Core Viewpoint - The first 100% conversion project of coke oven gas in China has been established in Lingyuan, Liaoning, transforming industrial waste into clean energy and paving the way for green and low-carbon development in the steel industry [1][3]. Group 1: Project Overview - The project utilizes advanced separation and synthesis technology to convert coke oven gas into LNG (liquefied natural gas), liquid ammonia, and hydrogen [1][3]. - The conversion process achieves a 100% utilization rate of coke oven gas, which is a significant advancement in the steel production sector [3]. Group 2: Environmental Impact - If 30% of the annual coke oven gas production, approximately 210 billion cubic meters, is utilized, it could reduce carbon dioxide emissions by about 45 million tons annually and generate over 100 billion yuan in industrial output [9]. Group 3: Hydrogen Production and Applications - The cost of hydrogen production from coke oven gas is 30% to 50% lower than traditional methods, leading to rapid market growth for hydrogen applications [10]. - Hydrogen produced from coke oven gas has a purity level that has improved from 99.999% to 99.9999%, making it suitable for high-end manufacturing sectors such as electronics, aerospace, and advanced chemicals [14][16]. Group 4: Broader Applications - The produced LNG can provide heating for approximately 200,000 households for about a month, while liquid ammonia can be processed into fertilizers, refrigerants, and even rocket propellants [7]. - Hydrogen energy is being increasingly applied in emerging fields, such as hydrogen-powered heavy trucks, which can transport significant loads over long distances [12].

记者今天从中集集团（24日）了解到，我国首个焦炉煤气100%转化项目在辽宁凌源落地。钢铁厂直接出产清洁能源，为钢铁行业绿色低碳发展开辟新的路 径。 焦炉煤气，是钢铁生产带来的工业尾气之一，综合利用率一度不高。在一家新建能源工厂里，技术人员通过新一代分离与合成技术，将焦炉煤气转化为 LNG（也就是液化天然气）、液氨，还有氢气。 "十五五"规划建议里提出，前瞻布局未来产业，其中就包括氢能。从最新行业趋势来看，从焦炉煤气这一工业尾气中制取氢气，技术成熟并且有成本优势， 为不少新兴和前沿领域提供了氢能来源。 焦炉煤气制氢的成本，一般来说只有传统煤制氢和天然气制氢成本的30%～50%。这一成本优势，让焦炉煤气制氢的应用市场快速增长。 一罐液化天然气，就可以为20万个家庭提供一个月左右的供暖；生产出的液氨，则可以进一步被加工成农业用的化肥，冷链用的冷冻剂，甚至火箭用的推进 剂。 鞍集新能源科技有限公司项目经理蔡欣博：一种尾气变成三种原料，转化出来的LNG是"最干净的化石能源"，液氨是基石型的化工原料，氢气是最有发展潜 力的清洁能源，所以是实现了100%的转化。 每时每刻转化出来的天然气和氨，都是以液体的形式，存储到三四十 ...

Group 1 - The core viewpoint of the news is that during the "14th Five-Year Plan" period, Shanxi's energy and chemical industry has achieved significant progress in green transformation [1] - The industrial economy in Shanxi is steadily advancing, with the manufacturing sector becoming the main engine for industrial growth, averaging an 8.1% annual increase [1] - Strategic emerging industries are forming a "half-wall" pattern, with an average annual growth of 8.7% from 2021 to 2024, and their share in manufacturing is expected to rise to 44% by 2024 [1] - Traditional industries are being optimized and upgraded, with an increasing proportion of advanced capacity and a shift towards high-end product structures [1] - The coking industry is enhancing product competitiveness by extending the processing of by-products such as coke oven gas and coal tar [1] - Key industries like steel, coking, and cement are focusing on energy conservation and carbon reduction, achieving energy consumption levels per unit product that exceed the national average [1] - Shanxi has successfully cultivated 71 provincial-level green factories, 3 green parks, and 5 green supply chain management enterprises, improving the overall level of green manufacturing in the province [1] Group 2 - Shanxi is promoting comprehensive resource utilization, focusing on large-scale and high-value utilization of industrial solid waste [2] - Projects such as the comprehensive utilization of coal gangue and the development of new materials from coal gangue are being advanced [2] - The province has cultivated 25 standardized resource recycling enterprises, achieving an annual processing capacity of 11.95 million tons [2] - Companies like Dinoce and Shan'an Longjin are being encouraged to promote the comprehensive utilization of emerging solid waste, such as used batteries and old wind and solar equipment [2] - A diversified resource utilization system is being established, balancing traditional and emerging solid waste [2]

