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个别及连带责任。 永泰能源集团股份有限公司（以下简称"公司"）于 2025 年 12 月 1 日召开第 十二届董事会第二十五次会议审议通过了《关于以集中竞价交易方式回购公司股 份方案的议案》，该议案尚需提请公司 2025 年第三次临时股东会审议。具体内 容详见公司于 2025 年 12 月 2 日在上海证券交易所网站（www.sse.com.cn）披露 的《关于以集中竞价交易方式回购公司股份方案的公告》（公告编号：临 2025 －059）、《关于召开 2025 年第三次临时股东会的通知》（公告编号：临 2025 －060）。 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司董事会公告回购股份决议的前一个交 易日（即 2025 年 12 月 1 日）登记在册的前十大股东和前十大无限售条件股东的 名称、持股数量及持股比例情况公告如下： 证券代码：600157 证券简称：永泰能源 公告编号：临 2025－061 永泰能源集团股份有限公司 ...

Group 1 - The coal mining sector increased by 0.12% on December 5, with Electric Power Investment leading the gains [1] - The Shanghai Composite Index closed at 3902.81, up 0.7%, while the Shenzhen Component Index closed at 13147.68, up 1.08% [1] - Electric Power Investment's stock price rose by 6.96% to 28.60, with a trading volume of 283,200 shares and a transaction value of 796 million [1] Group 2 - The coal mining sector experienced a net outflow of 30.73 million from institutional investors, while retail investors saw a net inflow of 22.3 million [2] - Major stocks in the coal mining sector showed varied performance, with some stocks like Daya Energy and China Shenhua experiencing declines of 1.81% and 0.53% respectively [2] - The trading volume and transaction values for various coal mining stocks were significant, with Daya Energy recording a transaction value of 649 million [2] Group 3 - Individual stock performance showed that Yongtai Energy had a net inflow of 14.216 million from institutional investors, while retail investors had a net outflow of 6.71 million [3] - New Dazhou A and Jiangtong Equipment also had mixed net inflows and outflows from different investor types [3] - The data indicates a trend of institutional investors pulling back while retail investors are more active in the coal mining sector [3]

Core Insights - The report highlights the significant developments in the commercial aerospace sector, indicating a potential turning point for large-scale growth with the upcoming launch of China's first reusable rocket, Zhuque-3, expected in early December 2025 [6][8] - The solar energy industry is facing challenges, with a notable decline in new installations and fluctuating export figures for solar components and inverters, reflecting a complex market environment [7][9] Industry Commentary: Communication - The commercial aerospace sector is poised for growth with the launch of Zhuque-3, a reusable rocket designed for multiple missions, which could enhance China's capabilities in low Earth orbit satellite internet construction [6] - The establishment of a dedicated regulatory body for commercial aerospace in China aims to ensure safety while unlocking the industry's potential, with over 600 companies currently operating in this space [8] Industry Commentary: Solar Energy - In October 2025, China's new solar installations dropped to 12.6 GW, a year-on-year decrease of 38.3%, although there was a month-on-month increase of 30.4% [9] - Cumulative solar installations from January to October 2025 reached 252.87 GW, reflecting a year-on-year growth of 39.5% [9] - The export value of solar components in October was 16.08 billion yuan, showing a year-on-year increase of 4.9% but a month-on-month decline of 19.5% [9][10] Company Commentary: Yongtai Energy - Yongtai Energy's Haizetang coal mine project is ahead of schedule, with significant progress reported in construction and operational readiness, expected to positively impact the company's performance [11][13] - The company has announced a share repurchase plan, aiming to enhance shareholder value and confidence, with a budget of 30 million to 50 million yuan for the buyback [13][14] - Forecasted net profits for Yongtai Energy are projected to be 378 million yuan, 757 million yuan, and 1.66 billion yuan for the years 2025 to 2027, respectively, reflecting a strong growth trajectory [15]

