Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a total revenue of 20.682 billion yuan for the first half of 2025, a year-on-year decrease of 44.58%, and a net profit attributable to shareholders of 1.032 billion yuan, down 64.85% year-on-year [1] - The coal production and sales have recovered, and the company continues to implement cost reduction and efficiency enhancement measures [2] - The company is advancing its non-coal business steadily, including projects in the chemical and renewable energy sectors [4] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 10.083 billion yuan, a decrease of 49.47% year-on-year, with a net profit of 340 million yuan, down 74.72% year-on-year [1] - The company’s coal production capacity includes 16 coal mines with a total capacity of 34.25 million tons per year, and it has closed the Zhuozhuang coal mine due to resource depletion [3] - The company’s financial projections for 2025 to 2027 estimate net profits of 2.6 billion yuan, 3.5 billion yuan, and 4.2 billion yuan respectively, with corresponding P/E ratios of 13.6X, 10.1X, and 8.5X [4][5] Business Development - The company is expanding its chemical production, with projects yielding qualified products, and is also increasing its renewable energy output, generating 104 million kWh from solar power and 102 million kWh from gas [4] - The company is actively pursuing new mining rights and has commenced construction on the Lei Ming Kehua project in Henan [4] Market Position - The company’s coal sales volume for the first half of 2025 was 8.91 million tons, a decrease of 13.7% year-on-year, while the average selling price of coal fell by 27% year-on-year to 835 yuan per ton [10] - The report highlights the company's strategic focus on enhancing its coal and chemical business while diversifying into non-coal sectors [3][4]

Group 1 - The core point of the news is that Henan Pingmei Storage Salt Chemical Co., Ltd. has initiated the listing guidance process with Ping An Securities as the advisory institution [1][3] - China Pingmei Shenma Group holds 72.5047% of the shares in Pingmei Salt Chemical, making it the controlling shareholder, while Henan Shengying Salt Industry Sales Co., Ltd. holds 27.4953% [1] - The company was established in 2007 with a registered capital of approximately 259 million yuan, and its business scope includes the production of feed additives and non-coal mining resource extraction [3][5] Group 2 - China Pingmei Shenma Group is actively promoting the listing processes of its other subsidiaries, including Pingmei Superhard Materials Co., Ltd., which has initiated the Hong Kong listing process expected to complete by September 2026 [3][4] - The group aims to have 6 to 7 listed companies by the end of the current party committee's term before 2028, currently having 4 listed companies [4] - The group also has 6 companies listed on the New Third Board, accelerating the process of asset capitalization and securities [5]

Core Points - The company held its sixth meeting of the tenth board of directors on August 26, 2025, where several key resolutions were passed [1][2][3] Financial Reports - The company approved its 2025 semi-annual report, which was reviewed by the audit committee and submitted to the board for approval with a unanimous vote of 9 in favor [1][2] Risk Assessment - A continuous risk assessment report regarding financial services provided to related parties was approved, with 7 votes in favor and 2 directors abstaining from the vote [2] Issuance of Medium-Term Notes - The board agreed to apply for the registration and issuance of medium-term notes not exceeding RMB 2 billion, with a unanimous vote of 9 in favor [2] Governance Changes - The company decided to abolish the supervisory board and amend its articles of association, with a unanimous vote of 9 in favor [3] - Several management systems were revised to enhance corporate governance, with all proposals receiving unanimous support [4][5] New Policies - The company established a market value management system and an internal audit management system, both receiving unanimous approval [5] - A quality improvement and return action plan was adopted to align with national directives, also receiving unanimous support [5] Board and Management Changes - The company approved the appointment of a new non-independent director, general manager, board secretary, and financial director, all with unanimous votes [6][7][8] - Adjustments to the board's specialized committees were made in light of personnel changes, with unanimous approval [8] Upcoming Shareholder Meeting - The company scheduled its first extraordinary general meeting for September 23, 2025, to review several key proposals, with unanimous support from the board [8]

淮北矿业控股股份有限公司 董事、高级管理人员离职管理制度 第一章 总则 第一条 为规范淮北矿业控股股份有限公司（以下简称"公司"）董事及高 级管理人员离职程序，确保公司治理结构的稳定性和连续性，维护公司及股东的 合法权益，公司根据《中华人民共和国公司法》 证券交易所股票上市规则》等法律、法规及规范性文件及《公司章程》的有关规 定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司董事及高级管理人员因任期届满、辞职、被解除 职务或其他原因离职的情形。 第二章 离职情形 第三条 公司董事、高级管理人员离职包含任期届满未连任、主动辞职、被 解除职务以及其他导致董事、高级管理人员离职等情形。 第四条 董事可以在任期届满以前辞任。董事辞任应当向公司提交书面辞职 报告，公司收到辞职报告之日辞任生效，公司将在两个交易日内披露有关情况。 除法律法规、部门规章和《公司章程》另有规定外，出现下列规定情形的，在改 选出的董事就任前，原董事仍应当按照法律法规、上海证券交易所相关规定及《公 司章程》规定继续履行职责： （一）董事任期届满未及时改选，或者董事在任期内辞任导致董事会成员低 于法定最低人数； （二）审计委员会成员辞任导 ...

