Investment Rating - The report assigns a "Neutral" rating for Meijin Energy (000723) as it initiates coverage [2][6]. Core Views - The company has shown a significant improvement in Q3, achieving a quarter-on-quarter turnaround to profitability, likely due to increased production and a notable reduction in management expenses [3][6]. - The ongoing asset injection process is expected to enhance the company's coal resources and strengthen the synergy between coal and coke operations [3][6]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 14.37 billion yuan, a year-on-year decrease of 3.2%, and a net profit attributable to shareholders of -650 million yuan, a year-on-year decline of 261% [3]. - In Q3 2024, the company achieved revenue of 5.56 billion yuan, a quarter-on-quarter increase of 20% and a year-on-year increase of 9%. The net profit attributable to shareholders was 30 million yuan, marking a turnaround from losses, although it was down 15% year-on-year [3][4]. - The company anticipates revenue growth for 2024-2026, projecting revenues of 19.8 billion yuan, 23.1 billion yuan, and 26.5 billion yuan respectively, with corresponding net profits of -530 million yuan, 350 million yuan, and 540 million yuan [4][6]. Production and Market Conditions - Q3 production levels are expected to have recovered, with a reported 8% increase in coal production in Shanxi province compared to Q2 [3]. - The price of metallurgical coke in Shanxi has seen a slight increase in Q4, which may further improve the company's performance [3]. Asset Injection Details - The company plans to acquire 51% of Jinyuan Coal Mine and 49% of Zhengwang Coal Industry and Zhengcheng Coal Industry through a share issuance, which is expected to significantly enhance its coal resource reserves [3][6].

| 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：2024-140 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 关于为控股子公司提供担保的进展公告 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。 特别提示： 本次担保额度使用情况如下： 山西美锦能源股份有限公司（以下简称"公司"）本次提供担保的对象截至 2024 年 9 月 30 日的资产负债率超过 70%，敬请投资者注意相关风险。 一、担保情况概述 （一）本次担保基本情况 1、公司控股子公司唐钢美锦（唐山）煤化工有限公司（以下简称"唐钢美 锦"）因生产经营需要，向中国进出口银行河北省分行申请国内保理融资业务额 度不超过 4 亿元，单笔业务期限不超过（含）12 个月，根据公司持股比例，公司 为唐钢美锦在中国进出口银行河北省分行的国内保理融资业务提供 55%的连带 保证责任。 2、公司控股子公司佛山市飞驰汽车科技有限公司（以下简称"飞驰科技"） 因经营需要，向广东耀达融资租赁有限公司申请售后回租的方式新 ...

Investment Rating - Investment rating is maintained at "Outperform" [2] Core Views - The company reported a revenue of 14.37 billion yuan for the first three quarters of 2024, a year-on-year decrease of 3.2%, and a net profit attributable to shareholders of -650 million yuan, a year-on-year decrease of 261.3% [3][4] - In Q3 2024, the company achieved a revenue of 5.56 billion yuan, a quarter-on-quarter increase of 20.2%, and a net profit attributable to shareholders of 30 million yuan, a quarter-on-quarter increase of 108.7% [3] - The report indicates an improvement in the company's profitability in Q3, attributed to a reduction in losses from the coking business [3] - The hydrogen energy sector is progressing steadily, with the company leading the industry in the number of fuel cell vehicles insured [3][4] Financial Summary - For 2024, the company is expected to have a net profit attributable to shareholders of -600 million yuan, with forecasts for 2025 and 2026 at 510 million yuan and 670 million yuan respectively [3][4] - The earnings per share (EPS) for 2024 is projected at -0.14 yuan, with 2025 and 2026 expected at 0.12 yuan and 0.15 yuan respectively [3][4] - The company's total revenue is forecasted to decline to 17.37 billion yuan in 2024, followed by an increase to 22.01 billion yuan in 2025 and 23.82 billion yuan in 2026 [4][5] Market Conditions - The average price of metallurgical coke in Tianjin Port for the first nine months of 2024 was 2032.5 yuan/ton, a year-on-year decrease of 14.2% [3] - The average price of premium coking coal was 2126.1 yuan/ton, a year-on-year decrease of 2.9%, leading to a significant negative "coke-coal price difference" [3] - The report highlights that the domestic "incremental policy package" is expected to improve profitability in the coal-coke-steel industry chain [3]

| 证券代码:000723 | | --- | | 倩券代码. 127061 | 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 十届十次监事会会议决议公告 本公司及监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、召开会议基本情况 山西美锦能源股份有限公司（以下简称"公司"）十届十次监事会会议通知 于2024年10月19日以通讯形式发出，会议于2024年10月29日以通讯形式召开。本 次会议应参加表决监事3人，实际参加表决监事3人。会议由监事会主席王丽珠女 士主持。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《公司章程》的有关规定。经与会监事审议，一致通过如下议案。 二、会议审议事项 1、审议并通过《2024 年第三季度报告》 监事会成员对公司2024年第三季度报告进行了认真的审核并发表监事会审 核意见： 证券代码：000723 证券简称：美锦能源 公告编号：2024-137 （3）在公司监事会提出本意见前，未发现参与2024年第三季度报告编制和 审议的人员有违反保密规定的行为。 具体内容详见公司同日在巨潮资讯 ...

