Group 1: Consumer Price Index (CPI) Analysis - In August, the Consumer Price Index (CPI) remained stable month-on-month, with a year-on-year decrease of 0.4%. The core CPI, excluding food and energy, increased by 0.9% year-on-year, marking the fourth consecutive month of growth in this metric [1][2] - The decline in CPI year-on-year was primarily attributed to a high comparison base from the previous year and lower-than-seasonal increases in food prices. The year-on-year impact from previous price changes was approximately -0.9 percentage points [1][2] - Food prices rose by 0.5% month-on-month but decreased by 4.3% year-on-year, with significant declines in pork, eggs, and fresh vegetables, contributing to a greater downward impact on CPI [2] Group 2: Producer Price Index (PPI) Analysis - The Producer Price Index (PPI) showed a month-on-month stabilization after a decline of 0.2% in the previous month, with a year-on-year decrease of 2.9%, which is a narrowing of the decline by 0.7 percentage points compared to the previous month [1][3] - The improvement in supply-demand relationships in certain industries led to price increases in energy and raw materials, with coal processing prices rising by 9.7% month-on-month [3] - The narrowing of the year-on-year decline in PPI is attributed to the implementation of more proactive macroeconomic policies and improvements in market competition [3][4] Group 3: Industry-Specific Price Changes - The ongoing optimization of market competition has led to a reduction in the year-on-year price decline in various industries, supported by the deepening of the national unified market construction [4] - Emerging industries and technological innovations are contributing to price increases in certain sectors, with notable price rises in the manufacturing of arts and crafts, sports equipment, and nutritional foods [4]

Group 1 - The controlling shareholder of Shaanxi Black Cat, Shaanxi Huanghe Mining Group, holds approximately 922 million shares, accounting for 45.14% of the total share capital [1] - Huanghe Mining has pledged a total of 334 million shares, which represents 36.22% of its holdings and 16.35% of the total share capital [1] - As of the report date, the market capitalization of Shaanxi Black Cat is 7.2 billion yuan [1] Group 2 - For the first half of 2025, the revenue composition of Shaanxi Black Cat is as follows: coke accounts for 72.06%, coal tar for 6.15%, liquefied natural gas for 5.78%, premium coal for 3.51%, and synthetic ammonia for 3.42% [1]

Core Viewpoint - Green Leader Holdings (00061) reported a significant shift from profit to loss in its interim results for the six months ending June 30, 2025, with a shareholder loss of HKD 170 million compared to a profit of HKD 1.726 billion in the same period last year [1] Financial Performance - The company achieved revenue of HKD 70.34 million, representing a year-on-year decrease of 3.81% [1] - The basic loss per share was HKD 0.323 [1] Revenue Decline Factors - The decrease in revenue was attributed to a reduction in the average selling price of processed coal products [1]

Group 1 - The company reported a revenue of HKD 70.34 million for the six months ending June 30, 2025, representing a year-on-year decrease of 3.81% [1] - The loss attributable to shareholders amounted to HKD 170 million, a significant decline from a profit of HKD 1.726 billion in the same period last year [1] - The basic loss per share was HKD 0.323 [1] Group 2 - The decrease in revenue was attributed to a reduction in the average selling price of processed coal products [1]

Group 1 - Xinjiang Minghua Technology Chemical Co., Ltd. has been established with Yan Danhua as the legal representative [1] - The company's business scope includes coal-based activated carbon and other coal processing, mineral washing and processing, sales of high-performance fibers and composite materials, and new material technology research and development [1] - The company is jointly held by New Natural Gas and others [1]

Core Viewpoint - The recent trends in coking coal futures indicate a weak downward movement, with significant price fluctuations and a recent price increase in the spot market due to supply-demand dynamics and logistical factors [6] Supply - As of August 21, the average daily production of coking coal from independent coking plants was 654,000 tons, showing a week-on-week increase of 0.1%. The average daily production from 247 steel mills was 467,000 tons, remaining stable week-on-week, leading to a total production of 1,122,000 tons per day, also up by 0.1% week-on-week [3] Demand - As of August 21, the average pig iron output was 2.4066 million tons, with a slight increase of 0.34 million tons. The blast furnace operating rate was 83.59%, down by 0.16%, while the capacity utilization rate for blast furnace ironmaking was 90.22%, up by 0.13%. The profitability rate for steel mills was 65.80%, down by 2.60% [4] Inventory - As of August 21, the total inventory of coking coal was 9.426 million tons, reflecting a week-on-week increase of 0.6%. The inventory at independent coking enterprises was 644,000 tons, up by 1.9% week-on-week, while the inventory at 247 steel mills was 6.096 million tons, down by 0.2%. Port inventory stood at 2.686 million tons, down by 1.1% week-on-week [5] Profitability - The average profit per ton of coking coal nationwide was 23 yuan. In Shanxi, the average profit for premium coking coal was 42 yuan, while in Shandong, it was 83 yuan. Inner Mongolia's secondary coking coal had an average loss of 40 yuan, and Hebei's premium coking coal averaged a profit of 56 yuan [2] Market Dynamics - The recent price increase in the spot market was driven by the implementation of the seventh round of price hikes, which was officially set at 50/55 yuan per ton. The price for premium wet quenching coking coal in Shanxi reached 1,340 yuan per ton, while dry quenching coking coal was priced at 1,585 yuan per ton. The eighth round of price hikes is anticipated but has not yet been finalized [6]

