金能科技股份有限公司 公开发行可转换公司债券 2025 年跟踪评级报告 www.lhratings.com 1 联合〔2025〕2465 号 联合资信评估股份有限公司通过对金能科技股份有限公司主体 及其相关债券的信用状况进行跟踪分析和评估，确定下调金能科技 股份有限公司主体长期信用等级至 AA-，下调"金能转债"信用等 级至 AA-，评级展望为稳定。 三、本报告引用的资料主要由该公司或第三方相关主体提供，联合资 信履行了必要的尽职调查义务，但对引用资料的真实性、准确性和完整性 不作任何保证。联合资信合理采信其他专业机构出具的专业意见，但联合 资信不对专业机构出具的专业意见承担任何责任。 四、本次跟踪评级结果自本报告出具之日起至相应债券到期兑付日有 效；根据跟踪评级的结论，在有效期内评级结果有可能发生变化。联合资 信保留对评级结果予以调整、更新、终止与撤销的权利。 五、本报告所含评级结论和相关分析不构成任何投资或财务建议，并 且不应当被视为购买、出售或持有任何金融产品的推荐意见或保证。 六、本报告不能取代任何机构或个人的专业判断，联合资信不对任何 机构或个人因使用本报告及评级结果而导致的任何损失负责。 特此公告 ...

金能科技股份有限公司董事会 | 证券代码：603113 | 证券简称：金能科技 | 公告编号：2025-056 | | --- | --- | --- | | 债券代码：113545 | 债券简称：金能转债 | | 金能科技股份有限公司 关于聘任公司高级管理人员的公告 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。 金能科技股份有限公司（以下简称"公司"）根据《公司章程》等有关规定， 结合公司经营管理需要，经公司总经理及提名委员会资格审核，公司于 2025 年 5 月 23 日召开第五届董事会第十三次会议，审议通过了《关于聘任公司高级管 理人员的议案》，同意聘任祝德增先生为公司副总经理，任期自本次董事会决议 通过之日起至第五届董事会任期届满之日止，简历详见附件。 祝德增先生具备担任公司高级管理人员的资格，符合《公司法》《上海证券 交易所股票上市规则》和《公司章程》等有关规定中对上市公司高管的任职资格 要求，不存在《公司法》及中国证监会、上海证券交易所规定的禁止任职情况和 市场禁入处罚且尚未解除等情形。 特此公告。 202 ...

| 证券代码：603113 | 证券简称：金能科技 | 公告编号：2025-055 | | --- | --- | --- | | 债券代码：113545 | 债券简称：金能转债 | | 金能科技股份有限公司 第五届董事会第十三次会议决议公告 同意聘任祝德增先生为公司副总经理，任期自本次董事会审议通过之日起至 第五届董事会届满之日止。具体内容详见公司披露在上海证券交易所网站 （www.sse.com.cn）及指定媒体的《金能科技股份有限公司关于聘任高级管理人 员的公告》。 三、备查文件 1、经与会董事签字并加盖董事会印章的第五届董事会第十三次会议决议。 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： 一、董事会会议召开情况 金能科技股份有限公司（以下简称"公司"）第五届董事会第十三次会议于 2025 年 5 月 23 日以现场结合通讯表决方式召开。本次应参加会议并表决的董事 11 名，实际参加会议并表决的董事 11 名，会议由董事长秦庆平先生主持，公司 全体高级管理人员列席了本次会议。会议的通知、召开符合 ...

