Core Viewpoint - Tianma Intelligent Control (688570.SH) announced plans to establish a joint venture company in Xi'an, Shaanxi Province, to invest in the "Major Intelligent Equipment R&D Center for Coal Mines" project, with a total investment of 3.545 billion yuan [1] Group 1 - The joint venture will be formed with Tian Di Technology, its subsidiaries, Shanghai Coal Science, and Tian Di Ben Niu [1] - The company will contribute 354 million yuan, holding a 10% stake in the joint venture [1] - The total investment for the project is set at 3.545 billion yuan [1]

证券代码：688570 证券简称：天玛智控 北京天玛智控科技股份有限公司 2025 年第二次临时股东大会 会议资料 2025 年 12 月 25 日 北京天玛智控科技股份有限公司 2025 年第二次临时股东大会 会议资料 目 录 | 2025 年第二次临时股东大会会议须知 | 1 | | --- | --- | | 2025 年第二次临时股东大会会议议程 | 3 | | 议案一：关于提请审议取消监事会、修订《公司章程》并办理工商变更登记的议 | | | 案 4 | | | 议案二：关于提请审议修订部分公司治理制度的议案 5 | | | 议案三：关于提请审议公司 2026 6 | 年度日常关联交易预计的议案 | | 议案四：关于提请审议公司使用部分超募资金永久补充流动资金的议案 13 | | | 议案五：关于提请审议公司 2025 15 | 年度投资调整计划的议案 | | 议案六：关于提请审议使用募集资金向全资子公司增资以实施募投项目的议案16 | | | 议案七：关于提请审议与关联人共同设立合资公司投资建设煤矿重大智能成套装 | | | 备研发中心项目的议案 18 | | 北京天玛智控科技股份有限公司 202 ...

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 [11][12] - The supply side constraints are expected to support prices despite high inventory levels and mild weather conditions, with coal prices anticipated to exhibit a bottoming and oscillating trend [11][12] - The underlying investment logic of coal capacity shortages remains unchanged, with a balanced short-term supply-demand scenario and a long-term gap still present [11][12] Summary by Sections Coal Price Tracking - As of December 6, the market price for Qinhuangdao port thermal coal (Q5500) is 791 RMB/ton, down 27 RMB/ton week-on-week [30] - The international thermal coal FOB price for Newcastle (NEWC5500) is 85.5 USD/ton, down 1.8 USD/ton week-on-week [30] - The price for coking coal at Jing Tang port is 1650 RMB/ton, down 60 RMB/ton week-on-week [32] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.5%, an increase of 0.2 percentage points week-on-week [48] - The daily coal consumption in inland 17 provinces has increased by 32.10 thousand tons/day, a rise of 9.07% week-on-week [47] - The daily coal consumption in coastal 8 provinces has increased by 10.70 thousand tons/day, a rise of 5.72% week-on-week [47] Inventory Situation - The coal inventory in inland 17 provinces has decreased by 100.60 thousand tons, a decline of 0.99% week-on-week [47] - The coal inventory in coastal 8 provinces has increased by 51.10 thousand tons, an increase of 1.48% week-on-week [47] Company Performance - The coal sector has shown a positive performance with a 0.77% increase, although it underperformed compared to the broader market [14][17] - Key companies to focus on include China Shenhua, Shaanxi Coal, and Yanzhou Coal, which are noted for their stable operations and strong performance [12][13]

Core Insights - The Beijing Tianma Intelligent Control Industrial Base Phase II EPC project has reached a significant milestone with the successful application of the pit air membrane, marking the first instance of this technology in the Shunyi District, showcasing a breakthrough in innovative and green construction methods [1][3]. Group 1: Technology and Innovation - The air membrane covering system features both airtightness and intelligent control functions, effectively reducing dust, maintaining temperature, and lowering energy consumption during winter, thus creating a controllable "indoor environment" for subsequent pit operations [3]. - The air membrane technology is characterized by its large span, high efficiency, and intelligent features, providing a new solution for complex construction environments [3]. - The main structure of the air membrane is made from high-strength PVDF material, supported by a crisscross steel cable system, creating a highly stable load-bearing system capable of withstanding natural disasters, including typhoons up to level 12 and snow loads of 50 centimeters [3]. Group 2: Environmental Impact and Standards - The air membrane system acts as a fully enclosed, intelligent "protective cover" for the pit operation area, transforming traditional open pit work into a controllable "indoor factory" production, significantly improving the construction environment and reducing dust pollution [3]. - The successful application of the air membrane technology not only ensures the progress and quality of winter construction but also establishes a benchmark for the green and technological transformation of the local construction industry [3].

