Group 1 - Beijing Tianma Zhikong Technology Co., Ltd. has obtained a patent for "Method, Device, Electronic Equipment, and Storage Medium for Follow-up Shooting of Coal Mining Machines," with authorization announcement number CN115522923B, applied for on September 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 2,814 bidding projects, holds 40 trademark registrations, and has 1,634 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 43 bidding projects, holds 1,362 patents, and possesses 59 administrative licenses [1]

Company Overview - Beijing Tianma Zhikong Technology Co., Ltd. was established in 2001 and is primarily engaged in the manufacturing of instruments and meters, with a registered capital of 433 million RMB [1] - Beijing Coal Science Tianma Automation Technology Co., Ltd. was founded in 2013 and focuses on technology promotion and application services, with a registered capital of 530 million RMB [1] Patent Information - Both companies have obtained a patent titled "In-Pipe Sealing Ring and O-Ring Assembly Method," with the authorization announcement number CN116021279B, applied for on January 2023 [1] Investment and Projects - Beijing Tianma Zhikong Technology Co., Ltd. has invested in 4 companies and participated in 2,814 bidding projects, holding 40 trademark records and 1,634 patent records, along with 34 administrative licenses [1] - Beijing Coal Science Tianma Automation Technology Co., Ltd. has participated in 43 bidding projects and holds 1,362 patent records, along with 59 administrative licenses [1]

Group 1 - Beijing Tianma Zhikong Technology Co., Ltd. has obtained a patent for a "two-position two-way proportional valve," with authorization announcement number CN116379030B, applied on April 2023 [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 2,813 bidding projects, holds 40 trademark registrations, and has 1,634 patent records, 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 43 bidding projects, holds 1,362 patent records, and possesses 59 administrative licenses [1]

Group 1 - The core point of the article is that Beijing Tianma Zhikong Technology Co., Ltd. has obtained a patent for a "overflow valve," with the authorization announcement number CN116357637B, and the application date is April 2023 [1] - Beijing Tianma Zhikong Technology Co., Ltd. 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 2,813 bidding projects, holds 40 trademark registrations, and has 1,634 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 43 bidding projects, holds 1,362 patent records, and possesses 59 administrative licenses [1]

Group 1 - The establishment of Zhongmei Science and Technology (Xi'an) Intelligent Complete Equipment Technology Co., Ltd. has been announced, with a registered capital of 2 billion yuan [1] - The company's business scope includes mining machinery manufacturing, sales, equipment research and development, and general equipment manufacturing [1] - Shareholders of the new company include Tiandi Technology, China Coal Science and Technology Group Shanghai Co., Ltd., and Tianma Zhikong [1]

Group 1 - The core point of the article is the establishment of a new company, Zhongmei Kegong (Xi'an) Intelligent Complete Equipment Technology Co., Ltd., with a registered capital of 2 billion yuan [1] - The company's business scope includes artificial intelligence industry application system integration services, artificial intelligence theory and algorithm software development, and digital video monitoring system manufacturing [1] - The company is jointly held by Tiandi Technology (600582) and Tianma Zhikong (688570) [1]

Core Insights - Recently, Zhongmei Science and Technology (Xi'an) Intelligent Complete Equipment Technology Co., Ltd. was established with a registered capital of 2 billion RMB, focusing on mining machinery manufacturing and sales, equipment research and development, and general equipment manufacturing [1] Company Information - The legal representative of the company is Du Yaobo, and it is co-owned by Tiandi Technology (600582), Zhongmei Science and Technology Group Shanghai Co., Ltd., and Tianma Zhikong (688570) [1] - The company is registered in Xi'an Economic and Technological Development Zone, Shaanxi Province, and has a business scope that includes various manufacturing and sales activities related to mining machinery and general equipment [2] Shareholder Structure - Tiandi Technology holds a 60% stake in the company, contributing 1.2 billion RMB - Zhongmei Science and Technology Group Shanghai Co., Ltd., Zhongmei Mining Research Institute Co., Ltd., Beijing Tianma Zhikong Technology Co., Ltd., and Ningxia Tiandi Benniu Industrial Group Co., Ltd. each hold a 10% stake, contributing 200 million RMB each [2]

1. Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] 2. Core Viewpoints of the Report - Currently at the beginning of a new upward cycle in the coal economy, with fundamental and policy factors in resonance, it is advisable to allocate the coal sector at low levels [2][3][11] - The underlying logic of coal supply constraints since July still exists, and there's no need to overly worry about a significant decline in coal prices. The stabilization point of coal prices is approaching [2][3][11] - The underlying investment logic of coal production capacity shortage remains unchanged. Coal prices have established a bottom and are on a new platform, high - quality coal enterprises maintain core asset attributes, and coal assets are relatively undervalued with potential for overall valuation improvement [3][11] - The coal supply bottleneck is expected to last until the "15th Five - Year Plan". The coal sector is a high - performance, high - cash, and high - dividend asset, with high certainty in the profitability and growth of high - quality coal companies [3][12] - The coal sector has a high - dividend safety margin when it adjusts downward and upward elasticity catalyzed by the expected increase in coal prices. It is recommended to focus on the current allocation opportunities in the coal sector [3][12] 3. Summary by Relevant Catalogs 3.1 This Week's Core Viewpoints and Key Concerns - **Core Viewpoints**: The coal economy is in the early stage of a new upward cycle. This week, the utilization rate of sample thermal coal and coking coal mine production capacity decreased. The daily coal consumption in inland 17 provinces and coastal 8 provinces increased, while non - power coal demand decreased. Coal prices showed a mixed trend. Although the current market is weak, after New Year's Day, the coal consumption support is expected to strengthen. The coal allocation logic remains unchanged, and it is recommended to allocate at low levels [11] - **Key Investment Recommendations**: Focus on three types of companies: those with stable operations and performance, those that have fallen sharply previously with high elasticity, and those with special and scarce global metallurgical coal resources. Also, pay attention to other related companies [12] - **Recent Key Concerns**: In November 2025, the total social electricity consumption increased by 6.2% year - on - year. From January to November 2025, US coal production increased by 4.1% year - on - year, and Russian coal production increased by 0.1% year - on - year [13] 3.2 This Week's Performance of the Coal Sector and Individual Stocks - The coal sector fell 0.89% this week, underperforming the broader market. The CSI 300 rose 1.95% to 4657.24 [14] - The thermal coal, coking coal, and coke sectors fell 1.24%, 0.81%, and 0.49% respectively [16] - The top three gainers in the coal mining and washing sector were Anyuan Coal Industry (6.42%), Huayang Co., Ltd. (5.01%), and Inner Mongolia Electric Power Investment Energy Co., Ltd. (2.75%) [19] 3.3 Coal Price Tracking - **Coal Price Index**: As of December 26, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 695.0 yuan/ton, down 7.0 yuan/ton week - on - week. The comprehensive average price index of Bohai Rim thermal coal (Q5500) was 695.0 yuan/ton, down 4.0 yuan/ton week - on - week. The annual long - term agreement price of CCTD Qinhuangdao thermal coal (Q5500) was 694.0 yuan/ton, up 10.0 yuan/ton month - on - month [23] - **Thermal Coal Price**: As of December 27, the market price of Qinhuangdao Port's Shanxi - produced thermal coal (Q5500) was 677 yuan/ton, down 34 yuan/ton week - on - week. At the production sites, prices in some areas rose or remained flat. International thermal coal FOB prices and some arrival prices fell [27] - **Coking Coal Price**: As of December 26, port and some production - site coking coal prices remained flat, while the arrival price of Australian Peak Downs hard coking coal in China rose 0.3 US dollars/ton week - on - week [29] - **Anthracite and Pulverized Coal Injection Price**: As of December 26, the vehicle - board price of Jiaozuo anthracite remained flat, while the vehicle - board prices of some pulverized coal injection decreased [38] 3.4 Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of December 26, the capacity utilization rate of sample thermal coal mines was 86.4%, down 4.0 percentage points week - on - week, and that of sample coking coal mines was 84.21%, down 2.4 percentage points week - on - week [45] - **Import Coal Price Difference**: As of December 26, the price difference between domestic and foreign 5000 - kcal and 4000 - kcal thermal coal increased week - on - week [41] - **Coal - fired Power Daily Consumption and Inventory**: In both inland 17 provinces and coastal 8 provinces, coal inventory increased, daily consumption increased, and the number of available days decreased [46] - **Downstream Metallurgical Demand**: As of December 26, the Myspic composite steel price index fell, the price of Tangshan - produced primary metallurgical coke fell, the blast furnace operating rate decreased, the average profit per ton of coke for independent coking enterprises decreased, the profit per ton of steel for blast furnaces increased, the iron - scrap price difference decreased, and the scrap consumption ratio of pure blast furnace enterprises decreased [64][65] - **Downstream Chemical and Building Materials Demand**: As of December 26, the prices of some chemical products showed different trends, the national cement price index fell, the cement clinker capacity utilization rate decreased, the float glass operating rate decreased, and the weekly coal consumption in the chemical industry decreased [68][70] 3.5 Coal Inventory Status - **Thermal Coal Inventory**: As of December 26, the coal inventory at Qinhuangdao Port decreased, the 55 - port thermal coal inventory increased, and the production - site inventory increased [82] - **Coking Coal Inventory**: As of December 26, the production - site, port, coking enterprise, and steel mill coking coal inventories all increased [83] - **Coke Inventory**: As of December 26, the total coke inventory of coking plants decreased, the four - port total coke inventory increased, and the total coke inventory of domestic sample steel mills increased [85] 3.6 Coal Transportation Status - **International and Domestic Coal Transportation**: As of December 24, the Baltic Dry Index (BDI) fell. As of December 25, the average daily coal shipment volume on the Datong - Qinhuangdao Railway decreased week - on - week [98] - **Cargo - to - Ship Ratio at Four Major Ports in the Bohai Rim**: As of December 26, the inventory at the four major ports in the Bohai Rim decreased, the number of anchored ships remained unchanged, and the cargo - to - ship ratio decreased [96] 3.7 Weather Conditions - As of December 26, the Three Gorges outbound flow increased by 0.31% week - on - week [103] - In the next 10 days (December 28, 2025 - January 6, 2026), precipitation in some areas will be higher than normal, and after January 1, the average temperature in most parts of central and eastern China will turn 1 - 2°C lower than normal [103] - In the next 11 - 14 days (January 7 - 10, 2026), precipitation and temperature in different regions will show different trends [103] 3.8 Valuation Table and Key Announcements of Listed Companies - **Valuation Table**: The report provides the valuation data of key listed companies, including net profit attributable to the parent company, EPS, and PE from 2024A to 2027E [104] - **Key Announcements**: There are announcements from multiple companies, such as the share transfer of Jizhong Energy, the completion of the shareholding increase plan of Panjiang Co., Ltd., the acceptance of the application for asset acquisition by Inner Mongolia Electric Power Investment Energy Co., Ltd., the guarantee provided by Kailuan Co., Ltd., and the maintenance of the credit rating of Meijin Energy [105][106][107] 3.9 This Week's Key Industry News - Indonesia plans to impose a 1% - 5% export tax on coal from 2026 [109] - In November 2025, China's coal imports decreased by 19.9% year - on - year, with thermal coal imports increasing by 7.0% month - on - month and coking coal imports increasing by 1.3% month - on - month [109] - 8000 tons of high - quality Mongolian coal arrived in Gannan [109] - As of the end of November 2025, the national cumulative power generation installed capacity increased by 17.1% year - on - year [109]

