Core Viewpoint - The company has successfully completed the trial operation of its 1000MW coal-fired power generation unit, marking a significant milestone in its investment project and enhancing its operational capacity in the energy sector [2] Group 1: Project Details - The 1 unit (1000MW) of the Ulagai 2×1000MW high-efficiency ultra-supercritical coal-fired power generation project has completed a 168-hour full-load trial operation and is now officially in commercial operation [2] - The project is managed by the company's wholly-owned subsidiary, SuNeng (Xilin Gol) Power Co., Ltd., and is located in the Ulagai Management Area of Xilin Gol League, Inner Mongolia [2] - This project is part of the "Mengdian Song Su" initiative, serving as a supporting power source for the ±800KV UHVDC transmission line from Xilin Gol to Taizhou [2] Group 2: Strategic Importance - The project has been recognized in the fourth batch of major technological equipment in the energy sector by the National Energy Administration, filling a gap in China's million-level lignite power generation units [2] - The commissioning of the 1 unit will expand the company's operational power generation capacity, which is significant for optimizing the industrial structure and enhancing sustainable development capabilities and core competitiveness [2]

Core Viewpoint - The company, Suneng Co., Ltd. (stock code: 600925), has successfully completed the 168-hour full-load trial operation of its 1 unit (1000MW) for the Ulagai 2×1000MW high-efficiency ultra-supercritical coal-fired power generation project, officially commencing commercial operations on September 24 [1]. Group 1 - The 1 unit of the Ulagai project has a capacity of 1000MW [1]. - The project is part of the company's fundraising investment initiatives [1]. - The successful trial operation marks a significant milestone for the company in enhancing its operational capabilities [1].

格隆汇9月24日丨苏能股份(600925.SH)公布，公司募投项目——乌拉盖2×1000MW高效超超临界燃煤发 电机组工程项目的#1机组（1000MW）已于2025年9月24日顺利完成168小时满负荷试运行，正式投入商 业运营。该项目#1机组（1000MW）投产后，公司在役电力装机规模将进一步扩大，对优化产业结构、 提升可持续发展能力与核心竞争力具有重要意义。 ...

Core Viewpoint - The company announced that its Uralage 2×1000MW high-efficiency ultra-supercritical coal-fired power generation project has successfully completed a 168-hour full-load trial operation for its 1 unit (1000MW) and has officially commenced commercial operation [1] Group 1: Project Details - The project is constructed and operated by the company's wholly-owned subsidiary, Suneng (Xilin Gol) Power Co., Ltd., located in the Uralage Management Area of Xilin Gol League, Inner Mongolia Autonomous Region [1] - This project serves as a supporting power source for the "Mengdian Send Su" project and will supply power to the Jiangsu market upon commissioning [1] Group 2: Impact on Company - The commissioning of the 1 unit will further expand the company's operational power generation capacity [1] - The project is significant for optimizing the industrial structure and enhancing the company's sustainable development capabilities and core competitiveness [1]

Core Viewpoint - SuNeng Co., Ltd. has successfully completed the full-load trial operation of its 1000MW Unit 1 of the Ulagai 2×1000MW high-efficiency ultra-supercritical coal-fired power generation project, marking its official commercial operation on September 24, 2025 [1] Group 1: Project Details - The Ulagai project is operated by SuNeng (Xilin Gol) Power Co., Ltd., a wholly-owned subsidiary of the company [1] - The project is located in the Ulagai Management Area of Xilin Gol League, Inner Mongolia, and serves as a supporting power source for the "Mengdian Send Su" project, specifically the ±800KV UHVDC transmission line from Xilin Gol to Taizhou [1] - The project has been recognized in the fourth batch of major technological equipment in the energy sector by the National Energy Administration, filling a gap in China's million-level lignite power generation units [1] Group 2: Impact on Company - The commissioning of Unit 1 will further expand the company's operational power generation capacity [1] - This project is significant for optimizing the company's industrial structure and enhancing its sustainable development capabilities and core competitiveness [1]

Core Viewpoint - The company has successfully completed the full-load trial operation of its 1000MW Unit 1 of the Ulagai 2×1000MW high-efficiency ultra-supercritical coal-fired power generation project, marking its official commercial operation as of September 24, 2025 [1] Group 1: Project Details - The Ulagai project is managed by the company's wholly-owned subsidiary, Suneng (Xilin Gol) Power Co., Ltd., located in the Ulagai Management Area of Xilin Gol League, Inner Mongolia [1] - This project is part of the "Mengdian Song Su" initiative, specifically the "Xil League - Taizhou" ±800KV ultra-high voltage direct current transmission line, and will serve the Jiangsu market upon commissioning [1] - The project has been recognized in the fourth batch of major technological equipment in the energy sector by the National Energy Administration, filling a gap in China's million-level lignite power generation units [1] Group 2: Impact on Company - With the commissioning of Unit 1, the company's operational power generation capacity will further expand, which is significant for optimizing its industrial structure and enhancing its sustainable development capabilities and core competitiveness [1]

