| 证券代码：000723 | 证券简称：美锦能源 | 公告编号：2025-061 | | --- | --- | --- | | 债券代码：127061 | 债券简称：美锦转债 | | 山西美锦能源股份有限公司 关于"美锦转债"预计触发转股价格向下修正条件的提示性公告 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。 特别提示： | 1、股票代码：000723 | 股票简称：美锦能源 | | --- | --- | | 2、债券代码：127061 | 债券简称：美锦转债 | 3、转股价格：5.26 元/股 4、转股期限：2022 年 10 月 26 日至 2028 年 4 月 19 日 5、根据《山西美锦能源股份有限公司公开发行可转换公司债券募集说明书》 （以下简称"《募集说明书》"）的规定，在本次发行的可转换公司债券存续期 间，当山西美锦能源股份有限公司（以下简称"公司"）A 股股票在任意连续三 十个交易日中至少有十五个交易日的收盘价低于当期转股价格的 85%时，公司董 事会有权提出转股价格向下修正方案并提交公司股东大会表决。 2025 年 4 月 28 日 ...

证券代码：000723 证券简称：美锦能源 公告编号：2025-062 债券代码：127061 债券简称：美锦转债 山西美锦能源股份有限公司 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。 为进一步加强与投资者的互动交流，山西美锦能源股份有限公司（以下简称 "公司"）将于 2025 年 5 月 20 日（周二）15:00-17:00 参加由山西证监局、山 西省上市公司协会与深圳市全景网络有限公司联合举办的"山西辖区上市公司 2025 年投资者网上集体接待日暨年报业绩说明会"，本次活动将采用网络远程的 方式举行，投资者可登录"全景路演"网站（http://rs.p5w.net），或关注微信 公众号：全景财经，或下载全景路演 APP，参与本次互动交流。 出席本次网上集体接待日暨年报业绩说明会活动的人员有：董事长姚锦龙先 生，董事姚锦丽女士，董事、财务总监郑彩霞女士，董事、董事会秘书赵嘉先生， 独立董事李玉敏先生，欢迎广大投资者积极参与！ 特此公告。 山西美锦能源股份有限公司董事会 2025年5月14日 关于参加山西辖区上市公司2025年投资者 网上集体接待日暨年报 ...

Investment Rating - The coal industry maintains a rating of "Synchronize with the Market - A" [1] Core Viewpoints - External demand expectations dominate fluctuations, with a focus on improving demand during the peak summer season [1] - The coal production recovery post-holiday has led to increased supply, while electricity coal demand enters a low season, compounded by tariff disputes affecting external demand expectations [8][81] - The recent monetary policy easing is expected to support the macroeconomic environment, with anticipated continued recovery in coal prices due to the upcoming peak summer demand [8][81] Summary by Sections 1. Coal Industry Dynamic Data Tracking - **Thermal Coal**: Post-holiday inventory has risen, and port coal prices remain weak. As of May 9, the spot reference price for thermal coal in the Bohai Rim was 643 CNY/ton, a weekly change of -2.13% [3][23] - **Metallurgical Coal**: Monetary policy easing has led to increased demand entering the traditional peak season. As of May 9, the price for main coking coal at Jingtang Port was 1320 CNY/ton, a weekly change of -4.35% [4][35] - **Coking Steel Industry Chain**: Downstream operations have improved, stabilizing coking coal prices. As of May 9, the average price for first-grade metallurgical coke at Tianjin Port was 1530 CNY/ton, unchanged from the previous week [5][55] - **Coal Transportation**: Weak coal prices have led to a decline in transportation demand, with the coastal coal transportation price index at 640.35 points, a weekly change of -8.06% [6][65] - **Coal-related Futures**: Tariff disputes dominate expectations, with futures prices for coking coal and coke showing fluctuations [8][70] 2. Coal Sector Market Review - The coal sector has rebounded alongside the broader market but has not outperformed major indices. The CITIC Coal Index closed at 3191.92 points, with a five-day change of +0.97% [7][72] 3. Industry News Summary - A comprehensive financial policy has been implemented to stabilize the market, with the People's Bank of China emphasizing a moderately loose monetary policy to support economic recovery [76][78] - Global thermal coal prices have seen an increase, with a reported rise of 8.8% over eight trading days [78] - The first quarter of 2025 saw a significant increase in coal production in Shanxi Province, with a year-on-year growth of 19.1% [79] 4. Important Announcements from Listed Companies - Announcements from companies such as Anyuan Coal Industry and Meijin Energy regarding management changes and stock pledges have been noted [80] 5. Next Week's Views and Investment Recommendations - The report suggests focusing on undervalued companies with strong performance support, particularly those with low non-coal business ratios such as Xinjie Energy and Zhongmei Energy [81]

