Core Viewpoint - The company has shown significant improvement in Q2 earnings, driven by rising coal prices and increased electricity generation, maintaining a "buy" rating. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 5.15 billion yuan, a year-on-year increase of 27.3%, while the net profit attributable to shareholders was a loss of 5.095 million yuan, a decline of 113.67% year-on-year [1] - In Q2 2025, revenue reached 2.67 billion yuan, a quarter-on-quarter increase of 7.6%, with a net profit of 99.477 million yuan, a quarter-on-quarter increase of 200 million yuan [1] - The company has revised its profit forecasts for 2025-2027, expecting net profits of 243 million, 372 million, and 472 million yuan respectively, with year-on-year growth rates of 133.4%, 53.1%, and 26.9% [1] Group 2: Coal and Power Business - In H1 2025, the company produced 5.154 million tons of marketable coal, a year-on-year increase of 15.3%, while external sales decreased by 3.1% to 3.947 million tons [2] - The average selling price of coal in H1 2025 was 684.8 yuan per ton, down 22.3% year-on-year, while the cost per ton was 513.2 yuan, down 20.3% year-on-year [2] - In H1 2025, the company's electricity generation increased significantly, with a total output of 7.13 billion kWh, a year-on-year increase of 380% [2] Group 3: Capacity Expansion and Integration - The company has commenced production at the Mayixi No. 1 mine, which has an annual capacity of 2.4 million tons, and is progressing with the second phase of construction [3] - As of June 2025, the company has established a total installed capacity of 2.64 million kilowatts for thermal power and 3.9396 million kilowatts for renewable energy, forming a multi-energy supply structure [3] - The company is set to benefit from a 15% corporate income tax reduction starting in 2025, along with additional financial incentives totaling 48.563 million yuan [3]

本报讯(记者冯雨瑶)8月25日晚间，贵州盘江精煤股份有限公司(以下简称"盘江股份（600395）")发布 2025年半年度报告，报告期内实现营业收入51.52亿元，同比增长27.34%；实现归属于上市公司股东的 净利润-509.51万元。 上半年，盘江股份依托两条路径深化经营管控。一是狠抓增产增收。深入践行"富矿精开"战略，探索建 立多元化销售渠道，丰富商品煤销售模式，促进煤矿稳产达产和公司效益提升，实现量的合理增长和质 的有效提升。二是狠抓节支降耗。在"两金"压控、代储代销、修旧利废等方面深挖潜力，有效盘活闲置 资产，持续加强集中采购工作，多渠道降低生产成本，压缩非生产性支出，提高经济效益。 展望2025年下半年，盘江股份将积极应对能源行业转型发展、煤炭市场震荡下行等多重挑战，统筹安全 生产、项目建设、市场开拓、公司治理、改革创新等各项工作，深入推进煤电新能源一体化发展，努力 完成全年目标任务。 上半年，盘江股份克服市场低迷、煤炭价格下滑等多重困难，聚焦安全发展、创新发展、绿色发展、协 同发展，全力稳大局应变局，总体呈现稳中有进、进中提质的发展态势。数据显示，上半年商品煤产量 515.37万吨，同比增长15 ...

公司代码：600395 公司简称：盘江股份 贵州盘江精煤股份有限公司 贵州盘江精煤股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人纪绍思、主管会计工作负责人刘文学及会计机构负责人（会计主管人员）邓丽 茶声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期，公司不派发现金红利，不送红股，不进行资本公积转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本半年度报告内容涉及的未来计划、发展战略等前瞻性陈述因存在不确定性，不构成公司对 投资者的实质承诺，敬请广大投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本 ...

年度报告摘要 第一节 重要提示 | | | 贵州盘江精煤股份有限公司 贵州盘江精煤股份有限公司 2025 年半 | 展规划，投资者应当到 http://www.sse.com.cn | | | | 网站仔细阅读半年度报告全文。 | | | | --- | --- | --- | --- | --- | --- | --- | | 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 | | | | | | | | 本报告期，公司不派发现金红利，不送红股，不进行资本公积转增股本。 | | | | | | | | 第二节 | | | | | | 公司基本情况 | | 公司股票简况 | | | | | | | | 股票种类 股票上市交易所 | | | | 股票简称 股票代 | | | | 变更前股票简称 | | 码 | | | | | | A股 | | | 上海证券交易所 盘江股份 600395 | | | | | 联系人和联系方式 董事会秘书 | | | | 证券事务 | | | | 代表 | | | | | | | | 姓名 刘和平 | | | | 梁东平 | | | | 0858-3700123 | ...

