Core Insights - The company reported a significant decline in net profit for the first three quarters of 2025, with a net profit of 1.07 billion yuan, down 74.1% year-on-year, and a Q3 net profit of 38.72 million yuan, down 96.8% year-on-year [1] - The decrease in production and sales volume, attributed to geological conditions in coal mines, has pressured the company's performance [1] - The company is optimistic about a recovery in Q4 performance due to a substantial improvement in coking coal prices in October compared to Q2 [1] Financial Performance - For the first three quarters of 2025, the company produced 13.04 million tons of commodity coal, a decrease of 16.8% year-on-year, and sold 9.81 million tons, down 17.38% year-on-year [1] - The average selling price of commodity coal was 804 yuan per ton, down 27.9% year-on-year, while the cost per ton was 461 yuan, down 17.2% year-on-year, resulting in a gross profit of 343 yuan per ton, down 38.6% year-on-year [1] - The coal business revenue for the first three quarters was 7.89 billion yuan, a decrease of 40.4% year-on-year, with a segment gross profit of 3.36 billion yuan, down 49.24% year-on-year [1] Product Segments - The company saw an increase in methanol sales, with a total of 210,000 tons sold in 2025, up 34.1% year-on-year, while the average selling price was 2,081 yuan per ton, down 4.1% year-on-year [2] - The newly launched 600,000-ton anhydrous ethanol project is expected to contribute profits starting in 2025, with production and sales of 381,000 tons and 364,000 tons respectively in the first three quarters of 2025, generating 1.8 billion yuan in revenue [2] - The company’s coking coal production and procurement have decreased, with procurement of washed coal at 3.78 million tons, down 1.86% year-on-year [2] Future Projects - The company is advancing new projects, including the 8 million-ton power coal project expected to be operational in 2026, which will increase coal production capacity [3] - The 2×660MW ultra-supercritical power generation units are expected to be operational by the end of 2025, with 739MW of new energy indicators, including 406MW of wind power already secured [3] - Other key projects, such as a 10,000-ton/year DMC project and various deep utilization projects, are also expected to be operational soon [3] Earnings Forecast - The company is projected to achieve revenues of 42.9 billion yuan, 46.1 billion yuan, and 47.7 billion yuan for 2025-2027, with year-on-year changes of -34.9%, +7.5%, and +3.6% respectively [3] - The expected net profits for the same period are 1.69 billion yuan, 2.75 billion yuan, and 3.39 billion yuan, with year-on-year changes of -65.1%, +62.1%, and +23.5% respectively [3] - The company has been given a "recommended" rating based on these projections [3]

江西宏柏新材料股份有限公司 | 证券代码：605366 | 证券简称：宏柏新材 | 公告编号：2025-092 | | --- | --- | --- | | 债券代码：111019 | 债券简称：宏柏转债 | | 二、主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 | 主要产品名称 | 2025 | 年 | 1-9 | 月平均销售 | 2024年1-9月平均销 | 变动比例 | | --- | --- | --- | --- | --- | --- | --- | | | | | 单价（元/吨） | | 售单价（元/吨） | | | 硅烷偶联剂 | | | | 12,932.18 | 15,322.31 | -15.60% | | 气相白炭黑 | | | | 14,306.43 | 16,617.30 | -13.91% | （二）主要原材料价格变动情况（不含税） | 主要原料名称 | 2025 年 1-9 | | 月采购均价较 | 2025 | 年 | 1-9 | 月采购均价较 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | ...

