| | | 证券代码：000723 证券简称：美锦能源 公告编号：2025-064 山西美锦能源股份有限公司 十届三十七次董事会会议决议公告 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。 山西美锦能源股份有限公司（以下简称"公司"）十届三十七次董事会会议 通知于 2025 年 5 月 11 日以通讯形式发出，会议于 2025 年 5 月 21 日以通讯形式 召开。本次会议应参加表决董事 9 人，包括 3 名独立董事，实际参加表决董事 9 人。会议由董事长姚锦龙先生主持，公司监事及高管人员列席了本次会议。会议 的召开和表决程序符合《中华人民共和国公司法》《中华人民共和国证券法》及 《山西美锦能源股份有限公司章程》的有关规定。经与会董事审议，一致通过如 下议案。 一、召开会议基本情况 表决结果：同意 9 票，反对 0 票，弃权 0 票。 二、会议审议事项 1、审议并通过《关于不向下修正"美锦转债"转股价格的议案》 截至 2025 年 5 月 21 日，公司股票已触发"美锦转债"转股价格的向下修正 条款。 综合考虑公司的基本情况、股价走势、市场环境等多重因素，以及 ...

Financial Performance - In 2024, the company experienced its first loss in several years, primarily due to a structural imbalance between the prices and costs of coal and coke, with both sales prices declining more than the corresponding cost reductions [1] - The coke business was the main source of operational losses, with the market showing a weak trend in 2024, leading to a significant drop in prices due to weak terminal demand and reduced cost support [1][2] - Other income increased by 186.18% in Q1 2025, mainly due to increased government subsidies related to the hydrogen energy industry, although the sustainability of these subsidies remains uncertain [4] Hydrogen Energy Initiatives - The company is collaborating with Guohua Technology to promote 10,000 hydrogen commercial vehicles nationwide, addressing high costs and inadequate refueling infrastructure through a comprehensive industrial loop [2][3] - The company has established the Anhui Xun'an Equity Investment Fund in 2025, focusing on advanced manufacturing and new energy sectors, which will enhance its technological reserves in hydrogen and fuel cells [3] - As of Q1 2025, the company has operated over 1,100 hydrogen fuel vehicles, with nearly 4,000 hydrogen fuel cell vehicles promoted, achieving a total operational mileage exceeding 200 million kilometers and reducing carbon emissions by approximately 200,000 tons [10][11] Market and Infrastructure Development - The company is actively participating in the development of hydrogen energy infrastructure, including hydrogen production bases and refueling networks, to create a replicable regional development model [4][6] - The hydrogen energy industry is expected to see significant growth, with the company planning to extend its hydrogen energy supply chain and explore applications in heavy-duty vehicles and shipping [6][7] - The company is also focusing on integrating traditional energy and hydrogen energy sectors to create a circular economy model, enhancing resource efficiency [5][6] Risk Management and Financial Stability - The company is implementing measures to stabilize its stock price amidst high pledge ratios, including optimizing production processes and enhancing communication with investors [9] - Accounts receivable increased by 6.84% due to market competition and customer financial difficulties, prompting the company to strengthen credit risk management and monitoring [8]

国浩律师（太原）事务所 关于 山西美锦能源股份有限公司 2024 年年度股东会 之 法律意见书 山西省太原市万柏林区长兴路 1 号华润大厦 T4 楼 21 层邮编：030021 21/F,TowerT4,ChinaResourcesBuilding,No.1ChangxingRoad,WanbailinDistrict,Taiyuan,Shanxi 电话/Tel:(+86)(351)7032237/38/39 传真/Fax:(+86)(351)7024340 网址/Website:www.grandall.com.cn 2025 年 5 月 国浩律师（太原）事务所 法律意见书 之 法律意见书 编号：GPBA3857002 致：山西美锦能源股份有限公司 国浩律师（太原）事务所（以下简称"本所"）接受山西美锦能源股份有限 公司（以下简称"美锦能源"或"公司"）的委托，指派齐春艳、刘颖律师出席 了美锦能源于 2025 年 5 月 20 日（星期二）召开的 2024 年年度股东会（以下简 称"本次股东会"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券 ...

证券代码：000723 证券简称：美锦能源 公告编号：2025-063 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 2024年年度股东会决议公告 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、本次会议未出现否决议案的情形。 2、本次会议未涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议时间：2025年5月20日（星期二）14:30 3、召开方式：现场投票与网络投票相结合 4、召 集 人：公司董事会 2、会议地点：山西省太原市清徐县清泉西湖公司办公大楼会议室 5、主 持 人：公司董事长姚锦龙先生 6、会议的召集、召开符合《公司法》《证券法》《股票上市规则》及《公 司章程》等有关法律法规规定。 （二）会议出席情况 1、现场出席本次股东会表决的股东及股东授权代表共计(2)人，代表股份 (1,646,196,786)股，占公司有表决权股份总数的(37.3841%)。没有股东委托独 立董事投票。 2、通过网络投票出席本次股东会的股东及股东授权代表共计(1,236)人，代 表股份(33,08 ...

| 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 ...