset-liability ratio improved, though a significant portion of assets remained restricted Key Changes in Balance Sheet Items | Item | Year-end Balance (RMB) | Prior Year-end Balance (RMB) | Change (%) | Main Reason | | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 343,390,290.81 | 553,697,403.39 | -37.98 | Change in payment settlement methods | | Accounts Receivable | 715,827,022.58 | 1,331,196,432.12 | -46.23 | Collection of payments from major customers | | Notes Payable | 200,641,266.89 | 794,441,091.02 | -74.74 | Decrease in notes cashed | | Advances from Customers | 60,123,730.49 | 339,028,730.08 | -82.27 | Decrease related to subsidiary Kunjiao Gas | - As of the reporting period end, **RMB 787 million of the company's assets were restricted**, including RMB 47.4 million in cash as note deposits and RMB 740 million in fixed assets under sale-and-leaseback financing[65](index=65&type=chunk) [Analysis of Industry-Specific Information](index=19&type=section&id=(%E5%9B%9B)%20%E8%A1%8C%E4%B8%9A%E7%BB%8F%E8%90%A5%E6%80%A7%E4%BF%A1%E6%81%AF%E5%88%86%E6%9E%90) The coking industry is influenced by supply-side reforms and environmental policies, with overcapacity remaining a key challenge - The industry is affected by policies such as the "13th Five-Year Development Plan for the Coking Industry" and capacity reduction initiatives in the steel and coal sectors, aiming to eliminate outdated capacity and promote industrial upgrading[68](index=68&type=chunk) - In 2017, national coke production **decreased by 3.3% year-over-year to 431 million tons**, while high coke prices led to better profitability for coking enterprises, though the fundamental issue of overcapacity remains[70](index=70&type=chunk)[71](index=71&type=chunk) - The company has an annual capacity of **1.98 million tons of coke**, a 100,000 tons/year methanol plant, and four coal mines, with production processes and equipment at an advanced domestic level compliant with industry standards[72](index=72&type=chunk) [Discussion and Analysis of Future Development](index=27&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%85%B3%E4%BA%8E%E5%85%AC%E5%8F%B8%E6%9C%AA%E6%9D%A5%E5%8F%91%E5%B1%95%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company plans to transition away from the coal chemical business towards high-end manufacturing while managing multiple operational risks - The company's strategy is to **gradually exit the coal chemical business** and transition into high-end advanced equipment manufacturing, while also developing clean energy and modern logistics industries[94](index=94&type=chunk) - Key risks include macroeconomic fluctuations, rising environmental costs, **high dependency on related-party sales to entities like WISCO Kunming Steel**, and intense market competition due to industry overcapacity[96](index=96&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk) 2018 Business Plan | Item | Planned Target | | :--- | :--- | | Coke Production | 1.90 million tons | | Coal Mine Product Output | 0.19 million tons | | Operating Revenue | RMB 4.648 billion | [Significant Matters](index=29&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers profit distribution, commitment fulfillment, related-party transactions, contracts, and social responsibility initiatives [Profit Distribution and Dividends](index=29&type=section&id=%E4%B8%80%E3%80%81%E6%99%AE%E9%80%9A%E8%82%A1%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company does not plan to distribute dividends for 2017 as the cumulative distributable profit is negative - The company proposes **no cash dividend distribution or capitalization of capital reserves for 2017** because the cumulative profit available for distribution to shareholders is negative[5](index=5&type=chunk)[100](index=100&type=chunk) Dividend Distribution Plan for the Last Three Years | Dividend Year | Cash Dividend per 10 Shares (RMB) | Bonus Shares per 10 Shares | Net Profit Attributable to Parent (RMB) | | :--- | :--- | :--- | :--- | | 2017 | 0 | 0 | -48,638,680.59 | | 2016 | 0 | 0 | 48,542,597.11 | | 2015 | 0 | 0 | -852,712,343.29 | [Fulfillment of Commitments](index=30&type=section&id=%E4%BA%8C%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The controlling shareholder has strictly fulfilled its long-term commitments regarding the company's independence and performance targets - The controlling shareholder, Kunming Steel Holding, has strictly adhered to its long-term commitments made during the major asset restructuring regarding the company's independence, avoidance of horizontal competition, and regulation of related-party