Group 1: Company Performance and Rankings - Company ranked 322nd in the 2025 Fortune China 500 list, improving by 17 positions from the previous year [1] - Revenue reached 47.54 billion yuan, a growth of 3.2% year-on-year, with total assets at 59.841 billion yuan (+11.2%) and net assets at 15.877 billion yuan (+9.7%) [1][2] - Company has been listed in the Fortune China 500 for seven consecutive years since its IPO in March 2019 [1] Group 2: Business Strategy and Global Expansion - Company has established nine production parks in China and Indonesia, focusing on coking and chemical industries, with a total coking capacity of 23.8 million tons per year [2][3] - The overseas coking park in Indonesia achieved a sales volume of 2.22 million tons and generated revenue of 730 million USD in 2024 [3] - Company is expanding its international presence with seven overseas subsidiaries and offices, targeting emerging markets in Mongolia, the Middle East, and South America [3] Group 3: Innovation and R&D - Company is transitioning to a service-oriented and innovation-driven model, establishing a three-tier R&D system with over 1,000 researchers [4][5] - Investment of 1.21 billion yuan in 146 digital projects, leading to the development of an intelligent manufacturing system [7] - Successful launch of a 5,000-ton/year amino alcohol production facility, marking a significant technological breakthrough in high-end fine chemicals [12][13] Group 4: Sustainability and Environmental Responsibility - Company has invested 9.32 billion yuan in environmental protection projects, achieving a 100% wastewater recovery rate and over 99% recycling of cooling water [18][19] - Maintains a record of zero major safety incidents and implements a comprehensive safety management system [18] - Achieved ultra-low emissions in several parks and actively engages in energy-saving technology upgrades [19] Group 5: Product Quality and Market Competitiveness - Company focuses on quality management, developing products that meet high standards, such as the "Xuyang No. 1" coke for large blast furnaces [20] - Achieved significant international market competitiveness with solid products, including solid amine exports doubling [20]

投资咨询系列报告 山金期货黑色板块日报 一、螺纹、热卷 更新时间：2025年07月25日08时12分 报告导读： 政策面上，工信部将推出钢铁、石化、建材等十大重点行业稳增长工作方案 ，着力调结构、优供给、淘汰落后产能。另有消息称，国家能源局煤炭 司主导严查煤矿超产、整治行业内卷，焦煤连续涨停，对其他黑色板块品种有较强的带动作用 。供需方面，我的钢铁公布的数据显示，本周螺纹钢 产量、表需由降转增，厂库连续第二周减少，社库连续第二周增加。五大品种总库存有所上升，表观需求有所回落。从需求的季节性规律看，在暑 期高温天气，需求将进一步走弱，且库存预计将会进一步回升。目前市场是弱现实和强预期的博弈 ，强预期占主导，对宏观政策的乐观预期也有所 加强。从技术上看，期价大幅拉升后进入高位震荡 操作建议： 暂时维持观望，调整之后再逢低做多，短线操作。空仓的投资者谨慎追涨杀跌 报告导读： 请务必阅读文后重要声明 第 1 页，共 3 页 投资咨询系列报告 虽然期价大幅上涨，但现货价格涨幅相对较小，目前钢厂盈利率尚可，样本钢厂盈利面接近 60%，本周 247 家钢厂铁水产量 242.2 万吨，环比上周 下降了 0.1 万吨。目前市场 ...

