Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The coal sector has shown resilience, with a slight increase in prices and a positive outlook for the second half of the year, suggesting a potential balance between supply and demand [6][23] - The report highlights the importance of positioning in high-dividend coal companies and those undergoing turnaround in coking coal and coke sectors [6][23] Summary by Sections Market Performance - As of September 5, 2025, the CITIC coal industry index rose by 0.1%, outperforming the CSI 300 index, which fell by 0.81%, resulting in a 0.91 percentage point advantage [2] - The highest weekly stock price increase was seen in Yunmei Energy, with a rise of 4.03% [2] Supply and Demand Data - Average daily coal sales for monitored enterprises were 6.67 million tons, a week-on-week increase of 0.9% but a year-on-year decrease of 1.9% [2] - The average daily coal production was 6.64 million tons, showing a week-on-week decrease of 0.1% and a year-on-year decrease of 1.7% [2] - Total coal inventory (including port storage) was 25.85 million tons, down 0.7% week-on-week and down 9.1% year-on-year [2] Price Trends - The price index for thermal coal (Q5500K) was 676 CNY/ton, reflecting a week-on-week increase of 0.75% [3] - The average price for coking coal at Jing Tang Port was 1550 CNY/ton, down 4.9% week-on-week [4] - The report notes fluctuations in prices across various coal types, with some showing declines while others have remained stable [4][5] Investment Recommendations - The report suggests that coal prices are expected to rebound in September, with long-term contract prices for different grades of coal being 674, 613, and 551 CNY/ton respectively [6][23] - Recommended companies for investment include major thermal coal firms such as China Shenhua, Shaanxi Coal, and others, as well as coking coal companies like Huabei Mining and Shanxi Coking Coal [6][23]

| 证券代码：603113 | 证券简称：金能科技 | 公告编号：2025-087 | | --- | --- | --- | | 债券代码：113545 | 债券简称：金能转债 | | 金能科技股份有限公司 关于"金能转债"到期兑付暨摘牌的第二次提示性公告 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： 自2025年10月9日至2025年10月13日，"金能转债"持有人仍可以依据约定 的条件将"金能转债"转换为公司股票。 经中国证券监督管理委员会《关于核准金能科技股份有限公司公开发行可转 换公司债券的批复》（证监许可【2019】930 号）的核准，公司于 2019 年 10 月 14 日公开发行了 1,500 万张可转换公司债券，每张面值为人民币 100 元，按面 值发行，期限 6 年，募集资金总额为 1,500,000,000.00 元，扣除发行费用（不 含税）13,687,735.86 元后，募集资金净额为 1,486,312,264.14 元。上述资金 于 2019 年 10 月 18 日到位，已 ...

Core Points - The company will allow holders of "Jineng Convertible Bonds" to convert their bonds into company stock from October 9 to October 13, 2025 [1][3] - The company issued 15 million convertible bonds at a face value of RMB 100 each, raising a total of RMB 1.5 billion, with a net amount of RMB 1,486,312,264.14 after deducting issuance costs [1] - The bonds will be redeemed at 110% of the face value, amounting to RMB 110 per bond, including the last interest payment [2][5] Summary by Sections Redemption Plan - The company will redeem all unconverted bonds at 110% of their face value within five trading days after the bonds mature [2] - The total redemption amount for "Jineng Convertible Bonds" will be RMB 110 per bond, including tax [2] Trading and Conversion Dates - "Jineng Convertible Bonds" will stop trading on October 9, 2025, with the last trading day being September 30, 2025 [3][4] - Holders can still convert their bonds into stock until October 13, 2025, with a conversion price of RMB 7.62 per share [3] Important Dates - Maturity and redemption registration date for the bonds is October 13, 2025 [4] - The payment date for the redeemed amount is October 14, 2025 [5] - The bonds will be delisted from the Shanghai Stock Exchange on October 14, 2025 [5]