transactions[103](index=103&type=chunk)[105](index=105&type=chunk) - Kunming Steel Heavy Equipment Group achieved a net profit (excluding non-recurring items) of **RMB 16.20 million in 2017**, successfully meeting the performance commitment of no less than RMB 15 million[114](index=114&type=chunk) [Significant Related-Party Transactions](index=35&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in significant operational transactions with related parties and resolved a horizontal competition issue - The company terminated the "Entrusted Management Agreement" for 100% equity of Kunming Jiao Gas with its controlling shareholder, Kunming Steel Holding, as the issue of horizontal competition was eliminated after Kunming Jiao Gas ceased production[116](index=116&type=chunk)[167](index=167&type=chunk) - As part of the 2016 asset swap, Kunming Steel Holding committed that Kunming Steel Heavy Equipment Group's non-recurring net profit for 2016-2018 would be no less than RMB 5 million, 15 million, and 25 million respectively; the **2017 target was met with an audited profit of RMB 16.20 million**[114](index=114&type=chunk) [Major Contracts and Their Performance](index=37&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company provided guarantees for its subsidiary's financing, with the total guarantee balance representing 12.61% of net assets Company Guarantee Status | Guarantee Type | Amount (RMB) | | :--- | :--- | | Guarantees for Subsidiaries Incurred During the Period | 145,221,743.44 | | Year-end Guarantee Balance for Subsidiaries | 367,494,966.71 | | Total Guarantees as a Percentage of Net Assets (%) | 12.61% | [Social Responsibility and Environmental Protection](index=39&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E7%A7%AF%E6%9E%81%E5%B1%A5%E8%A1%8C%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E7%9A%84%E5%B7%A5%E4%BD%9C%E6%83%85%E5%86%B5) The company actively engaged in poverty alleviation and invested in environmental protection as a designated key polluting unit - The company actively participated in targeted poverty alleviation, including dispatching village-based work teams and procuring products from poverty-stricken areas[120](index=120&type=chunk)[121](index=121&type=chunk) - The company's subsidiaries, Anning Branch and Shizong Coking, are designated key polluting units; environmental facilities operated well, all pollutant emissions met standards, and new pollutant discharge permits were obtained as required[125](index=125&type=chunk)[126](index=126&type=chunk)[128](index=128&type=chunk) Environmental Protection Investment | Item | Amount/Ratio | | :--- | :--- | | Environmental Protection Investment | RMB 17.77 million | | Investment as a Percentage of Operating Revenue | 0.40% | [Changes in Common Stock and Shareholders](index=42&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the company's share capital structure and provides information on its major shareholders and ultimate controller [Changes in Share Capital](index=42&type=section&id=%E4%B8%80%E3%80%81%20%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total number of common shares and share capital structure remained unchanged during the reporting period - During the reporting period, the company's total number of common shares and its share capital structure did not change[132](index=132&type=chunk) [Shareholders and Ultimate Controller](index=43&type=section&id=%E4%B8%89%E3%80%81%20%E8%82%A1%E4%B8%9C%E5%92%8C%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%83%85%E5%86%B5) The company is controlled by Kunming Steel Holding, with the Yunnan Provincial SASAC as the ultimate controller - As of the end of the reporting period, the company had a total of **42,778 common shareholders**[135](index=135&type=chunk) - The company's controlling shareholder is **Kunming Steel Holding Co., Ltd.**, and the ultimate controller is the **State-owned Assets Supervision and Administration Commission of the Yunnan Provincial People's Government**[139](index=139&type=chunk)[141](index=141&type=chunk) Top Ten Shareholders at the End of the Reporting Period | Shareholder Name | Year-end Shareholding (Shares) | Percentage (%) | Share Status | | :--- | :--- | :--- | :--- | | Kunming Steel Holding Co., Ltd. | 595,841,429 | 60.19 | Pledged 248,000,000 | | Yuntianhua Group Co., Ltd. | 102,083,000 | 10.31 | None | | Zhang Qunying | 7,796,800 | 0.79 | None | | CITIC Securities Co., Ltd. | 7,212,256 | 0.73 | None | [Information on Preferred Shares](index=47&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - During the reporting period, the company had no preferred shares[145](index=145&type=chunk) [Directors, Supervisors, Senior