Summary of Meijin Energy Conference Call Company Overview - **Company**: Meijin Energy - **Industry**: Coal and Coke Production Key Points and Arguments Financial Performance - In Q2 2025, Meijin Energy's gross profit from coal and coke businesses remained stable compared to Q1, with coke business losses slightly narrowing. Coal prices decreased year-on-year but remained stable quarter-on-quarter [2][3] - The company expects an overall loss for the year, primarily due to high depreciation costs estimated at approximately 2 billion yuan [2][10] - The anticipated loss for Q2 2025 is projected to be between 500 million to 700 million yuan, attributed to oversupply in the coal and coke markets and weak demand from the real estate and downstream steel sectors [3][10] Production and Capacity - The Guizhou coking plant has completed the first phase with a capacity of 1.8 million tons, and the second phase plans to add another 2 million tons, with preliminary investments nearly complete [2][6] - Coal production is operating at near full capacity, with only minor adjustments due to coal quality issues at the well-return mine [7] - The company does not plan to reduce production despite the current supply-side reforms, as they believe the impact on leading enterprises is minimal [8] Market Conditions - The company is closely monitoring the recovery of the downstream steel industry, which is expected to drive growth in the entire supply chain [8] - The recent rise in raw steel prices has had a limited impact on operations due to existing inventory and coal storage [16] Debt and Cash Flow - The rating agency Zhongzheng Pengyuan downgraded Meijin's convertible bonds to A+ due to severe losses and high shareholder pledge rates, indicating tight cash flow [9] - The company faces challenges in resolving shareholder pledge issues due to market value constraints [14] Future Outlook - Short-term recovery from losses in the coking sector is deemed difficult, with high depreciation costs further complicating profitability [10] - Asset impairment for 2025 is expected to be over 10 million yuan, a decrease from the previous year's impairment of 100 to 200 million yuan [10] - The company does not currently meet conditions for adjusting the conversion price of its bonds, which are expected to mature in 2028 [10][11] Strategic Projects - The asset injection project for Jiyuan Coal Mine is currently paused, pending successful joint trial production, expected to resume in Q3 2026 [4][12] - The company is considering suitable projects for investment but is slowing down its overall investment pace [4][12] Supply Chain Dynamics - The self-supply ratio of coking coal is approximately 30%, with the remaining 70% sourced externally, primarily through spot purchases [17] - Long-term pricing agreements for coking coal are not common due to the weak bargaining position of coking plants [18][19] Conclusion - Meijin Energy is navigating a challenging market environment with significant financial pressures and operational constraints. The focus remains on maintaining production levels while monitoring market conditions and potential recovery in the steel sector. The company is also addressing internal financial issues, including shareholder pledges and cash flow management, as it plans for future growth and investment opportunities.

Report Industry Investment Ratings - Thread steel: ★☆☆ [1] - Hot-rolled coil: ★☆☆ [1] - Iron ore: ★☆☆ [1] - Coke: ★☆☆ [1] - Coking coal: ★☆☆ [1] - Silicon manganese: ★☆☆ [1] - Ferrosilicon: ★☆★ [1] Core Viewpoints - The market sentiment is optimistic due to the "anti-involution" trend and the rectification of overproducing coal mines, and the industrial products at low levels continue to rise sharply. The market is expected to remain strong, and attention should be paid to policy changes on both supply and demand sides [2]. - The market expectations have improved due to the "anti-involution" and the upcoming important meeting, and the market sentiment has been further strengthened. It is expected that the short-term trend of iron ore will be strong, but attention should be paid to the risk of increased market volatility [3]. - The coke and coking coal prices have risen sharply, and although the carbon element supply is still abundant, the downstream molten iron production remains at a high level during the off-season. The impact of "anti-involution" on these industries is currently limited, and attention should be paid to whether the policies are further implemented. The futures prices are at a premium, and the upward trend may continue in the short term [4][6]. - The prices of silicon manganese and ferrosilicon have risen. The inventory of silicon manganese is expected to continue to decline, and the price of manganese ore is under pressure in the long term. The demand for ferrosilicon is generally good, and both follow the trend of thread steel, with relatively small increases [7][8]. Summary by Related Catalogs Steel - The demand for thread steel is weak during the off-season, production continues to decline, and inventory accumulates