Core Viewpoint - The A-share market showed mixed performance with the ChiNext index rising by 0.64% while the Shanghai Composite Index and Shenzhen Component Index fell by 0.93% and 0.26% respectively, indicating a slight weakness in the overall market sentiment [1] Market Performance - As of midday, the Shanghai Composite Index decreased by 0.93%, the Shenzhen Component Index fell by 0.26%, and the ChiNext index increased by 0.64% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 1.08 trillion yuan, an increase of 108.5 billion yuan compared to the previous trading day [1] Sector Highlights - The main focus of the market was on computing power concepts, with most stocks in the two markets showing negative performance [1] - The CPO concept stocks rose against the trend, with New Yi Sheng hitting the daily limit and reaching a historical high, while Dongtianwei, Zhongji Xuchuang, and Shijia Guangzi all increased by over 10% [1] - The coal mining sector experienced low fluctuations in the morning, with Dayou Energy and Shanxi Black Cat both dropping by over 7% [1] - The electricity sector continued to weaken, with Huayin Power hitting the daily limit down [1] - The real estate sector saw a pullback, with Greenland Holdings also hitting the daily limit down [1]

Core Viewpoint - The company, Shaanxi Black Cat Coking Co., Ltd., has announced a significant expected loss for the first half of 2025, with net profit projected to be between -540 million and -490 million yuan [2]. Group 1: Performance Forecast - The company anticipates a net profit attributable to shareholders of -540 million to -490 million yuan for the first half of 2025 [2]. - The expected net profit, excluding non-recurring gains and losses, is projected to be between -590 million and -540 million yuan [2]. - The performance forecast covers the period from January 1, 2025, to June 30, 2025 [2]. Group 2: Previous Year Comparison - In the same period of the previous year, the net profit attributable to shareholders was -445.58 million yuan, and the net profit after excluding non-recurring gains and losses was -473.24 million yuan [3]. Group 3: Earnings Per Share - The earnings per share for the company are projected to be -0.22 yuan [4]. Group 4: Reasons for Expected Loss - The primary reasons for the expected loss include a decline in both the sales volume and sales prices of the company's main products, leading to a decrease in overall gross margin and losses in the main business [5].

