换肤

美锦能源

i问董秘
企业号

000723

主营介绍

  • 主营业务:

    煤炭、焦化、天然气、化产品、氢燃料电池汽车为主的新能源汽车等商品的生产销售。

  • 产品类型:

    煤焦化产品及副产品、新能源车辆及运营

  • 产品名称:

    煤焦化产品及副产品 、 新能源车辆及运营

  • 经营范围:

    以自有资金从事焦化厂、煤矿、煤层气的开发、投资,一般项目:煤炭及制品销售;金属材料销售;建筑材料销售;日用百货销售;劳动保护用品销售;煤制活性炭及其他煤炭加工;煤制品制造;炼焦;金属矿石销售;钢、铁冶炼;国内货物运输代理;新能源汽车生产测试设备销售;站用加氢及储氢设施销售;招投标代理服务;信息系统运行维护服务;工程管理服务;法律咨询(不含依法须律师事务所执业许可的业务);财务咨询;融资咨询服务。(除依法须经批准的项目外,凭营业执照依法自主开展经营活动)

运营业务数据

最新公告日期:2026-04-25 
业务名称 2025-12-31 2025-06-30 2024-12-31 2023-12-31 2022-12-31
库存量:炼焦行业(吨) 3.26万 - 10.04万 1.68万 -
产能:设计产能:焦炭(吨/年) 1095.00万 1095.00万 - - -
车辆数:自运营车辆(台) 1107.00 - - - -
产能:实际产能:氢燃料电池商用车(台) 1.00万 - - - -
产能:实际产能:氢燃料电池商用车:青岛美锦(台) 5000.00 - - - -
产能:实际产能:氢燃料电池商用车:飞驰科技(台) 5000.00 - - - -
车辆数:燃料电池商用车(台) - 1123.00 - - -
库存量:汽车行业(辆) - - 65.00 546.00 -
汽车行业库存量(辆) - - - - 218.00
炼焦行业库存量(吨) - - - - 1.65万

主营构成分析

报告期
报告期

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营业收入 X

单位(%) 单位(万元)
业务名称 营业收入(元) 收入比例 营业成本(元) 成本比例 主营利润(元) 利润比例 毛利率
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注:通常在中报、年报时披露 