Core Viewpoint - The company, Hubei Jianghan New Materials Co., Ltd., has released its third-quarter operational data for 2025, ensuring the accuracy and completeness of the information provided in the report [7]. Financial Data Summary - The financial statements for the third quarter of 2025 have not been audited [3]. - The report includes major accounting data and financial indicators, with all figures presented in Renminbi [3]. Operational Performance - The company has reported on the production volume, sales volume, and revenue of its main products, with specific details on functional silane intermediates [7]. - The average sales prices of major products and their year-on-year changes are also included [8]. Raw Material Procurement Prices - The average procurement price of anhydrous ethanol decreased by 5.63% in Q1, increased by 2.57% in Q2, and increased by 4.36% in Q3 [9]. - The average procurement price of high-grade chloropropene increased by 0.89% in Q1, 10.6% in Q2, and 18.41% in Q3 [10]. - The average procurement price of metallic silicon decreased by 7.71% in Q1, 14.92% in Q2, and 1.79% in Q3 [11]. - The average procurement price of allyl glycidyl ether decreased by 4.99% in Q1, increased by 0.25% in Q2, and decreased by 4.07% in Q3 [12]. - The average procurement price of methanol increased by 5.18% in Q1, decreased by 5.14% in Q2, and decreased by 2.07% in Q3 [12]. Other Significant Information - As of the date of the announcement, there are no other undisclosed significant matters affecting the company's production and operations [12].

证券代码：603281 证券简称：江瀚新材 公告编号：2025-055 湖北江瀚新材料股份有限公司 2025 年第三季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。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》及 其附件《第十三号——化工》规定，湖北江瀚新材料股份有限公司（以下简称"公 司"）将 2025 年第三季度主要经营数据公告如下： 一、主要产品的产量、销量及收入实现情况 单位：吨、万元 | 序号 | 产品名称 | 产量 | 销量 | 营业收入 | | --- | --- | --- | --- | --- | | 1 | 功能性硅烷 | 86,705.45 | 87,582.15 | 139,870.33 | | 2 | 功能性硅烷中间体 | 133,251.75 | 1,081.50 | 1,552.47 | 注：功能性硅烷中间体主要用于合成制备功能性硅烷产品，仅少量对外销售。 二、主要产品的销售价格及其同比变化幅度 单位：元/吨 | 序号 | 产品名称 | 本期销售均价 ...

Summary of Huabei Mining Conference Call Company Overview - **Company**: Huabei Mining - **Industry**: Coal Mining and Coal Chemical Industry - **Date of Call**: September 19, 2025 Key Points Financial Performance - In the first half of 2025, Huabei Mining's net profit attributable to shareholders decreased by 64.9% year-on-year to 1.03 billion yuan, primarily due to cyclical fluctuations in coal prices [2][6][25] - The company's gross profit sources are mainly from coal mining (60%) and coal chemical business (30%) [2][7] - The company has a total production capacity of 35.85 million tons across 17 coal mines, with an estimated recoverable reserve of approximately 57 years [2][7] Market Dynamics - The coking coal market was weak in the first half of 2025, with prices dropping from around 2,000 yuan to approximately 1,500 yuan by the end of 2024 [3][12] - Domestic coking coal prices continued to decline due to weak downstream demand, with prices rebounding to 1,000-1,200 yuan due to safety incidents affecting production rates [3][12] - Huabei Mining is currently in a state of low price-to-book (PB) ratio, with a debt ratio reduced to 48% in the first half of 2025 [3][21][22] Growth Prospects - Future growth is expected to rely on the recovery of the Xifeng Coal Mine and the full production of the Taohutu Coal Mine, which is projected to contribute 1-2 billion yuan and 3-4 billion yuan in net profit, respectively [2][9][10] - The company is expected to achieve a net profit of approximately 1.8 billion yuan in 2025 and 2.65 billion yuan in 2026 as new projects come online [3][25] Pricing Mechanism - Huabei Mining sells thermal coal under long-term contracts and coking coal under a "2+4+4" pricing mechanism, which has allowed for competitive production costs [2][11] - The company is exploring more flexible pricing strategies to adapt to market changes [3][12] Coal Chemical Business - The coal chemical segment, primarily through Linghuan Coking and Taixin Technology, has not been operating at full capacity, but significant reductions in losses are expected in 2025 [2][15][16] - The coal chemical business contributed 30% to the company's gross profit, with expectations of reduced losses to 300-400 million yuan for the year [2][15][16] Power Generation and Non-Coal Mining - The power generation business is small but expected to contribute approximately 196 million yuan annually once a new plant is operational in 2026 [2][17] - Non-coal mining operations contributed around 40 million yuan in net profit in the first half of 2025 [2][18] Investment Considerations - Huabei Mining is considered undervalued compared to peers, with a PE ratio of around 18 times projected net profit, while competitors are valued at approximately 25 times [3][14][25] - The company has a high dividend yield, exceeding 5% in 2024, making it attractive for income-focused investors [3][23][24] Market Environment - The coal industry is currently experiencing a low point, but potential supply-side policy improvements could enhance the fundamental outlook [3][26] - Huabei Mining's unique advantages include growth potential and low valuation, positioning it favorably for future investment opportunities [3][26]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 14.64 CNY [4][11]. Core Views - The company's performance is under pressure due to declining market demand, and it is currently experiencing the most significant year-on-year pressure. However, it is identified as a growth stock in the coking coal sector, with potential industry growth expected in 2025-2026 [2][11]. - The company has shown signs of recovery in coal production and sales, with a notable increase in output in Q2 2025 compared to Q1 2025, indicating a potential improvement in performance in Q3 2025 [11]. Financial Summary - For the first half of 2025, the company reported total revenue of 20.682 billion CNY, a year-on-year decrease of 44.58%, and a net profit attributable to shareholders of 1.032 billion CNY, down 64.85% year-on-year [11]. - The average selling price of coking coal in Q2 2025 was 747 CNY/ton, a decrease of 364 CNY/ton year-on-year, while the cost per ton decreased to 425 CNY/ton, showing effective cost control [11]. - The company is expected to see a significant improvement in performance in Q3 2025 due to increased sales volume and price adjustments [11]. Production and Sales Insights - In H1 2025, the company produced 8.908 million tons of commodity coal, a year-on-year decrease of 13.7%, with sales of 6.476 million tons, down 19.38% year-on-year. However, Q2 2025 saw a production increase to 4.6 million tons, up from 4.3 million tons in Q1 2025 [11]. - The company’s coking business remained stable, with H1 2025 production of 1.7 million tons and sales of 1.68 million tons, while the average selling price dropped by 33% year-on-year [11]. Future Growth Potential - The company is positioned as a growth stock in the coking coal sector, with expected industry increments in 2025-2026. New projects, including a DMC project and a methanol utilization project, are set to contribute to future production capacity [11][12].

