（二）审议情况 公司于2025年第一次临时股东会审议通过了《关于公司及子公司对控股子公 司提供担保额度预计的议案》，同意公司和/或控股子公司为公司控股子公司提 供新增担保额度合计不超过46亿元人民币，各子公司在此预计担保额度内向第三 方机构申请贷款/授信或开展其他融资业务等。具体内容详见公司2025年2月22 日刊登于巨潮资讯网的《关于公司及子公司对控股子公司提供担保额度预计的公 告》（公告编号：2025-015）。 证券代码：000723 证券简称：美锦能源 公告编号：2025-111 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：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2025年6月30日的资产负债率超过70%，公司对子公司和参股公司的担 保金额超过公司最近一期经审计净资产50%，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 近日，公司控股子公司山西美锦华盛化工新材料有限公司（以下简称" ...

| 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：2025-112 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 2、投资基金具有投资周期长、流动性较低等特点，公司作为基金的有限合 伙人承担的风险敞口以投资额为限，本次投资无保本及最低收益的承诺。本次投 资基金在投资过程中将受行业周期、监管政策、宏观经济、投资标的经营管理等 多种因素的影响，可能出现无法实现预期收益、出现亏损或不能及时有效退出风 险。 一、基本情况 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 ...

Core Viewpoint - The coking coal sector experienced a slight increase of 0.42% on September 26, with Antai Group leading the gains, while the overall market indices, Shanghai Composite and Shenzhen Component, saw declines of 0.65% and 1.76% respectively [1] Coking Coal Sector Performance - The closing prices and performance of key stocks in the coking coal sector are as follows: - Antai Group (600408): Closed at 2.20, up 1.38% with a trading volume of 266,500 shares and a turnover of 58.6454 million yuan - Baotailong (601011): Closed at 2.87, up 1.06% with a trading volume of 587,800 shares and a turnover of 170 million yuan - Meijin Energy (000723): Closed at 4.70, up 0.64% with a trading volume of 668,800 shares and a turnover of 316 million yuan - Yunwei Co. (600725): Closed at 3.40, up 0.29% with a trading volume of 108,400 shares and a turnover of 36.8709 million yuan - Yunmei Energy (600792): Closed at 3.73, up 0.27% with a trading volume of 136,800 shares and a turnover of 51.4452 million yuan - Shanxi Coking (600740): Closed at 3.93, unchanged with a trading volume of 187,900 shares and a turnover of 74.044 million yuan - Shaanxi Black Cat (601015): Closed at 3.48, down 0.29% with a trading volume of 207,100 shares and a turnover of 72.667 million yuan [1] Capital Flow Analysis - The coking coal sector saw a net inflow of 70.5909 million yuan from institutional investors, while retail investors experienced a net outflow of 69.4229 million yuan [1] - The detailed capital flow for key stocks is as follows: - Meijin Energy (000723): Net inflow of 59.5783 million yuan from institutional investors, with a net outflow of 33.6498 million yuan from retail investors - Baotailong (601011): Net inflow of 17.2837 million yuan from institutional investors, with a net outflow of 35.6812 million yuan from retail investors - Yunmei Energy (600792): Net inflow of 2.1718 million yuan from institutional investors, with a net outflow of 2.9701 million yuan from retail investors - Shanxi Coking (600740): Net inflow of 0.9660 million yuan from institutional investors, with a net inflow of 0.6218 million yuan from retail investors - Antai Group (600408): Net inflow of 0.7760 million yuan from institutional investors, with a net outflow of 2.3517 million yuan from retail investors - Yunwei Co. (600725): Net outflow of 1.3976 million yuan from institutional investors, with a net inflow of 0.4285 million yuan from retail investors - Shaanxi Black Cat (601015): Net outflow of 8.7873 million yuan from institutional investors, with a net inflow of 4.1795 million yuan from retail investors [2]

