Investment Rating - The industry investment rating is "Maintain Buy" for coal mining companies [4][6]. Core Viewpoints - The current coal price adjustment has been ongoing for nearly four years since the historical peak in Q4 2021, and the market is well aware of the price decline. The industry is at a critical stage of price bottoming, and the bottom may not be far off. It is essential to grasp the intrinsic attributes of the industry and maintain confidence [3]. - In May 2025, India's coal-fired power generation decreased by 9.5% year-on-year to 113.3 billion kWh, marking the largest year-on-year decline since June 2020 [2]. - The report emphasizes that domestic coal companies are increasingly facing losses, with over half (54.8%) of coal enterprises reporting losses as of March 2025. This trend may lead to increased probabilities of both passive and active production cuts [3]. Summary by Sections Coal Prices - As of June 6, 2025, coal prices showed mixed trends: European ARA port coal price at $89/ton (down 2.2%), Newcastle port coal price at $218.9/ton (unchanged), and IPE South Africa Richards Bay coal futures at $91/ton (up 1.2%) [1][32]. Key Recommendations - Recommended stocks include: - China Shenhua (601088.SH) - Buy - Shaanxi Coal and Energy (601225.SH) - Buy - China Qinfa (00866.HK) - Buy - China Coal Energy (601898.SH) - Buy - Electric Power Energy (002128.SZ) - Buy - Jinko Coal Industry (601001.SH) - Buy - Yancoal Energy (600188.SH) - Buy - New Hope Energy (601918.SH) - Buy [6]. Electricity Demand - In May 2025, India's total electricity generation decreased by 5.3% year-on-year to 160.4 billion kWh, with peak demand down 8% to 231,000 MW, primarily due to mild weather conditions [5].

Core Viewpoint - China Qinfa Group announced the conditional sale of its wholly-owned subsidiary, Perpetual Goodluck Limited, to Tianhe Group Limited for RMB 30 million, aiming to restructure its business and focus on higher growth opportunities in the coal industry, particularly in Indonesia [1][4][5]. Company Summary - Perpetual Goodluck Limited is a wholly-owned subsidiary of China Qinfa Group, primarily engaged in coal business in China, with significant assets including five coal mines in Shanxi province [4][5]. - The financial performance of the subsidiary has significantly declined over the past three years, with revenues and gross profits dropping due to a decrease in average coal prices from RMB 838 per ton in 2022 to RMB 504 per ton in 2024 [4][14]. - For the fiscal year ending December 31, 2023, the subsidiary reported a post-tax loss of RMB 81.855 million, while it is projected to report a post-tax profit of RMB 499.664 million for the fiscal year ending December 31, 2024 [4][5]. Industry Context - The coal industry in China is facing challenges such as stricter environmental regulations and increased market competition, which may limit profitability in domestic coal operations [14]. - China Qinfa Group has been actively seeking acquisition opportunities to expand its resource reserves and enhance coal production capacity, particularly in Indonesia, where it has successfully acquired operating licenses for three coal mines [13][14]. - The decision to divest from Perpetual Goodluck Limited is part of a strategy to optimize asset structure and concentrate resources on more profitable ventures in the Indonesian coal market [15].

煤炭开采 "2025 年（第一届）国际炼焦煤大会"观点总结 本周全球能源价格回顾。截至 2025 年 5 月 23 日，原油价格方面，布伦 特原油期货结算价为 64.78 美元/桶，较上周下跌 0.63 美元/桶（-0.96%）； WTI 原油期货结算价为 61.53 美元/桶，较上周下跌 0.96 美元/桶（- 1.54%）。天然气价格方面，东北亚 LNG 现货到岸价为 12.57 美元/百万 英热，较上周上涨 0.7 美元/百万英热（+5.9%）；荷兰 TTF 天然气期货 结算价 36.65 欧元/兆瓦时，较上周上涨 1.48 欧元/兆瓦时（+4.2%）；美 国 HH 天然气期货结算价为 3.33 美元/百万英热，较上周下跌 0.00 美元/ 百万英热（0%）。煤炭价格方面，欧洲 ARA 港口煤炭（6000K）到岸价 91 美元/吨，较上周下跌 0 美元/吨（-0%）；纽卡斯尔港口煤炭（6000K） FOB 价 218.9 美元/吨，较上周上涨 0 美元/吨（+0%）；IPE 南非理查兹 湾煤炭期货结算价 88.40 美元/吨，较上周上涨 0.8 美元/吨（+0.4%）。 5 月 22 日中国煤炭资源网在 ...

