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 for the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [4][12] - The coal price is expected to rise due to factors such as cold weather and low inventory levels at ports, which may drive demand quickly [4][12] - The coal sector remains undervalued, with a strong potential for price recovery and high dividend yields, making it a favorable investment opportunity [4][12] Summary by Sections Coal Price Tracking - As of November 15, the market price for Qinhuangdao port thermal coal (Q5500) is 827 CNY/ton, up 19 CNY/ton week-on-week [3][29] - The price for coking coal at Jing Tang port is 1830 CNY/ton, an increase of 30 CNY/ton week-on-week [3][31] Supply and Demand Tracking - The capacity utilization rate for thermal coal mines is 91.2%, up 0.1 percentage points week-on-week, while for coking coal it is 86.28%, up 2.5 percentage points [4][12] - Daily coal consumption in inland provinces increased by 12.3 thousand tons/day (+3.8%), while consumption in coastal provinces decreased by 8.0 thousand tons/day (-4.26%) [4][12] Inventory Situation - Coal inventory in coastal provinces increased by 464 thousand tons week-on-week, while inland provinces saw an increase of 2.517 million tons [4][12] Company Performance - The coal sector's performance is highlighted by companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company, which are noted for their stable operations and strong earnings [13][14]

1. Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] 2. Core Viewpoints of the Report - Currently, the coal economy is at the beginning of a new upward cycle, with fundamental and policy factors in resonance. It is advisable to allocate the coal sector at low levels [11]. - The underlying investment logic of coal production capacity shortage remains unchanged. The coal price has established a bottom and its central level has reached a new platform. High - quality coal enterprises maintain their core asset attributes, and coal assets are still undervalued with potential for valuation improvement. The coal sector has both dividend characteristics and pro - cyclical elasticity [3]. - In the context of energy inflation, the pattern of tight coal supply and demand in the next 3 - 5 years remains unchanged. High - quality coal enterprises have high - barrier, high - cash, high - dividend, and high - dividend - yield attributes. After a short - term correction, the coal sector has shown high investment value [3]. 3. Summaries Based on Relevant Catalogs 3.1 This Week's Core Viewpoints and Key Concerns - **Core Viewpoints**: In the short - term, coal supply and demand are basically balanced, but there is a long - term gap. Coal prices are expected to rise further due to tight supply and upcoming seasonal demand. Coal assets are cost - effective, with high win - rate and high odds. The report continues to be bullish on coal and suggests allocation at low levels [11]. - **Key Concerns**: From January to October 2025, China's coal imports decreased by 11.0% year - on - year. From January to September 2025, coal and coking coal imports in India decreased by 1.0% year - on - year, and in Japan decreased by 2.3% year - on - year [13] 3.2 This Week's Performance of the Coal Sector and Individual Stocks - The coal sector rose 4.43% this week, outperforming the market. The Shanghai and Shenzhen 300 Index rose 0.82% [14]. - The thermal coal sector rose 4.60%, the coking coal sector rose 2.46%, and the coke sector rose 6.42% [15]. - The top three stocks in terms of gains and losses in the coal mining and washing sector were Huayang Co., Ltd. (11.50%), Jinkong Coal Industry (10.11%), and China National Coal Group Corporation (8.54%) [18] 3.3 Coal Price Tracking - **Coal Price Index**: As of November 7, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 703.0 yuan/ton, up 10.0 yuan/ton week - on - week. The comprehensive average price index of Bohai Rim thermal coal (Q5500) was 694.0 yuan/ton, up 9.0 yuan/ton week - on - week. The annual long - term contract price of CCTD Qinhuangdao thermal coal (Q5500) was 684.0 yuan/ton, up 8.0 yuan/ton month - on - month [23]. - **Thermal Coal Price**: As of November 8, the market price of Qinhuangdao Port thermal coal (Q5500) from Shanxi was 808 yuan/ton, up 40 yuan/ton week - on - week. International thermal coal FOB prices also increased [29]. - **Coking Coal Price**: As of November 7, the ex - warehouse price of primary coking coal from Shanxi at Jingtang Port was 1800 yuan/ton, up 60 yuan/ton week - on - week. The CIF price of Australian Peak View Mine hard coking coal in China was 212.3 US dollars/ton, up 0.6 US dollars/ton week - on - week [31]. - **Anthracite and Pulverized Coal Price**: As of November 7, the wagon - loading price of Jiaozuo anthracite was 1020.0 yuan/ton, unchanged week - on - week. The wagon - loading prices of pulverized coal in Changzhi Lucheng and Yangquan increased [39] 3.4 Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of November 7, the capacity utilization rate of sample thermal coal mines was 91.1%, up 0.6 percentage points week - on - week, and that of sample coking coal mines was 83.76%, down 1.0 percentage points week - on - week [46]. - **Import Coal Price Difference**: As of November 7, the price difference between domestic and foreign 5000 - kcal thermal coal was - 79.1 yuan/ton, down 19.5 yuan/ton