slightly at a low level. The demand for hot-rolled coil remains resilient, production continues to decline, and inventory drops slightly. Molten iron production has increased and remains at a high level. The negative feedback pressure on the market is small under the low-inventory pattern. Domestic demand is still weak, while exports remain relatively high. The market is expected to remain strong [2]. Iron Ore - On the supply side, global shipments have increased month-on-month and are stronger than the same period last year. The domestic arrival volume has declined from a high level, and port inventory has increased slightly with no obvious short-term inventory accumulation pressure. On the demand side, it is the off-season for the terminal, the proportion of profitable steel mills is at a relatively high level in recent years, and the motivation for active production cuts is insufficient. The molten iron production unexpectedly rebounded last week. The short-term trend is expected to be strong [3]. Coke - The price limit up within the day. The second round of price increases for coking has been proposed, the coking profit is meager, and the daily coking production has increased slightly after a continuous decline. The overall coke inventory has decreased slightly, and the purchasing willingness of traders has increased. The carbon element supply is still abundant, and the downstream molten iron production remains at a high level during the off-season. The futures price is at a premium, and the upward trend may continue in the short term [4]. Coking Coal - The price limit up within the day. Affected by policy documents, the futures price has risen significantly. The production of coking coal mines has slightly decreased, the spot auction market has improved, the transaction price has continued to rise, and the terminal inventory has increased. The total coking coal inventory has decreased month-on-month, and the production-side inventory has continued to decline significantly. It is likely to continue to reduce inventory in the short term. The carbon element supply is still abundant, and the downstream molten iron production remains at a high level during the off-season. The futures price is at a premium, and the upward trend may continue in the short term [6]. Silicon Manganese - The price fluctuated upward within the day. Due to continuous production cuts in the early stage, the inventory level has decreased, the weekly production recovery rate is slow, and both futures and spot demand have improved. It is judged that the inventory will mainly continue to decline. In the long term, the manganese ore inventory is gradually increasing, which exerts great pressure on the price. In the short term, the current inventory level is low, the price support intention of manganese mines has increased, and the spot manganese ore price has risen following the futures price [7]. Ferrosilicon - The price fluctuated upward within the day. The molten iron production has increased and returned above 242. The export demand remains at around 30,000 tons, with a small marginal impact. The production of magnesium metal has decreased slightly month-on-month, and the secondary demand has slightly declined marginally. The overall demand is acceptable. The supply of ferrosilicon has increased slightly, the market transaction level is average, and the on-balance inventory has declined fluctuatingly [8].

Industry Investment Ratings - Iron ore: Upward [2] - Coking coal and coke: Upward [2] - Rolled steel and rebar: Bullish [2] - Glass: Upward [2] - Soda ash: Bullish [2] - CSI 300 Index Futures/Options: Sideways [4] - SSE 50 Index Futures/Options: Rebound [2] - CSI 500 Index Futures/Options: Upward [4] - CSI 1000 Index Futures/Options: Upward [4] - 2-year Treasury Bonds: Sideways [4] - 5-year Treasury Bonds: Sideways [4] - 10-year Treasury Bonds: Rebound [4] - Gold: Bullish sideways [6] - Silver: Bullish [6] - Pulp: Sideways with a bullish bias [6] - Logs: Bullish sideways [6] - Soybean oil: Sideways correction [6] - Palm oil: Sideways correction [6] - Rapeseed oil: Sideways correction [8] - Soybean meal: Sideways with a bullish bias [8] - Rapeseed meal: Sideways with a bullish bias [8] - Soybean No. 2: Sideways with a bullish bias [8] - Soybean No. 1: Sideways with a bullish bias [8] - Live pigs: Sideways with a bearish bias [8] - Rubber: Sideways [10] - PX: On the sidelines [10] - PTA: On the sidelines [10] - MEG: On the sidelines [10] - PR: On the sidelines [10] - PF: Sideways with a bearish bias [10] Core Views - The anti-involution policy has boosted the sentiment of the black market, but the long-term supply-demand surplus pattern of iron ore remains unchanged. The coking coal and coke market is expected to be bullish in the short term, and the steel and glass markets are supported by macro and policy factors. The stock index futures market shows a mixed trend, and the bond market is expected to rebound slightly. The precious metals market is expected to be bullish, and the pulp and log markets are expected to be bullish sideways. The oil and