Company Overview - Jizhong Energy (SZ 000937) announced its board meeting held on October 28, 2025, to review the Q3 2025 report and other documents [1] - As of the report, Jizhong Energy has a market capitalization of 21.7 billion yuan [1] Revenue Composition - For the first half of 2025, the revenue composition of Jizhong Energy is as follows: - Coal mining and selection industry: 78.34% - Chemical industry: 14.09% - Building materials industry: 7.08% - Power industry: 0.35% - Other industries: 0.14% [1]

Group 1 - The core viewpoint of the news is that Jizhong Energy reported a significant decline in its financial performance for the first three quarters of 2025, with revenue and net profit both decreasing substantially compared to the previous year [1] Group 2 - Jizhong Energy's revenue for the first three quarters of 2025 was approximately 10.657 billion yuan, representing a year-on-year decrease of 27.63% [1] - The net profit attributable to shareholders of the listed company was about 407 million yuan, down 66.46% year-on-year [1] - The basic earnings per share were 0.1152 yuan, reflecting a decrease of 66.47% compared to the same period last year [1] Group 3 - As of the report, Jizhong Energy's market capitalization stood at 21.7 billion yuan [2]

证券代码：000937 证券简称：冀中能源 公告编号：2025 临-050 冀中能源股份有限公司 第八届监事会第十二次会议决议公告 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 冀中能源股份有限公司（以下简称"公司"）第八届监事会第十 二次会议于2025年10月28日上午9：30在公司金牛大酒店四层第二会 议厅以现场和通讯相结合的方式召开。会议通知已于10日前以专人送 达或传真方式发出。会议应到监事5名，现场出席3名，张现峰先生、 李为民先生以通讯方式出席了本次会议并表决。会议由监事会主席张 现峰先生主持，董事会秘书和证券事务代表列席了会议。会议的召集、 召开和表决程序，符合《中华人民共和国公司法》和《公司章程》的 有关规定。与会监事经过认真审议，以记名投票的方式通过了以下议 案： 一、关于公司《2025年第三季度报告》的议案 经审议，全体监事一致认为，公司2025年第三季度报告的编制程 序、内容和格式符合相关文件的规定；季报编制期间，不存在泄密及 其他违反法律法规、《公司章程》或损害公司利益的情形；报告真实、 准确、完整地反映了公司的财务状况和经营成果。 同 ...

证券代码：000937 证券简称：冀中能源 公告编号：2025 临-049 冀中能源股份有限公司（以下简称"公司"）第八届董事会第十 七次会议于2025年10月28日上午9：00在公司金牛大酒店四层第二会 议厅召开，会议通知已于10日前以专人送达或传真方式发出。会议应 到董事11名，现场出席4名，董事孟宪营、高晓峰、董兆寒及独立董 事谢宏、梁俊娇、胡晓珂、胡传雨进行了通讯表决。董事长闫云胜先 生主持会议。公司监事、高级管理人员及其他有关人员列席了会议， 会议的召集、召开和表决程序符合《中华人民共和国公司法》和《公 司章程》的有关规定。与会董事经过认真审议，以记名投票的方式通 过了以下议案： 一、关于公司《2025年第三季度报告》的议案 同意11票 反对0票 弃权0票 特此公告。 冀中能源股份有限公司董事会 二〇二五年十月三十日 冀中能源股份有限公司 第八届董事会第十七次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 ...