Management, and Employees](index=48&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) This section provides details on management remuneration, shareholdings, and the overall employee structure and compensation policies [Shareholdings and Remuneration of Directors, Supervisors, and Senior Management](index=48&type=section&id=%E4%B8%80%E3%80%81%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5%E5%8F%8A%E6%8A%A5%E9%85%AC%E6%83%85%E5%86%B5) No directors, supervisors, or senior management held company shares, and their total pre-tax remuneration was RMB 3.07 million - During the reporting period, **all directors, supervisors, and senior management held zero shares** of the company at both the beginning and end of the year[147](index=147&type=chunk) Remuneration of Selected Directors, Supervisors, and Senior Management (RMB 10,000) | Name | Position | Total Pre-tax Remuneration | | :--- | :--- | :--- | | Peng Wei | Chairman, Party Secretary | 9.24 | | Li Li | Director, General Manager | 37.36 | | Zhang Xiaoke | Secretary of the Board, Deputy GM | 55.07 | | **Total** | **/** | **307.09** | [Employee Information](index=54&type=section&id=%E5%85%AD%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%92%8C%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) The company employed 2,087 people, with production staff forming the largest group, and implemented a performance-linked compensation system - The company's compensation policy is linked to performance contracts, implementing a "one policy per plant, one policy per person" distribution method to stimulate vitality[158](index=158&type=chunk) - In 2017, the company exceeded its training plan, organizing **278 training programs for 8,925 participants** with a total training expenditure of RMB 1.35 million[160](index=160&type=chunk) Employee Professional Composition | Professional Category | Number of People | | :--- | :--- | | Production Personnel | 1644 | | Sales Personnel | 76 | | Technical Personnel | 197 | | Financial Personnel | 40 | | Administrative Personnel | 130 | | **Total** | **2,087** | [Corporate Governance](index=55&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%AC%E6%B2%BB%E7%90%86) This section describes the company's governance structure and reports on the internal control evaluation, which received a negative opinion [Corporate Governance Overview](index=55&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company operates in compliance with relevant laws and maintains a well-defined governance structure independent from its controlling shareholder - The company operates in strict accordance with legal and regulatory requirements, with a sound corporate governance structure and clear responsibilities for the shareholders' meeting, board of directors, supervisory committee, and management, ensuring independent operation[163](index=163&type=chunk) [Internal Control](index=57&type=section&id=%E5%85%AB%E3%80%81%20%E6%98%AF%E5%90%A6%E6%8A%AB%E9%9C%B2%E5%86%85%E9%83%A8%E6%8E%A7%E5%88%B6%E8%87%AA%E6%88%91%E8%AF%84%E4%BB%B7%E6%8A%A5%E5%91%8A) The company received a negative opinion on its internal control audit report due to significant deficiencies in financial reporting processes - Ruihua Certified Public Accountants issued a **negative opinion** in the "Internal Control Audit Report" on the effectiveness of the company's internal controls related to financial reporting for 2017[170](index=170&type=chunk) - The issues leading to the negative opinion include: 1) **Failure to identify impairment indicators for significant accounts receivable**, causing a severe discrepancy between profit forecasts and actual results; 2) A subsidiary committed to establishing two partnership enterprises **without necessary decision-making approvals and information disclosure**[170](index=170&type=chunk)[171](index=171&type=chunk) [Information on Corporate Bonds](index=60&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides details on the company's outstanding corporate bond, its credit rating, and an analysis of its deteriorating solvency [Corporate Bond Overview and Rating](index=60&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company has one outstanding bond with a "AA" rating and has fulfilled its interest payment obligations for the year - In June 2017, Lianhe Credit Rating Co., Ltd. maintained the company's **corporate credit rating at "AA-" with a stable outlook**, and the credit rating of the "13 Yunmei Bond" at "AA"[180](index=180&type=chunk) - During the reporting period, the company duly fulfilled its obligations under the bond prospectus, making a full annual interest payment