| 证券代码：000552 | 证券简称：甘肃能化 | 公告编号：2025-58 | | --- | --- | --- | | 债券代码：127027 | 债券简称：能化转债 | | 甘肃能化股份有限公司 第十一届董事会第二次会议决议公告 表决结果：9票同意，0票反对，0票弃权。 详见公司同日刊登于《证券时报》《上海证券报》以及巨潮资讯网《关于调整公 司内部职能部室的公告》。 二、备查文件 1.经与会董事签字并加盖董事会印章的董事会决议。 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导性陈 述或重大遗漏负连带责任。 一、会议召开情况 甘肃能化股份有限公司（以下简称"公司"）第十一届董事会第二次会议于2025 年7月7日十点在兰州市七里河区瓜州路1230号甘肃能化19楼会议室以现场和通讯相 结合的方式召开。本次会议通知已于2025年7月2日以OA、微信、电话、传真、电子邮 件等方式送达全体董事。本次现场会议由董事长谢晓锋主持，会议应参加董事9人， 实际参加表决董事9人。本次会议的召开符合《公司法》《公司章程》等法律法规、部 门规章和规范性文件的规定。 经与会董事审议，会议通过了以 ...

Investment Rating - The report maintains a "Buy" rating for key coal companies including China Qinfa, China Coal Energy, and AnYuan Coal Industry [3][6]. Core Insights - The global coal production is expected to reach a historical high of 924.2 million tons in 2024, with a year-on-year growth of 0.9%. The Asia-Pacific region continues to expand production, with India and Indonesia increasing output by 7% and 8% respectively [7]. - Global coal demand is projected to grow to 165.06 exajoules (EJ) in 2024, reflecting a year-on-year increase of 1%. However, demand in Europe is declining rapidly, with a decrease of 7% [7]. - The report highlights the stability of coal prices, with Newcastle port coal prices at $110.85 per ton, up 4.35 dollars per ton (+4.08%) from the previous week [34]. Summary by Sections Coal Mining - The report indicates that coal prices at European ARA ports have risen to $107.25 per ton, an increase of 3.90 dollars per ton (+3.77%) [34]. - The report emphasizes the importance of monitoring coal production and demand trends, particularly in the Asia-Pacific region, which is driving growth [7]. Investment Recommendations - Key recommended stocks include China Coal Energy, China Shenhua, and the turnaround story of China Qinfa. Other notable mentions are Shaanxi Coal and Energy, and Yancoal Energy, which show potential for growth [3][6]. - The report also suggests keeping an eye on AnYuan Coal Industry, which is undergoing significant changes in its shareholder structure and asset swaps [3]. Market Trends - The report notes that global coal trade volume is expected to reach 35.99 EJ in 2024, marking a year-on-year increase of 1.3%. Indonesia remains the largest coal exporter, accounting for 29.8% of total exports [7]. - The report provides a detailed analysis of coal price movements, indicating a stable trend in shipping coal prices [30].

Group 1 - The company announced an adjustment to the conversion price of its convertible bonds, "Nenghua Convertible Bonds," due to a profit distribution plan approved at the 2024 annual general meeting [2][3] - The adjustment will change the conversion price from 3.00 yuan per share to a new value, effective from July 10, 2025, following the cash dividend distribution of 1.00 yuan for every 10 shares held [2][3] - The adjustment method for the conversion price is based on specific conditions such as cash dividends, stock bonuses, and new share issuances, ensuring that the rights of bondholders are protected [1][2] Group 2 - The company issued 280 million yuan worth of convertible bonds in December 2020, with a total of 28 million bonds issued at a face value of 100 yuan each [1] - The bond's name changed from "Jingyuan Convertible Bonds" to "Nenghua Convertible Bonds" on April 18, 2023, due to a significant asset restructuring [1] - The company will disclose the details of the conversion price adjustment in accordance with relevant regulations and will publish the board resolution in designated media [2]