| | 债券简称：美锦转债 | | --- | --- | | 债券代码：127061 | | 证券代码：000723 证券简称：美锦能源 公告编号：2024-136 山西美锦能源股份有限公司 十届二十七次董事会会议决议公告 二、会议审议事项 公司九届二十次董事会会议审议通过了《关于全资子公司华盛化工向参股公 司提供财务资助的议案》，同意公司全资子公司山西美锦华盛化工新材料有限公 司（以下简称"华盛化工"）向清徐泓博污水处理有限公司（以下简称"清徐泓 博"）提供 7,000 万元的财务资助，期限 3 年，年利率现汇 5%（承兑为 2%）。 上述金额中的 2,900 万元已作为对清徐泓博的投资转入清徐泓博的资本公积，鉴 于原财务资助即将到期，为满足清徐泓博的日常运营需要，华盛化工拟对原财务 资助剩余即将到期的借款进行展期，清徐泓博的另外两个股东山西梗阳新能源有 限公司和山西亚鑫新能科技有限公司分别按其持股比例提供同比例的财务资助 展期，财务资助展期年利率为 3.45%，展期期限三年，原财务资助协议的其他条 款不变。 具体内容详见公司同日在巨潮资讯网披露的《关于全资子公司华盛化工向参 股公司提供财务资助展期的公告 ...

| 证券代码：000723 | 证券简称：美锦能源 | 公告编号：2024-139 | | --- | --- | --- | | 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 一、财务资助展期事项概述 关于全资子公司华盛化工向参股公司提供财务资助展期的公告 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。 重要内容提示： 1、资助对象：清徐泓博污水处理有限公司（以下简称"清徐泓博"）。 2、资助方式：由公司全资子公司山西美锦华盛化工新材料有限公司（以下 简称"华盛化工"）向清徐泓博提供的剩余即将到期的借款进行展期。 3、资助展期额度：4,100万元。 4、资助展期期限：三年。 5、资助展期利率：年利率为3.45%。 6、履行的审议程序：经十届二十七次董事会会议审议通过。 山西美锦能源股份有限公司（以下简称"公司"或"本公司"）于2021年9 月14日召开九届二十次董事会会议，审议通过《关于全资子公司华盛化工向参股 公司提供财务资助的议案》，同意公司全资子公司华盛化工向清徐泓博提供7,000 万元的财务资助，期限3年，年利率现 ...

Financial Performance - Revenue for the third quarter was RMB 5.56 billion, an increase of 8.96% year-over-year[3] - Net profit attributable to shareholders was RMB 28.05 million, a decrease of 14.98% year-over-year[3] - Net profit for the quarter was -790.66 million RMB, compared to 341.66 million RMB in the same period last year[14] - Net profit attributable to parent company decreased to 7.546 billion CNY from 8.200 billion CNY[13] - Basic earnings per share were -0.15 RMB, down from 0.09 RMB in the same period last year[15] - Diluted earnings per share were -0.11 RMB, compared to 0.11 RMB in the previous year[15] - Total comprehensive income was -790.66 million RMB, a significant drop from 341.66 million RMB last year[15] - Sales revenue from goods and services was 14.18 billion RMB, slightly up from 13.97 billion RMB in the previous year[16] - Operating income decreased to 14.370 billion CNY from 14.838 billion CNY[13] - Operating costs increased to 15.192 billion CNY from 14.237 billion CNY[13] Cash Flow - Operating cash flow for the period was RMB 930.91 million, an increase of 349.20% year-over-year[6] - Cash flow from operating activities totaled 14.46 billion RMB, up from 14.29 billion RMB in the previous year[16] - Net cash flow from operating activities increased to 930.91 million RMB from 207.24 million RMB[17] - Net cash flow from investing activities decreased to -2,707.74 million RMB from -1,824.78 million RMB[17] - Net cash flow from financing activities increased to 2,591.71 million RMB from 1,430.02 million RMB[17] - Total cash and cash equivalents at the end of the period were 2,240.92 million RMB, up from 1,700.18 million RMB[17] - Cash paid for employee compensation was 879.20 million RMB, compared to 618.31 million RMB[17] - Cash paid for taxes decreased to 1,081.53 million RMB from 1,804.81 million RMB[17] - Cash received from investments was 460.57 million RMB, down from 2,964.94 million RMB[17] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets was 2,495.72 million RMB, compared to 3,791.40 million RMB[17] - Cash received from borrowings increased to 2,941.01 million RMB from 2,378.05 million RMB[17] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 43.55 billion, an increase of 2.43% compared to the end of the previous year[3] - Total assets increased to 43.547 billion CNY from 42.513 billion CNY[12] - Total liabilities rose to 27.436 billion CNY from 25.595 billion CNY[13] - The company's monetary funds decreased to 4,474,173,443.80 yuan from 6,149,237,602.57 yuan at the beginning of the period[11] - Accounts receivable increased to 1,437,025,588.50 yuan from 1,196,606,633.69 yuan at the beginning of the period[11] - Prepayments increased to 200,597,063.21 yuan from 121,601,733.31 yuan at the beginning of the period[11] - Inventory decreased to 1.143 billion CNY from 1.371 billion CNY[12] - Fixed assets increased to 20.803 billion CNY from 18.990 billion CNY[12] - Long-term loans increased to 2.963 billion CNY from 1.530 billion CNY[13] - Deferred tax assets increased to 1.060 billion CNY from 628.575 million CNY[12] - Contract liabilities increased to 901.728 million CNY from 498.124 million CNY[12] - The company's financial assets increased to 202,967,243.76 yuan from 1,090,689.69 yuan at the beginning of the period[11] Shareholder and Investment Information - The largest shareholder, Meijin Energy Group, holds 38.05% of the company's shares[7] - The company's largest shareholder, Meijin Energy Group, holds 1,646,121,586 shares, representing a significant portion of the company's total shares[8] - The company's directors and senior management completed a share purchase plan, acquiring a total of 7,065,400 shares, accounting for 0.16% of the company's total shares[10] - The total amount of the share purchase plan by the company's directors and senior management was 30,202,400 yuan[10] - The China Agricultural Bank - CSI 500 ETF increased its holdings to 45,405,300 shares, representing 1.05% of the total shares[9] - The Industrial and Commercial Bank of China - Cathay CSI Coal ETF increased its holdings to 22,151,142 shares, representing 0.51% of the total shares[9] - The company's repurchase special securities account held 28,943,354 shares, accounting for 0.67% of the company's total shares[8] Expenses and Costs - R&D expenses decreased to 57.22 million RMB from 81.15 million RMB year-over-year[14] - Financial expenses increased to 293.02 million RMB, up from 255.22 million RMB in the previous year[14] - Interest expenses rose to 345.48 million RMB from 300.08 million RMB[14] - Income tax benefit was -142.02 million RMB, compared to an expense of 226.27 million RMB last year[14] - Asset impairment losses increased by 476.61% to RMB -119.13 million due to increased inventory write-downs[6] Loans and Financing - Long-term loans increased by 93.61% to RMB 2.96 billion due to new bank borrowings[6] - Financing cash flow increased by 81.24% to RMB 2.59 billion due to increased borrowings[6] Government Subsidies - Government subsidies increased by 43.90% to RMB 38.67 million[6] Audit Information - The company's third-quarter report was not audited[18]

