Core Viewpoint - Shaanxi Black Cat Coking Co., Ltd. experienced a decline of 5.15% in stock price, closing at 4.42 CNY per share, with a trading volume of 229 million CNY and a turnover rate of 2.49%, resulting in a total market capitalization of 9.028 billion CNY [1] Company Overview - Shaanxi Black Cat was established on November 18, 2003, and went public on November 5, 2014. The company is located in the Yellow River Mining Building, Hancheng City, Shaanxi Province. Its main business involves the production and sale of coking products, coal chemical products, and coal products [1] - The revenue composition of the main business includes: - Coking coal: 72.06% - Coal tar: 6.15% - LNG: 5.78% - Coking coal: 3.51% - Synthetic ammonia: 3.42% - Crude benzene: 3.14% - Methanol: 2.80% - BDO: 0.95% - Medium coal: 0.92% - Other: 0.78% - Other product revenue: 0.50% [1] Shareholder Information - Among the top ten circulating shareholders of Shaanxi Black Cat, a fund under Southern Fund holds a position. The Southern CSI 1000 ETF (512100) reduced its holdings by 77,000 shares in the third quarter, now holding 7.4676 million shares, which accounts for 0.37% of the circulating shares. The estimated floating loss today is approximately 1.7922 million CNY [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a current scale of 76.63 billion CNY. Year-to-date returns are 28.54%, ranking 2138 out of 4216 in its category; the one-year return is 28.02%, ranking 1896 out of 3885; and since inception, the return is 13.75% [2]

- 1 - 证券代码：601015 证券简称：陕西黑猫 公告编号：2025-044 陕西黑猫焦化股份有限公司 2025 年第三季度主要经营数据公告 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个别及连带责任。 根据上海证券交易所《上市公司行业信息披露指引第十三号—化工》的规定， 现将公司 2025 年第三季度主要经营数据披露如下： | 主要产品 | 产量（万吨） | 销量（万吨） | 销售收入（万元） | | --- | --- | --- | --- | | 焦炭 | 135.18 | 155.56 | 185,052.34 | | 焦油 | 5.08 | 5.18 | 15,479.17 | | 粗苯 | 1.61 | 1.72 | 7,346.68 | | 甲醇 | 4.86 | 3.54 | 6,300.58 | | 合成氨 | 3.68 | 3.60 | 6,191.17 | | LNG | 4.20 | 4.70 | 17,188.92 | | BDO | 1.07 | 1.11 | 7,015.57 | | 精煤 | 1 ...

News Summary Core Viewpoint - The domestic independent coking plants' weekly operating load has decreased, while there are price increases planned for coking coal and coke in the market, indicating a complex interplay between supply and demand dynamics in the coking industry [1][2][3]. Group 1: Industry Operations - As of October 23, the weekly operating load of major independent coking plants in China is at 75.33%, down by 1.71 percentage points from the peak in September, with maintenance activities reported in Gansu, Shanxi, and Shandong regions [1]. - The Daqin Railway, a key transportation route for coal, completed its autumn maintenance on October 25, which will enhance the supply chain for electricity coal during the winter and spring seasons [1]. Group 2: Market Pricing and Trends - On October 29, the coking market in Xingtai plans to increase coke prices, with wet quenching coke up by 50 yuan/ton and dry quenching coke up by 55 yuan/ton, effective from October 31 [1]. - According to Guotou Anxin Futures, the second round of price increases for coke has been fully implemented, with coking coal prices rising faster, leading to general profit margins for coking being under pressure [2]. - Zhonghui Futures notes that while the second round of coke price increases has been realized, there are expectations for further price hikes, with a notable balance in supply and demand for coke itself [3].

Investment Rating - The report maintains a "Cautious Recommendation" rating for Shanxi Coking Coal (600740.SH) [3][5] Core Views - In the first three quarters of 2025, the company reported a revenue of 4.589 billion yuan, a year-on-year decrease of 15.84%, and a net loss attributable to shareholders of 50.052 million yuan, compared to a net profit of 253 million yuan in the same period last year, indicating a shift from profit to loss [1] - The decline in net profit is primarily attributed to a decrease in revenue from the coking business and reduced investment income from the associated company, China Coal Huajin, leading to a 51.09% year-on-year drop in confirmed investment net income to 918 million yuan [1] - In Q3 2025, the company achieved a revenue of 1.363 billion yuan, a year-on-year decline of 9.58% and a quarter-on-quarter decline of 11.7%. However, it reported a net profit of 27.559 million yuan, a year-on-year decrease of 59.89%, but a quarter-on-quarter turnaround from loss to profit [1][2] Summary by Sections Financial Performance - In Q3 2025, the company produced 664,200 tons of coke, a year-on-year increase of 11.61%, but a quarter-on-quarter decrease of 9.71%. The sales volume was 670,400 tons, up 13.86% year-on-year but down 11.99% quarter-on-quarter [2] - The average selling price of coke in Q3 2025 was 1,322.17 yuan/ton, a year-on-year decrease of 23.64% but a quarter-on-quarter increase of 2.61%. The unit procurement cost of coking coal was 1,057.8 yuan/ton, a quarter-on-quarter increase of 4.68% and a year-on-year decrease of 25.76% [2] - The gross profit from coking was -126 million yuan in Q3 2025, worsening from -18.4028 million yuan in Q2 2025, indicating continued pressure on the coking business [2] Investment Outlook - The forecast for net profit attributable to shareholders for 2025-2027 is 34 million yuan, 202 million yuan, and 301 million yuan, respectively, with corresponding EPS of 0.01, 0.08, and 0.12 yuan. The PE ratios for these years are projected to be 330, 55, and 37 times, respectively [3][4] - The report highlights that the indirect controlling shareholder, Shanxi Coking Coal Group, provides strong resource support for the company's production and development [3]