fat market may correct in the short term, and the agricultural products market shows a mixed trend. The soft commodities market is expected to be sideways, and the polyester market is on the sidelines [2][4][6][8][10] Summary by Categories Black Industry - Iron ore: The global iron ore shipment volume increased, and the supply is still abundant. The iron ore port inventory increased slightly, and the short-term fundamentals are acceptable. The long-term supply is expected to increase, and the demand is relatively low. The price has broken through the previous high and is expected to be bullish [2] - Coking coal and coke: After the second round of price increases, the cost pressure of coke remains, and the market is expected to be bullish. The current fundamentals are healthy, and the price is expected to be bullish in the short term. The coking plant's operation is stable, and the supply is slightly tight. The downstream demand is weak, but the steel mill's procurement enthusiasm has increased [2] - Rolled steel and rebar: The anti-involution policy has boosted the supply-side sentiment, and the steel industry's stable growth expectation has pushed up the market sentiment. The construction material demand has declined in the off-season, but the profit of the five major steel products is acceptable, and the supply-demand contradiction is not prominent. The total demand is expected to be low, and the price is supported by macro and policy factors [2] - Glass: The anti-involution trading may continue, and the macro environment is neutral to bullish. The demand for glass deep processing orders has weakened, but the speculative demand is strong. The supply is expected to increase, and the pressure remains. The downstream inventory is low, but the rigid demand has not recovered. The long-term demand is difficult to increase significantly, and the price is expected to be bullish in the short term [2] Financial Industry - Stock index futures/options: The previous trading day, the CSI 300 Index rose 0.67%, the SSE 50 Index rose 0.28%, the CSI 500 Index rose 1.01%, and the CSI 1000 Index rose 0.92%. The construction materials and engineering machinery sectors saw capital inflows, while the education and banking sectors saw capital outflows. The European leaders' visit to China and the stable LPR have boosted the market sentiment. The market risk aversion has eased, and it is recommended to hold long positions in the stock index [4] - Treasury bonds: The yield of the 10-year Treasury bond increased by 1bp, and the market interest rate was stable. The central bank conducted 170.7 billion yuan of 7-day reverse repurchase operations, with a net withdrawal of 5.55 billion yuan. The bond market is expected to rebound slightly, and it is recommended to hold long positions in Treasury bonds [4] Precious Metals Industry - Gold: The pricing mechanism of gold is shifting from the traditional real interest rate to central bank gold purchases. The currency, financial, and hedging attributes of gold are prominent. The US debt problem and the trade tension have supported the price of gold. The Fed's interest rate and tariff policies may be short-term disturbances, and the price is expected to be bullish sideways [6] - Silver: The price of silver is expected to be bullish. The inflation data shows resilience, and the market uncertainty before the new tariff deadline has increased the demand for hedging funds. The Fed's interest rate cut expectation in September has supported the price of silver [6] Light Industry - Pulp: The spot market price of pulp is rising, but the cost is falling, which weakens the support for the price. The papermaking industry's profitability is low, and the demand is in the off-season. The anti-involution policy has boosted the market sentiment, and the price is expected to be sideways with a bullish bias [6] - Logs: The daily出库 volume of logs has increased, and the cost has risen, which strengthens the support for the price. The supply pressure is not large, and the anti-involution policy has boosted the market sentiment. The price is expected to be bullish sideways [6] Oil and Fat Industry - Soybean oil, palm oil, and rapeseed oil: The production of Malaysian palm oil decreased in June, but the inventory increased. The export may slow down in July. The production of US biodiesel is increasing, which supports the demand for soybean oil. The domestic inventory of the three major oils is rising, and the supply is abundant. The demand is in the off-season, but the biodiesel expectation has boosted the price. The price may correct in the short term [6][8] Agricultural Products Industry - Soybean meal, rapeseed meal, soybean No. 2, and soybean No. 1: The estimated yield of US soybeans has been reduced, but the end-of-year inventory has increased. The growth of US soybeans is good, and the consumption of soybean meal is expected to increase. The domestic supply of soybeans is abundant, and the price is expected to be sideways with a bullish bias [8] - Live pigs: The average trading weight of live pigs is decreasing, and the price has