Company Overview - Jineng Technology Co., Ltd. is located in Qihe County, Shandong Province, established on November 18, 2004, and listed on May 11, 2017. The company specializes in petrochemicals, fine chemicals, and coal chemicals [1] - The main business revenue composition includes: olefin products 54.71%, carbon black products 27.30%, coal tar products 13.63%, other products 2.19%, and fine chemical products 2.17% [1] Stock Performance - As of September 25, Jineng Technology's stock price decreased by 2.03%, trading at 6.74 CNY per share, with a total market capitalization of 5.715 billion CNY [1] - Year-to-date, the stock price has increased by 27.77%, but it has seen a decline of 0.59% over the last five trading days, 10.91% over the last 20 days, and 4.33% over the last 60 days [1] Financial Performance - For the period from January to June 2025, Jineng Technology achieved operating revenue of 8.547 billion CNY, representing a year-on-year growth of 24.13%. The net profit attributable to shareholders was 26.4349 million CNY, showing a significant increase of 161.43% year-on-year [2] - Since its A-share listing, the company has distributed a total of 1.434 billion CNY in dividends, with 482 million CNY distributed over the past three years [2] Shareholder Information - As of September 19, the number of shareholders for Jineng Technology was 32,200, a slight decrease of 0.03% from the previous period. The average circulating shares per person increased by 0.03% to 26,342 shares [2] - As of June 30, 2025, Hong Kong Central Clearing Limited was the fourth largest circulating shareholder, holding 12.334 million shares, an increase of 2.7071 million shares from the previous period [2]

Core Insights - Jineng Chemical, a subsidiary of Jineng Technology Co., Ltd., has signed a strategic cooperation agreement with Huitong New Materials Co., Ltd. for an initial order of 1,000 tons of high-performance polypropylene product EP548R [1] - Jineng Chemical possesses advanced propane dehydrogenation and polypropylene production processes, establishing long-term propane supply partnerships with global energy giants [1] - Huitong New Materials focuses on the research, production, and sales of polymer materials, providing comprehensive solutions and products for high-performance diversified new materials [1] Company Collaboration - The order signifies Huitong's recognition of Jineng Chemical's product quality and supply system, demonstrating excellent performance in mechanical properties, processing stability, and consistency [1] - Both companies aim to deepen their strategic partnership, focusing on the development of high-end new materials that meet the demands of modified plastic enterprises for high flow, high impact resistance, and low odor characteristics [1] - They plan to establish a new factory collaboration ecosystem to further expand high-end application fields and develop more high-end new materials [1]

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - A V-shaped reversal in coal prices is anticipated, with winter prices expected to reach 800 CNY/ton. The long-term contracts are supporting spot prices, and policy-driven sentiment is leading to significant price increases. The long-term contract prices for September are 674, 613, and 551 CNY/ton for 5500, 5000, and 4500 kcal respectively, with the CCI index showing slight variations [6][26] - The coal market is expected to see a balance between supply and demand gradually, with prices steadily rising. The report maintains a "Positive" rating for the industry and suggests focusing on flexible thermal coal companies and those in turnaround situations in coking coal and coke sectors [6][26] Summary by Sections Coal Sector Performance - The coal sector outperformed the CSI 300 index, with a weekly increase of 3.59% as of September 19, 2025, while the index fell by 0.44%, resulting in a 4.03 percentage point outperformance. A total of 24 stocks in the sector rose, with Yongtai Energy showing the highest increase of 13.42% [2] - Key monitored enterprises reported an average daily coal sales volume of 7.22 million tons for the week of September 12-18, 2025, a week-on-week increase of 5.3%. The average daily production was 7.18 million tons, also up 4.8% week-on-week and 4.4% year-on-year [2][24] Price Trends - As of September 19, 2025, the price of thermal coal (Q5500K) in the Bohai Rim was 676 CNY/ton, a week-on-week increase of 0.15%. The import price index for thermal coal was 812 CNY/ton, up 4.5% week-on-week. Prices at various ports and production areas also showed increases [3] - The price of coking coal at Jingtang Port was 1610 CNY/ton, up 3.9% week-on-week, while the futures settlement price for coking coal was 1216 CNY/ton, reflecting a 6.9% increase [4] Supply and Demand Dynamics - The total coal inventory monitored was 25.54 million tons as of September 18, 2025, a decrease of 1% week-on-week and 6% year-on-year. The cumulative sales volume of key monitored enterprises was 180.46 million tons, down 2.4% year-on-year [2][24] - The report indicates that the demand from the power and chemical industries has varied, with coal consumption in the power sector down 2.9% year-on-year, while the chemical sector saw an increase of 16% [2][24] Investment Recommendations - The report recommends focusing on companies in the thermal coal sector such as China Shenhua, Shaanxi Coal and Chemical Industry, and others, as well as coking coal companies like Huabei Mining and Shanxi Coking Coal. It also highlights companies in the coke sector that are expected to see profit improvements [6][26]

