上海华谊集团股份有限公司 2025 年半年度主要经营数据公告 证券代码：600623 900909 股票简称：华谊集团 华谊 B 股 编号：2025-049 | 主要原料 | 单位 | 2025 年 1-6 月 | | --- | --- | --- | | | | 价格变动情况 | | 化工煤 | 元/吨 | 739-969 | | 动力煤 | 元/吨 | 578-745 | | 乙醇 | 元/吨 | 4630-4982 | | 丙烷 | 元/吨 | 3903-4944 | | 天然胶 | 元/吨 | 12451-17970 | | 合成胶 | 元/吨 | 8616-13805 | | 丙烯 | 元/吨 | 5631-6699 | | 丁醇 | 元/吨 | 5065-6752 | | 萤石 | 元/吨 | 2955-3629 | 三、主要原材料的价格变动情况 四、报告期内无其他对公司生产经营具有重大影响的事项。 特此公告 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。 上海华谊集团股份有限公司（以下简称"公司"）根据上海证券 ...

Group 1: Report Overview - The report is an energy and chemical research report on coal, dated August 20, 2025 [2] Group 2: Market Review - On August 20, the port thermal coal market was stable with limited fluctuations in quotes and transactions. The 5500 - kcal coal was quoted at 700 - 710 yuan/ton, 5000 - kcal at 640 - 645 yuan/ton, and 4500 - kcal at 560 - 565 yuan/ton in the market. Different regions had different price ranges for non - electric enterprise coal [3] Group 3: Important Information - From January to July, national railways transported 11.96 billion tons of coal, including 8.16 billion tons of thermal coal. The coal inventory of railway - directly - supplied power plants remained at a high level. The freight volumes of mining construction materials, smelting supplies, and grain increased by 13.6%, 8.2%, and 12.7% year - on - year respectively [4] Group 4: Logic Analysis - Supply: Recent continuous rainfall in the northwest led to a significant decline in the coal mine operating rate in major coal - producing areas of Shanxi, Shaanxi, and Inner Mongolia. As of August 19, the operating rate in Ordos was 71% and in Yulin was 45%. The daily average coal output of Ordos and Yulin was over 3.5 million tons, and the overall domestic supply tightened [5] - Import: Affected by the improvement of domestic coal prices, the sentiment in the import market continued to warm up this week. Due to the good price advantage of imported coal, the inquiry enthusiasm of coastal power plants increased significantly, and the market transaction atmosphere improved [5] - Demand: Power plants maintained a stable operation with a load of 70% - 80%. Power plant inventories were at a high level, and only a small amount of rigid - demand purchases were made in the market under the long - term agreement coal supply. On the other hand, the cement operating rate at the non - electric end hovered at a low level, while the restart of methanol and urea maintenance devices led to a high - level operating rate, and the demand for chemical coal was generally good, providing stable support for coal prices in the pit - mouth area [5] - Inventory: Northwest rainfall affected coal transportation. The daily average volume of the Datong - Qinhuangdao Railway was less than 1 million tons, and the number of approved carriages by the Hohhot Railway Bureau was around 15. With high outbound volumes, port inventories continued to decline. As of August 20, the inventory of Bohai Rim ports dropped to 21.8 million tons, a decrease of 10 million tons from the high level, and the inventory level was low. The daily consumption of coastal power plants increased seasonally, and inventories decreased, while the inventories of inland power plants were still high [5] - Outlook: In late August, coal production in major producing areas was restricted, the coal operating rate in Ordos and Yulin dropped significantly, and the daily average output decreased to 3.5 million tons, resulting in supply tightening. Power plant inventories decreased, import profits emerged, and power plants only made rigid - demand purchases. The shipping from production areas to ports was at a loss, and traders suspended shipping. Port inflows were at a low level, while outflows were high, and port inventories continued to decline. With continuous high - temperature weather across the country, the daily consumption of power plants reached the annual peak, coal consumption returned to the same - period level, the inventories of coastal power plants were lower than the same - period level, and continuous rigid - demand purchases were made. The FOB prices at ports rebounded continuously. Affected by continuous rainfall, the coal mine operating rate in the pit - mouth area dropped significantly, production was restricted, and the demand for chemical coal was good. The pit - mouth prices rebounded continuously, rising 100 yuan/ton from the low point, and are expected to remain firm and rise in the short term [5]