主要客户及供应商

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前5大客户:共销售了50.55亿元,占营业收入的28.13%
  • 河钢集团有限公司及其关联方
  • 冀中能源集团有限责任公司及其关联方
  • 山西美锦钢铁有限公司及其关联方
  • 四川佳业投资发展有限公司
  • 厦门夏商民昇贸易有限公司
  • 其他
客户名称 销售额(元) 占比
河钢集团有限公司及其关联方
19.56亿 10.88%
冀中能源集团有限责任公司及其关联方
12.71亿 7.07%
山西美锦钢铁有限公司及其关联方
9.43亿 5.25%
四川佳业投资发展有限公司
4.63亿 2.58%
厦门夏商民昇贸易有限公司
4.22亿 2.35%
前5大供应商:共采购了59.27亿元,占总采购额的42.50%
  • 四川五粮液物产有限公司及其关联方
  • 唐山正业达商贸有限公司
  • 国网山西省电力有限公司太原供电分公司
  • 海南乾鸣科技集团有限公司
  • 上海华菱湘钢国际贸易有限公司
  • 其他
供应商名称 采购额(元) 占比
四川五粮液物产有限公司及其关联方
24.20亿 17.35%
唐山正业达商贸有限公司
16.97亿 12.17%
国网山西省电力有限公司太原供电分公司
7.25亿 5.20%
海南乾鸣科技集团有限公司
6.76亿 4.85%
上海华菱湘钢国际贸易有限公司
4.08亿 2.93%
前5大客户:共销售了51.48亿元,占营业收入的27.07%
  • 天津中诚能源科技有限公司
  • 山西美锦钢铁有限公司及其关联方
  • 河钢集团有限公司及其关联方
  • 华升石墨科技(广东)有限公司
  • 唐山世辅贸易有限公司
  • 其他
客户名称 销售额(元) 占比
天津中诚能源科技有限公司
16.54亿 8.69%
山西美锦钢铁有限公司及其关联方
10.80亿 5.68%
河钢集团有限公司及其关联方
9.24亿 4.86%
华升石墨科技(广东)有限公司
7.81亿 4.11%
唐山世辅贸易有限公司
7.09亿 3.73%
前5大供应商:共采购了47.83亿元,占总采购额的31.16%
  • 山西长宏洗煤有限公司及其关联方
  • 山西衡峰实业有限公司
  • 国网山西省电力公司太原供电公司
  • 西安联易得供应链股份有限公司
  • 天津建发能源发展有限公司及其关联方
  • 其他
供应商名称 采购额(元) 占比
山西长宏洗煤有限公司及其关联方
20.52亿 13.37%
山西衡峰实业有限公司
7.98亿 5.20%
国网山西省电力公司太原供电公司
7.06亿 4.60%
西安联易得供应链股份有限公司
6.33亿 4.12%
天津建发能源发展有限公司及其关联方
5.94亿 3.87%
前5大客户:共销售了64.94亿元,占营业收入的31.21%
  • 天津中诚能源科技有限公司
  • 河钢集团有限公司及其关联方
  • 唐山世辅贸易有限公司
  • 河北华西特种钢铁有限公司
  • 天津润达实业有限公司
  • 其他
客户名称 销售额(元) 占比
天津中诚能源科技有限公司
22.04亿 10.59%
河钢集团有限公司及其关联方
21.85亿 10.50%
唐山世辅贸易有限公司
7.53亿 3.62%
河北华西特种钢铁有限公司
6.93亿 3.33%
天津润达实业有限公司
6.60亿 3.17%
前5大供应商:共采购了49.54亿元,占总采购额的30.58%
  • 山西长宏洗煤有限公司及其关联方
  • 国网山西省电力公司太原供电公司
  • 天津建发能源发展有限公司及其关联方
  • 山西鑫飞能源投资集团有限公司
  • 鄂尔多斯市昶源煤炭经销有限责任公司
  • 其他
供应商名称 采购额(元) 占比
山西长宏洗煤有限公司及其关联方
23.28亿 14.37%
国网山西省电力公司太原供电公司
7.52亿 4.64%
天津建发能源发展有限公司及其关联方
7.18亿 4.43%
山西鑫飞能源投资集团有限公司
6.00亿 3.70%
鄂尔多斯市昶源煤炭经销有限责任公司
5.57亿 3.44%
前5大客户:共销售了97.20亿元,占营业收入的39.50%
  • 河钢集团有限公司及其关联方
  • 天津中诚能源科技有限公司
  • 河北华西特种钢铁有限公司
  • 天津恒华远大国际贸易有限公司
  • 天津润达实业有限公司
  • 其他
客户名称 销售额(元) 占比
河钢集团有限公司及其关联方
51.47亿 20.92%
天津中诚能源科技有限公司
26.45亿 10.75%
河北华西特种钢铁有限公司
6.82亿 2.77%
天津恒华远大国际贸易有限公司
6.51亿 2.64%
天津润达实业有限公司
5.95亿 2.42%
前5大供应商:共采购了74.90亿元,占总采购额的42.53%
  • 河钢集团有限公司及其关联方
  • 山西长宏洗煤有限公司及其关联方
  • 山西鑫飞能源投资集团有限公司
  • 西安联易得供应链股份有限公司
  • 山西聚弘曜商贸有限公司
  • 其他
供应商名称 采购额(元) 占比
河钢集团有限公司及其关联方
28.29亿 16.07%
山西长宏洗煤有限公司及其关联方
21.01亿 11.93%
山西鑫飞能源投资集团有限公司
9.00亿 5.11%
西安联易得供应链股份有限公司
8.63亿 4.90%
山西聚弘曜商贸有限公司
7.97亿 4.52%
前5大客户:共销售了111.45亿元,占营业收入的52.36%
  • 河钢集团有限公司及其关联方
  • 天津中诚能源科技有限公司
  • 山西美锦钢铁有限公司及其关联方
  • 天津恒华远大国际贸易有限公司及其关联方
  • 山西瑞进程诚工贸有限公司
  • 其他
客户名称 销售额(元) 占比
河钢集团有限公司及其关联方
65.95亿 30.98%
天津中诚能源科技有限公司
16.91亿 7.94%
山西美锦钢铁有限公司及其关联方
16.02亿 7.52%
天津恒华远大国际贸易有限公司及其关联方
7.34亿 3.45%
山西瑞进程诚工贸有限公司
5.25亿 2.46%
前5大供应商:共采购了81.33亿元,占总采购额的59.42%
  • 河钢集团有限公司及其关联方
  • 山西长宏洗煤有限公司
  • 山西鑫飞能源投资集团有限公司
  • 介休市左则沟煤化厂
  • 山西聚弘曜商贸有限公司
  • 其他
供应商名称 采购额(元) 占比
河钢集团有限公司及其关联方
32.80亿 23.96%
山西长宏洗煤有限公司
16.32亿 11.92%
山西鑫飞能源投资集团有限公司
11.92亿 8.71%
介休市左则沟煤化厂
10.62亿 7.76%
山西聚弘曜商贸有限公司
9.68亿 7.07%

