Core Viewpoint - The coke sector experienced a 1.9% increase on September 5, with Meijin Energy leading the gains, while the overall market indices also showed positive performance [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3812.51, up 1.24% [1] - The Shenzhen Component Index closed at 12590.56, up 3.89% [1] Group 2: Individual Stock Performance - Meijin Energy (000723) closed at 4.78, with a rise of 2.36% and a trading volume of 650,600 shares, totaling a transaction value of 309 million [1] - Yunwei Co. (600725) closed at 3.50, up 2.04%, with a trading volume of 263,500 shares and a transaction value of 90.79 million [1] - Baotailong (601011) closed at 2.85, increasing by 1.79%, with a trading volume of 402,600 shares and a transaction value of 113 million [1] - Yunmei Energy (600792) closed at 3.87, up 1.57%, with a trading volume of 154,900 shares and a transaction value of 59.33 million [1] - Shanxi Coking Coal (600740) closed at 3.94, increasing by 1.55%, with a trading volume of 167,400 shares and a transaction value of 65.21 million [1] - Shaanxi Black Cat (601015) closed at 3.54, up 1.43%, with a trading volume of 188,700 shares and a transaction value of 65.88 million [1] - Antai Group (600408) closed at 2.22, increasing by 1.37%, with a trading volume of 223,000 shares and a transaction value of 48.85 million [1] Group 3: Fund Flow Analysis - The coke sector saw a net outflow of 3.42 million from main funds, while retail funds experienced a net inflow of 4.14 million [1] - The individual stock fund flow showed varied results, with Shanxi Coking Coal experiencing a net inflow of 5.44 million from main funds but a net outflow of 1.14 million from retail funds [2] - Yunmei Energy had a net inflow of 5.05 million from main funds but a net outflow of 2.26 million from retail funds [2] - Meijin Energy faced a net outflow of 6.82 million from main funds while attracting a net inflow of 5.58 million from retail funds [2]

Group 1 - The coke sector experienced a slight increase of 0.42% on September 4, with Antai Group leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] - Key stocks in the coke sector showed varied performance, with Antai Group closing at 2.19, up 1.39%, and other companies like Yunmei Energy and Shaanxi Black Cat also showing positive changes [1] Group 2 - The net capital flow in the coke sector indicated a net outflow of 51.37 million yuan from main funds, while retail investors saw a net inflow of 59.73 million yuan [1] - Individual stock performances in terms of capital flow showed that Yunmei Energy had a net outflow of 1.62 million yuan from main funds, while retail investors contributed a net inflow of 2.97 million yuan [2] - Antai Group experienced a significant net outflow of 7.45 million yuan from main funds, but retail investors added 8.35 million yuan [2]

Group 1 - The coke sector experienced a 2.0% increase on September 1, with Yunmei Energy leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Key stocks in the coke sector showed various performance metrics, with Yunmei Energy closing at 3.83, up 2.96%, and Meijin Energy at 4.93, up 2.49% [1] Group 2 - The net inflow of main funds in the coke sector was 20.83 million yuan, while retail funds saw a net outflow of 10.12 million yuan [1] - Individual stock fund flows indicated that Meijin Energy had a main fund net inflow of 14.05 million yuan, while Yunwei Co. experienced a net outflow of 2.99 million yuan [2] - The overall fund flow dynamics showed that retail investors were net sellers across most stocks in the sector, with significant outflows from Yunwei Co. and Shanxi Coking [2]

随着半年报密集发布，多家焦炭企业业绩也逐渐浮出水面。记者了解到，2025年上半年，焦化行业在供 需失衡、价格下行、行业亏损的困境中艰难前行。截至8月27日，5家焦炭上市企业公布半年报，其中， 仅宝泰隆（601011.SH）实现盈利，山西焦化（600740.SH）、云煤能源（600792.SH）、陕西黑猫 （601015.SH）、美锦能源（000723.SZ）分别亏损0.78亿元、1.63亿元、4.62亿元、6.74亿元。 据统计，上半年，全国规模以上工业企业焦炭累计产量为2.49亿吨，同比增长3.0%，国内焦化厂开工负 荷整体偏高，焦炭供应同比增加明显，而下游钢企需求整体偏弱，焦炭"供强需弱"。 下游钢厂抵触情绪明显 价格方面，卓创资讯分析师张敏告诉《华夏时报》记者，上半年国内焦炭价格整体以降为主，1—6月份 焦炭市场价格累计跌10轮，涨1轮，河北唐山地区准一级干熄焦累计下滑515元/吨，降幅27%。 多家焦炭企业利润下滑 记者了解到，宝泰隆上半年实现营业收入3.57亿元，同比下降55.99%；不过，归母净利润0.99亿元，成 功实现由亏转盈。但从公司半年报深入分析可知，今年上半年，公司焦炉设备处于停产检修状 ...

