证券代码：000552 证券简称：甘肃能化 甘肃能化股份有限公司投资者关系活动记录表 编号：2025-06 | ☑ | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | ☑ | 现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 中国金川投资控股有限公司郭忠信、樊鹏、马宝荣、勾锋年 | | 人员姓名 | | | 时间 2025 | 年 10 月 21 日（周二） | | 地点 | 兰州市七里河区瓜州路 1230 号甘肃能化 19 楼会议室，公司下 | | 属 | 窑煤公司三矿。 | | 上市公司接待人 | 公司董事会秘书滕万军 | | 员姓名 | | | | 调研人员与公司董事会秘书就公司基本情况、生产经营等 | | | 情况进行了座谈交流，之后前往公司下属窑煤公司三矿现场调 | | | 研，主要交流内容如下： | | | 一、煤炭业务情况 | | | 1.基本情况 | | 投资者关系活动 | 公司生产经营分布甘肃省白银平川、靖远、景泰，兰州红 | | 主要内容介绍 ...

（编辑 任世碧） 证券日报网讯 永泰能源10月20日在互动平台回答投资者提问时表示，公司目前在产煤炭产品均为优质 主焦煤及配焦煤，主要用于钢铁冶炼行业，而非电厂用动力煤。公司所属页岩气项目勘探与开发工作正 在按照国家相关部门要求和技术规范推进中。 ...

长江商报消息 ●长江商报记者 江楚雅 甘肃能化（000552.SZ）在煤电化产业链整合上迈出关键一步。 近期，甘肃能化公告，拟收购控股股东的全资子公司贸易公司所持甘肃能化煤炭储运有限公司（简 称"储运公司"）100%股权并承接有关股东权利和义务，收购价格1.02亿元。另外，为缓解矿井资源枯竭 压力，保证矿井正常接续和持续稳产，拟由全资子公司窑街煤电集团有限公司投资并实施三矿改建项 目，项目建设总造价13.29亿元。 近几年，公司积极进行产业布局，形成了煤、电、化、建产业一体化发展格局。对于2025年，公司计划 煤炭产量1705万吨，发电量39.74亿度等，投资总额62.66亿元，其中固定资产投资62.61亿元，还计划新 设子公司负责火电项目运营管理。 同日，甘肃能化宣布拟投资13.29亿元改建下属窑煤公司三矿。该项目由公司全资子公司窑煤公司负责 实施，旨在缓解矿井资源枯竭压力，保障矿井正常接续与稳产。改建后矿井设计产能为180万吨/年，重 点优化井下生产系统，有利于提升生产效率和安全生产水平。 加码产业布局 甘肃能化核心业务为煤炭开采和销售，下辖靖煤公司和窑煤公司两个矿区，生产经营地分布在甘肃省多 地。公司目 ...

Group 1: Coal Business Overview - The company operates 11 coal production mines with a certified annual capacity of 23.14 million tons, including a reserve capacity of 1.8 million tons/year [2][3] - Main coal products include coking coal and thermal coal, with a focus on low-sulfur, low-ash, and high-calorific value qualities [3] - Internal coal consumption for power and chemical plants is projected to be nearly 12 million tons/year, subject to changes based on coal quality and sourcing [3] Group 2: Power Generation Business - The company’s main operating power plant, Baiyin Thermal Power, has two 350MW supercritical coal-fired units, achieving low coal consumption rates and high utilization hours [4][5] - New projects include a 2×350MW thermal power plant in Lanzhou New Area, with an expected annual output of 3.302 billion kWh and a heating capacity of 13.6241 million GJ [5] - The Qinyang Coal Power Project plans to establish two 660MW ultra-supercritical units, with an annual generation capacity of 7 billion kWh [5] Group 3: Chemical Business Development - The company is developing a clean and efficient gasification project, with the first phase in trial operation and the second phase under construction [6] - Products from the chemical project include ammonia, urea, methanol, and other derivatives, with production adjusted based on market demand [6] Group 4: Financial Performance and Strategies - The company reported losses in Q2 due to cyclical and seasonal declines in coal prices and sales [7][8] - Strategies to mitigate losses include increasing sales efforts, optimizing product quality, and accelerating project construction [8] - The company has implemented a stable profit distribution policy, with cumulative cash dividends amounting to 3.2 billion yuan over 17 distributions since restructuring [8] Group 5: Future Outlook and Initiatives - The company aims to enhance operational efficiency through cost control and intelligent mining practices [8] - Future projects include the development of coal cleaning facilities and the integration of coal utilization projects to improve product quality [8] - The company is committed to maintaining a proactive dividend policy to ensure stable returns for investors [8]

