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].

关于下属天宝红沙梁露天矿完成竣工验收备案的公告 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。 经中国证券监督管理委员会《关于核准甘肃靖远煤电股份有限公司向甘肃能源化 工投资集团有限公司等发行股份购买资产并募集配套资金的批复》（证监许可〔2022〕 3239号）核准，公司向特定对象定价发行人民币普通股740,740,740股，募集资金净 额为1,967,080,219.77元，用于红沙梁露天矿项目与红沙梁矿井项目建设，并补充上 市公司流动资金。 | 证券代码：000552 | 证券简称：甘肃能化 | 公告编号：2025-63 | | --- | --- | --- | | 债券代码：127027 | 债券简称：能化转债 | | 甘肃能化股份有限公司 近日，公司收到甘肃省能源局《煤矿建设项目竣工验收备案回执》，天宝红沙梁 露天矿已完成单项工程质量认证和消防设施、水土保持设施、职业病防护设施、环境 保护设施、安全设施等方面专项验收，并通过项目综合竣工验收。 特此公告。 甘肃能化股份有限公司董事会 2025 年 7 月 16 日 红沙梁露天矿由公司下属天宝 ...

| 证券代码：000552 | 证券简称：甘肃能化 | 公告编号：2025-62 | | --- | --- | --- | | 债券代码：127027 | 债券简称：能化转债 | | 甘肃能化股份有限公司 关于下属全资子公司分立新设洗煤子公司的公告 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 7 月 14 日，甘肃能化股份有限公司（以下简称"公司"）召开第十一届董 事会第三次会议，审议通过《关于下属全资子公司分立新设洗煤子公司的议案》，现 将相关事项公告如下： 一、基本情况 1.为进一步理顺和优化下属企业洗煤资产业务，充分利用和激活现有资源，实现 资源最优配置和洗煤业务专业化管理，提升武威地区洗煤市场运营能力，公司下属全 资子公司窑街煤电集团有限公司（简称"窑煤公司"）拟以下属企业窑煤集团天祝煤 业有限责任公司（简称"天祝煤业"）洗煤厂为基础，分立新设洗煤子公司窑街煤电 集团天禾煤炭开发有限公司（以下简称"天禾公司"，最终以市场监督管理局注册核 准名称为准），专责窑煤公司武威地区煤炭洗选加工和经营。 2.本次新设子公司由窑煤公司作 ...

| 证券代码：000552 | 证券简称：甘肃能化 | 公告编号：2025-61 | | --- | --- | --- | | 债券代码：127027 | 债券简称：能化转债 | | 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"）第十一届董事会第三次会议于2025 年7月14日十一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9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。 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 资子公司分立新设洗煤子公司的公告》。 二、备查文件 甘肃能化股份有限公司 第十一届董事会第三次会议决议公告 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分立新设洗煤子公司的议案。 表决结果：9票同意，0 ...

[Gansu Energy Chemical 2025 Semi-Annual Performance Forecast](index=1&type=section&id=Gansu%E8%83%BD%E5%8C%96%E8%82%A1%E4%BB%BD%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B82025%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E5%85%AC%E5%91%8A) [Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%84%84%E8%AE%A1%E6%83%85%E5%86%B5) The company forecasts a shift from profit to loss in the first half of 2025, with net profit attributable to shareholders expected to be a loss of approximately **180 million yuan**, a significant decline from the prior year's profit 2025 H1 Performance Forecast vs. Prior Year | Project | Current Period (Estimated) | Prior Year | Change Rate (%) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders (million yuan) | Loss: Approx. 180 | Profit: 897.2438 | -120.06 | | Net Profit Excluding Non-Recurring Items (million yuan) | Loss: Approx. 210 | Profit: 847.7186 | -124.77 | | Basic Earnings Per Share (yuan/share) | Loss: Approx. 0.03 | Profit: 0.17 | - | [Communication with Accounting Firm](index=1&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8E%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%B2%9F%E9%80%9A%E6%83%85%E5%86%B5) The company has pre-communicated its performance forecast with the annual audit accounting firm, confirming no disagreements, though the financial data remains preliminary and unaudited - The financial data in this performance forecast is a preliminary estimate by the company's finance department, unaudited by the accounting firm, but pre-communication with the auditors indicates no discrepancies[3](index=3&type=chunk) [Explanation of Performance Change Reasons and Countermeasures](index=1&type=section&id=%E4%B8%89%E3%80%81%E4%B8%9A%E7%BB%A9%E5%8F%98%E5%8A%A8%E5%8E%9F%E5%9B%A0%E8%AF%B4%E6%98%8E) The shift from profit to loss is primarily due to the severe impact on the coal business from weak downstream demand and falling prices, leading to declines in both sales volume and price, with the limited profitability of the power sector unable to offset the significant coal business downturn - The primary reason for the performance decline is the simultaneous drop in both volume and price of the company's coal products, particularly coking coal, due to factors such as high downstream customer inventories, weak thermal coal demand, and multiple rounds of coke price reductions, leading to a year-on-year shift from profit to loss[4](index=4&type=chunk) - The company's strategy involves optimizing sales structure, precise marketing, cost reduction and efficiency improvement, and accelerating the construction of power and chemical projects to increase profitability and hedge against market downturn risks[5](index=5&type=chunk) [Risk Warning](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company advises investors that the performance forecast data is preliminary and subject to uncertainty, with final accurate financial figures to be disclosed in the 2025 semi-annual report, urging cautious investment decisions - This performance forecast data is preliminary, and the final financial figures will be based on the company's officially disclosed 2025 semi-annual report, so investors are advised to be aware of investment risks[6](index=6&type=chunk)

本次债券发行时间自 2025 年 7 月 11 日至 2025 年 7 月 14 日，具体发行情况如下： 1、网下发行 本次债券网下预设的发行数量占本次债券发行规模的比例为 100%，即 5 亿元；最 终本期债券品种一网下实际发行数量为 5 亿元，占本次债券发行规模的 100%，票面利 率为 2.00%，全场认购倍数为 1.74 倍；本期债券品种二未发行。 2、发行人的董事、监事、高级管理人员、持股比例超过 5%的股东及其他关联方未 参与本期债券认购。 证券代码：524356.SZ 证券简称：25 甘能 01 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）发行结果公告 甘肃能化股份有限公司（以下简称"发行人"）公开发行不超过人民币 20 亿元公司 债券已获得注册批复等文件。根据《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）发行公告》，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）（以下简称"本次债券"）发行规模为不超过 5 亿元（含 5 亿元），发行价格为每张 100 元，采取网下面向专业机构投资者询价配售的方式。 账 ...