冀中能源股份有限公司（以下简称"公司"）于 2025 年 11 月 5 日召开第八届董事会第十八次会议，会议指定王万强先生代为履行董 事会秘书职责，代行时间不超过董事会审议通过之日起三个月（具体 内容详见公司刊登在《证券时报》《中国证券报》《上海证券报》和 巨潮资讯网上披露的《关于指定公司总会计师代行董事会秘书职责的 公告》（公告编号：2025 临-053））。 截至本公告之日，王万强先生代行董事会秘书职责已满三个月。 根据《深圳证券交易所股票上市规则》的有关规定，公司董事会秘书 空缺时间超过三个月的，董事长应当代行董事会秘书职责。因此，自 本公告披露日起，董事长闫云胜先生将代行董事会秘书职责。公司董 事会将按照相关规定并根据实际情况尽快确定董事会秘书人选，并完 成董事会秘书的选聘工作。 闫云胜先生联系方式如下： 证券代码：000937 证券简称：冀中能源 公告编号：2026 临-002 冀中能源股份有限公司 关于董事长代行董事会秘书职责的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 电话：0319-2098828； 传真：0319-2068666； 电 ...

Group 1 - The coal mining sector experienced a decline of 0.19% on February 3, with Haohua Energy leading the drop [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Key stocks in the coal mining sector showed varied performance, with Jiangte Equipment rising by 6.93% and China Shenhua falling by 1.52% [2] Group 2 - The coal mining sector saw a net outflow of 400 million yuan from major funds, while retail investors contributed a net inflow of 301 million yuan [2] - Major funds showed a mixed trend, with Shaanxi Coal and Chemical Industries receiving a net inflow of 42.73 million yuan, while Jiangte Equipment faced a net outflow of 52.98 million yuan [3] - Retail investors favored stocks like SuNeng Co., which had a net inflow of 357.83 million yuan, despite overall sector challenges [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that coal prices are expected to rebound, with a focus on the cyclical elasticity of both thermal coal and coking coal prices, which are currently at historical lows, providing room for recovery [5][15] - The report emphasizes that the price of thermal coal is influenced by supply constraints and increasing demand due to seasonal factors, while coking coal prices are more market-driven [4][5] Summary by Relevant Sections Investment Logic - Thermal coal prices are expected to rise through a four-step process: repairing central and local long-term contracts, reaching the coal-electricity profit-sharing line, and approaching the breakeven point for power plants, estimated at around 750 RMB per ton for 2025 [4][15] - Coking coal prices are determined by supply and demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices [4][15] Investment Recommendations - The report suggests a dual logic for coal stocks: cyclical elasticity and stable dividends. Key stocks to consider include: - Cyclical logic: Jin控煤业, 兖矿能源 for thermal coal; 平煤股份, 淮北矿业, 潞安环能 for metallurgical coal - Dividend logic: 中国神华, 中煤能源, 陕西煤业 - Diversification and growth logic: 神火股份, 电投能源, 新集能源, 广汇能源 [5][16] Key Market Indicators - The coal index increased by 3.68%, outperforming the Shanghai and Shenzhen 300 index by 3.6 percentage points [10][25] - As of January 30, the price of Qin港 Q5500 thermal coal was 692 RMB per ton, reflecting a slight increase of 7 RMB from the previous period [21] - The report notes a significant drop in coal inventory at ports, indicating tightening supply conditions [21][23]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that coal prices are expected to rebound, with a focus on the cyclical elasticity of both thermal coal and coking coal prices, which are currently at historical lows, providing room for recovery [5][15] - The report outlines a four-step process for the upward movement of thermal coal prices, including the restoration of long-term contracts and reaching a breakeven point for coal and power companies [4][15] - The report emphasizes that the overall investment logic remains unchanged, driven by a dual influence of tightening supply and increasing demand, particularly during the heating season [3][4] Summary by Sections Investment Logic - Thermal coal and coking coal prices are at a turning point, with thermal coal being a policy-driven commodity. The price recovery is expected to follow a specific process involving the restoration of long-term contracts and reaching a breakeven price of around 750 RMB per ton [4][15] - Coking coal prices are more influenced by market fundamentals, with target prices based on the ratio of coking coal to thermal coal prices, indicating potential target prices of 1608 RMB to 2064 RMB depending on thermal coal price movements [4][15] Investment Recommendations - The report suggests a dual logic for coal stocks: cyclical elasticity and stable dividends. It identifies four main lines for stock selection: 1. Cyclical logic: Jin控煤业 and 兖矿能源 for thermal coal; 平煤股份, 淮北矿业, and 潞安环能 for metallurgical coal 2. Dividend logic: 中国神华, 中煤能源, and 陕西煤业 3. Diversified aluminum elasticity: 神火股份 and 电投能源 4. Growth logic: 新集能源 and 广汇能源 [5][16] Key Market Indicators - The coal index increased by 3.68%, outperforming the Shanghai and Shenzhen 300 index by 3.6 percentage points, with notable gains from companies like 盘江股份 and 山西焦化 [10][25] - The report provides various market indicators, including port prices for thermal coal at 692 RMB per ton, reflecting a slight increase, and coking coal prices remaining stable at 1800 RMB per ton [21][23]

