Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [7]. Core Viewpoints - Recent developments in Indonesia, including large-scale protests, may impact coal production and exports, as Indonesia accounts for 9% of global coal production and 29.8% of global coal trade [2]. - The report highlights a decrease in domestic coal prices, with Qinhuangdao port's average price at 695 RMB/ton, down 1.14% week-on-week [3]. - Coal mine operating rates have declined, with power coal mines at 89.4% and coking coal mines at 84.0% [4]. - The report suggests that recent policies aimed at reducing overproduction may improve long-term coal price expectations, recommending investments in specific coal stocks [5]. Summary by Sections 1. Market Overview - Indonesia's coal production for 2024 is projected at 840 million tons, with exports at 540 million tons [2]. - Domestic coal prices have seen a decline, with notable decreases in both Qinhuangdao and Shaanxi regions [3]. 2. Production and Utilization - The capacity utilization rate for power coal mines is 89.4%, down 2.72 percentage points week-on-week, while coking coal mines are at 84.0%, down 1.37 percentage points [4]. - Daily average pig iron production is reported at 2.4006 million tons, reflecting an 8.7% year-on-year increase [4]. 3. Inventory Levels - Qinhuangdao port coal inventory has increased to 6.1 million tons, up 4.27% week-on-week, while the inventory in the Bohai Rim ports is at 23 million tons, down 1.18% [4]. 4. Investment Recommendations - The report recommends stocks such as China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical Industry, highlighting the potential for significant valuation and profit increases [5].

截至2025年6月30日，山煤国际股东户数为82,637户，较3月31日增加1.06万户，增幅14.65%。户均持股 数量由2.75万股降至2.4万股，户均持股市值为20.94万元。 业绩披露要点 山煤国际2025年中报显示，营业收入96.6亿元，同比下降31.28%；归母净利润6.55亿元，同比下降 49.25%；扣非净利润6.82亿元，同比下降50.56%。第二季度单季归母净利润4.0亿元，同比下降 43.45%。资产负债率51.95%，毛利率31.49%，经营活动现金流净额为-4.69亿元。 截至2025年8月29日收盘，山煤国际（600546）报收于9.87元，较上周的10.23元下跌3.52%。本周，山 煤国际8月25日盘中最高价报10.48元。8月28日盘中最低价报9.71元。山煤国际当前最新总市值195.67亿 元，在煤炭开采板块市值排名14/30，在两市A股市值排名961/5152。 本周关注点 股本股东变化 公司公告汇总 山煤国际董事会审议通过《关于修订并取消监事会的议案》，拟取消监事会，由审计委员会行使监事会 职权。同时审议通过新增2025年度日常关联交易预计，与山西焦煤集团及其子公司关联 ...

知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2025-2031年中国煤炭开采行业供需态势分析及市场运行潜力报告》 数据来源：中国海关，智研咨询整理 根据中国海关数据显示：2025年6月中国焦炭及半焦炭出口数量为51万吨，同比下降41.3%，出口金额 为0.85亿美元，同比下降58.4%。 近一年中国焦炭及半焦炭出口情况统计图 ...

平顶山天安煤业股份有限公司 会议资料 未公开披露 平顶山天安煤业股份有限公司 平顶山天安煤业股份有限公司 会议资料 目 录 平顶山天安煤业股份有限公司 会议资料 关于取消监事会并修订《公司章程》及其附件的议案 各位股东： 根据中国证券监督管理委员会《关于新公司法配套制度规则实施 相关过渡期安排》《上市公司章程指引（2025 年修订）》《上市公 司股东会规则（2025 年修订）》等相关法律法规、规范性文件的有 关规定，拟取消公司监事会，并由董事会审计委员会行使新《公司法》 规定的监事会职权。公司董事会对《平顶山天安煤业股份有限公司章 程》（下称"《公司章程》"）及其附件《平顶山天安煤业股份有限 公司股东会议事规则》（下称"《股东会议事规则》"）《平顶山天 安煤业股份有限公司党委会议事规则》（下称"《党委会议事规则》" 《平顶山天安煤业股份有限公司董事会议事规则》（下称"《董事会 议事规则》"）相关条款进行对应修订，《平顶山天安煤业股份有限 公司监事会议事规则》相应废止。现将本次修订情况汇报如下： 一、对《公司章程》《股东会议事规则》《党委会议事规则》《董 事会议事规则》全文中涉及"监事会""监事"的相关表述均予 ...