Core Viewpoint - The company, Tianma Intelligent Control, is committed to building a green intelligent manufacturing industry chain to support the green and intelligent mining of coal, aligning with China's dual carbon goals [1][2]. Group 1: Green Intelligent Manufacturing - Tianma Intelligent Control has pioneered a new intelligent mining model that includes ground planning, automated equipment execution, and unmanned operations, significantly reducing the number of underground workers [2]. - The company has established a fully automated intelligent system that enhances production efficiency by nearly 10% and achieves a resource utilization rate of 98.73% [3]. Group 2: Energy Conservation and Emission Reduction - The company has built a distributed photovoltaic power station with an annual generation capacity of 800,000 kWh, leading to a reduction of hundreds of tons of greenhouse gas emissions annually [4]. - An intelligent lighting system has been developed to address high energy consumption in traditional coal mine lighting, achieving a 40% energy saving [4]. - The wastewater treatment capacity has increased from 400 tons to 900 tons annually, with a goal of zero discharge of production wastewater by 2024, saving approximately 400 tons of water per year [4][6]. Group 3: Comprehensive Green Ecosystem - The company promotes lightweight design and uses finite element simulation technology to optimize structures, effectively reducing raw material consumption [7]. - Advanced air pollution control equipment has been implemented, utilizing a composite process for precise monitoring and source management of emissions [7]. - The company has integrated environmental requirements into its supply chain management, achieving over 10% reuse of packaging materials [7].

Group 1 - Beijing Tianma Zhikong Technology Co., Ltd. has obtained a patent for "Plunger Pump and Plunger Pump Power End," with authorization announcement number CN114810947B, applied on April 2022 [1] - The company was established in 2001, located in Beijing, and primarily engaged in the manufacturing of instruments and meters, with a registered capital of 433 million RMB [1] - The company has made investments in 3 enterprises, participated in 2,754 bidding projects, holds 40 trademark registrations, and has 1,606 patent registrations, along with 34 administrative licenses [1] Group 2 - Beijing Coal Science Tianma Automation Technology Co., Ltd., established in 2013 and located in Beijing, focuses on technology promotion and application services, with a registered capital of 80 million RMB [1] - This subsidiary has participated in 41 bidding projects, holds 1,335 patent registrations, and possesses 59 administrative licenses [1]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The report indicates that the coal industry is at the beginning of a new upward cycle, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal stocks on dips [12][13] - The report highlights a tight supply situation, with coal prices stabilizing at a new platform, and emphasizes the high profitability, cash flow, and dividend yield of quality coal companies [12][13] - The report suggests that the coal sector is undervalued and has potential for valuation enhancement, with a focus on high dividend yields and cyclical elasticity [12][13] Summary by Sections Coal Price Tracking - As of November 22, the market price for Qinhuangdao port thermal coal (Q5500) is 827 RMB/ton, unchanged from the previous week [28] - The price for thermal coal from Shanxi at the pit head is 780 RMB/ton, up by 15 RMB/ton week-on-week [28] - International thermal coal prices have seen slight increases, with Newcastle thermal coal at 86.5 USD/ton, up by 1.5 USD/ton [28] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.5%, an increase of 0.3 percentage points week-on-week [46] - Daily coal consumption in 17 inland provinces has increased by 14.7 thousand tons/day, a rise of 4.37% week-on-week [12] - The report notes that the daily coal consumption in 8 coastal provinces has also risen by 7.5 thousand tons/day, up by 4.18% week-on-week [12] Coal Inventory Situation - Coal inventories in coastal provinces increased by 25.5 thousand tons week-on-week, while inland provinces saw an increase of 89.1 thousand tons [12] - The report indicates a decrease in available days of coal supply in both coastal and inland regions [12] Company Performance - The report emphasizes the strong performance of companies like China Shenhua, Shaanxi Coal and Chemical Industry, and others, which are expected to maintain stable operations and robust earnings [13] - It also highlights companies with higher elasticity such as Yanzhou Coal Mining Company and others, suggesting they are worth monitoring [13]

Group 1 - The core viewpoint of the news is that Tianma Intelligent Control has shown a decline in revenue and net profit for the first nine months of 2025, alongside notable trading activity in its stock [2][3] - As of November 18, Tianma Intelligent Control's stock price decreased by 0.05%, with a trading volume of 18.19 million yuan and a net financing purchase of 1.81 million yuan [1] - The company's financing balance reached 106 million yuan, accounting for 2.89% of its market capitalization, indicating a relatively high level compared to the past year [1] Group 2 - For the period from January to September 2025, Tianma Intelligent Control reported a revenue of 1.08 billion yuan, a year-on-year decrease of 11.01%, and a net profit attributable to shareholders of 78.85 million yuan, down 71.87% year-on-year [2] - The company has distributed a total of 316 million yuan in dividends since its A-share listing [3] - As of September 30, the number of shareholders of Tianma Intelligent Control was 13,200, a decrease of 6.60% from the previous period, while the average circulating shares per person increased by 7.07% to 14,205 shares [2]

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]