一、概述 1.公司下属全资子公司甘肃煤炭第一工程有限责任公司（以下简称"煤一公司"） 联合天地科技股份有限公司中标甘肃能源庆阳煤电有限责任公司（以下简称"庆阳煤 电"）甘肃宁正矿区九龙川煤矿进风立井、2 号回风立井筒冻结及掘砌工程施工项目， 工程总价 35,862.59 万元（含税）。 甘肃能化股份有限公司 关于下属煤一公司中标工程施工项目暨关联交易的公告 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。 公司下属公司甘肃煤炭第一工程有限公司中标负责控股股东下属企业甘肃能源 庆阳煤电有限责任公司甘肃宁正矿区九龙川煤矿项目工程施工，具体情况公告如下： | 证券代码：000552 | 证券简称：甘肃能化 | 公告编号：2025-91 | | --- | --- | --- | | 债券代码：127027 | 债券简称：能化转债 | | 2.庆阳煤电为公司控股股东甘肃能源化工投资集团有限公司（以下简称"能化集 团"）下属企业，主要负责甘肃宁正矿区九龙川煤矿项目的开发与建设。 3.根据《深圳证券交易所股票上市规则》等相关规定，本次工程施工构成关联交 易，不构成 ...

1.关于下属煤一公司中标工程施工项目暨关联交易的议案。 甘肃能化股份有限公司独立董事 2025年第四次专门会议决议 根据《国务院办公厅关于上市公司独立董事制度改革的意见》《上市公司独 立董事管理办法》《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 1 号—主板上市公司规范运作》以及公司《独立董事工作制度》 等规定，2025 年 12 月 16 日（星期二）下午 2:00，公司在甘肃能化 19 楼会议室 召开独立董事 2025 年第四次专门会议。本次会议应参加独立董事 3 名，实际参 加表决独立董事 3 名。经与会独立董事举手表决选举，本次会议由独立董事陈建 忠先生主持。本次会议通知已于 2025 年 12 月 12 日以 OA、微信、邮件等形式发 出。本次会议的召开符合有关法律、行政法规、部门规章、规范性文件及公司规 章制度的规定。 与会三位独立董事举手表决，以 3 票同意、0 票反对、0 票弃权审议通过： 独立董事认为，煤一公司中标负责庆阳煤电甘肃宁正矿区九龙川煤矿进风立 井、2 号回风立井筒冻结及掘砌工程施工构成关联交易，有助于扩大公司整体工 程业务规模，保障煤一公司产能有效释放， ...

| 证券代码：000552 | 证券简称：甘肃能化 | 公告编号：2025-93 | | --- | --- | --- | | 债券代码：127027 | 债券简称：能化转债 | | 1.诉讼当事人 原告：中国化学工程第四建设有限公司 被告一：靖远煤业集团刘化化工有限公司 被告二：甘肃靖煤能源有限公司 甘肃能化股份有限公司 关于下属子公司涉及诉讼事项的公告 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"）根据《深圳证券交易所股票上市规 则》相关规定，出于谨慎性考虑，现将下属全资子公司甘肃靖煤能源有限公司（以下 简称"靖煤公司"）、靖远煤业集团刘化化工有限公司（以下简称"刘化化工"）涉 及诉讼事项相关情况公告如下： 一、诉讼事项基本情况 （一）诉讼事项受理的基本情况 中国化学工程第四建设有限公司（以下简称"中化四建"）诉刘化化工、靖煤公 司建设工程施工合同纠纷一案，向甘肃省白银市白银区人民法院提起诉讼并申请财产 保全，法院已受理但尚未开庭审理。 （二）有关本案的基本情况 2.案件起因 2023 年 10 月 2 ...

| | | 甘肃能化股份有限公司 关于注销下属控股子公司捷马公司的公告 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 12 月 16 日，甘肃能化股份有限公司（以下简称"公司"）召开第十一届 董事会第七次会议，审议通过《关于注销下属控股子公司捷马公司的议案》，具体情 况公告如下： 一、概述 根据公司发展规划，为进一步整合资源，提高资产运营效率，结合甘肃靖煤捷马 矿山技术有限公司（以下简称"捷马公司"）实际经营情况，公司决定注销捷马公司， 并授权公司管理层或下属公司办理清算、注销等相关事宜。 捷马公司为公司下属全资子公司甘肃靖煤能源有限公司之全资子公司甘肃煤炭 第一工程有限责任公司（以下简称"煤一公司"）的控股子公司，根据《深圳证券交 易所股票上市规则》《公司章程》等相关规定，本次注销事项在公司董事会决策权限 范围内，无需提交公司股东会审议。本次注销事项不涉及关联交易，亦不构成重大资 产重组。 二、拟注销公司基本情况 1.公司名称：甘肃靖煤捷马矿山技术有限公司 2.统一社会信用代码：91620400079256796R 3.法定代表人： ...