董事会经营评述

  一、报告期内公司从事的主要业务  公司需遵守《深圳证券交易所上市公司自律监管指引第3号——行业信息披露》中固体矿产资源业的披露要求  公司主要从事煤炭、焦化、天然气、化产品、氢燃料电池汽车为主的新能源汽车等商品的生产销售,拥有储量丰富的煤炭和煤层气资源,具备“煤-焦-气-化-氢”一体化的完整产业链,是全国最大的独立商品焦和炼焦煤生产商之一,拥有先进的技术工艺和完善的环保设施。公司目前拥有四座煤矿,经核准产能630万吨/年,焦炭生产能力1,095万吨/年,公司生产的焦炭品质稳定优良,主要为标准一级焦炭。报告期公司全焦产量803.69万吨,比上年增加19.97%,精煤产量400.17万吨。由于... 查看全部▼

  一、报告期内公司从事的主要业务
  公司需遵守《深圳证券交易所上市公司自律监管指引第3号——行业信息披露》中固体矿产资源业的披露要求
  公司主要从事煤炭、焦化、天然气、化产品、氢燃料电池汽车为主的新能源汽车等商品的生产销售,拥有储量丰富的煤炭和煤层气资源,具备“煤-焦-气-化-氢”一体化的完整产业链,是全国最大的独立商品焦和炼焦煤生产商之一,拥有先进的技术工艺和完善的环保设施。公司目前拥有四座煤矿,经核准产能630万吨/年,焦炭生产能力1,095万吨/年,公司生产的焦炭品质稳定优良,主要为标准一级焦炭。报告期公司全焦产量803.69万吨,比上年增加19.97%,精煤产量400.17万吨。由于炼焦过程中释放的焦炉煤气含有大量副产氢气,为提升产品附加值,在稳健发展传统能源的同时,公司紧跟国家和行业政策导向,抓住国家发展氢能源产业的战略机遇期,在氢能产业链上下游广泛投资布局。秉承传统能源和新能源双轮驱动的发展理念,致力于成为综合能源供给商。
  公司与纵横钢铁、本钢、河北鑫达、山西建龙、燕钢、河北敬业、河钢等大型钢铁企业建立了长期稳固的合作关系,在合作过程中实现了资源共享、互利共赢,携手应对市场变化。公司所在的山西省,作为国家重要的能源和工业基地,拥有得天独厚的地理优势,公司所生产的煤炭主要作为公司炼焦的原料自用。公司作为综合实力较强的大型煤焦气化联合企业具有较强的竞争优势。
  汾西太岳采矿许可证证号为C1000002014121210136705,批准开采1#、2#煤层,核定生产能力210万吨/年,批准开采标高为800~400m,采用斜井开拓方式开采,目前开采2号煤层。截至2025年12月31日,全区累计查明资源量115,189.6千吨,保有资源量93,808.6千吨。
  东于煤业采矿许可证证号C1400002009121220046804,批准开采03#-9#煤层,核定生产能力150万吨/年,批准开采标高830~400m,采用斜井开拓方式开采,目前开采03#、2#、4#煤层。截至2025年12月31日,全区累计查明资源量为221,481千吨,保有资源量197,691千吨。
  锦富煤业采矿许可证证号C1400002009111220041782,批准开采03#-09#煤层,核定生产能力180万吨/年,采用斜井开拓方式开采,目前开采03#、2#、5#煤层。截至2025年12月31日,全区累计查明资源量209,861.8千吨,保有资源量199,161.2千吨。
  锦辉煤业采矿许可证证号C1400002012011220128687,批准开采2#~9#煤层,核定生产能力90万吨/年,采用斜井开拓方式开采,目前开采8#煤层。截至2025年12月31日,全区累计查明资源量154,436千吨,保有资源量127,824千吨。
  报告期内,公司依托“煤-焦-气-化-氢”一体化产业基础,将氢能作为驱动未来发展的核心主业,构建“氢能源全生命周期”创新生态链,形成碳氢协同发展路径,公司氢能业务主要涵盖氢气制取、车辆制造、车辆运营和加氢站运营四大板块。
