本次向特定对象发行股票拟募集资金总额不超过 56,451.00 万元（含本数）， 扣除发行费用后将全额用于补充公司流动资金。 二、本次募集资金的必要性与可行性 （一）本次募集资金的必要性 募集资金使用可行性分析报告 二〇二五年八月（修订） 为缓解内蒙古金煤化工科技股份有限公司（以下简称"公司"）的营运资金 需求压力，提高偿债能力，改善公司财务状况，提升公司抗风险能力，增强公 司持续经营能力，公司向特定对象发行股票募集资金将全额用于补充公司流动 资金。对于本次募集资金使用的可行性分析如下： 一、本次向特定对象发行募集资金使用计划 同时，金睿泓吉已承诺：本次发行完成后，若本公司及本公司一致行动人在上 市公司拥有表决权的股份未超过上市公司已发行股票的 30%，则本公司通过本次发 行认购的股票自股份登记完成之日起十八个月内不得转让；本次发行完成后，若本 公司及本公司一致行动人在上市公司拥有表决权的股份超过上市公司已发行股票的 转让。上述承诺有利于增强二级市场投资者对公司的预期，为公司稳定经营提供了 基础，有利于保护全体股东利益，有利于公司在资本市场的长远发展。 （二）本次募集资金的可行性 本次向特定对象发行股票募集资 ...

内蒙古通辽市查明煤炭储量110亿吨、天然碱储量约20.77亿吨、石盐矿资源量15.6亿吨、年产优质玉米 80亿千克以上……丰富的资源为通辽市发展化工新材料产业提供了原材料和能源保障。近年来，作为共 建"一带一路"倡议的重要节点城市，通辽市依托这些资源，不断优化产业结构，加速打造新型煤化工、 玉米生物（生物化工、生物医药化工）等多个产业集群。截至目前，该市扎鲁特旗工业园区鲁北产业 园、开鲁生物医药开发区、科左中旗工业园区宝龙山精细化工产业园经内蒙古自治区人民政府审批认定 为化工集中区。 一幅聚焦主导产业蓄势、传统产业焕新、新兴产业壮大的新质生产力布局图景，正在通辽大地上缓缓铺 展。8月4日至6日，中国化工报调研组深入通辽市化工集中区，切身感受这里追"新"逐"质"的蓬勃活力 与强劲脉动。 挖潜破难 打造新型煤化工基地 管道纵横交错、厂房整齐排列、厂区绿色洁净，位于通辽市扎鲁特旗工业园区鲁北产业园的中化学（内 蒙古）新材料有限责任公司（下称内蒙新材）年产30万吨煤制乙二醇及下游精细化工项目，彻底颠覆了 传统煤化工"黑、脏、乱"的刻板印象。在这里，一块块乌黑的煤炭正在现代煤化工技术赋能下，变身为 高性能材料及精细化工 ...

Core Viewpoint - The coal-to-ethylene glycol (EG) industry in China is experiencing continuous expansion and fluctuating growth, driven by the country's abundant coal resources and increasing market demand, with production expected to rise significantly by 2024 [1][12]. Overview - The coal-to-EG process utilizes coal as a primary raw material to produce ethylene glycol, which is widely used in various applications such as polyester fibers and antifreeze [2][4]. Development Background - China's energy structure, characterized by abundant coal but limited oil and gas, has led the government to promote coal-to-EG to reduce reliance on imported oil and ensure energy security, while also facing stricter environmental regulations under the "dual carbon" strategy [4]. Industry Chain 1. Industry Chain Structure - The coal-to-EG industry includes upstream suppliers of coal, oxygen, water, catalysts, and production equipment, with the downstream market primarily consisting of ethylene glycol applications [6]. 2. Upstream - Coal is the main raw material for coal-to-EG production, with China's coal output projected to reach 4.759 billion tons in 2024, a year-on-year increase of 2.17%, ensuring a stable supply for the industry [8]. 3. Downstream - Polyester is the largest consumer market for coal-to-EG, accounting for over 80% of consumption, with an annual growth rate of 7.09% in production capacity from 2016 to 2024 [10]. Current Development Status - The production of coal-to-EG in China is expected to increase from 1 million tons in 2016 to 3.988 million tons in 2024, with market size growing from 4.367 billion yuan to 15.365 billion yuan during the same period [12]. Competitive Landscape 1. Overall Landscape - The coal-to-EG enterprises are primarily located in resource-rich regions such as Inner Mongolia, Shanxi, Shaanxi, and Xinjiang, with 17 companies accounting for 66.4% of the total production capacity in 2024 [14]. 2. Representative Enterprises Analysis - **Shanxi Coal Group Yulin Chemical Co., Ltd.**: Established in December 2017, it operates a significant coal-to-EG project with a capacity of 1.8 million tons per year [16]. - **Xinjiang Tianye Co., Ltd.**: Focuses on a diversified green economy, with projected revenues of 11.16 billion yuan and a gross profit of 1.256 billion yuan in 2024 [18]. Development Trends - Future coal-to-EG enterprises are expected to increase investment in technology R&D, improve catalyst performance, and adopt advanced environmental technologies to achieve green transformation and comply with stricter regulations [20].