Group 1 - The core point of the news is the significant increase in the stock price of Shaanxi Black Cat, which rose by 5.39% to 4.50 CNY per share, with a trading volume of 585 million CNY and a turnover rate of 6.66%, resulting in a total market capitalization of 9.191 billion CNY [1] - Shaanxi Black Cat Coking Co., Ltd. is located in Hancheng City, Shaanxi Province, and was established on November 18, 2003, with its listing date on November 5, 2014. The company primarily engages in the production and sales of coking products, coal chemical products, and coal products [1] - The revenue composition of Shaanxi Black Cat includes: coke 72.06%, tar 6.15%, LNG 5.78%, fine coal 3.51%, synthetic ammonia 3.42%, crude benzene 3.14%, methanol 2.80%, BDO 0.95%, medium coal 0.92%, other 0.78%, and other product revenue 0.50% [1] Group 2 - Among the top ten circulating shareholders of Shaanxi Black Cat, a fund under Southern Fund holds a significant position. The Southern CSI 1000 ETF (512100) increased its holdings by 142.47 thousand shares in the second quarter, bringing its total to 754.46 thousand shares, which accounts for 0.37% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a current scale of 64.953 billion CNY. Year-to-date returns are 27.27%, ranking 2113 out of 4218 in its category; the one-year return is 26.9%, ranking 1828 out of 3878; and since inception, the return is 12.63% [2]

Report Summary 1) Report Industry Investment Rating No specific industry investment rating is provided in the report. 2) Core View of the Report Short - term coal and coke supply - demand has marginal fluctuations and remains at a relatively high level overall. Inventory pressure is temporarily not significant, but attention should be paid to the impact of imported coal variables on the market. Prices should be treated with cautious optimism [4]. 3) Summary by Relevant Contents Market Performance - Yesterday, the coal and coke futures prices fluctuated strongly and approached the previous high, with relatively intense overall fluctuations. The spot market was generally stable with a slight upward trend, and the second round of coke price hikes was implemented, with a cumulative increase of 100 - 130 yuan/ton in two rounds [2][3]. Supply Side - Last week, some coal mines in Shanxi's Lvliang and Linfen regions were shut down due to safety reasons, and open - pit coal mines in Inner Mongolia's Wuhai and other areas were shut down for goaf treatment, resulting in a decline in coal production. The daily average clean coal output of 523 coking coal mines was 76.1 tons, a decrease of 1.8 tons compared to the previous week and 1.7 tons year - on - year [3]. - From January to September, China's cumulative imports of Mongolian coking coal were 41.747 million tons, a year - on - year decrease of 1.6716 million tons, a decline of 3.8%. However, the imports in August and September were both at a high level of around 6 million tons, narrowing the year - on - year decline. The high - frequency data shows that the average daily customs clearance volume at the Ganqimao Port for Mongolian coal in October was 128,000 tons, a decrease of 40,000 tons compared to September. It is expected that Mongolian coking coal imports will decline in October, and the annual imports may be flat year - on - year [3]. Demand Side - The profit of steel mills has further shrunk, with the profitability rate dropping to 47.6%. The daily average pig iron output has slightly decreased to 2.399 million tons. As the demand approaches the end of the year, the pressure on finished products is increasing, and the pig iron output tends to decline. Attention should be paid to the transmission of pressure to the raw material side [3].

Core Viewpoint - The company, Shanxi Coking Coal Group Co., Ltd., has released its third-quarter report for 2025, ensuring the accuracy and completeness of the information disclosed [1][2][7]. Financial Data - The third-quarter financial statements have not been audited [3]. - The report includes major accounting data and financial indicators, with specific details to be disclosed in the upcoming earnings presentation [3][9]. Shareholder Information - The company has provided details regarding the total number of ordinary shareholders and the top ten shareholders, although specific figures are not disclosed in the provided documents [5]. Investor Communication - An investor earnings presentation is scheduled for November 7, 2025, from 15:00 to 16:00, to discuss the third-quarter results and address investor questions [8][10]. - Investors can submit questions in advance through the designated channels before the presentation [11]. Board Meeting - The company's board of directors held a meeting on October 24, 2025, to review and approve the third-quarter report, which was subsequently disclosed on October 28, 2025 [15][16].