  氢气制取方面,公司依托丰富的焦炉煤气资源,利用炼焦过程中产生的焦炉煤气提取高纯氢,清徐美锦华盛2,000N立方米/h高纯氢项目持续运营,华盛高纯氢项目二期10,000N立方米/h于2025年12月进入试生产阶段,美锦华盛高纯氢总产能达12,000N立方米/h;贵州美锦5,000N立方米/h高纯氢项目稳定运行,报告期内合计生产高纯氢1,438.01吨;滦州美锦14,000N立方米/h高纯氢项目在建。同时,公司积极布局绿氢制取,计划在青岛、佛山等地氢能科技园建设分布式光伏制绿氢项目,为规模化绿电制绿氢进行技术储备。
  车辆制造方面,公司通过子公司青岛美锦和飞驰科技开展整车制造业务,具备年产10,000台氢燃料电池商用车能力(两者各5,000台),产品涵盖大中型客车、轻重中型卡车、专用车、特种车辆等,广泛应用于公共交通、物流、码头等领域。
  车辆运营方面,全资子公司小柿子(北京)汽车供应链管理有限公司搭建氢车智运平台,报告期内运营氢燃料电池汽车1,107辆,覆盖京津冀、山东、山西、贵州等重点区域,安全行驶里程约5,738.85万公里,初步构建跨区域氢能物流干线。
  加氢站运营方面,截至2025年12月31日,公司累计建成23座加氢站(含撬装站),覆盖京津冀、山西、山东、浙江、广东等多地;已投运加氢站合计加氢能力达13,060千克/12小时,在建加氢能力14,500千克/12小时,采用模块化智能设计,实现35MPa至70MPa全压力等级覆盖。
  主要的业绩驱动因素:
  1、全产业链闭环的协同效应。“制-储-运-加-用”全产业链闭环模式不仅提升了供应链的韧性和安全水平,更通过内部协同大幅降低了各环节的运营成本和交易成本,实现了“能量流、物质流、价值流”的优化配置,形成了强大的综合竞争优势。
  2、独特的低成本氢源优势。公司依托千万吨级焦炭产能,可从焦炉煤气中提取大量低成本、高品质的工业副产氢,构建了难以复制的成本护城河,为氢能业务规模化发展提供了坚实的资源基础。
  3、国家战略与政策红利。国家“双碳”目标、“十五五”规划建议中对发展新质生产力、前瞻布局未来产业的明确导向,以及各地方政府对氢能产业在财政补贴、路权开放等方面的支持政策,叠加公司“传统能源+氢能源”双轮驱动的战略,为公司业务发展创造了良好的发展环境,公司作为行业先行者充分受益。
  4、领先的技术与商业化能力。公司借助产业链公司在核心装备制造等方面的技术领先优势,在整车制造、运营平台方面积累了丰富的商业化经验,并完成了覆盖全国的七大区域战略布局,为氢能业务的持续增长提供了技术与市场保障。
  二、报告期内公司所处行业情况
  公司需遵守《深圳证券交易所上市公司自律监管指引第3号——行业信息披露》中固体矿产资源业的披露要求
  2025年是“十四五”规划收官之年,亦是“十五五”规划谋篇布局的关键之年。公司坚持以习近平新时代中国特色社会主义思想为指导,牢牢锚定国家能源安全战略大局,积极顺应全球绿色低碳发展趋势,持续深化产业协同与区域联动,不断凝聚发展合力。公司依托煤焦主业坚实基础与氢能全产业链布局优势,推动产业集群化、规模化、高端化发展,充分释放集群发展效能。公司着力构建“煤-焦-气-化-氢”协同发展、上下游深度融合的全产业链供应生态,稳步提升核心竞争力与可持续发展能力,为实现高质量发展与长期价值增长奠定坚实基础。2025年公司总资产421.85亿元,较上年末减少6.34%;归属于上市公司股东的净资产130.90亿元,较上年末减少9.42%;2025年实现营业收入179.69亿元,同比减少5.58%;实现归属于上市公司股东的净利润-11.23亿元,亏损同比减少1.70%。
  (一)煤焦行业
  1、行业概述
  (1)行业发展情况
  2025年上半年,受关税调整等外部因素叠加影响,国内煤焦市场价格出现较大幅度回落;叠加房地产行业持续低迷、基建投资增速放缓,冶金、建材等主要下游行业用煤需求整体承压。随着下半年7月,国家能源局印发了《关于组织开展煤矿生产情况核查促进煤炭供应平衡有序的通知》(国能综通煤炭[2025]108号),煤炭行业的反内卷重磅出击,有效推动煤炭行业摆脱“以量补价”的粗放发展模式,转向提质增效的高质量发展轨道,供需紧平衡格局逐步形成。