Core Viewpoint - The company's performance is significantly impacted by declining market demand, with the current period being the most challenging year-on-year. However, the company is positioned as a growth stock in the coking coal sector, with potential industry increments expected in 2025-2026 [1] Financial Performance - The company maintained a "Buy" rating, with total revenue of 20.682 billion yuan in the first half of 2025, a year-on-year decrease of 44.58%. The net profit attributable to shareholders was 1.032 billion yuan, down 64.85%, slightly below market expectations. In Q2, revenue was 10.08 billion yuan, a decline of 49.47%, and net profit was 340 million yuan, down 74.7% [2] - EPS forecasts for 2025-2027 are 0.72, 1.21, and 1.91 yuan, respectively, with a target price of 14.64 yuan based on a 12x PE ratio for 2025 [2] Coal Business Performance - The coal business is still affected by the Xinhu mine, but sales volume began to recover in Q2 2025. The commodity coal production in H1 2025 was 8.908 million tons, a year-on-year decrease of 13.7%, while sales were 6.476 million tons, down 19.38%. Q2 production was 4.6 million tons, showing a 30,000-ton increase from Q1 [3] - The average selling price of commodity coal in Q2 was 747 yuan/ton, a decrease of 364 yuan/ton year-on-year. The cost per ton decreased nearly 100 yuan to 425 yuan/ton due to improved cost control and increased production [3] - Expectations for Q3 2025 indicate a significant improvement in performance due to increased sales and price adjustments [3] Coking and Ethanol Business - The coking business negatively impacted performance, with H1 2025 coking production at 1.7 million tons, roughly flat, and sales at 1.68 million tons, down 1.2%. The average selling price was 1,418 yuan/ton, a year-on-year decrease of 33% [4] - The company reported a loss of 206 million yuan in H1 2025 but is expected to turn profitable in Q3. The official launch of the ethanol project contributed positively, with H1 production of 229,000 tons and sales of 220,000 tons at an average price of 4,895 yuan/ton [4] Future Growth Potential - The company is identified as a growth stock in the coking coal sector, with expected industry increments in 2025-2026. Upcoming projects include the DMC project with a new capacity of 100,000 tons/year and the ethanol project with a capacity of 600,000 tons/year [4] - Additional capacity of 8 million tons from the Inner Mongolia Taoqitu coal mine and other projects are expected to be completed by 2025 [4]