Report Information - Report Type: Coke and Coking Coal Daily Review [1] - Date: July 18, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] 1. Market Review and Future Outlook 1.1 Spot Market Dynamics and Technical Analysis - On July 17, the main coke and coking coal futures contracts 2509 rebounded significantly after two days of decline. The J2509 contract closed at 1,519 yuan/ton, up 1.00%, and the JM2509 contract closed at 918.5 yuan/ton, up 1.55% [5]. - The daily KDJ indicators of the coke 2509 contract showed a divergent trend, with the J and K values turning up, but the D value continuing to decline slightly. The daily KDJ indicator of the coking coal 2509 contract changed from a dead cross to a golden cross. The daily MACD red bars of both contracts continued to narrow, but the decline rate slowed down significantly [8]. 1.2 Future Outlook - Coke: Last week, the coke output of independent coking plants dropped to the lowest since early April, and the coke output of steel mills dropped to the lowest since mid - March. Port coke inventories rebounded from the lowest since early March, steel mill coke inventories hovered at a slightly higher level after hitting the lowest since mid - December last year, and coking plant inventories dropped to the lowest since mid - January. The profit per ton of coke has been in the red for 8 consecutive weeks, and the loss widened for 3 consecutive weeks last week. On July 17, the first round of coke spot price increase was implemented [9]. - Coking Coal: From January to May, the year - on - year decline in imports widened significantly by 4.0 percentage points to - 7.3%. In the past 5 weeks, the raw coal and clean coal inventories of coal washing plants have dropped significantly, with declines of 11.1% and 23.8% respectively. The inventories of independent coking plants have increased significantly for 3 consecutive weeks to the level of mid - May, and port inventories have increased for 2 consecutive weeks to the level of late April. However, steel mill inventories declined slightly last week. With stable steel mill purchases, coking plants actively replenished stocks, and coking coal spot prices rebounded [9]. - Overall: Since early July, coke and coking coal futures have rebounded significantly driven by the anti - involution market. It is expected that the prices of coal and coke may continue to rise in the first half of July. One can try to buy for hedging or investment on dips but should take profits in time before the end of July to avoid the negative impact of the obvious correction in August - September on the positions [9]. 2. Industry News - The State Council Executive Meeting, chaired by Premier Li Qiang, focused on strengthening key policies for the domestic large - cycle. The meeting emphasized finding key points, implementing consumption - boosting actions, and releasing domestic demand potential [10]. - An all - around domestic demand expansion research and consultation symposium was held in Beijing on July 16. Wang Huning stressed the importance of expanding domestic demand for long - term economic health and meeting people's needs [10]. - In the first half of 2025, the total social energy consumption increased by 3.9% year - on - year, 0.3 percentage points faster than in Q1. The energy consumption structure continued to optimize, with the proportion of non - fossil energy rising by 1.7 percentage points [11]. - From June 30 to July 6, the average coal price in Shanxi Province was 790.58 yuan/ton, up 0.3% month - on - month. The price of thermal coal fluctuated upward, coking coal prices stabilized, and anthracite prices mainly declined. It is expected that coal prices may be weak in the short term [11]. - In early July, the key steel enterprises produced 20.97 million tons of crude steel, with an average daily output of 2.097 million tons, down 1.5% from the previous period. The daily output of pig iron and steel products also declined [11]. - In H1 2025, the top 10 coal enterprises produced 1.18 billion tons of raw coal, an increase of 40.26 million tons year - on - year, accounting for 49.2% of the output of enterprises above designated size [11]. - New Steel Co., Ltd. expects to turn a profit in H1 2025, with a net profit of 89 million - 112 million yuan [11]. - Liugang Co., Ltd. expects a net profit of about 340 million - 400 million yuan in H1 2025, a significant increase year - on - year [11]. - Maanshan Iron & Steel Co., Ltd. expects to reduce losses in H1 2025, with a net loss of about 75 million yuan [12]. - Bayi Iron & Steel Co., Ltd. expects to record a loss in H1 2025 due to weak supply - demand and low steel prices [12]. - Jiugang Hongxing Iron & Steel Co., Ltd. expects to reduce losses in H1 2025 [12]. - Chongqing Iron & Steel Co., Ltd. expects to reduce losses in H1 2025 [12]. - On July 14, the daily power generation of China Energy Investment Group reached 4.07 billion kWh, 8 days earlier than last year's peak - summer period. The photovoltaic power generation reached a record high of 302 million kWh [12]. - Xinji Energy aims to build a comprehensive energy supply system and enhance its long - term investment value [12]. - Shaanxi Coal Industry Group achieved stable production and operation in H1 2025, with revenue of 227.5 billion yuan, profit of 18.04 billion yuan, and investment of 16.03 billion yuan, up 52.3% year - on - year [13]. - Ruimaotong expects a significant decline in net profit in H1 2025 due to a loose coal market [13]. - Gansu Energy Chemical Industry Co., Ltd. expects to turn from profit to loss in H1 2025 due to weak coal demand and falling prices [13]. - On July 16, the national maximum power load exceeded 1.5 billion kilowatts for the first time, indicating strong power demand driven by high temperatures and economic growth [13]. - From January to May, the steel industry in Hebei Province ran smoothly, with a 14% increase in the added value of the advanced steel industry. The industry's profit accounted for 30.39% of the national total with 21.51% of the output [14]. - In H1 2025, the newly approved coal - fired power projects increased by 152% year - on - year. It is likely that the annual approval will exceed 60GW. The profitability of thermal power is recovering, and the valuation of power equipment manufacturers is expected to rebound [14]. - India achieved its target of 205 million tons/year of crude steel production capacity in the 2024 - 2025 fiscal year and is moving towards the 300 million tons/year target by 2030 - 2031. However, the industry faces challenges such as high import dependence on coking coal and high logistics costs [14]. 3. Data Overview - The report provides various data charts, including the spot price index of metallurgical coke, the spot price of coking coal, production and inventory data of coking plants and steel mills, and the basis between spot and futures prices [16][18][22]

