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].

Core Points - The company has approved the use of up to RMB 1 billion of its own funds for entrusted financial management, ensuring safety and compliance [1] - The company has redeemed all previously purchased financial products, which included investments totaling RMB 100 million in various financial products over the past twelve months [1] Summary by Sections Financial Management Approval - The company held its seventh meeting of the eighth board on September 30, 2024, where it approved a proposal to utilize its own funds for entrusted financial management, with a maximum limit of RMB 1 billion [1] Redemption of Financial Products - The company has redeemed all financial products purchased in the last twelve months, which included: - RMB 100 million in "Cai Da Securities Rui Da No. 10" - RMB 200 million in "Cai Da Securities Rui Da Cash Enhanced No. 1" - RMB 50 million in "Rui Da Xin Ying No. 8" - RMB 50 million in "Rui Da Ji Ji Yue Xiang No. 12" [1]

| 有限公 | | 产管理计 | | | 每周一和周 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 司 | | 划 | | | 四可购买赎 | | | | | | | | | | | 回。 | | | | | | 财达证 | 睿达 | 固定收益 | | | 每周一、周 | | | | | | | | | | | 二、周四开 | | | | | | 券股份 | 现金 | 类集合资 | 4,940.94 | 2025.1.3 | 放，除开放期 | 4.0408% | 2025.10.31 | 4,940.94 | 164.65 | | 有限公 | 增强 | 产管理计 | | | | | | | | | | | | | | 外原则上都 | | | | | | 司 | 1 号 | 划 | | | | | | | | | | | | | | 是封闭期。 | | | | | 证券代码：000937 证券简称：冀中能源 公告编号：2025 临-051 冀中能源股份有限公司 关于理财产品赎回的公告 本公司及董事会全体成员保证 ...

Core Insights - The Dalian Commodity Exchange (DCE) has shifted its focus from imported coal to domestic coal for coking coal futures, enhancing the quality of delivery standards and establishing a more stable risk management channel for upstream and downstream enterprises [1][2][10] Group 1: Policy and Market Changes - The DCE's adjustment of coking coal futures standards in 2022 has allowed domestic Shanxi coking coal to enter the delivery circle, significantly increasing its market share [2][5] - By the end of 2024, the DCE will implement a brand delivery system for coking coal, allowing high-quality coal to achieve "quality for price" [4][11] - The DCE has established 11 designated delivery warehouses in Shanxi, accounting for over 40% of the total, which enhances the availability of domestic Shanxi coal for delivery [9] Group 2: Industry Impact and Corporate Strategies - Leading companies like Shanxi Coking Coal Group and Pingmei Shenma Group are actively participating in the futures market, setting up delivery warehouses to improve the quality of coking coal [5][6] - Shanxi Coking Coal Group has achieved a cumulative delivery volume of over 24.6 million tons, with a record monthly delivery of 90,000 tons in 2025 [5] - The brand effect of domestic coking coal is becoming more pronounced, with Shanxi Kaijia Energy Group's "Kaijia No. 1" achieving a premium of 175 yuan per ton due to its stable quality [4] Group 3: Risk Management and Quality Assurance - The quality upgrade of delivery products has strengthened risk management for downstream enterprises, allowing them to hedge against price fluctuations effectively [9][10] - Companies like Yuxiang Group have reported significant profits from hedging strategies, attributing their success to the stable quality of coking coal [9] - The DCE has conducted over 110 annual audits of delivery warehouses and implemented a quality traceability system to ensure compliance and quality assurance [10] Group 4: Future Outlook - The DCE plans to continue optimizing coking coal delivery quality standards to better reflect the quality of domestic coking coal and adjust pricing mechanisms accordingly [11]

Core Insights - The company reported a significant decline in both revenue and net profit for Q3 2025 compared to the same period last year, indicating financial challenges [1][3] Financial Performance - Total revenue for Q3 2025 was 10.657 billion, a decrease of 4.068 billion or 27.63% year-on-year [1] - Net profit attributable to shareholders was 407 million, down by 806 million or 66.46% year-on-year [1] - Operating cash flow was 1.122 billion, a decline of 941 million or 45.60% year-on-year [1] Financial Ratios - The latest debt-to-asset ratio stood at 59.59%, ranking 18th among peers, with a slight decrease of 0.06 percentage points from the previous quarter but an increase of 7.12 percentage points year-on-year [3] - Gross margin was 29.54%, ranking 9th among peers, down by 0.62 percentage points from the previous quarter and 6.35 percentage points year-on-year [3] - Return on equity (ROE) was 2.14%, ranking 13th among peers, a decrease of 3.46 percentage points year-on-year [3] Earnings Per Share and Turnover Ratios - Diluted earnings per share were 0.12, a decrease of 0.23 or 66.47% year-on-year, ranking 14th among peers [3] - Total asset turnover ratio was 0.20 times, ranking 16th among peers, down by 0.08 times year-on-year [3] - Inventory turnover ratio was 4.15 times, ranking 22nd among peers, a decrease of 2.64 times year-on-year [3] Shareholder Information - The number of shareholders was 74,400, with the top ten shareholders holding 2.704 billion shares, accounting for 76.54% of total equity [3]

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]