Core Viewpoint - Shanxi Province is transitioning from a coal-dependent economy to a diversified and green economy, emphasizing the need for industrial transformation while leveraging its existing coal resources [2][6][12]. Group 1: Economic Transition - Shanxi has historically relied on coal, leading to a "one coal dominates" economic structure, which has limited its future development [2]. - The provincial leadership emphasizes a balanced approach to utilize coal advantages while fostering new economic drivers, advocating for a gradual and orderly industrial transformation [2][12]. - The province aims to achieve a "green transformation" by revaluing coal and developing new energy sources, marking a significant shift in its economic strategy [6][7]. Group 2: Industrial Innovation - Lüliang City is implementing green transformation practices, such as the "one input, two reductions" model for coke oven gas and VOCs governance, enhancing traditional industries' sustainability [7]. - The integration of coal chemical resources with emerging sectors like synthetic biology is being pursued in cities like Taiyuan and Jinzhong, creating a replicable model for a circular economy [9]. - Jinzhong's enterprises are exploring hydrogen production from coke oven gas, contributing to a comprehensive hydrogen energy industry chain [9]. Group 3: Agricultural and Rural Development - The industrial transformation is positively impacting agriculture, with initiatives like the "dry farming + agritourism" model in Jinzhong, showcasing a successful integration of industrial technology into rural revitalization [10]. - The development of organic farming and the utilization of industrial by-products as agricultural fertilizers are examples of resource recycling in rural areas [10]. Group 4: Business Environment and Investment - The improvement of the business environment in cities like Taiyuan is facilitating investment, with streamlined administrative processes enhancing service efficiency for enterprises [12]. - The integration of cultural and tourism sectors with traditional industries, such as the expansion of the Fenjiu project in Lüliang, is creating new employment opportunities and driving urban development [12].

Group 1: Industry Development - Liu Ning emphasized the need for technological transformation and upgrading in the coal chemical industry to achieve clean and efficient resource recycling [3] - The focus is on expanding product application scenarios and enhancing cooperation between upstream and downstream sectors in the steel industry to promote high-quality development [3] - Companies are encouraged to strengthen their innovation capabilities and integrate innovation chains, industrial chains, capital chains, and talent chains to foster the growth of the private economy [3] Group 2: Rural Development and Governance - The importance of developing rural characteristic industries and improving benefit linkage mechanisms to enhance the livelihoods of local residents was highlighted [4] - Liu Ning called for increased efforts in public welfare and basic livelihood construction to address the concerns of the community effectively [4] - The need for effective governance at the grassroots level, driven by party leadership, was emphasized to ensure community needs are met [4] Group 3: Water Resource Management - Liu Ning underscored the importance of enhancing flood disaster prevention and water resource management capabilities [4] - The focus is on implementing the recommendations from the recent plenary session in planning and advancing water conservancy projects [4] Group 4: Economic Stability - The necessity to align thoughts and actions with the spirit of the plenary session and to focus on stabilizing employment, enterprises, markets, and expectations was stressed [5] - The planning for the 14th Five-Year Plan period should be based on practical considerations to ensure the completion of annual targets [5]

Core Viewpoint - Liupanshui is transforming its traditional coal-centric economy into a modern industrial system by maximizing resource value through "rich mineral precision mining" strategies, aiming to enhance its industrial structure and economic growth [1] Group 1: Coal Industry Development - Since the 14th Five-Year Plan, Liupanshui has increased its raw coal production from 62.9 million tons at the end of the 13th Five-Year Plan to over 80 million tons by 2024, establishing a comprehensive "production, washing, transportation, distribution, and sales" system [1] - The city has extended its coal industry chain, leveraging its advantage of holding 88.7% of the province's coking coal reserves, achieving a coking capacity of 10.8 million tons per year, and successfully implementing three deep processing routes for crude benzene, coal tar, and coke oven gas [1] Group 2: Industrial Diversification - Liupanshui is diversifying beyond coal, forming a foundational industrial system led by energy and energy chemicals, supported by metal materials, equipment manufacturing, and building materials, with the industrial sector contributing 52.8% to the city's economic growth [1] - The city is focused on creating the "2151" industrial cluster, which includes a billion-level new comprehensive energy base, a billion-level southwest coal chemical cluster, and five hundred-billion-level industrial clusters in steel, aluminum and aluminum processing, energy mineral equipment manufacturing, specialty agriculture, and modern logistics [1]

Investment Rating - The investment rating for Huabei Mining (600985.SH) is "Accumulate-A" (maintained) [1] Core Views - The company's performance has been negatively impacted by the decline in coal prices and volumes, with a significant drop in revenue and net profit in Q1 2025 compared to the previous year [4][5] - Despite the current challenges, there is potential for growth in both the coal and coal chemical sectors, supported by ongoing projects and the recovery of production capacity [6][7] Summary by Sections Market Data - Closing price as of May 12, 2025: 12.08 CNY - Year-to-date high/low: 20.18/11.76 CNY - Circulating A shares/Total shares: 26.93 billion/26.93 billion - Market capitalization: 325.35 billion CNY [2] Financial Performance - Q1 2025 revenue: 10.567 billion CNY, down 39% YoY - Q1 2025 net profit: 0.692 billion CNY, down 56.5% YoY - Basic earnings per share: 0.26 CNY, down 59.38% YoY - Cash flow from operating activities: 0.44 billion CNY, down 72.87% YoY [4][5] Production and Sales - Q1 2025 coal production: 4.308 million tons, down 17.73% YoY - Q1 2025 coal sales: 2.972 million tons, down 26.18% YoY - Average coal price: 937.77 CNY/ton, down 20.29% YoY - Gross profit per ton of coal: 417.90 CNY/ton, down 28.41% YoY [5] Future Outlook - Expected EPS for 2025-2027: 1.52, 1.89, 1.93 CNY, with corresponding dynamic PE ratios of 7.9, 6.3, and 6.2 times [7] - The company is focusing on integrated operations in coal, coke, and chemicals, which is expected to stabilize performance [7]

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]