Group 1 - The company, Gansu Energy Chemical, announced an expected net profit loss of approximately 190 million yuan for the year 2025, which represents a 115.66% decrease compared to the adjusted figures from the previous year [2]

Core Viewpoint - Gansu Energy Chemical (000552.SZ) announced that it and its subsidiaries are required to pay a total of 33.717 million yuan in overdue taxes and penalties for previous years, which includes environmental tax, land value-added tax, property tax, and vehicle and vessel tax [1] Group 1 - The total amount due for tax payments is 24.5258 million yuan, with additional late fees of 9.1909 million yuan, summing up to 33.717 million yuan [1] - The payment is related to 15 enterprises under Gansu Energy Chemical, including Gansu Jingmei Energy Co., Ltd. and others [1] - As of the date of the announcement, the company and its subsidiaries have completed the payment of the aforementioned taxes and penalties [1]

Group 1 - The company Gansu Energy Chemical announced that it and its subsidiaries need to pay a total of 33.717 million yuan in overdue taxes and penalties for the year 2025, which includes 24.5258 million yuan in various taxes and 9.1909 million yuan in late fees [1] - The taxes to be paid include environmental tax, land value-added tax, property tax, and vehicle and vessel tax, as notified by their respective tax authorities [1] - As of the date of the announcement, the company and its subsidiaries have completed the payment of the aforementioned taxes and penalties [1]

Core Viewpoint - Gansu Energy Chemical (000552.SZ) expects a net profit loss of approximately 190 million yuan for the year 2025, with a net profit loss of about 560 million yuan after excluding non-recurring gains and losses [1] Group 1: Financial Performance - The company's performance has significantly declined, primarily due to the continuous drop in coal prices, which has led to a decrease in coal production and sales year-on-year, resulting in losses in the coal sector [1] - The operational efficiency of the company's electricity, chemical, and infrastructure sectors has not been fully realized, and their profit contributions have been limited due to industry cyclicality and market conditions, failing to offset the losses from the coal sector [1] Group 2: Non-Recurring Gains and Losses - The expected amount of non-recurring gains and losses for 2025 is estimated to be 370 million yuan, an increase of approximately 300 million yuan compared to the same period last year, mainly due to increased gains from the disposal of non-current assets [1]

| | | 公司补缴上述税款及滞纳金将计入 2025 年当期损益，初步预计影响公司 2025 年度归属于上市公司股东净利润减少 3371.67 万元，最终以公司 2025 年度经审 计的财务报表为准。本次补缴税款事项不会影响公司的正常生产经营，敬请广大 投资者注意投资风险。 特此公告。 甘肃能化股份有限公司 甘肃能化股份有限公司董事会 关于补缴税款及缴纳相关费用的公告 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。 一、基本情况 甘肃能化股份有限公司（以下简称"公司"）及下属子公司甘肃靖煤能源有 限公司、靖煤（白银）热电有限公司、靖远煤业集团刘化化工有限公司、靖煤集 团景泰煤业有限公司、甘肃华能工程建设有限公司、白银银河机械制造有限公司、 白银兴安矿用产品检测检验有限公司、窑街煤电集团有限公司、窑街煤电甘肃融 禾煤炭开发公司、甘肃窑街油页岩综合利用有限责任公司、甘肃窑街固废物利用 热电有限公司、甘肃科贝德煤与煤层气开发技术有限公司、窑街煤电集团甘肃金 凯机械制造有限责任公司、窑街煤电集团酒泉天宝煤业有限公司等 15 家企业， 2025 年度按照各自主 ...

Financial Performance Expectations - The company expects a net loss of approximately 190 million yuan for the year 2025, representing a decline of 115.65% compared to the previous year's profit of 121.43 million yuan [3]. - The net profit after deducting non-recurring gains and losses is projected to be a loss of about 560 million yuan, a decrease of 148.80% from the previous year's profit of 114.74 million yuan [3]. - The basic earnings per share is expected to be a loss of approximately 0.04 yuan per share, compared to a profit of 0.23 yuan per share in the previous year [3]. Acquisition and Consolidation - The company acquired 100% equity of a storage and transportation company, which has been included in the consolidated financial statements [4]. Performance Decline Factors - The significant decline in performance is attributed to lower coal prices and reduced coal production and sales, leading to losses in the coal sector [6]. Non-Recurring Gains - The company anticipates non-recurring gains of approximately 370 million yuan, an increase of about 300 million yuan compared to the previous year, mainly due to increased gains from the disposal of non-current assets [6]. Strategic Plans for Improvement - The company plans to enhance coal sales efforts and optimize the sales structure to improve profitability amid challenging market conditions [6]. - The company will accelerate key project construction and strategically plan production to mitigate adverse external factors [6]. - The company acknowledges the need to improve operational efficiency in its electricity, chemical, and infrastructure sectors to offset losses in the coal sector [6]. Cautionary Note - The financial data presented is preliminary and will be detailed in the 2025 annual report, urging investors to exercise caution [7].

Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] Report's Core View - The coal industry is at the beginning of a new upward cycle, with fundamental and policy factors in resonance. It is advisable to allocate coal stocks on dips. The underlying investment logic of coal production capacity shortage remains unchanged, and coal prices have established a bottom and are expected to rise. High - quality coal enterprises have core asset attributes such as high profitability, high cash flow, high ROE, and high dividends. The coal sector is still undervalued, and its valuation is expected to increase. The coal supply bottleneck is expected to last until the "15th Five - Year Plan", and coal prices are likely to remain high. The report continues to be bullish on the coal sector and recommends top - down attention to several types of coal companies [3][11][12] Summary by Directory 1. This Week's Core View and Key Focus - **Core View**: The coal industry is in the early stage of a new upward cycle. The supply side shows an increase in the utilization rate of sample power and coking coal mine wells. On the demand side, there are differences in coal consumption between inland and coastal areas, and non - electric demand also shows different trends. Coal prices stopped falling and rebounded since late December, but the rebound momentum weakened this week. In the future, inventory depletion and the upcoming cold wave will support coal prices, and the market is expected to be stable and slightly strong before the holiday. The coal sector has high - dividend support and upward elasticity, making it a cost - effective investment [11] - **Investment Suggestions**: Focus on companies with stable operations and performance, those with large previous declines and high elasticity, and high - quality metallurgical coal companies. Also, pay attention to other related companies [12] - **Key Focus**: In 2025, China's coal imports decreased by 9.6% year - on - year; India's coal production was basically flat with a slight decline; global seaborne coal trade decreased by 2.8% [13] 2. This Week's Performance of the Coal Sector and Individual Stocks - The coal sector fell 3.33% this week, underperforming the broader market. The CSI 300 fell 0.57% to 4731.87. The top - three sectors in terms of gains were computer, electronics, and media [14] - The power coal, coking coal, and coke sectors fell 3.46%, 3.66%, and 4.38% respectively [17] - The top - three gainers in the coal mining and washing sector were Anyuan Coal Industry (3.97%), Huayang Co., Ltd. (2.90%), and Diantou Energy (0.81%) [20] 3. Coal Price Tracking - **Coal Price Index**: As of January 16, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 688.0 yuan/ton, up 2.0 yuan/ton week - on - week; the comprehensive average price index of Bohai Rim thermal coal (Q5500) was 686.0 yuan/ton, up 1.0 yuan/ton week - on - week; the annual long - term agreement price of CCTD Qinhuangdao thermal coal (Q5500) was 684.0 yuan/ton, down 10.0 yuan/ton month - on - month [24] - **Thermal Coal Price**: At ports, the market price of Qinhuangdao Port thermal coal (Q5500) from Shanxi was 697 yuan/ton on January 17, up 1 yuan/ton week - on - week. At production sites, prices in some areas were stable while in Datong, it decreased. Internationally, FOB and CIF prices showed different trends [30] - **Coking Coal Price**: At ports, the prices of coking coal in Jingtang Port and Lianyungang increased. At production sites, prices in some areas increased while in others they were stable. The CIF price of Australian Peak Downs hard coking coal in China increased [32] - **Anthracite and Pulverized Coal Injection Price**: The coking anthracite car - loading price in Jiaozuo was flat, while the prices of pulverized coal injection in Changzhi and Yangquan decreased [40] 4. Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of January 16, the capacity utilization rate of sample power coal mine wells was 90.6%, up 0.3 percentage points week - on - week; the capacity utilization rate of sample coking coal mine wells was 88.47%, up 3.1 percentage points week - on - week [47] - **Import Coal Price Difference**: As of January 16, the price difference between domestic and foreign 5000 - kcal and 4000 - kcal thermal coal decreased [43] - **Coal - fired Power Consumption and Inventory**: Inland 17 provinces saw a decrease in coal inventory and an increase in daily consumption, while coastal 8 provinces saw a decrease in both inventory and consumption [44] - **Downstream Metallurgical Demand**: The Myspic composite steel price index increased slightly, the price of first - grade metallurgical coke was flat, the blast furnace operating rate decreased, the profit per ton of coke decreased, the profit per ton of steel in the blast furnace increased, the iron - scrap price difference decreased, and the blast furnace scrap consumption ratio decreased [65][66] - **Downstream Chemical and Building Materials Demand**: Urea prices in some regions increased, the national methanol price index decreased, the national ethylene glycol price index decreased, the national acetic acid price index increased, the national synthetic ammonia price index increased, the national cement price index decreased, the cement clinker capacity utilization rate decreased, the float glass operating rate decreased, and chemical weekly coal consumption increased [72][76] 5. Coal Inventory Situation - **Thermal Coal Inventory**: Qinhuangdao Port's coal inventory increased to 550.0 tons; 55 ports' thermal coal inventory decreased to 6830.8 tons; the inventory of 462 sample mines decreased to 283.9 tons [91] - **Coking Coal Inventory**: The production - site inventory decreased to 272.4 tons, the six - port inventory decreased to 298.9 tons, the inventory of independent coking plants increased to 954.8 tons, and the inventory of sample steel mills increased to 802.2 tons [92] - **Coke Inventory**: The inventory of coking plants decreased to 40.6 tons, the four - port inventory increased to 188.1 tons, and the inventory of sample steel mills increased to 650.33 tons [94] 6. Coal Transportation Situation - **International and Domestic Coal Transportation**: As of January 16, the China Yangtze River Coal Transportation Comprehensive Freight Index (CCSFI) was 704 points, down 3.6 points week - on - week [107] - **Ratio of Cargo to Ships at Four Northern Ports**: As of January 16, the inventory at four ports in the Bohai Rim was 1465.2 tons, the number of anchored ships was 99, and the ratio of cargo to ships was 14.8, down 1.96 week - on - week [102] - **Daqin Line Coal Transportation**: The average daily coal shipment volume on the Daqin Line this week was 118.0 tons, up 9.75 tons week - on - week [107] 7. Weather Situation - As of January 16, the Three Gorges outbound flow was 9180 cubic meters per second, up 23.22% week - on - week [114] - In the next 10 days, there will be precipitation in some areas, and a cold wave will affect many regions with significant temperature drops [114] - In the long - term (January 27 - 30), there will be precipitation in some areas, and the average temperature in some regions will be lower or higher than normal [114] 8. Listed Company Valuation Table and Key Announcements - **Listed Company Valuation Table**: The table shows the closing prices, net profit attributable to shareholders, EPS, and PE of key listed companies from 2024A to 2027E [115] - **Key Announcements**: Xinji Energy released its 2025 performance report; Pingdingshan Tianan Coal Mining Co., Ltd. announced the progress of its controlling shareholder's strategic restructuring; Guanghui Energy announced a guarantee - related关联交易; Meijin Energy announced a guarantee for its subsidiary and its 2025 performance forecast [116][117][118] 9. This Week's Important Industry News - By 2030, Guizhou's coal production and trial - operation capacity will reach 260 million tons per year [119] - Yunnan will increase coal resource exploration and promote the release of advanced coal production capacity [119] - 20 coal mines in Ordos passed the intelligent acceptance [119] - Guizhou has made breakthroughs in the coal and unconventional natural gas fields [119] - Jiangsu released its 2026 major project list, including one coal - related project [120]