risen slightly but is expected to decline. The supply of live pigs is increasing, and the consumption demand is restricted by high temperatures. The slaughtering enterprise's operating rate is expected to decline slightly [8] Soft Commodities Industry - Rubber: The raw material supply of natural rubber is tight due to rainfall, and the price has risen. The tire industry's capacity utilization rate has recovered, but the growth is restricted by the market demand. The inventory of natural rubber is increasing, and the price is expected to be sideways [10] Polyester Industry - PX: The geopolitical situation has eased, which has pressured the oil price. The short-term supply of PX is tight, and the price follows the oil price [10] - PTA: The cost is sideways, and the supply has increased. The downstream polyester factory's operating rate has decreased slightly, and the medium-term supply-demand is expected to weaken. The price follows the cost in the short term [10] - MEG: The recent arrival volume is small, and the port inventory has decreased slightly. The terminal demand is weak, and the supply pressure has eased. The medium-term supply-demand is expected to be balanced. The cost has rebounded, and the price is expected to be bullish sideways [10] - PR: The cost is supportive, but the downstream demand is rigid. The polyester bottle sheet market is expected to be sorted out narrowly [10] - PF: The support is weak, and the industry supply pressure is large. The polyester staple fiber market is expected to be sideways with a bearish bias [10]

Group 1: Report Industry Investment Rating - No information provided regarding the report industry investment rating Group 2: Core Views Steel - The rebound of ferrous metals since June was due to the production cut of coking coal caused by environmental inspections, the resilient demand during the off - season, and the low inventory. In July, the "anti - involution" trading improved market sentiment, and with the marginal improvement of industrial supply - demand and market sentiment, ferrous metals rose strongly. High - frequency data shows that off - season demand is resilient, steel mill production remains high, and raw material inventories are in a destocking trend. Later, the inventory may weaken if coking coal production recovers or steel demand declines. Macroscopically, under the expectation of supply - side contraction, the sentiment of commodity buying is positive. The resistance levels of rebar and hot - rolled coil at around 3100 and 3270 yuan have been removed, and the next pressure levels are 3250 and 3400 yuan [1] Iron Ore - Last week, the 09 contract of iron ore rose strongly. Fundamentally, the global shipment volume of iron ore decreased slightly, the arrival volume at 45 ports increased slightly, and the subsequent arrival volume is expected to decline slightly. On the demand side, after the lifting of production restrictions in Tangshan on July 15, the iron - making water output rebounded significantly, and the short - term resilience of molten iron is maintained. The terminal demand shows a strong performance in the off - season. In terms of inventory, port inventory increased slightly, and the inventory of steel mills' equity ore decreased rapidly. In the future, the molten iron output in July will remain high, and the steel mill profit will support raw materials. The short - term iron ore will fluctuate strongly. The strategy is to go long on the 2509 contract on dips and conduct a 9 - 1 positive spread arbitrage [4] Coke - Last week, the coke futures fluctuated upward, and the first - round spot price increase was implemented. The supply side saw some coal mines resuming production, but the output was difficult to increase due to losses. The demand side witnessed the end of environmental protection restrictions in Tangshan, the resumption of blast furnaces, and a significant increase in molten iron. The inventory of coking plants and ports decreased, while the steel mill inventory increased. Due to the low price, cost push and the downstream steel mills' active replenishment demand are conducive to the future price increase of coke. The strategy is to conduct hedging operations in the spot - futures market, go long on the 09 contract on dips, and conduct a 9 - 1 positive spread arbitrage [6] Coking Coal - Last week, the coking coal futures fluctuated upward, and the spot price generally increased. The supply side has an expectation of increased supply, but the overall production recovery is slow, and the market is in short supply. The import coal price has a slight rebound, and the inventory pressure has decreased. The demand side shows a slight increase in coking plant operation, a rapid increase in molten iron output, and an increase in the replenishment efforts of steel mills and coking plants. The inventory of coal mines is decreasing, and the downstream inventory is increasing. The strategy is to conduct hedging operations in the spot - futures market, go long on the 09 contract on dips, and conduct a 9 - 1 positive spread arbitrage [6] Group 3: Summaries