of **RMB 19.5 million** on December 4, 2017[177](index=177&type=chunk)[186](index=186&type=chunk) Corporate Bond Basic Information | Bond Abbreviation | Code | Issue Date | Maturity Date | Bond Balance (RMB billion) | Coupon Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | 13 Yunmei Bond | 122258 | 2013-12-03 | 2020-12-03 | 0.25 | 7.80 | [Solvency Analysis](index=62&type=section&id=%E5%85%AB%E3%80%81%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%85%AC%E5%8F%B8%E8%BF%91%202%20%E5%B9%B4%E7%9A%84%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company's key solvency indicators deteriorated, with the interest coverage ratio falling below 1, signaling heightened debt service risk - As of the end of the reporting period, the company had a total bank credit line of **RMB 1.37 billion**, with **RMB 551.6 million** utilized[185](index=185&type=chunk) Key Solvency Financial Indicators | Key Indicator | 2017 | 2016 | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | EBITDA | 203,942,435.48 RMB | 555,479,909.45 RMB | -63.29% | | Asset-Liability Ratio (%) | 42.65% | 52.63% | -9.98% | | Interest Coverage Ratio | 0.70 | 1.60 | -56.24% | [Financial Report](index=63&type=section&id=%E7%AC%AC%E5%8D%81%E4%B8%80%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section includes the auditor's report, which gave an unqualified opinion, and the primary financial statements for the year [Audit Report](index=63&type=section&id=%E4%B8%80%E3%80%81%20%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The auditor issued a standard unqualified opinion on the financial statements but highlighted related-party transactions and goodwill impairment as key audit matters - The audit firm issued a **standard unqualified audit opinion** on the company's 2017 financial statements[189](index=189&type=chunk) - **Key audit matters** were identified as "Related Parties and Related-Party Transactions" and "Goodwill Impairment," due to the significant volume and complexity of transactions and the reliance on management estimates in impairment testing, respectively[192](index=192&type=chunk)[194](index=194&type=chunk) [Financial Statements](index=67&type=section&id=%E4%BA%8C%E3%80%81%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) The financial statements show a decrease in total assets and a shift from net profit to a net loss of RMB 48.64 million in 2017 Consolidated Balance Sheet Summary (As of December 31, 2017) | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 5,268,274,448.16 | 6,413,511,916.25 | | Total Liabilities | 2,285,675,027.93 | 3,375,691,083.77 | | Equity Attributable to Parent Company | 2,915,325,719.38 | 2,972,228,313.50 | Consolidated Income Statement Summary (For the Year 2017) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 4,422,929,775.19 | 3,375,166,041.60 | | Operating Profit | -51,531,771.29 | -133,708,783.22 | | Total Profit | -30,323,631.18 | 100,557,817.84 | | Net Profit Attributable to Shareholders | -48,638,680.59 | 48,542,597.11 | Consolidated Cash Flow Statement Summary (For the Year 2017) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 389,795,893.34 | 628,395,566.65 | | Net Cash Flow from Investing Activities | 353,469,641.29 | 143,648,063.60 | | Net Cash Flow from Financing Activities | -767,655,421.29 | -811,507,269.54 | | Net Increase in Cash and Cash Equivalents | -24,389,886.66 | -39,463,639.29 | [Directory of Documents for Inspection](index=214&type=section&id=%E7%AC%AC%E5%8D%81%E4%BA%8C%E8%8A%82%20%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists the reference documents available for inspection

公司代码：600792 公司简称：云煤能源 债券代码：122258 债券简称：13 云煤业 云南煤业能源股份有限公司 2018 年第一季度报告 1 / 19 | 一、重要提示 | 3 | | --- | --- | | 二、公司基本情况 | 3 | | 三、重要事项 | 6 | | 四、附录 | 9 | 2018 年第一季度报告 2018 年第一季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 非经常性损益项目和金额 √适用 □不适用 单位：元 币种：人民币 | 项目 | 本期金额 | 说明 | | --- | --- | --- | | 非流动资产处置损益 | 34,175.13 | | | 越权审批，或无正式批准文件，或偶发性的税收返 | | | | 还、减免 | | | | 计入当期损益的政府补助，但与公司正常经营业务 | | | | 密切相关，符合国家政策规定、按照一定标准定额 | 395,570.83 | | | 或定量持续享受的政府补助除外 | | | 3 / 19 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年度 末增减(%) 总资产 5,296,430,457 ...

2017 年第三季度报告 | 公司代码：600792 | 公司简称：云煤能源 | | --- | --- | | 债券代码：122258 | 债券简称：13 云煤业 | 云南煤业能源股份有限公司 2017 年第三季度报告 1 / 24 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 10 | 2017 年第三季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 | （元/股） | | | | | --- | --- | --- | --- | | 基本每股收益 稀释每股收益 （元/股） | -0.100 -0.100 | -0.044 -0.044 | -0.025 -0.025 | 非经常性损益项目和金额 √适用 □不适用 单位：元 币种：人民币 | 项目 | 本期金额 | 年初至报告期末 | | 说明 | | --- | --- | --- | --- | --- | | | （7－9 月） | 金额（1-9 | ...

