Core Viewpoint - The company has decided to terminate the "Hydrogen Fuel Cell Power System and Hydrogen Fuel Commercial Vehicle Parts Production Project (Phase I, Stage I)" and will permanently supplement remaining raised funds of 179 million yuan into working capital [1] Group 1: Project Termination - The total planned investment for the project was 1.502 billion yuan, with a cumulative investment of 73.433 million yuan, representing a progress rate of 29.37% [1] - The decision to terminate the fundraising project was made prudently based on market changes and actual operating conditions [1] Group 2: Financial Implications - The termination of the project is expected to reduce investment risks associated with raised funds [1] - The move is aimed at promoting the company's sustainable and stable business development [1]

| 证券代码：000723 | 证券简称：美锦能源 | 公告编号：2025-122 | | --- | --- | --- | | 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 关于召开"美锦转债"2025年第一次债券持有人会议的通知 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、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》 及《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》，债券持有人 会议作出的决议，须经出席会议的二分之一以上本次未偿还债券面值的持有人 （或债券持有人代理人）同意方为有效。 2、债券持有人会议根据债券持有人会议规则审议通过的决议，对本次可转 换公司债券全体债券持有人（包括未参加会议或明示不同意见的债券持有人）具 有法律约束力。 山西美锦能源股份有限公司（以下简称"公司"或"本公司"）于2025年11 月7日召开十届四十六次董事会会议，审议通过了《关于召开"美锦转债"2025 年第一次债券持有人会议的议案》，具体内容详见2025年11月8日在《证券时报》 《证券 ...

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 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核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"、"保荐人"）为 山西美锦能源股份有限公司（以下简称"美锦能源"、"公司"）可转换公司债 券上市的持续督导机构，根据《证券发行上市保荐业务管理办法》《上市公司募 集资金监管规则》《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》等法规的有关规定，对美锦能 源部分募投项目终止并将剩余募集资金永久补充流动资金的事项进行了审慎核 查，具体情况如下： 一、募集资金基本情况 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，公司按面值向社会 公开发行 35,900,000 张可转换公司债券，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 ...

证券代码：000723 证券简称：美锦能源 公告编号：2025-120 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"）于2025年11月7日召开十 届四十六次董事会会议审议通过了《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》，同意终止公司可转换公司债券募集资金投资 项目"氢燃料电池动力系统及氢燃料商用车零部件生产项目（一期一阶段）"， 并将项目剩余募集资金17,917.83万元（含理财收益、银行存款利息收入）永久 补充流动资金，以提高资金使用效率。本议案尚需提交公司股东会审议，现将具 体情况公告如下： 一、募集资金基本情况 （一）募集资金到账情况 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，公司按面值向社会 公开发行35,900,000张可转换公司债券，每张面值为人民币 ...

债券代码：127061 债券简称：美锦转债 证券代码：000723 证券简称：美锦能源 公告编号：2025-121 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2025 年 11 月 25 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易 所互联网投票系统投票的具体时间为 2025 年 11 月 25 日 9:15 至 15:00 的任意 时间。 5、会议的召开方式：现场表决与网络投票相结合。 山西美锦能源股份有限公司 关于召开2025年第四次临时股东会的通知 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。 一、召开会议的基本情况 1、股东会届次：2025 年第四次临时股东会 2、股东会的召集人：董事会 3、会议召开的合法、合规性：经山西美锦能源股份有限公司（以下简称 "公司"或"本公司"）十届四十六次董事会会议审议通过，董事会决定召开 2025 年第四次临时股东会。本次会议的召集、召开符合《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 ...

债券代码：127061 债券简称：美锦转债 证券代码：000723 证券简称：美锦能源 公告编号：2025-119 山西美锦能源股份有限公司 2、审议并通过《关于召开 2025 年第四次临时股东会的通知》 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"）十届四十六次董事会会议 通知于 2025 年 10 月 28 日以通讯形式发出，会议于 2025 年 11 月 7 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《公 司章程》的有关规定。经与会董事审议，一致通过如下议案。 二、会议审议事项 1、审议并通过《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》 鉴于募投项目的实施环境发生变化，公司业务开展情况以及经营资金需求， 为降低募集资金投资风险，提高募集资金的使用效率，公司拟终止"氢燃料电池 动力系统及氢燃料商用车零部件生产项目（一期一阶段）"并将剩余募集资金用 于永久补充流动资金。截至 ...

Core Insights - The coke sector experienced a significant increase of 3.17% on November 5, with Antai Group leading the gains [1] - The Shanghai Composite Index closed at 3969.25, up 0.23%, while the Shenzhen Component Index closed at 13223.56, up 0.37% [1] Sector Performance - Antai Group (600408) closed at 4.14, with a rise of 10.11% and a trading volume of 1.09 million shares, totaling a transaction value of 442 million yuan [1] - Baotailong (601011) saw a closing price of 4.32, increasing by 9.92% with a trading volume of 2.80 million shares, amounting to 1.195 billion yuan [1] - Other notable performers included Yunwei Co. (600725) with a 2.91% increase, Meijin Energy (000723) up by 1.89%, and Shanxi Coking (600740) rising by 1.86% [1] Capital Flow - The coke sector had a net inflow of 506 million yuan from main funds, while retail investors experienced a net outflow of 234 million yuan [1] - The detailed capital flow showed Baotailong leading with a net inflow of 383 million yuan from main funds, while Antai Group had a net inflow of 67.73 million yuan [2] - Retail investors showed significant outflows in several stocks, with Antai Group and Shanxi Coking experiencing notable net outflows of 40.34 million yuan and 0.89 million yuan, respectively [2]