证券研究报告 | 行业月报 gszqdatemark 2025 05 20 年 月 日 煤炭开采 有效供应环降，需求望迎改善，煤炭终迎年初至今配置良机 事件：国家统计局公布 2025 年 4 月份能源生产情况。 4 月原煤产量环比下降 5000 万吨。据国家统计局数据，4 月份，规上工业原 煤产量 3.9 亿吨，同比增长 3.8%，增速比 3 月份回落 5.8 个百分点；日均产 量 1298 万吨。1—4 月份，规上工业原煤产量 15.8 亿吨，同比增长 6.6%。 展望 2025 年，考虑到 2024 年上半年山西集中减产影响以及我们对明年煤矿 产能投放情况的梳理，我们预计在主产区均能顺利完成产量目标的理想情况 下（不考虑表外转表内、增产不增量等现象），2025 年产量净增量仅 5500~6000 万吨，同比增长约 1.2~1.3%，增速较 2024 年继续放缓。 4 月原煤进口 3783 万吨，同比-16.41%。2025 年 4 月份，我国进口煤炭 3782.5 万吨，较去年同期的 4525.2 万吨减少 742.7 万吨，同比下降 16.41%； 较 3 月份的 3873.2 万吨减少 90.7 万吨 ...

Investment Rating - The industry investment rating is "Maintain Buy" [6] Core Viewpoints - The coal mining industry is expected to see improved demand and effective supply reduction, presenting a good investment opportunity since the beginning of the year [1] - In April 2025, the raw coal production decreased by 50 million tons month-on-month, with a total output of 390 million tons, reflecting a year-on-year growth of 3.8% [12][13] - The report anticipates a net increase in coal production of only 55 to 60 million tons in 2025, representing a year-on-year growth of approximately 1.2% to 1.3%, indicating a continued slowdown compared to 2024 [1][12] Production Summary - In April 2025, the raw coal production was 390 million tons, with a daily average of 12.98 million tons [12][13] - The cumulative raw coal production from January to April 2025 reached 1.58 billion tons, showing a year-on-year increase of 6.6% [12] Import Summary - In April 2025, coal imports were 37.83 million tons, a decrease of 16.41% year-on-year and a 2.34% decrease month-on-month [2][16] - From January to April 2025, total coal imports amounted to 152.67 million tons, down 5.3% year-on-year [16] - The report forecasts that the total annual coal imports for 2025 may be around 385 million tons, reflecting a year-on-year decline of 4.9% [2][16] Demand Summary - In April 2025, the industrial power generation was 711.1 billion kWh, with a year-on-year growth of 0.9% [3][19] - The industrial thermal power generation saw a year-on-year decline of 2.3%, remaining consistent with the previous month [3][19] - Renewable energy sources such as wind and solar power showed significant growth, with wind power increasing by 12.7% and solar power by 16.7% year-on-year [3][19][32] Investment Recommendations - Key recommended stocks include China Shenhua (H+A), China Coal Energy (H+A), and China Qinfa, among others [5][37] - The report emphasizes the importance of performance in stock selection, highlighting companies like Xinjie Energy and Shaanxi Coal and Chemical Industry [5][37]