Financial Performance - Revenue for Q3 2025 was CNY 3,364,110,004.48, a decrease of 27.10% compared to the same period last year[7] - Net profit attributable to shareholders was CNY 59,104,157.93, down 72.21% year-on-year[7] - Net profit excluding non-recurring items was CNY 67,154,713.38, a decline of 67.56% compared to the previous year[7] - Total operating revenue for the current period is ¥10,657,416,662.47, a decrease of 27.9% from ¥14,725,859,395.73 in the previous period[20] - Net profit for the current period is ¥557,059,459.41, a decline of 64.6% compared to ¥1,570,463,972.85 in the previous period[21] - Operating profit decreased to ¥867,049,307.69, down 58.6% from ¥2,092,756,224.20[21] - Basic and diluted earnings per share decreased to ¥0.1152 from ¥0.3436[22] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 1,122,116,510.54, down 45.60%[7] - Cash flow from operating activities generated ¥1,122,116,510.54, a decrease of 45.5% from ¥2,062,688,114.12[23] - Cash flow from investing activities resulted in a net outflow of ¥2,771,965,786.93, compared to a net outflow of ¥1,059,761,938.68 in the previous period[24] - Cash flow from financing activities showed a net outflow of ¥120,111,824.59, an improvement from a net outflow of ¥821,715,976.34[24] - The ending cash and cash equivalents balance is ¥8,971,260,402.28, down from ¥11,293,542,351.67 in the previous period[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 53,672,171,759.43, an increase of 0.89% from the end of the previous year[7] - The company's current assets decreased to CNY 17.24 billion from CNY 17.84 billion, primarily due to a reduction in cash and cash equivalents[17] - The total liabilities increased to CNY 31.98 billion from CNY 29.10 billion, with short-term borrowings decreasing from CNY 9.49 billion to CNY 7.95 billion[19] - The company's long-term borrowings rose significantly from CNY 4.63 billion to CNY 9.63 billion, indicating increased leverage[19] - The equity attributable to shareholders decreased from CNY 20.94 billion to CNY 19.06 billion, reflecting a decline in retained earnings[19] - Total non-current assets increased to CNY 36.43 billion from CNY 35.35 billion, driven by investments in fixed assets and construction in progress[18] Investments and Expenses - R&D expenses for January to September amounted to CNY 344,728,679.40, a decrease of 57.65% year-on-year[11] - Investment income for January to September was CNY 151,803,019.39, an increase of 66.04% compared to the same period last year[11] - Long-term borrowings increased by 108.08% to CNY 9,633,930,086.39, primarily due to an increase in long-term loans[10] Inventory and Receivables - Inventory at the end of the period was CNY 2,064,617,962.81, an increase of 33.05% from the beginning of the year[10] - The company's inventory increased to CNY 2.06 billion from CNY 1.55 billion, indicating a potential buildup of stock[18] - The accounts receivable rose to CNY 3.60 billion from CNY 3.14 billion, suggesting an increase in credit sales[18] - The company reported a decrease in cash and cash equivalents to CNY 10.18 billion from CNY 11.71 billion, impacting liquidity[17] Acquisitions - Jizhong Energy completed the acquisition of a 49% stake in Jinneng Xilin Gol Energy Co., Ltd. for CNY 668.57 million, enhancing its market position[15]

Core Viewpoint - The report from the招商中证红利交易型开放式指数基金 indicates a net value growth rate of 9.21% over the past year, with significant changes in the top ten holdings compared to the previous quarter [1]. Group 1: Fund Performance - The fund achieved a net value growth rate of 9.21% over the last year [1]. - The report highlights the addition of new stocks to the top ten holdings, including 潞安环能, 中谷物流, 农业银行, 南钢股份, and 建设银行 [1]. Group 2: Changes in Top Holdings - New entries in the top ten holdings include: - 潞安环能 (669709): 7.7764 million shares valued at 1.11 billion - 中谷物流 (603560): 10.0744 million shares valued at 1.1 billion - 农业银行 (601288): 161.424 million shares valued at 1.08 billion - 南钢股份 (600282): 199.957 million shares valued at 1.05 billion - 建设银行 (601939): 117.632 million shares valued at 1.01 billion [2]. - 宁波华翔 (002048) saw an increase in holdings by 56.7 thousand shares, making it the largest holding at 2.73 billion [1][2]. - Other stocks that exited the top ten holdings include 成都银行, 兴业银行, 大秦铁路, 江苏银行, and 交通银行 [1][2].