Core Viewpoint - The recent increase in carbon black prices has drawn attention to listed companies in the industry, particularly Jineng Technology, which has established a comprehensive industrial chain technology system through its unique circular economy model, positioning itself as a benchmark in the global carbon black market [2] Group 1: Competitive Advantages - Jineng Technology's core competitiveness stems from its globally leading "3+3" circular economy industrial chain, maximizing resource utilization through innovative production processes [2] - The company has achieved raw material synergy by using self-produced coal tar as a carbon black raw material and utilizing coke oven gas as fuel, creating a "raw material-energy" dual cycle [3] - The Qingdao factory employs hydrogen from propane dehydrogenation as fuel, enhancing carbon black yield by over 5% due to its high calorific value [3] Group 2: Technological Innovations - Jineng Technology integrates advanced equipment such as 7-meter top-loading coke ovens and gas turbine cogeneration, with the ECS-700 advanced control system ensuring precise process control [3] - The company has made significant environmental technology breakthroughs, reducing CO2 emissions by 310,000 tons annually through tail gas desulfurization and recycling [3] - The MVC wastewater treatment system achieves a 98% wastewater reuse rate, surpassing the industry average by 40 percentage points [3] Group 3: Production Capacity and Efficiency - The Qingdao factory's 8×6 million tons green carbon black facility positions Jineng Technology as the largest single-unit capacity producer globally [3] - The implementation of an Industry 4.0 standard DCS system enables full-process automation from raw material input to product packaging [3] - The use of reliable equipment, such as fully automated packaging machines and automated storage systems, enhances packaging efficiency and reduces error rates [3] Group 4: Cost Advantages - The company has established a difficult-to-replicate cost moat through its circular economy model, with self-produced coal tar being cheaper than purchased alternatives and hydrogen fuel costing only 65% of natural gas [4] - The cogeneration system allows for a self-sufficiency rate of 110% in electricity, while steam costs have decreased by 40% [4] - The resource utilization of tail gas generates over 50 million yuan annually [4] Group 5: Market Positioning and Future Outlook - Jineng Technology's geographical advantage at Qingdao Port facilitates entry into the global top supply chains, supplying major brands in the tire and rubber product sectors [4] - The company has developed an internationally patented propane dehydrogenation co-production process, making it a preferred alternative for leading tire manufacturers [4] - Looking ahead, Jineng Technology aims to optimize its market layout and customer structure, focusing on the European and American markets while expanding into South Asia and Southeast Asia, striving to become a leading, distinctive, green, low-carbon, and intelligent global carbon black supplier [4]

Key Points - The convertible bond "Jin Neng Convertible Bond" will mature on October 13, 2025, with a total redemption amount of 110 RMB per bond, including tax and the last interest payment [1][2][3] - The redemption funds will be distributed on October 14, 2025, and the last trading day for the convertible bond will be September 30, 2025 [1][3] - Holders of the convertible bond can convert their bonds into company shares from October 9 to October 13, 2025, at a conversion price of 7.62 RMB per share [3] - The bond was issued on October 18, 2019, with a total fundraising amount of 1.5 billion RMB, netting approximately 1.486 billion RMB after deducting issuance costs [2]

Group 1 - The company Jineng Technology announced that from October 9 to October 13, 2025, holders of "Jineng Convertible Bonds" can convert their bonds into company stock under agreed conditions [2]

Core Viewpoint - Jineng Technology (603113) reported a significant increase in revenue and a turnaround in net profit for the first half of 2025, highlighting its strong position in the green transformation of the chemical industry through its unique circular economy model [1] Financial Performance - The company achieved an operating income of 8.547 billion yuan, representing a year-on-year growth of 24.13% [1] - The net profit attributable to shareholders was 26 million yuan, marking a return to profitability compared to the previous year [1] Industry Position - Jineng Technology has established a comprehensive technical system from raw materials to end products, positioning its carbon black products as benchmarks in the global market due to superior quality, environmental performance, cost advantages, and geographical benefits [1] Competitive Advantage - The company's core competitiveness lies in its globally leading "3+3" circular economy industrial chain, which maximizes resource utilization value through innovative production processes [1] - The production model includes "coking - chemical production - coal tar - carbon black production - tail gas re-coking" and "propane dehydrogenation - carbon black production - boiler steam generation - propane dehydrogenation" [1] Raw Material Synergy - The Qihe plant utilizes self-produced coal tar as a raw material for carbon black and coke oven gas as fuel, creating a dual cycle of raw materials and energy [1] - The Qingdao plant uses hydrogen produced as a byproduct of propane dehydrogenation as fuel, enhancing carbon black yield by over 5% due to its high calorific value [1] Technological Innovation - The company employs advanced equipment such as 7-meter top-loading coke ovens and gas turbine cogeneration, with carbon black reactors equipped with the ECS-700 advanced control system for precise process control [1] - Key equipment is sourced from international brands like Fisher and Emerson, ensuring high standards in operational precision [1]