Core Viewpoint - Meijin Energy's stock has shown a significant increase in price and trading activity, indicating positive market sentiment despite a decline in revenue and profit for the year [1][2]. 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 sale 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 period from January to September 2025, Meijin Energy reported a revenue of 12.975 billion yuan, a year-on-year decrease of 9.71%. The net profit attributable to shareholders was -737 million yuan, reflecting a 12.57% decline compared to the previous year [2]. - The company has not distributed any dividends in the last three years, with a total payout of 1.976 billion yuan since its A-share listing [3]. Stock Performance - As of November 5, Meijin Energy's stock price increased by 19.96% year-to-date, with a 2.08% rise on that day, reaching 5.41 yuan per share. The total market capitalization is approximately 23.823 billion yuan [1]. - The stock has seen significant trading activity, with a net inflow of 2.37 million yuan from main funds and notable buying from large orders [1]. Shareholder Structure - As of September 30, 2025, Meijin Energy had 234,000 shareholders, a decrease of 5.91% from the previous period. The average number of circulating shares per shareholder increased by 6.29% to 18,791 shares [2][3]. - Major shareholders include Guotai CSI Coal ETF and Southern CSI 500 ETF, with notable changes in their holdings [3].

Core Viewpoint - The coking coal sector experienced a slight increase of 0.44% on November 4, with Antai Group leading the gains, while the overall Shanghai Composite Index fell by 0.41% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3960.19, down 0.41% [1] - The Shenzhen Component Index closed at 13175.22, down 1.71% [1] - Antai Group's stock price rose by 9.94% to 3.76, with a trading volume of 2.7557 million shares and a transaction value of 1.022 billion [1] - Other notable stocks included Yunmei Energy, which increased by 2.84% to 4.70, and Yunwei Co., which rose by 1.34% to 3.78 [1] Group 2: Capital Flow - The coking coal sector saw a net inflow of 920,900 yuan from main funds, while retail funds had a net inflow of 3,356,210 yuan [1] - However, speculative funds experienced a net outflow of 3,448,300 yuan [1] - Antai Group had a significant main fund net inflow of 99,563,400 yuan, while it faced a net outflow of 84,517,400 yuan from speculative funds [2] - In contrast, Meijin Energy had a net inflow of 4,389,700 yuan from speculative funds but a net outflow of 3,673,600 yuan from retail investors [2]

Core Insights - The coal prices have significantly increased in the second half of the year, driven by supply-side policies and rising winter heating demand, leading to an improvement in the industry's fundamentals [1][2]. Price Trends - In the second half of the year, coal prices have cumulatively risen over 20%, with specific prices reported as follows: Qinhuangdao port Q4500 at 588 CNY/ton, Q5000 at 678 CNY/ton, and Q5500 at 770 CNY/ton, reflecting increases of 21.24%, 23.27%, and 23.99% respectively since July [2]. - The latest price for coking coal in North China reached 1581.25 CNY/ton, marking a 12.44% increase since mid-September [2]. Supply Dynamics - The primary driver of the recent coal price increase is a contraction in supply, initiated by the National Energy Administration's policy to check overproduction in the coal industry [2]. - A total of 22 central safety production assessment teams will conduct annual inspections across 31 provinces and regions starting November 2025 [2]. Demand Factors - As winter approaches, coal demand for heating and electricity is expected to rise, particularly in northern regions where centralized heating is being activated [3]. - The International Energy Agency (IEA) projects a modest recovery in global coal demand, with a 0.2% year-on-year increase expected in 2025, primarily driven by the electricity sector [3]. Industry Outlook - The coal industry is anticipated to enter a new upward cycle due to ongoing policy support for transformation and upgrades, as evidenced by the Henan provincial government's action plan for the coal sector [4]. - The plan includes optimizing resource allocation, enhancing equipment technology, and increasing the share of intelligent coal mines to 65% [4]. Financial Performance - The third-quarter profits of coal companies have rebounded significantly, with a total net profit of 299.42 billion CNY reported by 37 listed coal companies, reflecting a 22.83% quarter-on-quarter increase [5]. - Companies such as Shanxi Coking Coal and Sunan Co. reported a turnaround in profitability, while over 60% of companies showed improved earnings [5]. Dividend Trends - The coal sector has shown a growing willingness to distribute dividends, with 15 companies having a dividend yield exceeding 3%, representing over 40% of the total [5]. - Jizhong Energy leads with a dividend yield of 9.74%, followed by Pingmei Shenma and Hengyuan Coal Power at 6.67% and 6.53% respectively [5]. Company Highlights - Jizhong Energy reported the highest quarter-on-quarter profit growth of 102.69%, achieving a net profit of 0.59 billion CNY [6]. - The company has a long-standing commitment to cash dividends, having distributed a total of 190.15 billion CNY since its listing [6].