Core Viewpoint - China Coal Energy (中煤能源) reported a significant decline in revenue and profit for the first half of 2025, indicating challenges in the coal market and the need for strategic adjustments to maintain performance [1][2] Financial Performance - Revenue for the six months ending June 30, 2025, was 74.436 billion yuan, a decrease of 19.9% year-on-year [1] - Shareholder profit attributable to the company was 7.325 billion yuan, down 31.5% year-on-year [1] - Basic earnings per share were 0.55 yuan, with an interim dividend proposed at 0.166 yuan per share (before tax) [1] Coal Production and Sales - The company optimized production layout and increased coal output, achieving a total coal production of 67.34 million tons, an increase of 840,000 tons year-on-year [1] - Self-produced coal sales reached 67.11 million tons, up 920,000 tons year-on-year, with a focus on expanding the metallurgical coal market [1] Coal Chemical and Power Generation - The coal chemical business maintained stable operations, producing 2.988 million tons of major coal chemical products, an increase of 61,000 tons year-on-year [1] - Power generation increased significantly, with a total output of 7.75 billion kWh, reflecting a year-on-year growth of 27.2% [1] Cost Management and Efficiency - The company implemented lean management practices to reduce costs and improve quality, with a focus on dynamic product structure optimization based on market demand [2] - The unit sales cost of self-produced coal decreased by 15 yuan per ton, while the unit sales cost of urea fell by 144 yuan per ton [2] - Financial expenses net decreased by 241 million yuan year-on-year, indicating improved debt structure and reduced financing costs [2]

Core Viewpoint - China Coal Energy (01898.HK) reported a decline in revenue and profit for the first half of 2025, with a focus on optimizing production and expanding market share in coal and chemical sectors [1][2]. Financial Performance - The group's revenue for the first half of 2025 was RMB 74.436 billion, a decrease of 19.9% year-on-year [1]. - Shareholder profit attributable to the company was RMB 7.325 billion, down 31.5% year-on-year, with basic earnings per share at RMB 0.55 [1]. - EBITDA for the first half was RMB 16.857 billion, reflecting a 27.0% decrease year-on-year [1]. - The board approved an interim dividend of RMB 0.166 per share (including tax) for 2025 [1]. Operational Highlights - The coal business optimized production layout, achieving a total coal output of 67.34 million tons, an increase of 840,000 tons year-on-year [2]. - Self-produced coal sales reached 67.11 million tons, up 920,000 tons year-on-year, with a focus on maintaining market share and fulfilling long-term contracts [2]. - The coal chemical sector produced 2.988 million tons of major products, an increase of 61,000 tons year-on-year, while implementing a differentiated marketing strategy [2]. - Power generation increased by 27.2% year-on-year, reaching 7.75 billion kWh, due to improved equipment management and maintenance scheduling [2]. Project Development - The company accelerated project development, focusing on the "coal-electric-chemical-new" integrated industrial chain [3]. - Key projects such as the Li Bi coal mine and the Wu Shun Qi coal-electric integration project are progressing as planned [3]. - The construction of the second phase of the Yulin coal chemical project is nearing completion, with significant milestones achieved in various renewable energy projects [3]. - Safety measures and environmental protection efforts have been reinforced, maintaining a stable safety situation without any major environmental incidents [3].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 ( 于中華人民共和國註冊成立的股份有限公司 ) (股份代號：01898) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而發表。 以下爲中國中煤能源股份有限公司於上海證券交易所網站刊發之《中國中煤能源股 份有限公司 2025 年半年度報告摘要和半年度報告全文》。 承董事會命 中國中煤能源股份有限公司 董事長、執行董事 王樹東 中國 北京 2025 年 8 月 22 日 於本公告刊發日期，本公司的執行董事為王樹東、廖華軍和趙榮哲；非執行董事為徐倩； 獨立非執行董事為景奉儒、詹豔景和黃江天。 * 僅供識別 中国中煤能源股份有限公司 2025 年半年度报告摘要 公司代码：601898 公司简称：中煤能源 中国中煤能源股份有限公司 2025 年半年度报告摘要 第一节 重要提示 1.1 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发 展规划，投资者应当 ...

