证券代码：600792 证券简称：云煤能源 公告编号：2025-041 云南煤业能源股份有限公司 关于2025年上半年度主要经营数据的公告 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——行业信息披露第 十三号—化工》有关规定和披露要求，云南煤业能源股份有限公司（以下简称公 司）2025 年上半年度主要经营数据如下： 主要 产品 经营指标 单位 2025 年 1-6 月 2024 年 1-6 月 本期比上年 同期增减（%） 焦炭 产量 吨 1,234,651.63 1,156,697.53 6.74 销量 吨 1,213,749.76 1,169,739.06 3.76 收入 元 2,038,955,416.88 2,988,739,216.54 -31.78 成本 元 2,064,126,715.86 3,062,895,515.30 -32.61 毛利 元 -25,171,298.98 -74,156,298.76 66.06 平均售价（不 含税） 元/吨 1,679. ...

1. Report Industry Investment Rating - Not provided in the document 2. Report's Core View - The overall trading strategy for the styrene industry chain includes a side - way consolidation for single - side trading, shorting the spread between styrene and pure benzene (going long on pure benzene and short on styrene) for arbitrage, and selling both call and put options. The price of pure benzene is expected to be well - supported in the third quarter due to potential inventory reduction, while styrene's price is highly influenced by its cost side [5]. 3. Summary by Directory 3.1 Chapter 1: Comprehensive Analysis and Trading Strategy 3.1.1 Trading Strategies - Single - side: Side - way consolidation - Arbitrage: Short the spread between styrene and pure benzene (long pure benzene, short styrene) - Options: Sell both call and put options [5] 3.1.2 Pure Benzene Analysis - Price: This week, oil prices were in a side - way consolidation, and pure benzene futures prices trended down. Sinopec's pure benzene listed price increased by 100 yuan/ton on Tuesday. Spot prices were firm, with Shandong's market being strong. The arbitrage window between Shandong and East China remained closed. - Supply: Since late July, new units of CNOOC Daxie and Jingbo have been put into operation, and some cracked units have restarted after maintenance, increasing the supply of petroleum benzene. With rumors of production cuts in coking plants in Hebei and Shandong, the expected shortage of crude benzene supply has eased, and the loss of hydrogenated benzene has decreased, leading to increased production. - Demand: The downstream of pure benzene has seen a slight increase in operation, but with compressed profits. The inventory of pure benzene and its primary downstream has decreased. A new 670,000 - ton/year styrene production unit using ethylbenzene dehydrogenation in Jingbo Sida Rui has been successfully put into operation, but its load is currently low. There is an expectation of inventory reduction in the third - quarter for pure benzene [5]. 3.1.3 Styrene Analysis - Supply and demand: This week, both supply and demand of styrene increased. Port inventory decreased, low - price transactions increased, and the market's replenishment strength increased. However, styrene production is still at a loss. There are maintenance plans for Guangdong Petrochemical and Xingpu Chemical in September. A new 670,000 - ton/year styrene unit in Jingbo Sida Rui produced qualified products on August 6 but has not been officially sold. - Price influence: The supply - demand fundamentals of styrene have limited driving force, and its price is highly affected by the cost side [5]. 3.2 Chapter 3: Weekly Data Tracking 3.2.1 Pure Benzene - Price: The price of pure benzene in North China is stronger than that in South China, and the regional arbitrage window remains closed. The spread between pure benzene and naphtha is stable, while the spread between pure benzene and styrene has widened [7][9]. - Supply: The operating rate of petroleum benzene has increased. According to Zhuochuang Information, the operating rate of petroleum benzene this week was 82.69%, a week - on - week increase of 2.01%. The operating rate of hydrogenated benzene has rebounded, and the loss has decreased [15][23]. - Demand: The downstream of pure benzene has seen a slight increase in operation, but profits have weakened. The inventory of pure benzene and its primary downstream has decreased [24][26][30]. 3.2.2 Styrene - Price: Port inventory has decreased, low - price transactions have increased, and the basis and calendar spread have strengthened. As of this Friday, the spot negotiation price of benzene in Jiangsu was 7290 - 7315 yuan/ton, and the negotiation prices for August and September were 7295 - 7325 yuan/ton and 7340 - 7370 yuan/ton respectively [34][35]. - Supply and demand: Both supply and demand of styrene have increased, but production is at a loss. There are maintenance plans for some enterprises in September. The 3S downstream has stable profits, increased operation, and rising inventory [41][46][48].