Core Points - The article outlines the information disclosure management system of Shanxi Huayang Group New Energy Co., Ltd, emphasizing the importance of timely, accurate, and complete information disclosure to protect the rights of the company, shareholders, and investors [1][2][3] Group 1: Basic Principles of Information Disclosure - Information disclosure obligations must be fulfilled in a timely manner, ensuring that the information is true, accurate, complete, and clear, without any misleading statements or omissions [2][3] - The company and its executives are responsible for ensuring the authenticity and completeness of disclosed information, and must make declarations if there are disagreements regarding the information [2][3] - Voluntary disclosures must not conflict with legally required disclosures and should adhere to the principle of fairness [2][3] Group 2: Disclosure Content and Standards - The company is required to disclose periodic reports, including annual, semi-annual, and quarterly reports, within specified timeframes [5][6] - Annual reports must include key company information, major accounting data, and significant events affecting the company [7][8] - If the company anticipates significant changes in performance, it must issue performance forecasts in a timely manner [11][12] Group 3: Management of Disclosure Responsibilities - The board of directors and senior management must ensure that information disclosure documents are prepared and submitted on time [18][19] - The board secretary is responsible for coordinating information disclosure activities and ensuring compliance with regulations [19][20] - Shareholders and actual controllers must inform the company of any significant changes in their shareholding or control status [20][21] Group 4: Legal Responsibilities and Penalties - The company and its executives are held accountable for the truthfulness and completeness of disclosed information, with penalties for violations of disclosure regulations [54][55] - Any individual or entity leaking insider information or engaging in insider trading will face penalties under the Securities Law [58][59] - The company must respond to inquiries from regulatory authorities regarding its disclosure practices [54][55]

山西华阳集团新能股份有限公司 章程 目 录 第一章 总 则 第一条 为建立现代企业制度，维护公司、股东、职工和债权人的合法权益，规范公司 的组织和行为，实现国有资产的保值增值，根据《中华人民共和国公司法》（以下简称"《公 司法》"）《中华人民共和国证券法》（以下简称"《证券法》"）《中华人民共和国企业 国有资产法》《企业国有资产监督管理暂行条例》《中共中央国务院关于深化国有企业改革 的指导意见》《中共中央办公厅关于在深化国有企业改革中坚持党的领导加强党的建设的若 干意见》《上海证券交易所股票上市规则》（以下简称"《股票上市规则》"）等有关规定， 结合公司实际情况，制订本章程。 第二条 公司坚持中国共产党的领导，根据《公司法》《中国共产党章程》的规定，在 公司设立中国共产党的委员会（以下简称公司党委）和纪律检查委员会（以下简称公司纪委）， 开展党的活动。党组织是公司法人治理结构的有机组成部分，在公司发挥领导核心和政治核 心作用，围绕把方向、管大局、保落实开展工作。公司建立党的工作机构，配备党务工作人 员。党组织机构设置、人员编制写入公司管理机构和编制，党组织工作经费列入公司财务预 算，从公司管理费用税前列支。 ...

兰花科创（600123.SH） 煤价下跌业绩承压，关注煤矿成长及尿素盈利修复 2025 年 08 月 29 日 ——公司信息更新报告 投资评级：买入（维持） 张绪成（分析师） 煤炭/煤炭开采 zhangxucheng@kysec.cn 证书编号：S0790520020003 煤价下跌业绩承压，关注煤矿成长及尿素盈利修复。维持"买入"评级 公司发布 2025 年中报，2025H1 实现营收 40.5 亿元，同比-26.1%，归母净利润 5747.8 万元，同比-89.6%，扣非归母净利润-1.7 亿元，同比-130.7%；单 Q2 来 看，公司实现营收 18.6 亿元，环比-15.3%，归母净利润 2410.5 万元，环比-27.8%， 扣非归母净利润-2.0 亿元，环比-721.6%。考虑到煤炭及煤化工产品价格下滑， 我们适当下调盈利预测，预计 2025-2027 年归母净利润分别为 1.77/4.43/5.11 亿 元（2025-2027 年前值为 3.1/4.6/5.6 亿元），同比-75.4%/+150.6%/+15.4%；EPS 为 0.12/0.30/0.35 元，对应当前股价 PE 为 55.3/ ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's coal business is expected to compensate for price fluctuations through a complementary coal-electricity operation, with a projected recovery in coal prices in the second half of 2025 [7] - The Hai Zetan coal mine, a key project, is anticipated to contribute to long-term growth with significant resource reserves and favorable mining conditions [7] - Revenue forecasts for 2025-2027 are estimated at 25.143 billion, 27.193 billion, and 28.714 billion yuan respectively, with net profits projected at 348 million, 971 million, and 1.522 billion yuan [7] Financial Data Summary - Total shares outstanding: 21,817.76 million [6] - Market capitalization: 32,072.11 million yuan [6] - Revenue for 2023 is projected at 30,120 million yuan, with a year-on-year decrease of 15.3% [6] - Net profit for 2023 is expected to be 2,266 million yuan, with a year-on-year decrease of 31.1% [6] - The company’s gross margin is projected to be 27.4% in 2023, decreasing to 19.7% in 2025 [6] - The company’s earnings per share (EPS) are forecasted to be 0.10 yuan in 2023, dropping to 0.02 yuan in 2025, and recovering to 0.07 yuan by 2027 [6][9] Market Performance - The company's stock has shown a relative performance decline of -10.81% over the past month compared to the CSI 300 index [4] - The stock price has fluctuated between 1.05 and 2.01 yuan over the past 52 weeks [6] Operational Highlights - The company achieved a total operating revenue of 10.676 billion yuan in the first half of 2025, a decrease of 26.44% year-on-year [7] - The electricity business generated 7.824 billion yuan in revenue during the same period, with a total power generation of 17.894 billion kWh [7] - The company has signed long-term electricity agreements totaling 25.043 billion kWh, enhancing its operational stability [7]