week - on - week; the price difference for 4000 - kcal thermal coal was - 75.2 yuan/ton, down 20.1 yuan/ton week - on - week [42]. - **Coal - fired Power Consumption and Inventory**: Inland 17 provinces' coal inventory increased, while daily consumption decreased. Coastal 8 provinces' coal inventory decreased, while daily consumption increased [45]. - **Downstream Metallurgical Demand**: As of November 7, the Myspic comprehensive steel price index decreased, the price of Tangshan - produced primary metallurgical coke increased, the blast furnace operating rate increased, and the profit per ton of coke in independent coking enterprises increased [64][65]. - **Downstream Chemical and Building Materials Demand**: As of November 7, the prices of urea in some regions decreased, the national methanol, ethylene glycol, and acetic acid price indices decreased, the synthetic ammonia price index increased, the cement price index increased slightly, the cement clinker capacity utilization rate decreased, the float glass operating rate decreased, and the weekly coal consumption in the chemical industry increased [70][74][76] 3.5 Coal Inventory Situation - **Thermal Coal Inventory**: As of November 7, the coal inventory at Qinhuangdao Port increased to 577.0 tons. The 55 - port thermal coal inventory decreased to 6148.7 tons as of October 31, and the production - area inventory decreased to 292.0 tons [91]. - **Coking Coal Inventory**: As of November 7, the production - area coking coal inventory increased to 165.6 tons, the six - port coking coal inventory increased to 304.3 tons, the coking enterprise inventory increased to 923.8 tons, and the steel mill inventory decreased to 787.3 tons [92]. - **Coke Inventory**: As of November 7, the total coke inventory of coking plants, four - port coke inventory, and the total coke inventory of domestic sample steel mills all decreased [94] 3.6 Coal Transportation Situation - **International and Domestic Coal Transportation**: As of November 7, the Baltic Dry Index (BDI) was 2104.0 points, up 138.0 points week - on - week. As of November 6, the average daily coal shipment volume of the Datong - Qinhuangdao Railway increased slightly week - on - week [108]. - **Ratio of Cargo to Ships at Four Ports in the Bohai Rim**: As of November 7, the inventory of four ports in the Bohai Rim was 1449.0 tons, the number of anchored ships was 106, and the cargo - to - ship ratio was 13.7, down 4.03 week - on - week [106] 3.7 Weather Conditions - As of November 7, the Three Gorges outflow was 10200 cubic meters per second, down 23.88% week - on - week. - In the next 10 days (November 9 - 18), there will be precipitation in some areas, with high - impact weather including cooling in Xinjiang and central - eastern regions. - In the next 11 - 14 days (November 19 - 22), there will be light precipitation in some areas, and the average temperature in some regions will be different from the normal level [113] 3.8 Listed Company Valuation Table and Key Announcements - **Listed Company Valuation Table**: The table provides the closing prices, net profits attributable to the parent company, EPS, and P/E ratios of key listed coal companies from 2024A to 2027E [114]. - **Key Announcements**: Companies such as Meijin Energy, China Shenhua, and Hengyuan Coal and Electricity have made announcements regarding project terminations, asset acquisitions, and corporate restructurings [115][116][118]

Core Viewpoint - Tianma Intelligent Control is a leading enterprise in the field of unmanned intelligent mining, focusing on the research, production, sales, and service of unmanned intelligent mining control technology and equipment [1] Group 1: Business Performance - As of Q3 2025, Tianma Intelligent Control reported revenue of 1.081 billion yuan, ranking 14th in the industry, below the top competitor, Huichuan Technology, which had 31.663 billion yuan [2] - The main business composition includes unmanned intelligent mining control system solutions at 426 million yuan (65.36%), spare parts at 156 million yuan (23.96%), and operation and maintenance services at 61.13 million yuan (9.38%) [2] - The net profit for the same period was 78.848 million yuan, also ranking 14th in the industry, significantly lower than Huichuan Technology's 4.317 billion yuan [2] Group 2: Financial Ratios - The debt-to-asset ratio for Q3 2025 was 25.78%, an increase from 22.28% year-on-year, but still below the industry average of 34.21% [3] - The gross profit margin for Q3 2025 was 33.10%, which is relatively stable compared to the industry average of 33.30% [3] Group 3: Management and Shareholder Information - The chairman, Liu Zhiguo, received a salary of 1.101 million yuan in 2024, an increase of 861,800 yuan from 2023 [4] - The total number of A-share shareholders decreased by 6.60% to 13,200 as of September 30, 2025, while the average number of shares held per shareholder increased by 7.07% to 14,200 [5] Group 4: Market Position and Future Outlook - Tianma Intelligent Control maintains a leading market share in core products, with a 37.7% market share in SAC system contracts and 25.4% in SAM system contracts for the first half of 2025 [5] - The company is expected to achieve net profits of 168 million yuan, 199 million yuan, and 224 million yuan for the years 2025, 2026, and 2027 respectively, with diluted EPS of 0.39, 0.46, and 0.52 yuan [5]