Core Viewpoint - Meijin Energy's stock price has shown fluctuations with a year-to-date increase of 5.76%, while recent trading periods indicate slight declines, suggesting a mixed performance in the market [1][2]. Company Overview - Meijin Energy, established on January 8, 1997, and listed on May 15, 1997, is located in Taiyuan, Shanxi Province. The company primarily engages in the production and sales of coal, coke, natural gas, and hydrogen fuel cell vehicles, with 97.45% of its revenue coming from coal and coke products [1][2]. Financial Performance - For the first half of 2025, Meijin Energy reported an operating income of 8.245 billion yuan, a year-on-year decrease of 6.46%. The net profit attributable to shareholders was -674 million yuan, reflecting a growth of 1.29% compared to the previous period [2]. - Cumulatively, Meijin Energy has distributed 1.976 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Shareholder Structure - As of June 30, 2025, Meijin Energy had 248,700 shareholders, a decrease of 5.77% from the previous period. The average number of tradable shares per shareholder increased by 6.12% to 17,679 shares [2]. - The top ten circulating shareholders include significant institutional investors, with notable increases in holdings from the Guotai Zhongzheng Coal ETF and the Southern Zhongzheng 500 ETF [3].

Core Insights - The coke sector experienced a decline of 1.29% on September 25, with Yunwei Co. leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Sector Performance - The following table summarizes the performance of individual stocks in the coke sector: - Shanxi Coking Coal (600740) closed at 3.93, down 0.51% with a trading volume of 190,700 shares and a turnover of 74.69 million yuan - Baotailong (601011) closed at 2.84, down 1.05% with a trading volume of 355,700 shares and a turnover of 101 million yuan - Meijin Energy (000723) closed at 4.67, down 1.27% with a trading volume of 552,800 shares and a turnover of 259 million yuan - Antai Group (600408) closed at 2.17, down 1.36% with a trading volume of 226,400 shares and a turnover of 49.43 million yuan - Yunmei Energy (600792) closed at 3.72, down 1.59% with a trading volume of 110,500 shares and a turnover of 41.28 million yuan - Shaanxi Black Cat (601015) closed at 3.49, down 1.69% with a trading volume of 145,200 shares and a turnover of 50.95 million yuan - Yunwei Co. (600725) closed at 3.39, down 2.59% with a trading volume of 162,600 shares and a turnover of 55.63 million yuan [1] Capital Flow - On that day, the coke sector saw a net outflow of 11.1 million yuan from main funds, while speculative funds had a net inflow of 21.68 million yuan, and retail investors experienced a net outflow of 10.58 million yuan [1] - The following table details the capital flow for individual stocks: - Yunmei Energy (600792) had a main fund net inflow of over 2.95 million yuan, with a speculative fund net outflow of 1.89 million yuan and a retail net outflow of 1.06 million yuan - Baotailong (601011) had a main fund net inflow of 2.69 million yuan, with a speculative fund net inflow of 2.87 million yuan and a retail net outflow of 5.56 million yuan - Yunwei Co. (600725) had a main fund net inflow of 1.67 million yuan, with a speculative fund net inflow of 1.01 million yuan and a retail net outflow of 2.68 million yuan - Antai Group (600408) had a main fund net outflow of 655,900 yuan, with a speculative fund net inflow of 2.89 million yuan and a retail net outflow of 2.24 million yuan - Shaanxi Black Cat (601015) had a main fund net outflow of 1.84 million yuan, with a speculative fund net outflow of 599,400 yuan and a retail net inflow of 2.44 million yuan - Shanxi Coking Coal (600740) had a main fund net outflow of 6.23 million yuan, with a speculative fund net inflow of 8.51 million yuan and a retail net outflow of 2.29 million yuan - Meijin Energy (000723) had a main fund net outflow of 9.68 million yuan, with a speculative fund net inflow of 8.88 million yuan and a retail net inflow of 808,700 yuan [2]

Core Viewpoint - The company is focusing on the hydrogen energy sector, emphasizing a comprehensive strategic layout and technological accumulation in energy storage, particularly in the hydrogen energy value chain [1] Group 1: Hydrogen Energy Investments - The company is collaborating with Boyan Technology to develop an AI-based flexible control solution for distributed photovoltaic water electrolysis hydrogen production, aimed at improving green hydrogen production efficiency and reducing costs [1] - A joint venture has been established with Hydrogen Pupu Chuangneng to develop efficient hydrogen cogeneration systems, enhancing overall energy utilization [1] Group 2: Storage and Technology Development - The company has partnered with several leading enterprises in the hydrogen storage segment, covering key components such as compressors and hydrogen storage tanks, demonstrating mature product and technological capabilities [1] - The company has achieved an integrated energy management system encompassing "green electricity - hydrogen production - energy storage - power generation - heating" [1] Group 3: Future Directions - The company plans to closely align with market demands to further promote the deep integration and technological synergy of hydrogen energy across various industries and scenarios, aiming to build a complementary hydrogen energy ecosystem [1]