Core Viewpoint - The company reported a significant decline in net profit for H1 2025, primarily due to decreased production and sales in the coal sector, alongside challenges in pricing and costs [1][2][3]. Group 1: Financial Performance - In H1 2025, the company achieved a net profit attributable to shareholders of 1.03 billion yuan, a year-on-year decrease of 65.0% [1]. - Q2 2025 net profit was 340 million yuan, down 74.7% year-on-year [1]. - Coal business revenue in H1 2025 was 5.41 billion yuan, a decline of 41.2% year-on-year [2]. Group 2: Production and Sales - The company produced 8.91 million tons of commodity coal in H1 2025, a decrease of 13.71% year-on-year, with sales of 6.48 million tons, down 19.38% [1]. - In Q2 2025, production and sales showed slight recovery, with production up 6.8% and sales up 17.9% compared to Q1 2025 [1]. Group 3: Pricing and Costs - The average selling price of commodity coal in H1 2025 was 835 yuan per ton, down 27.0% year-on-year, while the cost per ton was 469 yuan, down 17.0% [1]. - The unit gross profit for H1 2025 was 366 yuan per ton, a decrease of 36.8% year-on-year [1]. Group 4: New Projects and Future Outlook - The company is advancing new projects, including the 8 million tons power coal project expected to be completed by the end of 2025 and the 2×660MW ultra-supercritical power generation units [3]. - The company forecasts revenues of 38.7 billion yuan in 2025, with a net profit of 1.867 billion yuan, reflecting a year-on-year decline of 61.54% [3].

证券代码：603281 证券简称：江瀚新材 公告编号：2025-046 湖北江瀚新材料股份有限公司 2025 年半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。 单位：元/吨 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》及 其附件《第十三号——化工》规定，湖北江瀚新材料股份有限公司（以下简称"公 司"）将 2025 年半年度主要经营数据公告如下： 一、主要产品的产量、销量及收入实现情况 单位：吨、万元 | 序号 | 产品名称 | 产量 | 销量 | 营业收入 | | --- | --- | --- | --- | --- | | 1 | 功能性硅烷 | 55,667.20 | 56,371.51 | 92,339.76 | | 2 | 功能性硅烷中间体 | 88,368.31 | 974.26 | 1,395.87 | 注：功能性硅烷中间体主要用于合成制备功能性硅烷产品，仅少量对外销售。 二、主要产品的销售价格及其同比变化幅度 | 序号 | 产品名称 | 本期销售均价 | 上年同期 ...

| | | 江西宏柏新材料股份有限公司 2025 年半年度主要经营数据公告 特此公告。 | 主要产 | 2025 | 年上半年平均销售 | 2024年上半年平均 | 变动比例 | | --- | --- | --- | --- | --- | | 品名称 | 单价（元/吨） | | 销售单价（元/吨） | | | 硅烷偶联剂 | | 13,202.23 | 15,607.80 | -15.41% | | 气相白炭黑 | | 14,977.91 | 16,612.80 | -9.84% | （二）主要原材料价格变动情况（不含税） | 主要原料名称 | 2025 年上半年平均采购单价 较上年同期变动幅度 | 2025年上半年平均采购单价环 比变动幅度 | | --- | --- | --- | | 电煤 | -16.67% | -5.82% | | 硅块 | -30.96% | -12.04% | | 氯丙烯 | 13.24% | 5.57% | | 无水乙醇 | -14.98% | 1.07% | | 碳黑 | -18.58% | -4.12% | 一、主要产品的产量、销量及收入实现情况 主要产品 2025年上 ...