| 证券代码：000552 | 证券简称：甘肃能化 | 公告编号：2025-88 | | --- | --- | --- | | 债券代码：127027 | 债券简称：能化转债 | | 甘肃能化股份有限公司 第十一届董事会第七次会议决议公告 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、会议召开情况 甘肃能化股份有限公司（以下简称"公司"）第十一届董事会第七次会议于2025 年12月16日下午三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。本次会议通知于2025年12月10日以OA、微信、电话、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，会议通过了以下决议： 1.关于下属全资子公司股权内部无偿划转的议案； 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《关于下属全 资子公司股权内部无偿划转的公 ...

甘肃能化公告称，下属全资子公司煤一公司联合天地科技中标庆阳煤电甘肃宁正矿区九龙川煤矿相关工 程施工项目，工程总价35,862.59万元（含税）。庆阳煤电为公司控股股东下属企业，本次交易构成关联 交易，不构成重大资产重组。2025年公司召开董事会审议通过该议案，3名关联董事回避表决。合同工 期780天，此次中标有助于扩大业务规模、提升营收与盈利水平。年初至2025年9月30日，公司与控股股 东及其下属企业累计关联交易27,589.40万元。 ...

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 [10][11] - The supply-side constraints that have been in place since July remain, suggesting limited downside risk for coal prices, which are expected to stabilize [10][11] - The coal sector is characterized by high profitability, cash flow, return on equity (ROE) of 10-15%, and dividend yields exceeding 5%, indicating strong core asset attributes [10][11] - The coal assets are relatively undervalued, with expectations for overall valuation improvement, supported by high premiums in the primary mining rights market [10][11] - The coal sector is expected to maintain a tight supply-demand balance over the next 3-5 years, with high barriers to entry and strong cash flow characteristics [10][11] Summary by Sections Coal Price Tracking - As of December 13, the market price for Qinhuangdao port thermal coal (Q5500) is 753 CNY/ton, down 38 CNY/ton week-on-week [27] - The international thermal coal offshore price for Newcastle NEWC5500 is 78.0 USD/ton, down 6.0 USD/ton week-on-week [27] - The price for coking coal at Jing Tang port remains stable at 1650 CNY/ton [29] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 92.5%, an increase of 1.0 percentage point week-on-week [44] - The daily coal consumption in inland provinces has increased by 6.20 thousand tons/day (+1.61%) [45] - The daily coal consumption in coastal provinces has increased by 2.00 thousand tons/day (+1.01%) [45] Inventory Situation - As of December 11, coal inventory in inland provinces has decreased by 11.90 thousand tons week-on-week, while coastal provinces saw a reduction of 71.10 thousand tons [45] - The available days of coal in inland provinces have decreased by 0.50 days week-on-week [45] Key Companies to Watch - Focus on stable operators with solid performance such as China Shenhua, Shaanxi Coal, and China Coal Energy [11] - Pay attention to companies with higher elasticity like Yanzhou Coal, Electric Power Energy, and Guanghui Energy [11] - Consider high-quality metallurgical coal companies such as Huaibei Mining and Lu'an Environmental Energy [11]