[Glossary](index=3&type=section&id=%E7%BB%8B%E4%B9%89) This section provides definitions of key terms used throughout the report [Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This chapter presents the company's basic information and a summary of its key financial performance and position [Company Basic Information](index=4&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This chapter details Yunnan Coal Energy Co., Ltd.'s fundamental information, including names, legal representative, contact, and addresses - The company's Chinese short name is "Yunmei Energy," stock code is **600792**, and corporate bond short name is "13 Yunmei Industry" with code **122258**[9](index=9&type=chunk)[13](index=13&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In H1 2017, revenue grew 26.16%, but net loss attributable to shareholders widened to -78.13 million yuan, while operating cash flow turned positive to 768 million yuan 2017 Half-Year Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (billion yuan) | Prior Year Period (billion yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1.84 | 1.46 | 26.16 | | Net Profit Attributable to Shareholders | -0.08 | -0.05 | 48.38 | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -0.11 | -0.16 | Not Applicable | | Net Cash Flow from Operating Activities | 0.77 | -0.14 | Not Applicable | | | **End of Current Period (billion yuan)** | **End of Prior Year (billion yuan)** | **Period-end vs. Prior Year-end Change (%)** | | Net Assets Attributable to Shareholders | 2.90 | 2.97 | -2.55 | | Total Assets | 5.58 | 6.41 | -12.93 | 2017 Half-Year Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.08 | -0.05 | Not Applicable | | Weighted Average Return on Net Assets (%) | -2.66 | -1.80 | Decreased by 0.86 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | -3.74 | -5.32 | Increased by 1.58 percentage points | - During the reporting period, the company's non-recurring gains and losses totaled **31.5154 million yuan**, primarily from government subsidies and investment income from held-for-trading financial assets[19](index=19&type=chunk)[20](index=20&type=chunk) [Company Business Overview](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%A6%81) This chapter outlines the company's primary business segments, operational models, and industry conditions [Main Business, Operating Model, and Industry Conditions](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F%E5%8F%8A%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company operates in coal coking and equipment manufacturing, with the coking industry facing tight supply and the equipment sector benefiting from policy support - The company's main business is divided into two segments: - **Coal Coking Business**: Produces coke and by-products from coal, utilizing coke oven gas to manufacture gas or methanol, and selling chemical products like coal tar and crude benzene[23](index=23&type=chunk) - **Equipment Manufacturing Business**: Conducted through its wholly-owned subsidiary Kunming Iron & Steel Heavy Equipment, producing tunnel engineering, metallurgical, and mining equipment[26](index=26&type=chunk) - In terms of industry, 2017 is a critical year for coal capacity reduction, with the coking industry maintaining a tight supply-demand balance and slight profitability; the equipment manufacturing sector is developing steadily and rapidly, driven by national policies towards high-end and intelligent production[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) [Core Competitiveness Analysis](index=9&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core strengths include its state-owned and listed status, "steel-coke alliance," high market share in specific products, advanced energy-saving technologies, and brand reputation - The company benefits from its dual status as a state-owned enterprise and a listed company, leveraging advantages in policy support, financing, and project investment compared to industry peers[30](index=30&type=chunk) - A long-term strategic partnership with Wugang Kunming, Yunnan's largest steel enterprise, forms a "steel-coke alliance," ensuring stable sales of coke products and enhancing risk resistance[30](index=30&type=chunk)[31](index=31&type=chunk) - In terms of technology and equipment, the company possesses advanced energy-saving technologies such as dry quenching and coal moisture conditioning, and obtained **13 patent authorizations** in H1 2017 through continuous innovation[31](index=31&type=chunk)[32](index=32&type=chunk)[33](index=33&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section discusses the company's operational performance, challenges, and strategic responses during the reporting period [Discussion and Analysis of Operations](index=11&type=section&id=%E4%B8%80%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) Despite economic recovery, the company faced market imbalances and funding issues in H1 2017, responding with financing, cost control, and seeking capital operations 2017 Half-Year Operating Performance | Indicator | Amount | | :--- | :--- | | Operating Revenue | 1.84 billion yuan | | YoY Growth | 381 million yuan | | Net Profit Attributable to Parent Company Owners | -78.1348 million yuan | - The company's main challenges include market supply-demand imbalances for coal and coke, persistent funding