Investment Rating - The coal industry is rated as "stronger than the market" [7] Core Views - The report emphasizes that the coal industry is currently experiencing a transformation, with policies aimed at energy security and a shift in supply dynamics. The coal price is expected to stabilize, with potential fluctuations in the short term [5][6] - The report highlights the limited elasticity of coal supply due to strict capacity controls and increasing mining difficulties, particularly in eastern regions. This is expected to lead to a concentration of production in western areas, raising supply costs [5] - The report suggests that despite weak macroeconomic conditions affecting coal demand, the rigid supply and rising costs will support coal prices, which are anticipated to maintain a volatile upward trend [5] Summary by Sections 1. Market Overview - The coal index experienced a slight decline of 3.11%, underperforming the Shanghai and Shenzhen 300 index by 2.54 percentage points. Year-to-date, the coal index has increased by 2.96% [13] 2. Thermal Coal - As of January 16, the Qinhuangdao 5500K thermal coal price is 695 CNY/ton, down 4 CNY/ton week-on-week, with a year-on-year decrease of 66 CNY/ton [3][32] - Daily average production from 462 sample mines is 5.467 million tons, a week-on-week increase of 15,000 tons but a year-on-year decrease of 6.2% [3][42] - The report notes a significant drop in daily consumption at major power plants, with inventory levels slightly increasing [3][46] 3. Coking Coal - The price of main coking coal at Jingtang Port has risen to 1,770 CNY/ton, reflecting a week-on-week increase of 150 CNY/ton [4][76] - Daily average production from 523 sample mines is 769,000 tons, with a year-on-year decrease of 2.7% [4][76] - The report indicates that the coking coal market is experiencing upward price adjustments, driven by supply constraints and increased demand from steel production [4][76] 4. Investment Recommendations - The report suggests focusing on companies with strong resource endowments and stable operating performance, such as China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical Industry [6] - Companies with production growth potential and those benefiting from a bottoming coal price cycle are also highlighted, including Yanzhou Coal Mining, Huayang Co., and Gansu Energy [6] - The report recommends considering companies with integrated coal and power operations to mitigate cyclical volatility, such as Shaanxi Energy and Xinji Energy [6]