  随着近年来产能整合加速,落后产能有序出清,行业集中度显著提升,数字化、智能化技术与煤焦生产深度融合,行业生产运营从传统制造向智能智造转型升级,同时,为提高行业盈利需求,延伸产业链、提高产品附加值已成为行业重要发展方向,依托氢能产业链的布局,以焦炉煤气制氢为代表的循环经济模式加快推广,逐步成为行业新的增长引擎。
  (2)行业转型情况
  2025年,国家系列政策协同发力,路径清晰、落地加速,推动煤焦行业由规模扩张向质量效益转型,推进煤炭清洁高效利用,以绿色化、智能化为导向,持续降低煤炭开采过程碳排放,为实现双碳目标持续努力。2025年10月,国家能源局印发《国家能源局关于推进煤炭与新能源融合发展的指导意见》(国能发煤炭〔2025〕89号)指出,要求以习近平新时代中国特色社会主义思想为指导,深入贯彻党的二十大和二十届历次全会精神,完整准确全面贯彻新发展理念,深入践行能源安全新战略,以绿色低碳为方向,以科技创新为动力,依托煤炭矿区资源要素大力发展新能源,有序实施矿区清洁能源替代,推动煤炭产业链延伸发展,建立完善煤炭与新能源融合发展机制,促进煤炭行业绿色转型和可持续发展。
  2025年11月,国家发展改革委等部门关于发布《煤炭清洁高效利用重点领域标杆水平和基准水平(2025年版)》的通知(发改运行〔2025〕1499号)提出,对清洁高效利用水平低于现有基准水平的存量项目,引导企业有序开展煤炭清洁高效利用改造,加快推动企业减污降碳,坚决依法依规淘汰落后产能、落后工艺。
  (3)公司应对措施
  公司紧扣国家相关政策导向,立足自身“煤-焦-气-化-氢”一体化优势,多措并举应对行业变革,实现稳健转型、提质增效。面对行业“反内卷”与产能约束,公司持续巩固提升煤炭产业,推动煤炭开采向安全、高效、智慧的集约化转型;紧扣行业清洁高效、数智赋能趋势,公司加快现有矿井智能化改造,推进智能采掘、无人值守等全链条数字化落地;全面对标焦化超低排放新国标,配套干熄焦、余热回收等节能装备,推动焦化产能实现“近零排放”,同时通过工艺创新优化产品结构,提升核心产品附加值与市场竞争力;依托“双碳”政策导向,贵州华宇美锦煤焦氢一体化项目稳步推进,一期已稳定投产,二期顺利烘炉进入生产阶段,依托当地资源构建低成本氢源供给体系,完善“煤—焦—氢”一体化布局。同时聚焦焦炉煤气制氢核心路径,完善氢能“制—储—运—加—用”闭环,打造循环经济标杆,推动传统煤焦化向新型煤化工转型。
  (4)市场地位
  公司当前拥有焦炭生产能力1,095万吨/年,焦炭品质稳定优良,主要为标准一级焦炭。公司是国内最大的独立商品焦生产商之一,是山西省焦炭生产商中的龙头企业,主要生产优质顶装一级冶金焦。2025年公司全焦产量803.69万吨,比上年增加19.97%;已投产国内最先进的JNX3-7.65-18型顶装7.65米焦炉。公司现有焦炉产能、炉型、工艺装备、产品质量处于行业领先位置。公司已由传统能源向氢能源转型升级,氢能产业与煤焦化产业协同发展,形成双轮驱动的发展战略。公司副产品焦炉煤气中富含氢气55%左右,是目前低成本大规模制氢的重要途径之一。公司目前拥有四座煤矿,经核准产能630万吨/年,报告期内精煤产量400.17万吨。
  2、主要产品基本情况
  (1)采购模式
  外购的精煤主要包括主焦精煤及贫瘦精煤(含瘦精煤)等。公司采购来源地主要包括山西的吕梁市、晋中市等市和河北、陕西等地。由于公司所在地区煤炭资源丰富,公司采用“以销定采”的采购模式,在采购方面具有一定的稳定性和价格优势。
  (2)生产模式
  公司焦炭主要实行以销定产策略,焦炭和煤炭都是在综合考虑上一年度生产情况、销售情况以及市场分析情况等相关因素后,编制年度生产计划,根据季节特点及生产现场的实际状况将年度生产计划细化分解,由公司专业团队负责相关计划的组织和实施,并控制保证产品质量和安全生产目标的实现。公司依据国家的产业政策,严格执行国家的相关规程、制度,全面落实质量标准化和安全管理制度。
  (3)销售模式
  公司对外销售的主要产品包括焦炭及相关化工产品,产品的销售从计划安排、价格管理、货款回收等方面实行统一管理;负责销售的部门根据市场变化与客户协商确定签订销售合同,进行销售。
