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]

事件：公司发布2025 年中报，2025 年H1 公司实现归母净利润10.3 亿元，同比-65.0%；其中Q2 实现归 母净利润3.4 亿元，同比-74.7%。 价量下滑业绩承压。由于煤矿地质条件等原因，2025 年上半年公司产销下滑，上半年公司实现商品煤 产量891 万吨，同比-13.71%；商品煤销量648万吨，同比-19.38%。价格方面，2025 年H1 公司单位商品 煤售价835 元，同比-27.0%；单吨成本469 元，同比-17.0%；单位毛利366 元，同比-36.8%。 收入方面，2025H1 煤炭业务收入54.1 亿元，同比-41.2%；板块毛利23.7亿元，同比-49.1%。单季度来 看，Q2 公司产销量环比略有回升，产量环比+6.8%，销量环比+17.9%；但单位售价748 元，同 比-32.8%，环比-20.3%，单位毛利322 元，同比-44.0%，环比-23.0%。 无水乙醇为化工板块注入新增量。2024 年公司60 万吨无水乙醇项目投产，公司自产甲醇可作为原料， 在2025 年开始贡献利润。2025 年H1 公司无水乙醇产/销量22.9/22 万吨，吨售价4896 元/吨，贡献 ...

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 ...

Group 1 - The transformation of coal into various chemical products is being successfully implemented in Yulin Economic and Technological Development Zone, showcasing innovative methods for clean utilization of coal resources [1][2] - Shaanxi Yanchang Petroleum Yushen Energy Chemical Co., Ltd. produces anhydrous ethanol, methanol, and methyl acetate from coal, addressing the issues of food competition and land use associated with traditional ethanol production [1] - Approximately 1,700 tons of anhydrous ethanol are dispatched daily from the company, highlighting the scale of production and distribution [1] Group 2 - National Energy Group Yulin Chemical Co., Ltd. is expanding the application of coal through the production of methanol, polyethylene, and polypropylene, which are essential materials in everyday products [2] - The company has established a complete industrial chain with a capacity of 600,000 tons/year for methanol-to-olefins and the world's first 50,000 tons/year biodegradable material demonstration facility [2] - Shaanxi Coal and Chemical Industry Group Yulin Chemical Co., Ltd. is advancing its 15 million tons coal clean conversion project, focusing on coal pyrolysis and gasification technologies to enhance the industrial chain [2][3] Group 3 - Modern coal chemical processes allow for the conversion of coal into thousands of products, including methanol, olefins, and ethylene glycol, which are vital for various industries [3] - The production of ethylene glycol from coal is primarily supplied to domestic textile manufacturers, indicating a significant market application [3] - The ongoing projects in Yulin Economic and Technological Development Zone illustrate a continuous narrative of coal transformation into clean energy and chemical products [3]

Market Overview - The main white sugar futures contract experienced a slight increase, closing at 5790 CNY/ton, up by 63 CNY or 1.1%, with a reduction of 15891 contracts [1] Fundamental Summary - According to Williams, a Brazilian shipping agency, the amount of sugar waiting for shipment at ports was 2.7042 million tons for the week ending June 25, down from 2.8539 million tons the previous week [2] - The Brazilian government announced an increase in the ethanol blending ratio in gasoline from 27% to 30%, which may impact the sugar production ratio [3] - Sao Martinho, the world's largest sugar processing company, expects its sugarcane crushing volume for the 2025/26 season to be 22.6 million tons [4] Institutional Perspectives - Hualian Futures noted that the Brazilian National Energy Policy Council will decide later in June whether to raise the ethanol blending ratio, which could boost international sugar prices. China's sugar imports hit a new low in the first five months of 2025, but there was a significant increase in May. With domestic production inventories declining, there is a need for imported sugar to fill the gap, especially as international raw sugar prices have dropped, increasing import profitability. The demand season is gradually improving, and a buy recommendation is suggested with a support level of 5600 CNY/ton for Zheng sugar [5] - Southwest Futures indicated that while Brazilian crushing is expected to accelerate, prices have largely reflected the anticipated increase in production. The escalation of conflict between Israel and Iran has led to a significant rise in crude oil prices, which may increase the ethanol production ratio at Brazilian sugar mills, reducing sugar supply. With low domestic inventories and an expected increase in imports, the supply-demand imbalance is not acute, and the current price basis is high with low valuation. A gradual buying strategy is recommended as the consumption peak season approaches [5]