shortages, and insufficient innovation[36](index=36&type=chunk) - Key priorities for the second half of the year include: increasing external cooperation and financing, adjusting procurement strategies, ensuring a **production target of 1.8 million tons**, controlling costs, and seeking breakthroughs in capital operations and M&A[38](index=38&type=chunk) [Main Business Analysis](index=12&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Revenue increased due to higher product prices, while costs rose from raw material price hikes; operating cash flow significantly improved, but investment and non-operating income declined Financial Statement Key Item Variation Analysis | Item | Current Period Amount (billion yuan) | Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | | Operating Revenue | 1.84 | 26.16 | Increase in product sales prices | | Operating Cost | 1.80 | 30.71 | Increase in procurement price of main raw material, washed coking coal | | Selling Expenses | 0.02 | -58.40 | Reduction in consolidation scope and freight costs | | Administrative Expenses | 0.08 | -37.38 | Reduction in consolidation scope | | Financial Expenses | 0.03 | -49.42 | Reduction in consolidation scope and decrease in loans | | Net Cash Flow from Operating Activities | 0.77 | Not Applicable | Increase in cash settlement for sales, receipt of government subsidies, increase in proportion of bill payments for procurement | - Investment income decreased significantly by **71.36%** year-on-year, primarily due to a reduction in the principal of the LP share in Chengdu Touzhi Ruifeng Investment Center (Limited Partnership)[40](index=40&type=chunk) - Non-operating income decreased by **74.47%** year-on-year, mainly due to a reduction in government subsidies received during the period[40](index=40&type=chunk) [Asset and Liability Analysis](index=14&type=section&id=(%E4%B8%89)%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) Significant changes in asset and liability structure, with accounts receivable and other receivables decreasing, while accounts payable increased, and 622 million yuan in assets were restricted Balance Sheet Key Item Changes | Item Name | Period-end Balance (billion yuan) | Change from Prior Period-end (%) | Explanation | | :--- | :--- | :--- | :--- | | Accounts Receivable | 0.55 | -58.71 | Primarily recovery of prior period debts from former subsidiary Kunming Coking Gas | | Other Receivables | 0.06 | -72.45 | Primarily recovery of prior year government subsidies | | Notes Payable | 0.07 | -91.58 | Maturity and payment of large self-issued bills | | Accounts Payable | 1.19 | 33.75 | Increase in unsettled payments at period-end | | Advances from Customers | 0.07 | -80.47 | Write-off of internal advances from former subsidiary Kunming Coking Gas | - As of the end of the reporting period, the company's total restricted assets amounted to **622.19777698 million yuan**, including **5.4 million yuan** in bank acceptance bill deposits and **616.8 million yuan** in fixed assets used for sale-and-leaseback financing leases[45](index=45&type=chunk)[46](index=46&type=chunk) [Analysis of Major Holding and Participating Companies](index=15&type=section&id=(%E5%85%AD)%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Shizong Coal Coking Chemical Co., Ltd. incurred the largest loss, while Kunming Iron & Steel Heavy Equipment Manufacturing Group Co., Ltd. had the highest assets, and Yunnan Kunming Iron & Steel Gas Engineering Co., Ltd. was profitable Major Holding Subsidiary Operating Performance (million yuan) | Company Name | Total Assets | Net Assets | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | :--- | | Yunnan Kunming Iron & Steel Heavy Equipment Manufacturing Group Co., Ltd. | 1,353.40 | 639.80 | 142.29 | -74.26 | | Shizong Coal Coking Chemical Co., Ltd. | 2,289.45 | 725.57 | 548.60 | -572.38 | | Yunnan Kunming Iron & Steel Gas Engineering Co., Ltd. | 267.65 | 68.85 | 9.67 | 19.24 | [Significant Matters](index=17&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers key events and commitments, including fulfillment of promises, related party transactions, and significant contracts [Fulfillment of Commitments](index=18&type=section&id=%E4%BA%8C%E3%80%81%20%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) Controlling shareholder Kunming Iron & Steel Holding Co., Ltd. fulfilled its commitments from the major asset restructuring, though Kunming Iron & Steel Heavy Equipment's H1 2017 performance lagged its annual target - Controlling shareholder Kunming Iron & Steel Holding Co., Ltd. continues to fulfill long-term commitments regarding the independence of the listed company's personnel, assets, finance, organization, and business, as well as resolving horizontal competition and related party transactions[54](index=54&type=chunk)[55](index=55&type=chunk) - Kunming Iron & Steel Holding Co., Ltd. committed that Kunming Heavy Equipment's net profit after non-recurring items would not be less than **5 million yuan, 15 million yuan, and 25 million yuan** for 2016, 2017, and 2018, respectively; the 2016 target was met (actual **5.4825 million yuan**), but H1 2017 net profit after non-recurring items was **-7.4257 million yuan**[55](index=55&type=chunk)[61](index=61&type=chunk) [Significant Related Party Transactions](index=21&type=section&id=%E4%B9%9D%E3%80%81%20%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) Daily