Shanxi Meijin Energy Co., Ltd. (000723)

Individual Stock Analysis Report | Industry: Coke II / Petroleum, Coal and Other Fuel Processing Industry | Report Date: September 13, 2026 | As of the close on 2026-09-11 (Friday); the latest trading day available at the time this search was executed is 2026-09-11, and all price and capital flow data below are annotated with specific dates and sources.

This report is automatically compiled and generated by AI based on public information and is for reference only. It does not constitute investment advice.

1. Core Summary

The most decision-relevant fact about Meijin Energy is that the company remains in a state of "revenue growth but sustained losses." In H1 2026, it achieved operating revenue of RMB 8.609 billion, up 4.41% year-on-year, with a net loss attributable to shareholders of RMB 599 million, a narrowing of losses by 11.11% year-on-year, and a gross margin of only 1.68%. The coal-coking business contributed 97.90% of revenue but had a gross margin of only 2.57%, while the new energy business accounted for only 2.10% of revenue with a gross margin of -39.68%. The company's core profitability still depends on the coking coal–coke price spread, not the hydrogen energy business.

The company has a coke production capacity of 10.95 million tonnes per year, 4 operating coal mines, and an integrated "coal–coke–gas–chemicals–hydrogen" layout, with total coke output of 3.7281 million tonnes in H1 2026. However, its own clean coal output remains at roughly one-third of its coking scale, and the company still relies heavily on purchased coking coal. Meanwhile, the coke industry suffers from overcapacity and intense competition, with both upstream coking coal suppliers and downstream steel customers possessing strong bargaining power, leaving the company with limited pricing power in the midstream of the industrial chain.

The hydrogen energy business remains in the investment and cultivation stage, with revenue declining 13.98% year-on-year in H1 2026 and recording significant losses. The company has terminated certain fundraised projects for hydrogen fuel cell power systems and commercial vehicle components and permanently replenished working capital with the remaining raised funds, though the company states its hydrogen energy strategic layout remains unchanged. In 2025, the company recorded operating revenue of RMB 17.969 billion and a net loss attributable to shareholders of RMB 1.123 billion, paid no cash dividends, and in H1 2026 net assets attributable to shareholders fell to RMB 12.456 billion.

As of September 11, 2026, the company's stock closed at RMB 3.76, approximately 36% below the 52-week high of RMB 5.87 but still above the 52-week low of RMB 3.19. The stock price is simultaneously below MA5, MA10, and MA20, MACD has weakened, and the 5-day cumulative DDX is negative, indicating net outflow of short-term capital. The current price is below the average chip cost of RMB 4.03, and the technical picture is weak in the short term. The company's total market capitalization is approximately RMB 16.557 billion, with a PB of approximately 1.37x, but since the company remains in a loss-making state, the PE metric is not meaningful for reference.

2. Company Overview

2.1 Basic Information

2.2 Main Business and Product Layout

• Coal-coking industry (coke + coal, absolute core business): Revenue of RMB 8.428 billion as of 2026-06-30, accounting for 97.90%, gross margin 2.57%; revenue of RMB 8.035 billion as of 2025-06-30, accounting for 97.45%, gross margin 2.36%
• New energy/hydrogen: Revenue of RMB 181.1 million as of 2026-06-30, accounting for 2.10%, gross margin -39.68%; revenue of RMB 210.5 million as of 2025-06-30, accounting for 2.55%, gross margin -15.85% (revenue share of only about 2% and in a loss-making state; hydrogen is currently a strategic layout rather than a profit source)
• Regional structure (2026H1): North China revenue of RMB 6.779 billion (78.74%, gross margin 4.06%) is dominant, East China RMB 688 million (7.99%, 2.10%), Southwest RMB 429 million (4.98%, -33.81%), Northeast RMB 396 million, Central China RMB 207 million; North China is highly concentrated, consistent with Shanxi's coking industry location characteristics

2.3 Industry Chain Position and Cost-Profit Structure

Meijin Energy describes itself as one of the largest (independent) merchant coke and coking coal producers in China, with a complete integrated "coal-coke-gas-chemicals-hydrogen" industrial chain. However, based on the latest interim report, coking + coal remains the absolute core business (approximately 98% of revenue), while the hydrogen/new energy vehicle business accounts for only about 2% of revenue and is in a loss-making state. The company effectively occupies a midstream processing position in the "coking coal-coke" price spread, squeezed from both sides by upstream coking coal prices and downstream steelmaker price pressure, with weak pricing power of its own. The following upstream/downstream/working capital/gross margin trends all revolve around this structure.