南财智讯1月30日电，冀中能源发布2025年度业绩预告，预计2025年全年归属于上市公司股东的净利润 为4.70亿元—6.30亿元，同比预减47.86%—61.10%；预计2025年全年归属于上市公司股东的扣除非经常 性损益的净利润为3.20亿元—4.80亿元，同比预减61.63%—74.42%。本报告期公司业绩同比下降，是因 为煤炭市场受供求关系影响，煤炭价格整体处于低位运行，公司煤炭售价同比有所下降；公司非煤板块 受市场环境影响，主要产品价格同比下降，整体收入减少。 ...

Core Viewpoint - The company, Jizhong Energy, anticipates a significant decline in net profit for the fiscal year 2025, projecting a range of 470 million to 630 million yuan, which represents a decrease of 47.86% to 61.10% compared to the previous year [1] Financial Performance - The net profit attributable to shareholders is expected to be between 470 million and 630 million yuan, reflecting a substantial year-on-year decline [1] - The net profit after excluding non-recurring gains and losses is projected to be between 320 million and 480 million yuan, indicating a decrease of 61.63% to 74.42% year-on-year [1] Market Conditions - The decline in performance is attributed to the coal market's supply and demand dynamics, leading to overall low coal prices [1] - The company's non-coal segment has also been adversely affected by market conditions, with major product prices decreasing year-on-year, resulting in a reduction in overall revenue [1]

证券代码：000937 证券简称：冀中能源 公告编号：2026 临-001 本报告期公司业绩同比下降，是因为煤炭市场受供求关系影响， 煤炭价格整体处于低位运行，公司煤炭售价同比有所下降；公司非煤 板块受市场环境影响，主要产品价格同比下降，整体收入减少。 冀中能源股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、本期业绩预计情况 1.业绩预告期间：2025年1月1日—2025年12月31日 | | | | 项目 | 本报告期 | | | 上年同期 | | | --- | --- | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利：47,000 | 万元–63,000 | 万元 | 盈利：120,830.17 | 万元 | | | 比上年同期下降：47.86% | | -61.10% | | | | 扣除非经常性损 益后的净利润 | 盈利：32,000 | 万元–48,000 | 万元 | 盈利：125,102.24 | 万元 | | | 比上年同期下降：61.63% | | -74 ...

Investment Rating - The report maintains an "Optimistic" rating for the coking coal industry, highlighting its strategic importance due to scarcity and irreplaceability [3][4]. Core Insights - Coking coal is recognized as a strategic resource, with its global value underscored by the U.S. Department of Energy listing metallurgical coal as a critical material. Despite recent price declines due to increased imports from Mongolia and reduced domestic steel demand, the report anticipates a reversal in supply-demand dynamics, leading to a potential price increase in the future [4][5]. - The report forecasts a significant improvement in the performance of coking coal companies as supply tightens and demand rises, particularly from developing countries. It suggests that the price of coking coal could stabilize around 2000 RMB/ton, with a range of 1500-2500 RMB/ton expected [4][5]. Global Supply - Global coking coal supply is projected to decline, with key producing countries experiencing reduced output. The report estimates a compound annual growth rate (CAGR) of -0.7% for coking coal production from 2025 to 2030 [4][5]. - In China, coking coal production is expected to decrease due to resource depletion and potential capacity exits, with a forecasted production of 59.47 million tons in 2025 [13][22]. - Russia's coking coal supply is also anticipated to decline, with production expected to drop due to severe losses in coal companies and limited domestic transport capacity [27][29]. - Australia is facing a reduction in coking coal supply as high-cost mines exit the market due to low prices and increased operational costs [34][39]. Global Demand - Global demand for coking coal is expected to rise, particularly driven by developing countries. The report predicts a CAGR of 0.9% for crude steel production from 2025 to 2030, with significant contributions from India and ASEAN countries [4][5][58]. - India's crude steel production is projected to grow at a CAGR of 6.3% from 2025 to 2030, leading to increased consumption and imports of metallurgical coal [58][59]. - The report highlights that while China's steel demand is expected to decline slightly, the overall global steel demand is anticipated to stabilize and rebound, particularly in emerging markets [55][58]. Investment Recommendations - The report suggests focusing on coking coal companies with low market capitalization per ton of coal, such as Pingmei Shenma Energy, Hengyuan Coal Power, Shanxi Coking Coal, Jizhong Energy, Lu'an Environmental Energy, and Huaibei Mining [4][5].

Group 1 - The fiberglass sector showed initial strength, with Jiuding New Materials hitting the daily limit up [1] - Other companies such as Jin'an Guoji, China Jushi, China National Building Material, and Jizhong Energy also experienced gains [1]

证券日报网讯1月6日，冀中能源（000937）在互动平台回答投资者提问时表示，截至2025年12月31日， 公司股东总数为80793户。 ...