Core Insights - The hydrogen energy industry in Liupanshui, Guizhou, is rapidly developing, with the establishment of a complete ecological system for hydrogen energy production, storage, transportation, and utilization [1][2] - The region is transitioning from traditional coal coking to green hydrogen energy, leveraging its abundant coal resources to produce hydrogen efficiently [2][3] - The "Meijin Huayu Coal-Focused Hydrogen Comprehensive Utilization Demonstration Project" is a key initiative, expected to produce 4 million standard cubic meters of high-purity hydrogen annually and significantly reduce carbon emissions [3][4] Industry Development - Liupanshui has established a hydrogen energy industry development plan from 2019 to 2030, focusing on the integration of coal power and new coal chemical industries [2] - The city has achieved several milestones, including the first hydrogen production plant, hydrogen refueling station, hydrogen bus, and hydrogen transport vehicle in Guizhou [2][3] - The local government aims to create a hydrogen energy demonstration area and has outlined a development plan for 2024-2030 to support the entire hydrogen energy industry chain [2][4] Project Details - The Meijin Huayu project utilizes advanced technology to achieve a synergistic production of metallurgical coke and hydrogen, incorporating 12 core technologies for a circular economy model [3] - The project is expected to generate an annual output value of 20 billion yuan and create over 1,500 jobs, while also promoting the transition from coal to hydrogen [3][4] - The deployment of hydrogen fuel cell locomotives, buses, and heavy trucks is set to expand application scenarios and create a demonstration effect for the hydrogen energy sector [4]

| 证券代码：000723 | 证券简称：美锦能源 | 公告编号：2025-060 | | --- | --- | --- | | 债券代码：127061 | 债券简称：美锦转债 | | 山西美锦能源股份有限公司 关于第一大股东部分股份解除质押的公告 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。 特别风险提示： 山西美锦能源股份有限公司（以下简称"公司"）第一大股东美锦能源集团 有限公司（以下简称"美锦集团"）质押股份数量占其所持公司股份数量比例超 过80%，请投资者注意相关风险。 一、股东股份解除质押基本情况 公司近日接到美锦集团通知，获悉美锦集团所持有公司的部分股份解除质押 ，具体事项如下： | 股东名称 | 是否为控股股东或第一 | 本次解除质押 | 占其所持 | 占公司总 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 大股东及其一致行动人 | 股份数量（股） | 股份比例 | 股本比例 | | | | | 美锦 | 是 | 8,917,000 | ...

| 证券代码：000723 | 证券简称：美锦能源 | 公告编号：2025-059 | | --- | --- | --- | | 债券代码：127061 | 债券简称：美锦转债 | | 山西美锦能源股份有限公司关于 参与长江医药控股股份有限公司重整投资人公开招募的进展公告 山西美锦能源股份有限公司（以下简称"公司"）于近日收到通知，经长江 医药控股股份有限公司（以下简称"长药控股"）投资人遴选委员会评审，公司 和四川资本市场纾困发展证券投资基金合伙企业（有限合伙）、嘉强（上海）咨 询有限公司、浙江东方星辰投资管理有限公司、北京中翰东方科技发展有限公司 作为联合体（以下合称"联合体"）未被确定为长药控股重整投资人。具体情况 如下： 公司于 2025 年 3 月 6 日召开了十届三十二次董事会会议，审议通过了《关 于向长江医药控股股份有限公司临时管理人提交〈投资方案〉的议案》，同意公 司和其他四家企业作为联合体参与长药控股重整投资人公开招募，并向长药控股 临时管理人提交《山西美锦能源股份有限公司与四川资本市场纾困发展证券投资 基金合伙企业（有限合伙）、嘉强（上海）咨询有限公司、浙江东方星辰投资管 理有限公司、北 ...