According to Related Catalogs Steel Price and Spread - Rebar and hot - rolled coil prices in different regions and contracts generally increased. For example, the spot price of rebar in East China increased from 3200 to 3220 yuan/ton, and the 05 contract price increased from 3162 to 3196 yuan/ton [1] Cost and Profit - The billet price increased by 10 yuan/ton to 2960 yuan/ton, and the slab price remained unchanged at 3730 yuan/ton. The profits of rebar and hot - rolled coil in different regions generally decreased, such as the East China rebar profit decreased by 41 to 91 [1] Production - The daily average molten iron output increased by 2.6 to 242.6, a 1.1% increase. The output of five major steel products decreased by 4.5 to 868.2, a 0.5% decrease. The rebar output decreased by 7.6 to 209.1, a 3.5% decrease [1] Inventory - The inventory of five major steel products decreased by 1.9 to 1337.7, a 0.1% decrease. The rebar inventory increased by 2.9 to 543.3, a 0.5% increase [1] Transaction and Demand - The building materials transaction volume increased by 0.7 to 9.4, an 8.6% increase. The apparent demand for rebar decreased by 15.3 to 206.2, a 6.9% decrease, while the apparent demand for hot - rolled coil increased by 1.3 to 323.8, a 0.4% increase [1] Iron Ore Price and Spread - The warehouse - receipt costs of various iron ore powders increased, and the 09 - contract basis of different iron ore powders also increased. For example, the 09 - contract basis of PB powder increased from 25.2 to 34.5 yuan/ton, a 36.9% increase [4] Supply - The 45 - port arrival volume (weekly) increased by 178.2 to 2662.1, a 7.2% increase, and the global shipment volume (weekly) decreased by 7.8 to 2987.1, a 0.3% decrease [4] Demand - The daily average molten iron output of 247 steel mills (weekly) increased by 2.6 to 242.4, a 1.1% increase. The daily average port clearance volume (weekly) increased by 3.2 to 322.7, a 1.0% increase [4] Inventory - The 45 - port inventory increased by 62.1 to 13785.21, a 0.5% increase, and the imported ore inventory of 247 steel mills decreased by 157.5 to 8822.2, a 1.8% decrease [4] Coke Price and Spread - The prices of Shanxi first - grade wet - quenched coke and Rizhao Port quasi - first - grade wet - quenched coke remained unchanged. The 09 - contract price of coke decreased by 1 to 1518, a 0.14% decrease, and the 01 - contract price increased by 4 to 1559, a 0.3% increase [6] Supply - The daily average output of all - sample coking plants increased by 0.1 to 64.2, a 0.2% increase, and the daily average output of 247 steel mills decreased by 0.1 to 47.1, a 0.2% decrease [6] Demand - The molten iron output of 247 steel mills increased by 2.6 to 242.4, a 1.1% increase [6] Inventory - The total coke inventory decreased by 5.3 to 925.7, a 0.64% decrease. The inventory of all - sample coking plants decreased by 5.5 to 87.6, a 5.94% decrease, and the inventory of 247 steel mills increased by 1.2 to 639.0, a 0.2% increase [6] Coking Coal Price and Spread - The prices of coking coal (Shanxi warehouse - receipt) and coking coal (Mongolian coal warehouse - receipt) remained unchanged. The 09 - contract price of coking coal increased by 8 to 926, a 0.8% increase, and the 01 - contract price increased by 8 to 976, a 0.84% increase [6] Supply - The raw coal output decreased by 1.6 to 866.6, a 0.2% decrease, and the clean coal output decreased by 1.1 to 442.4, a 0.2% decrease [6] Demand - The daily average output of all - sample coking plants increased by 0.1 to 64.2, a 0.2% increase, and the daily average output of 247 steel mills decreased by 0.1 to 47.1, a 0.2% decrease [6] Inventory - The clean coal inventory of Fenwei coal mines decreased by 18.3 to 158.1, a 10.3% decrease. The coking coal inventory of all - sample coking plants increased by 36.8 to 929.1, a 4.1% increase, and the coking coal inventory of 247 steel mills increased by 8.2 to 791.1, a 1.04% increase [6]

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - Recently, under the influence of a bullish market sentiment and a slight relief in supply - demand pressure, both the futures and spot markets have strengthened in resonance. The short - term market should be treated as a volatile rebound [3] Group 3: Summary by Related Content Market Performance - Yesterday, the prices of coal and coke futures fluctuated and trended stronger. On the spot side, the first - round price increase of coke was 70 - 95 yuan/ton, and the mainstream steel mills have accepted a price increase of 50 - 55 yuan/ton, with a still existing price - increase expectation in the market. The price of coking coal also maintained a rebound trend [2] Fundamental Analysis - This week, coal mines in the main production areas of Shanxi continued the resumption of production, but the overall process was still slow. Downstream procurement enthusiasm was high, and the demand for replenishment and speculation was concentratedly released. Coal resources were in short supply, and most pre - sale orders were signed for more than half a month. The pressure of high supply and high inventory in coal mines