• Main raw material is coking coal (clean coal): The annual report discloses that purchased clean coal is primarily prime coking clean coal and lean-lean coking clean coal (including lean clean coal); procurement sources include Lüliang City and Jinzhong City in Shanxi Province, as well as Hebei and Shaanxi; the company adopts a "sales-based procurement" model and states that due to the abundant coal resources in its region, procurement has "a certain degree of stability and price advantage." (Source: Tonghuashun F10 business review)
• Self-supplied portion: Clean coal produced from the company's four operating coal mines (total approved capacity of 6.30 million tonnes/year) is preferentially supplied to its own coking production, with some sold externally. 2025 clean coal output was 4.0017 million tonnes (of which Fenxi Taiyue 885,800 tonnes, Dongyu 433,100 tonnes, and Jinfu 474,800 tonnes are 2025H1 per-mine data). Compared with coke production capacity of 10.95 million tonnes/year, the self-sufficiency rate is roughly one-third, and the company remains highly dependent on purchased coking coal.
• Bargaining power assessment: Coking coal is a bulk commodity, and the upstream coking coal industry has high concentration (Shanxi Coking Coal and others are concentrated on the coking coal side). As a coking enterprise, the company is essentially a price-taker on the raw material side; self-produced coal plus long-term contracts/regional procurement can partially smooth costs but cannot dictate coal prices. Industry research also points out that "the coking industry's upstream products have low differentiation and high forward integration, giving suppliers strong bargaining power." (Source: Forward Industry Research Institute, "2026 China Coke Industry Competitive Landscape," reposted from Sohu Finance)
• Coke is mainly sold to large steel enterprises, with customers concentrated in North China, East China, and Central China. The annual report names long-term cooperative customers: Zongheng Steel, Benxi Steel, Hebei Xinda, Shanxi Jianlong, Yanshan Steel, Hebei Jingye, Hegang, etc. (Source: 2025 annual report summary)
• Customer concentration: In 2025, the top five customers combined sales of RMB 5.055 billion, accounting for 28.13% of operating revenue; breakdown: Hegang Group and related parties RMB 1.95573 billion (10.88%), Jizhong Energy Group and related parties RMB 1.27078 billion (7.07%), Shanxi Meijin Steel and related parties RMB 943.34 million (5.25%), Sichuan Jiaye Investment RMB 463.36 million (2.58%), Xiamen Xiashang Minsheng Trading RMB 421.60 million (2.35%).
• Limitation of customer concentration data: The top five customer breakdown comes from a third-party data site (Chaguwang) and could not be cross-verified item by item against the original annual report PDF; please refer to the latest annual report. Among them, "Shanxi Meijin Steel" is a related party, involving related-party transactions.
• Structural bargaining dynamics: The steel industry's concentration continues to increase, and steel mills' bargaining power over coke procurement and pricing is strengthening — at the industry level, coking enterprises have weak bargaining power over downstream. This differs from the automotive parts "annual price reduction" model; coking is a "market-driven bulk commodity + strong downstream steel mills pressing prices" situation. (Source: Forward Industry Research Institute)
• Highly concentrated accounts receivable: At the end of 2025, the top five accounts receivable and contract assets aggregated by debtor totaled RMB 863.9 million, accounting for 74.69% of the total accounts receivable + contract assets at period-end. Breakdown: Hebei Qingtian Energy Technology Co., Ltd. RMB 401.9 million (34.71%, bad debt provision RMB 28.71 million), Shanxi Meijin Steel and related parties RMB 251.8 million (21.75%), Shanxi Hongchuang Logistics RMB 109.7 million (9.48%), Yangmei Group Taiyuan Chemical New Materials RMB 56.1 million (4.85%), Hegang Group and related parties RMB 45.1 million (3.90%) (Source: 2025 annual report full text, "Top five accounts receivable by debtor at period-end"). Interpretation: Receivables are concentrated among a few customers (including related parties and hydrogen business counterparties). The No. 1 debtor, Hebei Qingtian Energy, alone accounts for RMB 402 million in receivables with a bad debt provision of RMB 28.71 million, pointing to higher collection risk in the hydrogen vehicle sales segment; meanwhile, the top five accounting for nearly 75% indicates concentrated counterparties and passive payment terms. Overall, the company occupies a midstream processing position between upstream and downstream — "passive buying coal upstream, also relatively passive selling coke downstream" — with working capital occupied from both directions. Uncertainty: No official "accounts receivable turnover days" figure disclosed in the 2025 annual report was found in this search; the above is period-end balance structure, not turnover ratio, and the two cannot be directly equated.
• Customer concentration (downstream): In 2025, the top five customers combined sales of RMB 5.055 billion, accounting for 28.13% of operating revenue; breakdown: Hegang Group and related parties 10.88%, Jizhong Energy Group and related parties 7.07%, Shanxi Meijin Steel and related parties 5.25%, Sichuan Jiaye Investment 2.58%, Xiamen Xiashang Minsheng Trading 2.35%. Data source year is 2025, single source (third-party data site Chaguwang), could not be cross-verified item by item against the original annual report PDF; this data has a single source and could not be cross-verified, please refer to the latest annual report for specifics; among them, "Shanxi Meijin Steel" is a related party, involving related-party transactions. Accounts receivable concentration: At the end of 2025, the top five accounts receivable and contract assets totaled RMB 863.9 million, accounting for 74.69% (Source: 2025 annual report full text). Industry concentration reference: Forward Industry Research Institute states that in 2025, on a regional basis, CR3 approached 40%, CR5 55.83%, CR10 77% (note: this basis leans toward "regional/provincial" concentration, not enterprise concentration); at the enterprise level, it remains highly fragmented — in 2024, leader Meijin Energy's market share was only 1.37%.

Meijin Energy occupies a position in the midstream-left (resources + processing) of the smile curve: it has more than a pure coal-buying processing plant with its own coal mines and "coal-coke-gas-chemicals-hydrogen" integration, but its core profit source (coke, approximately 98% of revenue) is essentially a midstream processing business of the "coking coal-coke" price spread with low value-added (2026H1 coal-coking gross margin only 2.57%), squeezed from both sides by upstream coking coal prices and downstream steelmaker price pressure, with weak pricing power. The real drivers for future gross margin improvement lie in: ① coking coal-coke spread recovery (coal price decline on the cost side); ② own coal mines reaching full production to increase clean coal self-sufficiency and lock in costs; ③ deep processing of by-products (coke oven gas to hydrogen, ethylene glycol, LNG and other chemicals) to increase value-added; ④ hydrogen business loss reduction. Hydrogen is still in the investment phase and drags down overall profit margins, and does not constitute a current source of profit improvement.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

The most recent financial report is the 2026 interim report (as of 2026-06-30, disclosed 2026-08-26). Multiple sources cross-verify consistently; high credibility. Note: H1 net profit (including minority interests) is approximately -RMB 607 million, slightly different from the attributable figure of -RMB 599 million (minority interests loss approximately RMB 8 million). In 2024, accounting standard changes resulted in data restatement, and different platforms' net profit bases (attributable vs. including minority interests) differ slightly (e.g., 2025 full-year attributable -RMB 1.123 billion vs. quarterly sum of approximately -RMB 1.225 billion); basis must be noted when citing. Sources: Jiemian News, Stockstar, China Fund News, Sina Finance, East Money, etc.

