Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in its operational performance and market conditions [1]. Financial Performance - In H1 2025, the company's operating revenue was 3.72 billion yuan, a year-on-year decrease of 33.9% [1] - The net profit attributable to shareholders was a loss of 182 million yuan, a year-on-year decline of 120.3% [1] - In Q2 2025, the operating revenue was 1.80 billion yuan, down 35.7% year-on-year [1] - The net profit attributable to shareholders for Q2 was a loss of 233 million yuan, a year-on-year decline of 164.7% [1] Operational Data - Coal production in H1 2025 was 8.6716 million tons, a decrease of 16% year-on-year [1] - Coal sales were 6.6293 million tons, down 22.7% year-on-year [1] - The average selling price of coal was 318 yuan per ton, a decrease of 36.4% year-on-year [1] - The cost per ton of coal was 257 yuan, down 12.5% year-on-year [1] - Electricity generation was 1.976 billion kWh, an increase of 9.5% year-on-year, with sales of 1.878 billion kWh [1] - The comprehensive production of compound fertilizer was 99,000 tons, and urea production was 140,600 tons [1] Production Recovery - Wangjiashan and Jinhai mines have resumed production, which is expected to enhance the company's profitability in the second half of the year [2]. Ongoing Projects - Ongoing projects are progressing, indicating potential for future growth [3]. - The Jingtai Baiyanzi mine and coal preparation plant are undergoing completion acceptance and filing procedures [4]. - The Tianbao Hongshaliang open-pit mine is expected to complete acceptance by July 2025, with ongoing repairs and reinforcements for the first phase of the Hongshaliang mine and coal preparation plant [4]. - The Liu Chemical Gasification Phase I is advancing in acceptance procedures [4]. - The Lanzhou New Area combined heat and power project and the Qinyang 2×660MW coal power project are progressing smoothly, with the Lanzhou New Area 2×1000MW thermal power project completing decision-making processes and preliminary work [4]. Investment Outlook - Given the company's lower-than-expected coal production and sales, along with declining coal prices, the projected net profits for 2025-2027 are estimated to be -210 million yuan, 630 million yuan, and 970 million yuan, respectively [4].

Core Viewpoint - Gansu Energy Chemical's financial performance for the first half of 2025 shows significant declines in revenue and profit, indicating serious operational challenges and a need for strategic reassessment [1] Financial Performance Summary - The company's total revenue for the first half of 2025 was 3.718 billion yuan, a decrease of 33.91% compared to the previous year [1] - The net profit attributable to shareholders was -182 million yuan, reflecting a year-on-year decline of 120.3% [1] - In Q2 2025, total revenue was 1.802 billion yuan, down 35.7% year-on-year, with a net profit of -233 million yuan, a decline of 164.65% [1] - Gross margin fell to 16.38%, a decrease of 51.48%, while net margin was -4.97%, down 131.12% [1] - Total expenses (selling, administrative, and financial) amounted to 463 million yuan, accounting for 12.45% of revenue, an increase of 29.15% year-on-year [1] Key Financial Metrics - Earnings per share (EPS) dropped to -0.03 yuan, a decline of 120.27% [1] - Operating cash flow per share was -0.15 yuan, down 359.6% year-on-year [1] - The company's net assets per share increased slightly to 3.13 yuan, up 1.75% [1] Changes in Financial Items - Inventory increased by 61.56% due to higher coal stock levels [3] - Long-term borrowings rose by 53.34% due to increased project financing [3] - Trade financial assets decreased by 93.48% as the company reduced its financial product holdings [3] - Accounts receivable fell by 12.6% to 821 million yuan [3] Cash Flow Analysis - Net cash flow from operating activities decreased by 359.6%, primarily due to lower coal prices affecting cash receipts [5] - Cash flow from investing activities increased by 77.13%, attributed to cash received from maturing financial products [5] - Cash flow from financing activities surged by 1204.44%, driven by increased borrowings [5] Business Model Insights - The company's performance is heavily reliant on capital expenditures, necessitating careful evaluation of the profitability of these investments [8] - The historical return on invested capital (ROIC) has been relatively low, with a median of 7.02% over the past decade [7]

