Group 1 - Beijing Tianma Zhikong Technology Co., Ltd. has obtained a patent for "Pressure Conversion Module, Continuous Conversion Device, and Hydraulic Pump Loading Testing System," with authorization announcement number CN116950961B, applied on July 2023 [1] - The company was established in 2001 and is located in Beijing, primarily engaged in the manufacturing of instruments and meters, with a registered capital of 433 million RMB [1] - The company has made investments in 4 enterprises, participated in 2,874 bidding projects, holds 40 trademark registrations, and has 1,666 patents, along with 34 administrative licenses [1] Group 2 - Beijing Meike Tianma Automation Technology Co., Ltd., established in 2013 and located in Beijing, focuses on technology promotion and application services, with a registered capital of 530 million RMB [1] - This subsidiary has participated in 45 bidding projects, holds 1,393 patents, and has 59 administrative licenses [1]

Group 1 - Beijing Tianma Zhikong Technology Co., Ltd. has obtained a patent for a product named "Fluid Cylinder," with authorization announcement number CN116221222B, and the application date is March 2023 [1] - The company was established in 2001 and is located in Beijing, primarily engaged in the manufacturing of instruments and meters, with a registered capital of 433 million RMB [1] - The company has made investments in 4 enterprises, participated in 2,874 bidding projects, holds 40 trademark registrations, and has 1,666 patent records, along with 34 administrative licenses [1] Group 2 - Beijing Meike Tianma Automation Technology Co., Ltd., established in 2013 and located in Beijing, focuses on technology promotion and application services, with a registered capital of 530 million RMB [1] - This subsidiary has participated in 45 bidding projects, holds 1,393 patent records, and possesses 59 administrative licenses [1]

Group 1 - The core point of the article highlights that Beijing Tianma Zhikong Technology Co., Ltd. and Beijing Coal Science Tianma Automation Technology Co., Ltd. have obtained a patent for a "Multi-way Valve Control System," with the patent announcement number CN116085515B, applied for on January 2023 [1] Group 2 - Beijing Tianma Zhikong Technology Co., Ltd. was established in 2001, located in Beijing, primarily engaged in the manufacturing of instruments and meters, with a registered capital of 433 million RMB. The company has invested in 4 enterprises, participated in 2,874 bidding projects, holds 40 trademark records, and has 1,666 patent records, along with 34 administrative licenses [1] - Beijing Coal Science Tianma Automation Technology Co., Ltd. was founded in 2013, also located in Beijing, focusing on technology promotion and application services, with a registered capital of 530 million RMB. The company has participated in 45 bidding projects, holds 1,393 patent records, and has 59 administrative licenses [1]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Views - The report indicates that the coal industry is at the beginning of a new upward cycle, with a favorable combination of fundamentals and policies, making it a good time to invest in the coal sector [11][12] - The report highlights a significant increase in coal prices, with Qinhuangdao port's Q5500 coal price reaching 717 CNY/ton, up 24 CNY/ton week-on-week, driven by optimistic market expectations post-holiday and reduced supply from major coal-producing regions [11][30] - The report emphasizes the ongoing supply-demand balance in the short term, with a medium to long-term supply gap expected to persist, reinforcing the investment logic in coal assets [11][12] Summary by Sections 1. Coal Price Tracking - As of February 13, the market price for Qinhuangdao port's Q5500 coal is 717 CNY/ton, reflecting a week-on-week increase of 3.5% [6][30] - International coal prices have also risen, with Newcastle's FOB price for Q5500 coal at 81.5 USD/ton, up 6.5% week-on-week [6][30] 2. Coal Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 84.4%, down 3.1 percentage points week-on-week, while the utilization rate for coking coal mines is 81.39%, down 5.3 percentage points [11][49] - Daily coal consumption in inland provinces decreased by 10% week-on-week, while coastal provinces saw an 18.8% decline [11][50] 3. Coal Inventory Situation - Coal inventory in inland provinces increased by 1.854 million tons week-on-week, while coastal provinces saw a smaller increase of 0.235 million tons [50] 4. Investment Recommendations - The report suggests focusing on stable and high-performing companies such as China Shenhua, Shaanxi Coal, and others, while also considering companies with high elasticity like Yanzhou Coal and others [12]