Core Viewpoint - The article reports on recent administrative penalties imposed on several coal mining companies in Henan province, highlighting safety violations and the regulatory actions taken against them [1][10][13]. Group 1: Administrative Penalties - Five companies under Yima Coal Industry Group were listed for administrative penalties, including Henan Dayou Energy Co., Ltd. and Yima Coal Industry Group Mengjin Coal Mine [1][3]. - Henan Dayou Energy's Shihua Coal Mine received fines and warnings for multiple violations, with penalty documents numbered Yu Coal Safety Supervision No. 107091, 107092, and 107093 [3][10]. - Sanmenxia Guanyintang Coal Industry Co., Ltd. was fined and warned for violations, with penalty documents numbered Yu Coal Safety Supervision No. 107094 and 107095 [5][13]. - Yima Coal Industry Group Mengjin Coal Mine received fines under penalty documents numbered Yu Coal Safety Supervision No. 307101 to 307106 [8]. - Yima Coal Industry Group Xin'an County Yunding Coal Industry Co., Ltd. was also fined, with penalty documents numbered Yu Coal Safety Supervision No. 307171 to 307173 [8]. Group 2: Company Backgrounds - Henan Dayou Energy Co., Ltd. was established in 2011, with a registered capital of 454.4883 million RMB, and is a subsidiary of Yima Coal Industry Group [5][10]. - Sanmenxia Guanyintang Coal Industry Co., Ltd. was founded in 2008, with a registered capital of 45.44883 million RMB [5][10]. - Yima Coal Industry Group Mengjin Coal Mine was established in 2009, with a registered capital of 883.2 million RMB, and is fully owned by Dayou Energy [8][19]. - Yima Coal Industry Group was founded in 1997, with a registered capital of 4.21758 billion RMB, and operates multiple coal mines across various regions [19][20]. Group 3: Safety and Compliance - The Yima Coal Industry Group emphasizes the importance of safety in operations, with leadership advocating for enhanced safety measures and compliance with regulations [18][19]. - The company has faced multiple penalties in the past, indicating ongoing compliance challenges within its operations [10][13].

Group 1: Core Insights - The coal prices have reached a bottom in the first half of the year, with potential for a rebound in the second half as supply-demand dynamics improve, indicating resilience in coal demand in the medium term [1] - In Q1 2025, despite significant performance pressures, the coal sector remains strong with low debt-to-asset ratios (44.7%), high net profit margins (12.7%), and relatively high return on equity (ROE) [1] - The current low interest rate environment enhances the investment appeal of high-dividend leading stocks in the coal sector [1] Group 2: Supply Dynamics - From January to May, domestic coal production increased by approximately 130 million tons year-on-year, while imports decreased by about 16 million tons, indicating an overall increase in supply [2] - The domestic raw coal production for the same period reached 1.99 billion tons, reflecting a year-on-year increase of 6%, with expectations for a narrowing growth rate in the second half of the year [2] - Coal imports are projected to remain low, with an expected year-on-year decrease of 8 million tons (-15%) for the entire year, primarily due to reduced imports from Indonesia [2] Group 3: Regional Insights - The transportation demand for coal from Xinjiang has seen a temporary decline due to falling coal prices, despite efforts to lower railway freight rates [3] - As of June 6, the railway transportation volume of Xinjiang coal increased by only 6.8% year-on-year, with limited price advantages in certain regions [3] - Xinjiang is accelerating investments in coal chemical and coal power projects, indicating a future increase in local coal consumption [3] Group 4: Price and Production Trends - Historical data suggests that when coal prices drop below 600 RMB/ton, production cuts begin to occur, with previous years showing significant reductions in coal output [4] - Current coal companies maintain reasonable profitability and operational quality, making spontaneous production cuts less likely, although a slight reduction may occur if prices fall below cost lines [4] Group 5: Demand Outlook - National coal consumption from January to May reached 2.05 billion tons, showing a slight year-on-year increase of 0.5%, with expectations for improved demand in the second half of the year [5] - The thermal power sector is under pressure due to slower electricity demand growth and competition from renewable energy, but a rebound is anticipated as the peak season approaches [5] - Non-electric demand, particularly for chemical coal, remains strong, with significant year-on-year growth in coal-to-PVC, coal-to-ethylene glycol, and coal-to-methanol production [5]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View The report concludes that as of late June, coal production in major producing areas has declined, but overall supply remains relatively abundant. Power plant inventory depletion is slow, and with the impact of imported coal, power plants only maintain necessary purchases. Port inventory is continuously decreasing. As temperatures rise nationwide, power plant daily consumption will continue to increase seasonally, and there will be necessary purchases later. The port FOB price is temporarily stable, and coal prices in the pithead area are expected to remain stable [5]. 3. Summary by Directory Market Review - On June 23, port market price - holding sentiment persisted, and trader quotes continued to rise. For example, the 5500 - kcal market quote was 615 - 620 yuan/ton, and different regions had their own price ranges for various coal types [3]. Important News - In May 2025, China imported 2865.3 million tons of thermal coal (non - coking coal), a year - on - year decrease of 16.06% and a month - on - month decrease of 0.96%. From January to May 2025, the cumulative import of thermal coal was 14500.2 million tons, a year - on - year decrease of 7.9%. In May 2025, China imported 738.7 million tons of coking coal, a year - on - year decrease of 23.7% and a month - on - month decrease of 16.9% [4]. Logical Analysis - **Supply**: Pithead prices have temporarily stopped falling and stabilized. Some coal mines have shut down, and the coal mine operating rates in major coal - producing areas in Shanxi, Shaanxi, and Inner Mongolia have declined. As of June 22, the coal mine operating rate in Ordos was 66%, and in Yulin it was 44%. The daily coal output in Ordos and Yulin was around 3.7 million tons, but the overall domestic supply was still abundant. The domestic and imported markets showed different trends, with the domestic coal price basically stable and imported coal prices falling [5]. - **Demand**: Power plant loads were generally low, and inventories were at high levels. Power plants mainly relied on long - term contract coal. Some coastal power plants had nearly completed their August imported coal purchases. Non - power sectors such as cement had low operating rates, while the operating rates of coal - to - methanol and coal - to - urea were high, and the demand for chemical coal was fair, providing stable support for coal prices in the pithead area [5]. - **Inventory**: Due to shipping losses, port inflows decreased. The daily average freight volume of the Datong - Qinhuangdao line dropped to 1 million tons, and the number of approved carriages by the Hohhot Railway Bureau dropped to around 30. Outflows were low, and port inventory continued to decrease. As of June 23, the inventory at Bohai Rim ports was around 26.7 million tons, a reduction of 5 million tons from the high level but still relatively high. Coastal power plant daily consumption increased seasonally, but inventory depletion was slow, and inland power plant inventories remained high [5].