The company is currently in a loss-making state. 2026H1 revenue was RMB 8.609 billion, +4.41% year-on-year, with net profit attributable to shareholders of -RMB 599 million, loss narrowed 11.11% year-on-year. In terms of earnings quality: operating profit -RMB 792 million (prior-year period -RMB 886 million), total profit -RMB 796 million (prior-year period -RMB 908 million), gross margin only 1.68%, ROE -4.81%, debt-to-asset ratio 65.81%, net cash flow from operating activities +RMB 679 million (-19.52% year-on-year). By segment: 2026H1 coal-coking industry revenue RMB 8.428 billion (97.90%, gross margin 2.57%); new energy industry revenue RMB 181.1 million (2.10%, -13.98% year-on-year, gross margin -39.68%, continued losses); the new energy segment remains a drag. 2025 quarterly net profit (East Money, including minority interests): Q1 -RMB 359 million / Q2 -RMB 315 million / Q3 -RMB 63 million / Q4 -RMB 488 million.

3.2 Earnings Forecast

The above forecasts are from Kaiyuan Securities (Zhang Xucheng, 2025-08-29, 'Overweight'), the latest and most specific single-broker forecast available. Sources: East Money research reports, Stockstar research report express. The Dazhihui institutional rating page lists the 2026 forecast as Kaiyuan Securities 'Overweight/EPS RMB 0.03/net profit RMB 141 million,' plus Guohai Securities (2024-11-07) 'Neutral/EPS RMB 0.12/net profit RMB 541 million' (older data). The East Money industry comparison page shows 2026E/2027E/2028E EPS and revenue growth forecasts all as '--' (no consensus estimate data yet), with 3-year compound EPS growth rate of -178.34%. Third-party platform coverage is extremely limited: Simply Wall St explicitly states "insufficient analyst coverage to provide reliable future revenue/earnings forecasts"; Investing.com has only 1 analyst covering. Main limitations: ① single broker, not multi-institution consensus; ② report date is 2025-08-29, earlier than the 2026 interim report, and does not reflect the actual situation of H1 2026 still losing RMB 599 million, so the 2026 forecast credibility has been discounted. The stock has low institutional coverage and lacks reliable 2-3 year multi-institution consensus estimates; it should be viewed as highly uncertain.

3.3 Valuation Levels and Institutional Ratings

Valuation levels (as of approximately end-August to early September 2026): Total market capitalization approximately RMB 16.56–17.13 billion (two snapshots from East Money industry comparison page; also AAStocks old value of RMB 21.665 billion, marked last updated 2025/12/08, outdated); float market capitalization approximately RMB 16.53–17.10 billion; total share capital approximately 4.404 billion shares. Stock price approximately RMB 3.86–3.99 (Eulerpool recorded RMB 3.86 on 2026-09-04; Investing.com ZA RMB 3.99 +2.31%); 52-week range RMB 3.19–5.87. In terms of valuation multiples: The company is currently in a loss-making state (TTM attributable approximately -RMB 1 billion range), PE(TTM) is negative and meaningless; the third-party "PE 386x" (Eulerpool) is a distorted basis based on minimal positive expected earnings and should not be used as reference. PB estimated at approximately 1.2–1.4x: using market cap of RMB 16.56 billion / attributable net assets (attributable net assets at end-2024 of RMB 14.451 billion, expected to be lower after continued losses in 2025-2026) → PB approximately 1.15–1.4; hx168 F10 shows 2026H1 net assets per share of RMB 2.74, EPS of -RMB 0.14. PB is an estimated value; different bases vary significantly and the latest financial report should prevail. Eulerpool gives a price-to-sales ratio (PS) of approximately 0.86x and Fair Value of RMB 3.71. Main uncertainties: The current time point, inferred from available information, is early Q3 2026 (latest report 2026H1, latest price data 2026-09-04); if the actual date differs, prices/market cap need to be re-retrieved; earnings forecasts are scarce with no multi-institution consensus; target price divergence is extremely large and source reliability is low; it is recommended to adopt only the minimum consensus of "Overweight/Buy, target price approximately RMB 5" and note that very few institutions cover it; valuation metric bases are confusing, losses render PE ineffective, PB fluctuates between 1.15–1.4 due to different net assets/bases, and market cap/stock price sources and dates differ, requiring unification to the same trading day. Technical/capital flow (not expanded in this section): East Money page shows approximately +4.16%~7.46% over the past month, approximately -25%~-27% over the past 6 months, and approximately -17%~-20% year-to-date, which can serve as background reference.