Group 1: Coal Prices - Qinhuangdao port thermal coal (Q5500) price increased to 692 CNY/ton, up 1 CNY/ton week-on-week as of February 7 [1] - Datong thermal coal price (Q5500) decreased to 567 CNY/ton, down 1 CNY/ton week-on-week as of February 5 [1] - International thermal coal prices: Newcastle NEWC5500 at 76.3 USD/ton, up 1.5 USD/ton week-on-week; ARA6000 at 101.6 USD/ton, down 1.5 USD/ton [1] Group 2: Coking Coal Prices - Beijing Tangshan port coking coal price decreased to 1700 CNY/ton, down 80 CNY/ton week-on-week as of February 5 [2] - Linfen coking coal price decreased to 1570 CNY/ton, down 80 CNY/ton week-on-week as of February 6 [2] - Australian hard coking coal price at 265.6 USD/ton, up 1.5 USD/ton week-on-week as of February 5 [2] Group 3: Production and Consumption - Sample thermal coal mine capacity utilization at 87.5%, down 0.8 percentage points week-on-week; coking coal mine utilization at 86.67%, down 2.5 percentage points [2] - Coastal provinces' coal consumption decreased by 16.3 million tons/day, down 7.22% week-on-week as of February 4 [3] - Inland provinces' coal consumption decreased by 81.8 million tons/day, down 18.1% week-on-week as of February 4 [3] Group 4: Market Outlook - Current coal market is at the beginning of a new upward cycle, with fundamental and policy support [4] - Indonesian government reduced coal production quotas by 40% to 70% compared to 2025 levels, impacting global coal supply [4] - Domestic coal supply is expected to remain constrained, with potential for price recovery due to demand resilience [5] Group 5: Investment Recommendations - Coal sector remains attractive due to high performance, cash flow, and dividends; recommended to focus on quality coal companies [6] - Suggested companies include China Shenhua, Shaanxi Coal, and Yancoal Australia among others [6] - Emphasis on the importance of coal assets as they are undervalued and have high potential for appreciation [5]

Group 1 - Beijing Tianma Zhikong Technology Co., Ltd. has obtained a patent for "Control Method, Device, Equipment, and Storage Medium for Coal Mining Machine Based on Trajectory Tracking" with authorization announcement number CN120026918B, applied on January 2025 [1] - The company was established in 2001 and is primarily engaged in the manufacturing of instruments and meters, with a registered capital of 433 million RMB [1] - The company has made investments in 4 enterprises, participated in 2,859 bidding projects, holds 40 trademark registrations, and has 1,659 patents, along with 34 administrative licenses [1] Group 2 - Beijing Coal Science Tianma Automation Technology Co., Ltd., established in 2013, focuses on technology promotion and application services, with a registered capital of 530 million RMB [1] - This subsidiary has participated in 44 bidding projects, holds 1,386 patents, and has 59 administrative licenses [1]