Core Viewpoint - The recent price increase of coke in China is supported by tight fundamentals, but the demand for steel is weakening due to seasonal factors, which may slow down the pace of future price increases [1][5][7] Group 1: Coke Price Trends - Since mid-July, domestic coke prices have experienced seven consecutive rounds of increases, with the fundamentals supporting this trend [1] - As of August 21, the average operating load of major independent coke plants in China was 74.65%, slightly down by 0.13 percentage points from the previous week but up by 0.61 percentage points from the previous month [1] - Coke inventory at major coke plants dropped to 27.6 million tons, a decrease of 2.8 million tons or 9.21% from the previous month, marking the second-lowest level of the year [1] Group 2: Steel Demand and Inventory - The demand for steel has weakened significantly since mid-July due to high temperatures and rainy weather, leading to an increase in social inventory of steel products [5] - As of August 21, the social inventory of rebar reached 5.945 million tons, marking the seventh consecutive week of accumulation [5] - The average inventory of rebar in August was 5.63 days, down 0.57 days from the previous month, indicating the lowest level for the year [3] Group 3: Supply and Demand Dynamics - Despite the recovery of coke profits and increased production in Shanxi and Inner Mongolia, production cuts in Shandong, Hebei, and Henan have kept overall coke supply from increasing significantly [1][3] - The passive decline in steel mills' coke inventory is attributed to increased consumption driven by stable high furnace iron production [3] - The ongoing weak demand for steel and declining profits for steel mills are expected to reduce their acceptance of raw material price increases, leading to a slowdown in the pace of coke price hikes [5][7]

Report Information - Report Title: Coke Daily Report - Report Date: August 27, 2025 - Report Team: Black Team of the Research Center [1] Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoints - No clear core viewpoints are presented in the report. It mainly provides data on the coke industry, including prices, production, inventory, and related indicators. Summary by Category Coke Prices - The prices of different types of coke in various regions have shown week - on - week and month - on - month changes. For example, the price of Shanxi quasi - first wet - quenched coke is 1535.94 yuan, with a week - on - week increase of 54.61 yuan and a month - on - month increase of 218.45 yuan, but a year - on - year decrease of 8.91%. Other regions like Hebei, Shandong, Jiangsu, and Inner Mongolia also have similar price trends [2]. Production and Capacity Utilization - The blast furnace operating rate is 90.25%, with a week - on - week increase of 0.03 and a year - on - year increase of 5.04%. The daily average iron - water output is 240.75, with a week - on - week increase of 0.09 and a year - on - year increase of 7.26%. The coking capacity utilization rate is 74.13%, with a week - on - week increase of 0.38 and a year - on - year increase of 2.33%. The daily average coke output is 51.63, with a week - on - week decrease of 0.04 and a year - on - year decrease of 5.20% [2]. Inventory - Coking plant inventory is 39.47, with a week - on - week increase of 0.16 and a year - on - year decrease of 15.82%. Port inventory is 214.62, with a week - on - week decrease of 0.49 and a year - on - year increase of 12.24%. Steel mill inventory is 609.59, with a week - on - week decrease of 0.21 and a year - on - year increase of 13.52%. The steel mill inventory days are 10.76, with a week - on - week decrease of 0.07 and a year - on - year decrease of 0.46% [2]. Futures Market - The prices of different coke futures contracts (05, 09, 01) have changed. For example, the price of the 05 contract is 1806.5, with a daily decrease of 13.00. The basis of different contracts (05, 09, 01) and the spreads between different contracts (5 - 9, 9 - 1, 1 - 5) also show various changes [2].

