Summary of Jineng Technology Conference Call Company Overview - **Company**: Jineng Technology - **Date**: August 16, 2025 Key Points Financial Performance - Jineng Technology plans to partially convert convertible bonds, with 9.65 billion yuan remaining unconverted to avoid excessive dilution of equity, and has reserved funds for potential share buybacks, with current cash reserves around 37-38 billion yuan [2][4][7] - The company reported a loss of approximately 49 million yuan in Q2, primarily due to production halts, high propane prices, and tariffs, although the coke business showed improvement [3][16] - Adjustments in accounting policies extended the depreciation period for specialized equipment from 10 years to 20 years, impacting profits by approximately 224 million yuan in 2025 and 267 million yuan in 2026 [2][10] Tariff Impact - Tariffs are expected to negatively affect Jineng Technology's 2025 performance, with estimated losses nearing 200 million yuan due to increased costs from high-priced Middle Eastern propane and reduced profits from U.S. propane sales [2][11] - The company is increasing exports to mitigate tariff impacts, with export profits per ton exceeding domestic sales by 200-250 yuan [2][11] Export and Market Performance - Jineng Technology anticipates achieving an export volume of around 500,000 tons in 2025, with strong performance in polypropylene and carbon black products in the European and American markets, establishing partnerships with major clients like Continental and Bridgestone [2][20] - The company has made significant progress in developing high-performance polypropylene products, with successful certifications and collaborations with well-known domestic enterprises [19] Strategic Decisions - The company is considering partial conversion of convertible bonds due to favorable cash flow and has prepared for market value management, focusing on core business and potential acquisitions [4][5][6] - There are no major capital expenditure projects planned, with ongoing hydrogen cooperation projects being managed by local government [8] Future Outlook - Achieving the 350 million yuan performance target for 2025 is challenging due to tariff impacts and high costs in fine chemical product adjustments, with the need to observe Q4 performance for a clearer outlook [12] - The coke market has shown signs of recovery, with profits around 80 yuan per ton expected in Q4, while the overall market conditions for 2026 are anticipated to improve due to increased propane supply and favorable international oil market conditions [13][14] M&A Plans - Jineng Technology is exploring M&A opportunities primarily in related upstream and downstream sectors, with announcements expected soon [15] Non-Recurring Gains - Non-recurring gains significantly influenced the half-year performance, including government subsidies and asset sales, with expectations for continued support in the second half [17] Energy Management - The company is addressing surplus energy issues through advanced control technologies and is exploring partnerships with the government to optimize production costs and enhance operational efficiency [22] Conclusion - Jineng Technology is navigating a challenging environment with strategic adjustments in financial management, operational focus, and market positioning to enhance resilience and capitalize on growth opportunities in the coming years [2][4][11][20]

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]

Core Viewpoint - Jineng Technology (603113) reported a significant increase in revenue and net profit for the first half of 2025, indicating a positive trend in financial performance despite some challenges in cash flow and debt management [1][3]. Financial Performance - The total revenue for the first half of 2025 reached 8.547 billion yuan, a year-on-year increase of 24.13% compared to 6.886 billion yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was 26.4349 million yuan, showing a remarkable year-on-year increase of 161.43% from a loss of 43.0335 million yuan in 2024 [1]. - The gross profit margin improved to 2.1%, up 8.96% from 1.92% in the previous year, while the net profit margin turned positive at 0.31%, a significant increase of 149.49% from -0.62% [1]. - The total expenses (selling, administrative, and financial) amounted to 133 million yuan, accounting for 1.56% of revenue, a decrease of 45.46% year-on-year [1]. Cash Flow and Debt Management - The company faced increased short-term debt pressure, with a current ratio of 0.87, indicating potential liquidity issues [1][3]. - Cash and cash equivalents decreased to 2.273 billion yuan, down 16.42% from 2.72 billion yuan [1]. - Accounts receivable rose to 1.164 billion yuan, a 35.63% increase from 859 million yuan, suggesting potential challenges in cash collection [1]. Market Position and Analyst Expectations - The company's return on invested capital (ROIC) was reported at 0.35%, indicating weak capital returns, with a historical median ROIC of 9.31% since its listing [3]. - Analysts expect the company's performance in 2025 to reach a net profit of 137 million yuan, with an average earnings per share of 0.16 yuan [3]. Fund Holdings - The largest fund holding Jineng Technology is the Huaxia Stable Fortune Six-Month Holding Mixed A, which holds 40,000 shares and has recently entered the top ten holdings [4]. - The fund's current scale is 85 million yuan, with a net value of 1.1095 as of August 15, showing a 6.59% increase over the past year [4].