Core Viewpoint - The successful completion of the 2×350 MW thermal power project in Gansu's Lanzhou New Area marks a significant milestone in achieving dual unit operation, contributing to energy security and economic development in the region [1] Project Overview - The project is a key initiative in Gansu Province, serving as an important power support point for the central Gansu power grid and a vital public welfare project [1] - Designed to generate an annual electricity output of 3.302 billion kWh and provide a heating capacity of 13.6241 million GJ, the project will also supply centralized heating for 10 million square meters and industrial steam extraction of 280 tons per hour [1] Construction and Operation - The project commenced full construction in December 2023, with a two-year construction period during which safety and technical standards were strictly adhered to [1] - Key milestones achieved include successful pressure tests, turbine assembly, and a 168-hour full-load trial operation for both units [1] Technological and Environmental Aspects - The project incorporates advanced technologies and adheres to efficient and environmentally friendly design principles, significantly improving thermal efficiency compared to subcritical units [1] Economic Impact - The dual unit operation is expected to alleviate the pressure on electricity and heating supply in Lanzhou New Area, ensuring stable gas supply for surrounding enterprises and supporting high-quality regional industrial and economic development [1]

Core Viewpoint - The coal industry is entering a new upward cycle, with fundamental and policy factors aligning, making it an opportune time to invest in coal stocks [5] Price Trends - As of January 10, the market price for Qinhuangdao port thermal coal (Q5500) is 696 RMB/ton, an increase of 17 RMB/ton week-on-week [2] - The price for Shanxi-produced coking coal at Jingtang port remains stable at 1650 RMB/ton as of January 9 [3] - International thermal coal prices show mixed trends, with Newcastle NEWC5500 at 71.8 USD/ton (up 0.3 USD) and ARA6000 at 95.3 USD/ton (down 1.8 USD) [2] Supply and Demand Dynamics - The utilization rate for thermal coal mines is 90.3%, up 8.2 percentage points week-on-week, while coking coal mine utilization is at 85.34%, up 5.7 percentage points [3] - Coastal provinces show an increase in daily coal consumption by 29.90 thousand tons/day (+15.11%), while inland provinces see a decrease of 7.40 thousand tons/day (-1.81%) [4][5] - Chemical coal consumption has increased by 8.36 thousand tons/day (+1.13%) [4] Inventory Levels - As of January 8, coal inventory in coastal provinces decreased by 111.60 million tons (-3.17%), while inland provinces saw a larger drop of 409.00 million tons (-4.15%) [4] Investment Strategy - The coal sector is characterized by high performance, cash flow, and dividends, with a recommendation to invest in quality coal companies [7] - Companies such as China Shenhua, Shaanxi Coal, and others are highlighted for their stable operations and strong performance [7] - The coal market is expected to remain tight in the next 3-5 years, with a focus on the potential for price increases and valuation recovery [6][7]