Investment Rating - The report maintains a "Cautious Recommendation" rating for Shanxi Coking Coal (600740.SH) [3][5] Core Views - In the first three quarters of 2025, the company reported a revenue of 4.589 billion yuan, a year-on-year decrease of 15.84%, and a net loss attributable to shareholders of 50.052 million yuan, compared to a net profit of 253 million yuan in the same period last year, indicating a shift from profit to loss [1] - The decline in net profit is primarily attributed to a decrease in revenue from the coking business and reduced investment income from the associated company, China Coal Huajin, leading to a 51.09% year-on-year drop in confirmed investment net income to 918 million yuan [1] - In Q3 2025, the company achieved a revenue of 1.363 billion yuan, a year-on-year decline of 9.58% and a quarter-on-quarter decline of 11.7%. However, it reported a net profit of 27.559 million yuan, a year-on-year decrease of 59.89%, but a quarter-on-quarter turnaround from loss to profit [1][2] Summary by Sections Financial Performance - In Q3 2025, the company produced 664,200 tons of coke, a year-on-year increase of 11.61%, but a quarter-on-quarter decrease of 9.71%. The sales volume was 670,400 tons, up 13.86% year-on-year but down 11.99% quarter-on-quarter [2] - The average selling price of coke in Q3 2025 was 1,322.17 yuan/ton, a year-on-year decrease of 23.64% but a quarter-on-quarter increase of 2.61%. The unit procurement cost of coking coal was 1,057.8 yuan/ton, a quarter-on-quarter increase of 4.68% and a year-on-year decrease of 25.76% [2] - The gross profit from coking was -126 million yuan in Q3 2025, worsening from -18.4028 million yuan in Q2 2025, indicating continued pressure on the coking business [2] Investment Outlook - The forecast for net profit attributable to shareholders for 2025-2027 is 34 million yuan, 202 million yuan, and 301 million yuan, respectively, with corresponding EPS of 0.01, 0.08, and 0.12 yuan. The PE ratios for these years are projected to be 330, 55, and 37 times, respectively [3][4] - The report highlights that the indirect controlling shareholder, Shanxi Coking Coal Group, provides strong resource support for the company's production and development [3]

Core Insights - The coke sector experienced a 2.49% increase on October 28, with Antai Group leading the gains [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Sector Performance - Antai Group saw a closing price of 3.23, with a significant increase of 9.86% and a trading volume of 2.29 million shares, amounting to 687 million yuan [1] - Baotailong closed at 3.98, up 6.13%, with a trading volume of 2.90 million shares and a transaction value of 1.12 billion yuan [1] - Shaanxi Heimei closed at 4.52, increasing by 5.85%, with a trading volume of 1.63 million shares and a transaction value of 705 million yuan [1] - Yunnan Coal Energy closed at 4.75, up 2.15%, with a trading volume of 979,000 shares and a transaction value of 450 million yuan [1] - Shanxi Coking Coal closed at 4.35, increasing by 1.40%, with a trading volume of 864,200 shares and a transaction value of 368 million yuan [1] - Yunwei Co. closed at 3.69, with a slight increase of 0.27%, trading 261,100 shares for a total of 95.94 million yuan [1] - Meijin Energy remained unchanged at 4.89, with a trading volume of 711,700 shares and a transaction value of 347 million yuan [1] Capital Flow - The coke sector saw a net inflow of 310 million yuan from institutional investors, while retail investors experienced a net outflow of 226 million yuan [1] - Antai Group had a net inflow of 130 million yuan from institutional investors, but retail investors saw a net outflow of 86.89 million yuan [2] - Baotailong experienced a net inflow of 1.15 billion yuan from institutional investors, with retail investors facing a net outflow of 93.38 million yuan [2] - Shaanxi Heimei had a net inflow of 41.53 million yuan from institutional investors, while retail investors had a net outflow of 29.26 million yuan [2] - Shanxi Coking Coal recorded a net inflow of 13.32 million yuan from institutional investors, with retail investors seeing a net outflow of 17.93 million yuan [2] - Yunnan Coal Energy had a net inflow of 13.28 million yuan from institutional investors, while retail investors faced a net outflow of 285,930 yuan [2]

