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]

陕西黑猫焦化股份有限公司2025 年半年度报告 公司代码：601015 公司简称：陕西黑猫 四、 公司负责人张林兴、主管会计工作负责人刘芬燕及会计机构负责人（会计主管人员）吕燕 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 陕西黑猫焦化股份有限公司 2025 年半年度报告 1 / 145 陕西黑猫焦化股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 □适用 √不适用 √适用 □不适用 本报告包含若干公司对未来发展战略、业务规划、经营计划等前瞻性陈述。这些陈述乃基于当前 能够掌握的信息与数据对未来做出的估计或预测，不构成公司对投资者的实质承诺，敬请投资者 注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九 ...

证券代码：601015 证券简称：陕西黑猫 公告编号：2025-034 陕西黑猫焦化股份有限公司 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个别及连带责任。 重要提示： ●会议召开时间：2025 年 9 月 24 日（星期三）上午 10：00-11：00 ● 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://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 9 月 17 日（星期三）至 9 月 23 日（星期二）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱： heimaocoking@126.com 进行提问。公司将会于 2025 年半年度业绩说明会（简称"业 绩说明会"）上对投资者普遍关注的问题进行回答。 （二）会议召开地点：上证路演中心 - 1 - （三）会议召开方式：上证路演中心网络互动 三、参加人员 陕西黑猫焦化股份有限公司（简 ...

Group 1 - The company reported a revenue of 5.234 billion yuan for the first half of 2025, representing a year-on-year decline of 32.46% [1] - The net profit showed a loss of 462 million yuan, compared to a loss of 446 million yuan in the same period last year [1]

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The social inventory of coal continues to decline, and the significant rise in futures prices boosts market confidence [6] - The coal sector has shown a mixed performance, with the CITIC coal industry index rising by 1.23%, underperforming the CSI 300 index which increased by 4.18% [2] - The coal supply-demand balance is improving, with a slight decrease in coal prices during the off-season, while coking coal production may see a marginal improvement due to environmental factors [6] Summary by Sections Coal Market Performance - As of August 22, 2025, the average daily coal sales of monitored enterprises were 7.08 million tons, a week-on-week decrease of 1.1% and a year-on-year decrease of 0.7% [2] - The total coal inventory of monitored enterprises (including port storage) was 26.71 million tons, a week-on-week increase of 2% and a year-on-year decrease of 0.8% [2] Price Trends - The price of thermal coal (Q5500K) in the Bohai Rim was 671 CNY/ton, a week-on-week increase of 0.15% [3] - The price of coking coal at major ports remained stable, while the futures settlement price for coking coal was 1,141.5 CNY/ton, a week-on-week decrease of 6.7% [4] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and turnaround coking coal companies, with specific recommendations for companies such as China Shenhua, Shaanxi Coal, and others [6] - The overall coal supply-demand structure is expected to improve, with a gradual balance in supply and demand in the second half of the year [6]

Group 1 - The coke sector experienced a 1.5% increase on August 19, with Baotailong leading the gains [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] - Key stocks in the coke sector showed varying performance, with Baotailong closing at 2.82, up 2.92%, and Shanxi Coking Coal closing at 3.98, up 0.25% [1] Group 2 - The net inflow of main funds in the coke sector was 49.68 million yuan, while retail funds saw a net outflow of 38.79 million yuan [1] - Baotailong had a main fund net inflow of 19.96 million yuan, accounting for 12.37% of its total [2] - The overall fund flow in the coke sector indicates a mixed sentiment, with significant retail outflows despite some main fund inflows [2]

Core Insights - The coke sector experienced a slight increase of 0.16% on August 18, with Antai Group leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Stock Performance - Antai Group (600408) closed at 2.23, with a rise of 1.36% and a trading volume of 261,600 shares, amounting to a transaction value of 58.28 million yuan [1] - Yunwei Co. (600725) closed at 3.33, up 0.91%, with a trading volume of 210,900 shares and a transaction value of 70.38 million yuan [1] - Meijin Energy (000723) closed at 4.62, increasing by 0.65%, with a trading volume of 694,800 shares and a transaction value of 322 million yuan [1] - Baotailong (601011) remained unchanged at 2.74, with a trading volume of 321,400 shares and a transaction value of 88.28 million yuan [1] - Shaanxi Heimao (601015) also remained unchanged at 3.57, with a trading volume of 242,000 shares and a transaction value of 87.06 million yuan [1] - Yunmei Energy (600792) closed at 3.74, down 0.27%, with a trading volume of 192,400 shares and a transaction value of 72.01 million yuan [1] - Shanxi Coking (600740) closed at 3.97, decreasing by 1.00%, with a trading volume of 279,900 shares and a transaction value of 112 million yuan [1] Capital Flow - The coke sector saw a net outflow of 12.17 million yuan from institutional investors, while retail investors contributed a net inflow of 9.70 million yuan [1] - The detailed capital flow for individual stocks shows that Yunwei Co. had a net inflow of 5.54 million yuan from institutional investors, while Antai Group had a net inflow of 4.89 million yuan [2] - Meijin Energy experienced a significant net outflow of 19.24 million yuan from institutional investors, despite a net inflow of 10.45 million yuan from retail investors [2]

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - Coal inventory has decreased year-on-year for the first time, indicating a continuous improvement in the fundamentals of the coal industry [1] - The coal sector has underperformed compared to the CSI 300 index, with a decline of 0.77% as of August 15, 2025, while the CSI 300 index rose by 2.37% [2] - Key monitored enterprises reported an average daily coal sales volume of 7.15 million tons, a week-on-week increase of 1.9% and a year-on-year increase of 5.3% [2] - The total coal inventory of key monitored enterprises was 26.18 million tons as of August 14, 2025, a week-on-week decrease of 5.9% and a year-on-year decrease of 3.1% [2] - The supply-demand balance in the coal market is improving, with significant price increases for thermal coal and potential marginal improvements in the coking coal sector due to environmental factors [6] Summary by Sections Thermal Coal Industry Chain - As of August 15, 2025, the price index for thermal coal (Q5500K) in the Bohai Rim was 670 CNY/ton, a week-on-week increase of 0.3% [3] - The average daily sales volume of thermal coal increased by 0.6% week-on-week [2] Coking Coal Industry Chain - The main coking coal price at Jingtang Port was 1,630 CNY/ton, unchanged week-on-week [4] - The inventory of coking coal at Jingtang Port decreased by 5.4% week-on-week [4] Coal Chemical Industry Chain - The price of methanol in East China was 2,354.55 CNY/ton, a week-on-week decrease of 38.86 CNY/ton [5] - The price of urea in Henan was 1,700 CNY/ton, a week-on-week decrease of 50 CNY/ton [5] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and coking coal companies undergoing turnaround [6] - Key companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company for thermal coal; and Huabei Mining, Shanxi Coking Coal, and Lu'an Environmental Energy for coking coal [6]

Group 1 - The coke sector experienced a 1.2% increase on August 15, with Baotailong leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] - Key stocks in the coke sector showed varied performance, with Baotailong closing at 2.74, up 1.86%, and Meijin Energy at 4.59, up 1.77% [1] Group 2 - The net inflow of main funds in the coke sector was 483,900 yuan, while retail funds saw a net inflow of 820,350 yuan [1] - Baotailong had a main fund net inflow of 10,283,300 yuan, representing 12.73% of its total, while retail funds saw a net outflow of 180,000 yuan [2] - Meijin Energy experienced a significant main fund net outflow of 9,038,800 yuan, which is -4.16% of its total [2]