Investment Rating - The investment rating for the coal industry is "Outperform" [1] Core Viewpoints - The coal sector has seen a rebound, outperforming the CSI 300 index, with a 3.6% increase in May compared to a 1.8% increase in the index, resulting in a 1.7 percentage point outperformance [2] - Domestic coal supply is expected to decrease significantly by April 2025, with a year-on-year increase of approximately 18 million tons in national raw coal production, but a month-on-month decrease of about 51 million tons [2][17] - The overall demand for coal is expected to decline as April enters a demand off-season, with a slight increase in total coal consumption year-on-year [3][39] - High inventory levels at ports and key coal mines are observed, with power plant inventories showing a slight decrease [4][81] Supply - In April, domestic coal production decreased by 51 million tons month-on-month, while coal imports remained relatively low [2][25] - The total raw coal production from January to April 2024 reached 1.58 billion tons, a year-on-year increase of 6.6% [17] - The coal import volume in April was 37.83 million tons, a year-on-year decrease of 16.4% [25][28] Demand - The overall coal demand is expected to decline, with April seeing a decrease in commodity coal consumption, although chemical coal demand remains strong [3][39] - In April, the total coal consumption was 390 million tons, a year-on-year increase of 0.7% [3] - The electricity consumption in April increased by 4.7% year-on-year, but the growth rate slightly declined compared to March [42] Inventory - Port and key coal mine inventories remain high, with main ports maintaining elevated stock levels [4][81] - As of May 26, the total inventory at major ports was 76.97 million tons, showing a year-on-year increase of 19.42% [83] - The inventory of the six major power generation groups was slightly lower year-on-year, indicating a potential risk of self-ignition and heat value decline due to high temperatures [81] Price - As the peak season approaches, the price of thermal coal has stabilized, while coking coal prices are under downward pressure [4][5] - The market sentiment has improved towards the end of May, leading to a halt in the decline of coal prices [4] Investment Suggestions - It is recommended to focus on coal companies with stable performance, such as China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical Industry [5] - Attention should also be given to growth-oriented companies like Electric Power Investment Energy, Jinko Coal Industry, and Huaibei Mining [5]

证券代码：600623 900909 股票简称：华谊集团 华谊 B 股 编号：2025-029 上海华谊集团股份有限公司 2025 年一季度主要经营数据公告 四、报告期内无其他对公司生产经营具有重大影响的事项。 主要产品 2025 年 1-3 月 生产量 2025 年 1-3 月 销售量 2025 年 1-3 月 销售金额（元） 甲醇、醋酸及酯（吨） 624,186.62 437,247.42 1,089,419,080.80 工业气体（千立方米） 279,166.46 279,166.46 294,449,139.33 丙烯及下游产品（吨） 621,175.18 314,596.18 2,382,247,228.38 涂料及树脂（吨） 8,852.69 8,893.18 236,255,310.37 轮胎（条） 4,097,833.00 4,429,811.00 2,643,467,752.33 一、主要产品的产量、销量及收入实现情况 二、主要产品的价格情况 | 主要产品 | 单位 | 2025 年 1-3 月 | | --- | --- | --- | | | | 平均售价 | | 甲醇、醋酸及酯 | 元 ...

证券代码：600623 900909 股票简称：华谊集团 华谊 B 股 编号：2025-028 上海华谊集团股份有限公司 2024 年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法律责任。 上海华谊集团股份有限公司（以下简称"公司"）根据上海证券交易所《上 市公司行业信息披露指引第十八号——化工》要求，现将 2024 年度主要经营数 据披露如下： 主要产品 2024 年 1-12 月 生产量 2024 年 1-12 月 销售量 2024 年 1-12 月 销售金额（元） 甲醇、醋酸及酯（吨） 2,430,409.38 1,715,963.82 4,563,074,954.49 工业气体（千立方米） 1,135,649.16 1,135,649.16 1,283,556,728.10 丙烯及下游产品（吨） 4,028,129.90 1,809,121.18 13,232,417,238.82 涂料及树脂（吨） 44,920.10 43,623.31 976,224,943.00 轮胎（条） 17,058,892.00 ...