| 证券代码：000552 | 证券简称：甘肃能化 | 公告编号：2025-57 | | --- | --- | --- | | 债券代码：127027 | 债券简称：能化转债 | | 甘肃能化股份有限公司 关于"能化转债"转股价格调整的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 1.债券代码：127027 债券简称：能化转债 2.本次调整前转股价格：3.00 元/股 3.本次调整后转股价格：2.93 元/股 4.转股价格调整生效日期：2025 年 7 月 10 日 一、关于可转换公司债券转股价格调整的相关规定 经中国证券监督管理委员会证监许可〔2020〕2771 号文核准，公司于 2020 年 12 月 10 日公开发行可转换公司债券，发行数量 280,000 万元，每张面值为 100 元，共计 28,000,000 张。2021 年 1 月 22 日，本次发行可转债在深圳证券交易所 上市，债券简称为"靖远转债"，债券代码为"127027"。因重大资产重组，本次发 行可转债简称于 2023 年 4 月 18 日起，变更为"能化转债"，代 ...

| 证券代码：000552 | 证券简称：甘肃能化 公告编号：2025-56 | | --- | --- | | 债券代码：127027 | 债券简称：能化转债 | 甘肃能化股份有限公司 2024年年度权益分派实施公告 扣税后，通过深股通持有股份的香港市场投资者、境外机构（含 QFII、RQFII） 以及持有首发前限售股的个人和证券投资基金每 10 股派 0.612 元；持有首发后 限售股、股权激励限售股及无限售流通股的个人股息红利税实行差别化税率征 收，本公司暂不扣缴个人所得税，待个人转让股票时，根据其持股期限计算应纳 税额【注】；持有首发后限售股、股权激励限售股及无限售流通股的证券投资基 金所涉红利税，对香港投资者持有基金份额部分按 10%征收，对内地投资者持有 基金份额部分实行差别化税率征收）。 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持股 1 个月（含 1 个月）以内，每 10 股补缴税款 0.136 元；持股 1 个月以上至 1 年 （含 1 年）的，每 10 股补缴税款 0.068 元；持股超过 1 年的，不需补缴税款。】 2.若本次实施的权益分派方案披露至实施期间，公司总股 ...

Summary of Key Points Core Viewpoint - Gansu Energy Chemical Co., Ltd. has announced adjustments to the conversion price of its convertible bonds, "Nenghua Convertible Bonds," due to various corporate actions including rights distributions and asset restructuring [1][4][5]. Convertible Bond Issuance and Adjustments - The company issued 28 million convertible bonds with a total value of 280 million yuan, netting approximately 2.77 billion yuan after expenses [1]. - The conversion price was adjusted from 3.33 yuan/share to 3.00 yuan/share due to multiple corporate actions including rights distributions and asset restructuring [1][4]. - The bond was initially listed on January 22, 2021, and was renamed "Nenghua Convertible Bonds" on April 18, 2023, following a major asset restructuring [2]. Conversion Price Adjustments - The conversion price has undergone several adjustments: - From 3.33 yuan/share to 3.23 yuan/share on June 3, 2021, due to the 2020 annual rights distribution [2]. - From 3.23 yuan/share to 3.13 yuan/share on October 12, 2021, due to the 2021 semi-annual rights distribution [2]. - From 3.13 yuan/share to 3.08 yuan/share on April 11, 2022, due to the 2021 annual rights distribution [3]. - From 3.08 yuan/share to 3.31 yuan/share on February 9, 2023, following the completion of an asset acquisition [4]. - From 3.17 yuan/share to 3.10 yuan/share on December 13, 2023, due to a new share issuance [6]. - From 3.10 yuan/share to 3.00 yuan/share on June 21, 2024, due to the 2023 annual rights distribution [6]. Share Capital Changes - As of June 30, 2025, the company reported a total share capital of 5,351,807,601 shares, with a minor increase of 4,999 shares due to the conversion of bonds [7]. - The total number of convertible bonds remaining is 1,946,377,300 yuan, equivalent to 19,463,773 bonds [7]. Contact Information - The company is located at 1230 Guazhou Road, 19th Floor, Qilihe District, Lanzhou, Gansu Province, with contact details provided for investor relations [9].

