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 ...

Core Viewpoint - The company bond market is becoming an essential engine for listed companies to obtain medium to long-term funding and optimize their financial structure during the current economic transformation phase [1] Group 1: Company Bond Issuance - As of June 29, 62 company bond issuance plans have been approved by the China Securities Regulatory Commission (CSRC), with a total approved scale of 577.966 billion yuan, involving 53 listed companies [1] - Gansu Energy Chemical Co., Ltd. announced the approval for a public issuance of company bonds totaling no more than 2 billion yuan, aimed at repaying interest-bearing debts and supporting various operational needs [2] - The issuance of company bonds plays a critical role in the overall capital strategy and financial planning of listed companies, providing stable funding sources for long-term financial plans [3] Group 2: Market Trends and Innovations - Several listed companies, including Guotai Junan Securities and Anhui Provincial Transportation Planning and Design Research Institute, are actively participating in the issuance of technology innovation bonds, which provide targeted financing channels [4] - Recent government policies have emphasized the expansion of the bond market's financing functions, promoting the issuance of various specialized bonds, including technology innovation bonds and carbon neutrality bonds [4] - Experts are optimistic about the future of the company bond market, anticipating more innovative financial products to emerge as regulatory policies improve [4][5] Group 3: Investor Dynamics - The company bond market is expected to attract more listed companies as the economy develops steadily and the proportion of direct financing increases [5] - The investor structure is becoming more diversified, with a growing share of institutional investors and increased participation from foreign investors [5] - Marketization is expected to enhance, leading to more market-driven pricing and improved transparency in information disclosure [5]

Group 1 - Hengbang Co., Ltd. plans to establish a joint venture with Huasheng Development with a registered capital of 10 million yuan, where Hengbang will contribute 8 million yuan (80%) and Huasheng will contribute 2 million yuan (20%) [1] - Hunan Gold's subsidiary Anhua Zhazi Creek Smelting Plant will undergo temporary maintenance starting from the end of June 2025, expected to last no more than 30 days [2] - Defu Technology's subsidiary signed supply agreements for lithium battery copper foil products with two leading global companies, with contract durations of 3 years and 5 years respectively [3] Group 2 - Binjiang Group won the rights to two residential land parcels for a total price of 4.368 billion yuan [5] - Zhong'an Technology announced the resignation of its executive vice president and board secretary due to personal reasons [7] - Changqing Technology's project for special polymer materials and electronic materials has officially commenced production, adding a capacity of 120,500 tons per year [10] Group 3 - Gansu Energy received approval from the China Securities Regulatory Commission to publicly issue bonds totaling up to 2 billion yuan [10] - Shuoshi Biology obtained a medical device registration certificate for an in vitro diagnostic reagent, valid until June 2030 [12] - Yawen Co., Ltd. plans to issue shares to specific investors, with the application accepted by the Shenzhen Stock Exchange [13] Group 4 - Guoyao Modern's subsidiary received approval for the listing of a raw material drug, which is a selective anticholinergic agent [16] - Inner Mongolia First Machinery's subsidiary signed a railway freight car procurement contract worth 130 million yuan [18] - Xining Special Steel plans to raise up to 1 billion yuan through a private placement to its controlling shareholder [39] Group 5 - Huadong Medicine's subsidiary received approval for a clinical trial of a new injectable drug targeting advanced solid tumors [29] - Warner Pharmaceutical's compound potassium hydrogen phosphate injection passed the consistency evaluation for generic drugs [30] - North Special Technology plans to raise up to 300 million yuan through a private placement for a production base project in Thailand [30] Group 6 - Xiangyang Technology is the first candidate for a 533 million yuan Airbus project [45] - Haishun New Materials intends to acquire 100% of Guangdong Zhengyi Packaging [46] - Jida Zhengyuan's shareholder plans to reduce their stake by up to 0.73% due to personal financial needs [47]