4. Recent News and Announcements

4.1 Board of Directors Completes Re-election and Appoints Senior Management (September 2026)

On 2026-09-11, the 2026 Third Extraordinary Shareholders' Meeting was held, completing the board re-election. It approved the election of Yao Jinlong, Yao Junqing, Yao Jinli, Zheng Caixia, and Zhao Jia as non-independent directors, Wang Baoying, Liu Xiaoming, and Yao Xiaomin as independent directors, and approved proposals including the purchase of D&O liability insurance; Lin Shuai was elected as employee representative director of the 11th Board of Directors through the employee representative assembly. On the same day, the 11th Board's first meeting was held, electing Yao Jinlong as Chairman; appointing Yao Junqing as President, Yao Jincheng, Yao Ning, and Zhu Jinbiao as Vice Presidents, Zheng Caixia as CFO, Zhao Jia as Board Secretary, Li Yanlong as Chief Engineer, and Du Zhaoli as Securities Affairs Representative. Announcement No. 2026-083, announcement date 2026-09-12. This item is cross-verified by multiple authoritative sources; high credibility.

4.2 2026 Interim Report: Revenue RMB 8.609 billion, Net Profit Attributable to Shareholders -RMB 599 million

Disclosure date 2026-08-26. Operating revenue RMB 8.609 billion, +4.41% year-on-year; net profit attributable to shareholders -RMB 599 million (prior-year period -RMB 674 million, loss narrowed 11.11% year-on-year); net profit excluding non-recurring items -RMB 644 million (loss narrowed 5.17% year-on-year); basic EPS -RMB 0.14. Total assets RMB 41.129 billion, -2.51% from year-end; net assets attributable to shareholders RMB 12.456 billion, -4.84% from year-end; net cash flow from operating activities RMB 679 million, -19.52% year-on-year. Half-year structure: coal-coking industry revenue RMB 8.428 billion (97.90%, +4.90% year-on-year), gross margin only 2.57%; new energy industry revenue RMB 181 million (2.10%, -13.98% year-on-year), gross margin -39.68% (significant decline of approximately 23.83 percentage points year-on-year). Total coke output 3.7281 million tonnes (-0.74% year-on-year), clean coal output 1.3388 million tonnes. Asset impairment losses including inventory write-downs of RMB 96.3643 million; associate/joint venture investment losses of RMB 22.3901 million; government subsidies of RMB 56.01 million. Multiple sources data consistent; high credibility.

4.3 2025 Annual Report: Revenue RMB 17.969 billion, Net Profit Attributable to Shareholders -RMB 1.123 billion, No Cash Dividend Distribution

Disclosure date 2026-04-25, announcement No. 2026-024. 2025 revenue RMB 17.969 billion, -5.58% year-on-year; net profit attributable to shareholders -RMB 1.123 billion (approximately -RMB 1,123,140,100). 2024 net loss of RMB 1.143 billion (-495.31% year-on-year). The 2025 profit distribution plan is no cash dividend, no bonus shares, no conversion of capital reserve to share capital (due to the year's loss). 2025 asset impairment provisions totaled RMB 315,638,230.98 (approximately RMB 316 million).

4.4 2025 Annual Earnings Preview (Disclosed 2026-01-16)

According to Sohu Stock's "Major Events Memo" record, the announcement date is 2026-01-16 (SZSE announcement, earnings forecast). Limitation: This search did not retrieve the specific loss range figures from the earnings preview announcement text; only the fact of "disclosed on 2026-01-16" is confirmed. It is recommended to refer to the original announcement on SZSE/cninfo.

4.5 Share Buyback: No New Buyback Announcements Recently; Buyback Incorporated into "Market Value Management System" Framework

The company's previous buyback was implemented from late 2023 to early 2024, with cumulative repurchases of approximately 29,275,957 shares. As of mid-July 2026 (company interactive platform response, 2026-07-14), no announcement of launching a new round of buybacks has been made; the company states that share buybacks have been incorporated into the "Market Value Management System" framework, and "whether to launch a new buyback plan in the future will be comprehensively evaluated based on operating conditions, market changes, and capital arrangements." Responses on July 24 and August 6 were consistent. Conclusion: No new buyback announcements recently; the market focus is on whether buybacks will restart. The above data comes from investor interactive platform responses (Board Secretary basis) and represents historical cumulative values, not new buyback announcements.

4.6 Director and Senior Management Shareholding Increases and Market Value Management

Some directors and senior management completed a round of shareholding increase plans in H2 2024, with cumulative increases of 7,065,400 shares (2026-05-28 interactive response basis). The company formulated and disclosed the "Market Value Management System" in April 2025. The above data comes from investor interactive platform responses (Board Secretary basis) and represents historical cumulative values, not new announcements.

4.7 Major Shareholder Pledge: Disclosure on 2025-05-09 of Partial Release of Pledge by Largest Shareholder

On 2025-05-09, "Announcement on Partial Release of Pledge by the Largest Shareholder" was disclosed (Sohu announcement list).

4.8 "Meijin Convertible Bond" Conversion Price Downward Revision Completed (Disclosed 2026-07-17)

The downward revision of the conversion price of "Meijin Convertible Bond" (127061) has been completed; the company disclosed the "Announcement on Downward Revision of the Conversion Price of 'Meijin Convertible Bond'" on 2026-07-17 (Announcement No. 2026-067).

4.9 "Meijin Convertible Bond" Redemption Reminder Announcements and Credit Rating Maintained

Convertible bond redemption: Multiple "Reminder Announcements on Meijin Convertible Bond Redemption" were disclosed in December 2025 (second 2025-12-02, third 2025-12-04). On 2025-12-24, the rating agency maintained the company's entity and Meijin Convertible Bond credit ratings. Additionally, there is the "2025 First Bondholders' Meeting Resolution Announcement" (related to November 2025).

