Core Viewpoint - Gansu Energy Chemical (000552.SZ) announced the approval for the resumption of production at its Wangjiashan Coal Mine following a water burst incident that halted operations in May 2025 [1] Group 1: Incident Overview - On May 19, 2025, a water burst accident occurred at the No. 1 well of the Wangjiashan Coal Mine, operated by Gansu Jingmei Energy Co., leading to a suspension of production [1] - The company has now received a government approval for the resumption of operations at the mine [1] Group 2: Government Approval - The approval was issued by the Baiyin Municipal Government, confirming that the Wangjiashan Coal Mine meets safety production conditions and is ready to resume operations [1] - The decision was based on the recommendations from a production resumption inspection expert group [1]

人民财讯7月30日电，甘肃能化（000552）7月30日晚间公告，近日，公司下属靖煤公司收到《白银市人 民政府关于甘肃靖煤能源有限公司王家山煤矿分公司王家山煤矿一号井恢复生产的批复》，根据复产验 收专家组意见，王家山煤矿分公司王家山煤矿一号井满足安全生产条件，具备复产条件，同意恢复生 产。 ...

Group 1 - Gansu Energy Chemical (000552.SZ) announced the approval for the resumption of production at the Wangjiashan Coal Mine No. 1 well by the Baiyin Municipal Government [1] - The approval is based on the expert group's assessment that the mine meets safety production conditions and is ready to resume operations [1]

关于收到下属王家山煤矿一号井复产批复的公告 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。 2025 年 5 月 19 日，甘肃能化股份有限公司（以下简称"公司"）下属甘肃 靖煤能源有限公司（以下简称"靖煤公司"）王家山煤矿分公司一号井二 204 工作面突发透水事故并停产，具体内容详见公司 2025 年 5 月 21 日刊登于《证券 时报》《上海证券报》以及巨潮资讯网的《关于下属王家山煤矿一号井发生透水 事故的公告》（2025-43）。近日，靖煤公司收到《白银市人民政府关于甘肃靖 煤能源有限公司王家山煤矿分公司王家山煤矿一号井恢复生产的批复》（市政函 〔2025〕34 号），根据复产验收专家组意见，王家山煤矿分公司王家山煤矿一 号井满足安全生产条件，具备复产条件，同意恢复生产。 公司将督促王家山煤矿分公司一号井严格落实安全风险分级管控和隐患排 查治理双重预防工作机制，有效提升矿井安全基础保障能力，着力提高安全管理 水平，按照批复文件要求尽快组织矿井全面恢复生产。 | 证券代码：000552 | 证券简称：甘肃能化 | 公告编号：2025-64 | | ...

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, supported by both fundamental and policy factors, making it an opportune time to invest in the coal sector [11][12] - The report highlights a tightening supply side due to government policies aimed at curbing overproduction, which is expected to support a rebound in coal prices [3][11] - The underlying investment logic of coal capacity shortages remains unchanged, with a balanced short-term supply-demand situation and a medium to long-term gap still anticipated [11][12] Summary by Sections Coal Price Tracking - As of July 26, the market price for Qinhuangdao port thermal coal (Q5500) is 645 CNY/ton, an increase of 11 CNY/ton week-on-week [30] - The price for coking coal at Jing Tang port is reported at 1650 CNY/ton, up 230 CNY/ton week-on-week [32] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 94%, down 0.6 percentage points week-on-week, while the utilization rate for coking coal mines is 86.9%, up 0.8 percentage points [11][42] - Daily coal consumption in inland provinces has decreased by 51,000 tons/day (-13.04%) and in coastal provinces by 19,600 tons/day (-8.1%) [11][42] Inventory Situation - Coal inventory in coastal provinces increased by 429,000 tons week-on-week, while inland provinces saw a slight increase of 85,000 tons [11] Company Performance - The coal sector has shown strong performance, with the coal mining sector rising by 8.00% this week, outperforming the broader market [15][17] - Key companies to focus on include China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, which are noted for their stable operations and solid performance [12][13]