Core Viewpoint - The company is actively collaborating with multiple express delivery companies to promote hydrogen-powered vehicles, with progress being made according to plan [1]. Group 1: Company Developments - The company is deepening cooperation with several express delivery enterprises in the promotion of hydrogen vehicles [1]. - Current advancements in hydrogen vehicle promotion are proceeding steadily as per the established plans [1]. - The company is working with partners to align on pilot application schemes, continuously optimizing operational models and vehicle performance [1]. Group 2: Strategic Focus - Hydrogen transportation is a crucial part of the company's strategic layout [1]. - The company is committed to driving the large-scale implementation of hydrogen vehicles through technological innovation and ecological collaboration [1]. - Stakeholders are encouraged to follow the company's official channels for the latest updates [1].

Core Insights - The coke sector experienced a decline of 1.47% on September 24, with Meijin Energy leading the drop [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Sector Performance - Key stocks in the coke sector showed mixed performance, with Yunwei Co. rising by 2.05% to a closing price of 3.48, while Meijin Energy fell by 0.63% to 4.73 [1] - The trading volume for Meijin Energy was 536,700 shares, with a transaction value of 252 million yuan [1] Capital Flow - The coke sector saw a net outflow of 14.77 million yuan from main funds, while retail investors contributed a net inflow of 10.34 million yuan [1] - Specific stock capital flows indicated that Yunmei Energy had a main fund net inflow of 7.74 million yuan, while Meijin Energy experienced a significant outflow of 30.21 million yuan [2]

Core Viewpoint - Meijin Energy's stock price has shown fluctuations, with a recent decline of 2.07% and a year-to-date increase of 4.88%, indicating mixed market sentiment towards the company [1]. Company Overview - Meijin Energy, established on January 8, 1997, and listed on May 15, 1997, is based in Taiyuan, Shanxi Province. The company primarily engages in the production and sales of coal, coke, natural gas, and hydrogen fuel cell vehicles, with 97.45% of its revenue coming from coal and coke products [1][2]. - As of June 30, 2025, Meijin Energy reported a revenue of 8.245 billion yuan, a year-on-year decrease of 6.46%, while the net profit attributable to shareholders was -674 million yuan, reflecting a growth of 1.29% [2]. Stock Performance - The stock price of Meijin Energy is currently at 4.73 yuan per share, with a market capitalization of 20.828 billion yuan. The trading volume was 132 million yuan, with a turnover rate of 0.63% [1]. - Year-to-date, the stock has experienced a 4.88% increase, with a slight decline of 1.87% over the last five trading days and a 10% increase over the last 60 days [1]. Shareholder Information - As of June 30, 2025, Meijin Energy had 248,700 shareholders, a decrease of 5.77% from the previous period. The average number of circulating shares per shareholder increased by 6.12% to 17,679 shares [2]. - The company has cumulatively distributed 1.976 billion yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Institutional Holdings - Among the top ten circulating shareholders, Guotai Zhongxin Coal ETF ranks as the fourth largest with 47.8686 million shares, an increase of 10.9022 million shares from the previous period. Other notable shareholders include Southern CSI 500 ETF and Hong Kong Central Clearing Limited [3].

Group 1 - The coke sector experienced a decline of 1.08% on September 22, with Yunwei Co. leading the drop [1] - The Shanghai Composite Index closed at 3828.58, up 0.22%, while the Shenzhen Component Index closed at 13157.97, up 0.67% [1] - Major stocks in the coke sector showed varied performance, with Meijin Energy remaining flat at 4.83, while Yunwei Co. fell by 2.78% to 3.50 [1] Group 2 - The net outflow of main funds in the coke sector was 53.1 million yuan, while retail investors saw a net inflow of 34.8 million yuan [1] - Detailed fund flow data indicated that major stocks like Shanxi Coking Coal and Meijin Energy faced significant net outflows of 9.93% and 9.92% respectively [2] - Retail investors showed a positive net inflow in several stocks, with Shanxi Coking Coal attracting 849.21 million yuan, indicating strong retail interest despite overall sector decline [2]