Group 1 - The stock price of China Heart and Heart Fertilizer (01866.HK) closed at 7.510 HKD on August 22, 2023, marking a 1.62% increase from the previous trading day, with an intraday high of 7.620 HKD, the highest in nearly a year [1] - The company is a large coal chemical group engaged in R&D, production, sales, and services, established in 1969 and listed in Hong Kong in 2009 [2] - The company has three major production bases in Henan, Xinjiang, and Jiangxi, with total assets of 27.9 billion RMB and over 8,500 employees [2] Group 2 - China Heart and Heart Fertilizer is a leading urea producer in terms of production and sales, with its compound fertilizer sales ranking among the top in the industry [2] - The company has been recognized as a national high-tech enterprise and has advanced gasification technology, with multiple research and development platforms [2] - The company has received numerous accolades, including being listed in the Fortune China 500 and recognized for its environmental performance [2] Group 3 - The company emphasizes innovation as a primary productivity driver and has been rated as a benchmark enterprise for synthetic ammonia energy efficiency for thirteen consecutive years [2] - The corporate culture is centered around integrity, dedication, focus, and excellence, aiming to create value for customers and society [2] - During the 14th Five-Year Plan period, the company will focus on a strategy of "high efficiency, high-end, and high quality," aiming to enhance its core competitiveness and become a modern large-scale coal chemical group [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - The urea futures price on Thursday showed a weakening trend in oscillation, with the closing price of the main 01 contract at 1764 yuan/ton, a decline of 1.34%. The spot market was weakly adjusted, and the mainstream regional spot prices dropped by 10 - 20 yuan/ton. The supply level of urea fluctuated at a high level, and the demand side was not significantly boosted. The short - term urea futures price will run in a range, and there may be phased market conditions following the Indian tender results and China's export situation, but the upside is limited by the policy of ensuring supply and stabilizing prices [1]. - The soda ash futures price on Thursday fluctuated narrowly, with the closing price of the main 01 contract at 1306 yuan/ton, a decline of 1.06%. The spot quotes were mostly stable, and the supply pressure continued to increase. The demand side was average, and the short - term futures price is expected to continue the range - oscillation trend [1]. - The glass futures price on Thursday showed a weakening trend in oscillation, with the closing price of the main 01 contract at 1156 yuan/ton, a slight decline of 0.86%. The spot market remained weak. The demand side improved in some areas, but there were still obvious differences. The short - term glass futures price is expected to continue the weak - oscillation state [1]. Group 3: Summary by Related Catalogs Market Information Urea - On August 21, the urea futures warehouse receipts on the Zhengzhou Commodity Exchange were 3,573, unchanged from the previous trading day, and the valid forecasts were 50 [4]. - On August 21, the daily output of the urea industry was 192,700 tons, a decrease of 2,500 tons from the previous working day and an increase of 20,100 tons compared with the same period last year. The industry's operating rate was 83.25%, a 4.97 - percentage - point increase compared with 78.28% in the same period last year [4]. - On August 21, the spot prices of small - particle urea in various domestic regions were as follows: Shandong 1,760 yuan/ton, down 10 yuan/ton; Henan 1,760 yuan/ton, down 20 yuan/ton; Hebei 1,770 yuan/ton, unchanged; Anhui 1,780 yuan/ton, unchanged; Jiangsu 1,760 yuan/ton, down 20 yuan/ton; Shanxi 1,630 yuan/ton, unchanged [4]. - As of August 20, the inventory of domestic urea enterprises was 1.0239 million tons, a weekly increase of 66,500 tons, or 6.95% [5]. Soda Ash and Glass - On August 21, the number of soda ash futures warehouse receipts on the Zhengzhou Commodity Exchange was 9,073, a decrease of 1,181 from the previous trading day, and the valid forecast volume was 1,609. The number of glass futures warehouse receipts was 2,188, a decrease of 200 from the previous trading day [7]. - On August 21, the spot prices of soda ash in different regions were provided. For example, in North China, the light soda ash was 1,250 yuan/ton and the heavy soda ash was 1,350 yuan/ton [7]. - As of the week of August 21, the capacity utilization rate of the soda ash industry was 88.48%, a week - on - week increase of 1.15 percentage points; the weekly output of soda ash was 