Meeting Overview - The second extraordinary general meeting of shareholders was held on December 25, 2025, at the Tianma Zhikong Innovation Industrial Base in Shunyi District, Beijing [2] - All directors, supervisors, and the board secretary attended the meeting, with a total of 9 directors and 3 supervisors present [3] Voting and Resolutions - No resolutions were rejected during the meeting [2] - The following key resolutions were passed: - Proposal to cancel the supervisory board and amend the Articles of Association [4] - Amendments to various corporate governance rules, including: - Shareholders' meeting rules [5] - Board meeting rules [5] - Independent directors' work system [5] - Fund management measures [5] - Related party transaction management system [5] - Behavior norms for controlling shareholders and actual controllers [5] - Approval of estimated related party transactions for 2026 [6] - Use of part of the raised funds to permanently supplement working capital [6] - Approval of the investment adjustment plan for 2025 [6] - Use of raised funds to increase capital in wholly-owned subsidiaries for project implementation [6] - Establishment of a joint venture for the development of a major intelligent complete equipment research center for coal mining [6] Legal Compliance - The meeting was witnessed by Beijing Jiayuan Law Firm, confirming that the convening, procedures, and voting were in compliance with relevant laws and regulations [7]

Core Viewpoint - Tianma Intelligent Control announced that it will hold the second extraordinary general meeting of shareholders for 2025 on December 25, 2025, to review multiple proposals, including the proposal for the expected daily related transactions for the year 2026 [2] Group 1 - The company will convene a shareholder meeting to discuss important proposals [2] - The agenda includes the review of expected daily related transactions for 2026 [2]