Core Insights - The company reported a total operating revenue of 473 million yuan, an increase of 73.87 million yuan compared to the same period last year, representing a year-on-year growth of 18.49% [1] - The net profit attributable to shareholders was -72.81 million yuan, an improvement of 39.02 million yuan compared to the same period last year [1] - The net cash inflow from operating activities was 12.58 million yuan, an increase of 71.85 million yuan compared to the same period last year [1] Financial Metrics - The latest debt-to-asset ratio is 75.91% [3] - The latest gross profit margin is -3.41%, which is an increase of 1.25 percentage points from the previous quarter and an increase of 12.50 percentage points year-on-year [3] - The latest return on equity (ROE) is -46.53% [3] - The diluted earnings per share are -0.07 yuan, an increase of 0.04 yuan compared to the same period last year [3] - The total asset turnover ratio is 0.38 times, an increase of 0.11 times year-on-year, marking six consecutive years of growth, with a year-on-year increase of 38.05% [3] - The inventory turnover ratio is 6.60 times, an increase of 0.42 times year-on-year, achieving three consecutive years of growth, with a year-on-year increase of 6.81% [3] Shareholder Information - The number of shareholders is 61,900, with the top ten shareholders holding 322 million shares, accounting for 31.71% of the total share capital [3] - The largest shareholder is Inner Mongolia Jinrong Hongji Enterprise Management Co., Ltd., holding 15.00% [3] - Other significant shareholders include Jiangsu Danhua Group Co., Ltd. at 6.65% and Caitong Fund at 2.52% [3]

Group 1 - The core viewpoint of the report emphasizes the importance of reviewing the full semi-annual report for a comprehensive understanding of the company's operational results, financial status, and future development plans [1][4]. - The board of directors and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report, taking legal responsibility for any false statements or omissions [1][6]. - The company will not distribute profits or increase capital reserves through stock issuance for the fiscal year 2025 [4]. Group 2 - The company is identified as Inner Mongolia Jinmei Chemical Technology Co., Ltd., with stock codes 600844 and 900921 [5]. - The report includes a section on major financial data, although specific figures are not provided in the excerpts [5]. - There are no changes in the controlling shareholder or actual controller during the reporting period [5].

Group 1 - The company reported a revenue of 473 million yuan for the first half of 2025, representing a year-on-year increase of 18.49% [1] - The net profit attributable to shareholders of the listed company was a loss of 72.81 million yuan [1] - The non-recurring net profit was a loss of 73.96 million yuan, with a basic earnings per share of -0.0716 yuan [1]

金煤科技（SH 600844，收盘价：3.38元）8月11日晚间发布半年度业绩报告称，2025年上半年营业收入 约4.73亿元，同比增加18.49%；归属于上市公司股东的净利润亏损约7281万元；基本每股收益亏损 0.0716元。2024年同期营业收入约4亿元；归属于上市公司股东的净利润亏损约1.12亿元；基本每股收益 亏损0.11元。 （文章来源：每日经济新闻） ...