771,400 tons, a week - on - week increase of 10,100 tons, or 1.32% [7]. - As of August 21, the inventory of domestic soda ash manufacturers was 1.9108 million tons, an increase of 13,500 tons compared with Monday, or 0.71% [8]. - On August 21, the average price of the float glass market was 1,147 yuan/ton, a daily decrease of 2 yuan/ton; the industry's daily output was 159,600 tons, unchanged from the previous day [8]. - As of August 21, the inventory of domestic float glass enterprises was 63.606 million weight cases, a week - on - week increase of 180,000 weight cases, or 0.28%, and a year - on - year decrease of 7.37%. The inventory days were 27.2 days, an increase of 0.1 day compared with last week [8]. Chart Analysis - The report includes various charts such as the closing price of the urea main contract, the closing price of the soda ash main contract, urea basis, pure alkali basis, the trading volume and open interest of the urea main contract, the trading volume and open interest of the soda ash main contract, the price spread between urea 2601 - 2509, the price spread between soda ash 2601 - 2509, the urea spot price trend chart, the soda ash spot price trend chart, the urea - methanol futures price spread, and the glass - soda ash futures price spread [11][12][16][17][19][20]. Research Team Introduction - Zhang Xiaojin is the research director of resource products at Everbright Futures Research Institute, focusing on the sugar industry. She has won many awards [22]. - Zhang Linglu is an analyst of resource products at Everbright Futures Research Institute, responsible for research on futures varieties such as urea, soda ash, and glass. She has won multiple honors [22]. - Sun Chengzhen is an analyst of resource products at Everbright Futures Research Institute, mainly engaged in fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferroalloys. He has won relevant honors [22].

Core Viewpoint - The coal chemical industry in China is undergoing a profound transformation driven by the "dual carbon" goals and energy revolution, with Shandong Hualu Hengsheng Chemical Co., Ltd. leading the way through technological innovation and strategic shifts [1][5]. Group 1: Industry Transformation - The industry is shifting from scale expansion to value reconstruction, with a focus on integrating traditional sectors like fertilizers and basic chemicals with emerging fields such as new energy materials and high-end chemical materials [1]. - By 2024, Hualu Hengsheng's revenue from new energy materials is expected to reach 50%, with products like dicarboxylic acid and carbonate ester holding the largest market share in China [1][2]. Group 2: Technological Advancements - Hualu Hengsheng has developed new processes and catalytic technologies for producing dicarboxylic acid and dimethyl carbonate, significantly impacting the lithium battery market [2]. - The company has established the largest domestic production capacity for dimethyl carbonate at 300,000 tons per year, which has reshaped market dynamics [2]. Group 3: Strategic Planning and Investment - Over the past five years, Hualu Hengsheng has invested over 5 billion yuan in R&D and 26 billion yuan in projects, implementing 15 high-end chemical projects to solidify its growth foundation [3]. - The company emphasizes a dynamic and scientific approach to strategic decision-making, ensuring that projects leverage existing industry chain advantages and have both technological and market potential [3]. Group 4: Risk Management and Operational Efficiency - Hualu Hengsheng employs a comprehensive risk control system, conducting multi-dimensional evaluations of projects and ensuring rigorous financial management [4]. - The company maintains a cycle of continuous investment, with new projects starting and completing each year, contributing to sustained growth [4]. Group 5: Future Outlook - Hualu Hengsheng aims to transition from a coal-dominant model to a diversified support structure, focusing on green intelligent manufacturing and high-quality development [5]. - The company is committed to innovation and industry integration, striving to enhance competitiveness and set benchmarks for the coal chemical industry's transformation [5].

证券代码：600989 证券简称：宝丰能源 公告编号：2025-031 宁夏宝丰能源集团股份有限公司 关于修订《公司章程》及附件的公告 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。 宁夏宝丰能源集团股份有限公司（以下简称"公司"）于 2025 年 8 月 21 日召开 第四届董事会第十九次会议，审议通过了《关于修订 <公司章程> 及附件的议案》，并 提请股东大会授权公司经营管理层办理《公司章程》修订后的工商登记事宜。该事项 尚需提交公司股东大会审议。 为进一步规范公司运作，完善公司治理，根据 2024 年 7 月 1 日起施行的《中华 人民共和国公司法（2023 修订）》、中国证券监督管理委员会于 2024 年 12 月 27 日颁 布的《关于新 <公司法> 配套制度规则实施相关过渡期安排》以及 2025 年 3 月 28 日颁 布实施的《上市公司章程指引（2025）》 《上市公司股东会规则》等法律法规及规范性 文件的规定，结合公司实际情况，公司拟取消监事会并修订《宁夏宝丰能源集团股份 有限公司章程》（以下简称"《公司章程》 ...