Investment Rating - The report maintains a "Buy" rating for Yongtai Energy (600157.SH) [2] Core Views - The company has initiated a share repurchase plan, aiming to buy back A-shares worth between 300 million to 500 million RMB, which is expected to enhance market confidence and optimize the capital structure [9] - Yongtai Energy has been included in the CSI A500 Index, highlighting its leading position and investment value, which may attract more long-term investors [9] - The construction progress of the Haizetan coal mine is ahead of schedule, with expected production capacity reaching 10 million tons per year by 2027 [9] - The report projects net profits for 2025, 2026, and 2027 to be 348 million, 972 million, and 1.524 billion RMB respectively, reflecting a slight adjustment from previous forecasts [9] Financial Data Summary - Total shares outstanding: 21,817.76 million [7] - Current price: 1.61 RMB [2] - Market capitalization: 35,999.31 million RMB [7] - Revenue forecast for 2024, 2025, 2026, and 2027: 28,357 million, 25,143 million, 27,193 million, and 28,714 million RMB respectively [7] - Net profit forecast for 2024, 2025, 2026, and 2027: 1,561 million, 348 million, 972 million, and 1,524 million RMB respectively [7] - Gross margin for 2024, 2025, 2026, and 2027: 25.1%, 19.7%, 23.0%, and 24.2% respectively [7] - Return on equity for 2024, 2025, 2026, and 2027: 3.3%, 0.7%, 2.0%, and 3.1% respectively [7]

Core Viewpoint - The report from Shanxi Securities indicates that Yongtai Energy's Haizetang coal mine project is ahead of schedule, and the new buyback plan is expected to enhance the company's value recovery [1] Group 1: Project Progress - The second phase of the Haizetang coal mine project is nearing completion, ahead of the planned construction schedule [1] - The early progress of the Haizetang coal mine construction is a positive indicator for the company's future performance [1] Group 2: Financial Projections - The company is expected to achieve net profits attributable to shareholders of 378 million, 757 million, and 1.66 billion yuan for the years 2025, 2026, and 2027 respectively [1] Group 3: Strategic Initiatives - The company adheres to a development strategy of "coal and electricity as the foundation, energy storage as the wings" [1] - The company has recently been included in the CSI A500 Index, reflecting its growing market presence [1] - The company emphasizes reasonable returns to shareholders and maintains an "Accumulate-A" investment rating [1]

| 市场数据：2025 年 12 | | 月 3 | 日 | | | --- | --- | --- | --- | --- | | 收盘价（元/股）： | | | | 1.65 | | 年内最高/最低（元/ | | | 2.14/1.25 | | | 股）： | | | | | | 流通 股/总股本（亿 A | | | | 218.18/218.18 | | 股）： | | | | | | 流通 A | 股市值（亿元）： | | | 359.99 | | 总市值（亿元）： | | | | 359.99 | 基础数据：2025 年 9 月 30 日 | 基本每股收益(元/股)： | 0.01 | | --- | --- | | 摊薄每股收益(元/股)： | 0.01 | | 每股净资产(元/股)： | 2.39 | | 净资产收益率(%)： | 0.75 | | 资料来源：常闻 | | 邮箱：hubo1@sxzq.com 炼焦煤 永泰能源（600157.SH） 增持-A(维持) 海则滩煤矿工程进度提前，新回购案有望助推公司价值回归 2025 年 12 月 4 日 公司研究/公司快报 投资要点 事件 1：近日公 ...

Core Viewpoint - Yongtai Energy has announced significant progress in the construction of the Haizetang coal mine project and plans to repurchase shares worth 300-500 million yuan for cancellation, indicating strong confidence in long-term development [1] Group 1: Business Development - The construction progress of the Haizetang coal mine project has exceeded expectations, which is a positive signal for the company's business development [1] - The company's initiatives reflect a commitment to enhancing operational capabilities and long-term growth potential [1] Group 2: Capital Operations - Yongtai Energy plans to repurchase shares valued at 300-500 million yuan, which is aimed at share cancellation, demonstrating proactive capital management [1] - This move is expected to enhance shareholder value and reflects the company's confidence in its future performance [1] Group 3: Financial Forecast - The profit forecast for 2025-2027 is maintained, with expected net profits of 580 million, 1.05 billion, and 1.47 billion yuan, reflecting a year-on-year change of -62.6%, +79.9%, and +40.2% respectively [1] - Earnings per share (EPS) are projected to be 0.03, 0.05, and 0.07 yuan for the same period, corresponding to price-to-earnings (PE) ratios of 61.4, 34.1, and 24.3 times [1]