Core Viewpoint - The report highlights the financial performance and operational status of Inner Mongolia Jinmei Chemical Technology Co., Ltd. for the first half of 2025, indicating a mixed performance with increased revenue but continued losses, alongside industry trends in the chemical and coal chemical sectors [1][2]. Company Overview and Financial Indicators - The company reported a revenue of approximately 473.44 million yuan, an increase of 18.49% compared to the same period last year [6]. - The total profit for the period was a loss of approximately 91.41 million yuan, an improvement from a loss of 142.15 million yuan in the previous year [6]. - The net profit attributable to shareholders was a loss of about 72.81 million yuan, compared to a loss of 111.82 million yuan in the same period last year [6]. - The company’s total assets decreased by 5.52% to approximately 1.20 billion yuan compared to the end of the previous year [6]. Industry Analysis Petrochemical Industry - The China Chemical Product Price Index (CCPI) decreased by 4.5% from the beginning of the year, indicating a downward trend in profitability within the industry [4]. - The average operating rate in the petrochemical refining industry was around 75%, with some local refineries operating below 60% [4]. - A moderate recovery in demand from the construction and textile industries is expected to support some petrochemical products [4]. Coal Chemical Industry - The coal chemical sector is experiencing a bifurcation in profitability, with modern projects like coal-to-olefins performing well, while traditional sectors face increased losses due to low downstream demand [4]. - The report anticipates a favorable cost environment for coal chemical projects in the second half of 2025, driven by declining raw material prices [4]. - Significant investments in coal chemical projects are underway, with over 140 billion yuan allocated to new projects [4]. Operational Performance - The company produced 83,000 tons of ethylene glycol, a year-on-year increase of 21.99%, and 53,700 tons of oxalic acid, a slight increase of 0.91% [5]. - The production facilities operated for 179 days, achieving the best historical performance, with significant reductions in resource consumption [5]. - Sales of ethylene glycol reached 85,600 tons, up approximately 27.9%, while oxalic acid sales increased by 10.06% to 55,400 tons [5]. Financial Management - The company has successfully negotiated new loans and refinancing, supported by its major shareholder, to alleviate operational funding pressures [5]. - The cash flow from operating activities improved significantly, reaching approximately 12.58 million yuan, compared to a negative cash flow in the previous year [6]. Environmental and Safety Standards - The company maintained a strong safety record with no environmental incidents reported during the period, achieving 100% compliance in waste management [5]. - The company is committed to enhancing its environmental practices in line with stricter national regulations [5].

| 内蒙古金煤化工科技股份有限公司2025 | | | 年半年度报告摘要 | | | --- | --- | --- | --- | --- | | 公司代码：600844，900921 公司简称：金煤科技，金煤 | | | | B 股 | | 内蒙古金煤化工科技股份有限公司 | | | | | | 内蒙古金煤化工科技股份有限公司2025 年半年度报告摘要 | | | | | | 第一节 重要提示 | | | | | | 展规划，投资者应当到 www.sse.com.cn 网站仔细阅读半年度报告全文。 | | | | | | 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。 | | | | | | 第二节 | 公司基本情况 | | | | | 公司股票简况 | | | | | | 股票种 股票上市交 股票简 股票代 | | | | 变更前股票简称 | | 类 易所 称 码 | | | | | | 丹化科技、*ST丹科、ST丹科、ST大盈、*ST大盈、大盈股 | | | | | | A股 600844 | | | | | | 份、英雄股份 | | | | | | B | | | 丹科B股、*ST丹 ...

Group 1 - The company reported its Q2 2025 operational data, highlighting production, sales, and revenue figures for its main products [1] - Ethylene glycol production was 4.20 million tons, with sales of 4.13 million tons generating revenue of 15,000.52 million yuan [1] - Oxalic acid production was 2.66 million tons, with sales of 3.22 million tons generating revenue of 7,296.83 million yuan [1] Group 2 - The average selling price of ethylene glycol decreased by 6.35%, from 4,385.02 yuan/ton to 4,106.58 yuan/ton [1] - The average selling price of oxalic acid decreased by 4.88%, from 2,689.95 yuan/ton to 2,558.63 yuan/ton [1] Group 3 - The average purchase price of lignite decreased by 10.03%, from 524.55 yuan/ton to 471.95 yuan/ton [1] - The average purchase price of high-calorific coal decreased by 13.90%, from 843.75 yuan/ton to 726.43 yuan/ton [1]

证券代码：600844，900921 证券简称：金煤科技，金煤 B 股 编号：临 2025－036 内蒙古金煤化工科技股份有限公司 | 主要原材料名称 | 2025 年二季度平 | 2025 年一季度平 | 变动幅度（%） | | --- | --- | --- | --- | | | 均进价（元/吨） | 均进价（元/吨） | | | 褐煤 | 471.95 | 524.55 | -10.03 | | 高卡煤 | 726.43 | 843.75 | -13.90 | 本公告之经营数据未经审计，公司董事会提醒投资者审慎使用上述数据。 特此公告。 2025 年二季度主要经营数据公告 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个别及连带责任。 公司 2025 年第二季度主要经营数据披露如下： 二、主要产品的价格变动情况（含税） | 主要产品 | 2025 年二季度平 | 2025 | 年一季度平 | 变动幅度（%） | | --- | --- | --- | --- | --- | | | 均售价（元/吨） | 均售价（元/吨） | | ...