Core Points - The company is Ningxia Baofeng Energy Group Co., Ltd, established as a joint-stock company based on the overall restructuring of Ningxia Baofeng Energy Group Co., Ltd [2][3] - The company was approved for its initial public offering (IPO) on April 19, 2019, and listed on the Shanghai Stock Exchange on May 16, 2019, with a total of 733.36 million shares issued [3][4] - The registered capital of the company is RMB 733.36 million [3][4] - The company operates in the energy and chemical sectors, focusing on high-end coal-based new materials and modern coal chemical products [5][6] Company Structure - The company is a permanent joint-stock company, with the president serving as the legal representative [3][4] - The company has a defined governance structure, including shareholders, directors, and senior management, all of whom are bound by the company's articles of association [3][4][12] - The company has established a Communist Party organization to conduct activities in accordance with the Party's regulations [4] Business Objectives and Scope - The company's business objective is to conduct operations based on fairness, legality, and mutual benefit, aiming to enhance competitiveness and provide reasonable returns to investors [5] - The business scope includes the production and sale of high-end coal-based new materials, modern coal chemical products, and various other energy-related activities [6] Share Issuance and Management - The company issues shares in the form of stocks, ensuring equal rights for all shares of the same category [17] - The company has a total of 733.36 million shares issued, all of which are ordinary shares [21] - The company prohibits financial assistance for acquiring its shares, except under specific conditions approved by the board of directors [8][9] Shareholder Rights and Responsibilities - Shareholders have rights to dividends, voting, and participation in company governance, as well as obligations to comply with laws and the company's articles of association [13][41] - The company maintains a shareholder register to document ownership and rights [12][13] Governance and Decision-Making - The company holds annual and extraordinary shareholder meetings to make key decisions, including the election of directors and approval of financial reports [20][46] - Decisions require a majority or two-thirds majority vote depending on the nature of the resolution [80][82] Legal Compliance and Reporting - The company is required to comply with the Company Law, Securities Law, and other relevant regulations, ensuring transparency and accountability in its operations [2][3][4] - The company must disclose significant events and maintain proper records of shareholder meetings and decisions [15][78]

Group 1: Report Industry Investment Ratings - No industry investment ratings were provided in the report. Group 2: Core Views of the Report - **Urea**: On Wednesday, the urea futures price showed a weak oscillation. The closing price of the main 01 contract was 1776 yuan/ton, with a slight decline of 0.73%. The spot market rebounded significantly, with the mainstream regional market prices rising by 20 - 40 yuan/ton. The supply level of urea fluctuated at a high level, and the daily output of the industry was 19.52 tons, a decrease of 0.18 tons from the previous day. The follow - up sentiment on the demand side declined, and the spot sales - to - production ratio in the mainstream regions dropped to the 10% - 90% range. Urea enterprises continued to accumulate inventory by 6.95% this week. The domestic urea market still had weak drivers, but there were still disturbances from information such as the third export quota. It was expected that the urea futures price would still show a weak trend, and the 09 contract had stronger support. One could pay attention to the 9 - 1 positive spread opportunity [1]. - **Soda Ash**: On Wednesday, the soda ash futures price dropped significantly. The closing price of the main 01 contract was 1309 yuan/ton, with a decline of 5.01%. The spot market quotation remained stable, but the traders' quotations declined following the futures. The natural soda ash plant in Inner Mongolia had fluctuating operations, and the industry's operating rate dropped to 86.96%. There was an expectation of a short - term shutdown of soda plants in Qinghai at the end of the month. The demand side had no obvious improvement, and the willingness of some mid - and downstream enterprises to stockpile raw materials was still weak after the price drop. The fundamentals of soda ash remained weak, and the market sentiment cooled rapidly. It was expected that the short - term futures price would continue the weak oscillation state [1]. - **Glass**: On Wednesday, the glass futures price showed a weak downward trend. The closing price of the main 01 contract was 1162 yuan/ton, with a decline of 4.36%. The spot market was still weak. The daily melting volume of glass in production remained stable at 15.96 tons. The follow - up strength on the demand side did not increase significantly. The subsequent downstream processing enterprises might be affected by environmental protection and production