related party transactions proceeded as planned, and the controlling shareholder repaid a former subsidiary's debt to the company following asset replacement - Due to the 2016 asset replacement, the original divested subsidiary Kunming Coking Gas incurred non-operating fund occupation with the company, which is now being repaid by the controlling shareholder Kunming Iron & Steel Holding Co., Ltd[59](index=59&type=chunk) [Significant Contracts and Their Performance](index=22&type=section&id=%E5%8D%81%E3%80%81%20%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company terminated a management agreement with Kunming Coking Gas and confirmed management income, while providing a 222 million yuan guarantee for a subsidiary's finance lease - The "Entrusted Management Agreement" for 100% equity of Kunming Coking Gas, signed between the company and Kunming Iron & Steel Holding Co., Ltd., was terminated on April 13, 2017, because Kunming Coking Gas had ceased production, eliminating the horizontal competition; the company recognized management income of **333,333.00 yuan**[63](index=63&type=chunk) - The company provides joint liability guarantees for its subsidiary Shizong Coal Coking Chemical Co., Ltd.'s finance lease business; as of the end of the reporting period, the guarantee balance for the subsidiary was **222,273,223.27 yuan**, accounting for **7.50%** of the company's net assets[65](index=65&type=chunk)[66](index=66&type=chunk) [Explanation of Other Significant Matters](index=25&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%20%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company reclassified a 350.5 million yuan equity investment from "other non-current assets" to "available-for-sale financial assets," and a corporate shareholder plans to reduce its stake - The company reclassified its **350.5 million yuan** investment in Chengdu Huizhi Xin and Touzhi Ruifeng from "other non-current assets" to "available-for-sale financial assets"; this adjustment only affects financial statement presentation and has no impact on total assets, total liabilities, net assets, or net profit[71](index=71&type=chunk)[72](index=72&type=chunk) - Corporate shareholder Yuntianhua Group Co., Ltd. announced a plan to reduce its shareholding by no more than **2%** of the company's total share capital[73](index=73&type=chunk) [Changes in Ordinary Shares and Shareholder Information](index=27&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the company's share structure and major shareholders, including the controlling shareholder and its pledged shares [Shareholder Information](index=27&type=section&id=%E4%BA%8C%E3%80%81%20%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) The company's share capital remained unchanged, with 38,281 ordinary shareholders, and Kunming Iron & Steel Holding Co., Ltd. and Yunnan Yuntianhua Group Co., Ltd. as the top two state-owned corporate shareholders Top Two Shareholders' Holdings as of Report Period End | Shareholder Name | Shares Held at Period-end | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Kunming Iron & Steel Holding Co., Ltd. | 595,841,429 | 60.19 | State-owned Legal Person | | Yuntianhua Group Co., Ltd. | 102,083,000 | 10.31 | State-owned Legal Person | - Of the shares held by the controlling shareholder, Kunming Iron & Steel Holding Co., Ltd., **248,000,000 shares** are pledged[79](index=79&type=chunk) [Preferred Share Information](index=29&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company has no preferred shares [Preferred Share Information](index=29&type=section&id=%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company has no preferred shares - The company has no preferred shares[83](index=83&type=chunk) [Directors, Supervisors, and Senior Management Information](index=29&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) This section reports changes in the board of directors during the period [Changes in Directors, Supervisors, and Senior Management](index=29&type=section&id=%E4%BA%8C%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Director Li Zhihong resigned due to work adjustments, and Zhang Guoqing was elected as a new director on June 22, 2017 Director Changes | Name | Position Held | Change Type | | :--- | :--- | :--- | | Li Zhihong | Director | Resignation | | Zhang Guoqing | Director | Election | [Corporate Bond Information](index=30&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides details on the company's outstanding corporate bond, its credit rating, and bank credit facilities [Basic Information on Corporate Bonds](index=30&type=section&id=%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company has one outstanding bond, "13 Yunmei Industry," with a total issuance of 250 million yuan, a 7-year term, and a 7.80% coupon rate, used to repay bank loans "13 Yunmei Industry" Bond Basic Information | Short Name | Code | Issue Date | Maturity Date | Bond Balance (billion yuan) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | 13 Yunmei Industry | 122258 | 2013-12-03 | 2020-12-03 | 0.25 | 7.80% | [Corporate Bond Rating](index=31&type=section&id=%E5%9B%9B%E3%80%81%20%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E8%AF%84%E7%BA%A7%E6%83%85%E5%86%B5) United Credit Rating Co., Ltd. maintained the company's