Investment Rating - The investment rating for Yanzhou Coal Mining Company is "Buy" [3] Core Views - The acquisition of a 51% stake in Northwest Mining Company for CNY 14.066 billion is a strategic move to enhance growth and resource base [3][4] - Northwest Mining has rich coal resource reserves with a total approved capacity of 61.05 million tons per year, and it operates in key regions such as Shaanxi, Gansu, Shanxi, and southern Inner Mongolia [3] - The company is expected to see a rebound in profitability in 2024, excluding non-recurring losses, with an adjusted net profit of approximately CNY 2.4 billion, indicating growth compared to 2023 [3] - The acquisition is projected to increase Yanzhou Coal's revenue and net profit by approximately 12.37% and 7.68% respectively in 2024 [4] - The deal is characterized by low cash outflow and attractive valuation metrics, with a price-to-earnings ratio of 7.69, which is lower than Yanzhou Coal's A-share PE of 8.8 [6] Financial Summary - For 2023, total revenue is reported at CNY 150.1 billion, with a projected decline to CNY 139.1 billion in 2024, followed by a slight recovery in subsequent years [5] - The net profit attributable to the parent company is expected to decrease from CNY 20.1 billion in 2023 to CNY 14.4 billion in 2024, with a gradual recovery thereafter [5] - The gross margin is forecasted to decline from 40.6% in 2023 to 35.8% in 2024, stabilizing around 34% in the following years [5] - The company aims to achieve a coal production target of 300 million tons, with the acquisition being a crucial step towards this goal [4][6]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 兖矿能源(600188) 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 西北矿业煤炭并购项目再落地，践行战略规 划兑现成长 [Table_ReportDate] 2025 年 4 月 9 日 [Table_S 事件：2025 ummar年y]4 月 8 日，兖矿能源发布关联交易公告，拟以现金 140.66 亿 元收购控股股东山东能源集团有限公司权属公司山东能源集团西北矿业有 限公司 51%股权，其中以现金 47.48 亿元收购西北矿业现有股东 26%股权， 以现金 93.18 亿元向西北矿业增资。 ...