智通财经APP讯，苏能股份(600925.SH)发布公告，公司于近日收到中国证监会出具的《关于同意江苏 徐矿能源股份有限公司向专业投资者公开发行公司债券注册的批复》(证监许可〔2025〕2414号)，同意 公司向专业投资者公开发行面值总额不超过20亿元公司债券的注册申请。 ...

人民财讯12月2日电，苏能股份（600925）12月2日公告，公司近日收到中国证监会出具的批复，同意公 司向专业投资者公开发行面值总额不超过20亿元公司债券的注册申请。 ...

Core Points - The company has received approval from the China Securities Regulatory Commission (CSRC) for the issuance of corporate bonds [1] - The total face value of the bonds to be issued will not exceed 2 billion yuan [1] - The approval is valid for 24 months from the date of registration [1] Summary by Sections - **Bond Issuance Approval** - The company is authorized to issue corporate bonds to professional investors [1] - The issuance must comply with the prospectus submitted to the Shanghai Stock Exchange [1] - **Issuance Conditions** - The company can issue the bonds in multiple tranches within the validity period [1] - Any significant events occurring between the approval and the completion of the bond issuance must be reported promptly [1]

Core Viewpoint - The company has experienced fluctuations in coal prices due to changes in supply and demand in the coal market, impacting its coal business, but has seen improvements in revenue and net profit in the third quarter as market conditions improved [1] Group 1: Coal Business - The coal market has shown volatility this year, affecting the company's coal operations [1] - In the third quarter, the company reported a quarter-on-quarter improvement in both revenue and net profit due to better supply and demand conditions in the coal market [1] Group 2: Power Business - The company is actively advancing its power business, with significant growth in both thermal power and renewable energy revenue [1]

证券代码：600925 证券简称：苏能股份 公告编号：2025-048 江苏徐矿能源股份有限公司 关于召开2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 江苏徐矿能源股份有限公司（以下简称"公司"）已于 2025 年 10 月 29 日 发布了公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 19 日上午 9:00~10:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 1 会议召开时间：2025 年 11 月 19 日 （星期三） 上午 9:00-10:00 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 11 月 12 日 （星期三） 至 11 月 18 日 （星期二） 16:00 前登录上证路演中心网站首页点击 ...

Core Insights - The coal prices have significantly increased in the second half of the year, driven by supply-side policies and rising winter heating demand, leading to an improvement in the industry's fundamentals [1][2]. Price Trends - In the second half of the year, coal prices have cumulatively risen over 20%, with specific prices reported as follows: Qinhuangdao port Q4500 at 588 CNY/ton, Q5000 at 678 CNY/ton, and Q5500 at 770 CNY/ton, reflecting increases of 21.24%, 23.27%, and 23.99% respectively since July [2]. - The latest price for coking coal in North China reached 1581.25 CNY/ton, marking a 12.44% increase since mid-September [2]. Supply Dynamics - The primary driver of the recent coal price increase is a contraction in supply, initiated by the National Energy Administration's policy to check overproduction in the coal industry [2]. - A total of 22 central safety production assessment teams will conduct annual inspections across 31 provinces and regions starting November 2025 [2]. Demand Factors - As winter approaches, coal demand for heating and electricity is expected to rise, particularly in northern regions where centralized heating is being activated [3]. - The International Energy Agency (IEA) projects a modest recovery in global coal demand, with a 0.2% year-on-year increase expected in 2025, primarily driven by the electricity sector [3]. Industry Outlook - The coal industry is anticipated to enter a new upward cycle due to ongoing policy support for transformation and upgrades, as evidenced by the Henan provincial government's action plan for the coal sector [4]. - The plan includes optimizing resource allocation, enhancing equipment technology, and increasing the share of intelligent coal mines to 65% [4]. Financial Performance - The third-quarter profits of coal companies have rebounded significantly, with a total net profit of 299.42 billion CNY reported by 37 listed coal companies, reflecting a 22.83% quarter-on-quarter increase [5]. - Companies such as Shanxi Coking Coal and Sunan Co. reported a turnaround in profitability, while over 60% of companies showed improved earnings [5]. Dividend Trends - The coal sector has shown a growing willingness to distribute dividends, with 15 companies having a dividend yield exceeding 3%, representing over 40% of the total [5]. - Jizhong Energy leads with a dividend yield of 9.74%, followed by Pingmei Shenma and Hengyuan Coal Power at 6.67% and 6.53% respectively [5]. Company Highlights - Jizhong Energy reported the highest quarter-on-quarter profit growth of 102.69%, achieving a net profit of 0.59 billion CNY [6]. - The company has a long-standing commitment to cash dividends, having distributed a total of 190.15 billion CNY since its listing [6].