4.10 Termination of Certain Fundraised Investment Projects and Permanent Replenishment of Working Capital with Remaining Raised Funds

The 2025 Fourth Extraordinary Shareholders' Meeting (2025-11-25) approved "Regarding the Termination of Certain Fundraised Investment Projects and Permanent Replenishment of Working Capital with Remaining Raised Funds" (Announcement 2025-123). According to company interactive responses, the terminated project is the convertible bond fundraised project "Hydrogen Fuel Cell Power System and Hydrogen Fuel Commercial Vehicle Components Production Project (Phase I, Stage 1)." The company states this is a fundraised investment adjustment after careful assessment in light of regional industrial policies and technology roadmaps, and "does not mean stopping investment in the hydrogen energy business; the hydrogen energy strategic layout remains unchanged." The specific fundraised amount involved in the terminated project was not retrieved in this search.

4.11 Joint Establishment of Equity Investment Fund (Progress Announcements)

Multiple "Progress Announcements" were published from October to December 2025 (Sohu announcement list: 2025-11-01, 2025-11-29, 2025-12-31, etc.). The original figure for the equity investment fund size was not retrieved in this search.

4.12 Participation in Public Recruitment of Reorganization Investors for Changjiang Pharmaceutical Holding Co., Ltd.

"Progress Announcement" published on 2025-05-08.

4.13 H-Share Listing Preparation: Shareholders' Meeting Approves Engagement of H-Share Issuance and Listing Auditor

The 2025-09-17 extraordinary shareholders' meeting agenda included "Proposal on Engaging H-Share Issuance and Listing Auditor," indicating the company has actions toward planning an H-share issuance and listing in Hong Kong. Further original details on H-share listing progress were not retrieved in this search.

4.14 Related-Party Guarantee Passively Formed Due to Change in Consolidation Scope

The 2025 Fifth Extraordinary Shareholders' Meeting on 2025-12-26 approved "Proposal on Related-Party Guarantee Passively Formed Due to Change in Consolidation Scope" (Announcement No. 2025-137, 2025-12-26).

4.15 Cancellation of Supervisory Board and Amendment of Articles of Association and Series of Governance Systems

The 2025-09-17 shareholders' meeting approved the cancellation of the supervisory board and amendment of the Articles of Association and a series of governance systems.

4.16 Shareholders' Meeting Timeline

2025-02-21: Reviewed routine related-party transactions, guarantee limit projections, financial assistance extensions, etc. 2025-04-24: 2024 Annual Shareholders' Meeting. 2025-08-20: Reviewed extension of financial assistance from Huasheng Chemical to Hongchuang Logistics. 2025-09-17: Reviewed cancellation of supervisory board, amendment of series of systems, replacement of independent directors, purchase of D&O liability insurance, engagement of H-share auditor, etc. 2025-11-25: 2025 Fourth Extraordinary Shareholders' Meeting, approved termination of certain fundraised projects and permanent working capital replenishment (Announcement 2025-123). 2025-12-26: 2025 Fifth Extraordinary Shareholders' Meeting, approved related-party guarantee passively formed due to change in consolidation scope (Announcement 2025-137). 2026-09-11: 2026 Third Extraordinary Shareholders' Meeting, board re-election.

4.17 Uncertainty and Limitations Statement

1. Time point assessment: The latest confirmable announcement date is 2026-09-12 (board re-election related); this memo's "recent" is primarily 2026, and if the report base date differs, the latest announcements shall prevail. 2. 2025 annual earnings preview text figures not retrieved: Only the fact of disclosure on 2026-01-16 is confirmed; specific loss range figures should be verified against cninfo/SZSE original announcements; this point was not cross-verified and is marked as pending. 3. Buyback/shareholding increase data comes from investor interactive platform responses (Board Secretary basis) and represents historical cumulative values (buyback 29,275,957 shares, shareholding increase 7,065,400 shares), not new buyback announcements; as of the search time point, no formal announcement of launching a new buyback round in 2026 was found. 4. Some announcement details (such as equity investment fund size, H-share listing progress, specific fundraised amounts involved in terminated projects) were not retrieved as original figures in this search; only the existence of matters and progress milestones are confirmed. 5. Financial data is subject to company periodic report disclosures; 2026 interim report data is cross-verified by multiple financial media with high credibility; annual/quarterly data sources are annual report summaries and media compilations; for precision to decimal places, please verify against original PDFs.

5. Stock Price Trend and Technical Analysis

5.1 Price Overview

5.2 Technical Indicators

As of the close on 2026-09-11, Meijin Energy closed at RMB 3.76, down 3.84% for the day on declining volume (volume 886,600 lots, below 5-day/10-day average volume). The closing price simultaneously fell below MA5 (3.83), MA10 (3.84), and MA20 (3.80), with short-to-medium-term moving averages forming early signs of bearish alignment; MACD histogram turned negative, DIF crossed below DEA, and the Jiufang Zhitou basis notes a death cross above the zero line on September 4; RSI also formed a death cross on September 11 and crossed below 50. Short-term technical weakening characteristics are relatively consistent (East Money Qiangu Qianping basis is relatively milder, only stating MACD/RSI/BOLL show no obvious signals yet; both are directionally consistent but differ in wording). Current price RMB 3.76 is below the average chip cost of RMB 4.03, near the lower edge of the 70% cost range of 3.56~4.54, and also below the most recent 1-day main force cost of RMB 3.79 and the most recent 20-day main force cost of RMB 3.84; recently entered capital is in a slight unrealized loss state. In terms of capital flow, on September 10 during a volume rebound, main force had a slight net inflow of RMB 15.8063 million; on September 11 during the declining volume decline, main force turned to net outflow of RMB 36.8194 million (10.97% of total turnover) while retail had net inflow of RMB 31.2534 million. Over the past week, main force capital has been generally weak with no sustained entry characteristics. In terms of position sense, current price is approximately -36% from the 52-week high of RMB 5.87 and approximately +17.9% from the 52-week low of RMB 3.19. Note: Precise Bollinger upper/middle/lower band values were not obtained in this search, and the inferred values in the text are estimates and should not be used as precise levels; specific RSI readings were not obtained from reliable sources in this search; equity pledge ratio of 37.37% (as of 2026-08-28) is a chip structure risk point.