Core Points - The 21st China International Coal Mining Technology Exchange and Equipment Exhibition is being held from October 28 to October 31, 2023, at the China International Exhibition Center and the Capital International Convention Center, covering a record area of 160,000 square meters [1][4] - The theme of this year's exhibition is "New Quality Empowerment, Intelligent Future," aimed at fostering high-level cooperation in the global mining equipment industry and promoting deep integration of technological and industrial innovation in the coal industry [4] Group 1 - The exhibition features 11 themed pavilions and showcases nearly 10,000 exhibits, with participating equipment weighing over 15,000 tons [10] - A total of 1,200 domestic and international companies from 18 countries and regions are participating, with notable exhibitors including China Energy Group, China Coal, and Huawei [10] - The expected attendance is over 150,000 visitors, marking the largest number of exhibitors and scale in the history of the event [10] Group 2 - The exhibition highlights advanced technologies and equipment across the entire coal production and processing industry chain, including intelligent mining, safety production, and clean utilization [10] - Companies like China Coal Zhangjiakou Coal Mining Machinery and Sandvik are showcasing innovative products, such as the intelligent scraper conveyor and fully automated tunneling machines [11][13] - The event serves as a significant platform for showcasing the achievements of China's coal industry and coal machinery manufacturing, facilitating international technical exchanges [18][19]

Core Insights - Tianma Zhikong (688570.SH) reported a total operating revenue of 1.081 billion yuan for Q3 2025, ranking 26th among disclosed peers, which is a decrease of 134 million yuan or 11.01% year-on-year [1] - The net profit attributable to shareholders was 78.848 million yuan, ranking 25th among peers, down by 201 million yuan or 71.87% compared to the same period last year [1] - The net cash flow from operating activities was -11.2297 million yuan, ranking 55th among peers, a decrease of 137 million yuan or 108.90% year-on-year [1] Financial Ratios - The latest debt-to-asset ratio is 25.78%, ranking 20th among peers, an increase of 1.02 percentage points from the previous quarter and 3.50 percentage points from the same period last year [3] - The latest gross profit margin is 33.10%, ranking 31st among peers, a decrease of 5.26 percentage points from the previous quarter and 13.88 percentage points year-on-year [3] - The latest return on equity (ROE) is 1.84%, ranking 43rd among peers, down by 4.70 percentage points from the same period last year [3] Earnings Per Share and Turnover Ratios - The diluted earnings per share is 0.18 yuan, ranking 32nd among peers, a decrease of 0.47 yuan or 72.31% year-on-year [3] - The latest total asset turnover ratio is 0.19 times, ranking 61st among peers, a decrease of 0.03 times or 15.73% year-on-year [3] - The latest inventory turnover ratio is 1.21 times, ranking 43rd among peers, an increase of 0.17 times or 16.45% year-on-year [3] Shareholder Structure - The number of shareholders is 13,200, with the top ten shareholders holding 359 million shares, accounting for 82.98% of the total share capital [3] - The largest shareholder is Tiandi Technology Co., Ltd., holding 56.5 million shares [3] - Other significant shareholders include Tianjin Yuanzhi Tianma Management Consulting Partnership (Limited Partnership) with 9.95 million shares and Tianjin Lizhi Tianma Management Consulting Partnership (Limited Partnership) with 3.56 million shares [3]