long-term credit rating at "AA-" with a "stable" outlook, and the "13 Yunmei Industry" bond rating at "AA" - On June 28, 2017, United Credit Rating maintained the company's long-term credit rating at **"AA-"** with a **"stable"** outlook, and the "13 Yunmei Industry" bond credit rating at **"AA"**[92](index=92&type=chunk) [Bank Credit Facilities](index=32&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%20%E5%85%AC%E5%8F%B8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%9A%84%E9%93%B6%E8%A1%8C%E6%8E%88%E4%BF%A1%E6%83%85%E5%86%B5) The company maintained good credit standing, with total bank credit facilities of 1.37 billion yuan and 453.6 million yuan utilized Bank Credit Facility Status | Indicator | Amount (billion yuan) | | :--- | :--- | | Total Credit Facilities | 1.37 | | Utilized Credit Facilities | 0.4536 | [Financial Report](index=33&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited consolidated and parent company financial statements for H1 2017, including balance sheet, income statement, and cash flow statement [Financial Statements](index=33&type=section&id=%E4%BA%8C%E3%80%81%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's unaudited consolidated and parent company financial statements for H1 2017, showing total assets of 5.58 billion yuan, revenue of 1.84 billion yuan, and a net loss of -74.92 million yuan Consolidated Balance Sheet Summary (2017-06-30) | Item | Period-end Balance (billion yuan) | | :--- | :--- | | Total Assets | 5.58 | | Total Liabilities | 2.62 | | Total Equity Attributable to Parent Company Owners | 2.90 | Consolidated Income Statement Summary (Jan-Jun 2017) | Item | Current Period Amount (billion yuan) | | :--- | :--- | | Total Operating Revenue | 1.84 | | Total Operating Costs | 1.94 | | Net Profit | -0.07 | | Net Profit Attributable to Parent Company Owners | -0.08 | Consolidated Cash Flow Statement Summary (Jan-Jun 2017) | Item | Current Period Amount (billion yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 0.77 | | Net Cash Flow from Investing Activities | -0.0018 | | Net Cash Flow from Financing Activities | -0.76 | | Net Increase in Cash and Cash Equivalents | 0.0068 | [Notes to Consolidated Financial Statements](index=83&type=section&id=%E4%B8%83%E3%80%81%20%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This chapter explains key items in the consolidated financial statements, including a high proportion of commercial acceptance bills in notes receivable, a significant decrease in accounts receivable, and restricted fixed assets - Notes receivable at period-end amounted to **700 million yuan**, with commercial acceptance bills accounting for **616 million yuan**, representing a high proportion[274](index=274&type=chunk) - Accounts receivable at period-end significantly decreased by **58.71%** to **550 million yuan** compared to the beginning of the period, primarily due to the recovery of prior period debts from former subsidiary Kunming Coking Gas[278](index=278&type=chunk)[44](index=44&type=chunk) - Construction in progress at period-end was **266 million yuan**, a **34.61%** decrease from the beginning of the period, mainly due to the completion and transfer to fixed assets of the first phase of the heavy equipment forging plant project[316](index=316&type=chunk)[319](index=319&type=chunk)[44](index=44&type=chunk) - Goodwill had an original book value of **50,505,740.20 yuan**, with an impairment provision balance of **13,117,929.63 yuan** at period-end, showing no change[330](index=330&type=chunk)[332](index=332&type=chunk) [Reference Documents](index=163&type=section&id=%E7%AC%AC%E5%8D%81%E4%B8%80%E8%8A%82%20%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists documents available for reference

2016 年年度报告 公司代码：600792 公司简称：云煤能源 债券代码：122258 债券简称：13 云煤业 云南煤业能源股份有限公司 2016 年年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、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。 二、 公司全体董事出席董事会会议。 三、 瑞华会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、 公司负责人张鸿鸣、主管会计工作负责人马云丽及会计机构负责人（会计主管人员）杨四平 声明：保证年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 经瑞华会计师事务所（特殊普通合伙）审计，2016年度，公司实现归属于母公司所有者的净 利润为48,542,597.11元，截止报告期末，母公司未分配利润数为-350,734,995.63元，鉴于公司 累计可供股东分配的利润为负数，公司2016年度拟不进行现金股利分配，也不进行资本公积金转 增股本。 上述预案尚需提交公司股东大会审议。 六、 前瞻性陈述的风险声明 √适用 □不适用 ...

1 / 23 | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 11 | 云南煤业能源股份有限公司 2017 年第一季度报告 一、 重要提示 二、 公司基本情况 云南煤业能源股份有限公司 2017 年第一季度报告 公司代码：600792 公司简称：云煤能源 证券代码：122258 债券简称：13 云煤业 云南煤业能源股份有限公司 2017 年第一季度报告 2.5 主要财务数据 单位：元 币种：人民币 | | 本报告期末 | 上年度末 | | 本报告期末 | | --- | --- | --- | --- | --- | | | | 调整后 | 调整前 | 比上年度末 | | | | | | 增减(%) | | 总资产 | 6,010,726,964.72 | 6,413,511,916.25 | 5,918,917,809.61 | -6.28 | | 归属于上市公司股东 的净资产 | 2,976,865,694.08 | 2,972,228,313.50 | 2,754,406,63 ...

云南煤业能源股份有限公司 2016 年第三季度报告 公司代码：600792 公司简称：云煤能源 债券代码：122258 债券简称：13 云煤业 云南煤业能源股份有限公司 2016 年第三季度报告 1 / 27 | 一、重要提示 | 3 | | --- | --- | | 二、公司主要财务数据和股东变化 | 3 | | 三、重要事项 | 6 | | 四、附录 | 13 | 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人张鸿鸣、主管会计工作负责人马云丽及会计机构负责人（会计主管人员）杨四平 保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司主要财务数据和股东变化 2.1 主要财务数据 3 / 27 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上 年度末增减(%) 总资产 5,605,982,177.91 5,918,917,809.61 -5.29 归属于上市公司股东的净 资产 2,727,092,540.41 2,754,406,635.23 -0.99 年初至报告期末 （1-9 月） 上年初至上年报告期末 （1-9 月） 比上年同期增减 ...