Company Profile and Key Financial Indicators [Company Information](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) Inner Mongolia Jinmei Chemical Technology Co., Ltd., listed on the Shanghai Stock Exchange, relocated its registered address to Hohhot, Inner Mongolia - The company's name is **Inner Mongolia Jinmei Chemical Technology Co., Ltd.**, with stock abbreviations **Jinmei Technology (A-share)** and **Jinmei B-share**[14](index=14&type=chunk)[19](index=19&type=chunk) - The company's registered address changed from Danyang, Jiangsu to **Hohhot, Inner Mongolia** in **July 2024**[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%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 2025, operating revenue grew by **18.49%**, net cash flow from operations turned positive, despite asset and equity declines Key Accounting Data (January-June 2025) | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 473,441,407.02 | 399,565,376.40 | 18.49% | | Net Profit Attributable to Shareholders of Listed Company | -72,807,436.73 | -111,824,973.29 | N/A (Loss narrowed) | | Net Cash Flow from Operating Activities | 12,579,101.10 | -59,275,425.14 | 121.22% | | **Asset Status** | **End of Current Period (CNY)** | **End of Prior Year (CNY)** | **Change from Prior Year-End (%)** | | Total Assets | 1,203,072,399.67 | 1,273,338,714.70 | -5.52% | | Net Assets Attributable to Shareholders of Listed Company | 156,473,874.20 | 229,034,447.36 | -31.68% | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | -0.0716 | -0.1100 | N/A (Loss narrowed) | | Weighted Average Return on Net Assets (%) | -37.77% | -23.16% | Decreased by 14.61 percentage points | [Non-recurring Gains and Losses and Amounts](index=6&type=section&id=%E9%9D%9E%E5%B8%B8%E7%BB%8F%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Non-recurring gains and losses totaled **1.15 million CNY**, mainly from government subsidies, leading to a **73.96 million CNY** net loss for shareholders - Total non-recurring gains and losses during the reporting period amounted to **1,151,427.21 CNY**, primarily consisting of **1,772,436.96 CNY** in government subsidies, partially offset by losses from disposal of non-current assets and other items[23](index=23&type=chunk)[24](index=24&type=chunk) - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was **-73,958,863.94 CNY**, a narrowed loss compared to **-112,700,412.35 CNY** in the same period last year[21](index=21&type=chunk) Management Discussion and Analysis [Industry and Main Business Overview](index=7&type=section&id=%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The petrochemical and coal chemical industries face overcapacity and price pressure, while the company's main coal chemical business has a singular product structure - The petrochemical industry faces challenges of capacity expansion, price declines, and profit erosion, but modern coal chemical projects are expected to see development opportunities in the second half due to falling costs and stable supply advantages[25](index=25&type=chunk)[26](index=26&type=chunk)[28](index=28&type=chunk) - The company's main business is coal-to-ethylene glycol (annual capacity of **220 kt**) and oxalic acid (annual capacity of **80 kt**). During the reporting period, the capacity utilization rate was approximately **84.50%**[28](index=28&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=%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) The company achieved stable operations and year-on-year growth in main product output and sales, advancing an oxalic acid expansion project Main Product Production and Sales (H1 2025) | Product | Output (kt) | YoY Growth | Sales (kt) | YoY Growth | | :--- | :--- | :--- | :--- | :--- | | Ethylene Glycol | 83.0 | 21.99% | 85.6 | approx. 