Group 1 - The core viewpoint of the article emphasizes the Chinese government's strong stance on combating "involution" in various industries, highlighting a series of meetings and reports that outline strategies for market optimization and competition regulation [3][4][5]. - The government aims to enhance the clean and efficient utilization of coal, with a target to establish a comprehensive clean utilization system by 2030, focusing on improving coal conversion efficiency and pollution control [4][6]. - The coal chemical industry is expected to undergo structural adjustments and upgrades, with a projected balance in supply and demand by 2025, while also facing both pressures and opportunities for transformation [5][6]. Group 2 - In 2024, China's modern coal chemical industry is projected to have a coal conversion capacity of 138 million tons of standard coal per year, with a conversion volume of approximately 120 million tons, replacing about 38.1 million tons of oil and gas equivalents [6][7]. - The total revenue of the modern coal chemical industry in 2024 is estimated to be around 202.66 billion yuan, reflecting a year-on-year growth of 4.2%, while the total profit is expected to reach approximately 11.93 billion yuan, marking a significant increase of 178.1% [6][7]. - The coal chemical industry is becoming increasingly important for food security and supply chain stability, with significant contributions from coal-based synthetic ammonia and methanol production [7].

Group 1: Coal Chemical Industry - The operational level of China's coal chemical industry continues to improve, with steady increases in capacity utilization rates across major sub-industries [3] - The coal-to-synthetic ammonia and coal-to-methanol sectors have undergone supply-side structural reforms during the 13th Five-Year Plan, leading to the elimination of outdated capacity and a positive development trend [3] - The coal-to-ethylene and coal-to-oil gas projects are maturing, benefiting from high oil prices and favorable national pipeline reforms, resulting in continuous improvement in capacity utilization [3] Group 2: Chemical Fiber Industry - The chemical industry is experiencing an optimization of supply clearing patterns, with the exit of outdated facilities expected to enhance the polyester filament industry landscape [3] - Polyester filament, as the largest chemical fiber by output, has reached a relatively concentrated industry structure in China, benefiting leading companies [3] Group 3: AI Industry - The demand for AI computing power in the US stock market is expanding into lower-tier and emerging markets, driven by reduced costs of large models [3] - Short-term beneficiaries of the growing AI computing demand include IT operations, network security, and database sectors, which have shorter value chains and stronger certainty compared to downstream AI application companies [3] - A favorable financing environment is expected to encourage companies to increase AI investments and IT budgets, with potential regulatory relaxations under the Trump administration further supporting AI demand [3] Group 4: Company Performance - Baowu Magnesium Industry is facing performance pressure due to declining magnesium prices, while the magnesium-aluminum price ratio has remained below 1 for the past 11 months, indicating growing opportunities in automotive lightweight applications [4] - Sujiao Technology reported a decline in traditional business, with H1 2025 revenue of 1.78 billion and a net profit of 100 million, down 39.5% year-on-year, while new businesses are growing but still need nurturing [4] - WuXi AppTec achieved significant revenue growth in H1 2025, with total revenue of 20.799 billion, a year-on-year increase of 20.64%, and a net profit of 8.561 billion, up 101.92% [5] - Aidi Biological reported a revenue of 579 million in H1 2025, a year-on-year increase of 6.69%, with net profit growing by 31.41% [6]