Group 1 - The company reported a revenue of 5.152 billion yuan for the first half of 2025, representing a year-on-year increase of 27.34%, despite a loss of 5.0951 million yuan [1] - In the second quarter, the company achieved a revenue of 2.670 billion yuan with a profit of 99.48 million yuan, showing increases of 27.35% and 523.69% respectively [1] - The company produced 5.1537 million tons of commercial coal and sold 3.9471 million tons during the reporting period, with a total electricity generation of 7.131 billion kWh [1] Group 2 - The company’s electricity sales revenue increased by 1.928 billion yuan year-on-year, with a growth rate of 372.51% [2] - As of June 30, the company had completed the construction of thermal power generation capacity of 2.64 million kW and invested in new energy projects with a total installed capacity of 3.9396 million kW, of which 3.0314 million kW is connected to the grid [2] - The company aims to address challenges in the energy sector and coal market while promoting integrated development of coal, electricity, and new energy [2]

证券代码：600395 证券简称：盘江股份 编号：临 2025-037 于近期收到上海证券交易所《关于贵州盘江精煤股份有限公司 2024 年年度报告 （上证公函【2025】0911 号） 的信息披露监管问询函》 （以下简称"年报问询函"）， 公司收到年报问询函后高度重视，会同中审众环会计师事务所（特殊普通合伙） （以下简称"年审会计师"）就《年报问询函》提及的事项逐项进行了认真讨论、 核查与落实，现就问询函有关问题回复如下： 在年报问询函相关问题的回复中，若合计数与各分项数值相加之和在尾数上 存在差异，均为四舍五入所致。如无特别说明，本回复中使用的简称或名词释义 与《贵州盘江精煤股份有限公司 2024 年年度报告》一致。 一、关于货币资金和有息负债 贵州盘江精煤股份有限公司 关于公司 2024 年年度报告的信息披露监管 问询函的回复公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 贵州盘江精煤股份有限公司（以下简称"盘江股份"、 "上市公司"或"公司"） 报告期末，公司货币资金余额 17.1 亿元，占流动资产的比重为 27 ...

中审众环会计师事务所（特殊普通合伙） 关于贵州盘江精煤股份有限公司 2024 年年度 报告的信息披露监管问询函的回复 中审众环会计师事务所（特殊普通合伙） Zhongshenzhonghuan Certified Public Accountants LLP 电话 Tel：027-86791215 武汉市中北路 166 号长江产业大厦 17-18 楼 17-18/F,Yangtze River lndustry Building, 传真 Fax：027-85424329 邮政编码：430077 No.166 Zhongbei Road, Wuhan,430077 中审众环会计师事务所（特殊普通合伙） 关于贵州盘江精煤股份有限公司 2024 年年度 报告的信息披露监管问询函的回复 众环专字(2025)1600124 号 上海证券交易所： 根据贵所近期向贵州盘江精煤股份有限公司（以下简称"盘江股份"、"上市公司"或"公司"） 下发的上证公函【2025】0911 号《关于贵州盘江精煤股份有限公司 2024 年年度报告的信息披露监管 问询函》（以下简称"问询函"），中审众环会计师事务所（特殊普通合伙）（以下简称"我们 ...

Group 1 - The core viewpoint of the article is that Panzhihua Co., Ltd. is actively investing in renewable energy projects, specifically wind and solar power, to enhance its integrated coal and electricity development strategy [1][2]. - The company plans to invest 9.62 billion yuan in two projects: a wind farm with a capacity of 120 MW and a solar power station with a capacity of 50 MW, which will be constructed simultaneously [2]. - By May 30, 2025, the company aims to have a total installed capacity of 3.77 million kW in renewable energy projects, with 2.96 million kW already connected to the grid [2]. Group 2 - Panzhihua Co., Ltd. is the largest coking coal enterprise in Southwest China, with coal reserves of 8.143 billion tons and an available mining capacity of 3.949 billion tons [3]. - In 2024, despite market challenges, the company achieved a raw coal output of 14.46 million tons and a sales volume of 7.84 million tons, meeting its budget targets [3]. - The company has also invested 6.67 billion yuan in a new coal-fired power plant project, which is expected to enhance its electricity generation capacity [3]. Group 3 - For the fiscal year 2024, the company reported a revenue of 8.9 billion yuan, a decrease of 5.4% year-on-year, and a net profit of 104 million yuan, down 85.8% [4]. - In the first quarter of the current year, the company recorded a revenue of 2.482 billion yuan, a year-on-year increase of 27.33%, but incurred a net loss of 105 million yuan due to rising coal extraction costs and declining coal prices [4]. - The company's operating cash flow increased significantly by 290.7% to 90.29 million yuan, indicating strong cash generation capabilities [4].