江苏徐矿能源股份有限公司 关于召开 2025 年半年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： 证券代码：600925 证券简称：苏能股份 公告编号：2025-040 江苏徐矿能源股份有限公司（以下简称"公司"）已于 2025 年 8 月 22 日发 布了公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 9 月 30 日下午 15:00~16:00 举行 2025 年半年度业绩说明会，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 09 月 30 日 （星期二） 下午 15:00-16:00 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 09 月 23 日 （星期二） 至 09 月 29 日 （星期一） 16:00 前登录上证路演中心网站首页点击"提问 ...

Core Insights - SuNeng Co., Ltd. reported a significant decline in net profit by 90.13% year-on-year for the first half of 2025, with total revenue decreasing by 17.15% to 5.573 billion yuan [1] - The company's gross margin fell to 23.6%, down 32.52% year-on-year, while net margin dropped to 3.56%, a decrease of 77.45% [1] - The financial report indicates a concerning trend in cash flow and profitability, with operating cash flow per share down 53.95% to 0.12 yuan [1] Financial Performance - Total revenue for the first half of 2025 was 5.573 billion yuan, a decrease of 17.15% compared to 6.728 billion yuan in 2024 [1] - Net profit attributable to shareholders was 93.19 million yuan, down from 945 million yuan in the previous year, marking a 90.13% decline [1] - The company's gross margin decreased to 23.6% from 34.97%, and net margin fell to 3.56% from 15.80% [1] Cash Flow and Debt - Operating cash flow per share decreased by 53.95% to 0.12 yuan, reflecting a decline in cash inflow from operating activities due to reduced revenue [1][6] - The company’s interest-bearing liabilities increased by 12.80% to 12.773 billion yuan, indicating a rise in debt levels [1] - The cash flow from financing activities saw a significant increase of 179.94%, attributed to dividends declared to shareholders [6] Asset and Liability Changes - Cash and cash equivalents decreased by 19.66% to 5.141 billion yuan, while accounts receivable fell by 9.17% to 635 million yuan [1][2] - Inventory increased by 44.22%, attributed to stockpiling of trade coal [2] - Contract liabilities decreased by 39.54%, indicating a reduction in advance payments received from customers [2] Market Position and Business Model - The company's return on invested capital (ROIC) was reported at 6.39%, which is below the historical median of 12.85%, suggesting a decline in capital efficiency [6] - The business model relies heavily on capital expenditures, necessitating careful evaluation of capital projects and their financial viability [6] - The company’s debt-to-asset ratio for interest-bearing liabilities reached 25.25%, raising concerns about financial leverage [6] Fund Holdings - The largest fund holding SuNeng Co., Ltd. shares is the China Merchants CSI Coal Equal-weighted Index Fund (LOF) C, which holds 4.727 million shares [6]

