Core Viewpoint - The announcement from Shaanxi Black Cat indicates a mixed performance in the fourth quarter of 2025, with a notable decline in average prices for various products despite an increase in production and sales volume [1] Group 1: Production and Sales Data - In Q4 2025, the company produced 1.2988 million tons of coke and sold 1.2314 million tons, generating sales revenue of 1.667 billion yuan [1] - The production figures for other products include 49,200 tons of tar, 15,800 tons of crude benzene, and 62,500 tons of methanol [1] Group 2: Price Changes - The average price of coke was 1,353.59 yuan per ton, reflecting a year-on-year decrease of 12.42% but a quarter-on-quarter increase of 13.79% [1] - The price of tar was 2,787.36 yuan per ton, down 12.79% year-on-year [1] - The price of crude benzene was 3,840.46 yuan per ton, showing a significant year-on-year decline of 27.26% [1] - The average price of methanol was 1,706.05 yuan per ton, with a slight year-on-year decrease of 2.20% [1]

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来源：市场资讯 经营范围含许可项目：道路货物运输（网络货运）；道路危险货物运输；食品销售；酒类经营。（依法 须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可证件 为准）煤炭及制品销售；化工产品销售（不含许可类化工产品）；供应链管理服务；建筑材料销售；轻 质建筑材料销售；金属材料销售；金属矿石销售；有色金属合金销售；非金属矿及制品销售；木材销 售；矿山机械销售；机械设备销售；机械设备租赁；石灰和石膏销售；橡胶制品销售；塑料制品销售； 肥料销售；化肥销售；食用农产品零售；初级农产品收购；电子产品销售；计算机软硬件及辅助设备零 售；普通货物仓储服务（不含危险化学品等需许可审批的项目）；道路货物运输站经营；装卸搬运；信 息技术咨询服务；信息咨询服务（不含许可类信息咨询服务）；技术服务、技术开发、技术咨询、技术 交流、技术转让、技术推广；食品销售（仅销售预包装食品）；新鲜水果零售；第一类医疗器械销售； 金银制品销售；高性能有色金属及合金材料销售；润滑油销售。（除依法须经批准的项目外，凭营业执 照依法自主开展经营活动） 企业名称中资能源（营口）有限公司法定代表人刘春福注册资本200万 ...

1. Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints - No clear core viewpoints are presented in the given report content. 3. Summary by Relevant Data Price Information - The latest price of Shanxi quasi - first wet quenching coke is 1485.59, with no daily change, no weekly change, a monthly change of - 109.23, and a year - on - year change of - 13.65% [2] - The latest price of Hebei quasi - first dry quenching coke is 1735.00, with no daily change, no weekly change, a monthly change of - 110.00, and a year - on - year change of 4.52% [2] - The latest price of Shandong quasi - first dry quenching coke is 1660.00, with no daily change, no weekly change, a monthly change of - 110.00, and a year - on - year change of - 12.63% [2] - The latest price of Jiangsu quasi - first dry quenching coke is 1700.00, with no daily change, no weekly change, a monthly change of - 110.00, and a year - on - year change of - 12.37% [2] - The latest price of Inner Mongolia second - grade coke is 1180.00, with no daily change, no weekly change, a monthly change of - 100.00, and a year - on - year change of - 15.71% [2] Production and Capacity Utilization - The blast furnace operating rate is 84.94, with a weekly change of 0.01, a monthly change of - 3.04, and a year - on - year change of - 1.38% [2] - The average daily hot metal output is 226.58, with a weekly change of 0.03, a monthly change of - 8.10, and a year - on - year change of - 0.57% [2] - The coking capacity utilization rate is 70.50, with a weekly change of - 1.42, a monthly change of - 0.60, and a year - on - year change of - 2.42% [2] - The average daily coke output is 50.66, with a weekly change of - 0.64, a monthly change of - 2.20, and a year - on - year change of - 4.11% [2] Inventory Information - The coking plant inventory is 50.14, with a weekly change of - 1.76, a monthly change of 4.93, and a year - on - year change of 2.87% [2] - The port inventory is 178.20, with a weekly change of 2.55, a monthly change of - 9.20, and a year - on - year change of 5.64% [2] - The steel mill inventory is 642.20, with a weekly change of 8.47, a monthly change of 16.68, and a year - on - year change of - 0.45% [2] - The steel mill inventory days are 12.01, with a weekly change of 0.29, a monthly change of 0.72, and a year - on - year change of - 7.47% [2] Futures Information - The latest price of futures contract 05 is 1714.5, with a daily change of 7.00, a weekly change of - 25.00, a monthly change of - 28.50, and a year - on - year change of - 4.03% [2] - The latest price of futures contract 09 is 1794, with a daily change of 9.00, a weekly change of - 22.00, a monthly change of - 8.50, and a year - on - year change of - 3.16% [2] - The latest price of futures contract 01 is 1574.5, with a daily change of - 6.00, a weekly change of - 22.50, a monthly change of - 16.00, and a year - on - year change of - 11.42% [2] - The 05 basis is 71.08, with a daily change of - 7.00, a weekly change of 25.00, a monthly change of - 92.17, and a year - on - year change of - 110.97 [2] - The 09 basis is - 8.42, with a daily change of - 9.00, a weekly change of 22.00, a monthly change of - 112.17, and a year - on - year change of - 124.47 [2] - The 01 basis is 211.08, with a daily change of 6.00, a weekly change of 22.50, a monthly change of - 104.67, and a year - on - year change of 20.03 [2] - The 5 - 9 spread is - 140.00, with a daily change of - 13.00, a weekly change of 2.50, a monthly change of 12.50, and a year - on - year change of - 131.00 [2] - The 9 - 1 spread is - 79.50, with a daily change of - 2.00, a weekly change of - 3.00, a monthly change of - 20.00, and a year - on - year change of - 13.50 [2] - The 1 - 5 spread is 219.50, with a daily change of 15.00, a weekly change of 0.50, a monthly change of 7.50, and a year - on - year change of 144.50 [2]