甘肃能化股份有限公司 2025 年面向专业投资者公开发行公 司债券（第一期）（品种一）在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，甘肃能化股份有限公司 2025 年面向专业投 资者公开发行公司债券（第一期）（品种一）符合深圳证券交易所债券上市条件，将于 2025 年 7 月 24 日起在深圳证券交易所上市，并面向专业投资者交易，交易方式包括匹配成交、 点击成交、询价成交、竞买成交和协商成交。债券相关要素如下： 1 | 债券名称 | 甘肃能化股份有限公司 2025 年面向专业投资者公开发行公司债券 | | --- | --- | | | （第一期）（品种一） | | 债券简称 | 25 甘能 01 | | 债券代码 | 524356.SZ | | 信用评级 | 发行人最新主体评级 AAA，本期债券无评级 | | 评级机构 | 中证鹏元资信评估股份有限公司 | | 发行总额（亿元） | 5.00 | | 债券期限 | 3 年 | | 票面年利率（％） | 2.00 | | 利率形式 | 固定利率 | | 付息频率 | 每年一次 | | 发行日 | 2025 年 7 月 11 日至 2025 ...

（本页无正文，为《甘肃能化股份有限公司 2025 年面向专业投资者公开发行公 司债券（第一期）（品种一）在深圳证券交易所上市的公告》之盖章页） （以下无正文） 1 甘肃能化股份有限公司 2025 年面向专业投资者公开发行公 司债券（第一期）（品种一）在深圳证券交易所上市的公告 根据深圳证券交易所债券上市的有关规定，甘肃能化股份有限公司 2025 年面向专业投 资者公开发行公司债券（第一期）（品种一）符合深圳证券交易所债券上市条件，将于 2025 年 7 月 24 日起在深圳证券交易所上市，并面向专业投资者交易，交易方式包括匹配成交、 点击成交、询价成交、竞买成交和协商成交。债券相关要素如下： | 债券名称 | 甘肃能化股份有限公司 2025 年面向专业投资者公开发行公司债券 | | --- | --- | | | （第一期）（品种一） | | 债券简称 | 25 甘能 01 | | 债券代码 | 524357.SZ | | 信用评级 | 发行人最新主体评级 AA+，本期债券无评级 | | 评级机构 | 中证鹏元资信评估股份有限公司 | | 发行总额（亿元） | 5.00 | | 债券期限 | 3 年 | | ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9]. Core Insights - The coal sector is currently characterized by low capacity utilization, high inventory levels, and poor profitability, indicating a significant oversupply situation. This suggests a higher likelihood of "anti-involution" measures being effective. Additionally, the coal sector is undervalued, with coking coal showing the highest valuation advantage, followed by thermal coal [2][7]. - Companies such as Pingmei Shenma, Panjiang, Shanmei International, Kailuan, Hengyuan Coal Power, and Gansu Energy show greater elasticity in their operations. However, when considering investment safety (debt ratios), Pingmei Shenma, Kailuan, Hengyuan Coal Power, and Jinkong Coal are more favorable [2][7]. Summary by Sections Market Performance - The coal index (Yangtze) fell by 0.69%, underperforming the CSI 300 index by 1.78 percentage points, ranking 27th out of 32 industries. The thermal coal market price as of July 18 was 642 CNY/ton, up by 10 CNY/ton week-on-week. The outlook suggests potential short-term price increases due to high temperature demand, although rising port inventories may limit sustained price growth [6][21][22]. Supply and Demand Analysis - As of July 17, the daily coal consumption across 25 provinces was 6.33 million tons, up 11.1% week-on-week. The total coal inventory was 123.41 million tons, down 0.8% from the previous week, with a usable days supply of 19.5 days, a decrease of 2.3 days [22][41]. Individual Company Analysis - The report highlights specific companies with significant operational elasticity: Pingmei Shenma, Jinkong Coal, and Shanmei International are noted as elastic stocks. For long-term stable profit leaders, China Coal Energy and China Shenhua are recommended, while for transformation and growth, Electric Power Investment and Xinji Energy are suggested [8][38]. Price Trends - The report indicates that the price of thermal coal is expected to remain supported in the short term due to tight supply conditions, while coking coal prices are also expected to maintain strength due to ongoing demand from steel production [22][49].