Core Viewpoint - Jineng Technology (603113.SH) reported its mid-year results for 2025, showing a total revenue of 8.547 billion yuan and a net profit attributable to shareholders of 26.4349 million yuan [1][2]. Financial Performance - The company's total revenue for the period was 8.547 billion yuan [2]. - The net profit attributable to shareholders was 26.4349 million yuan [2]. - The net cash inflow from operating activities was 454 million yuan [2]. - The latest gross profit margin was 2.10%, a decrease of 2.90 percentage points from the previous quarter [5]. - The latest return on equity (ROE) was 0.31% [5]. - The diluted earnings per share were 0.03 yuan [6]. Balance Sheet Metrics - The latest debt-to-asset ratio was 56.80%, an increase of 0.85 percentage points from the previous quarter and an increase of 4.89 percentage points from the same period last year [4]. - The total asset turnover ratio was 0.44 times [6]. - The inventory turnover ratio was 5.50 times, a decrease of 0.23 times from the same period last year, representing a year-on-year decline of 4.08% [6]. Shareholder Information - The number of shareholders was 33,100, with the top ten shareholders holding a total of 476 million shares, accounting for 56.09% of the total share capital [6]. - The largest shareholder, Qin Qingping, held 37.49% of the shares [6].

Group 1 - Jineng Technology (603113.SH) released its semi-annual report for 2025, reporting that as of August 15, 2025, a total of 7 institutional investors held 120 million shares, accounting for 14.14% of the total share capital [1] - The institutional holding ratio decreased by 1.39 percentage points compared to the previous quarter [1] - Two new public funds were disclosed this period, including Huaxia Stable Fortune Mixed A and Baoying Xiangyu Enhanced Return Mixed A, while four public funds were no longer disclosed [1] Group 2 - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 0.32% compared to the previous period [2]

Group 1 - The company plans to distribute a cash dividend of 2.35 yuan (including tax) for every 10 shares based on the total share capital as of June 30, 2025, amounting to a total distribution of approximately 199.27 million yuan (including tax) [1][39][41] - The company reported a net profit attributable to shareholders of approximately 26.43 million yuan for the first half of 2025, with the parent company achieving a net profit of approximately 129.79 million yuan [39][41] - The company will not issue bonus shares or increase capital from the capital reserve during this distribution [1][39] Group 2 - The company will hold a performance briefing on August 22, 2025, to discuss the half-year results and address investor questions [3][4][5] - The meeting will be conducted online through the Shanghai Stock Exchange Roadshow Center, allowing for interactive Q&A [6][7] - Investors can submit questions in advance from August 18 to August 21, 2025 [3][7] Group 3 - The company’s board of directors has confirmed that all members attended the board meeting where the half-year report and profit distribution plan were approved [28][30] - The board meeting was held on August 15, 2025, and all resolutions were passed unanimously without opposition [28][32] - The profit distribution plan will be submitted for approval at the upcoming fourth extraordinary general meeting of shareholders on September 1, 2025 [32][41]

Group 1 - The company reported a revenue of 8,547,093,461.31 yuan for the first half of 2025, representing a year-on-year growth of 24.13% [1] - The net profit attributable to shareholders of the listed company was 26,434,868.13 yuan [1]

（文章来源：证券日报） 证券日报网讯 8月15日晚间，金能科技发布公告称，公司第五届董事会第十七次会议审议通过了《关于 公司2025年半年度报告及其摘要的议案》等多项议案。 ...

（原标题：金能科技(603113.SH)发布半年度业绩，归母净利润2643万元，同比扭亏为盈） 智通财经APP讯，金能科技(603113.SH)披露2025年半年度报告，报告期公司实现营收85.47亿元，同比 增长24.13%;归属于上市公司股东的净利润2643万元，同比扭亏为盈;扣非净利润亏损3286万元;基本每股 收益0.03元。公司拟每10股派发现金红利2.35元(含税)。 ...

（文章来源：每日经济新闻） 金能科技（SH 603113，收盘价：8.08元）8月15日晚间发布半年度业绩报告称，2025年上半年营业收入 约85.47亿元，同比增加24.13%；归属于上市公司股东的净利润约2643万元；基本每股收益0.03元。 2024年同期营业收入约68.86亿元；归属于上市公司股东的净利润亏损约4303万元；基本每股收益亏损 0.05元。 ...