Core Viewpoint - Tianma Zhikong (688570.SH) reported a significant decline in both revenue and net profit for Q3 2025, indicating potential challenges in its operational performance compared to peers in the industry [1][3]. Financial Performance - The total operating revenue for the company was 1.081 billion yuan, ranking 26th among disclosed peers, a decrease of 134 million yuan or 11.01% year-on-year [1]. - The net profit attributable to shareholders was 78.848 million yuan, ranking 25th among peers, down by 201 million yuan or 71.87% year-on-year [1]. - The net cash flow from operating activities was -11.2297 million yuan, ranking 55th among peers, a decline of 137 million yuan or 108.90% year-on-year [1]. Financial Ratios - The latest debt-to-asset ratio was 25.78%, ranking 20th among peers, an increase of 1.02 percentage points from the previous quarter and 3.50 percentage points from the same period last year [3]. - The latest gross profit margin was 33.10%, ranking 31st among peers, a decrease of 5.26 percentage points from the previous quarter and 13.88 percentage points year-on-year [3]. - The return on equity (ROE) was 1.84%, ranking 43rd among peers, down by 4.70 percentage points year-on-year [3]. - The diluted earnings per share were 0.18 yuan, ranking 32nd among peers, a decrease of 0.47 yuan or 72.31% year-on-year [3]. - The total asset turnover ratio was 0.19 times, ranking 61st among peers, a decrease of 0.03 times or 15.73% year-on-year [3]. - The inventory turnover ratio was 1.21 times, ranking 43rd among peers, an increase of 0.17 times or 16.45% year-on-year [3]. Shareholder Structure - The number of shareholders was 13,200, with the top ten shareholders holding 359 million shares, accounting for 82.98% of the total share capital [3]. - The largest shareholder, Tiandi Technology Co., Ltd., held 56.54% of the shares [3].

Core Points - The company has announced its third-quarter report for 2025, ensuring the accuracy and completeness of the information provided [3][10][11] - The company plans to use part of the excess raised funds, amounting to 38.5 million yuan, to permanently supplement its working capital, which is 29.94% of the total excess funds [17][21][25] - The company has received approval from its board and supervisory board for the use of excess funds, which will be submitted for shareholder approval [13][24][26] Financial Data - The financial statements for the third quarter of 2025 have not been audited [3][5] - The company reported a net profit of 0.00 yuan from merged entities for the current and previous periods [5][6] Shareholder Information - The company has confirmed that the total number of shareholders and the status of major shareholders remain unchanged [4] - The company has previously used 77 million yuan of excess funds for working capital, which does not exceed the 30% limit set for such uses [20][21] Meeting Details - The second supervisory board meeting was held on October 28, 2025, with all members present, and the resolutions passed were deemed legal and effective [9][10] - The meeting approved the third-quarter report and the proposal to use excess funds for working capital [11][13]

Group 1 - The company Tianma Zhikong (688570.SH) reported a revenue of 1.081 billion yuan for the first three quarters of 2025, representing a year-on-year decline of 11.01% [1] - The net profit attributable to the parent company was 78.85 million yuan, down 71.87% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 66.47 million yuan, a decrease of 73.70% compared to the previous year [1] - The basic earnings per share stood at 0.18 yuan [1]

Core Insights - Tianma Zhikong Technology Co., Ltd. reported a revenue of 1.08 billion yuan and a net profit of 79 million yuan for the first three quarters of 2025 [1] - The company focuses on the research, production, sales, and service of unmanned intelligent mining control technology and equipment, while also expanding into discrete intelligent control industries [1][2] Company Performance - For the first three quarters of 2025, Tianma Zhikong achieved a revenue of 1.08 billion yuan and a net profit of 79 million yuan [1] - The company is recognized as an industry leader, providing technical support for 34 award-winning mining faces in the 2024 National Coal Mine Intelligent Innovation Competition, accounting for 46% of the total [2] Industry Context - The Chinese government has prioritized coal mine intelligence as a key development area, which is crucial for enhancing safety and ensuring stable coal supply [2] - As of the end of Q1 2025, there are 907 intelligent coal mines and 1,806 intelligent mining faces established nationwide, indicating significant room for growth in the sector [2] - The continuous improvement of intelligent mining technology and equipment is expected, with accelerated updates of existing technologies [2] Strategic Focus - The company is actively optimizing and expanding its unmanned discrete intelligent control industry, focusing on intelligent manufacturing and precision oil pressure numerical control [1][2] - Tianma Zhikong aims to leverage its experience in smart factory construction to provide comprehensive solutions for discrete manufacturing enterprises, potentially becoming a second growth curve for the company [2]

Core Viewpoint - Tianma Intelligent Control (688570.SH) reported a revenue of 429 million yuan in the third quarter, reflecting a year-on-year growth of 10.79% [1] - The net profit attributable to shareholders decreased significantly by 87.97% to 9.33 million yuan [1] - The net profit after deducting non-recurring gains and losses also saw a decline of 88.24%, amounting to 8.87 million yuan [1] - Basic earnings per share stood at 0.02 yuan [1] Financial Performance - Revenue for Q3 reached 429 million yuan, marking a 10.79% increase compared to the previous year [1] - Net profit attributable to shareholders was 9.33 million yuan, down 87.97% year-on-year [1] - Net profit excluding non-recurring items was 8.87 million yuan, a decrease of 88.24% year-on-year [1] - Basic earnings per share recorded at 0.02 yuan [1]