Major Events - Zhonghua Equipment plans to acquire 100% equity of Yiyang Rubber and Plastic Machinery Group and Beihua Machinery, with stock suspension starting July 15, 2025 [3] - Suzhou Planning intends to purchase 100% equity of Dongjin Aerospace through a combination of cash and stock issuance, with stock resuming trading on July 15, 2025 [4] - Aerospace Development's independent director was detained for personal reasons unrelated to the company's operations, which remain stable [5][6] - *ST Tianmao issued a risk warning regarding potential delisting due to failure to disclose annual reports in time [7] - ST Shuntian will suspend trading for one day on July 15, 2025, and will remove other risk warnings, changing its stock name to Jiangsu Shuntian [8] - Xinghui Entertainment plans to transfer 99.66% equity of Espanyol Football Club for €130 million, focusing on core business areas [9] Performance Reports - China Salt Chemical reported a 5.76% decrease in revenue to ¥5.998 billion and an 88.04% drop in net profit to ¥52.71 million for the first half of 2025 [10] - Jiu Gui Jiu expects a net profit of ¥8 million to ¥12 million, down 90.08% to 93.39% year-on-year, with revenue around ¥560 million, a 43% decline [11] - Suli Co. anticipates a net profit of ¥72 million to ¥86 million, up 1008.39% to 1223.91% year-on-year, driven by increased sales and prices [12] - Te Yi Pharmaceutical expects a net profit of ¥34 million to ¥38 million, a growth of 1164.22% to 1312.95% year-on-year, due to strong sales of its core product [13] - Huahong Technology forecasts a net profit of ¥70 million to ¥85 million, up 3047.48% to 3721.94% year-on-year, benefiting from improved market conditions [14] - Qianfang Technology expects a net profit of ¥150 million to ¥200 million, an increase of 1125.99% to 1534.65% year-on-year, influenced by fair value changes of equity instruments [15] - Huaxia Airlines anticipates a net profit of ¥220 million to ¥290 million, up 741.26% to 1008.93% year-on-year, due to improved flight demand [16] - Xianfeng Holdings expects a net profit of ¥34 million to ¥42 million, a growth of 524.58% to 671.53% year-on-year, mainly from non-recurring gains [17] - Xinyi Sheng expects a net profit of ¥370 million to ¥420 million, up 327.68% to 385.47% year-on-year, driven by AI-related investments [18] - Haili Co. anticipates a net profit of ¥30.5 million to ¥36 million, a growth of 625.83% to 756.71% year-on-year, due to improved sales [19] - Hengsheng Electronics expects a net profit of approximately ¥251 million, an increase of about 740.95% year-on-year, due to significant non-recurring gains [20] - Tianqi Lithium expects a net profit of ¥0 to ¥155 million, recovering from a loss of ¥5.206 billion in the previous year [21] - Shui Jing Fang forecasts revenue of ¥1.498 billion, down 12.84%, and a net profit of ¥105 million, down 56.52% [22] - CICC expects a net profit of ¥3.453 billion to ¥3.966 billion, an increase of 55% to 78% year-on-year [23] - Shenwan Hongyuan anticipates a net profit of ¥4.1 billion to ¥4.5 billion, a growth of 92.66% to 111.46% year-on-year [24] - Xinda Securities expects a net profit of ¥921 million to ¥1.044 billion, an increase of 50% to 70% year-on-year [25] - Shanxi Securities anticipates a net profit of ¥504 million to ¥544 million, a growth of 58.17% to 70.72% year-on-year [26] - Guohai Securities expects a net profit of ¥370 million, a growth of 159.26% year-on-year [27] - Guocheng Mining anticipates a net profit of ¥493 million to ¥548 million, a growth of 1046.75% to 1174.69% year-on-year [28] - China Rare Earth expects a net profit of ¥136 million to ¥176 million, recovering from a loss of ¥244 million [29] - Perfect World anticipates a net profit of ¥480 million to ¥520 million, recovering from a loss of ¥177 million [30] - Fangda Carbon expects a net profit of ¥50 million to ¥60 million, down 65.13% to 70.93% year-on-year [31] - Huanghe Xuanfeng expects a net loss of ¥285 million [32] - JA Solar anticipates a net loss of ¥2.5 billion to ¥3 billion, worsening from a loss of ¥874 million [33] - Shanxi Black Cat expects a net loss of ¥490 million to ¥540 million [34] - Ganfeng Lithium anticipates a net loss of ¥300 million to ¥550 million, improving from a loss of ¥760 million [35] - Xinda Real Estate expects a net loss of ¥3.5 billion to ¥3.9 billion [36] - Greenland Holdings anticipates a net loss of ¥3 billion to ¥3.5 billion [37] - Air China expects a net loss of ¥1.7 billion to ¥2.2 billion [39] - OFILM expects a net loss of ¥85 million to ¥115 million [40] - Vanke A expects a net loss of ¥10 billion to ¥12 billion [41] Major Contracts - Zhongchen Co. won a project from Southern Power Grid worth ¥379 million, accounting for 12.26% of its 2024 audited revenue [42] - Gaode Infrared signed a procurement agreement worth ¥879 million, representing 32.84% of its 2024 audited revenue [43]

根据上海证券交易所《上市公司行业信息披露指引第十三号—化工》的规定， 现将公司 2025 年第二季度主要经营数据披露如下： | 主要产品 | 产量（万吨） | 销量（万吨） | 销售收入（万元） | | --- | --- | --- | --- | | 焦炭 | 157.80 | 150.72 | 184,149.11 | | 焦油 | 6.09 | 6.00 | 17,552.56 | | 粗苯 | 1.90 | 1.89 | 8,049.98 | | 甲醇 | 4.25 | 3.15 | 5,816.53 | | 合成氨 | 5.83 | 5.78 | 10,761.19 | | LNG | 5.71 | 5.23 | 19,634.98 | | BDO | 0.94 | 0.77 | 4,955.53 | | 精煤 | 6.82 | 8.33 | 7,087.84 | 一、主要产品产量、销量及收入（不含税）情况 二、主要产品价格变动情况（不含税） | | 2025 | 年第二季 | 2024 | | 年第二季 | | 同 | 比 | 2025 | 年第一季 | | 环 | 比 | | --- | -- ...