（下称" 《公司法》 "）《中华人民共和国证券法》 （下称"《证券法》"） 《上市公司董事和高级管理人员所持本公司股份及其变动管理规则》 淮北矿业控股股份有限公司董事、 高级管理人员所持本公司股份及其变动管理制度 第一章 总则 第一条 为加强对淮北矿业控股股份有限公司（下称"公司"）董事、高级 管理人员持有及买卖本公司股票的管理，维护证券市场秩序，根据《中华人民共 和国公司法》 （下称"《变 动管理规则》"） 《上海证券交易所股票上市规则》 《上海证券交易所上市公司自律 监管指引第 15 号—股东及董事、高级管理人员减持股份》 《上海证券交易所上市 公司自律监管指引第 8 号—股份变动管理》等有关法律、法规、规范性文件，结 合公司实际情况，制定本制度。 第二条 本制度适用于公司董事、高级管理人员所持本公司股份及其变动的 管理。公司董事、高级管理人员的父母、配偶、子女买卖本公司股票，参照本制 度执行。 第三条 公司董事、高级管理人员所持本公司股份，是指登记在其名下和利 用他人账户持有的所有本公司股份，从事融资融券交易的，还包括记载在其信用 账户内的本公司股份。 公司董事、高级管理人员拥有多个证券账户的，应当合并 ...

Core Points - The article outlines the management system for selecting, renewing, and changing accounting firms for Huabei Mining Holding Co., Ltd, aiming to enhance financial information quality and protect shareholder interests [1][14] - The selection process must comply with relevant laws and regulations, including the Company Law and Accounting Law of the People's Republic of China [1][14] Group 1: General Provisions - The company must appoint an accounting firm to audit financial reports and internal controls, ensuring the firm meets specific qualifications [1][2] - The selection and dismissal of accounting firms require approval from the Audit Committee, the Board of Directors, and the Shareholders' Meeting [1][2] Group 2: Quality Requirements for Accounting Firms - Selected accounting firms must possess independent civil liability, necessary qualifications, and a good reputation for audit quality [1][2][3] - Firms must have a solid organizational structure, confidentiality measures, and familiarity with relevant financial laws and regulations [1][2][3] Group 3: Selection Methods and Evaluation Standards - The company can use competitive negotiation, public bidding, or invitation bidding to select accounting firms [2][3] - Evaluation criteria for accounting firms include audit fees, qualifications, past performance, quality management, and resource allocation [3][4] Group 4: Selection Procedures - The Audit Committee is responsible for the selection process, including drafting policies, reviewing selection documents, and proposing candidates to the Board of Directors [5][6] - The selection process must be transparent, with public disclosure of the selected firm and audit fees [2][5] Group 5: Renewal and Change of Accounting Firms - The Audit Committee evaluates the performance of the accounting firm annually and can propose renewal if the evaluation is positive [6][7] - Continuous appointment of the same accounting firm is limited to a maximum of eight years, extendable to ten years under specific conditions [7][8] Group 6: Supervision and Penalties - The Audit Committee must monitor situations that may indicate issues with the accounting firm, such as frequent changes or significant fee fluctuations [9][10] - Serious violations by the accounting firm can lead to termination of the contract and potential penalties for responsible individuals [10][11] Group 7: Information Security and Document Management - The company must ensure information security and confidentiality during the selection process, with specific clauses in contracts to protect sensitive information [12][13] - All documents related to the selection process must be archived for at least ten years [12][13]

淮北矿业控股股份有限公司 独立董事专门会议制度 第一条 为进一步完善淮北矿业控股股份有限公司(以下简称"公司")的法 人治理结构，促进公司规范运作，更好地维护公司及股东的利益，充分发挥独立 董事在公司治理中的作用，根据《上市公司治理准则》《上市公司独立董事管理 办法》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指 引第 1 号-规范运作》等法律、法规和规范性文件及《公司章程》《公司独立董 事工作制度》的有关规定,结合公司实际情况，特制定本制度。 第二条 独立董事专门会议是指全部由公司独立董事参加的会议，主要负责 对公司董事会的重大决策及公司其他事项进行研究讨论、监督制衡并提出专业咨 询建议。 第三条 独立董事专门会议应当定期或者不定期召开。会议原则上应当于召 开前 3 日以书面方式通知全体独立董事并提供相关资料。如遇紧急情况，可豁免 上述时间要求，但召集人应当在会议上做出说明。 第五条 独立董事专门会议以现场召开为原则，在保证全体参会的独立董事 能够充分沟通并表达意见前提下，可以采用视频、电话传真或者电子邮件等通讯 方式或现场与通讯相结合的方式召开。 第六条 独立董事专门会议应由全体独立董事 ...