证券代码：601015 证券简称：陕西黑猫 公告编号：2025-035 陕西黑猫焦化股份有限公司 关于公司以所持建新煤化 49%股权进行融资的公告 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个别及连带责任。 重要内容提示： ●陕西黑猫焦化股份有限公司（简称"公司"）拟与中国信达资产管理股份 有限公司陕西省分公司（简称"中国信达陕西分公司"）合作开展公司所持陕西 建新煤化有限责任公司（简称"建新煤化""标的"）49%股权盘活融资安排。公 司以所持建新煤化12%股权作为信托财产委托中国金谷国际信托有限责任公司（简 称"金谷信托"）设立"金谷·锐达33号财产权信托"（简称"信托计划"）， 并由金谷信托与中国信达陕西分公司及鑫盛利保股权投资有限公司（简称"鑫盛 利保"）将共同发起设立有限合伙企业"天津信建合企业管理合伙企业（有限合 伙）"（简称"天津信建合"）。天津信建合基于持有金谷信托作为出资缴付的 建新煤化12%股权，以及以145,000万元对价收购公司所持建新煤化37%股权，将持 有建新煤化49%股权。 ●本次交易公司享有向天津信建合 ...

陕西黑猫(601015.SH)公告称，公司拟与中国信达资产管理股份有限公司陕西省分公司合作，以所持陕 西建新煤化有限责任公司49%股权进行融资。公司将所持建新煤化12%股权委托给金谷信托设立信托计 划，并与金谷信托、鑫盛利保共同发起设立有限合伙企业天津信建合。天津信建合将以14.5亿元对价收 购公司所持建新煤化37%股权，从而持有建新煤化49%股权。公司享有远期收购这49%股权的权利。本 次交易预计可获得现金流入约14.5亿元，用于补充公司流动资金。 ...

Core Viewpoint - The financial performance of Shaanxi Black Cat (601015) for the first half of 2025 shows significant declines in revenue and profit, indicating increased short-term debt pressure and a deteriorating financial position [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 5.234 billion yuan, a decrease of 32.46% year-on-year [1]. - The net profit attributable to shareholders was -462 million yuan, down 3.76% year-on-year [1]. - In Q2 2025, total revenue was 2.649 billion yuan, a decline of 26.94% year-on-year, while the net profit attributable to shareholders was -201 million yuan, an increase of 13.94% compared to the previous quarter [1]. - The gross margin was -3.28%, a decrease of 191.61% year-on-year, and the net margin was -10.98%, down 62.31% year-on-year [1]. - The current ratio reached 0.27, indicating increased short-term debt pressure [1]. Key Financial Metrics - The total operating costs decreased by 31.02%, attributed to lower sales volume and raw material prices [3]. - The company’s cash flow from operating activities showed a significant increase of 106.72%, due to reduced salary payments and tax expenses [4]. - The company’s total interest-bearing debt increased by 18.95% to 6.646 billion yuan [1]. - The net asset per share decreased by 17.55% to 2.9 yuan, while the earnings per share were -0.23 yuan, a decline of 4.55% year-on-year [1]. Business Model and Operational Insights - The company’s business model relies heavily on capital expenditures, necessitating careful evaluation of the profitability of these investments [4]. - Historical data indicates a median Return on Invested Capital (ROIC) of 3.82% over the past decade, with a particularly poor ROIC of -8.08% in 2024 [4]. - The company has experienced three years of losses since its IPO, highlighting a fragile business model [4]. Debt and Cash Flow Concerns - The cash flow situation is concerning, with cash and cash equivalents covering only 21.87% of current liabilities [4]. - The interest-bearing debt ratio has reached 30.6%, and the total interest-bearing debt to average operating cash flow ratio stands at 22.83% [4]. - Financial expenses accounted for 124.28% of the average operating cash flow over the past three years, indicating potential financial strain [4].