特别提示： | 证券代码：000552 | 证券简称：甘肃能化 | 公告编号：2025-55 | | --- | --- | --- | | 转债代码：127027 | 转债简称：能化转债 | | 甘肃能化股份有限公司 2025 年第二季度可转换公司债券转股情况公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，对公告的虚假记载、误导 性陈述或重大遗漏负连带责任。 "能化转债"（债券代码：127027）转股期为2021年6月16日至2026年12月9 日；转股价格现为3.00元/股。（因公司实施2020年度、2021年半年度、2021年 年度权益分派，2022年重大资产重组，2022年度权益分派，2022年发行股份购买 资产配套募集资金上市以及实施2023年度权益分派，能化转债的转股价格由原来 的3.33元/股调整为3.00元/股） 2025年第二季度，"能化转债"因转股减少15,000元（即150张），共计转 换成"甘肃能化"股票4,999股。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第15号——可转换公司债券》的有关规定，甘肃能化股份有限公司（以下简 称"公司"）现 ...

Group 1: Coal Business Overview - The company operates 8 coal production mines and has 2 under construction, with a planned coal production of 17.05 million tons in 2025, aiming for a balance between production and sales [1][2] - The company’s coal sales are primarily to thermal power enterprises, with a focus on long-term contracts, while market pricing affects coking coal sales [2] - Since 2024, coal consumption growth has declined due to insufficient downstream demand, leading to a downward trend in coal prices and sales volume, putting pressure on profitability [2] Group 2: Construction and Development Projects - The company is advancing several power projects, including a 2×350MW thermal power project and a 2×660MW coal power project, with the latter designed to generate 7 billion kWh annually [3] - The 2×1000MW coal power project is designed for an annual output of 9 billion kWh and aims to enhance the company's coal-electricity integration and sustainability [3] Group 3: Chemical Business Development - The clean and efficient gasification project is designed to produce synthetic ammonia, urea, and other products, with the first phase in trial operation and expected completion by the end of the year [4] Group 4: Corporate Governance and Control - The board of directors consists of 9 members, elected through a process involving shareholder recommendations and board nominations [5] - The controlling shareholder, Energy Group, is a wholly-owned enterprise of the Gansu Provincial State-owned Assets Supervision and Administration Commission, ensuring independent management of the company [6] Group 5: Financing and Funding - The company has established strong relationships with local banks for traditional credit, ensuring smooth financing channels with relatively low interest rates [6] - Current projects are funded through self-raised capital, bank loans, and strategic investors, with specific projects utilizing raised funds [6]

Core Viewpoint - Gansu Energy Chemical Co., Ltd. maintains a strong regional competitive advantage and relatively low leverage in the coal industry, despite facing challenges such as declining coal prices and safety production risks [2][4]. Company Overview - Gansu Energy Chemical is a state-owned enterprise in Gansu Province, primarily engaged in coal mining and sales, with a significant market share in the region [2][7]. - The company has a total coal reserve of 115,753.14 million tons, with a remaining recoverable reserve of 71,201.37 million tons as of the end of 2024 [15][17]. Financial Performance - The company's operating income for 2024 was 96.04 billion yuan, with a net profit of 0.49 billion yuan, reflecting a decline due to falling coal prices and reduced sales volume [2][14]. - The cash flow from operating activities was 21.11 billion yuan, indicating a robust cash position to support debt obligations [3][4]. Industry Environment - The coal industry is experiencing a supply-demand imbalance, with coal prices under pressure due to weak market conditions and fluctuating demand [9][10]. - Despite challenges, coal remains a critical component of China's energy supply, with expectations of slight growth in coal consumption in 2025 [9][10]. Operational Challenges - The company has faced safety production risks, with two accidents reported in 2025, impacting production at affected mines [4][5]. - The company is undertaking several large-scale projects with a total investment exceeding 20 billion yuan, which may increase financial pressure and require careful management to ensure timely completion and profitability [4][5]. Future Outlook - The company is expected to benefit from its rich coal resources and integrated coal-electricity-chemical operations, enhancing its competitive edge and risk resilience [5][6]. - The ongoing projects in the coal chemical sector are anticipated to contribute positively to the company's future performance once operational [5][6].

甘肃能化股份有限公司相关债券 2025 年跟踪评级报告 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 中鹏信评【2025】跟踪第【472】号 01 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归本评级机构所有，未经授权不得修 ...