  (二)氢能业务
  1、行业概述
  报告期内,我国氢能产业处于从试点探索向规模化应用跨越的关键转折期,行业政策环境发生深刻变化。燃料电池汽车示范城市群政策于2025年正式期满,这一为期四年的“以奖代补”政策自2021年启动以来,有效推动了燃料电池汽车整车生产及加氢基础设施建设,但随着示范期结束,行业面临政策衔接的迫切需求。与此同时,氢能产业的顶层设计迎来重大突破,《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》明确将氢能列为“前瞻布局未来产业”,提出推动其成为新的经济增长点。2025年6月,国家能源局发布《关于组织开展能源领域氢能试点工作的通知》(国能综通科技〔2025〕91号),通知明确将开展项目试点和区域试点双轨制,明确41个项目,9个区域承接具体试点任务,试点意在支持氢能全链条技术创新与应用示范。次月,国家发展改革委等三部门联合印发《关于开展零碳园区建设的通知》(发改环资〔2025〕910号),明确提出探索氢电耦合开发利用模式,探索氢能、生物质等替代化石燃料和原料,并将氢能基础设施纳入园区升级改造的重点方向,为氢能拓展了应用场景。
  从行业发展阶段看,我国氢能产业正处于从技术攻坚迈向规模化商业应用的关键跃升期。一方面,氢能全产业链关键技术持续突破,一批规模化可再生能源制氢项目建成运营,燃料电池汽车示范稳步推进;另一方面,氢能产业整体仍处于发展初期,项目经济性、技术成熟度、标准规范完善程度仍有待提升。氢能行业呈现出“政策驱动与市场驱动并重、区域集聚与跨域协同并行”的阶段性特征,与宏观政策周期高度关联,政策导向直接影响公司产业布局节奏和区域发展格局。
  针对外部政策环境的变化,公司已采取并计划实施以下应对措施。一是把握十五五规划导向,强化战略前瞻布局。公司将持续完善“制-储-运-加-用”全产业链布局,在京津冀等重点区域推进氢能产业集群项目建设。二是抢抓零碳园区政策机遇,拓展氢能多元应用。公司将充分发挥焦炉煤气制氢的规模化成本优势,积极参与零碳园区试点建设,探索氢电耦合、绿氢化工等融合应用模式,推动氢能从“燃料”向“原料”延伸,将政策红利转化为可持续商业模式。三是适应补贴退坡趋势,构建市场化竞争力。公司将持续加大在核心材料(如气体扩散层、膜电极)、燃料电池电堆及系统等领域的核心技术攻关力度,推动全产业链降本增效,构建非补贴场景下的市场化运营能力,持续巩固公司在氢能产业的领先优势。
  2、主要产品基本情况
  公司氢能业务的主要产品为氢燃料电池商用车。产品系列包括8.6米、11米、12米燃料电池城市公交车,12吨、18吨燃料电池物流车,4.5吨、8.3吨燃料电池冷藏车,31吨燃料电池自卸车及49吨燃料电池牵引车等。上述产品主要应用于城市公共交通、城际客运、城市物流配送、港口码头短途运输、建筑工地及矿山物资运输等场景。氢燃料电池汽车具有加氢时间短、续航里程长、零碳排放等特点,是实现交通领域绿色低碳转型的重要载体。
  公司氢能业务主要产品的经营模式如下:
  (1)生产模式。公司的氢燃料电池汽车生产基于市场需求和应用场景,采取“以销定产”的模式,通过招标等方式获取订单后组织生产。生产过程包括制件、焊装、涂装和总装四大工艺环节。公司能够根据客户需求提供个性化的产品定制。
  (2)采购模式。主要采购车辆生产所需的氢燃料电池系统、供氢系统、电机、电池等核心零部件。公司建立了严格的合格供应商名录,通过询价、比价等程序确定最终供应商,确保产品质量与供应链安全。
  (3)销售模式。公司采用100%直销模式,主要客户为各地公交公司、大型物流企业及有特定运输需求的企业。销售区域主要集中于国内氢能产业政策支持力度大、应用场景成熟的地区,如广东、山东、山西、河北等地,并已成功实现产品出口至马来西亚和智利。
  (4)运营模式。通过小柿子氢能智运平台,公司从单纯的车辆制造商向“制造+运营”服务商延伸。平台不仅运营自有车辆,还与产业链上下游企业合作,为政府和企业提供绿色运力服务,通过车辆调度、路线优化,构建起覆盖区域的氢能运输网络。
  