Group 1 - Beijing Tianma Zhikong Technology Co., Ltd. has obtained a patent for a "non-standard parts stamping machine," with authorization announcement number CN115921634B, applied for on December 2022 [1] - The company was established in 2001 and is primarily engaged in the manufacturing of instruments and meters, with a registered capital of 433 million RMB [1] - The company has made investments in 4 enterprises, participated in 2,859 bidding projects, holds 40 trademark registrations, and has 1,659 patents, along with 34 administrative licenses [1] Group 2 - Beijing Meike Tianma Automation Technology Co., Ltd., established in 2013, focuses on technology promotion and application services, with a registered capital of 530 million RMB [1] - This subsidiary has participated in 44 bidding projects, holds 1,386 patents, and possesses 59 administrative licenses [1]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [10][11] - The coal supply is expected to tighten due to domestic supply constraints and Indonesia's reduction in coal production targets, which will support a stable recovery in coal prices throughout the year [10][11] - The investment logic of coal capacity shortages remains unchanged, with a short-term supply-demand balance and a long-term gap still present [10][11] - High-quality coal companies are characterized by high profitability, cash flow, return on equity (ROE) of 10-15%, and dividend yields exceeding 5% [10][11] - The coal sector is considered undervalued, with overall valuation expected to improve, and public funds currently underweight in coal holdings [10][11] Summary by Sections 1. Coal Prices - As of January 31, the market price for Qinhuangdao port thermal coal (Q5500) is 691 CNY/ton, up 5 CNY/ton week-on-week [3][29] - The international thermal coal offshore price for Newcastle NEWC5500 is 74.5 USD/ton, up 0.7 USD/ton week-on-week [3][29] - The price for coking coal at Jing Tang port remains stable at 1780 CNY/ton [31] 2. Coal Supply and Demand - The capacity utilization rate for sample thermal coal mines is 88.3%, down 1.3 percentage points week-on-week [10][49] - Daily coal consumption in inland provinces decreased by 8.30 thousand tons/day (-1.8%) [50] - Daily coal consumption in coastal provinces decreased by 7.70 thousand tons/day (-3.3%) [50] 3. Industry Performance - The coal sector saw a 3.98% increase this week, outperforming the broader market [13][16] - The thermal coal segment rose by 4.07%, while the coking coal segment increased by 3.92% [16] 4. Future Outlook - The coal supply bottleneck is expected to persist, necessitating new high-quality capacity planning to meet medium to long-term energy demands [11] - The coal sector is characterized by high performance, cash flow, and dividends, with a favorable long-term outlook due to macroeconomic improvements and regulatory changes [11]

Core Viewpoint - The coal industry is expected to undergo a significant transformation driven by technological innovation by 2026, moving away from traditional coal mining practices towards high-value applications and materials [1]. Group 1: Potential Directions in the Coal Industry - Direction One: Coal as "Gold" - The coal chemical industry is transforming coal into high-value products such as nylon, carbon fiber, and semiconductor materials, which are supplied to major manufacturers like aircraft and smartphone companies. The profit margins for these new materials are typically over three times that of traditional coal [1]. - Direction Two: Smart Mining - The introduction of smart mining technologies allows operators to control mining equipment remotely, significantly reducing labor costs by 70% and improving safety and efficiency. Companies like Tianma Zhikong are leading this change by providing advanced robotic systems for mining operations [5]. - Direction Three: Embracing New Energy - Baofeng Energy is diversifying its product offerings to include coal-based olefins and green hydrogen, targeting high-growth sectors such as electric vehicles and solar energy. The company aims to build the world's largest single green hydrogen-to-methanol project by 2025, showcasing its potential for future growth [7][8]. Group 2: Investment Considerations - Investors are advised to avoid traditional coal power companies that rely solely on coal sales, as they face increasing pressure from renewable energy sources. Instead, focus on innovative companies producing high-value products and technologies [9]. - Key indicators for assessing investment potential include: over 40% of revenue from new materials, smart systems, or green hydrogen; R&D investment exceeding 8%; possession of over 100 patents; and a gross margin of 30%. Companies meeting these criteria are likely to be industry leaders [12]. - The true winners in the coal industry by 2026 will be those companies that are willing to innovate and transform their business models, moving beyond traditional coal mining to embrace technology and new materials [12].

Performance Forecast - The company expects a net profit attributable to shareholders of the parent company for 2025 to be between 84 million and 113.4 million yuan, representing a decrease of 22.61751 million to 25.55751 million yuan compared to the previous year, which is a year-on-year decline of 66.61% to 75.26% [2] - The net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is expected to be between 74 million and 96.2 million yuan, a decrease of 21.47375 million to 23.69375 million yuan compared to the previous year, reflecting a year-on-year decline of 69.06% to 76.20% [2] Previous Year Performance - In the previous year, the total profit was 380.4371 million yuan, with a net profit attributable to shareholders of the parent company of 339.5751 million yuan, and a net profit after deducting non-recurring gains and losses of 310.9375 million yuan [4] Earnings Per Share - The earnings per share for the previous year was 0.78 yuan [5] Reasons for Performance Change - The decline in net profit is attributed to the cyclical adjustment in the coal industry and the accelerated transformation of the energy structure, leading to cautious investment decisions by major clients and tightened capital expenditures, resulting in reduced overall market demand for the company's products. Additionally, intensified industry competition has prompted the company to adjust its pricing strategy to maintain market share, which has led to a contraction in revenue and a decrease in gross profit margin for main business products [6]