Investment Rating - The report maintains an "Overweight" rating for the coal chemical industry [1] Core Viewpoints - The "anti-involution" initiative is fully underway, with supply-side reforms ongoing, indicating a focus on optimizing the market competition landscape [5] - The government is emphasizing the development of modern coal chemical industries, aiming for a clean and efficient utilization of coal by 2030 [4] - Structural adjustments and industrial upgrades are expected to proceed in parallel, with a balanced supply-demand situation anticipated for 2025 [5] Summary by Sections Section 1: Anti-Involution Actions - The central government has been vocal about preventing "involution" in industry competition, emphasizing market mechanisms for eliminating inefficient capacities and promoting self-discipline among industries [5] Section 2: Government Support for Coal Chemical Development - The government has issued guidelines to enhance the clean and efficient use of coal, aiming to establish a comprehensive clean utilization system by 2030 [4] Section 3: Industry Structural Adjustments - The coal chemical industry is expected to see a shift towards higher capacity concentration and accelerated smart technology adoption, with a balanced supply-demand dynamic and a downward price trend [5] - In 2024, the coal chemical industry is projected to achieve a revenue of approximately 202.66 billion yuan, a year-on-year increase of 4.2%, with total profits expected to reach about 11.93 billion yuan, reflecting a significant year-on-year growth of 178.1% [5][6] Section 4: Investment Recommendations - The report suggests focusing on companies such as Baofeng Energy, Hualu Hengsheng, Luxi Chemical, Chengzhi Co., and China Xuyang Group, as they are likely to benefit from the ongoing structural adjustments and industry upgrades [7]

Summary of Conference Call on Coal Chemical Industry Industry Overview - The conference focused on the coal chemical industry, particularly in Xinjiang, China, discussing regulatory frameworks, project approvals, and development strategies for modern coal chemical projects [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41]. Key Points and Arguments 1. **Regulatory Framework**: The approval process for coal chemical projects includes project approval, environmental impact assessments, and carbon emission standards. The latest guidelines emphasize the need for projects to comply with ecological and environmental regulations [1][2][3][4]. 2. **Project Location Requirements**: New coal chemical projects must be located in legally established industrial parks and avoid sensitive ecological areas, such as within 1 kilometer of certain riverbanks [2][3]. 3. **Carbon Emission Management**: The government has set stringent carbon emission standards for coal chemical projects, requiring the establishment of carbon management systems and regular reporting [4][5]. 4. **Energy Efficiency and Clean Utilization**: There is a strong push for improving energy efficiency and reducing carbon emissions in coal chemical processes, with specific methodologies outlined for different products [4][5][6]. 5. **Development of Xinjiang's Coal Chemical Industry**: Xinjiang is highlighted as a key area for coal chemical development due to its abundant coal resources. Several projects have been established, focusing on clean and efficient utilization of coal [7][8][9][10]. 6. **Investment Trends**: The conference noted a significant interest in coal chemical projects, particularly in coal-to-gas and coal-to-liquid technologies, with various companies planning to invest in these areas [11][12][13][14]. 7. **Challenges in Water Resources**: The coal chemical industry faces challenges related to water scarcity, particularly in Xinjiang, where water-intensive processes are required [19][20]. 8. **Technological Innovations**: There is ongoing exploration of new technologies for low-carbon transitions in coal chemical processes, although many companies are still in the experimental phase [20][21]. 9. **Market Dynamics**: The market for coal chemical products is influenced by international prices and domestic supply-demand dynamics, with a focus on maintaining economic viability amid regulatory pressures [28][29][30]. 10. **Strategic Importance**: The coal chemical industry is viewed as strategically important for national energy security, with projects being prioritized based on their potential to enhance energy independence [28][29][30]. Other Important but Overlooked Content - The conference discussed the need for a balanced approach to resource management, considering environmental impacts alongside economic benefits [36][37]. - There is a recognition of the competitive landscape among coal chemical projects, with varying levels of progress and approval timelines across different regions [24][25][26]. - The importance of integrating coal chemical projects with existing coal mining operations was emphasized, highlighting the need for collaboration between coal and chemical sectors [31][32][33]. This summary encapsulates the critical insights and discussions from the conference call regarding the coal chemical industry, particularly focusing on regulatory frameworks, project developments, and market dynamics in Xinjiang.