27.9% | | Oxalic Acid | 53.7 | 0.91% | 55.4 | 10.06% | - The company's production management was strengthened, with stable plant operations for **179 days**, reaching a historical best, significantly reducing energy consumption per ton of product, and improving cash flow[29](index=29&type=chunk) - The company is advancing a **100 kt/year** oxalic acid expansion and renovation project, expected to be completed and operational by **end of 2025**, increasing total annual oxalic acid output to approximately **200 kt**[32](index=32&type=chunk) [Main Business Analysis](index=9&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue increased by **18.49%** due to higher sales, with decreased management and R&D expenses, and significantly improved operating cash flow Analysis of Major Financial Statement Item Changes | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 473,441,407.02 | 399,565,376.40 | 18.49 | Increased sales of main products | | Management Expenses | 48,031,925.11 | 58,030,192.71 | -17.23 | Decrease in sewage discharge fees and safety production fees | | R&D Expenses | 242,721.08 | 1,168,097.24 | -79.22 | Reduced R&D investment | | Net Cash Flow from Operating Activities | 12,579,101.10 | -59,275,425.14 | 121.22 | Increase in cash received from operating activities | | Net Cash Flow from Investing Activities | -19,920,458.42 | 152,307.26 | -13,179.13 | Increase in acquisition of fixed assets | | Net Cash Flow from Financing Activities | 4,347,506.80 | 59,245,137.90 | -92.66 | Decrease in borrowings | [Analysis of Assets and Liabilities](index=11&type=section&id=%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 by **5.52%** to **1.20 billion CNY**, with increased monetary funds and prepayments, and rising notes payable Major Changes in Assets and Liabilities | Item Name | End of Current Period (CNY) | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | | Monetary Funds | 28,900,317.79 | 159.19% | Due to increased acceptance deposits in the reporting period | | Prepayments | 34,045,946.51 | 264.73% | Due to increased prepaid goods in the reporting period | | Notes Payable | 20,739,304.00 | 100.00% | Due to increased acceptance bills payable in the reporting period | | Non-current Liabilities Due Within One Year | 8,816,186.01 | -63.29% | Due to decreased long-term payables due within one year in the reporting period | | Estimated Liabilities | 4,372,299.84 | -69.62% | Due to decreased loss contracts to be executed in the reporting period | - As of the end of the reporting period, the company's major restricted assets, including monetary funds, fixed assets, and intangible assets, had a total book value of **174,967,851.73 CNY**, primarily used for collateral[42](index=42&type=chunk)[43](index=43&type=chunk) [Analysis of Major Holding and Participating Companies](index=13&type=section&id=%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) Controlling subsidiary Tongliao Jinmei Chemical Co., Ltd. is the main revenue source, reporting **473 million CNY** in revenue but a **80 million CNY** net loss Tongliao Jinmei Chemical Co., Ltd. Key Financial Data (H1 2025) | Indicator | Amount (Million CNY) | | :--- | :--- | | Total Assets | 1,218.98 | | Net Assets | 579.11 | | Operating Revenue | 472.86 | | Operating Profit | -74.88 | | Net Profit | -79.99 | [Potential Risks](index=14&type=section&id=%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces risks including aging facilities, market overcapacity, singular product structure, persistent ethylene glycol losses, and increasing environmental compliance pressures - The company's major risks include: - **Production Risk**: Some production facilities are old, posing risks of unplanned shutdowns - **Market Risk**: Industry overcapacity, intensified competition, and low product prices persist - **Operational Risk**: Singular product structure leads to weak risk resistance - **Profitability Pressure**: Continuous losses for years, with cost inversion for the main product, ethylene glycol - **Environmental Risk**: The coal chemical industry faces increasingly stringent environmental policies[49](index=49&type=chunk)[50](index=50&type=chunk) Significant Matters [Major Litigation and Arbitration Matters](index=17&type=section&id=%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company is involved in a **133 million CNY** securities misrepresentation lawsuit and a **19.49 million CNY** sales contract dispute - The company faces a securities misrepresentation lawsuit filed by shareholder Jilin Fengchengshun, claiming **132,754,299 CNY**, with the case still under trial[59](index=59&type=chunk) - Subsidiary Jiangsu Jinju sued Henan Longyu Coal Chemical Co., Ltd., demanding payment of **19.4892 million CNY** for catalyst goods, and the case has been