Core Points - The controlling shareholders of Jineng Technology, Qin Qingping and Wang Yongmei, along with their concerted action person Qin Lu and the private equity fund Zhongyue Focus No. 11, collectively hold 423.218 million shares, accounting for 49.91% of the company's total share capital [2] - Qin Qingping has released a pledge on 27.34 million shares, and after this release, there are no pledged shares remaining in his holdings [2] Summary by Sections - **Shareholding Structure**: The controlling shareholders hold a significant portion of the company, with a total of 423.218 million shares, representing nearly half of the total shares [2] - **Pledge Release**: Qin Qingping has completed the early release of the pledge on 27.34 million shares, resulting in no pledged shares in his holdings [2]

Group 1 - The company Jineng Technology announced the early release of share pledges by its controlling shareholder, Mr. Qin Qingping [2] - A total of 27.34 million shares were released from pledge [2] - After this release, Mr. Qin Qingping has no pledged shares in the company [2]

Group 1 - The core point of the news is that Jineng Technology's major shareholders have released a significant number of pledged shares, indicating a potential strengthening of their financial position and confidence in the company [1] - As of the announcement date, the controlling shareholders, Qin Qingping and Wang Yongmei, along with their associates, hold approximately 423 million shares, accounting for 49.91% of the total share capital of the company [1] - Qin Qingping has released 27.34 million pledged shares, resulting in no remaining pledged shares held by him [1] Group 2 - For the fiscal year 2024, Jineng Technology's revenue composition is heavily weighted towards oil processing and coking, which constitutes 94.7% of its total revenue, while other businesses account for 5.3% [1] - The current market capitalization of Jineng Technology is reported to be 5.9 billion yuan [2]

| 证券代码：603113 | 证券简称：金能科技 | 公告编号：2025-091 | | --- | --- | --- | | 债券代码：113545 | 债券简称：金能转债 | | 金能科技股份有限公司 关于控股股东股份解除质押的公告 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： 近日，公司收到控股股东秦庆平先生关于办理了股份提前解除质押手续的通 知。本次解除质押后，秦庆平先生无质押公司股份的情形。 现将有关情况公告如下： | 股东名称 | 秦庆平 | | --- | --- | | 本次解除质押股份（股） | 27,340,000 | | 占其所持股份比例 | 8.60% | | 占公司总股份比例 | 3.22% | | 解除质押时间 | 2025年9月18日 | | 持股数量 | 317,909,744 | | 持股比例 | 37.49% | | 剩余被质押股份数量（股） | 0 | | 剩余被质押股份数量占其所持股份比例 | 0% | | | | 特此公告。 金能科技股份有限公司董事会 20 ...

Core Viewpoint - Jineng Technology Co., Ltd. announced the release of share pledges by its controlling shareholders, indicating a positive shift in their financial position and confidence in the company's future [1] Group 1: Shareholding Structure - The controlling shareholders, Qin Qingping and Wang Yongmei, along with their concerted parties, hold a total of 42,321.80 million shares, accounting for 49.91% of the total share capital [1] - Following the release of the pledge, Qin Qingping's shareholding ratio increased to 37.49%, with no pledged shares remaining [1] Group 2: Pledge Release Details - Qin Qingping released 27,340,000 shares from pledge on September 18, which represents 8.60% of his total holdings and 3.22% of the company's total shares [1]

Core Insights - Jineng Technology's subsidiary, Jineng Chemical, has entered a strategic partnership with Huitong New Materials, marking a significant milestone with the signing of an initial order for 1,000 tons of high-performance polypropylene product EP548R [1][2] - The collaboration is a result of extensive technical exchanges and product trials, showcasing Jineng Chemical's advancements in marketization and high-end customer partnerships [1] - Jineng Chemical's advanced propane dehydrogenation (PDH) and polypropylene production processes provide strong raw material support for the partnership [1] Company Overview - Jineng Chemical has established long-term propane supply partnerships with global energy giants, ensuring a reliable supply chain for its production needs [1] - Huitong New Materials focuses on the research, production, and sales of polymer materials, recognized as a national high-tech enterprise, and aims to provide diverse high-performance material solutions across various industries [1] Product Characteristics - EP548R is a high-end specialized polypropylene material known for its excellent mechanical properties and processing stability, which has been validated by the successful order from Huitong New Materials [2] - The successful execution of the 1,000-ton order reflects Huitong's confidence in Jineng Chemical's product quality and supply system [2] Future Collaboration - The partnership aims to deepen their strategic relationship, focusing on the development of high-end new materials that meet the demands of modified plastic enterprises for high flow, high impact resistance, and low odor characteristics [2] - The collaboration will also establish a new factory-to-factory cooperation ecosystem, expanding high-end application fields and contributing to the high-quality development of China's new materials industry [2]

Group 1 - The company Jineng Technology announced a profit distribution plan for the first half of 2025, proposing a cash dividend of 0.235 yuan per share (tax included) for A-shares [2] - The record date for the dividend is set for September 16, 2025, and the ex-dividend date is September 17, 2025 [2]