证券时报·数据宝统计显示，美锦能源今日收盘价为4.83元，下跌2.03%，日换手率为2.02%，成交额为 4.31亿元，全天主力资金净流出5474.99万元，近5日该股累计上涨1.90%，近5日资金合计净流出3669.62 万元。 两融数据显示，该股最新融资余额为9.25亿元，近5日增加6011.56万元，增幅为6.95%。（数据宝） 9月2日美锦能源大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 520.00 | 2527.20 | 4.86 | 0.62 | 国泰海通证券股份有限公司 | 东兴证券股份有限公司西 | | | | | | 杭州延安路证券营业部 | 安翠华路证券营业部 | （文章来源：证券时报网） 美锦能源9月2日大宗交易平台出现一笔成交，成交量520.00万股，成交金额2527.20万元，大宗交易成交 价为4.86元，相对今日收盘价溢价0.62%。该笔交 ...

Group 1 - The coke sector experienced a decline of 1.04% on September 2, with Meijin Energy leading the drop [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] - Major stocks in the coke sector showed mixed performance, with Antai Group increasing by 0.90% and Meijin Energy decreasing by 2.03% [1] Group 2 - The net outflow of main funds in the coke sector was 115 million yuan, while retail investors saw a net inflow of 107 million yuan [1] - Detailed fund flow data indicates that Meijin Energy had a significant net outflow of 64.06 million yuan from main funds [2] - Retail investors showed a strong interest in several stocks, with Antai Group and Yunwei Co. seeing positive net inflows from retail investors [2]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 (万股/万份) | 成交金额 买方营业部 (万元) | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | | 2025-09-02 | 000723 | 美锦能源 | 4.86 | 520.00 | 2,527.20 国泰海通证券股份 | 东兴证券股份有限 | | | | | | | 有限公司杭州延安 | 公司西安翠华路证 | | | | | | | 路班券营业部 | 等营业部 | 9月2日，美锦能源大宗交易成交520万股，成交额2527.2万元，占当日总成交额的5.54%，成交价4.86 元，较市场收盘价4.83元溢价0.62%。 ...

Group 1 - The coke sector experienced a 2.0% increase on September 1, with Yunmei Energy leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Key stocks in the coke sector showed various performance metrics, with Yunmei Energy closing at 3.83, up 2.96%, and Meijin Energy at 4.93, up 2.49% [1] Group 2 - The net inflow of main funds in the coke sector was 20.83 million yuan, while retail funds saw a net outflow of 10.12 million yuan [1] - Individual stock fund flows indicated that Meijin Energy had a main fund net inflow of 14.05 million yuan, while Yunwei Co. experienced a net outflow of 2.99 million yuan [2] - The overall fund flow dynamics showed that retail investors were net sellers across most stocks in the sector, with significant outflows from Yunwei Co. and Shanxi Coking [2]

Group 1 - A-share companies are increasingly planning to list in Hong Kong, indicating a trend in the market [1] - A total of 29 A-share listed companies have disclosed plans for Hong Kong listings this month [1] - Notable companies involved in this trend include Huaxin Cement, Shengbang Co., Dongcheng Pharmaceutical, and others [1]

Group 1 - The core transaction of Meijin Energy on August 29 involved a volume of 9.8357 million shares, with a transaction amount of 47.8999 million yuan, and a transaction price of 4.87 yuan, representing a premium of 1.25% over the closing price of the day [2] - In the last three months, Meijin Energy has recorded a total of 2 block trades, with a cumulative transaction amount of 52.1961 million yuan [2] - The closing price of Meijin Energy on the day of the transaction was 4.81 yuan, reflecting a decrease of 0.82%, with a daily turnover rate of 2.99% and a total transaction amount of 640 million yuan [2] Group 2 - The net outflow of main funds for Meijin Energy on that day was 83.3014 million yuan, while the stock has seen a cumulative increase of 2.12% over the past five days, with a total net outflow of funds amounting to 15.8595 million yuan [2] - The latest margin financing balance for Meijin Energy is 900.2 million yuan, which has increased by 26.3202 million yuan over the past five days, representing a growth rate of 3.01% [2]

山西美锦能源股份有限公司 关于共同发起设立股权投资基金的进展公告 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。 风险提示： 1、本次对外投资的产业基金筹备过程中存在可能因合伙人未能缴足认缴资 金等原因，导致基金未能足额募集的风险，实际募集及各方缴付出资情况存在不 确定性。 | 证券代码:000723 | | --- | | 债券代码:127061 | 证券代码：000723 证券简称：美锦能源 公告编号：2025-099 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（以下简称"公司"）与宁波联创永浚私募基金 管理有限公司、宁波市商毅软件有限公司、上海佳妮佳瑞企业管理咨询合伙企业 （有限合伙）、厉冉、重庆宗申投资有限公司、嘉兴东裕投资有限公司、安徽两 江新兴产业股权投资基金合伙企业（有限合伙）、安徽省人工智能主题投资基金 合伙企业（有限合伙）共同签署了《安徽浚安股权投资基金合伙企业（有限合伙） 有限合伙协议》，设立安徽浚安股权投资基金合伙企业（有限合伙）（以下简称 "股权投资基金"），其中，公司作为有限合伙人出资1.5亿元人民币。具体情 ...

