证券日报网讯 1月26日，美锦能源在互动平台回答投资者提问时表示，公司当前专注于煤焦化工和氢能 两大主业。其中，氢能作为"十五五"规划明确的未来产业，整体仍处于示范应用和商业模式逐步成熟阶 段。公司正依托自身煤焦资源基础和"煤—焦—气—化—氢"一体化产业链优势，持续推进"碳氢协同"发 展路径，在夯实现有煤焦主业稳定经营的同时，探索氢能与传统产业在制氢、能源利用效率提升及减碳 降碳方面的协同融合，稳步推进制氢、储运、加氢及下游应用场景布局，并在部分环节已形成一定先发 和协同优势。氢能业务对公司业绩的影响将与行业发展进程、应用场景落地及商业化节奏密切相关，公 司将在注重风险可控和经济性的前提下，有序推进相关项目建设与运营，持续培育新的增长动能，稳步 释放长期内在价值。 （文章来源：证券日报） ...

Core Insights - The article highlights the strategic partnership between Xuyang Group and a well-known foreign company, focusing on a long-term coke sales agreement for 2025-2026, marking a decade of collaboration and a total trade volume of 3 million tons [1][4] - Xuyang Group has evolved from a single company to a global leader in energy and chemical sectors, integrating various business segments including coke, chemicals, and new materials, and has been consistently listed among China's top 500 enterprises [1] - The company has successfully utilized futures hedging tools to navigate market volatility, demonstrating operational wisdom and risk management capabilities [1][2] Company Development - Established in 1995 and listed in Hong Kong in 1999, Xuyang Group has transformed into a comprehensive energy and chemical company over 30 years, expanding its operations nationwide [1] - The company began its foray into futures trading in 2013, aiming to mitigate risks associated with price volatility in the coal and coke industry [2][5] Risk Management and Futures Strategy - Xuyang Group's commitment to futures trading was validated during a 2016 international contract where the company faced potential losses due to soaring market prices but successfully hedged its risks through prior futures positions [3][4] - The company has developed a dynamic hedging model that integrates both buying and selling strategies to manage risks across different market cycles [6][8] Operational Innovations - Xuyang Group has established a unique management mechanism for its futures operations, ensuring flexibility and effective risk control through a structured approval process and unified reporting [9][10] - The company has adopted a profit-sharing mechanism that aligns the interests of different operational units, enhancing accountability and awareness of futures trading [9][10] Industry Leadership and Collaboration - As a leading enterprise, Xuyang Group actively supports smaller companies in the industry by sharing knowledge on hedging and risk management, fostering a collaborative environment for mutual growth [10][11] - The company emphasizes the importance of utilizing financial tools to navigate industry challenges and advocates for policy improvements in the futures market to better serve the real economy [11]

Core Viewpoint - The company is currently focused on two main businesses: coal coking and hydrogen energy, aiming to build an integrated industrial chain of "coal-coke-gas-hydrogen" [1] Group 1 - The company has no current plans to engage in rare earth-related businesses, and any future developments will be disclosed in accordance with information disclosure requirements [1] - Investors are advised to pay attention to the company's subsequent announcements regarding matters related to its potential listing on the Hong Kong stock market [1]

Group 1 - The company, Meijin Energy (000723.SZ), is currently focused on two main businesses: coal coking and hydrogen energy [1] - The company aims to build an integrated industrial chain of "coal-coke-gas-chemical-hydrogen" [1] - The company has not engaged in any steel production-related activities [1]

Group 1 - The company, Meijin Energy (000723.SZ), is currently focused on two main businesses: coal coking and hydrogen energy [1] - The company aims to build an integrated industrial chain of "coal-coke-gas-chemical-hydrogen" [1] - The company has not engaged in any steel production-related activities [1]

Core Viewpoint - The company, Meijin Energy, is currently focused on its core businesses in coal chemical and hydrogen energy, with no plans to enter the dairy or infant formula market at this time [1] Group 1: Company Focus - Meijin Energy is dedicated to building an integrated industrial chain of "coal-coke-gas-chemical-hydrogen" [1] - The company has no current plans related to dairy products or infant formula [1] - Any future developments in this area will be disclosed to the market in accordance with information disclosure requirements [1]

Group 1 - In the first quarter, Inner Mongolia implemented 1,977 investment attraction projects, bringing in domestic funds of 83.04 billion yuan, a year-on-year increase of 37.7% [1] - Key industrial chain investment attraction was precise and effective, with 21 key industrial chains attracting funds of 27.03 billion yuan, accounting for 32.6% of total funds [1] - The rare earth industrial chain saw a remarkable year-on-year growth of 5.6 times in attracted funds [1] Group 2 - A total of 245 new signed investment projects with an investment amount of over 100 million yuan were recorded, including 18 projects over 5 billion yuan [1] - Among ongoing projects, 433 major projects with total investments of over 1 billion yuan were monitored, attracting funds of 55.27 billion yuan, a year-on-year increase of 19.6% [1] - Significant projects such as the Baotou Robotics and Drone Integration Base and the Xilin Gol League 3 million tons iron ore deep processing project completed over 500 million yuan in attracted funds [1] Group 3 - Inner Mongolia actively conducted targeted investment attraction towards key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area [2] - A total of 376 new signed investment projects were recorded, with 153 projects from the Beijing-Tianjin-Hebei region, and 108 projects from Beijing alone, accounting for 28.9% [2] - The key regions collectively attracted funds of 59.37 billion yuan, representing 71.5% of total funds, with a year-on-year growth of 46.6% [2]

Core Viewpoint - The company, Shanxi Coking Coal, is facing significant operational pressure due to weak demand in the downstream steel industry and declining prices in the coking coal market, leading to a substantial drop in profits for the coking industry overall [5][9]. Company Overview - Shanxi Coking Coal primarily engages in the production and sale of coke and related chemical products, with metallurgical coke as the main product and various chemical by-products [5]. - The company has reported a decrease in production and sales across several key products, including a 2.73% decline in coke production to 2.8291 million tons and a 14.20% drop in operating revenue to CNY 750.68 million [9]. Financial Performance - For the reporting period, the company achieved an operating profit of CNY 24.33 million, down 80.84% year-on-year, and a net profit attributable to shareholders of CNY 26.31 million, a decrease of 79.37% [9]. - The proposed profit distribution plan for 2024 includes a cash dividend of CNY 0.2 per 10 shares, totaling CNY 51.24 million, which represents 19.48% of the net profit attributable to shareholders [4][74]. Market Conditions - The coking market is characterized by weak demand and falling prices, with the overall profit levels in the coking industry experiencing a significant decline due to insufficient cost support from upstream materials and increasing environmental compliance costs [5][9]. - The company is expected to maintain a certain level of liquidity to ensure stable operations amid these challenging market conditions [77]. Governance and Compliance - The company’s board and supervisory committee have confirmed the accuracy and completeness of the annual report, ensuring compliance with relevant laws and regulations [1][11]. - The company has engaged Lianda Accounting Firm to provide a standard unqualified audit report for the financial statements [3]. Future Outlook - The company plans to continue investing in facility upgrades and environmental compliance to enhance operational efficiency and competitiveness in the market [78][81]. - The board has proposed a "valuation enhancement plan" in response to the stock price being below the net asset value per share for 12 consecutive months [59].