5.3 Short-Term Trend Outlook (Next One Week, Scenario Analysis, for Reference Only)

⚠️ Risk Warning: The following content is solely subjective scenario analysis based on public data; weights are subjective experiential judgments based on the current technical and capital flow landscape, not statistical probabilities, and do not constitute investment advice. Please independently judge based on the latest market information and bear investment risks yourself.

① Key Technical Levels

② Next One Week Scenarios (Subjective Weights, Not Statistical Probabilities)

• Range-bound consolidation (relatively higher weight, approximately 60% (subjective experiential weight, not statistical probability)): Price repeatedly digests within the RMB 3.70~3.84 range, corresponding to narrow-range fluctuations above the intraday low of RMB 3.73 and below MA5/MA10 (3.83~3.84); trigger conditions are turnover maintained within the recent normal range of RMB 330–490 million, no systemic movement in the coal sector, and no new catalyst news; under this scenario, moving averages remain suppressive, MACD and RSI weak signals need time to repair, and the average chip cost of RMB 4.03 has not yet been reached.
• Weaker downside (medium weight (subjective experiential weight, not statistical probability)): If the first support of RMB 3.70~3.73 is effectively broken, and the strong support zone of RMB 3.52~3.56 is further lost, then the downside space opens to test the lower edge of the 90% chip cost range at RMB 3.41 and even the 52-week low of RMB 3.19; trigger conditions are broad market or coal sector weakness, main force capital continuing the net outflow trend of 2026-09-11 (net outflow of RMB 36.8194 million that day, 10.97% of total turnover), or new negative news; note that the equity pledge ratio of 37.37% (as of 2026-08-28) is a chip structure risk point, and if the stock price continues to decline, related pressure may increase.
• Rebound strengthening (relatively lower weight (subjective experiential weight, not statistical probability)): If volume recovers and the MA5/MA10 zone of RMB 3.83~3.84 is recovered and held, then there is potential for recovery toward the average chip cost of RMB 4.03 and the upper edge of the 70% cost range at RMB 4.54; trigger conditions are overall strength in the coal/coke sector, or fundamental catalysts (such as continued coke price increases and other news factors), accompanied by turnover significantly expanding above the upper edge of the recent normal range (referencing the active levels of RMB 487 million on September 10 and 4.35% turnover rate on September 1); before that, the technical picture remains dominated by early signs of bearish alignment, and the sustainability of any rebound needs volume confirmation.

③ Capital and Liquidity Background

Liquidity background (all data annotated with dates and sources): 2026-09-11 turnover rate 2.02%, turnover RMB 335.7 million; over the past week, turnover range was approximately RMB 336–487 million (September 11: RMB 336 million; September 10: RMB 487 million); on September 1, turnover rate reached 4.35%. Recent main force capital shows weak and non-sustained characteristics: September 10 main force net inflow of RMB 15.8063 million (3.25%), September 11 main force net outflow of RMB 36.8194 million (10.97% of total turnover), with retail net inflow of RMB 31.2534 million during the same period; 5-day cumulative DDX=-0.024 (large order net outflow). East Money Qiangu Qianping shows institutional participation of 26.16%, moderate control; most recent 1-day main force cost RMB 3.79, most recent 20-day main force cost RMB 3.84, current price RMB 3.76 below both cost bases. Year-to-date, only 1 appearance on the Dragon-Tiger List, most recently on August 19, with net buying of RMB 48.4426 million that day (total buying RMB 126 million, 17.69% of turnover; total selling RMB 77.8182 million, 10.90%). Regarding shareholder structure: This research memo does not provide top ten shareholder concentration, public fund/social security/QFII and other institutional holder lists and percentage data; this field is missing data, making it impossible to judge institutional holdings and controlling shareholder/PE-type holder composition, and therefore no inference is made. Chip structure information available in the memo: As of 2026-08-28, total pledge ratio 37.37%, total pledged shares 1.646 billion, total pledge transactions 67 (also lists 2026-08-21 total pledge ratio 37.3%); this pledge data is as of 2026-08-28 and the structure may have changed since; note the time lag and do not treat as the latest status. The above liquidity data indicates that the stock has moderate trading activity within the small-to-mid-cap range, with short-term capital lacking sustained entry characteristics; investors should note main force capital reversals and order book impact costs in actual trading.

Volume confirmation signal: If single-day turnover continues to expand above RMB 490 million (referencing the stock's September 10 stage high volume of RMB 487 million and the active level of 4.35% turnover rate on September 1, which is outside the upper edge of the stock's own recent trading range), it can be viewed as a capital entry signal; conversely, if turnover continues below RMB 340 million (referencing September 11's RMB 335.7 million) while the stock price remains constrained by the RMB 3.83~3.84 moving average zone, then the short-term weak pattern remains unchanged.