证券代码：000723 证券简称：美锦能源 债券代码：127061 债券简称：美锦转债 山西美锦能源股份有限公司 公开发行可转换公司债券 2025 年度第一次临时受托管理事务报告 债券受托管理人 二〇二五年四月 中信建投证券股份有限公司（以下简称"中信建投证券"）作为山西美锦能 源股份有限公司（以下简称"美锦能源"、"公司"或"发行人"）2022 年公开 发行可转换公司债券（债券简称：美锦转债，债券代码：127061）的保荐人、主 承销商和受托管理人，持续密切关注对债券持有人权益有重大影响的事项。 根据《公司债券发行与交易管理办法》《公司债券受托管理人执业行为准则》 《可转换公司债券管理办法》等相关规定、"美锦转债"《受托管理协议》的约 定以及发行人于 2025 年 4 月 26 日披露的《2024 年年度报告》（以下简称"2024 年年报"），现就"美锦转债"重大事项报告如下： 一、本期债券核准情况 根据中国证券监督管理委员会《关于核准山西美锦能源股份有限公司公开发 行可转换公司债券的批复》（证监许可[2022]374 号），核准公司公开发行可转换 公司债券 35,900,000 张，每张面值为人民币 10 ...

Investment Rating - The industry investment rating is maintained as "Positive" [1] Core Viewpoints - The coal sector's overall performance in Q1 2025 showed a decline, with a total net profit of 24.12 billion yuan, down 41.5% year-on-year. Among 37 listed companies, 25 reported profits, with 23 experiencing a year-on-year decline in net profit [3] - The report suggests that the weak demand in Q1, influenced by holidays and higher temperatures, led to increased supply and falling coal prices. However, due to long-term contract pricing, the performance of thermal coal companies remained relatively stable. A rebound in coal prices is expected around mid-May [3] - The report emphasizes the importance of monitoring demand recovery and suggests that the current demand may represent the annual bottom, with a potential rebound in prices during the peak season [3] Industry Market Performance - As of April 29, the CITIC coal industry index fell by 3.69%, underperforming the CSI 300 index, which declined by 2.89%. Year-to-date, the coal sector has dropped by 13.99%, lagging behind the CSI 300 by 9.93 percentage points [10] - The coal industry's price-to-earnings ratio (TTM) is 11.5, which is relatively low compared to other sectors, ranking 27th among 30 CITIC primary industries [10] Supply and Demand Situation - In Q1 2025, the average daily sales of the top 20 coal groups decreased by 3.5% year-on-year, while national coal production increased by 8.1% to 1.2 billion tons [4][40] - The total coal consumption in China for Q1 2025 was 1.27 billion tons, a slight increase of 0.2% year-on-year, with the power sector consuming 740 million tons, down 3% [59] - The report indicates that coal prices have generally declined in Q1, with thermal coal prices at 767.6 yuan/ton, down 16.5% year-on-year [4] Investment Recommendations - The report recommends focusing on high-dividend thermal coal companies during market dips, specifically mentioning China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy for thermal coal, and Huabei Mining and Lu'an Environmental Energy for coking coal [3]

Group 1 - Zhongtong Express Group and Meijin Energy signed a strategic cooperation agreement focusing on hydrogen fuel cell vehicle promotion, green logistics system construction, and hydrogen industry chain integration [1] - The collaboration aims to create a zero-carbon logistics solution and establish a hydrogen multi-modal application innovation center and a smart hydrogen digital ecosystem [1] - Meijin Energy has promoted nearly 4,000 hydrogen fuel cell vehicles, achieving a safe operational mileage of approximately 200 million kilometers and reducing carbon emissions by about 200,000 tons in the transportation sector [1] Group 2 - Meijin Energy is one of the largest independent producers of coking coal and has established a complete hydrogen industry chain, including production, storage, transportation, refueling, and utilization [1] - In 2024, Zhongtong Express is projected to handle 34 billion packages, maintaining the highest market share in the industry for nine consecutive years [2] - Zhongtong Express is committed to building a green, circular, and low-carbon logistics system through energy conservation, recycling packaging, and new energy applications [2]

证券代码：000723 证券简称：美锦能源 公告编号：2025-047 债券代码：127061 债券简称：美锦转债 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。 一、公司2024年度利润分配预案的基本情况 山西美锦能源股份有限公司（以下简称"公司"）2024年度实现归属于母公司所有者的净利润 为-114,253.57万元，截至2024年12月31日公司合并报表累计可供分配利润为693,058.17万元；2024年度 公司母公司实现净利润为127,329.25万元，提取盈余公积12,732.92万元，加上年初未分配利润113,258.51 万元，截至2024年12月31日可供分配利润为227,854.83万元。由于公司2024年度亏损，2024年度拟不派 发现金红利，不送红股，不以资本公积金转增股本。 二、现金分红方案的具体情况 登录新浪财经APP 搜索【信披】查看更多考评等级 （一）公司2024年度利润分配预案不触及其他风险警示，具体指标如下： （二）2024年度拟不进行利润分配的合理性说明 根据《上市公司监管指引第3号——上市公司现金分红》《公司章程》等相 ...