restrictions, which would further suppress the rigid demand for glass and the enterprise's shipment. The supply - demand contradiction of glass still existed, and there were no favorable factors in the market. It was expected that the glass futures price would continue the weak oscillation state [1]. Group 3: Summary According to Relevant Catalogs Market Information - **Urea** - On August 20, the urea futures warehouse receipts on the Zhengzhou Commodity Exchange were 3573, with no change from the previous trading day, and the valid forecasts were 50 [4]. - On August 20, the daily output of the urea industry was 19.52 tons, a decrease of 0.18 tons from the previous working day and an increase of 2.72 tons compared with the same period last year. The operating rate on that day was 84.33%, an increase of 8.14% compared with 76.19% in the same period last year [5]. - On August 20, the spot prices of small - particle urea in various domestic regions increased. For example, in Shandong, it was 1770 yuan/ton, an increase of 40 yuan/ton; in Henan, it was 1780 yuan/ton, an increase of 40 yuan/ton [5]. - As of August 20, the inventory of domestic urea enterprises was 102.39 tons, an increase of 6.65 tons or 6.95% from the previous week [6]. - **Soda Ash and Glass** - On August 20, the number of soda ash futures warehouse receipts on the Zhengzhou Commodity Exchange was 10254, a decrease of 766 from the previous trading day, and the valid forecast volume was 1351. The number of glass futures warehouse receipts was 2388, a decrease of 50 from the previous trading day [8]. - On August 20, the spot prices of soda ash in different regions were provided. For example, in North China, the light soda ash was 1250 yuan/ton, and the heavy soda ash was 1350 yuan/ton [8]. - On August 20, the operating rate of the soda ash industry was 86.96%, down from 88.89% on the previous working day [9]. - On August 20, the average price of the float glass market was 1149 yuan/ton, a decrease of 4 yuan/ton from the previous day, and the daily output of the industry was 15.96 tons, unchanged from the previous day [9]. Chart Analysis - The report includes multiple charts such as those showing the basis of urea and soda ash, the trading volume and open interest of the main contracts of urea and soda ash, the closing prices of the main contracts of urea and soda ash, the price spreads between different contracts of urea and soda ash, the spot price trends of urea and soda ash, and the price spreads between urea - methanol and glass - soda ash futures. All chart data sources are iFind and the Research Institute of Everbright Futures [11][13][16][17][19][21][22]. Research Team Introduction - The resource product research team of Everbright Futures includes Zhang Xiaojin, the research director, who focuses on the sugar industry; Zhang Linglu, an analyst responsible for futures varieties such as urea, soda ash, and glass; and Sun Chengzhen, an analyst mainly engaged in the fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferroalloys [24].

Core Viewpoint - The coal chemical industry in China is undergoing a profound transformation driven by the "dual carbon" goals and energy revolution, with Shandong Hualu Hengsheng Chemical Co., Ltd. leading the way through technological innovation and strategic shifts into new energy materials and high-end chemical new materials [1][5]. Group 1: Industry Transformation - The industry is shifting from scale expansion to value reconstruction, with a focus on integrating traditional sectors with emerging markets [1]. - Hualu Hengsheng aims for 50% of its revenue to come from new energy materials by 2024, with leading market shares in products like dicarboxylic acid and carbonate [1][2]. Group 2: Technological Advancements - The company has developed new processes for producing dicarboxylic acid and dimethyl carbonate, significantly impacting the lithium battery supply chain [2]. - Hualu Hengsheng's nylon products have found applications in both battery packaging and textile industries, showcasing the versatility of its innovations [2]. Group 3: Strategic Planning and Investment - Over the past five years, the company has invested over 50 billion yuan in R&D and 260 billion yuan in projects, with a focus on high-end chemical projects [3]. - The company has established a technical development committee to ensure that projects are aligned with existing industry advantages, leading to immediate growth upon completion [3]. Group 4: Risk Management and Operational Efficiency - Hualu Hengsheng employs a comprehensive risk control system, ensuring projects are evaluated across multiple dimensions, including economic and social benefits [4]. - The company maintains a cycle of continuous investment and project completion, ensuring that each new project contributes to overall growth [4]. Group 5: Future Outlook - The company is transitioning from a coal-dominant model to a diversified support structure, emphasizing green manufacturing and high-quality development [5]. - Hualu Hengsheng aims to enhance its competitiveness and set benchmarks for the coal chemical industry's transformation and sustainable development [5].