Report Information - Report Title: Coke Daily Report - Research Team: Black Team of the Research Center - Date: December 30, 2025 Report Highlights Industry Investment Rating - Not provided in the report Core Views - Not explicitly stated in the report Summary by Category Coke Prices - Shanxi quasi - first wet quenching coke price is 1,485.59, with no daily change, a weekly decrease of 54.61, a monthly decrease of 163.84, and a year - on - year decrease of 13.49% [2] - Hebei quasi - first dry quenching coke price is 1,735.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 165.00, and a year - on - year increase of 4.52% [2] - Shandong quasi - first dry quenching coke price is 1,660.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 165.00, and a year - on - year decrease of 12.63% [2] - Jiangsu quasi - first dry quenching coke price is 1,700.00, with no daily change, a weekly decrease of 55.00, a monthly decrease of 165.00, and a year - on - year decrease of 12.37% [2] - Inner Mongolia second - grade coke price is 1,180.00, with no daily change, a weekly decrease of 50.00, a monthly decrease of 150.00, and a year - on - year decrease of 15.71% [2] Production and Utilization Rates - Blast furnace开工率 is 84.94%, with a weekly increase of 0.01, a monthly decrease of 3.04, and a year - on - year decrease of 1.38% [2] - Daily average hot metal output is 226.58, with a weekly increase of 0.03, a monthly decrease of 8.10, and a year - on - year decrease of 0.57% [2] - Coking capacity utilization rate is 70.50%, with a weekly decrease of 1.42, a monthly decrease of 0.60, and a year - on - year decrease of 2.42% [2] - Daily average coke output is 50.66, with a weekly decrease of 0.64, a monthly decrease of 2.20, and a year - on - year decrease of 4.11% [2] Inventory - Coking plant inventory is 50.14, with a weekly decrease of 1.76, a monthly increase of 4.93, and a year - on - year increase of 2.87% [2] - Port inventory is 178.20, with a weekly increase of 2.55, a monthly decrease of 9.20, and a year - on - year increase of 5.64% [2] - Steel mill inventory is 642.20, with a weekly increase of 8.47, a monthly increase of 16.68, and a year - on - year decrease of 0.45% [2] - Steel mill inventory days are 12.01, with a weekly increase of 0.29, a monthly increase of 0.72, and a year - on - year decrease of 7.47% [2] Futures Market - Futures contract 05 price is 1,707.5, with no daily change, a weekly decrease of 35.00, a monthly decrease of 18.50, and a year - on - year decrease of 4.31% [2] - Futures contract 09 price is 1,785, with a daily increase of 2.00, a weekly decrease of 33.50, a monthly decrease of 11.00, and a year - on - year decrease of 3.59% [2] - Futures contract 01 price is 1,580.5, with a daily increase of 13.00, a weekly decrease of 25.50, a monthly increase of 6.00, and a year - on - year decrease of 10.33% [2] - 05 basis is 78.08, with no daily change, a weekly increase of 45.75, a monthly decrease of 160.90, and a year - on - year decrease of 104.89 [2] - 09 basis is 0.58, with a daily decrease of 2.00, a weekly increase of 44.25, a monthly decrease of 168.40, and a year - on - year decrease of 115.39 [2] - 01 basis is 205.08, with a daily decrease of 13.00, a weekly increase of 36.25, a monthly decrease of 185.40, and a year - on - year increase of 0.11 [2] - 5 - 9 spread is - 127.00, with a daily increase of 13.00, a weekly increase of 9.50, a monthly increase of 24.50, and a year - on - year decrease of 105.00 [2] - 9 - 1 spread is - 77.50, with a daily decrease of 2.00, a weekly decrease of 1.50, a monthly decrease of 7.50, and a year - on - year decrease of 10.50 [2] - 1 - 5 spread is 204.50, with a daily decrease of 11.00, a weekly decrease of 8.00, a monthly decrease of 17.00, and a year - on - year increase of 115.50 [2]

Group 1 - The company, Shaanxi Black Cat, announced that it will hold its first extraordinary general meeting of shareholders for 2026 on January 13, 2026 [2]

