Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The social inventory of coal continues to decline, and the significant rise in futures prices boosts market confidence [6] - The coal sector has shown a mixed performance, with the CITIC coal industry index rising by 1.23%, underperforming the CSI 300 index which increased by 4.18% [2] - The coal supply-demand balance is improving, with a slight decrease in coal prices during the off-season, while coking coal production may see a marginal improvement due to environmental factors [6] Summary by Sections Coal Market Performance - As of August 22, 2025, the average daily coal sales of monitored enterprises were 7.08 million tons, a week-on-week decrease of 1.1% and a year-on-year decrease of 0.7% [2] - The total coal inventory of monitored enterprises (including port storage) was 26.71 million tons, a week-on-week increase of 2% and a year-on-year decrease of 0.8% [2] Price Trends - The price of thermal coal (Q5500K) in the Bohai Rim was 671 CNY/ton, a week-on-week increase of 0.15% [3] - The price of coking coal at major ports remained stable, while the futures settlement price for coking coal was 1,141.5 CNY/ton, a week-on-week decrease of 6.7% [4] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and turnaround coking coal companies, with specific recommendations for companies such as China Shenhua, Shaanxi Coal, and others [6] - The overall coal supply-demand structure is expected to improve, with a gradual balance in supply and demand in the second half of the year [6]

Financial Performance - The company reported a total revenue of 8.245 billion yuan for the first half of 2025, a decrease of 6.46% year-on-year [1] - The net profit attributable to shareholders was -674 million yuan, showing a slight improvement of 1.29% compared to the previous year [1] - The gross profit margin increased significantly by 104.2% to 1.90%, while the net profit margin improved by 1.91% to -9.06% [1] Cash Flow and Debt Management - The net cash flow from operating activities increased by 135.67%, attributed to a decrease in material costs and taxes due to falling raw material prices [3] - The net cash flow from financing activities decreased by 70.76% due to increased debt repayment and stock buybacks [3] - The company’s cash and cash equivalents saw a significant decline of 84.95% in net increase, linked to reduced cash inflow from financing activities [3] Investment and Business Model - The company has a historical median Return on Invested Capital (ROIC) of 9.48%, with a notably poor ROIC of -3.76% in 2024, indicating weak investment returns [3] - The business model relies heavily on capital expenditures, necessitating careful evaluation of the profitability and necessity of these investments [3] Fund Holdings - The largest fund holding shares in the company is the Guotai Zhongzheng Coal ETF, with 47.8686 million shares, reflecting an increase in holdings [5] - Other funds such as the Fuguo Zhongzheng Coal Index and the Guolian Zhongzheng Coal Index also increased their positions in the company [5]

Core Viewpoint - Meijin Energy has successfully completed the construction and commenced continuous batch production of its starch-based capacitor carbon industrialization project, with an initial capacity of 500 tons per year, and is actively pursuing market development [1] Group 1 - The capacitor carbon products have undergone testing, showing ideal performance in key technical indicators and parameters [1] - The company is currently focused on market expansion, engaging in discussions with downstream customers and has sent samples for testing to various target clients [1] - Sales contracts will be gradually signed once customers complete their testing and confirm that the products meet their requirements [1] Group 2 - The production of capacitor carbon products has recently been launched, and both capacity release and market development are progressing in an orderly manner as planned [1]

Group 1 - The core viewpoint of the article is that Meijin Energy has successfully launched its starch-based capacitor carbon production project, which is currently in the phase of market development and customer engagement [1] - The company has completed the construction of its first phase production capacity of 500 tons per year and has begun continuous batch production [1] - The products have shown ideal performance in key technical indicators and parameters during testing, indicating a positive outlook for the product's market entry [1] Group 2 - Meijin Energy is actively communicating and negotiating with downstream customers and has sent samples for testing to various target clients [1] - The company expects to gradually sign sales contracts once customers complete their testing and confirm that the products meet their requirements [1] - The release of production capacity and market development are progressing in an orderly manner as planned [1]

