Core Viewpoint - Antai Group (600408) has experienced a significant stock price increase of 213.18% from September 29 to November 17, which is substantially higher than the Shanghai Composite Index during the same period, indicating potential irrational market speculation and risks of a rapid price decline in the future [1] Company Summary - The company reported a current price-to-book ratio (P/B) of 5.11, which is notably higher than the P/B ratios of its industry peers: 1.57 for the coking processing sector and 1.18 for the steel sector, suggesting that the company's stock may be overvalued compared to its fundamentals [1] - Despite the stock price volatility, the company's production and operations remain normal, and there have been no significant changes in the external operating environment [1] - The company has confirmed that there are no undisclosed significant information that should have been disclosed [1]

Group 1 - The coking processing sector continues to rise, with Meijin Energy hitting the daily limit increase [1] - Other companies such as Shanxi Coking, Shaanxi Black Cat, Yunmei Energy, Antai Group, and Baotailong also experienced gains [1]

Core Viewpoint - Shanxi Antai Group Co., Ltd. has experienced significant stock price fluctuations, with a cumulative increase of 176.99% since October 9, 2025, leading to abnormal trading conditions as per Shanghai Stock Exchange regulations [2][4]. Summary by Sections Stock Trading Abnormalities - The company's stock price has deviated by 20% over two consecutive trading days, indicating abnormal trading activity [2][4]. - Over a span of ten trading days from November 3 to November 14, 2025, the stock price deviation reached 100%, marking severe abnormal trading conditions [2][4]. Financial Performance - The net profits attributable to shareholders for the years 2023, 2024, and the first three quarters of 2025 were reported as -678 million, -335 million, and -156 million respectively, indicating a trend of losses and uncertainty in future profitability [2][7]. Market Valuation - The current price-to-book ratio of the company stands at 4.64, significantly higher than the industry averages of 1.48 for the coking processing sector and 1.17 for the steel sector, suggesting potential overvaluation and irrational market behavior [2][7]. Company Operations - The company has confirmed that its production and operations are normal, with no significant changes in the external business environment [5]. - There are no undisclosed major events or transactions that could impact the stock price, as verified by the company and its controlling shareholder [5][9]. Shareholder Actions - During the period of stock price fluctuations, the controlling shareholder and company executives did not engage in buying or selling the company's shares [6].

Core Viewpoint - Antai Group (600408.SH) has experienced a significant stock price increase of 176.99% from October 9, 2025, which is higher than the Shanghai Composite Index during the same period, indicating a potential disconnection from the company's fundamentals [1] Company Performance - The company's current price-to-book ratio (P/B) stands at 4.64, which is notably higher than the P/B ratios of its industry segments: 1.48 for the coking processing sector and 1.17 for the steel sector [1] - The company is currently operating normally, and there have been no significant changes in the external operating environment [1] - There are no undisclosed significant information that the company is required to disclose [1] Market Sentiment - The substantial increase in stock price suggests a risk of market sentiment being overly optimistic and irrational speculation [1] - There is a potential risk of a rapid decline in stock price in the future due to the current market conditions [1]

根据上海证券交易所分行业信息披露指引的相关规定与要求，现将公司 2025 年第三季度主营业务经营情况公告如下： 证券代码：600408 证券简称：安泰集团 编号：临 2025—038 山西安泰集团股份有限公司 2025 年第三季度主要经营数据的公告 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。 2025 年第三季度（7-9 月），公司为第三方代加工焦炭 50.26 万吨，实现代 加工收入 1.08 亿元；生产 H 型钢产品 34.84 万吨，销售 36.22 万吨，实现产品 收入 10.81 亿元，平均售价为 2,983.42 元/吨（不含税）。 特此公告 山西安泰集团股份有限公司 董 事 会 二〇二五年十月二十九日 ...

特此公告 2025 年第二季度主要经营数据的公告 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。 根据上海证券交易所分行业信息披露指引的相关规定与要求，现将公司 2025 年第二季度主营业务经营情况公告如下： 2025 年第二季度（4-6 月），公司为第三方代加工焦炭 48.75 万吨，实现代 加工收入 1.13 亿元；生产 H 型钢产品 36.03 万吨，销售 34.72 万吨，实现产品 收入 10.25 亿元，平均售价为 2,952.62 元/吨（不含税）。 证券代码：600408 证券简称：安泰集团 编号：临 2025—033 山西安泰集团股份有限公司 山西安泰集团股份有限公司 二〇二五年八月二十九日 董 事 会 ...