Core Viewpoint - The company has approved significant investments in new projects and the issuance of bonds to support its financial structure and growth strategy [3][4]. Group 1: Company Overview - The company has not undergone any changes in its controlling shareholder or actual controller during the reporting period [3]. - There are no preferred shareholders or changes in the number of shareholders [2][3]. Group 2: Financial Data and Indicators - The company plans to invest in a new subsidiary for the construction of a 2×1000MW thermal power project in Lanzhou New Area, with a static investment of 7.961 billion and a dynamic investment of 8.284 billion [3]. - The project is expected to generate an annual electricity output of 9 billion kWh and consume 4.46 million tons of coal annually [3]. Group 3: Bond Issuance - The company has received approval to issue bonds not exceeding 2 billion, with a maturity of up to 10 years, aimed at repaying debts, supplementing working capital, and funding project construction [4]. Group 4: Board Meeting and Resolutions - The company held its 11th Board of Directors' fourth meeting on August 21, 2025, where several resolutions were passed, including the appointment of a new vice president and the approval of the semi-annual report [6][7][9]. - The board approved the revision of several committee working rules, ensuring compliance with legal and regulatory requirements [10][12][14][16].

Group 1 - Gansu Energy Chemical reported a revenue of approximately 3.718 billion yuan for the first half of 2025, representing a year-on-year decrease of 33.91% [2] - The net profit attributable to shareholders of the listed company was a loss of approximately 182 million yuan [2] - The basic earnings per share showed a loss of 0.034 yuan [2]

2025年1至6月份，甘肃能化的营业收入构成为：煤炭采选业占比56.76%，电力占比19.6%，建筑业占比 8.36%，化工行业占比7.64%，其他业务收入占比4.75%。 （文章来源：每日经济新闻） 甘肃能化（SZ 000552，收盘价：2.55元）8月21日晚间发布公告称，公司第十一届第四次董事会会议于 2025年8月21日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。 会议审议了《关于聘任公司副总经理的议案》等文件。 ...

甘肃能化股份有限公司 GANSU ENERGY CHEMICAL CO.,LTD 董事会审计委员会工作细则 2025 年 8 月 1 第三条 审计委员会成员由三名董事组成，为不在公司担任高级管理人员的 董事，职工董事可以成为审计委员会成员，独立董事成员超过半数，由独立董事 中会计专业人士担任召集人。 第四条 审计委员会由董事长、二分之一以上独立董事或者全体董事的三分 之一提名，并由董事会选举产生。 第五条 审计委员会设主任委员（召集人）一名，负责主持委员会工作。主 任委员由公司董事会确定。 第六条 审计委员会任期与董事会任期一致，委员任期届满，连选可以连任， 但独立董事成员连续任职不得超过六年。期间如有成员因辞任或者其他原因不再 担任公司董事职务，自其不再担任董事之时自动辞去审计委员会职务。审计委员 会成员辞任导致审计委员会成员低于法定最低人数，或者欠缺会计专业人士，在 新成员就任前，原成员仍应当继续履行职责。董事会应根据《公司章程》及本规 则增补新的委员。 第一章 总则 第一条 为强化董事会决策功能，充分发挥审计委员会对公司财务信息、内 部控制、内外部审计等工作的监督作用，健全公司内部监督机制，根据《中华人 ...