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： 山西美锦能源股份有限公司（以下简称"公司"）本次提供担保的对象截至 2024 年 6 月 30 日的资产负债率为 92.30%，敬请投资者注意相关风险。 | 证券代码：000723 | 证券简称：美锦能源 | 公告编号：2024-135 | | --- | --- | --- | | 债券代码：127061 | 债券简称：美锦转债 | | 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 关于为控股子公司飞驰科技提供担保的进展公告 （一）本次担保基本情况 公司控股子公司佛山市飞驰汽车科技有限公司（以下简称"飞驰科技"）因 生产经营需要，向招商银行股份有限公司佛山分行（以下简称"招行佛山分行"） 申请综合授信不超过 1 亿元，期限不超过（含）12 个月，公司为飞驰科技在招行 佛山分行的授信业务提供 100%全额连带保证责任。上述授信额度不等于飞驰科 技的实际融资金额，实际融资金额在总授信额度内，以飞驰科技与金融机构实际 发生的融资金额为准。 （二）审议情况 公司于2023年年度股东大 ...

| 证券代码：000723 | 证券简称：美锦能源 | 公告编号：2024-134 | | --- | --- | --- | | 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 关于公司部分董事、高级管理人员增持美锦转债计划完成的公告 本次增持人员保证向公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、增持计划：山西美锦能源股份有限公司（以下简称"公司"）董事、财 务总监郑彩霞女士，董事、董事会秘书赵嘉先生，总工程师李颜龙先生基于对公 司未来持续稳定发展的信心以及对公司内在价值的认可，结合近期公司可转换公 司债券（以下简称"美锦转债"）及公司股票二级市场表现，为切实保护全体投 资人的利益，维护可转债市场价值，计划自 2024 年 10 月 11 日起 1 个月内以其 自有资金或自筹资金增持美锦转债，合计增持金额不低于人民币 300 万元。 2、增持计划实施情况：近日增持主体通过深圳证券交易所交易系统以集中 竞价方式合计增持美锦转债 32,510 张，增持金额合计人民币 ...

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 2024 年度第三次临时受托管理事务报告 （一）发行主体：山西美锦能源股份有限公司 （二）债券简称：美锦转债 （三）债券代码：127061 （四）债券类型：可转换公司债券 （五）发行规模：人民币 359,000 万元 （六）债券票面金额：本次发行的可转换公司债券按面值发行，每张面值为人民 币 100 元 债券受托管理人 二〇二四年十月 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 2024 年 10 月 10 日披露的《山西美锦能源股份有限公司发行股份 购买资产之重大资产重组暨 ...