④ Points of Attention (Observation Thoughts Only, Not Operational Instructions)

• Watch whether the RMB 3.80~3.84 moving average dense zone (MA20/MA5/MA10) can be effectively recovered and held — this is the first observation point for judging whether the early signs of short-term bearish alignment have been reversed.
• Watch the gain/loss of the first support at RMB 3.70~3.73 and the strong support zone at RMB 3.52~3.56; if strong support is effectively broken, the downside reference is the lower edge of the 90% chip cost range at RMB 3.41 and the 52-week low of RMB 3.19.
• Watch whether turnover can expand to the volume confirmation signal above RMB 490 million, and whether main force capital can shift from net outflow to sustained net inflow (2026-09-11 main force net outflow of RMB 36.8194 million).
• Note chip structure-related matters: Total equity pledge ratio of 37.37% (as of 2026-08-28 basis, subject to time lag), and the impact of missing top ten shareholder concentration and institutional holdings data that could not be assessed.
• All of the above are observation thoughts only, not operational instructions, and do not constitute any buy or sell recommendations; investors should independently judge based on the latest market information and bear investment risks themselves.

The above scenario analysis is based on 2026-09-11 closing data and historical price and technical indicator calculations. Short-term stock prices will also be affected by multiple factors including news, capital flows, and broad market environment. Technical indicators themselves have lag and limitations, do not guarantee actual future trends, and do not constitute buy or sell recommendations. Please independently judge based on the latest market information and bear investment risks yourself.

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

Industry total: There are approximately 500+ coking production enterprises nationwide, with total coke production capacity of approximately 630 million tonnes (conventional coke ovens 550 million tonnes + semi-coke 70 million tonnes + heat recovery coke ovens 10 million tonnes, per the "Coking Industry '14th Five-Year' Development Plan Outline" basis). The industry has low technical barriers, dispersed capacity, overall overcapacity, and is a perfectly competitive market. Output: 2025 national coke output of 50.4121 million tonnes (+2.9% year-on-year), monthly average of 4.20101 million tonnes; institutions forecast approximately 513 million tonnes in 2026. Structure: Steel integrated coking enterprises + independent coking enterprises + coal enterprise affiliated coking plants coexist; the core competitiveness of independent coking enterprises lies in by-product deep processing and coke oven gas recycling; the longer the product chain and the higher the value-added, the greater the advantage. Industry profitability: Founder Securities research report, 2024 coke sector revenue of RMB 72 billion (-14.2% year-on-year), net profit attributable to shareholders loss of RMB 3.56 billion (-305.6% year-on-year), industry-wide losses.

6.2 Competitive Landscape

• Concentration: Forward Industry Research Institute states that in 2025, on a regional basis, CR3 approached 40%, CR5 55.83%, CR10 77% (note: this basis leans toward "regional/provincial" concentration, not enterprise concentration; at the enterprise level, it remains highly fragmented — in 2024, leader Meijin Energy's market share was only 1.37%).
• Five Forces: Upstream (coking coal) strong bargaining power → company passive in buying coal; downstream steel mills increasing concentration and strong bargaining power → company passive in selling coke; intense intra-industry competition; low threat of new entrants (capacity reduction/environmental protection); low substitution threat.
• Competitive tiers (by 2024 coke output): Annual output >5 million tonnes: Shaanxi Heimao, Meijin Energy, Kailuan Energy Chemical (Shaanxi Heimao, Meijin Energy exceed 6 million tonnes); 1–5 million tonnes: Shanxi Coking, Yunnan Coal Energy, Jinneng Science & Technology, Antai Group; <1 million tonnes: Baotailong, etc.
• Industry profitability: 2024 coke sector revenue of RMB 72 billion (-14.2% year-on-year), net profit attributable to shareholders loss of RMB 3.56 billion (-305.6% year-on-year), industry-wide losses (Source: Founder Securities research report).
• 2025 national coke output of 50.4121 million tonnes (+2.9% year-on-year), monthly average of 4.20101 million tonnes; institutions forecast approximately 513 million tonnes in 2026 (Source: AskCI Consulting).

6.3 Main Competitors

In terms of output tier, Meijin Energy belongs to the first tier of coke producers with annual output exceeding 6 million tonnes (alongside Shaanxi Heimao and Kailuan Energy Chemical), but its 2024 market share was only 1.37%, with the industry highly fragmented at the enterprise level and no significant pricing power even for leaders. Compared with peers: China Risun Group is far ahead with 23.70 million tonnes of capacity and is Hong Kong listed with vertical integration + global marketing; Shanxi Coking relies on Shanxi Coking Coal Group and still achieved net profit attributable to shareholders of RMB 260 million in 2024, one of the few profitable players; Jinneng Science & Technology has a diversified coke + fine chemicals product structure and was profitable against the trend in 2025Q1. Meijin Energy's differentiation lies in "coal-coke-gas-chemicals-hydrogen" integration and advanced hydrogen energy layout, but its current coking core business profitability is at the low end of the industry (2026H1 coal-coking gross margin 2.57%), and the hydrogen segment is still in the investment phase, dragging down overall profit margins; its "hydrogen leader" narrative should be evaluated with the caveat that current hydrogen revenue share is only about 2% and gross margin is negative.