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4][7]. Core Insights - The coal price adjustment has been ongoing for nearly four years since the historical peak in Q4 2021, with prices generally returning to levels before the recent uptrend. The market is now aware of the price decline, indicating that the bottom may be near. It is essential to understand the industry's fundamental attributes and maintain confidence and determination [3]. - As of April 2025, Australian coal exports totaled 104 million tons, a year-on-year decrease of 8.1%. In April alone, exports were 26.53 million tons, down 3.7% year-on-year and 12.3% month-on-month [2][6]. - Domestic coal companies are increasingly facing losses, with over half (54.8%) reporting losses as of March 2025. This trend may lead to both passive and active production cuts as prices continue to decline [3]. Summary by Sections Coal Mining Exports - In the first four months of 2025, Australian coal exports decreased by 8.1% year-on-year, totaling 104 million tons. April's exports were 26.53 million tons, reflecting a 3.7% year-on-year decline and a 12.3% month-on-month decline [2][6]. Price Trends - As of May 16, 2025, coal prices showed mixed trends: Newcastle port coal (6000K) was priced at $99.0 per ton (up 0.1), while European ARA port coal was at $94.5 per ton (down 2.6) [35]. The IPE South African Richards Bay coal futures settled at $87.60 per ton (down 1.4) [35]. Recommended Stocks - The report recommends several coal companies, including: - China Shenhua (601088.SH) - Buy - Shaanxi Coal (601225.SH) - Buy - China Qinfa (00866.HK) - Buy - China Coal Energy (601898.SH) - Buy - Electric Power Energy (002128.SZ) - Buy - Jinneng Holding (601001.SH) - Buy - Yancoal (600188.SH) - Buy - New Hope Energy (601918.SH) - Buy [7].

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4]. Core Viewpoints - The current coal price adjustment has been ongoing for nearly four years since the historical peak in Q4 2021, with prices generally returning to pre-increase levels. The market is well aware of the price decline, indicating that the bottom may be near. It is essential to understand the industry's fundamental attributes and maintain confidence and determination [3]. - As of April 2025, Australian coal exports totaled 104 million tons, a year-on-year decrease of 8.1%. The decline in exports is attributed to the shutdown of Australian coking coal production, which has led to rising prices [2][6]. - Domestic coal companies are increasingly facing losses, with over half (54.8%) reporting losses as of March 2025. This trend may lead to both passive and active production cuts as prices continue to decline [3]. Summary by Sections Coal Mining Exports - In the first four months of 2025, Australian coal exports decreased by 8.1% year-on-year, totaling 104 million tons. In April alone, exports were 26.53 million tons, down 3.7% year-on-year and 12.3% month-on-month [2]. Price Trends - As of May 16, 2025, coal prices showed mixed trends: Newcastle coal (6000K) was priced at $99.0 per ton (up 0.1%), while European ARA coal was at $94.5 per ton (down 2.6%) [3][35]. The report indicates that the coal price adjustment is nearing its end, with potential for recovery as production cuts may occur due to high overseas mining costs [3]. Recommended Stocks - The report recommends several coal companies, including China Shenhua (601088.SH), Shaanxi Coal (601225.SH), and China Qinfa (00866.HK), all rated as "Buy." Other recommended stocks include China Coal Energy (601898.SH) and Xinjie Energy (601918.SH) [7]. Market Outlook - The report suggests that the coal industry is at a critical stage of price exploration, with the potential for a rebound as the market adjusts to production cuts and changing demand dynamics [3].