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant changes in their financial forecasts and strategic decisions, indicating varied performance across different sectors in the first half of 2025 [1][3]. Company Announcements - Zhonghua Equipment plans to acquire 100% stakes in Yiyang Rubber and Plastic Machinery Group and Beihua Machinery, with stock suspension starting July 15, 2025, for up to 10 trading days [3]. - Jiugui Liquor expects a net profit decline of 90.08% to 93.39% in the first half of 2025, with projected revenue around 560 million yuan, a decrease of approximately 43% year-on-year [5]. - Suli Co. anticipates a net profit increase of 1008.39% to 1223.91%, with expected profits between 72 million and 86 million yuan, driven by improved market conditions [6]. - Te Yi Pharmaceutical forecasts a net profit growth of 1164.22% to 1312.95%, with profits expected between 34 million and 38 million yuan, supported by strong sales of its core product [7]. - Huahong Technology predicts a net profit increase of 3047.48% to 3721.94%, with expected profits between 70 million and 85 million yuan, benefiting from rising rare earth product prices [8]. - Huaxia Airlines expects a net profit increase of 741.26% to 1008.93%, with profits projected between 220 million and 290 million yuan, due to improved demand for air travel [9]. - Xianfeng Holdings anticipates a net profit increase of 524.58% to 671.53%, with expected profits between 34 million and 42 million yuan, largely due to non-recurring gains [10]. - Xinyisheng expects a net profit increase of 327.68% to 385.47%, with profits projected between 370 million and 420 million yuan, driven by growth in AI-related investments [12]. - Hengsheng Electronics forecasts a net profit increase of approximately 740.95%, with expected profits around 251 million yuan, aided by significant non-recurring gains [13]. - CICC anticipates a net profit increase of 55% to 78%, with expected profits between 3.453 billion and 3.966 billion yuan, driven by growth in investment banking and wealth management [14]. - Xinda Securities expects a net profit increase of 50% to 70%, with profits projected between 921 million and 1.044 billion yuan, supported by improved asset management [15]. - Shanxi Securities forecasts a net profit increase of 58.17% to 70.72%, with expected profits between 504 million and 544 million yuan, driven by growth in wealth management and international business [16]. - Guocheng Mining anticipates a net profit increase of 1046.75% to 1174.69%, with expected profits between 493 million and 548 million yuan, primarily due to non-recurring gains from asset sales [17]. - China Rare Earth expects a net profit of 136 million to 176 million yuan, recovering from a loss of 244 million yuan in the previous year, aided by improved market conditions [18]. - Perfect World anticipates a net profit of 480 million to 520 million yuan, recovering from a loss of 177 million yuan, driven by successful game launches and esports growth [19]. - Huanghe Xuanfeng expects a net loss of 285 million yuan, impacted by intense competition and weak demand in the superhard materials sector [20][21]. - JA Solar forecasts a net loss of 2.5 billion to 3 billion yuan, worsening from a loss of 874 million yuan, due to industry-wide supply-demand imbalances [22]. - Shanxi Black Cat anticipates a net loss of 490 million to 540 million yuan, driven by declining sales and prices of its main products [23]. - Xinda Real Estate expects a net loss of 3.5 billion to 3.9 billion yuan, transitioning from profit to loss due to reduced project deliveries and impairment provisions [24]. Major Contracts - Zhongchen Co. won a project from Southern Power Grid worth 379 million yuan, representing 12.26% of its audited revenue for 2024 [26]. - Gaode Infrared signed a procurement agreement for a complete equipment system worth 879 million yuan, accounting for 32.84% of its 2024 audited revenue, expected to positively impact this year's performance [27].