Investment Rating - The investment rating for the company is "Outperform the Market" (首次) [1] Core Views - The company is a leading producer of coking coal in East China, with significant operational improvements and a strong asset-liability structure [2][3] - The company possesses scarce coking coal resources, with a total coal resource of approximately 4.49 billion tons and a production capacity of 35.85 million tons per year [2][72] - The company has a competitive advantage in coal quality, washing technology, geographical location, and a strong customer strategy [2][3] Summary by Sections Company Overview - The company, formerly known as 雷鸣科化, restructured in 2018 to focus on coal and coal chemical businesses, with the controlling shareholder being the Anhui Provincial State-owned Assets Supervision and Administration Commission [2][7] Coking Coal Market - The coking coal market in China faces structural shortages of high-quality resources, with coking coal accounting for only about 19% of the total coal resources [2][65] - The company’s coal types include scarce varieties such as fat coal, coking coal, and lean coal, which make up over 80% of its total reserves [2][72] Financial Performance - The company’s revenue is projected to reach 63.1 billion, 68 billion, and 70.1 billion yuan for 2025-2027, with net profits of 3.26 billion, 4.51 billion, and 4.75 billion yuan respectively [2] - The company’s PE ratios are expected to be 10.2, 7.4, and 7.0 for the same period, indicating a reasonable valuation range of 13.4 to 15.1 yuan per share [2] Business Segments - The coal and coal chemical segments contribute over 85% of the company's gross profit, with coal products accounting for 26% of revenue and 69% of gross profit [17][25] - The company is expanding its coal chemical business, with projects like methanol and ethanol production expected to enhance revenue and profit [2][25] Operational Efficiency - The company has improved its debt structure significantly, reducing interest-bearing liabilities from 22.6 billion yuan in 2020 to 10 billion yuan in Q1 2025, with a decrease in the asset-liability ratio from 62% to 46% [2][44]

Core Viewpoint - The company reported a significant decline in Q1 2025 financial performance, with revenue and net profit dropping sharply due to lower production and sales volumes in the coal sector, alongside price reductions in various products [1][2][3]. Financial Performance - In Q1 2025, the company achieved operating revenue of 10.6 billion yuan, a year-on-year decrease of 39.0% [1] - The net profit attributable to shareholders was 690 million yuan, down 56.5% year-on-year [1] - The adjusted net profit was 670 million yuan, reflecting a decline of 59.96% year-on-year [1] Coal Production and Sales - The company's coal production in Q1 2025 was 4.31 million tons, a decrease of 17.73% year-on-year [1] - Coal sales volume was 2.97 million tons, down 26.18% year-on-year [1] - The average selling price of coal was 938 yuan per ton, a decline of 20.3% year-on-year [1] - The cost per ton was 520 yuan, down 12.3% year-on-year, resulting in a gross profit of 418 yuan per ton, which is a 28.4% decrease year-on-year [1] Chemical Sector Performance - The company’s anhydrous ethanol project, with a capacity of 600,000 tons, commenced production in 2024 and is expected to contribute profits in 2025 [2] - In Q1 2025, the production and sales of anhydrous ethanol were 100,000 tons and 90,000 tons respectively, generating revenue of 440 million yuan [2] - The production and sales of coke were 740,000 tons and 700,000 tons, down 15.2% and 18.8% year-on-year respectively, with a selling price of 1,499 yuan per ton, a decrease of 35.2% [2] - Methanol production was 120,000 tons, up 31.16% year-on-year, while sales were 40,000 tons, down 47.23% year-on-year [2] Project Development - The company is advancing several new projects, including an 8 million ton coal project expected to be completed by the end of 2025 [3] - Non-coal business includes the acquisition of 10 million tons of limestone resources and the establishment of 7 mines, increasing limestone production capacity to 27.4 million tons per year [3] - The company is also progressing on a 2×660MW supercritical power generation project, expected to be operational by the end of 2025 [3] Profit Forecast - The company forecasts revenues of 56.9 billion yuan, 58.3 billion yuan, and 57.2 billion yuan for 2025-2027, with year-on-year changes of -13.60%, +2.51%, and -1.93% respectively [3] - Expected net profits for the same period are 3.39 billion yuan, 3.94 billion yuan, and 4.64 billion yuan, with year-on-year changes of -30.3%, +16.3%, and +18.0% respectively [3]