证券之星消息，近日陕西黑猫披露，截至2025年6月30日公司股东户数为8.31万户，较3月31日减少 5006.0户，减幅为5.68%。户均持股数量由上期的2.32万股增加至2.46万股，户均持股市值为8.06万元。 根据统计，陕西黑猫2025年3月31日至2025年6月30日，主力资金净流出3348.28万元，游资资金净流出 6591.31万元，散户资金净流入9939.6万元。 在焦炭行业个股中，陕西黑猫股东户数低于行业平均水平，截至6月30日，焦炭行业平均股东户数为 9.12万户。户均持股市值方面，焦炭行业A股上市公司户均持股市值为7.9万元，陕西黑猫高于行业平均 水平。 从股价来看，2025年3月31日至2025年6月30日，陕西黑猫区间涨幅为6.49%，在此期间股东户数减少 5006.0户，减幅为5.68%。 | | | | 统计截止日｜区间股价涨跌幅｜股东户数｜增减｜增减比例｜户均持股市值（元）｜户均持股数（股) | | | | --- | --- | --- | --- | --- | --- | | 2025-06-30 | 6.49% | 83074 -5006 | -5.68% | 8.06 ...

Market Overview - The coke sector experienced a decline of 3.8% on August 27, with Antai Group leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Meijin Energy (000723) closed at 4.60, down 2.95%, with a trading volume of 708,700 shares and a turnover of 331 million yuan [1] - Yunmei Energy (600792) closed at 3.78, down 3.32%, with a trading volume of 239,100 shares and a turnover of 91.52 million yuan [1] - Yunwei Co. (600725) closed at 3.59, down 4.01%, with a trading volume of 1,068,700 shares and a turnover of 392 million yuan [1] - Baotailong (601011) closed at 2.86, down 4.03%, with a trading volume of 688,500 shares and a turnover of 201 million yuan [1] - Shaanxi Black Cat (601015) closed at 3.53, down 4.34%, with a trading volume of 403,900 shares and a turnover of 146 million yuan [1] - Shanxi Coking Coal (600740) closed at 3.98, down 4.56%, with a trading volume of 470,400 shares and a turnover of 191 million yuan [1] - Antai Group (600408) closed at 2.22, down 5.93%, with a trading volume of 426,100 shares and a turnover of 96.75 million yuan [1] Fund Flow Analysis - The coke sector saw a net outflow of 90.94 million yuan from main funds, while retail investors contributed a net inflow of 87.14 million yuan [1] - The detailed fund flow for individual stocks indicates that: - Yunmei Energy had a main fund net inflow of 34,900 yuan, with a retail net inflow of 399,340 yuan [2] - Shanxi Coking Coal experienced a main fund net outflow of 622,200 yuan, with a retail net outflow of 415,860 yuan [2] - Antai Group had a main fund net outflow of 3,351,700 yuan, with a retail net inflow of 42,340 yuan [2] - Shaanxi Black Cat faced a main fund net outflow of 17,784,900 yuan, but a retail net inflow of 2,071,290 yuan [2] - Yunwei Co. had a main fund net outflow of 17,914,100 yuan, with a retail net inflow of 1,996,540 yuan [2] - Baotailong saw a main fund net outflow of 22,064,000 yuan, but a retail net inflow of 2,306,090 yuan [2] - Meijin Energy had a main fund net outflow of 29,241,800 yuan, with a retail net inflow of 2,314,300 yuan [2]

Core Viewpoint - Shaanxi Black Cat (601015.SH) reported a significant decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its operational performance [1] Financial Performance - The company achieved a revenue of 5.234 billion yuan, representing a year-on-year decrease of 32.46% [1] - The net profit attributable to shareholders was -462 million yuan, down 3.76% year-on-year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -521 million yuan, reflecting a 10.00% year-on-year decline [1] - Basic earnings per share were -0.23 yuan [1]