accepted[61](index=61&type=chunk)[62](index=62&type=chunk) [Major Related Party Transactions](index=18&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in **5.80 million CNY** in daily related party transactions and received **281 million CNY** in financial assistance - The company engaged in daily related party transactions, including purchasing goods and receiving services, with entities controlled by the actual controller and shareholder subsidiaries, totaling **5.797 million CNY**[64](index=64&type=chunk) Related Party Borrowings (Period-End) | Related Party | Relationship | Period-End Balance (CNY) | Reason | | :--- | :--- | :--- | :--- | | Jiangsu Danhua Group Co., Ltd. | Other (Former Controlling Shareholder) | 166,321,886.68 | Financial Assistance | | Beijing Zhongze Holding Group Co., Ltd. | Indirect Controlling Shareholder | 114,775,440.25 | Financial Assistance | | **Total** | | **281,097,326.93** | | [Major Contracts and Their Performance](index=21&type=section&id=%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 **54 million CNY** in guarantees for subsidiaries, representing **34.51%** of net assets, including **49 million CNY** for a highly leveraged one External Guarantees (Period-End) | Guarantee Type | Amount (Million CNY) | | :--- | :--- | | Total Guarantee Balance for Subsidiaries | 54.00 | | Ratio of Total Guarantees to Company's Net Assets | 34.51% | | Debt Guarantee Amount for Guaranteed Entities with Debt-to-Asset Ratio Exceeding 70% | 49.00 | Share Changes and Shareholder Information [Share Capital Changes](index=23&type=section&id=%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) No changes occurred in share capital, but a non-public A-share issuance to the controlling shareholder, aiming to raise up to **565 million CNY**, is in progress - The company plans a non-public issuance of up to **303.5 million** A-shares to controlling shareholder Jinrui Hongji, raising no more than **564.51 million CNY** for working capital. If completed, the controlling shareholder's stake will increase from **15%** to **34.54%**[74](index=74&type=chunk) [Shareholder Information](index=23&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of period-end, the company had **61,909** common shareholders, with Inner Mongolia Jinrui Hongji (**15.00%**) and Jiangsu Danhua Group (**6.65%**) as the top two Top Two Shareholders' Holdings | Shareholder Name | Period-End Holding (Shares) | Percentage (%) | | :--- | :--- | :--- | | Inner Mongolia Jinrui Hongji Enterprise Management Co., Ltd. | 152,500,000 | 15.0021 | | Jiangsu Danhua Group Co., Ltd. | 67,550,050 | 6.6452 | Financial Report [Financial Statements](index=28&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This unaudited semi-annual report shows decreased total and net assets, increased operating revenue, narrowed net loss, and improved operating cash flow Consolidated Balance Sheet Summary (June 30, 2025) | Item | Period-End Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 1,203,072,399.67 | 1,273,338,714.70 | | Total Liabilities | 913,277,492.80 | 892,116,942.47 | | Total Equity Attributable to Parent Company Owners | 156,473,874.20 | 229,034,447.36 | Consolidated Income Statement Summary (January-June 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 473,441,407.02 | 399,565,376.40 | | Total Operating Costs | 558,285,414.21 | 542,502,377.31 | | Total Profit | -91,412,658.87 | -142,152,262.70 | | Net Profit Attributable to Parent Company Shareholders | -72,807,436.73 | -111,824,973.29 | Consolidated Cash Flow Statement Summary (January-June 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 12,579,101.10 | -59,275,425.14 | | Net Cash Flow from Investing Activities | -19,920,458.42 | 152,307.26 | | Net Cash Flow from Financing Activities | 4,347,506.80 | 59,245,137.90 | | Net Increase in Cash and Cash Equivalents | -2,989,233.14 | 124,487.06 |

Group 1 - The company reported a revenue of 473 million yuan for the first half of 2025, representing a year-on-year increase of 18.49% [1] - The net loss attributable to shareholders was 72.81 million yuan, compared to a net loss of 112 million yuan in the same period last year [1] - The company will not distribute profits or increase share capital from capital reserves for the 2025 interim period [1]