亏超千万元，盘江股份仍“慷慨解囊”

Core Viewpoint - Panjiang Co., Ltd. plans to invest CNY 1.334 billion in cash to increase the registered capital of Puding Power Company, a wholly-owned subsidiary, to CNY 2.334 billion, maintaining 100% ownership [1][3]. Group 1: Investment and Financial Details - The investment will be used for the construction of the Guizhou Energy Puding Power Plant project, which has a total investment of CNY 6.67 billion and includes the construction of two 660MW ultra-supercritical coal-fired power generation units [3]. - The project is expected to take 25 months to complete, with the funding being disbursed in phases according to the construction progress [3]. - As of June 30, 2025, Puding Power Company reported total assets of CNY 5.703 billion, total liabilities of CNY 4.706 billion, and a net asset value of CNY 999.7 million, resulting in a debt-to-asset ratio of 82.51% [3]. Group 2: Company Performance - In the first three quarters of the year, Panjiang Co., Ltd. achieved total revenue of CNY 7.23 billion, a year-on-year increase of 12.11%, but reported a net loss attributable to shareholders of CNY 17.38 million, compared to a profit of CNY 35.19 million in the same period last year [4]. - The company attributed the net loss to a significant decline in coal prices compared to the previous year, leading to reduced revenue from coal sales [5]. - As of September 30, the company had cash and cash equivalents amounting to CNY 2.43 billion [6]. Group 3: Market Performance - As of November 24, Panjiang Co., Ltd.'s stock closed down 1.44% at CNY 4.78 per share, with the stock price having decreased by 25% over the past three years [7].