甘肃能化股份有限公司 GANSU ENERGY CHEMICAL CO.,LTD 董事会战略发展委员会工作细则 2025 年 8 月 1 第一章 总则 第一条 为适应甘肃能化股份有限公司（以下简称"公司"）战略发展需要， 增强公司核心竞争力，健全投资决策程序，加强决策科学性，提高重大投资决策 的效益和决议的质量，完善公司治理结构，根据《中华人民共和国公司法》《上 市公司治理准则》《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—规范运作》以及《公司章程》等相关规范性文件的规定， 制定本工作细则。 第六条 战略发展委员会任期与董事会任期一致。委员任期届满，连选可以 连任，但独立董事成员连续任职不得超过六年。期间如有成员因辞任或者其他原 因不再担任公司董事职务，自其不再担任董事之时自动辞去战略发展委员会职务。 董事会应根据《公司章程》及本规则增补新的委员。 第七条 公司战略和规划管理部室对战略发展委员会负责，向其报告工作， 2 为战略发展委员会提供工作支持和服务，收集、提供战略发展委员会履行职权相 关的资料，完成战略发展委员会交办的工作。证券部为战略发展委员会提供综合 服务，负责委员会日 ...

甘肃能化股份有限公司 GANSU ENERGY CHEMICAL CO.,LTD 董事会薪酬与考核委员会工作细则 2025 年 8 月 1 第一章 总则 第一条 为进一步建立健全甘肃能化股份有限公司（以下简称"公司"）董 事及高级管理人员的激励与约束机制，完善公司治理结构，根据《中华人民共和 国公司法》《上市公司治理准则》《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—规范运作》以及《公司章程》等相关规范性 文件的规定，制定本工作细则。 第二条 薪酬与考核委员会是董事会下设的专门工作机构，在董事会领导下 开展工作，向董事会负责并报告工作，主要负责制定公司董事、高级管理人员的 考核标准并进行考核，制定、审查公司董事、高级管理人员的薪酬政策与方案。 第三条 本工作细则中所指的高级管理人员是指公司的总经理、副总经理、 财务总监、董事会秘书及公司董事会认定的其他人员。 第二章 人员组成 第三章 职责权限 第九条 薪酬与考核委员会负责制定公司董事、高级管理人员的考核标准并 进行考核，制定、审查董事和高级管理人员的薪酬政策与方案，并就下列事项向 董事会提出建议： （一）董事、高级管理人员的薪酬 ...

董事会提名委员会工作细则 甘肃能化股份有限公司 GANSU ENERGY CHEMICAL CO.,LTD 2025 年 8 月 1 第二章 人员组成 第四条 提名委员会成员由三名董事组成，独立董事成员占多数。 第五条 提名委员会委员由董事长、二分之一以上独立董事或者全体董事三 分之一以上提名，并由董事会选举产生。 第六条 提名委员会设主任委员（召集人）一名，由独立董事委员担任，负 责主持委员会工作。主任委员不能履行职务或不履行职务的，由半数以上委员共 同推举一名董事委员代履行职务。 第七条 提名委员会任期与董事会任期一致，委员任期届满，连选可以连任， 但独立董事成员连续任职不得超过六年。期间如有成员因辞任或者其他原因不再 担任公司董事职务，自其不再担任董事之时自动辞去提名委员会职务。董事会应 根据《公司章程》及本规则增补新的委员。 第八条 公司组织相关职能部室对提名委员会负责，向其报告工作，为提名 第一章 总则 第一条 为完善甘肃能化股份有限公司（以下简称"公司"）治理结构，进 一步规范董事、高级管理人员的选择标准和程序，促进经营层高效管理，根据《中 华人民共和国公司法》《中华人民共和国证券法》《上市公司治 ...

| 证券代码：000552 | 证券简称：甘肃能化 | 公告编号：2025-69 | | --- | --- | --- | | 债券代码：127027 | 债券简称：能化转债 | | 甘肃能化股份有限公司 募集资金 2025 年半年度存放与使用情况公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 根据中国证监会《上市公司监管指引第 2 号—上市公司募集资金管理和使用 的监管要求》《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》《深圳证券交易所上市公司自律监管指南第 2 号—公告格式再融资类第 2 号上市公司募集资金年度存放与使用情况公告格式》等相关规定，公司编制了《募 集资金 2025 年半年度存放与使用情况公告》。 一、募集资金基本情况 1.募集资金金额及到账时间 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（A 股） 740,740,740 股，每股面值 1.00 ...