淮北矿业控股股份有限公司 内部审计管理制度 第一章 总 则 第一条 为加强淮北矿业控股股份有限公司（以下简称"公司"）内部审 计工作，规范内部审计行为，保证内部审计质量，明确内部审计机构和内部审 计人员的责任，根据《中华人民共和国审计法》《中国内部审计准则》《审计 署关于内部审计工作的规定》《上海证券交易所自律监管指引第1号—规范运作》 《公司章程》等相关法律法规、规范性文件的规定，结合公司实际情况，制定 本制度。 第二条 本制度所称内部审计，是指单位的内部审计机构或者人员，通过 运用系统、规范的方法，监督、评价和建议公司的财务收支、经济活动、内部 控制、风险管理的适当性和有效性，以促进公司完善治理、实现目标。 第三条 内部审计机构和内部审计人员从事内部审计工作应当严格遵守有 关法律法规、本制度和内部审计职业规范，保持独立、客观、公正，并履行保 密义务。 内部审计机构和内部审计人员不得参与可能影响独立、客观履行审计职责 的工作，不得负责被审计单位的业务活动、内部控制和风险管理的决策与执行。 内部审计人员与被审计单位、人员或审计事项存在利害关系的，应当回避。 第四条 公司及所属企业依照本制度接受内部审计监督。 ...

第二条 公司总经理及经理层应当遵守法律法规和《公司章程》的规定，履 行诚信和勤勉的义务。 第三条 公司设总经理 1 名，副总经理 5-11 名，总经理、副总经理、财务 负责人、董事会秘书、总工程师、安监局局长等高级管理人员构成公司经理层， 是公司日常生产经营的决策和管理核心。 淮北矿业控股股份有限公司 总经理办公会议事规则 第一章 总 则 第一条 为进一步规范公司总经理办公会议事程序，保证公司经理层依法行 使职权，提高议事效率，推进企业持续健康发展，根据《中华人民共和国公司法》 《中华人民共和国证券法》《上海证券交易所股票上市规则》《公司章程》《公 司董事会授权经理层及总经理向董事会报告工作制度》等规定，特制订本议事规 则。 第四条 公司办公室是总经理办公会归口组织部门，负责总经理办公会的日 常组织和管理工作。 第二章 议事原则 第五条 公司总经理主持公司安全、生产、经营管理工作，副总经理等其他 高级管理人员按照分工各司其职，协助总经理开展工作，并在各自分管的范围内 从事日常经营管理活动。 第六条 总经理对董事会负责，行使下列职权： （一）主持公司的生产经营管理工作，组织实施董事会决议，并向董事会报 告工作； ...

董事会授权经理层及总经理向董事会报告工作制度 第一章 总则 第一条 为进一步完善公司法人治理结构，建立科学规范的决策机制，明确董 事会对经理层的授权行为和总经理向董事会报告工作程序，根据《公司法》 《证券法 》《上市公司治理准则》《上海证券交易所股票上市规则》等有关法律法规及《淮北 矿业控股股份有限公司章程》（下称"《公司章程》"）等有关规定，结合公司实际， 制定本制度。 第二条 本制度所称"授权" ，是指在不违反相关法律法规的前提下，董事会在 一定条件和范围内，将其职权中部分事项的决定权授予经理层行使。 第三条 本制度所称经理层为《公司章程》中规定的高级管理人员。 淮北矿业控股股份有限公司 第四条 总经理对董事会负责，依据董事会授权和《公司章程》规定，依法行 使管理生产经营、组织实施董事会决议等职权，向董事会报告工作。 第二章 董事会授权经理层 第一节 授权原则 第五条 董事会对经理层的授权应当遵循下列原则： （一）依法合法原则。董事会授权应遵守国家相关法律法规的规定，不得将法 定职权授予经理层行使； （二）范围限定原则。授权范围严格限定在《公司章程》规定和股东会对董事 会授权范围内，不得超越董事会职权范围 ...