Group 1 - The coking processing sector experienced a short-term surge, with Antai Group hitting the daily limit up [1] - Other companies such as Shanxi Coking, Shaanxi Black Cat, Yunmei Energy, Meijin Energy, and Baotailong also saw significant increases in their stock prices [1]

Core Viewpoint - The coking processing sector has experienced a short-term surge, with Antai Group hitting the daily limit, and other companies such as Shanxi Coking, Shaanxi Black Cat, Yunmei Energy, Meijin Energy, and Baotailong also seeing significant increases [1] Company Summary - Antai Group has reached the daily limit in stock price, indicating strong market interest and potential investor confidence [1] - Shanxi Coking, Shaanxi Black Cat, Yunmei Energy, Meijin Energy, and Baotailong have all shown notable stock price increases, reflecting a positive trend in the coking processing industry [1]

1. Report Industry Investment Rating - The trend rating for coke is "oscillation", and for coking coal is "oscillation with a weakening bias" [1] 2. Core Viewpoints - Since June, the macro - environment has been gradually improving. The market is becoming less sensitive to Sino - US trade frictions, and real - estate policies may speed up the industry's bottoming. The rumored crude steel production limit is set at around 30 million tons, which will change the long - short balance in the black sector [4] - For coking coal, supply is slightly shrinking due to inventory overstock and safety and environmental protection restrictions. The key is to monitor the signals of mine - end active production cuts or administrative production cuts. For coke, cost and demand are decisive factors. The cost side is expected to support rather than drag down the price, and factors such as cost rebound or crude steel reduction boosting industrial chain profits will drive the price up [5] - In extreme market conditions, coking coal is the main battlefield for long - short games. There is a possibility of a short - seller counter - attack. Once the price drops again, it may lead to a double - kill situation for both long and short positions [6] 3. Summary by Related Catalogs 3.1 Coking Coal 3.1.1 Spot and Futures Market - Spot prices are weak, and futures are oscillating. Mongolian 5 main coking coal is reported at 878 yuan/ton (- 15), and the active contract is reported at 766.5 yuan/ton (- 17). The basis is 131.5 yuan/ton (+ 17), and the September - January spread is - 12.5 yuan/ton (- 3) [1] 3.1.2 Supply and Demand - Mine and coal - washing plant开工率 have declined slightly. The开工率 of 523 mines is reported at 86.3% (- 2.96), and that of 110 coal - washing plants is reported at 60.59% (- 0.96) [2] 3.1.3 Inventory - Upstream inventory is accumulating, and downstream inventory is decreasing. The refined coal inventory of 523 mines is reported at 4.4753 million tons (+ 370,800), and that of coal - washing plants is 2.1474 million tons (+ 114,800). The inventory of 247 steel mills is 7.9875 million tons (+ 75,400), and that of 230 coking enterprises is 7.3796 million tons (- 146,000). The port inventory is 3.0156 million tons (- 45,300) [2] 3.2 Coke 3.2.1 Spot and Futures Market - Spot prices are weak, and futures are oscillating. Tianjin Port's quasi - first - grade coke is reported at 1,270 yuan/ton (- 0), and the active contract is reported at 1,328.5 yuan/ton (- 27.5). The basis is 37 yuan/ton (+ 27.5), and the September - January spread is - 19.5 yuan/ton (- 2) [3] 3.2.2 Supply and Demand - Supply remains flat, and demand has peaked and declined. The production rate of 230 independent coking enterprises is reported at 74.93% (- 0.15). The capacity utilization rate of 247 steel mills is reported at 91.32% (- 0.44), and the daily average pig iron output is 2.436 million tons (- 11,700) [3] 3.2.3 Inventory - Upstream inventory is accumulating, and downstream inventory is decreasing. The inventory of 230 coking enterprises is 88,410 tons (+ 10,080), that of 247 steel mills is 645,800 tons (- 9,130), and the port inventory is 214,150 tons (- 3,030) [3] 3.3 Strategy Suggestions - In the short term, it is recommended to hold a small - position long order for the J09 contract and wait to increase the position after confirming the market bottom [6]

证券代码：600408 证券简称：安泰集团 编号：临 2025—015 山西安泰集团股份有限公司 2024 年第四季度主要经营数据的公告 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。 根据上海证券交易所分行业信息披露指引的相关规定与要求，现将公司 2024 年第四季度主营业务经营情况公告如下： 2024 年第四季度（10-12 月），公司自产焦炭 7.17 万吨，销售 7.76 万吨， 实现产品收入 1.35 亿元，平均售价为 1,736.07 元/吨（不含税）；为第三方代加工 焦炭 41.30 万吨，实现代加工收入 0.87 亿元；生产 H 型钢产品 35.18 万吨，销售 35.14 万吨，实现产品收入 10.62 亿元，平均售价为 3,021.62 元/吨(不含税)。 特此公告 山西安泰集团股份有限公司 董 事 会 二〇二五年四月二十九日 ...