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%B0%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company anticipates a significant net loss for the first half of 2025, with a year-over-year increase in the loss magnitude Performance Indicators (H1 2025 Forecast) | Performance Indicators (H1 2025 Forecast) | Estimated Amount (RMB Million) | | :--- | :--- | | Net Profit Attributable to Shareholders of the Listed Company | -540 to -490 | | Net Profit After Deducting Non-Recurring Gains and Losses | -590 to -540 | - This performance forecast has not been audited by an accounting firm[3](index=3&type=chunk) [Prior Period Performance](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E4%B8%B0%E7%BB%A9%E6%83%85%E5%86%B5) In the same period last year, the company also reported a net loss, with specific figures for net profit and earnings per share Performance Indicators (Prior Period) | Performance Indicators (Prior Period) | Amount (RMB) | | :--- | :--- | | Net Profit Attributable to Shareholders of the Listed Company | -445.58 million | | Net Profit After Deducting Non-Recurring Gains and Losses | -473.24 million | | Earnings Per Share | -0.22 | [Main Reasons for Current Period's Estimated Loss](index=1&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%B0%E7%BB%A9%E9%A2%84%E4%BA%8F%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The primary reasons for the current period's estimated loss include decreased sales volume and prices of main products, leading to a decline in gross profit margin and a loss in core operations - During the reporting period, the company experienced a year-over-year decline in sales volume and prices of its main products, resulting in a decrease in overall gross profit margin and a loss in its core business operations[6](index=6&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company emphasizes that this performance forecast is a preliminary, unaudited financial estimate, with no significant uncertainties affecting its accuracy - This performance forecast represents preliminary calculations by the company's finance department and has not been audited by an accounting firm[7](index=7&type=chunk) - The company states that there are no significant uncertainties affecting the accuracy of this performance forecast[7](index=7&type=chunk) [Other Explanatory Matters](index=2&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) Investors are advised that the data in this announcement is preliminary, with final accurate financial figures to be based on the official 2025 semi-annual report, and to be mindful of investment risks - The final accurate financial data will be based on the company's officially disclosed 2025 semi-annual report, and investors are advised to be aware of investment risks[8](index=8&type=chunk)

Group 1: Coal Sector Insights - The coal sector experienced a significant boost on July 14, with stocks like Zhengzhou Coal Power hitting the daily limit up, and other companies such as Shanxi Coal International and Liaoning Energy also seeing substantial gains [4][7]. - The China Coal Transportation and Marketing Association held a meeting emphasizing the need for coal companies to recognize the severe imbalance in supply and demand, and to strictly implement long-term contracts for electricity coal [7]. - The meeting also highlighted the importance of maintaining safety and stability in production, improving coal supply quality, and addressing "involution" competition within the industry [7]. Group 2: Market Performance - On July 14, the A-share market showed mixed results, with the Shanghai Composite Index rising by 0.27%, while the Shenzhen Component and ChiNext Index fell by 0.11% and 0.45% respectively [15]. - A total of 3,179 stocks rose, with 72 hitting the daily limit up, while 2,064 stocks declined, including 18 that hit the daily limit down [16][17]. - The total trading volume reached 14,809.22 billion CNY, with a total of 122,924.9 million shares traded [17]. Group 3: Other Sector Developments - The "anti-involution" policy is expected to stimulate market liquidity and has drawn comparisons to the "Belt and Road Initiative" in terms of its long-term narrative potential [8]. - Various sectors, including construction, steel, and cement, have expressed intentions to address structural contradictions within their industries, with specific policies anticipated to be introduced soon [9]. - In Dongguan, a new plan was released to promote high-quality service consumption, including initiatives to enhance dining experiences and expand elderly care services [11][13].