Investment Rating - The coal industry maintains a rating of "Synchronize with the Market-A" [1] Core Viewpoints - The coal market is returning to supply-demand logic following the resolution of tariff disputes, with expectations of improved demand as summer approaches [1][8] - The report highlights that while coal prices are under pressure due to seasonal factors and inventory adjustments, the potential for recovery in non-electric coal demand exists as the international trade environment improves [8][81] Summary by Sections 1. Coal Industry Dynamic Data Tracking - **Thermal Coal**: Inventory levels are decreasing, and summer stocking demand is anticipated. As of May 16, the spot reference price for thermal coal in the Bohai Rim is 629 CNY/ton, with a weekly change of -2.18% [3][23] - **Metallurgical Coal**: The external trade environment is improving, and metallurgical coal continues to deplete inventories. The price for main coking coal at Jingtang Port is 1320 CNY/ton, unchanged from the previous week [4][35] - **Coking Steel Chain**: Increased operational rates have led to a slight decline in coking coal prices. The average price for first-grade metallurgical coke is 1480 CNY/ton, down 3.27% [5][54] - **Coal Transportation**: Increased stocking demand has stabilized coastal transportation prices, with the coastal coal transportation index at 661.75 points, up 3.34% [6][64] - **Coal-related Futures**: Downstream operational rates have decreased, leading to a decline in double焦期价 [66] 2. Coal Sector Market Review - The coal sector has rebounded alongside the broader market, outperforming major indices. The CITIC coal index closed at 3244.52 points, with a weekly change of +1.65% [7][71] 3. Industry News Summary - Recent government initiatives emphasize strengthening domestic circulation and enhancing the coal industry's clean and efficient utilization [79][80] - The construction of a new cross-border railway between China and Mongolia is expected to significantly boost coal exports from Mongolia, reshaping trade dynamics [80] 4. Important Announcements from Listed Companies - Major companies in the coal sector are actively managing operational challenges and pursuing strategic initiatives, including asset restructuring and safety measures following incidents [81][83] 5. Next Week's Outlook and Investment Recommendations - The report suggests that while coal prices may face downward pressure, the upcoming summer stocking demand and improved tariff conditions could support price stability. Investors are advised to focus on undervalued companies with solid performance support [8][81]

Investment Rating - The coal industry maintains a "Synchronize with the Market" rating [1] Core Viewpoints - The coal market is returning to supply-demand logic following the resolution of tariff disputes, with expectations of improved non-electric demand as summer approaches [1][10] - The report highlights that while coal prices have seen some decline, the potential for further decreases is limited due to upcoming summer stocking demands and improved international trade conditions [10] Summary by Sections 1. Coal Industry Dynamic Data Tracking - **Thermal Coal**: Inventory levels are decreasing, and summer stocking demand is anticipated. As of May 16, the spot reference price for thermal coal in the Bohai Rim is 629 CNY/ton, with a weekly change of -2.18% [3][25] - **Metallurgical Coal**: The external trade environment is improving, leading to continued inventory reduction. The price for main coking coal at Jingtang Port is 1320 CNY/ton, unchanged from the previous week [4][37] - **Coke and Steel Industry Chain**: Increased operational rates have led to a slight decline in coke prices. The average price for first-grade metallurgical coke at Tianjin Port is 1480 CNY/ton, down 3.27% week-on-week [5][55] - **Coal Transportation**: There is an increase in stocking demand, with the coastal coal transportation price index at 661.75 points, up 3.34% [8][66] - **Coal-related Futures**: Downstream operational rates have decreased, leading to a decline in both coking coal and coke futures prices [68] 2. Coal Sector Market Review - The coal sector has rebounded alongside the broader market, outperforming major indices. The CITIC Coal Index closed at 3244.52 points, with a weekly change of +1.65% [9][73] 3. Industry News Summary - Recent government initiatives emphasize strengthening domestic circulation and enhancing the coal industry's clean and efficient utilization [80][81] - The construction of a new cross-border railway between China and Mongolia is expected to significantly boost coal exports from Mongolia, reshaping trade dynamics [82] 4. Important Announcements from Listed Companies - Several companies have reported operational updates, including production adjustments and strategic asset acquisitions, reflecting ongoing developments in the coal sector [83][85] 5. Next Week's Outlook and Investment Recommendations - The report suggests focusing on undervalued companies with strong performance support, particularly those with minimal non-coal business exposure, such as Xinjie Energy and Huohua Energy [10]

Group 1 - The company participated in the 2025 Shandong Listed Companies Investor Online Reception Day on May 15, 2025, where the board secretary, financial director, and deputy general manager answered investor questions within the scope of information disclosure [1][3] - The company highlighted that after the commissioning of the second phase of the olefin project, it will enhance its cost advantages and product scale, further solidifying its industry position [2] - The company reported an increase in R&D personnel from 526 in 2023 to 826 in 2024, representing a 14.94% year-on-year increase, indicating significant future R&D plans [2] Group 2 - The company has approximately 90% of its carbon black raw materials sourced from external suppliers, specifically coal tar [2] - The company plans to primarily source propane from non-U.S. suppliers, with a small amount from the U.S. for processing trade, with prices subject to market conditions [2] - The company confirmed that its 7m top-loading coke ovens meet environmental requirements and are not at risk of being shut down [2]