7. Risk Warnings

• Risk of continued narrowing of the coking coal–coke price spread: The coal-coking business accounted for 97.90% of H1 2026 revenue but had a gross margin of only 2.57%; the company remains highly dependent on purchased coking coal, and rising upstream coking coal prices or downstream steelmaker price pressure could further compress per-tonne coking profit.
• Risk of continued losses in the core business: The company recorded net losses attributable to shareholders of RMB 1.143 billion and RMB 1.123 billion in 2024 and 2025 respectively, and still lost RMB 599 million in H1 2026. If the coking industry's strong supply/weak demand pattern continues, profit recovery may fall short of forecasts.
• Risk of hydrogen business impairment and continued losses: In H1 2026, new energy business revenue was only RMB 181 million, accounting for 2.10%, with a gross margin of -39.68% and revenue declining 13.98% year-on-year; if vehicle sales, hydrogen production, hydrogen refueling station operations, and collections do not improve, hydrogen investment may continue to drag down overall profits.
• Risk of concentrated accounts receivable and collection: At end-2025, the top five accounts receivable and contract assets accounted for 74.69% of the relevant balance, with Hebei Qingtian Energy alone accounting for approximately RMB 402 million in receivables and a bad debt provision of approximately RMB 28.71 million; if related customer collections are further delayed, bad debt losses and cash flow pressure may increase.
• Risk of asset impairment: The company recorded total asset impairment provisions of approximately RMB 316 million in 2025 and approximately RMB 96.36 million in inventory write-downs and other asset impairment losses in H1 2026; if coke prices, inventory values, or related project operations continue to deteriorate, additional impairment may still arise.
• Risk of debt servicing and financing pressure: The debt-to-asset ratio was 65.81% in H1 2026, and net assets attributable to shareholders declined 4.84% from year-end; meanwhile, the "Meijin Convertible Bond" has completed a downward revision of its conversion price, and the company also has matters including redemption reminders, related-party guarantees, and termination of certain fundraised projects to replenish working capital; financing arrangements and fund utilization require continued attention.
• Risk of equity pledge and market volatility: As of August 28, 2026, the company's total equity pledge ratio was 37.37%, with total pledged shares of approximately 1.646 billion; as of September 11, 2026, the stock price fell below short-term moving averages and main force capital had a net outflow of RMB 36.8194 million; if the stock price continues to decline, market volatility and pledge-related pressure may increase.
• Risk of earnings forecast and valuation distortion: The company is currently in a loss-making state, with negative PE that is not meaningful for reference; existing earnings forecasts mainly come from a single broker and predate the 2026 interim report, lacking multi-institution consensus; whether the 2026–2027 earnings forecasts can be achieved remains highly uncertain.

8. Conclusion and Outlook

Meijin Energy's potential growth logic mainly comes from coking coal–coke price spread recovery, increased output from its own coal mines and improved clean coal self-sufficiency, and value-added enhancement through deep processing of coke oven gas and chemical by-products. H1 2026 revenue rebounded year-on-year and losses narrowed, indicating operating results improved compared with the same period in 2025, but the coal-coking gross margin remains only 2.57%, insufficient to prove that profitability has substantively recovered.

The hydrogen energy and new energy vehicle business has layouts including fuel cell commercial vehicles, hydrogen production, and hydrogen refueling stations, but current revenue scale is small and it continues to lose money; in the short term it remains an investment item rather than a profit source. The market's judgment on the company's future profit recovery needs to focus on the coke-coking coal price spread, coal mine ramp-up progress, whether coal-coking gross margin can recover, and whether the hydrogen business can reduce losses, rather than relying solely on industrial chain layout or a single earnings forecast.

The company's future operations also need attention to financial and capital factors including the debt-to-asset ratio of 65.81%, highly concentrated accounts receivable and contract assets, and equity pledge ratio of 37.37%. Existing institutional earnings forecast coverage is low; the 2026 earnings forecast predates the latest interim report and lacks multi-institution consensus; therefore, the pace and magnitude of the company's transition from loss to profit remain highly uncertain, and technically, the changes in the RMB 3.80–3.84 moving average resistance zone and the RMB 3.52–3.56 support zone need to be monitored.

Data Sources

• 000723 Meijin Energy
• Meijin Energy (000723)_Stock Overview_Stock Price_Real-time Quotes_Charts_News_Stock Reviews_Earnings_FinScope-AI Makes Investing Simpler
• Coke futures prices rose 27% in August; is the company's main product coke sales?_Meijin Energy (000723) Investor Relations Interactive Platform - Panorama Roadshow
• Meijin Energy: Clean coal produced by the company is preferentially supplied to its own coking production, with some sold externally based on market conditions
• Meijin Energy (sz000723)
• Securities Daily - Shanxi Meijin Energy Co., Ltd. 2025 Annual Report Summary - Stock Code: 000723 Stock Abbreviation: Meijin Energy Announcement No.: 2026-024
• Meijin Energy: Company's coke production capacity 10.95 million tonnes/year
• Meijin Energy (000723) September 11 main force capital net sell of RMB 36.8194 million - Stockstar
• Meijin Energy Listed Company Information
• Meijin Energy (000723) What does the company do - Shanghai-Shenzhen Market Stock Details
• Listed Companies
• Shanxi Meijin Energy Co., Ltd.
• 000723 Meijin Energy - Main Business Scope
• Shanxi Meijin Energy Co., Ltd.
• Meijin Energy (000723) Business Analysis_Stock Quotes_Tonghuashun Finance
• Meijin Energy: 2025 Board of Directors Work Report_Jiufang Zhitou - Global Index
• Meijin Energy: 2025 Annual Report - Accounts Receivable Actually Written Off 5,900,560.39
• Shanghai-Shenzhen Company Announcement Titles - Meijin Energy: 2025 Annual Financial Final Accounts Report - April 25, 2026 - Tonghuashun