  三、核心竞争力分析
  (一)资源优势:公司拥有储量丰富的煤炭及煤层气资源,煤种均为优质的炼焦煤或炼焦配煤,并逐步将资源优势转换为产业优势,旗下有汾西太岳、东于煤业、锦富煤业、锦辉煤业四大煤矿,核定总产能630万吨/年。
  (二)循环经济优势:公司拥有了“煤-焦-气-化-氢”一体化完整的产业链,形成循环经济优势,可以有效应对行业波动,提高企业经营效率,有利于公司的长远发展,有助于补充公司运营资金,优化资金结构,降低综合成本。公司在炼焦行业循环经济发展中趋于前列。
  (三)客户和区位优势:公司拥有显著的客户资源与区位优势。在客户合作方面,公司凭借优质的产品与服务,和纵横钢铁、本钢、河北鑫达、山西建龙、燕钢、河北敬业、河钢等大型钢铁企业建立了长期稳固的合作关系,客户关系良好。这种紧密的合作不仅基于彼此的业务契合,更是源于公司在行业内积累的良好口碑,合作过程中实现了资源共享、互利共赢,携手应对市场变化。区位层面,公司所在的山西省,作为国家重要的能源和工业基地,拥有得天独厚的地理优势,产品质量可靠。一方面,省内丰富的能源资源为公司运营提供了坚实的基础保障,有效降低了生产与运输成本;另一方面,山西地处华北地区,临近华北、华东和华中市场,能够快速响应客户需求,缩短产品交付周期,产运销一体化极大提升了客户服务效率与市场竞争力。
  (四)产业闭环优势:公司构建了“制-储-运-加-用”氢能全产业链闭环生态,上游依托焦炉煤气低成本制氢,中游战略投资膜电极、电堆、储氢瓶、加氢设备等核心环节,下游布局整车制造、运营及加氢站网络。同时,创新提出“碳氢协同”战略,将传统煤焦产业与氢能深度融合——煤焦业务作为“压舱石”,为氢能提供雄厚资金和低成本氢源;氢能车辆则反向承担煤炭、焦炭等原料产品的运输任务,形成产业闭环。这一模式不仅实现了传统业务的资源梯级利用与价值链延伸,更通过全链内部协同大幅降低系统成本,提升供应链韧性与安全水平,从而构建起难以复制的综合竞争优势,引领绿色转型。
  (五)绿色科创优势:公司坚持高水平科技自立自强,通过“自主研发+产学研合作+战略投资”模式,在氢能核心技术领域实现重大突破。与叶思宇院士、张久俊院士等团队深度合作,成功解决膜电极、碳纸等长期被国外“卡脖子”的关键技术难题,带动国产氢能核心零部件的提质扩量。同时,公司恪行ESG理念,将可持续发展全面融入战略,积极践行“双碳”目标。通过氢燃料电池汽车的规模化推广与运营,有效减少运输环节碳排放,截至2025年12月31日,自运营车辆达1,107台,累计安全行驶5,738.85万公里,自投运以来累计减少二氧化碳排放约6.2万吨。各业务板块积极推进资源综合利用与节能技改,综合降低生产购电及用能成本。技术创新与生态构建双轮驱动,不仅提升了公司可持续发展水平,更为能源行业实现“双碳”目标提供了可复制的实施路径。
  