Group 1: Report Information - The report is a Coke Daily Report by the Black Team of the Research Center, dated August 26, 2025 [1] Group 2: Price and Production Data - **Coke Prices**: - Shanxi quasi - first wet - quenched coke is priced at 1535.94, with no daily change, a weekly increase of 54.61, a monthly increase of 218.45, and a year - on - year decrease of 8.91% [2] - Hebei quasi - first wet - quenched coke is priced at 1780.00, with no daily change, a weekly increase of 55.00, a monthly increase of 240.00, and a year - on - year decrease of 7.05% [2] - Shandong quasi - first dry - quenched coke is priced at 1715.00, with no daily change, a weekly increase of 55.00, a monthly increase of 220.00, and a year - on - year decrease of 12.28% [2] - Jiangsu quasi - first dry - quenched coke is priced at 1755.00, with no daily change, a weekly increase of 55.00, a monthly increase of 220.00, and a year - on - year decrease of 12.03% [2] - Inner Mongolia second - grade coke is priced at 1180.00, with no daily or weekly change, a monthly increase of 150.00, and a year - on - year decrease of 12.59% [2] - **Production and Utilization**: - The blast furnace开工率 (capacity utilization rate) is 90.25, with a weekly increase of 0.03, a monthly decrease of 0.56, and a year - on - year increase of 5.04% [2] - The daily average iron water output is 240.75, with a weekly increase of 0.09, a monthly decrease of 1.48, and a year - on - year increase of 7.26% [2] - The coking plant capacity utilization rate is 74.13, with a weekly increase of 0.38, a monthly increase of 1.23, and a year - on - year increase of 2.33% [2] - The daily average coke output is 51.63, with a weekly decrease of 0.04, a monthly decrease of 1.47, and a year - on - year decrease of 5.20% [2] Group 3: Inventory Data - **Coke Inventories**: - Coking plant inventory is 39.47, with a weekly increase of 0.16, a monthly decrease of 10.65, and a year - on - year decrease of 15.82% [2] - Port inventory is 214.62, with a weekly decrease of 0.49, a monthly increase of 16.49, and a year - on - year increase of 12.24% [2] - Steel mill inventory is 609.59, with a weekly decrease of 0.21, a monthly decrease of 30.39, and a year - on - year increase of 13.52% [2] - Steel mill inventory days are 10.76, with a weekly decrease of 0.07, a monthly decrease of 0.69, and a year - on - year decrease of 0.46% [2] Group 4: Futures Data - **Futures Prices and Basis**: - The price of futures contract 05 is 1819.5, with a daily increase of 65.00, a weekly increase of 11.50, a monthly decrease of 2.50, and a year - on - year decrease of 8.45% [2] - The price of futures contract 09 is 1650, with a daily increase of 34.50, a weekly increase of 4.50, a monthly decrease of 98.00, and a year - on - year decrease of 13.02% [2] - The price of futures contract 01 is 1722.5, with a daily increase of 59.00, a weekly increase of 4.50, a monthly decrease of 71.50, and a year - on - year decrease of 11.62% [2] - The 05 basis is 14.85, with a daily decrease of 70.38, a weekly increase of 41.85, a monthly increase of 232.02, and a year - on - year increase of 11.79 [2] - The 09 basis is 184.35, with a daily decrease of 39.88, a weekly increase of 48.85, a monthly increase of 327.52, and a year - on - year increase of 90.79 [2] - The 01 basis is 111.85, with a daily decrease of 64.38, a weekly increase of 48.85, a monthly increase of 301.02, and a year - on - year increase of 70.29 [2] - **Futures Spreads**: - The 5 - 9 spread is - 97.00, with a daily decrease of 6.00, a weekly decrease of 7.00, a monthly decrease of 69.00, and a year - on - year decrease of 58.50 [2] - The 9 - 1 spread is 169.50, with a daily increase of 30.50, a weekly increase of 7.00, a monthly increase of 95.50, and a year - on - year increase of 79.00 [2] - The 1 - 5 spread is - 72.50, with a daily decrease of 24.50, no weekly change, a monthly decrease of 26.50, and a year - on - year decrease of 20.50 [2] Group 5: Historical Price Charts - The report includes historical price charts for various coke products such as Linfen factory price, Lvliang factory price, Rizhao Port quasi - first flat price, Changzhi factory price, Qingdao Port quasi - first flat price, Tianjin Port quasi - first flat price from 2021 to 2025 [3][4][5][6][9] - It also includes historical data charts for blast furnace capacity utilization rate, iron water output, steel mill coke inventory, Mongolian port pick - up price, Liulin main coking coal, coke main contract basis rate, coking plant capacity utilization rate, coking plant coke output, port total inventory, coke total inventory (weighted), coking profit, and full - sample coking plant coke inventory from 2021 to 2025 [7]

Core Viewpoint - The document outlines the information disclosure management system for Baotailong New Materials Co., Ltd., emphasizing the importance of timely and accurate reporting of significant information from subsidiaries and branches to protect investor interests [1][2]. Group 1: General Principles - The system is established to enhance the management of information disclosure for subsidiaries and branches, ensuring compliance with relevant laws and regulations [1][2]. - Subsidiaries are defined as entities engaged in business activities outside the company's registered location, lacking independent legal status [1]. Group 2: Major Information Management - The company is responsible for managing significant matters related to subsidiaries and branches, ensuring adherence to internal control systems [2]. - Key personnel, including heads of subsidiaries and branches, are obligated to report significant information to the board of directors [2]. Group 3: Scope of Major Information - Subsidiaries and branches must provide information that could significantly impact the company's stock and derivatives trading prices [3]. - Information must be truthful, timely, accurate, and complete, with written documentation required [3][4]. Group 4: Reporting Standards - Specific major events that require reporting include board meetings, significant transactions, and any events that may pose substantial risks to the company [6][7]. - Transactions involving significant amounts or changes in company structure must be reported promptly [9][10]. Group 5: Documentation Requirements - When reporting major matters, subsidiaries must submit relevant documents, including agreements, board resolutions, and financial reports [12][13]. - The reporting process includes a detailed checklist to ensure all necessary information is provided [14].