Core Viewpoint - The company, Shanxi Coking Coal Group Co., Ltd., has released its third-quarter report for 2025, ensuring the accuracy and completeness of the information disclosed [1][2][7]. Financial Data - The third-quarter financial statements have not been audited [3]. - The report includes major accounting data and financial indicators, with specific details to be disclosed in the upcoming earnings presentation [3][9]. Shareholder Information - The company has provided details regarding the total number of ordinary shareholders and the top ten shareholders, although specific figures are not disclosed in the provided documents [5]. Investor Communication - An investor earnings presentation is scheduled for November 7, 2025, from 15:00 to 16:00, to discuss the third-quarter results and address investor questions [8][10]. - Investors can submit questions in advance through the designated channels before the presentation [11]. Board Meeting - The company's board of directors held a meeting on October 24, 2025, to review and approve the third-quarter report, which was subsequently disclosed on October 28, 2025 [15][16].

Core Viewpoint - Shanxi Coking (600740.SH) reported a significant decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] Financial Performance - The total operating revenue for the first three quarters reached 4.589 billion yuan, representing a year-on-year decrease of 15.84% [1] - The net profit attributable to shareholders of the parent company was -50.052 million yuan, a sharp decline from a net profit of 253 million yuan in the same period last year [1] - The basic earnings per share stood at -0.0195 yuan [1]

Group 1 - Shanxi Coking announced the convening of its 26th meeting of the 9th Board of Directors on October 24, 2025, to review the Q3 2025 report and other documents [1] - For the year 2024, Shanxi Coking's revenue composition is 99.45% from coking and 0.55% from other businesses [1] - As of the report date, Shanxi Coking has a market capitalization of 11 billion yuan [1]

Group 1 - The core point of the article highlights Shanxi Coking's financial performance in Q3 2023, showing a significant decline in revenue and a net loss for the company [1] - For the first three quarters of 2025, the company's revenue was approximately 4.589 billion yuan, representing a year-on-year decrease of 15.84% [1] - The net profit attributable to shareholders was a loss of approximately 50.05 million yuan, with basic earnings per share reflecting a loss of 0.0195 yuan [1] Group 2 - As of the report date, Shanxi Coking's market capitalization stood at 11 billion yuan [1]

山西焦化股份有限公司 董事会薪酬与考核委员会工作细则 （2025 年 10 月） 第一章 总 则 第一条 为建立、健全山西焦化股份有限公司董事（不包括独立董 事）以及高级管理人员的薪酬与考核管理制度，完善公司治理结构，根 据《中华人民共和国公司法》、《上市公司治理准则》、《公司章程》 等规定，公司设立董事会薪酬与考核委员会，并制定本工作细则。 第二条 董事会薪酬与考核委员会是董事会下设的专门工作机构， 主要负责制定公司董事及高级管理人员的考核标准并进行考核，负责制 定、审查公司董事及高级管理人员的薪酬政策与方案。 第三条 本工作细则所称高级管理人员是指董事会聘任的总经理、 副总经理、财务总监、董事会秘书、总法律顾问、总工程师、总经理助 理等高级管理人员。 第二章 人员组成 第四条 薪酬与考核委员会成员由三名董事组成，其中包括两名独 立董事。 第五条 薪酬与考核委员会委员由董事长、二分之一以上独立董事 或者全体董事的三分之一提名，并由董事会选举产生。 第六条 薪酬与考核委员会设主任委员（召集人）一名，由公司独 立董事委员担任，负责主持委员会工作。 主任委员在独立董事委员内选举，并报请董事会批准产生。 第七条 薪 ...