Company Performance - Antai Group expects a net loss of approximately 95 million yuan for the first half of 2025, a significant reduction from a loss of 183 million yuan in the same period last year [2] - The company's net loss excluding non-recurring items is projected to be around 91 million yuan, compared to a loss of 185 million yuan in the previous year [2] - The reduction in losses is attributed to the successful transition of the coking business to a processing model, which has mitigated some market risks [2] Business Operations - Antai Group primarily engages in the production and sale of coke and section steel products [2] - The company faced production scale reductions and increased unit costs due to major repairs in the first quarter, while the second quarter saw stable production and sales but declining prices for key products like coal tar and H-beams [2] - The current losses are mainly concentrated in the section steel business, which has not yet shown effective improvement [2] Industry Analysis - The domestic steel billet market has been operating weakly in the first half of 2025, with a 13.78% year-on-year decline in average prices [3] - As of June 30, 2025, the closing price for domestic steel billets was 2,943 yuan per ton, down 5.58% from the beginning of the year [3] - The steel industry has experienced a downward trend since 2022, characterized by weak demand, high inventory levels, and high raw material costs, which have pressured profitability [4] - The market is expected to continue facing imbalances between supply and demand, with intensified competition and increased operational pressures for companies in 2024 [4]

Group 1 - Multiple chemical sectors are entering a new round of expansion, with the adhesive tape base film industry expected to reach a peak production period in August and the n-butanol industry set to add 250,000 tons of capacity in the second half of the year [1] - The n-butanol industry is experiencing a decline in price due to accelerated new capacity coming online, with an expected total capacity exceeding 7 million tons by 2029 [2] - The adhesive tape base film industry is also entering a rapid expansion phase, with a projected capacity of 4.2597 million tons by July 2025, and nearly 20 new production lines planned for August [2] Group 2 - The "anti-involution" actions are expected to drive technological upgrades and industry consolidation through the supply chain, impacting the long-term landscape [3] - Companies in the adhesive tape base film sector are reducing production loads to alleviate short-term supply pressures, while n-butanol companies are accelerating technological upgrades to enhance product value [3] - As policies are implemented, inefficient capacities are expected to exit the market, allowing companies with technological and supply chain advantages to dominate [3]

根据上海证券交易所《上市公司行业信息披露指引第十三号—化工》的规定， 现将公司 2025 年第二季度主要经营数据披露如下： | 主要产品 | 产量（万吨） | 销量（万吨） | 销售收入（万元） | | --- | --- | --- | --- | | 焦炭 | 157.80 | 150.72 | 184,149.11 | | 焦油 | 6.09 | 6.00 | 17,552.56 | | 粗苯 | 1.90 | 1.89 | 8,049.98 | | 甲醇 | 4.25 | 3.15 | 5,816.53 | | 合成氨 | 5.83 | 5.78 | 10,761.19 | | LNG | 5.71 | 5.23 | 19,634.98 | | BDO | 0.94 | 0.77 | 4,955.53 | | 精煤 | 6.82 | 8.33 | 7,087.84 | 一、主要产品产量、销量及收入（不含税）情况 二、主要产品价格变动情况（不含税） | | 2025 | 年第二季 | 2024 | | 年第二季 | | 同 | 比 | 2025 | 年第一季 | | 环 | 比 | | --- | -- ...

