近日，宝泰隆公告称，公司所属宝泰隆二矿新建项目联合试运转获批。这将显著增强宝泰隆的原煤自给保障能力，有效降低对外部原煤采购的依赖，从而优化原材料成本结构。

Recently, Baoteliang announced that the joint trial operation of the new project of Baoteliang No.2 Mine has been approved. This will significantly enhance Baoteliang's self-sufficiency in raw coal and effectively reduce its reliance on external raw coal purchases, thereby optimizing the cost structure of raw materials.

根据公告，宝泰隆二矿位于黑龙江七台河市新兴区，建设规模为30万吨/年，联合试运转期限自2026年7月14日至2027年1月13日。

According to the announcement, Baotelang No.2 Mine is located in Xinxing District, Qitaihe City, Heilongjiang Province. The construction scale is 300,000 tons per year. The joint trial operation period is from July 14, 2026 to January 13, 2027.

结合之前已经投产的宝泰隆一矿，联合试运转的宝泰隆三矿和大雁煤矿，宝泰隆原煤自供体系正加速成型。这种自给模式有助于对冲上游原材料价格波动风险，改善公司未来盈利状况。

Combining the already-operational Baoteliang No.1 Mine, the joint trial operation of Baoteliang No.3 Mine and Da Yan Coal Mine, the original coal supply system of Baoteliang is accelerating its formation. This self-supply model helps to hedge against the risks of fluctuations in upstream raw material prices and improve the company's future profit situation.

宝泰隆是东北地区最大的独立焦化企业和黑龙江省煤化工行业龙头企业，旗下拥有的七座煤矿已全部取得采矿权证，合计资源储量47,612.27万吨，合计总产能420万吨/年。

Baotelang is the largest independent coking enterprise in Northeast China and a leading enterprise in the coal chemical industry of Heilongjiang Province. The seven coal mines under its ownership have all obtained mining rights certificates. The total resource reserves amount to 47,612.27 million tons, and the total annual production capacity is 4.2 million tons.

截至目前，宝泰隆旗下已有宝泰隆一矿、宝泰隆五矿与宝忠煤矿共计3座生产矿井，大雁煤矿、宝泰隆三矿2座联合试运转矿井，合计产能210万吨/年。

As of now, Baotelang Group has three production mines: Baotelang No.1 Mine, Baotelang No.5 Mine and Baozhong Coal Mine. It also has two joint trial operation mines: Dayan Coal Mine and Baotelang No.3 Mine. The total production capacity is 2.1 million tons per year.

另据2025年年报披露，除宝泰隆二矿外，东辉煤矿正在进行开工建设前的准备工作。

According to the 2025 annual report, apart from Baotelang No.2 Mine, Donghui Coal Mine is currently making preparations before the start of construction.

今年以来焦炭价格偏强运行，3月下旬起至7月上旬，焦价一直处于提涨通道，先后提涨十轮，落地九轮。但这一利好并未在宝泰隆业绩上有所体现。

Since the beginning of this year, the price of coke has been on an upward trend. From late March to early July, the coke price has been continuously rising, with ten rounds of price hikes and nine rounds of price adjustments implemented. However, this positive factor has not been reflected in Baotelong's performance.

最新公告显示，宝泰隆预计2026年上半年归母净利润亏损9700万元至1.62亿元，上年同期盈利9888.35万元。

The latest announcement indicates that Baotelang is expected to suffer a net profit loss of 97 million yuan to 162 million yuan in the first half of 2026. In the same period last year, it made a profit of 98.8835 million yuan.

公司表示，报告期内，公司主要产品煤炭受市场影响，价格和产量同比下降，采煤成本增加，导致煤炭产品盈利水平同比下降;焦化业务2026年6 月初启动烘炉，上半年公司总体产能利用率较低，导致公司经营业绩出现亏损。

The company stated that during the reporting period, its main product, coal, was affected by the market, resulting in a year-on-year decrease in both price and output. The cost of coal mining also increased, leading to a decline in the profit level of coal products. The coking business started the furnace baking process in early June 2026. Due to the relatively low overall production capacity utilization rate in the first half of the year, the company suffered losses in its operating performance.

随着旗下煤矿的陆续建成投产，宝泰隆产能释放将填补区域煤炭供应缺口，同时调节焦化业务成本，或将带动公司业绩改善。

With the successive completion and commissioning of its coal mines, Baoteliang's production capacity will be released, filling the regional coal supply gap and regulating the cost of its coking business. This may also lead to an improvement in the company's performance.

而且，从三矿的实践来看，标准化矿井建设已初见成效，调度指挥中心实现了井下作业动态实时监测与数据巡检。二矿在联合试运转过程中同样可以借鉴这一经验，逐步推进安全、环保、职业病防护等专项验收工作，提升矿井整体运营水平。

Moreover, based on the practice of the Third Mine, the standardized mine construction has already achieved initial success. The dispatching and command center has realized real-time monitoring and data inspection of underground operations. The Second Mine can also draw on this experience during the joint trial operation process, gradually advancing the special acceptance work such as safety, environmental protection, and occupational disease prevention, and improving the overall operational level of the mine.

不过，焦煤市场受进口缺口、产地安全监管等因素影响，价格波动较大。尽管宝泰隆通过提升原煤自给率可部分抵御成本风险，但下游钢铁行业需求疲弱、钢厂利润微薄，可能制约焦化产品的价格上涨空间。

However, the coking coal market is greatly influenced by factors such as import shortages and safety supervision at the production sites, resulting in significant price fluctuations. Although Baotelang can partially mitigate cost risks by increasing its self-supply rate of raw coal, the weak demand from the downstream steel industry and the meager profits of steel mills may restrict the upward potential of coking products.

同时，在“双碳”目标下，煤炭及焦化行业面临日益严格的环保监管。宝泰隆三矿已通过环保、水保、职业病防护专项验收，二矿同样需要将绿色开采理念贯穿于试运转全过程。企业需持续加大环保投入，优化生产工序，控制污染物排放，确保符合国家和地方最新政策要求。

Meanwhile, under the "dual carbon" goal, the coal and coking industries are facing increasingly strict environmental protection regulations. Baoteliang No.3 Mine has passed the environmental protection, water conservation, and occupational disease prevention special acceptance. No.2 Mine also needs to incorporate the concept of green mining throughout the entire trial operation process. Enterprises need to continuously increase environmental protection investment, optimize production processes, control pollutant emissions, and ensure compliance with the latest national and local policies.