Core Viewpoint - The company has signed a partnership agreement to establish an equity investment fund, contributing 150 million yuan as a limited partner [1] Group 1 - The company, along with Ningbo Lianchuang Yongjun and other parties, has established the Anhui Jun'an Equity Investment Fund Partnership (Limited Partnership) [1] - The total capital contribution from all partners amounts to 300 million yuan, with the company contributing 150 million yuan [1] - The fund has completed its business registration and private placement fund filing, and is currently progressing with its operations [1]

Core Viewpoint - The coking coal sector experienced a decline of 0.37% on November 27, with Meijin Energy leading the drop, while the Shanghai Composite Index rose by 0.29% [1] Group 1: Market Performance - The closing price of the Shanghai Composite Index was 3875.26, and the Shenzhen Component Index closed at 12875.19, down by 0.25% [1] - The coking coal sector's individual stock performance showed varied results, with Antai Group increasing by 4.54% to a closing price of 4.61, while Meijin Energy fell by 2.17% to 4.95 [1] Group 2: Trading Volume and Capital Flow - The total trading volume for the coking coal sector was significant, with Antai Group recording a volume of 1.82 million shares and a transaction value of 82.2 million yuan [1] - The coking coal sector saw a net outflow of 31.23 million yuan from main funds, while retail funds experienced a net outflow of 193,300 yuan [1] Group 3: Individual Stock Capital Flow - Baotailong had a main fund net outflow of 21.25 million yuan, while it also saw a retail net outflow of 10.88 million yuan [2] - Yunnan Coal Energy experienced a main fund net inflow of 7.99 million yuan, but a retail net outflow of 6.75 million yuan [2] - Meijin Energy faced a significant main fund net outflow of 40.39 million yuan, with retail investors contributing a net inflow of 35.38 million yuan [2]

Market Overview - The coke sector experienced a slight decline of 0.14% on November 26, with Antai Group leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index rose by 1.02% to 12907.83 [1] Individual Stock Performance - Meijin Energy (000723) saw an increase of 1.40%, closing at 5.06 with a trading volume of 1.6783 million shares and a turnover of 862 million yuan [1] - Yunwei Co. (600725) rose by 0.28%, closing at 3.64 with a trading volume of 159,400 shares and a turnover of 58.5147 million yuan [1] - Shanxi Coking Coal (600740) decreased by 0.25%, closing at 4.00 with a trading volume of 180,700 shares and a turnover of 72.4357 million yuan [1] - Shaanxi Black Cat (601015) fell by 0.49%, closing at 4.03 with a trading volume of 347,300 shares and a turnover of 140 million yuan [1] - Baotailong (601011) dropped by 1.37%, closing at 3.59 with a trading volume of 640,700 shares and a turnover of 232 million yuan [1] - Yunmei Energy (600792) decreased by 2.06%, closing at 4.27 with a trading volume of 289,000 shares and a turnover of 124 million yuan [1] - Antai Group (600408) led the decline with a drop of 3.08%, closing at 4.41 with a trading volume of 1.3839 million shares and a turnover of 610 million yuan [1] Fund Flow Analysis - The coke sector experienced a net outflow of 14.0321 million yuan from main funds, while retail investors saw a net inflow of 46.2353 million yuan [1] - Major stocks like Meijin Energy had a net inflow of 21.4245 million yuan from main funds, while Antai Group faced a net outflow of 7.6066 million yuan [2] - Retail investors showed significant interest in Yunmei Energy, which had a net inflow of 20.5776 million yuan, despite a net outflow from main and speculative funds [2]

Meeting Summary - The fourth temporary shareholders' meeting of Shanxi Meijin Energy Co., Ltd. was held on November 25, 2025, with no resolutions being rejected [3][4] - The meeting was conducted in compliance with relevant laws and regulations [3][9] - A total of 1,686,875,711 shares were represented at the meeting, with 99.5829% voting in favor of the proposal to terminate certain fundraising investment projects and permanently supplement remaining funds into working capital [7][8] Bondholders' Meeting Summary - The first bondholders' meeting for "Meijin Convertible Bonds" was also held on November 25, 2025, with all attending bondholders voting in favor of the proposal to terminate certain fundraising investment projects [12][18] - A total of 377,917 bonds were represented, accounting for 1.3550% of the total outstanding bonds [15] - The bondholders approved the proposal unanimously, with 100% voting in favor [18] Redemption Announcement - The company announced a redemption price of 100.986 CNY per bond, including interest and tax, with the redemption period set from December 1 to December 5, 2025 [24][25] - The company will transfer the redemption funds on December 10, 2025, and the funds will be credited to investors' accounts by December 12, 2025 [30][34] - The bondholders have the option to choose whether to redeem their bonds, and the redemption does not have a mandatory nature [31][35] Suspension of Conversion - The conversion of "Meijin Convertible Bonds" will be suspended from December 1 to December 5, 2025, during the redemption period [40][41] - The conversion will resume on December 8, 2025, after the redemption period ends [41][42]

| 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：2025-126 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 关于回售期间"美锦转债"暂停转股的公告 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。 特别提示： 公司于2025年11月7日召开了十届四十六次董事会会议，于2025年11月25日 召开了公司2025年第四次临时股东会和"美锦转债"2025年第一次债券持有人会 议，审议通过了《关于终止部分募集资金投资项目并将剩余募集资金永久补充流 动资金的议案》。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》的约定，"美锦转债"的附加回售条款生效，公司可转换公司债券持 有人享有一次回售的权利。具体内容详见公司同日披露于巨潮资讯网的《关于"美 锦转债"回售的第一次提示性公告》（公告编号：2025-125） 根据《深圳证券交易所上市公司自律监管指引第15号——可转换公司债券》 的规定，可转债实施回售的，应当暂停可转债转股。经向深圳证券交易所申 ...