三、本批复自同意注册之日起24个月内有效，公司在注册有效期内可以分期发行 公司债券。 四、自同意注册之日起至本次公司债券发行结束前，公司如发生重大事项，应及 时报告并按有关规定处理。 关于向专业投资者公开发行公司债券注册申请获得中国证监会 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。 甘肃能化股份有限公司（以下简称"公司"）于近日收到中国证券监督管理委员 会（以下简称"中国证监会"）出具的《关于同意甘肃能化股份有限公司向专业投资 者公开发行公司债券注册的批复》（证监许可﹝2025﹞1330号），批复具体内容如下： 一、同意公司向专业投资者公开发行面值总额不超过20亿元公司债券的注册申请。 二、本次发行公司债券应严格按照报送深圳证券交易所的募集说明书进行。 证券代码：000552 证券简称：甘肃能化 公告编号：2025-54 债券代码：127027 债券简称：能化转债 甘肃能化股份有限公司 公司及董事会将按照相关法律法规、上述批复文件的要求以及公司股东会的授权, 在规定期限内办理本次向专业投资者公开发行公司债券的相关事宜，并按规定履行信 ...

Meeting Overview - The first meeting of the 11th Board of Directors of Gansu Energy Chemical Co., Ltd. was held on June 20, 2025, with all 9 directors present [1] - The meeting was chaired by Mr. Su Tongheng and complied with relevant laws and regulations [1] Board Resolutions - Mr. Xie Xiaofeng was elected as the Chairman of the 11th Board of Directors, with a term ending on June 19, 2028 [1] - Mr. Su Tongheng was appointed as the General Manager, also with a term ending on June 19, 2028 [3] - Mr. Teng Wanjun was appointed as the Secretary of the Board, with the same term [3] - The board approved the appointments of Zhang Yingfang and Zhang Tianlu as Deputy General Managers, with terms ending on June 19, 2028 [3] Committees Formation - The 11th Board of Directors established its specialized committees, with terms aligned to the board's term ending on June 19, 2028 [2] - The Strategic Development Committee is chaired by Mr. Xie Xiaofeng, with members including Mr. Su Tongheng and Mr. Chen Yong [4] - The Nomination Committee is chaired by Mr. Liu Xinde, with members including Mr. Xie Xiaofeng and Mr. Wang Dongliang [4] - The Audit Committee is chaired by Mr. Chen Jianzhong, with members including Mr. Wang Dongliang and Mr. Chen Yong [4] - The Compensation and Assessment Committee is chaired by Mr. Wang Dongliang, with members including Mr. Chen Jianzhong and Ms. Zhao Chenghuan [4] Executive Appointments - Ms. Yang Fangling was appointed as the Securities Affairs Representative, with a term ending on June 19, 2028 [6] - The current Chief Financial Officer, Mr. Wang Wenjian, will continue in his role until a new candidate is appointed [3][6] Executive Profiles - Mr. Xie Xiaofeng, born in July 1970, holds a Master's degree in Business Administration and has extensive experience in management roles within the company [6] - Mr. Su Tongheng has held various positions in the company and is now the General Manager [7] - Ms. Yang Fangling has a background in the company's securities department and is now the Securities Affairs Representative [8]

000552 甘肃能化 公司章程 甘肃能化股份有限公司 GANSU ENERGY CHEMICAL CO.,LTD 公司章程 2025 年 6 月 0 | 第一章 | 总则 | 2 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 3 | | 第三章 | 股份 | 4 | | 第一节 | 股份发行 | 4 | | 第二节 | 股份增减和回购 | 5 | | 第三节 | 股份转让 | 6 | | 第四章 | 股东和股东会 | 7 | | 第一节 | 股东的一般规定 | 7 | | 第二节 | 控股股东和实际控制人 | 9 | | 第三节 | 股东会的一般规定 | 10 | | 第四节 | 股东会的召集 | 13 | | 第五节 | 股东会的提案与通知 | 15 | | 第六节 | 股东会的召开 | 16 | | 第七节 | 股东会的表决和决议 | 19 | | 第五章 | 党委会 | 23 | | 第六章 | 董事会 | 25 | | 第一节 | 董事的一般规定 | 25 | | 第二节 | 董事会 | 28 | | 第三节 | 独立董事 | 34 | | 第四节 | 董事会专门委 ...