Core Viewpoint - The coal industry is experiencing significant profit declines across multiple companies due to a sharp drop in coal prices, with many firms reporting losses or substantial reductions in net profit for the first half of 2025 [1][2][3]. Company Performance - Zhengzhou Coal Electricity and Panjiang Coal & Electricity have shifted from profit to loss, with Shanghai Energy forecasting a net profit of 190 million to 230 million yuan, a decrease of 51.27% to 59.75% year-on-year [2]. - China Shenhua, the industry leader, expects a net profit of 23.6 billion to 25.6 billion yuan, down 39 billion to 59 billion yuan compared to the same period last year, representing a decline of 13.2% to 20.0% [2][3]. - Gansu Energy is projected to report a net loss of 180 million yuan, while Jizhong Energy anticipates a profit of 330 million to 400 million yuan, down 60.06% to 67.05% year-on-year [2][3]. - Lanhua Science and Technology expects a net profit of 40 million to 60 million yuan, a decrease of 89.12% to 92.75% [2][3]. - Yongtai Energy forecasts a profit of 120 million to 150 million yuan, down 87.39% to 89.91% year-on-year [2][3]. - Anyuan Coal Industry expects a net loss of 259 million to 310 million yuan, indicating an expanded loss compared to the previous year [2][3]. Industry Trends - The coal industry has been in a downward profit trend for nearly two years, with major companies like China Shenhua and Pingmei Shenma Coal & Electricity reporting consecutive quarterly profit declines [4]. - The decline in profits is attributed to falling coal prices, with the price of 5500 kcal coal at North Port dropping nearly 20% to 620 yuan per ton by June 30, 2025 [1][4]. - The coal market has experienced three significant price fluctuations since the establishment of the socialist market economy, with the current downturn being the most severe [5][7]. - In 2023, coal imports reached a record high of 474 million tons, up 61.8% year-on-year, contributing to the price decline [6][7]. - The overall revenue of the coal mining and washing industry fell by 19.2% year-on-year in the first five months of 2025, with total profits down by 50.6% [7]. Price Dynamics - The price of coal has been on a downward trend since 2023, with analysts suggesting that prices may have entered a reasonable range and could be nearing the bottom [8]. - The price of Q5500 coal at Qinhuangdao Port hit a low of 617 yuan per ton on June 5, 2023, marking a 49.6% drop from the peak earlier that year [4][5].

Core Viewpoint - Gansu Energy Chemical Co., Ltd. plans to establish a new wholly-owned subsidiary, Tianhe Coal Development Co., Ltd., by spinning off its coal washing operations from its subsidiary, Tianzhu Coal Industry Co., Ltd., to enhance operational capabilities in the Wuwei region's coal washing market [1][5]. Group 1: Basic Information - The spin-off aims to optimize resource allocation and specialize in coal washing management [1]. - Tianzhu Coal Industry Co., Ltd. has a registered capital of 25.17 million yuan and focuses on coal mining, washing, and processing [2]. - As of May 31, 2025, Tianzhu Coal Industry's total assets were 1.16 billion yuan, with total liabilities of 129 million yuan and equity of 1.03 billion yuan [2]. Group 2: New Subsidiary Details - The new subsidiary, Tianhe Coal Development Co., Ltd., will be based on the existing coal washing plant, which has a designed capacity of 150,000 tons per year [3]. - The coal washing plant has processed 550,100 tons of clean coal and 72,800 tons of coal slime in 2024 [3]. - The plant's assets, as of May 31, 2025, were valued at approximately 129.83 million yuan, with a net asset value of 30.80 million yuan [3]. Group 3: Purpose and Impact of Spin-off - The purpose of the spin-off is to enhance operational efficiency, improve product quality, and increase profitability by better utilizing the washing plant's capacity [5]. - The establishment of the new subsidiary is expected to have no significant impact on the company's financial status or operational results, aligning with the company's long-term development strategy [6].