  四、公司未来发展的展望
  2026年是公司践行碳中和承诺、实现转型跨越的关键之年,恰逢“十五五”规划开局的政策红利期与行业变革的战略机遇期,公司将坚持以习近平新时代中国特色社会主义思想为指导,认真贯彻落实中央经济工作会议精神,秉持“守正创新、稳中求进”的总基调,持续深化煤焦产业精益化、智能化升级,继续深化“碳氢协同”发展战略,锚定能源转型大势,全力推动公司实现更高质量、更有效率、更可持续的跨越发展。
  2026年重点工作安排
  (一)煤焦业务
  公司立足于自身产业规模优势、配套优势和重点领域的先发优势,依托当地丰富的煤炭资源,持续深化煤焦行业精细化、智能化升级,优化资源配置和成本管控体系,依托“煤-焦-气-化-氢”完整的全产业链循环经济优势,提高生产经营能力和效能,按照“增效益、降成本、减投资、控风险”的思路,提升公司的财务稳健性,加强各阶段风险意识,紧抓安全生产事故的预防与管控,持续提升安全生产标准化水平,加强员工安全生产培训,增强员工安全责任意识,提高应急处置能力。
  面对复杂多变的市场环境和日益严苛的监管要求,为确保公司行稳致远,公司紧跟行业政策动态调整,通过内部行政系统宣传行业动态,及时把握行业政策导向,优化公司业务与管理发展;同时对照中国证券监督管理委员会及深圳证券交易所的监管条例要求,完善公司治理制度,持续优化治理体系,确保公司治理规范、运作合规。为提高公司治理水平,公司将进一步明确组织架构,明确部门职责和权限,充分利用公司内部系统,增进部门间的横向协同和信息共享,打通工作流程中的壁垒,确保信息流通顺畅;为明确各子公司、各部门和员工各阶段工作目标和任务,提高工作效率,制定绩效考核制度,全面客观地评估工作成效、提高员工工作积极性。
  为深入推进公司全球化战略布局,打造国际化资本运作平台,加大资本运作力度,提升公司在国际市场的综合竞争实力,加快转型升级步伐,公司筹划在境外发行股份并在香港联合交易所有限公司上市,未来,公司将根据实际情况积极推进该事项;同时利用当地政府支持民营企业政策和多种方式、工具,抓紧抓实重点项目,加强项目储备和渠道,拜访,广泛调研、实地走访、接触优质企业,整合行业内优质资源和项目,优化产业布局和产品结构,促进低碳转型,提高公司整体质量。
  公司在煤焦业务发展中可能面对的风险:
  1、市场风险:面对全球经济形势、地缘政治复杂多变,不稳定因素持续存在,叠加国内能源结构转型持续深化、环保及碳排放管控日趋严格,煤焦市场价格受上游焦煤供应、下游钢铁行业需求、国际能源市场波动及行业调控政策等多种因素影响,仍可能出现较大幅度波动。
  2、环境保护风险:面对国内生态环境保护政策持续加码、监管力度不断加大,煤焦行业作为传统高耗能、高排放行业,面临的环境保护风险日益凸显。公司目前已建立较为完善的环境保护制度,投入建成完善的环保设施并正常运行、实现达标排放。
  3、政策变化风险:近年来,国内煤焦行业的相关政策密集出台,政策导向持续向绿色低碳、安全规范、高质量发展倾斜,各项最新政策要求企业积极适应能源转型新常态、新趋势,建设符合产业发展规律、循环发展和产业链完善的绿色安全、现代高端煤焦产业。政策的调整与落地,可能导致公司需增加环保、技改、碳履约等相关投入,调整生产经营模式,对公司的生产经营、成本控制及盈利水平产生一定的影响。
  (二)氢能业务
  公司将着力提升氢源保障能力,构建“制氢+加氢”双轮驱动的供应网络。在制氢端,重点推进华盛化工、滦州美锦、贵州华宇等地的高纯氢项目产能释放与优化,确保焦炉煤气副产氢的稳定、低成本供应,力争全年高纯氢产量实现稳步提升,持续巩固公司的氢源成本优势。同时,积极探索绿氢制备路径,推进分布式光伏制绿氢示范项目的论证与建设,为未来绿氢供应储备技术与项目基础。在加氢端,围绕公司车辆运营的核心区域和氢能干线运输通道,加快加氢站网络布局,通过自建、合建等多种方式,在全国重点市场新增投运加氢站,提升加氢网络的覆盖密度和加注能力,为氢车规模化运营提供便捷、高效的基础设施保障。
  公司将持续加大研发投入,聚焦氢能核心技术的自主可控与成本优化。重点围绕膜电极、碳纸等关键材料,依托院士团队和国家级研发平台,开展下一代高性能、长寿命、低成本产品的技术攻关,持续巩固公司在核心材料领域的技术壁垒。公司将持续推动上述关键材料技术向航空航天、集成电路、环境保护等对高性能碳基材料、膜材料等有严苛需求的领域拓展,并进一步推动关键材料的跨领域协同研发与前瞻布局,提升其在多场景下的工程化适配能力,为我国高端制造业的自主可控与绿色低碳转型提供基础材料支撑。
  公司将积极拓展氢能在交通领域之外的多元化应用场景。公司将主动融入能源体系,扩大氢能在轨道机车、矿卡、叉车等领域的应用规模,探索氢能在绿色氨醇、氢基化工原料替代、船舶、航空器、备用电源、独立储能、虚拟电厂、电力交易等领域的应用潜力,结合国家及地方氢能示范工程,打造集能源生产、装备制造、场景应用于一体的综合能源解决方案。通过多元化场景的拓展和商业模式的创新,为氢能业务打开更广阔的增长空间。
  公司在氢能业务发展过程中可能面临的风险:
  1、产业政策波动风险。氢能产业尚处于发展初期,其发展高度依赖于国家及地方政府的政策支持与补贴。若未来相关政策发生重大不利变化或补贴退坡,可能对公司的市场拓展和盈利能力造成影响。
  2、市场需求不及预期风险。氢燃料电池汽车的商业化进程受制于整车成本、氢源价格、基础设施配套等多种因素。若整体市场推广速度放缓或下游应用场景拓展不及预期,可能导致公司产能利用率不足,影响经营效益。
  3、供应链安全风险。尽管公司在部分关键材料环节已实现国产化突破,但仍有一些核心零部件、关键原材料的供应链仍可能存在对少数供应商的依赖,或面临国际地缘政治、贸易壁垒等带来的供应中断风险。 收起▲

产品价格

数据截至(20260522)
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20260522,4.07,2.91,2.7777777777778,-3.6779324055666,20260522
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