Core Viewpoint - The modern coal chemical industry in China is transitioning from traditional and basic chemicals to fine chemicals and coal-based new materials, facing challenges such as green low-carbon development, energy security, and international competition, while also seizing opportunities for technological innovation and industry integration [1] Group 1: Industry Challenges and Opportunities - The modern coal chemical system has achieved industrialization with significant scale, including coal-to-oil, coal-to-gas, coal-to-olefins, and coal-to-ethylene glycol, which are crucial for energy security and low-carbon development [2] - Current challenges include a single product structure, short industrial chains, low capacity utilization leading to poor economic efficiency, high energy consumption, and significant carbon emissions that need to be addressed [2][3] - The government has mandated strict control over new coal production capacity and consumption, requiring comprehensive evaluations for new projects exceeding certain production thresholds [2] Group 2: Upgrading and Technological Innovation - Recommendations for upgrading the modern coal chemical projects include energy-saving and carbon-reducing technology improvements, strict water resource management, and promoting digital transformation for efficiency and safety [3] - Development of fine chemicals is emphasized as a key strategy to enhance value, with a focus on extending production to synthetic resins, synthetic fibers, and high-performance specialty fibers [3] Group 3: Strategic Resource Management - Coal-to-oil production technology has reached advanced levels, but new projects are generally not approved due to its strategic reserve nature, necessitating improvements in economic and technical standards [4] - The shift towards non-fossil energy sources is highlighted, with projections indicating that non-fossil energy generation will rise to 80% by 2050, necessitating a transition from coal-based to electric-based energy solutions [4] Group 4: Environmental Considerations - The coal chemical industry must integrate carbon dioxide management and water resource utilization into its development strategy, with significant carbon emissions produced during coal processing [6] - Current carbon management strategies focus on carbon capture, utilization, and storage (CCUS), resource utilization of CO2, and the coupling of green hydrogen with coal chemical processes [6] Group 5: Industry Collaboration and Development - The coal chemical industry should consider collaboration with related industries to enhance the industrial chain, supply chain, and value chain, while effectively controlling new capacity [7] - The focus should be on high-value products from coal coking byproducts, such as specialty aromatics and carbon fibers, to drive the high-end transformation of traditional industries [7][8]

Investment Rating - The report maintains a positive outlook on the Xinjiang coal chemical industry, highlighting its strategic importance and growth potential [3][5]. Core Insights - Xinjiang has abundant coal resources, with a predicted coal resource volume of 2.19 trillion tons and confirmed resources of 450 billion tons, making it a key player in China's coal chemical sector [4][5]. - The coal chemical industry in Xinjiang is expected to experience rapid development, with planned investments exceeding 700 billion yuan and an anticipated increase in coal demand of 210 million tons per year [4][5]. - The integration of major inter-basin water diversion projects is expected to alleviate water resource shortages, further enhancing the competitiveness of Xinjiang's coal chemical industry [4][6]. Summary by Sections 1. Coal Resource Advantages - Xinjiang's coal resources are characterized by high quality and low extraction costs, with 95% of the identified resources suitable for chemical raw materials [4][29]. - The region's coal consumption for chemical production accounted for 12.1% of total coal production in 2022, indicating a growing trend towards coal chemical utilization [5][29]. 2. Industry Development and Policy Support - The coal chemical industry in Xinjiang is supported by mature domestic technology and favorable policies, leading to the establishment of a complete industrial chain including coke and calcium carbide-PVC [4][6]. - Planned modern coal chemical projects include coal-to-methanol (8.3 million tons/year), coal-to-olefins (7.1 million tons/year), coal-to-oil (4 million tons/year), and coal-to-gas (33.7 billion cubic meters/year) [4][5]. 3. Cost Competitiveness and Market Dynamics - The report highlights the cost advantages of Xinjiang's coal chemical products, particularly in the ammonia-urea and calcium carbide-PVC sectors, where local production costs are significantly lower than in other regions [4][6]. - The coal-to-olefins process is particularly advantageous when international oil prices exceed $60 per barrel, showcasing the economic viability of Xinjiang's coal chemical projects [4][6]. 4. Future Outlook - The coal chemical industry is projected to become a major pillar of Xinjiang's economy, with a strategic position in the national energy landscape expected to strengthen [5][6]. - Key companies to watch include Baofeng Energy, Hubei Yihua, Xinjiang Tianye, and China Heartlink Fertilizer, which are positioned to benefit from the region's coal resource advantages [5][6].