Core Viewpoint - Jineng Technology has successfully launched a new project with an annual production capacity of 40,000 tons of potassium sorbate, positioning itself as the largest production base for potassium sorbate globally, catering to the growing market demand for this food additive [1][2]. Group 1: Production Capacity and Technology - The company previously had an annual production capacity of 15,000 tons of potassium sorbate and has now expanded to 40,000 tons to meet market demand [2]. - The new project features advanced equipment with high automation levels, including a fully automated control system that significantly enhances production efficiency and reduces labor costs [2]. - The potassium sorbate facility is equipped with a 100,000-level air purification system and automated packaging line, fully meeting domestic and international requirements for food additives [2]. Group 2: Product Innovation - Jineng Technology is focusing on the development of spherical potassium sorbate, which addresses the shortcomings of columnar potassium sorbate, offering superior quality, environmental benefits, and ease of handling, transportation, and storage [2]. - The company is the only supplier in China capable of providing high-quality spherical potassium sorbate, leading the industry in upgrading and enhancing the potassium sorbate sector [2]. Group 3: Sustainable Development and Cost Reduction - The company has been actively exploring a circular economy model, maximizing resource utilization and reducing pollution by converting waste into usable resources [3]. - Through technological innovation and management optimization, Jineng Technology has effectively lowered production costs, with advanced equipment significantly reducing energy consumption [3]. - The company has established long-term strategic partnerships with major clients such as Mars, Coca-Cola, and Nestlé, ensuring stable supply and competitive pricing for raw materials [3]. Group 4: Market Outlook - With increasing consumer focus on food safety and quality, the market prospects for potassium sorbate are promising, and the company plans to continue investing in research and development in this field [4].

Group 1 - The core viewpoint of the news is that Jineng Technology has successfully launched a new project for the production of 40,000 tons of potassium sorbate, marking a significant milestone in the fine chemical sector [1] - Potassium sorbate is recognized as an efficient and safe food additive, widely used in food, cosmetics, and feed industries, particularly for food preservation, and is recommended by international organizations [1] - The company previously had an annual production capacity of 15,000 tons of potassium sorbate and has now expanded its capacity to meet market demand [1] Group 2 - The new project features advanced automation and large-scale production capabilities, establishing the largest production facility for butyraldehyde in China, which significantly enhances production efficiency and reduces labor costs [1] - The potassium sorbate facility is equipped with a 100,000-level air purification system and automated packaging line, fully complying with domestic and international standards for food additives [1] - Jineng Technology plans to leverage its national-level enterprise technology center and laboratory for ongoing technological innovation and production optimization to maintain its leading position in the potassium sorbate industry [2]

| 证券代码：603113 | 证券简称：金能科技 | 公告编号：2025-086 | | --- | --- | --- | | 债券代码：113545 | 债券简称：金能转债 | | 金能科技股份有限公司 关于"金能转债"到期兑付暨摘牌的第一次提示性公告 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。 一、兑付方案 在本次发行的可转换公司债券期满后五个交易日内，公司将按债券面值的 110%（含最后一期利息）的价格赎回全部未转股的可转换公司债券。"金能转债" 到期兑付本息金额为 110 元/张（含税）。 二、可转债停止交易日 根据《上海证券交易所股票上市规则》等规定，"金能转债"将于 2025 年 10 月 9 日开始停止交易，9 月 30 日为"金能转债"最后交易日。 在停止交易后、转股期结束前（即 2025 年 10 月 9 日至 2025 年 10 月 13 日）， "金能转债"持有人仍可以依据约定的条件将"金能转债"转换为公司股票。目 前转股价格为 7.62 元/股，请投资者注意转股可能存在的风险。 自2025 ...