Investment Rating - The report assigns an "Outperform the Market" rating for the company, marking its first coverage [6]. Core Views - The company's performance has been under pressure due to declining coal and electricity prices, but growth in coal and electricity integration is expected [1][4]. - The company has a strong coal reserve and production capacity, which positions it well for future growth despite current challenges [2][14]. - The electricity business is anticipated to grow significantly with the commissioning of new power plants, although current electricity prices are declining [3][31]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved revenue of 5.81 billion yuan, a year-on-year decrease of 2.9%, and a net profit of 920 million yuan, down 21.7% year-on-year [1][10]. - The second quarter of 2025 saw revenue of 2.90 billion yuan, a decrease of 0.9% year-on-year, with a net profit of 390 million yuan, down 32.8% year-on-year and 26.9% quarter-on-quarter [1][10]. Coal Business - The company produced 9.94 million tons of commercial coal in the first half of 2025, an increase of 6.2% year-on-year, with sales of 9.43 million tons, up 3.6% year-on-year [2]. - The average selling price of coal in the first half of 2025 was 529 yuan per ton, down 36 yuan per ton year-on-year, while the cost was 327 yuan per ton, down 12 yuan per ton year-on-year [2]. Electricity Business - The company generated 6.7 billion kWh of electricity in the first half of 2025, a year-on-year increase of 45%, with an average on-grid electricity price of 0.372 yuan per kWh, down 9.7% year-on-year [3]. - The commissioning of new power plants is expected to enhance the company's electricity generation capacity and improve profitability [3][31]. Investment Recommendations and Profit Forecast - The report forecasts net profits of 1.96 billion yuan in 2025, 2.48 billion yuan in 2026, and 2.63 billion yuan in 2027, with corresponding PE ratios of 8.4, 6.7, and 6.3 [4][63]. - The estimated stock price range is between 6.8 and 7.6 yuan, indicating a potential upside of 7% to 19% compared to the closing price on August 27 [4][63].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][16]. Core Views - The report highlights that the company's performance is under pressure due to rising costs, but the aluminum business shows resilience and the growth potential of the new energy sector remains promising [2][3][16]. - The company reported a revenue of 14.46 billion yuan for H1 2025, a year-on-year increase of 2.4%, while the net profit attributable to shareholders was 2.79 billion yuan, a decrease of 5.4% year-on-year [7][16]. Summary by Sections Coal Business - The coal business experienced a slight decline in coal prices, with an increase in costs. In H1 2025, the company produced and sold 22.63 million tons and 21.78 million tons of raw coal, respectively, showing a year-on-year decrease of 0.2% and 2.0%. The average selling price was 201 yuan per ton, down by 1.4 yuan per ton, while the cost was 93 yuan per ton, up by 8 yuan per ton. Revenue and gross profit from the coal business were 4.5 billion yuan and 2.4 billion yuan, respectively, reflecting a year-on-year decrease of 2.6% and 9.6% [11][16]. Aluminum Business - The aluminum business maintained stable production and sales, but the increase in costs outpaced the rise in aluminum prices, leading to a decline in gross profit. In H1 2025, the company produced and sold 452,000 tons of electrolytic aluminum, with selling prices and costs at 17,711 yuan and 13,691 yuan per ton, respectively, showing year-on-year increases of 409 yuan and 648 yuan. The aluminum segment generated revenue and gross profit of 8.1 billion yuan and 1.8 billion yuan, respectively, with a year-on-year revenue increase of 3% but a gross profit decline of 5% [2][11][16]. Power Business - The power business faced weak demand, particularly in thermal power, while new energy generation saw significant growth due to rapid increases in installed capacity and reduced costs. In H1 2025, thermal power generation and sales were 2.4 billion and 2.2 billion kWh, respectively, down 2.6% and 2.5% year-on-year. The thermal power segment reported revenue and gross profit of 800 million yuan and 200 million yuan, down 6% and 20% year-on-year. In contrast, combined solar and wind power generation reached 4.2 billion kWh, up 37% year-on-year, with revenue from wind power at 900 million yuan, up 44% year-on-year [3][14][16]. Financial Forecasts - The report maintains profit forecasts, expecting net profits attributable to shareholders to be 5.6 billion, 5.8 billion, and 6.0 billion yuan for 2025, 2026, and 2027, respectively. The company is expected to benefit from the growth in new energy generation and the aluminum business, with a relatively high proportion of long-term coal contracts mitigating the impact of coal price declines [16][19].