Group 1 - Gujia Home achieved a net profit of 1.02 billion yuan in the first half of 2025, a year-on-year increase of 13.89% [1] - Gujia Home's revenue for the first half of 2025 was 9.80 billion yuan, up 10.02% year-on-year [1] - Phoenix Holdings reported a net profit of 11.04 million yuan, successfully turning a profit [1] - Phoenix Holdings' revenue increased by 200.78% year-on-year to 291 million yuan [1] - Zheshang Securities recorded a net profit of 1.15 billion yuan, a year-on-year growth of 46.49% [1] - Zheshang Securities' revenue decreased by 23.66% to 6.11 billion yuan [1] Group 2 - Tianjin Port's net profit was 503 million yuan, a year-on-year decrease of 18.33% [3] - Tianjin Port's revenue for the first half of 2025 was 6.18 billion yuan, an increase of 4.33% year-on-year [3] - Xuantai Pharmaceutical reported a net profit of 45.59 million yuan, down 15.82% year-on-year [5] - Xuantai Pharmaceutical's revenue was 220 million yuan, a slight increase of 0.74% year-on-year [5] Group 3 - Yilida achieved a net profit of 40.03 million yuan, a year-on-year increase of 18.32% [7] - Yilida's revenue for the first half of 2025 was 758 million yuan, up 12.56% year-on-year [7] - Zhongji United reported a net profit of 262 million yuan, a significant year-on-year increase of 86.61% [9] - Zhongji United's revenue was 818 million yuan, a year-on-year growth of 43.52% [9] Group 4 - China Shipbuilding Special Gas reported a net profit of 178 million yuan, a slight decrease of 0.55% year-on-year [10] - China Shipbuilding Special Gas' revenue was 1.04 billion yuan, an increase of 12.60% year-on-year [10] - Xinyuan Intelligent Manufacturing achieved a net profit of 9.79 million yuan, a year-on-year increase of 284.45% [11] - Xinyuan Intelligent Manufacturing's revenue was 329 million yuan, up 388.33% year-on-year [11] Group 5 - Jiudian Pharmaceutical reported a net profit of 291 million yuan, a year-on-year increase of 2.57% [13] - Jiudian Pharmaceutical's revenue was 1.51 billion yuan, a year-on-year growth of 10.67% [13] - Boya Biological reported a net profit of 225 million yuan, down 28.68% year-on-year [15] - Boya Biological's revenue was 1.01 billion yuan, an increase of 12.51% year-on-year [15] Group 6 - True Love Home achieved a net profit of 197 million yuan, a year-on-year increase of 484.48% [17] - True Love Home's revenue was 390 million yuan, up 21.82% year-on-year [17] - Dongfang Electronics reported a net profit of 302 million yuan, a year-on-year increase of 19.65% [19] - Dongfang Electronics' revenue was 3.16 billion yuan, a year-on-year growth of 12.18% [19] Group 7 - Watte Holdings achieved a net profit of 18.41 million yuan, a year-on-year increase of 23.94% [21] - Watte Holdings' revenue was 906 million yuan, up 12.29% year-on-year [21] - Tianqin Equipment reported a net profit of 16.36 million yuan, a year-on-year increase of 2.78% [22] - Tianqin Equipment's revenue was 111 million yuan, a year-on-year growth of 18.42% [22] Group 8 - Yingfeng Environment achieved a net profit of 382 million yuan, a year-on-year increase of 0.43% [24] - Yingfeng Environment's revenue was 6.46 billion yuan, up 3.69% year-on-year [24] - Kexin Machinery reported a net profit of 52.20 million yuan, a year-on-year decrease of 46.18% [26] - Kexin Machinery's revenue was 592 million yuan, down 17.26% year-on-year [26] Group 9 - Tengda Construction reported a net profit of 108 million yuan, a year-on-year decrease of 0.69% [27] - Tengda Construction's revenue was 1.61 billion yuan, down 5.20% year-on-year [27] - Canaan Technology achieved a net profit of 7.35 million yuan, a year-on-year decrease of 38.46% [29] - Canaan Technology's revenue was 560 million yuan, up 1.29% year-on-year [29] Group 10 - Metro Design reported a net profit of 221 million yuan, a year-on-year increase of 6.58% [30] - Metro Design's revenue was 1.32 billion yuan, up 5.31% year-on-year [30] - China Shipbuilding Special Gas plans to use up to 2.9 billion yuan of idle funds for cash management [31] - The company intends to invest in safe, liquid, principal-protected products [31] Group 11 - Jiuchuang Biotechnology received a medical device registration certificate for its lupus anticoagulant detection kit [32] - The product is intended for in vitro qualitative detection of lupus anticoagulant in human plasma [32] - Xinowei's subsidiary received approval for clinical trials of its innovative drug [33] - The drug is a humanized monoclonal antibody intended for treating multiple cancers [33] Group 12 - Dongcheng Pharmaceutical's subsidiary received FDA approval for clinical trials of its targeted radiopharmaceutical [34] - The drug is intended for treating advanced prostate cancer [34] - Shandong Road and Bridge received approval to issue bonds up to 4 billion yuan [35] - The company specializes in road and bridge engineering construction [35] Group 13 - Diou Home plans to invest 500 million yuan to establish a subsidiary focused on generative AI [36] - The investment aims to transform the company into a full-stack industrial intelligent service provider [36] - Dayilong achieved a net profit of 90.87 million yuan, a year-on-year increase of 217.89% [37] - Dayilong's revenue was 957 million yuan, up 57.35% year-on-year [37] Group 14 - Chaohongji reported a net profit of 331 million yuan, a year-on-year increase of 44.34% [38] - Chaohongji's revenue was 4.10 billion yuan, up 19.54% year-on-year [38] - Taiji Group reported a net profit of 139 million yuan, a year-on-year decrease of 71.94% [39] - Taiji Group's revenue was 5.66 billion yuan, down 27.63% year-on-year [39] Group 15 - Suneng Co. reported a net profit of 93.19 million yuan, a year-on-year decrease of 90.13% [41] - Suneng Co.'s revenue was 5.57 billion yuan, down 17.15% year-on-year [41] - Three Gorges Water Conservancy reported a net profit of 47.93 million yuan, a year-on-year decrease of 79.07% [42] - Three Gorges Water Conservancy's revenue was 4.90 billion yuan, down 6.10% year-on-year [42] Group 16 - Furida reported a net profit of 108 million yuan, a year-on-year decrease of 15.16% [44] - Furida's revenue was 1.79 billion yuan, down 7.05% year-on-year [44] - Chenzhou Electric International achieved a net profit of 25.92 million yuan, a year-on-year increase of 29.55% [46] - Chenzhou Electric International's revenue was 1.96 billion yuan, up 1.26% year-on-year [46] Group 17 - Farlantek achieved a net profit of 122 million yuan, a year-on-year increase of 41.05% [47] - Farlantek's revenue was 1.18 billion yuan, up 46.63% year-on-year [47] - Huitai Medical reported a net profit of 425 million yuan, a year-on-year increase of 24.11% [48] - Huitai Medical's revenue was 1.21 billion yuan, up 21.26% year-on-year [48] Group 18 - Dameng Data's director is under investigation for suspected violations [49] - The company's daily operations remain normal [49] - Maiwei Co. reported a net profit of 394 million yuan, a year-on-year decrease of 14.59% [50] - Maiwei Co.'s revenue was 4.21 billion yuan, down 13.48% year-on-year [50] Group 19 - Waiservice Holdings achieved a net profit of 384 million yuan, a year-on-year increase of 5.51% [52] - Waiservice Holdings' revenue was 12.25 billion yuan, up 16.15% year-on-year [52] - Huakang Co. reported a net profit of 134 million yuan, a year-on-year decrease of 3.38% [53] - Huakang Co.'s revenue was 1.87 billion yuan, up 37.32% year-on-year [53] Group 20 - Bluelight Optical achieved a net profit of 103 million yuan, a year-on-year increase of 110.27% [54] - Bluelight Optical's revenue was 577 million yuan, up 52.54% year-on-year [54] - Shunwang Technology reported a net profit of 162 million yuan, a year-on-year increase of 69.22% [55] - Shunwang Technology's revenue was 1.01 billion yuan, up 25.09% year-on-year [55] Group 21 - Anbiping reported a net loss of 12.50 million yuan in the first half of 2025 [56] - Anbiping's revenue was 159 million yuan, down 30.11% year-on-year [56] - Jinhua Co. reported a net profit of 6.20 million yuan, a year-on-year decrease of 34.53% [57] - Jinhua Co.'s revenue was 241 million yuan, down 1.90% year-on-year [57] Group 22 - Xiehe Electronics achieved a net profit of 28.96 million yuan, a year-on-year decrease of 8.31% [59] - Xiehe Electronics' revenue was 451 million yuan, up 12.13% year-on-year [59] - Huguang Co. reported a net profit of 276 million yuan, a year-on-year increase of 8.40% [60] - Huguang Co.'s revenue was 3.63 billion yuan, up 6.20% year-on-year [60]