Core Viewpoint - Jizhong Energy's stock price has shown fluctuations, with a year-to-date increase of 9.09% and a recent decline in trading performance, indicating potential volatility in the market [2]. Group 1: Stock Performance - As of October 24, Jizhong Energy's stock price decreased by 2.04%, trading at 6.24 CNY per share, with a total market capitalization of 22.049 billion CNY [1]. - The stock has experienced a 2.30% increase over the last five trading days and a 5.94% increase over the last 20 days, while showing a slight decline of 0.48% over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Jizhong Energy reported a revenue of 7.293 billion CNY, representing a year-on-year decrease of 27.87%, and a net profit attributable to shareholders of 348 million CNY, down 65.24% year-on-year [2]. - Cumulative cash dividends since the company's A-share listing amount to 19.015 billion CNY, with 8.481 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, the number of shareholders for Jizhong Energy was 74,400, a decrease of 0.12% from the previous period, with an average of 46,152 circulating shares per shareholder, an increase of 0.12% [2]. - The top ten circulating shareholders include several ETFs, with notable reductions in holdings, such as Invesco's China Securities Dividend Low Volatility ETF, which decreased by 7.6313 million shares [3].

Core Viewpoint - Jizhong Energy's stock price has shown a positive trend with a year-to-date increase of 10.84%, indicating a stable performance in the coal industry despite recent revenue declines [2]. Group 1: Stock Performance - As of October 23, Jizhong Energy's stock price rose by 2.09% to 6.34 CNY per share, with a trading volume of 1.15 billion CNY and a turnover rate of 0.54%, resulting in a total market capitalization of 224.03 billion CNY [1]. - The stock has increased by 2.76% over the last five trading days, 5.14% over the last 20 days, and 2.26% over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Jizhong Energy reported a revenue of 7.293 billion CNY, a year-on-year decrease of 27.87%, and a net profit attributable to shareholders of 348 million CNY, down 65.24% compared to the previous year [2]. - The company has distributed a total of 19.015 billion CNY in dividends since its A-share listing, with 8.481 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, the number of shareholders for Jizhong Energy was 74,400, a slight decrease of 0.12%, while the average circulating shares per person increased by 0.12% to 46,152 shares [2]. - The top ten circulating shareholders include several ETFs, with notable reductions in holdings for Invesco and China Merchants ETFs, while Hong Kong Central Clearing Limited entered as a new shareholder with 19.8021 million shares [3].

Core Viewpoint - Jizhong Energy has successfully completed the acquisition of a 49% stake in Jingneng Xilin Gol Energy, marking a significant step in its strategic integration and operational phase [1][2]. Group 1: Acquisition Details - The acquisition was approved by Jizhong Energy's board on July 11, 2025, with a cash transaction price of 668 million yuan [2]. - The valuation of the target company was based on an asset-based assessment, confirming the total equity value at 1.374 billion yuan, with the 49% stake valued accordingly [2]. - Jingneng Xilin Gol Energy is a key power enterprise in Inner Mongolia, fully operational since 2023, and plays a crucial role in the "West-to-East Power Transmission" strategy [2]. Group 2: Financial Implications - As of December 31, 2024, Jingneng Xilin Gol Energy reported total assets of 5.498 billion yuan and an owner's equity of 1.117 billion yuan, with projected revenue of 1.401 billion yuan for 2024 [2]. - Jizhong Energy's financial report for the first half of 2025 indicated revenues of 7.293 billion yuan and a net profit of 348 million yuan, suggesting potential for enhanced profitability through this acquisition [3]. - The acquisition is expected to integrate upstream coal resources with downstream electricity markets, creating new profit growth points and improving overall profitability and risk resilience [3].

Core Insights - As of September 30, 2025, the total number of shareholders for Jizhong Energy is projected to be 74,392 [2] Company Summary - Jizhong Energy responded to investor inquiries on October 10, indicating the expected number of shareholders by the end of September 2025 [2]