证券代码：000723 证券简称：美锦能源 公告编号：2025-125 债券代码：127061 债券简称：美锦转债 1、回售价格：100.986元/张（含息税） 2、回售申报期：2025年12月1日至2025年12月5日 3、发行人资金到账日：2025年12月10日 4、回售款划拨日：2025年12月11日 5、投资者回售款到账日：2025年12月12日 山西美锦能源股份有限公司 关于"美锦转债"回售的第一次提示性公告 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： 6、回售申报期内"美锦转债"暂停转股 7、本次回售不具有强制性，"美锦转债"持有人有权选择是否进行回售 8、在回售资金发放日之前，如持有的本期债券发生司法冻结或划扣等情形， 债券持有人本次回售申报业务失效。 9、风险提示：投资者选择回售等同于以100.986元/张（含息税）卖出持有 的"美锦转债"。截至本公告之日，"美锦转债"的收盘价格高于本次回售价 格，投资者选择回售可能会带来损失，敬请投资者注意风险。 山西美锦能源股份有限公司（以下简称"公司"）于2025年11月7日召开了 十届四 ...

可转换公司债券回售有关事项的核查意见 中信建投证券股份有限公司（以下简称"中信建投"或"保荐机构"）作为 山西美锦能源股份有限公司（以下简称"美锦能源"或"公司"）公开发行可转 换公司债券的保荐机构，根据《证券发行上市保荐业务管理办法》《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》《深圳证券交易所上市公司自律监管指引第15号——可转换公 司债券》等相关法律、法规及规范性文件要求，对公司本次可转换公司债券回售 有关事项情况进行了核查。具体情况如下： 中信建投证券股份有限公司 关于山西美锦能源股份有限公司 一、"美锦转债"发行上市情况 经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，美锦能源按面值向社 会公开发行35,900,000张可转债，每张面值为人民币100元，公司本次发行的募集 资金总额为3,590,000,000.00元，扣除与本次发行有关费用33,362,264.15元（不含 税），实际募集资金净额为人民币3,556,637,735.85元。本次募集资金已全部到位， ...

北京德恒律师事务所 关于山西美锦能源股份有限公司 可转换公司债券回售 之法律意见书 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于山西美锦能源股份有限公司可转换公司债券回售之法律意见书 释 义 本法律意见书中，除非文义另有所指，下列词语或简称具有如下含义： | 发行人/美锦能源/ | 指 | 山西美锦能源股份有限公司 | | --- | --- | --- | | 公司 | | | | 本次发行 | 指 | 发行人本次申请公开发行不超过 359,000 万元（含 | | | | 359,000 万元）可转换公司债券 | | 本所 | 指 | 北京德恒律师事务所 | | 《法律意见书》、本 | 指 | 本所出具的《北京德恒律师事务所关于山西美锦能 源股份有限公司可转换公司债券回售之法律意见 | | 法律意见书 | | 书》 | | 《募集说明书》 | 指 | 发行人为本次发行编制的《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》 | | 《持有人会议规则》 | 指 ...

| 证券代码：000723 | 证券简称：美锦能源 | 公告编号：2025-124 | | --- | --- | --- | | 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 "美锦转债"2025年第一次债券持有人会议决议公告 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。 4、会议召开的合法、合规性：本次会议的召集、召开程序符合有关法律、 行政法规、规范性文件、《募集说明书》及《债券持有人会议规则》的有关规定。 5、会议时间：2025年11月25日（星期二）下午16:00 6、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 7、会议召开及投票表决方式：本次会议采取记名的现场表决及非现场邮寄 或电子邮件等通讯表决方式。 8、债权登记日：2025年11月20日（星期四） 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》"）、《山西美锦能源股份有限公司可转换公司债券持 有人会议规则》（以下简称"《债券持有人会议规则》"）的相关规定，山西美 锦能源股份有限公司（以下简称"公司" ...

国浩律师（太原）事务所 关于 山西美锦能源股份有限公司公开发行可转 换为公司普通股（A 股）的公司债券 2025 年第一次债券持有人会议 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, Tower T4, China Resources Building, No.1 Changxing Road, Wanbailin District, 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 11 月 国浩律师（太原）事务所 法律意见书 之 法律意见书 声 明 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"公司"或"发行人"）的委托，指派齐春艳、李瑶律师出席发 行人公开发行可转换为公司普通股（A 股）的公司债券（以下简称"本期债券" 或"美锦转债"）2025 年第一次债券持有人会议（以下简称"本次会议"或 "本次持有人会议 ...