The Open Source Securities Research Report pointed out that the improvement in the volume and price of commercial coal is driving the growth of Pingmei's performance, and the refining coal strategy continues to deepen. Net profit for the first half of the year was 317 million yuan, +22.84% year on year; in 2026Q2, net profit to mother was 197 million yuan, +85.2% year over year and +64.0% month on month. The increase in commercial coal sales prices led to profit growth in the single quarter. Commercial coal sales grew rapidly, and profits of 2 tons of coal increased sequentially in 2026Q2. The coal refining strategy continues to be deepened, and the group restructuring opens up space for resource integration. 2026H1's coking coal production increased by 1.54 million tons over the same period last year, and commercial coal achieved full production and sales; the four coal washing plants completed intelligent technological transformation, and the ash content and moisture content of refined coal decreased by 1 percentage point each, further improving product quality. The company continues to promote the strategy of large-scale coal refining. By adjusting mining succession and optimizing washing processes, the increase in coke refined coal production and product structure optimization are expected to enhance the profitability of the coal business. The company's endowment of high-quality coking coal resources is outstanding. In 2026Q2, coal prices and tons of coal profits improved sequentially, maintaining a “buy” rating.