Core Viewpoint - Multiple listed companies in the Shanghai and Shenzhen markets have announced significant changes in their financial forecasts and strategic decisions, indicating varied performance across different sectors in the first half of 2025 [1][3]. Company Announcements - Zhonghua Equipment plans to acquire 100% stakes in Yiyang Rubber and Plastic Machinery Group and Beihua Machinery, with stock suspension starting July 15, 2025, for up to 10 trading days [3]. - Jiugui Liquor expects a net profit decline of 90.08% to 93.39% in the first half of 2025, with projected revenue around 560 million yuan, a decrease of approximately 43% year-on-year [5]. - Suli Co. anticipates a net profit increase of 1008.39% to 1223.91%, with expected profits between 72 million and 86 million yuan, driven by improved market conditions [6]. - Te Yi Pharmaceutical forecasts a net profit growth of 1164.22% to 1312.95%, with profits expected between 34 million and 38 million yuan, supported by strong sales of its core product [7]. - Huahong Technology predicts a net profit increase of 3047.48% to 3721.94%, with expected profits between 70 million and 85 million yuan, benefiting from rising rare earth product prices [8]. - Huaxia Airlines expects a net profit increase of 741.26% to 1008.93%, with profits projected between 220 million and 290 million yuan, due to improved demand for air travel [9]. - Xianfeng Holdings anticipates a net profit increase of 524.58% to 671.53%, with expected profits between 34 million and 42 million yuan, largely due to non-recurring gains [10]. - Xinyisheng expects a net profit increase of 327.68% to 385.47%, with profits projected between 370 million and 420 million yuan, driven by growth in AI-related investments [12]. - Hengsheng Electronics forecasts a net profit increase of approximately 740.95%, with expected profits around 251 million yuan, aided by significant non-recurring gains [13]. - CICC anticipates a net profit increase of 55% to 78%, with expected profits between 3.453 billion and 3.966 billion yuan, driven by growth in investment banking and wealth management [14]. - Xinda Securities expects a net profit increase of 50% to 70%, with profits projected between 921 million and 1.044 billion yuan, supported by improved asset management [15]. - Shanxi Securities forecasts a net profit increase of 58.17% to 70.72%, with expected profits between 504 million and 544 million yuan, driven by growth in wealth management and international business [16]. - Guocheng Mining anticipates a net profit increase of 1046.75% to 1174.69%, with expected profits between 493 million and 548 million yuan, primarily due to non-recurring gains from asset sales [17]. - China Rare Earth expects a net profit of 136 million to 176 million yuan, recovering from a loss of 244 million yuan in the previous year, aided by improved market conditions [18]. - Perfect World anticipates a net profit of 480 million to 520 million yuan, recovering from a loss of 177 million yuan, driven by successful game launches and esports growth [19]. - Huanghe Xuanfeng expects a net loss of 285 million yuan, impacted by intense competition and weak demand in the superhard materials sector [20][21]. - JA Solar forecasts a net loss of 2.5 billion to 3 billion yuan, worsening from a loss of 874 million yuan, due to industry-wide supply-demand imbalances [22]. - Shanxi Black Cat anticipates a net loss of 490 million to 540 million yuan, driven by declining sales and prices of its main products [23]. - Xinda Real Estate expects a net loss of 3.5 billion to 3.9 billion yuan, transitioning from profit to loss due to reduced project deliveries and impairment provisions [24]. Major Contracts - Zhongchen Co. won a project from Southern Power Grid worth 379 million yuan, representing 12.26% of its audited revenue for 2024 [26]. - Gaode Infrared signed a procurement agreement for a complete equipment system worth 879 million yuan, accounting for 32.84% of its 2024 audited revenue, expected to positively impact this year's performance [27].

Core Viewpoint - Antai Group (600408) expects a net loss attributable to shareholders of approximately 95 million yuan for the first half of 2025, with a net loss of about 91 million yuan after excluding non-recurring gains and losses [1] Group 1: Financial Performance - The anticipated loss for the first half of 2025 is primarily due to significant maintenance and repairs conducted in the first quarter, which led to reduced production scale and increased unit costs, resulting in operational losses during that period [1] - In the second quarter, while production and sales volumes remained stable, the company faced declining prices for key products such as tar, crude benzene, and H-shaped steel due to changes in market conditions, which significantly reduced product gross margins and prevented a turnaround in operational performance [1]