山西焦化股份有限公司 董事会提名委员会工作细则 第一条 为规范山西焦化股份有限公司高级管理人员的选聘，优 化董事会组成，完善公司治理结构，根据《中华人民共和国公司法》、 《上市公司治理准则》、《公司章程》及其他有关规定，公司设立董 事会提名委员会，制定本工作细则。 第二条 董事会提名委员会是董事会下设的专门工作机构，主要 负责对公司董事、由董事会选聘的高级管理人员的人选、选择标准和 程序进行研究并提出建议。 第二章 人员组成 第三条 提名委员会成员由三名董事组成，其中包括两名独立董 事。 （2025 年 10 月） 第一章 总 则 第四条 提名委员会委员由董事长、二分之一以上独立董事或者 全体董事的三分之一提名，并由董事会选举产生。 第五条 提名委员会设主任委员（召集人）一名，由公司独立董 事委员担任，负责主持委员会工作。 主任委员在独立董事委员内选举，并报请董事会批准产生。 第六条 提名委员会任期与董事会任期一致，委员任期届满，连 选可以连任。期间如有委员不再担任公司董事职务，自动失去委员资 格，并由委员会根据本工作细则第三条、第四条、第五条的规定补选 委员，补足委员人数。 第三章 职责权限 第四章 工作程 ...

第一条 为强化山西焦化股份有限公司董事会决策功能，做到事 前审计、专业审计，确保董事会对经理层的有效监督，完善公司治理 结构，根据《中华人民共和国公司法》（以下简称《公司法》）、《上 市公司治理准则》、《上市公司独立董事管理办法》、《上海证券交 易所股票上市规则》、《山西焦化股份有限公司章程》（以下简称《公 司章程》）及其他有关规定，公司设立董事会审计委员会，并制定本 工作细则。 第二条 董事会审计委员会是董事会下设的专门工作机构，行使 《公司法》规定的监事会的职权，主要负责审核公司财务信息及其披 露、监督及评估内外部审计工作和内部控制。 第二章 人员组成 第三条 审计委员会成员由三名不在公司担任高级管理人员的董 事组成，其中独立董事过半数，并且至少有一名独立董事为会计专业 人士。 董事会成员中的职工代表可以成为审计委员会成员。 第四条 审计委员会委员由董事长、二分之一以上独立董事或者 全体董事的三分之一提名，并由董事会选举产生。 山西焦化股份有限公司 董事会审计委员会工作细则 （2025 年 10 月） 第一章 总 则 第五条 审计委员会设主任委员（召集人）一名，由公司独立董 事中会计专业人士担任，负责主持 ...

第一章 总 则 第一条 为适应山西焦化股份有限公司战略发展需要，增强公司 核心竞争力，确定公司发展规划，健全投资决策程序，完善公司治理 结构，根据《中华人民共和国公司法》、《上市公司治理准则》、《公 司章程》及其他有关规定，公司特设立董事会战略委员会，并制定本 工作细则。 第二条 董事会战略委员会是董事会下设的专门工作机构，主要 负责对公司长期发展战略和重大投资决策进行研究并提出建议。 山西焦化股份有限公司 董事会战略委员会工作细则 （2025 年 10 月） 第二章 人员组成 第三条 战略委员会成员由三名董事组成，其中应至少包括一名 独立董事。 第四条 战略委员会委员由董事长、二分之一以上独立董事或者 全体董事的三分之一提名，由董事会选举产生。 第五条 战略委员会设主任委员（召集人）一名，由公司董事长 担任。 第六条 战略委员会任期与董事会任期一致，委员任期届满，连 选可以连任。期间如有委员不再担任公司董事职务，自动失去委员资 格，并由委员会根据本工作细则第三条、第四条、第五条的规定补选 委员，补足委员人数。 第七条 战略委员会下设战略工作组，工作组成员由公司董事、 高级管理人员、相关部门负责人组成。工作组 ...