Group 1 - Shanxi Coking announced the convening of its 26th meeting of the 9th Board of Directors on October 24, 2025, to review the Q3 2025 report and other documents [1] - For the year 2024, Shanxi Coking's revenue composition is 99.45% from coking and 0.55% from other businesses [1] - As of the report date, Shanxi Coking has a market capitalization of 11 billion yuan [1]

Group 1 - The core point of the article highlights Shanxi Coking's financial performance in Q3 2023, showing a significant decline in revenue and a net loss for the company [1] - For the first three quarters of 2025, the company's revenue was approximately 4.589 billion yuan, representing a year-on-year decrease of 15.84% [1] - The net profit attributable to shareholders was a loss of approximately 50.05 million yuan, with basic earnings per share reflecting a loss of 0.0195 yuan [1] Group 2 - As of the report date, Shanxi Coking's market capitalization stood at 11 billion yuan [1]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - Central safety production assessment inspections are upcoming, and the resumption time of coal mines in Wuhai is unknown, so there is an expectation of tightening coking coal supply. At the same time, be vigilant about the negative feedback pressure from the finished product end. In the short - term, it is recommended to reduce long positions in coking coal and pay attention to the arbitrage opportunity of going long on coking coal and short on coke. The reference range for the main coking coal contract is [1230, 1300], and for the main coke contract is [1690, 1830] [4]. - This week, coal - coke prices showed a strong upward trend, outperforming other black - series varieties. The main coking coal contract rose by 5.89%, and the main coke contract rose by 4.86%. Affected by factors such as safety supervision and environmental protection, domestic coal mine production decreased, and the iron - water output remained at around 2.4 million tons, with certain demand resilience, but downstream steel mill profits were significantly compressed [5]. 3. Summary by Relevant Catalogs Market Overview - This week, coal - coke prices were strong, with the main coking coal contract up 5.89% and the main coke contract up 4.86%. Domestic coal mine production decreased due to safety and environmental factors, and the iron - water output was around 2.4 million tons. The downstream steel mill profits were compressed. From January to September, China's cumulative coking coal imports decreased by 6.45% year - on - year, and the cumulative imports of Mongolian coal decreased by 3.85%. Recently, the number of customs - cleared vehicles at ports decreased. The second round of coke price increase was postponed, and there was an expectation of a third - round increase [5]. Coking Coal Warehouse Receipt Cost - The warehouse receipt cost of different coking coal varieties at different locations is provided, such as the warehouse receipt cost of Mongolian 5 in Tangshan on October 24, 2025, being 1233 yuan/ton [8]. Basis - The basis, weekly change, basis rate, average of the last month, and seasonality deviation of different coking coal contracts (January, May, September) are presented. For example, the basis of the January contract is 164, with a weekly change of - 23 [13]. Month - to - Month Spread - The 1 - 5 spread of coking coal strengthened [14]. Supply - **Mine**: The daily average raw coal output of 523 mines this week was 1.9097 million tons, a decrease of 51,000 tons compared to the previous week; the daily average clean coal output was 761,100 tons, a decrease of 17,900 tons [20]. - **Coal Washery**: The daily average output of sample coal washeries was 266,700 tons, an increase of 56,000 tons compared to the previous week; the capacity utilization rate was 36.87%, an increase of 1.08% [23]. Import - From January to September, China's cumulative coking coal imports decreased by 6.45% year - on - year. The cumulative imports of Mongolian coal decreased by 3.85%. Details of imports from different countries are provided, including Mongolia, Russia, Canada, Australia, and others [24][26]. Auction Data - The coking coal auction data shows that the listed volume this week was 1.4937 million tons, an increase of 241,200 tons compared to the previous week; the成交 rate was 93.31%, an increase of 3.77 percentage points; the non -成交 rate was 6.69%, a decrease of 3.77 percentage points [30]. Total Inventory and Distribution - No specific summary of total inventory is provided. The inventory distribution shows changes in coking coal inventory in different locations over time [33][34]. Coke Spot Price - Coke spot prices remained stable [37]. Coking Profit - The coking profit decreased compared to the previous week. For example, the national coking profit on October 23, 2025, was - 41 yuan, a decrease of 28 yuan compared to the previous week [41]. Basis - The basis, weekly change, basis rate, average of the last month, and seasonality deviation of different coke contracts (January, May, September) are presented. For example, the basis of the January contract was - 120, with a weekly change of - 38 [43]. Month - to - Month Spread - The 1 - 5 spread of coke strengthened [45]. Supply and Demand - **Supply**: No specific supply data is provided. - **Demand**: This week, the daily average coke consumption was 1.079 million tons, a decrease of 4,700 tons compared to the previous week; the profitability rate of 247 steel enterprises was 47.62%, a decrease of 7.79 percentage points [51]. Total Inventory and Distribution - The total coke inventory on October 24, 2025, was 891,890 tons, a slight increase of 0.01 tons compared to the previous week. The inventory distribution shows changes in coke inventory in steel mills, independent coking enterprises, and ports [56]. Registered Warehouse Receipts and Futures Positions - No specific summary of registered warehouse receipts and futures positions is provided. TOP20 Seats Net Long Positions - The net long positions of the TOP20 seats in coking coal and coke since July 1 are mentioned, but no specific data is summarized [62].