Company Overview - SuNeng Co., Ltd. was established on December 3, 2014, and listed on the Shanghai Stock Exchange on March 29, 2023. The company is a significant state-owned enterprise under the Xuzhou Mining Group in Jiangsu Province, with a complete coal industry chain [1] - The main business activities of SuNeng include coal mining, washing and processing, sales, and power generation, categorized under the coal mining industry, specifically thermal coal [1] Financial Performance - In Q3 2025, SuNeng achieved a revenue of 8.76 billion yuan, ranking 11th out of 18 in the industry, significantly lower than the industry leader China Shenhua's 213.15 billion yuan and second-ranked Shaanxi Coal's 118.08 billion yuan. The industry average revenue was 38.04 billion yuan, while SuNeng's revenue was slightly above the median of 9.17 billion yuan [2] - The net profit for the same period was 360 million yuan, placing SuNeng 12th in the industry, far behind China Shenhua's 46.92 billion yuan and Shaanxi Coal's 19.93 billion yuan. The industry average net profit was 5.73 billion yuan, and the median was 740 million yuan [2] Financial Ratios - As of Q3 2025, SuNeng's debt-to-asset ratio was 55.48%, an increase from 54.26% in the previous year and above the industry average of 49.56% [3] - The gross profit margin for Q3 2025 was 24.40%, down from 33.64% in the previous year but slightly above the industry average of 23.03% [3] Management Background - The chairman, Yu Yang, born in December 1976, has extensive management experience and has been the general manager of Xuzhou Mining Group since December 2024. The general manager, Chen Chuangju, born in March 1977, has many years of experience in the coal industry [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 4.29% to 89,200, while the average number of circulating A-shares held per shareholder increased by 4.48% to 18,000. The top ten circulating shareholders included the Guotai CSI Coal ETF, which increased its holdings by 33.24 million shares [5]

Group 1: Company Announcements - Huayi Technology plans to issue H-shares and list on the main board of the Hong Kong Stock Exchange [1] - Changjiang Communication intends to invest approximately 450 million yuan in the "DIAIS Intelligent Equipment R&D and Production Base Project" [1] - Konggang Co., Ltd. has won a contract for the renovation of the Beiguang Communication factory, valued at approximately 91.72 million yuan [1] - Angli Education's Daoyao Culture plans to acquire 100% equity of Shanghai Leyou for 38 million yuan [1] - Tangshan Port expects to achieve a cumulative cargo throughput of 200.7 million tons this year, a year-on-year increase of 3.9% [1] Group 2: Financial Performance - Saisir reported a net profit of 5.312 billion yuan for the first three quarters, a year-on-year increase of 31.56% [2] - Bull Group's net profit for the third quarter was 919 million yuan, a year-on-year decrease of 10.29% [2] - Lixun Precision expects a net profit of 16.518 billion to 17.186 billion yuan in 2025, an increase of 23.59% to 28.59% year-on-year [2] - Zhongji Xuchuang reported a net profit of 7.13 billion yuan for the first three quarters, a year-on-year increase of 90.05% [2] Group 3: Shareholding Changes - Ruisheng Intelligent plans to reduce its shareholding by no more than 3% [2] - Saiwei Microelectronics' Vice President and Weihe Investment plan to reduce their holdings by no more than 1% [3] - Weidao Nano's executive Zhou Ren intends to reduce his holdings by no more than 378,700 shares [3] Group 4: Other Developments - Air China plans to raise no more than 20 billion yuan through a private placement to its controlling shareholder and related parties [3] - Suneng Co., Ltd. has completed the commissioning of the Ulagai 2 unit (1000MW) investment project [3]

Group 1: Company Announcements - Huayi Technology plans to issue H-shares and list on the main board of the Hong Kong Stock Exchange [1] - Changjiang Communication intends to invest approximately 450 million yuan in the "DIAIS Intelligent Equipment R&D and Production Base Project" [1] - Konggang Co., Ltd. has won a contract for the renovation of the Beiguang Communication factory, valued at approximately 91.72 million yuan [1] - Angli Education's Daoyao Culture plans to acquire 100% equity of Shanghai Leyou for 38 million yuan [1] - Tangshan Port expects to achieve a cargo throughput of 200.7 million tons this year, a year-on-year increase of 3.9% [1] Group 2: Financial Performance - Saisir reported a net profit of 5.312 billion yuan for the first three quarters, a year-on-year increase of 31.56% [1] - Zhongji Xuchuang's net profit for the first three quarters reached 7.13 billion yuan, a year-on-year growth of 90.05% [2] - Bull Group's net profit for the third quarter was 919 million yuan, a year-on-year decrease of 10.29% [1] - Luxshare Precision expects a net profit of 16.518 billion to 17.186 billion yuan in 2025, a year-on-year increase of 23.59% to 28.59% [1] Group 3: Other Announcements - China National Airlines plans to raise no more than 20 billion yuan through a private placement to its controlling shareholder and related parties [2] - Suneng Co., Ltd. has put into operation the Ulagai 2 unit (1000MW) investment project [2] - Ruisheng Intelligent plans to reduce its holdings by no more than 3% [2]

Core Viewpoint - SuNeng Co., Ltd. announced that its investment project, the Ulagai 2×1000MW high-efficiency ultra-supercritical coal-fired power generation unit project, has successfully completed a 168-hour full-load trial operation for its 2 unit (1000MW) and is now officially in commercial operation as of October 30, 2025 [1] Group 1 - The 2 unit of the Ulagai project has a capacity of 1000MW [1] - The project is part of SuNeng's investment initiatives aimed at enhancing energy production efficiency [1] - The successful trial operation marks a significant milestone for the company in its operational capabilities [1]