Investment Rating - The industry rating is "Positive" [1] Core Views - Social inventory has decreased for the first time, and summer demand is expected to remain strong. Domestic power plants are increasing daily coal consumption, leading to rising coal prices. Policies to control production and improve quality are being emphasized, supporting the fundamentals of both coking coal and thermal coal [6][29] - The report highlights that the overall level of social inventory is stable, with a significant increase in daily consumption expected due to hot weather and ongoing replenishment needs at power plants. The coking coal sector may see marginal improvements in performance due to potential declines in capacity utilization driven by environmental factors [6][29] Summary by Sections Coal Sector Performance - The coal sector saw a weekly increase of 0.71%, underperforming the CSI 300 index, which rose by 0.82%. A total of 34 stocks in the sector increased in price, while 3 declined. Meijin Energy had the highest weekly increase at 10.8% [2] - Key monitored enterprises reported an average daily coal sales volume of 7.21 million tons from July 4 to July 10, 2025, a week-on-week increase of 3.7% and a year-on-year increase of 2.8% [2] Price Trends - As of July 11, 2025, the price of thermal coal (Q5500K) in the Bohai Rim was 662 CNY/ton, a week-on-week decrease of 0.3%. The price index for imported thermal coal rose by 1.21% to 750 CNY/ton [3] - The price of coking coal at Jingtang Port was 1310 CNY/ton, up 4.8% week-on-week, while the price of metallurgical coke remained stable at 1320 CNY/ton [4] Supply and Demand Dynamics - The cumulative coal sales volume for key monitored enterprises was 131.73 million tons as of July 10, 2025, a year-on-year decrease of 3.8%. The demand from the power and chemical industries showed a year-on-year decrease of 3% and an increase of 16.6%, respectively [2][28] - The report indicates that the daily coal consumption in the power sector is expected to rise significantly, with the total social inventory of coal at 32.86 million tons, a week-on-week decrease of 2.6% [2][28] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and coking coal companies that may experience a turnaround. Key companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Meijin Energy among others [6][29]

Core Viewpoint - The announcement details the additional confirmation and expected daily related transactions of Shaanxi Black Cat Coking Co., Ltd., indicating that these transactions are normal operational activities and do not affect the company's independence or create significant reliance on related parties [2][10]. Group 1: Daily Related Transactions Overview - The daily related transactions involve Shaanxi Steel Group Co., Ltd. and its subsidiaries, with a long-standing relationship where Longmen Steel has been the company's largest customer for over 20 years [3]. - The company plans to sell coke and coke powder to Shaanxi Steel's subsidiary, Shaanxi Steel Hancheng Co., Ltd., with a total transaction amount not exceeding 31,900 million yuan (excluding tax) for the period from October 2024 to June 2025 [4][5]. Group 2: Related Party Information - Shaanxi Steel Hancheng Co., Ltd. was established on July 29, 2015, with a registered capital of 100,000 million yuan, and is involved in various metal and coal-related sales and services [7]. - The relationship with the related party is established through familial ties, as the chairman of Shaanxi Steel Hancheng Co., Ltd. is a close family member of the company's chairman and general manager [7]. Group 3: Financial Performance of Related Party - As of December 31, 2024, Shaanxi Steel Hancheng Co., Ltd. reported total assets of 360,706.59 million yuan and a net profit of 947.64 million yuan [8]. - The company has maintained a good performance record with no defaults or unusual incidents in its dealings with Shaanxi Black Cat Coking Co., Ltd. [8]. Group 4: Pricing Policy for Related Transactions - The pricing policy for transactions between the company and Shaanxi Steel Hancheng Co., Ltd. is based on contracts that specify quality standards and market-based pricing [9]. Group 5: Purpose and Impact of Related Transactions - The transactions are deemed necessary for the company's ongoing operations and are expected to contribute to stable business development [10]. - The pricing of these transactions is fair and does not harm the interests of the company or its shareholders, particularly minority shareholders [10].

证券代码：601015 证券简称：陕西黑猫 公告编号：2025-030 陕西黑猫焦化股份有限公司 关于追加确认及预计日常关联交易的公告 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： ●本次关联交易无需提交陕西黑猫焦化股份有限公司（简称"公司"）股东 大会审议。 ●交易对公司的影响：本次追加确认及预计的日常关联交易为正常生产经营 行为，没有影响公司的独立性，不会对关联方形成较大依赖。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 陕西钢铁集团有限公司（简称"陕钢集团"）是陕西省唯一的国有大型钢铁 企业，陕西龙门钢铁有限责任公司（简称"龙门钢铁"）、陕钢集团韩城钢铁有 限责任公司（简称"陕钢韩城公司"）同为陕钢集团的全资子公司；龙门钢铁是 陕钢集团的钢铁主业生产企业，陕钢韩城公司是陕钢集团的原燃料采供企业。龙 门钢铁、陕钢韩城公司与公司、公司子公司陕西龙门煤化工有限责任公司（简称 "龙门煤化"）同处韩城工业园区，龙门钢铁多年来均为公司第一大客户，合作 已达二十余年；龙门煤化与龙门钢铁仅一路之隔 ...