Investment Rating - The investment rating for the company is maintained at "Outperform" [1] Core Views - The company's performance in H1 2025 was pressured by a significant drop in coke prices, with a revenue of 8.25 billion yuan, down 6.5% year-on-year. The net profit attributable to shareholders was -667 million yuan, although it showed an increase of 8.8 million yuan compared to the previous year [1] - The report highlights the focus on improving coal and coke operations and the steady progress in hydrogen energy initiatives, which are expected to enhance future profitability [1][3] Summary by Relevant Sections Financial Performance - In H1 2025, the company achieved an operating income of 8.25 billion yuan, a decrease of 6.5% year-on-year. The net profit attributable to shareholders was -667 million yuan, an increase of 8.8 million yuan year-on-year. The net profit after deducting non-recurring items was -680 million yuan, an increase of 14.67 million yuan year-on-year [1] - For Q2 2025, the company reported an operating income of 4.26 billion yuan, a quarter-on-quarter increase of 7%. The net profit attributable to shareholders was -320 million yuan, a quarter-on-quarter increase of 43.37 million yuan [1] Production and Sales - The company has a coal production capacity of 6.3 million tons per year, with a coal output of 1.7937 million tons in H1 2025, up 31.8% year-on-year. The coke production capacity is 10.95 million tons per year, with a total coke output of 3.756 million tons in H1 2025, up 26.5% year-on-year [2] - The revenue from coal and coke products and by-products was 8.03 billion yuan in H1 2025, down 2.7% year-on-year, while the gross profit was 190 million yuan, up 58.6% year-on-year, with a gross margin of 2.4%, an increase of 0.9 percentage points year-on-year [2] Hydrogen Energy Initiatives - The hydrogen energy segment has secured nearly 300 million yuan in super orders, and the construction of hydrogen refueling networks is progressing steadily, indicating a shift from the investment phase to the realization phase [3] - The company plans to complete the second phase of its Guizhou project within 2025, which will significantly enhance its coke production capacity and lower costs, thereby strengthening its competitive position in the industry [3] Valuation and Future Outlook - The profit forecasts for 2025-2027 have been adjusted, with expected net profits of -652 million yuan, 141 million yuan, and 410 million yuan respectively. The EPS for these years is projected to be -0.15, 0.03, and 0.09 yuan [1][4] - The report anticipates that the company's ongoing projects and hydrogen energy developments will catalyze a revaluation of its stock, especially with the planned H-share listing [3]

Summary of Key Points Core Viewpoint - On August 29, Meijin Energy executed a block trade of 9.8357 million shares, amounting to a transaction value of 47.8999 million yuan, which represented 6.96% of the total trading volume for that day, with a transaction price of 4.87 yuan, reflecting a premium of 1.25% over the market closing price of 4.81 yuan [1][2]. Group 1 - The block trade involved a total of 9.8357 million shares of Meijin Energy [1][2]. - The total transaction value for the block trade was 47.8999 million yuan [1][2]. - The transaction price of 4.87 yuan was higher than the market closing price of 4.81 yuan, indicating a premium of 1.25% [1][2]. Group 2 - The block trade accounted for 6.96% of the total trading volume on that day [1][2]. - The buyer was Changcheng Securities Co., Ltd., while the seller was Dongxing Securities Co., Ltd. [2].

Summary of Meijin Energy Conference Call Company Overview - Meijin Energy reported a net asset of 13.717 billion yuan for the first half of 2024, a decrease of 5.08% compared to the end of the previous year [2][3] - The company is actively involved in the hydrogen energy sector, promoting various hydrogen vehicles [2][6] Financial Performance - For the first half of 2025, Meijin Energy incurred a loss of 674 million yuan, with a second-quarter loss of approximately 300 million yuan [3] - Total assets amounted to 44.742 billion yuan, a slight decrease of 0.67% from the previous year [3] - Operating revenue was 8.245 billion yuan, reflecting a year-on-year decrease of 6.46% [3] Cost Control Measures - The company implemented organizational and performance adjustments to manage costs, resulting in a decrease in expenses [4] - The decline in costs within the hydrogen energy sector is partially attributed to a drop in sales [4] Hydrogen Energy Initiatives - Meijin Energy is advancing hydrogen energy demonstration projects in regions such as Beijing-Tianjin-Hebei, Shanxi, and Guizhou, focusing on heavy trucks, hydrogen refueling stations, and zero-carbon transport routes [5][12] - As of June 2025, approximately 3,600 hydrogen vehicles have been promoted by Meijin Energy's subsidiaries [6] Market Conditions and Pricing - The company has not been affected by production reduction policies related to the 93rd National Day military parade [7] - From July 17 to August 22, 2025, coking coal prices have increased significantly, with coal price increases outpacing those of coke [7] Equity Pledge Issues - Meijin Energy faces equity pledge issues primarily related to a pledge from Great Wall, which constitutes nearly half of the total pledges [8] - The Shanxi provincial government is coordinating to resolve this issue, and progress in establishing a fund may help alleviate the pledge ratio [8] IPO Plans - The company is planning to list in Hong Kong to align with national dual carbon strategies and the energy revolution in Shanxi, aiming to leverage international capital for hydrogen energy development [9] Government Subsidies - Government subsidies are viewed as temporary and not a sustainable profit source; the company's profitability relies mainly on its core industrial operations [10] Future Outlook - The company’s convertible bonds are due on April 19, 2028, and it maintains a positive cash flow despite current low profitability [11] - The cyclical nature of the coal industry suggests potential market improvement in the next two to three years [11] Production Cost Challenges - Meijin Energy's production costs for coke are relatively high due to geographical factors, coal types, and transportation costs [14][15] - The company operates several coal mines in Shanxi, but regional differences contribute to overall higher production costs [14][16]