Core Viewpoint - Jiangsu Xukuang Energy Co., Ltd. reported a significant decline in financial performance for the first half of 2025, with a notable drop in revenue and net profit compared to the same period in 2024, primarily due to falling coal prices and changes in tax rates for subsidiaries [2][3]. Company Overview and Financial Indicators - The company reported operating revenue of approximately 5.57 billion yuan, a decrease of 17.15% from 6.73 billion yuan in the same period last year [2]. - Total profit for the period was approximately 381.30 million yuan, down 72.07% from 1.36 billion yuan [2]. - Net profit attributable to shareholders was approximately 93.19 million yuan, a decline of 90.13% from 944.54 million yuan [2]. - The net cash flow from operating activities was approximately 829.81 million yuan, down 53.95% from 1.80 billion yuan [2]. - As of the end of the reporting period, the company's net assets attributable to shareholders were approximately 15.29 billion yuan, a decrease of 3.81% from the end of the previous year [2]. Industry and Main Business Situation - The coal industry in China saw a total raw coal output of 2.4 billion tons in the first half of 2025, with a year-on-year increase of 5.4% [4]. - Coal imports decreased by 11.13% year-on-year, with a notable decline in both thermal and coking coal imports [4]. - The total coal consumption in China was approximately 2.39 billion tons, with a slight year-on-year increase of 0.4% [4]. - The company primarily engages in coal mining, washing, processing, wholesale, electricity production, and new energy development, with a coal production capacity of 17.8 million tons per year [5][6]. Operational Highlights - The company produced approximately 8.46 million tons of coal and sold approximately 8.18 million tons during the reporting period, reflecting a year-on-year increase in production and sales [10]. - The company has a total installed power generation capacity of 3,347.8 MW, with 2,700 MW from thermal power and 647.8 MW from new energy sources [6][8]. - The company is actively expanding its new energy projects, with ongoing construction of solar and wind power projects, aiming to reach over 2,200 MW in new energy capacity by 2026 [8][9]. Future Outlook - The coal supply-demand balance is expected to improve in the second half of 2025, driven by seasonal demand increases and stable macroeconomic growth [5]. - The company plans to enhance its coal and electricity production capabilities while continuing to invest in new energy projects to support sustainable development [11].