11月7日，山西美锦能源股份有限公司召开十届四十六次董事会会议，审议通过了《关于终止部分募集 资金投资项目并将剩余募集资金永久补充流动资金的议案》。 公司决定终止"氢燃料电池动力系统及氢燃料商用车零部件生产项目（一期一阶段）"，并将剩余募集资 金1.79亿元永久补充流动资金。 这一决议揭示了美锦能源在氢能战略上的重大调整。截至2025年9月30日，该项目已累计投入募集资金 7343.33万元，投资进度仅为29.37%，远未达到预期目标。 募投项目戛然而止 美锦能源此次终止氢能项目，主要受到外部环境变化的严重影响。公司披露，终止募投项目是根据市场 变化情况和实际经营状况审慎作出的决策。 具体而言，政策利空是导致项目推进困难的首要因素。中信建投证券的核查意见指出，由于晋中市未纳 入国家燃料电池汽车示范城市群，行业政策与市场环境变化导致项目推进缓慢。 与此同时，国家氢燃料电池汽车推广速度不及预期，加上突发公共卫生安全事件等因素的进一步影响， 共同导致了项目投资进度缓慢。技术迭代风险也是公司考虑的重要因素。美锦能源着重指出，氢燃料电 池技术，尤其是商用车领域的电堆功率、系统集成、关键材料等技术路线尚未完全统一。 美锦 ...

Core Viewpoint - Shanxi Meijin Energy Co., Ltd. has announced the termination of part of its fundraising investment project related to hydrogen fuel cell technology and will permanently supplement the remaining funds into working capital [1][7]. Group 1: Project Termination and Fund Allocation - The hydrogen fuel cell power system and hydrogen fuel commercial vehicle parts production project (Phase I) has been halted, with remaining funds of 179.18 million yuan (including financial income and bank interest) redirected to working capital [1][3]. - Initially, the project was allocated 600 million yuan, which was later reduced to 250 million yuan [2][3]. - As of September 30, 2025, the project had utilized 73.43 million yuan, representing a 29.37% investment progress, with 179.18 million yuan remaining [3][4]. Group 2: Strategic Adjustments and Future Plans - The project faced delays due to the city of Jinzhong not being included in the national fuel cell vehicle application demonstration city group, leading to slower-than-expected promotion of hydrogen fuel cell vehicles [4]. - The company plans to leverage its existing facilities to attract partners for collaborative research and production in hydrogen energy transportation and storage [4]. Group 3: Financial Performance and Market Position - Meijin Energy has experienced a significant decline in net profit, reporting 2.89 billion yuan in 2022 and a loss of 1.14 billion yuan in 2024, with a revenue drop of 9.71% year-on-year in the first three quarters of this year [7]. - The termination of the fundraising project is expected to optimize resource allocation and enhance operational efficiency [7]. Group 4: Expansion and New Ventures - The company is planning to list on the Hong Kong Stock Exchange to enhance its global strategy and improve its international market competitiveness [8]. - Meijin Energy has also established a joint venture with Boyan Technology to develop AI applications, which may support its coal and hydrogen energy sectors [9][11].

Core Viewpoint - The company has decided to terminate the "Hydrogen Fuel Cell Power System and Hydrogen Fuel Commercial Vehicle Parts Production Project (Phase I, Stage I)" and will permanently supplement remaining raised funds of 179 million yuan into working capital [1] Group 1: Project Termination - The total planned investment for the project was 1.502 billion yuan, with a cumulative investment of 73.433 million yuan, representing a progress rate of 29.37% [1] - The decision to terminate the fundraising project was made prudently based on market changes and actual operating conditions [1] Group 2: Financial Implications - The termination of the project is expected to reduce investment risks associated with raised funds [1] - The move is aimed at promoting the company's sustainable and stable business development [1]