Group 1 - Meijin Energy (000723.SZ) released its semi-annual report for 2025 on August 22, 2025, showing that as of August 21, 2025, 11 institutional investors held a total of 2.025 billion shares, accounting for 45.98% of the total share capital [1] - The top ten institutional investors include Meijin Energy Group Co., Ltd., Tianjin Dongfu Xinneng Investment Management Center (Limited Partnership), and others, with the top ten collectively holding 45.95% of the shares, an increase of 0.93 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, four public funds increased their holdings compared to the previous period, with a total increase of 0.47% [2] - One new public fund disclosed this period is the Huatai-PineBridge CSI Energy ETF, while one public fund, the E Fund CSI Wind and Merger Restructuring Index (LOF), was not disclosed this period [2] - Regarding foreign investment, one foreign fund, Hong Kong Central Clearing Limited, reduced its holdings, resulting in a slight decrease in the holding percentage [2]

Group 1 - The meeting of the Supervisory Board of Shanxi Meijin Energy Co., Ltd. was held on August 20, 2025, via communication, with all three supervisors participating in the voting [1][2] - The meeting was chaired by Ms. Wang Lizhu and complied with relevant regulations of the Company Law and Securities Law of the People's Republic of China [1] - The Supervisory Board unanimously approved the agenda items, including the review of the 2025 semi-annual report and the special report on the use of raised funds [1]

一、关于 2025 年半年度报告的审核意见 监会的规定； 关于十届十六次监事会会议相关事项的审核意见 根据《中华人民共和国公司法》《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》及《公司章 程》《监事会议事规则》等有关规定，我们作为山西美锦能源股份有限公司（以 下简称"公司"）的监事，本着审慎原则，基于独立判断的立场，现就公司十届 十六次监事会会议的相关事项发表如下意见： 定，所包含的信息能真实、准确、完整地反映出公司2025年半年度的经营管理和 财务状况等事项； 山西美锦能源股份有限公司监事会 的人员有违反保密规定的行为。 山西美锦能源股份有限公司监事会 ...

Meeting Information - The company will hold its second extraordinary general meeting of shareholders in 2025 on September 17, 2025, at 15:00 [1] - Voting will be available through the Shenzhen Stock Exchange trading system and internet voting system on the same day [1][5] - Shareholders must register by September 11, 2025, to attend the meeting [3][4] Voting Procedures - Shareholders can vote via the trading system from 9:15 to 9:25, 9:30 to 11:30, and 13:00 to 15:00 on the meeting day [5] - Internet voting will be available from 9:15 to 15:00 on the same day [6] - Voting will be non-cumulative, and shareholders must express their opinions on the total proposal and specific proposals [5][6] Registration Requirements - Legal entity shareholders must provide a copy of the business license, authorization letter, shareholding certificate, and ID [3] - Individual shareholders must present their ID and shareholding certificate for registration [3] - Proxy representatives must have proper authorization documents to attend the meeting [3]

Core Viewpoint - Meijin Energy reported a decline in revenue and an increase in net loss for the first half of 2025 compared to the same period in 2024 [2]. Financial Performance - For the first half of 2025, the company recorded an operating revenue of approximately 8.245 billion yuan, a decrease of 6.46% year-on-year [2]. - The net loss attributable to shareholders was approximately 674 million yuan, compared to a net loss of about 683 million yuan in the same period of 2024 [2]. - The basic earnings per share for the first half of 2025 was a loss of 0.15 yuan, slightly improved from a loss of 0.16 yuan in the first half of 2024 [2].

Core Viewpoint - The article discusses recent developments in convertible bonds, including proposals for adjustments and redemption announcements for various bonds, highlighting potential investment opportunities and market movements. Group 1: Convertible Bond Proposals and Announcements - 起帆转债 has proposed a downward adjustment [1] - 海泰转债 and 设研转债 are subject to strong redemption [1][2] - 万凯转债 will not undergo strong redemption [1][2] Group 2: Financial Performance and Market Data - 美锦能源 reported a loss of 674 million yuan for the first half of 2025 [1] - The article includes a table detailing various convertible bonds, their current prices, redemption prices, last trading dates, conversion values, and remaining scales [4][6]