was significantly reduced, and coal prices were likely to rise and difficult to fall in the short term. This week, the daily output of raw coal from 523 coking coal sample mines was 1.929 million tons, a week - on - week increase of 11,000 tons; the raw coal inventory was 6.153 million tons, a week - on - week decrease of 276,000 tons; the clean coal inventory was 3.391 million tons, a week - on - week decrease of 381,000 tons [2] Demand - side Situation - Recently, coking plants and steel mills have accelerated their raw material replenishment. The available days of coking coal inventory in factories have rebounded from a low level. The average daily hot metal output of steel mill blast furnaces has rebounded to 2.4244 million tons, a week - on - week increase of 26,300 tons [2]

Core Viewpoint - The announcement details the additional confirmation and expected daily related transactions of Shaanxi Black Cat Coking Co., Ltd., indicating that these transactions are normal operational activities and do not affect the company's independence or create significant reliance on related parties [2][10]. Group 1: Daily Related Transactions Overview - The daily related transactions involve Shaanxi Steel Group Co., Ltd. and its subsidiaries, with a long-standing relationship where Longmen Steel has been the company's largest customer for over 20 years [3]. - The company plans to sell coke and coke powder to Shaanxi Steel's subsidiary, Shaanxi Steel Hancheng Co., Ltd., with a total transaction amount not exceeding 31,900 million yuan (excluding tax) for the period from October 2024 to June 2025 [4][5]. Group 2: Related Party Information - Shaanxi Steel Hancheng Co., Ltd. was established on July 29, 2015, with a registered capital of 100,000 million yuan, and is involved in various metal and coal-related sales and services [7]. - The relationship with the related party is established through familial ties, as the chairman of Shaanxi Steel Hancheng Co., Ltd. is a close family member of the company's chairman and general manager [7]. Group 3: Financial Performance of Related Party - As of December 31, 2024, Shaanxi Steel Hancheng Co., Ltd. reported total assets of 360,706.59 million yuan and a net profit of 947.64 million yuan [8]. - The company has maintained a good performance record with no defaults or unusual incidents in its dealings with Shaanxi Black Cat Coking Co., Ltd. [8]. Group 4: Pricing Policy for Related Transactions - The pricing policy for transactions between the company and Shaanxi Steel Hancheng Co., Ltd. is based on contracts that specify quality standards and market-based pricing [9]. Group 5: Purpose and Impact of Related Transactions - The transactions are deemed necessary for the company's ongoing operations and are expected to contribute to stable business development [10]. - The pricing of these transactions is fair and does not harm the interests of the company or its shareholders, particularly minority shareholders [10].

Group 1 - The company, Yunnan Coal Industry Energy Co., Ltd., expects a net profit attributable to shareholders of the parent company for the first half of 2025 to be between -168 million yuan and -160 million yuan, representing a decrease in losses of 64.75 million yuan to 72.75 million yuan compared to the same period last year [1][2] - The expected net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be between -169.3 million yuan and -161.3 million yuan, which is a reduction in losses of 71.96 million yuan to 79.96 million yuan year-on-year [2] - The company's previous year's net profit for the first half of 2024 was -232.75 million yuan, and the net profit after deducting non-recurring gains and losses was -241.26 million yuan [2] Group 2 - The primary reason for the expected loss in the current period is the overall downturn in the steel and coking industries, coupled with the pressure from both supply and demand in the regional coal and coke market, which has adversely affected the company's main business [2]

Core Viewpoint - The current coking coal market requires an immediate price increase to alleviate operational difficulties and ensure reasonable profit distribution within the industry [1] Industry Analysis - A market analysis meeting was held on July 11, attended by representatives from key coking enterprises across various provinces including Shanxi, Hebei, Inner Mongolia, Henan, Jiangsu, Shandong, Shaanxi, Ningxia, Jiangxi, and Yunnan [1] - Participants analyzed the supply-demand dynamics and price trends of the coking coal market in the context of the macroeconomic environment [1] Price Adjustment Decisions - From July 14, the following price adjustments will be implemented for steel mill customers: - An increase of 70 yuan/ton for damp coke - An increase of 75 yuan/ton for dry coke - An increase of 95 yuan/ton for top-loaded coke [1] - Price increases for trading customers will take effect from July 11 [1] Business Model - The industry will continue to adhere to a prepayment commercial model, avoiding credit sales and maintaining the right to weigh and test measurements [1]