金能科技股份有限公司 关于参加 2025 年山东辖区上市公司投资者 证券代码：603113 证券简称：金能科技 公告编号：2025-053 债券代 码：113545 债券简称：金能转债 2025 年 5 月 15 日 15:00-16:30，董事会秘书、财务总监、副总经理王忠霞 女士参加了 2025 年山东辖区上市公司投资者网上集体接待日活动，就投资者关 注的问题在信息披露允许的范围内进行了回答。 二、本次活动主要内容 1、现在烯烃产能过剩，请问贵司烯烃工艺后期盈利如何？ 尊敬的投资者，您好！公司烯烃二期项目开车后，进一步放大循环经济成本 优势和产品规模优势，公司行业地位进一步凸显。同时公司通过增加研发投入， 加大 PP 新牌号和国际市场的开发，进一步提高产品销量和溢价。感谢您的关注！ 2、2024 年年报显示，公司研发人员数量 826 名，占公司总人数的 34.74%， 而 2023 年为 526 名，占比 19.8%，24 年同比增加了 14.94%, 请问，研发人员增 加这么多，公司在未来是否有比较大的研发计划？ 尊敬的投资者，您好！公司研发人员增加，主要系烯烃二期项目开车、PP 新牌号开发。感谢您的关 ...

Group 1 - The company held an employee representative director election on May 14, 2025, resulting in Mr. Zhang Zaibin being elected as the employee representative director for the fifth board of directors [1][3] - Mr. Zhang Zaibin has been with the company since 1998 and has held various positions, currently serving as the deputy general manager of a subsidiary [3] - The elected employee representative director will join the board of directors elected by the shareholders to form the fifth board of directors [1] Group 2 - The company will participate in the "2025 Shandong Listed Companies Investor Online Collective Reception Day" on May 15, 2025, to enhance interaction with investors [4][5] - The event will be conducted online, allowing investors to engage with company executives regarding the company's 2024 performance, governance, development strategy, operational status, financing plans, equity incentives, and sustainable development [5] - Investors can participate through the "Panorama Roadshow" website, WeChat public account, or the Panorama Roadshow APP [5]

| 证券代码：603113 | 证券简称：金能科技 | 公告编号：2025-052 | | --- | --- | --- | | 债券代码：113545 | 债券简称：金能转债 | | 特此公告。 金能科技股份有限公司 金能科技股份有限公司董事会 2025 年 5 月 14 日 关于参加 2025 年山东辖区上市公司投资者 为进一步加强与投资者的互动交流，金能科技股份有限公司（以下简称"公司"） 将参加由山东证监局、山东上市公司协会与深圳市全景网络有限公司联合举办的"2025 年山东辖区上市公司投资者网上集体接待日活动"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景路演 APP, 参与本次互动交流。活动时间为 2025 年 5 月 15 日（周四）15:00-16:30。届时公司高 管将在线就公司 2024 年度业绩、公司治理、发展战略、 经营状况、融资计划、股权激 励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃 参与！ 网上集体接待日活动的公告 本 ...

| 证券代码：603113 | 证券简称：金能科技 | 公告编号：2025-051 | | --- | --- | --- | | 债券代码：113545 | 债券简称：金能转债 | | 金能科技股份有限公司 关于选举职工代表董事的公告 附： 人员简历 张再宾先生，1978 年 11 月出生，中国国籍，无境外居留权，本科学历。1998 年进 入公司，曾任公司项目部科长、能环部部长助理、工程部部长等职务。现任子公司金能 化学（青岛）有限公司副总经理兼生技部部长。 张再宾先生与公司董事、其他高级管理人员及其他持有公司百分之五以上股份的股 东、实际控制人之间无关联关系，不存在不得提名公司董事的情形。不存在《自律监管 指引第 1 号--规范运作》第 3.2.2 条规定的不得提名为董事的情形，不属于失信被执行 人，未因涉嫌犯罪被司法机关立案侦查或者涉嫌违法违规被中国证监会立案调查，也未 受到中国证监会及其他有关部门的处罚或证券交易所惩戒情形，符合《公司法》《公司 章程》等相关法律法规要求的任职条件。 本次选举产生的职工代表董事将与公司股东会选举产生的董事组成公司第五届董 事会。职工代表董事的简历详见附件。 特此公告。 ...