Core Viewpoint - Yongtai Energy's subsidiary, Zhangjiagang Shazhou Power Co., Ltd., has won the second prize in the "Electric Power Safety Culture Construction Boutique Project" evaluation, highlighting the company's commitment to safety management in the energy sector [1][2] Group 1: Award Recognition - The award reflects the solid achievements in safety culture construction and management systems at Shazhou Power, showcasing its excellence in safety management [1] - The competition involved 1,396 units, with only 238 receiving awards, indicating the high level of competition and the significance of the recognition [1] Group 2: Safety Culture Initiatives - Shazhou Power has established a comprehensive safety responsibility system that promotes participation at all levels, ensuring a collaborative approach to safety management [2] - The company has developed safety management regulations that cover the entire production process, providing a structured framework for safety practices [2] - Various activities such as safety training, knowledge competitions, and case warnings have been implemented to deeply instill safety concepts among employees [2] - Technological advancements, including the introduction of smart fuel devices and safety management platforms, have been utilized to enhance safety production [2] - Improvements in working conditions and safety facilities have created a strong safety culture within the organization [2] Group 3: Future Commitment - The award serves as a strong motivation for Shazhou Power to continue enhancing its safety management practices and to further develop its safety culture [2] - The company aims to leverage this recognition to strengthen safety responsibility and implement higher standards and measures for safety production [2]

Core Viewpoint - Yongtai Energy has announced a significant share buyback plan, aiming to repurchase A-shares worth between 300 million to 500 million yuan at a price not exceeding 2.50 yuan per share, with all purchased shares to be canceled to reduce capital [1][2][3] Financial Performance - For the first three quarters of 2025, Yongtai Energy reported total revenue of 17.728 billion yuan and a net profit attributable to shareholders of 198 million yuan [3][4] - The company achieved a record high power generation of 13.535 billion kWh in the third quarter, marking an 11.65% year-on-year increase [4] Business Operations - The power business is a core segment for Yongtai Energy, contributing significantly to its financial performance, with gross profit from this segment increasing by 26.48% to 2.656 billion yuan [4] - The coal production also showed resilience, with a third-quarter output of 4.4179 million tons, reflecting a 12.02% year-on-year growth [4] Strategic Initiatives - The company is focusing on multi-business collaboration, with ongoing projects such as the Hai Zhe Tan coal mine construction and advancements in energy storage technology [4] - Yongtai Energy has accumulated 26 patents related to energy storage, with significant projects like the 1.5MW/6MWh integrated vanadium battery energy storage station operational for a year, generating substantial savings [4]

Group 1: Wind Power Industry - The domestic wind power demand is stable, driven by the "dual carbon" goals and the 2035 plan for 360 GW of installed capacity, with a projected addition of 86.99 GW in 2024 and a total of 272.1 GW from 2021 to 2024, significantly higher than the 145.5 GW added during the 13th Five-Year Plan period [7][8][9] - The "15th Five-Year Plan" aims for annual new installed capacity of no less than 120 GW, with offshore wind power expected to contribute at least 15 GW annually, indicating a robust growth trajectory for the wind power sector [7][8] - The industry is recovering from price wars, with a 9% increase in the average bid price for onshore wind projects in 2025 compared to 2024, suggesting improved profitability for wind turbine manufacturers [9] Group 2: Retail Industry - The retail sector is slowly recovering in 2025, with segments like high-end gold and fashion jewelry experiencing higher demand due to rising gold prices, while cosmetics and medical aesthetics face intense competition [13][15] - "Emotional consumption" is identified as a key driver of market dynamics, with a focus on brands that can leverage consumer insights and differentiate their products [13][15] - Investment strategies should prioritize high-quality segments with both short-term recovery potential and long-term growth prospects, emphasizing companies with competitive advantages and brand strength [13][15] Group 3: Coal Mining Industry - Yongtai Energy's Hai Zetan coal mine project is progressing ahead of schedule, with plans to repurchase shares worth 300-500 million yuan for cancellation, signaling confidence in long-term growth [20][21][22] - The Hai Zetan project has significant resource advantages, with reserves of 1.145 billion tons and a planned production capacity of 6 million tons per year, expected to reach 10 million tons annually upon completion [21][22] - The company maintains profit forecasts for 2025-2027, projecting net profits of 580 million, 1.05 billion, and 1.47 billion yuan, respectively, with a corresponding EPS of 0.03, 0.05, and 0.07 yuan [20][21] Group 4: Chemical Industry - Wankai New Materials is advancing its rPET and oxalic acid projects, which are expected to drive diversified growth, maintaining a "buy" rating [5][23] - The rPET project, in collaboration with Carbios, aims for an initial capacity of 50,000 tons, with a total investment of approximately 922 million yuan, showcasing strong partnership commitment [23][24] - The oxalic acid project, utilizing low-cost natural gas, aims to establish a production capacity of 100,000 tons, enhancing the company's competitive edge in the market [24]