Core Viewpoint - The relocation and transformation of Gansu Liuhua (Group) Co., Ltd. represents not only a shift in production location but also a significant industrial upgrade and energy transition [1] Group 1: Relocation and Transformation - Liuhua Company completed its systematic safety shutdown by March 31, 2025, as part of a key project for the relocation and transformation of hazardous chemical enterprises in densely populated areas of Gansu Province [1] - The new project under the responsibility of Jingyuan Coal Industry Group Liuhua Chemical Co., Ltd. is progressing rapidly, with the first phase successfully entering trial production in March 2025 and the second phase expected to be operational by October 2026 [1] - Upon completion, the project will have an annual production capacity of 600,000 tons of synthetic ammonia, 700,000 tons of urea, 100,000 tons of methanol, 150,000 tons of concentrated nitric acid, 200,000 tons of compound fertilizer, and various high-value-added chemical products [1] Group 2: Employee Transition and Support - Liuhua Company adheres to the principle of "people-oriented, smooth transition," successfully relocating all employees, with 966 employees seamlessly transferred to Liuhua Chemical, ensuring talent support for continuous operations [1] Group 3: Production and Innovation - Liuhua Chemical emphasizes both technological innovation and energy conservation, achieving a synthetic ammonia comprehensive energy consumption significantly below industry access values, showcasing characteristics of a modern chemical enterprise focused on green and efficient operations [2] - The "Yellow River" and "Liuhua" brand products maintain a dominant position in the regional market, indicating a stable and positive development trend for the company [2] Group 4: Future Development Plans - Liuhua Chemical plans to focus on high-end, green, and intensive development in line with the "14th Five-Year" development plan, prioritizing fine chemicals and new materials as high-value-added products [2] - The company aims to continue promoting clean and efficient coal conversion, striving to become a model new chemical enterprise in the country and contribute significantly to the high-quality development of Gansu Energy and Chemical Group [2]

证券代码：000552 证券简称：甘肃能化 公告编号：2025-87 债券代码：127027 债券简称：能化转债 甘肃能化股份有限公司 甘肃能化兰州新区热电项目位于兰州新区秦川园区，项目规划建设2×350MW超临界空冷燃煤发电供热 机组，两机一塔，同步建设脱硫脱硝装置，配套建设330KV配电装置、输煤铁路专用线、管状带式输送 机、灰场等，设计年发电33.02亿度，年供热量1362.41万吉焦。 目前，甘肃能化兰州新区热电项目二号机组建设稳步推进，该项目全部投运后可支撑兰州中部电网用电 负荷、保障电网运行安全，进一步延长加粗公司循环经济产业链，促进煤电一体化发展。 特此公告。 甘肃能化股份有限公司董事会 2025年12月9日 关于新区热电一号机组通过168小时试运行的公告 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。 近日，甘肃能化股份有限公司（以下简称"公司"）下属全资二级子公司甘能化（兰州新区）热电有限公 司负责建设的甘肃能化兰州新区热电项目一号机组顺利完成168小时满负荷试运行，机组运行稳定，设 备性能可靠，各项技术指标均达到设计要求，进入商业 ...

Group 1 - Weidi Co., Ltd. plans to acquire control of Jiuxing Precision Technology, which is expected to constitute a major asset restructuring. The company will pay cash to acquire 51% of the equity from Jiangsu Zhiyue Tiancheng Enterprise Management Co., Ltd. and Jiuxing Precision Technology, aiming to gain at least 51% voting rights [2] - Purun Co., Ltd. intends to purchase 49% equity of high-performance storage company Noah Changtian through issuing shares, convertible bonds, and cash payments. Upon completion, Purun will hold 100% of Noah Changtian, which specializes in high-performance 2D NAND and derivative storage products [3] - ST Yishite is undergoing a significant share transfer, with Jiangjiang Industrial Group acquiring 4.34 billion shares, representing 18.66% of the total share capital, at a price of 5.61 yuan per share, totaling 2.437 billion yuan [5] Group 2 - Midea Group has completed its share repurchase plan, buying back 135 million shares, accounting for 1.76% of the total share capital, with a total expenditure of approximately 10 billion yuan [6] - Jingji Agricultural plans to repurchase shares using self-raised funds, with a total amount between 100 million and 200 million yuan, at a maximum price of 23.7 yuan per share [6] - Helen Zhe intends to repurchase shares with a total amount between 50 million and 100 million yuan, at a maximum price of 7.5 yuan per share [7] Group 3 - Shengda Resources plans to acquire 60% equity of Yichun Jinshi Mining for 500 million yuan, which will become a subsidiary after the transaction [7] - Guangju Energy is participating in the public transfer of an 8% stake in Shenzhen Mawan Power, aiming to increase its holding from 6.42% to 14.42% [8] - Zhongrong Marine plans to invest 2.58 billion yuan in Guangdong Yantian Port for a 20% stake through its wholly-owned subsidiary [15]