作为"疆煤外运"北通道的关键运营方，广汇物流近年通过红淖铁路电气化改造及临哈联络线通车，已构 建"双通道"运输格局，运能持续释放。本次新年高运量表现，不仅验证了公司整体运力的快速恢复与通 道运营的稳定性，也体现出在获取第三方货源、增强业务可持续性方面取得有效突破。 广汇物流(600603)新年运输业务迎来强势开局。公司最新运营数据显示，1月8日至11日，红淖铁路始发 列数累计达66列，日均列数达16.5列，单日最高达18列，始发运量呈现显著回升态势，反映出运输效率 和运能组织的持续优化。 2026年以来，公司积极拓展外部客户始发业务，与淖毛湖地区多家煤化工企业签订了年度外运协议。协 议主要承运半焦、喷吹煤等产品，年度运量规模不低于700万吨。近期，红淖铁路第三方客户始发业务 激增，近四日始发列数累计达16列，单日最高5列，发运量持续提升，运价保持稳定。以上数据标志着 广汇物流在拓展外部市场、深化客户合作方面取得扎实进展。 专业人士分析认为，此次"开门红"为广汇物流全年业绩奠定了扎实的运量基础，也进一步印证了其"能 源物流"战略的推进成效。在"疆煤外运"持续深化的背景下，公司凭借核心铁路资产与网络布局，有望 持 ...

Overview - The company is increasing its investment in its subsidiary, Xinjiang Baoming Mining Co., Ltd., through a debt-to-equity conversion, without injecting new cash [1][4][9] Investment Details - The investment is based on the assessed value of oil shale resources in the Wujiawan and Mutasi mining areas, which have obtained mining licenses [1][3] - The assessed value of the oil shale resources in these areas is approximately RMB 202,920 million [3][8] - The company holds a debt of RMB 3,040,946,715 against Xinjiang Baoming, which will be converted into equity [4][9] Financial Impact - Prior to the investment, the company's debt to Xinjiang Baoming was RMB 76.34 billion, which will reduce to RMB 45.93 billion post-investment [1][9] - The company's equity stake in Xinjiang Baoming will increase from 60.5% to 62% after the investment [1][5][9] - The investment is expected to optimize Xinjiang Baoming's capital structure and reduce its debt costs [9] Approval Process - The investment has been approved by the company's board of directors and does not require shareholder approval as it does not constitute a major asset restructuring [6][9] Subsidiary Performance - As of June 30, 2025, Xinjiang Baoming reported total assets of RMB 255,538.15 million and a net asset deficit of RMB 540,217.74 million [6] - For the first half of 2025, Xinjiang Baoming generated revenue of RMB 133.06 million but incurred a net loss of RMB 32,517.24 million [6] Future Considerations - The company is working to attract strategic investors to further support Xinjiang Baoming's financial situation and project development [9][12] - The development of the Wujiawan and Mutasi mining areas is expected to take a long time and requires significant investment [9][12]