Group 1 - The company announced a guarantee of 98 million yuan for its wholly-owned subsidiary, Shanxi Antai Steel Co., Ltd, with no prior guarantee balance [1] - The total external guarantee amount provided by the company and its subsidiaries is 4 billion yuan, which exceeds 100% of the company's latest audited net assets [1][4] - The guarantee is part of a broader business cooperation agreement, ensuring the performance of contracts between the subsidiary and creditors [1][3] Group 2 - The company held a shareholders' meeting on June 27, 2025, to approve the guarantee within the authorized limit, eliminating the need for further board or shareholder meetings [2] - Shanxi Antai Steel Co., Ltd, established on May 28, 2015, is a wholly-owned subsidiary of the company, with a registered capital of 500 million yuan and a focus on producing and selling H-beams and steel [3] - The financial indicators for Shanxi Antai Steel Co., Ltd show total assets of approximately 1.67 billion yuan and a net profit of -28.55 million yuan [3]

Group 1 - The company, Baotailong, plans to transfer 55% equity of its subsidiary, Jixi Baotailong Investment Co., Ltd., to Heilongjiang Huiju Energy Development Group for approximately 154 million yuan, along with a debt transfer of about 146 million yuan, totaling 300 million yuan [1] - The subsidiary has been operating at a loss, with reported revenues of 0 yuan and net losses of 13.8 million yuan in 2024 and 704,600 yuan in Q1 of this year [1][2] - The sale aims to recover investments, optimize resource allocation, and reduce operational costs, thereby enhancing liquidity for the company [1] Group 2 - Baotailong's main business includes coal mining, processing, and production of various chemical products, with significant revenue fluctuations due to industry cycles [2] - The company reported revenues of 3.727 billion yuan in 2023 and 1.291 billion yuan in 2024, reflecting declines of 1.23% and 65.36% respectively, with total losses of 2 billion yuan over the two years [2] - In Q1 of this year, the company achieved revenues of 127 million yuan, a decrease of 75.71%, attributed to maintenance shutdowns of coking equipment [2][3] Group 3 - As of the end of Q1, Baotailong had cash reserves of 104 million yuan against interest-bearing liabilities of 1.876 billion yuan, indicating significant debt pressure [3] - The sale of the subsidiary is expected to alleviate some of the financial and operational pressures faced by the company [3]

Core Viewpoint - In 2024, Shaanxi Black Cat reported a significant decline in revenue and an increase in losses, marking the largest annual loss since its listing, with a net profit loss of 1.158 billion yuan [1][5]. Company Performance - Shaanxi Black Cat's revenue fell by 21.58% year-on-year, with a net profit loss expanding from 512 million yuan to 1.158 billion yuan [1]. - The company's Q1 2025 report showed a revenue of 2.585 billion yuan, down 37.31% year-on-year, and a net profit loss of 261.6 million yuan, a 23.21% decline [1]. - The company's stock price dropped from a peak of 11.04 yuan in 2021 to around 3 yuan, resulting in a market capitalization reduction from over 20 billion yuan to approximately 6 billion yuan [1]. Business Background - Established in 2003, Shaanxi Black Cat primarily engages in coal coking and chemical product production, with key products including coke, methanol, and coal tar [1][3]. - The company was listed on the Shanghai Stock Exchange in 2014 and was the first private company in Weinan, Shaanxi [1]. Expansion and Challenges - Following a peak in 2021, the company aggressively expanded its coking projects in Shanxi, Inner Mongolia, and Xinjiang, with a significant investment of 4.7 billion yuan in a 2 million-ton coking project in Xinjiang [5]. - The downturn in the coking industry, characterized by falling coke prices and reduced steel production, has severely impacted the company's financial health [5][7]. Financial Struggles - In 2024, the company recorded nearly 3 billion yuan in asset impairments, significantly affecting its net profit [5]. - The coke business saw a revenue decline of over 20%, with a negative gross margin of 17.12% [5][6]. - Despite a slight decrease in coke sales volume, the revenue drop indicates a substantial decline in product prices [6]. Product Diversification - The sales of by-products such as crude benzene and LNG have become a highlight, generating approximately 3.506 billion yuan in revenue, accounting for 24.04% of total revenue [6]. - However, reliance on by-products for profitability is risky due to price volatility and unstable demand, failing to offset the decline in the main coke business [6]. Industry Context - The coking industry has entered a downturn since 2023, with significant impacts on profitability due to reduced steel demand and pricing pressures [7]. - The average price of coke has dropped over 30% from its peak in 2021, with capacity utilization rates remaining low [7]. - Future recovery in the coking industry is uncertain, with expectations of continued pressure on prices and profitability [7].