Group 1 - The company, Shaanxi Black Cat, announced a guarantee amount not exceeding 10.514 billion RMB for its subsidiaries for the year 2026 [1] - As of the announcement date, the total actual guarantees provided by the company amounted to 2.751 billion RMB, which is 43.02% of the company's latest audited net assets [1] - The revenue composition for Shaanxi Black Cat in the first half of 2025 shows that coke accounted 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] Group 2 - The market capitalization of Shaanxi Black Cat is currently 7.6 billion RMB [2]

Group 1 - The company plans to borrow up to 2 billion yuan from its controlling shareholder, Huanghe Mining, in 2026, with a revolving loan structure and an interest rate not exceeding the current LPR [1] - This borrowing constitutes a related party transaction and does not qualify as a major asset restructuring, thus no shareholder meeting approval is required [1] - The company had previously been approved to borrow up to 2 billion yuan in 2025, of which 813 million yuan has been repaid as of the announcement date [1] Group 2 - Huanghe Mining holds a 45.14% stake in the company, with total assets of 9.381 billion yuan, revenue of 377 million yuan, and a net loss of 43.0344 million yuan as of September 2025 [1]

Group 1: Report Information - Report title: Coke Daily Report [1] - Date of issue: December 23, 2025 [1] - Research team: Black Team of the Research Center [1] Group 2: Price and Production Data Coke Prices - The latest price of Shanxi quasi - first wet - quenched coke is 1485.59, with a daily change of - 54.61, a weekly change of - 54.61, a monthly change of - 163.84, and a year - on - year change of - 13.49% [2] - The latest price of Hebei quasi - first dry - quenched coke is 1790.00, with no daily or weekly change, a monthly change of - 110.00, and a year - on - year change of 7.83% [2] - The latest price of Shandong quasi - first dry - quenched coke is 1715.00, with no daily or weekly change, a monthly change of - 110.00, and a year - on - year change of - 9.74% [2] - The latest price of Jiangsu quasi - first dry - quenched coke is 1755.00, with no daily or weekly change, a monthly change of - 110.00, and a year - on - year change of - 9.54% [2] - The latest price of Inner Mongolia second - grade coke is 1180.00, with a daily change of - 50.00, a weekly change of - 50.00, a monthly change of - 150.00, and a year - on - year change of - 15.71% [2] Production and Capacity Utilization - The blast furnace operating rate is 84.93, with a weekly change of - 0.99, a monthly change of - 3.65, and a year - on - year change of - 2.69% [2] - The daily average iron water output is 226.55, with a weekly change of - 2.65, a monthly change of - 9.73, and a year - on - year change of - 1.25% [2] - The coking capacity utilization rate is 71.92, with a weekly change of - 0.72, a monthly change of 0.82, and a year - on - year change of - 2.18% [2] - The daily average coke output is 51.30, with a weekly change of - 0.30, a monthly change of - 1.59, and a year - on - year change of - 3.21% [2] Group 3: Inventory Data Coke Inventories - The coking plant inventory is 51.90, with a weekly change of 1.79, a monthly change of 8.46, and a year - on - year change of 10.19% [2] - The port inventory is 175.65, with a weekly change of - 5.55, a monthly change of - 17.35, and a year - on - year change of 5.08% [2] - The steel mill inventory is 633.73, with a weekly change of - 1.55, a monthly change of 11.39, and a year - on - year change of 0.34% [2] - The steel mill inventory days are 11.72, with a weekly change of 0.06, a monthly change of 0.67, and a year - on - year change of - 6.24% [2] Futures - related Inventory Indicators - The 05 basis is 38.32, with a daily change of - 65.22, a weekly change of - 126.22, a monthly change of - 137.65, and a year - on - year change of - 161.97 [2] - The 09 basis is - 35.18, with a daily change of - 65.22, a weekly change of - 121.72, a monthly change of - 145.15, and a year - on - year change of - 175.97 [2] - The 01 basis is 178.32, with a daily change of - 66.72, a weekly change of - 153.72, a monthly change of - 154.65, and a year - on - year change of - 82.47 [2] - The 5 - 9 spread is - 140.00, with a daily change of 1.50, a weekly change of 27.50, a monthly change of 17.00, and a year - on - year change of - 79.50 [2] - The 9 - 1 spread is - 73.50, with no daily change, a weekly change of 4.50, a monthly change of - 7.50, and a year - on - year change of - 14.00 [2] - The 1 - 5 spread is 213.50, with a daily change of - 1.50, a weekly change of - 32.00, a monthly change of - 9.50, and a year - on - year change of 93.50 [2] Group 4: Futures Data - The latest price of the futures contract 05 is 1736.5, with a daily change of 6.50, a weekly change of 67.50, a monthly change of - 52.50, and a year - on - year change of - 4.72% [2] - The latest price of the futures contract 09 is 1810, with a daily change of 6.50, a weekly change of 63.00, a monthly change of - 45.00, and a year - on - year change of - 3.83% [2] - The latest price of the futures contract 01 is 1596.5, with a daily change of 8.00, a weekly change of 95.00, a monthly change of - 35.50, and a year - on - year change of - 9.39% [2]