证券研究报告 | 行业研究简报 gszqdatemark 2025 05 11 年 月 日 煤炭开采 2025Q1 全球海运煤炭贸易量同比下降 6.7% 本周全球能源价格回顾。截至 2025 年 5 月 9 日，原油价格方面，布伦特 原油期货结算价为 63.91 美元/桶，较上周上涨 2.62 美元/桶（+4.27%）； WTI 原油期货结算价为 61.02 美元/桶，较上周上涨 2.73 美元/桶 （+4.68%）。天然气价格方面，东北亚 LNG 现货到岸价为 12.00 美元/百 万英热，较上周上涨 0.65 美元/百万英热（+5.7%）；荷兰 TTF 天然气期 货结算价 34.75 欧元/兆瓦时，较上周上涨 1.70 欧元/兆瓦时（+5.1%）； 美国 HH 天然气期货结算价为 3.80 美元/百万英热，较上周上涨 0.17 美元 /百万英热（+4.5%）。煤炭价格方面，欧洲 ARA 港口煤炭（6000K）到岸 价 97.1 美元/吨，较上周上涨 1.8 美元/吨（+1.9%）；纽卡斯尔港口煤炭 （6000K）FOB 价 98.9 美元/吨，较上周上涨 0.9 美元/吨（+0.9%）；IPE 南非理查兹 ...

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [4] Core Viewpoints - The expectation of increased steel import tariffs in India is likely to boost demand for South African thermal coal, as the tariffs aim to protect domestic steel producers from low-priced imports [2] - The report highlights potential investment opportunities in companies such as Shenhua Energy, Shaanxi Coal and Chemical Industry, and others, suggesting that these companies may benefit from the current market dynamics [3][6] Summary by Sections Coal Mining - As of April 30, 2025, coal prices showed mixed trends: Newcastle coal (6000K) increased by $3.8/ton (+4.1%) to $97.5/ton, while European ARA coal decreased by $1.0/ton (-1.1%) to $93.8/ton [1][37] - South African coal exports are expected to rebound to over 6 million tons due to increased demand from the sponge iron industry [7] Investment Recommendations - The report recommends buying shares in companies such as Shaanxi Coal, China Shenhua, and others, with projected earnings per share (EPS) and price-to-earnings (PE) ratios indicating potential growth [6] - Specific companies highlighted for their strong performance include China Coal Energy and Jinneng Holding, with EPS forecasts for 2024 ranging from 1.21 to 2.95 [6] Market Trends - The report notes a significant drop in energy prices, with Brent crude oil down by $3.00/barrel (-4.54%) and WTI down by $4.06/barrel (-6.52%) as of the latest review [1][14] - The overall coal market is experiencing fluctuations, with the potential for increased operational costs due to transportation challenges in South Africa [7]

Financial Performance - For the year ended December 31, 2024, the Group reported a turnover of RMB 2,600,933, a decrease of 24.6% compared to RMB 3,449,182 in 2023[15]. - The gross profit for 2024 was RMB 514,543, down 41.5% from RMB 878,020 in 2023[15]. - Operating profit increased to RMB 750,418 in 2024, compared to RMB 523,859 in 2023, marking a growth of 43.3%[15]. - The profit for the year attributable to equity shareholders was RMB 501,944, significantly up from RMB 200,346 in 2023, representing a 150.5% increase[15]. - The coal business revenue for the year ended 31 December 2024 was RMB2,600,933,000, a decrease of 24.6% compared to RMB3,449,182,000 in 2023[60]. - The average coal selling price decreased to RMB504 per tonne in 2024 from RMB665 per tonne in 2023, representing a decline of approximately 24.2%[67]. - The cost of sales in 2024 was RMB2,086,400,000, an 18.9% decrease from RMB2,571,200,000 in 2023[68]. - The gross profit margin for 2024 was 19.8%, down from 25.5% in 2023, primarily due to the decrease in average selling price of thermal coal[75]. - Other income, gains, and losses for 2024 amounted to a net gain of RMB547.3 million, a significant increase from a net gain of RMB2.0 million in 2023[76]. - Net profit margin improved significantly to 21.4% in 2024 from 5.6% in 2023, influenced by an increase in net gain on substantial/non-substantial modification of borrowings[160]. Assets and Liabilities - Total assets as of December 31, 2024, reached RMB 8,629,329, an increase of 9.8% from RMB 7,857,573 in 2023[17]. - Total liabilities decreased to RMB 5,143,084 in 2024, down 31.8% from RMB 7,538,655 in 2023[17]. - Net current liabilities decreased to RMB2,094.9 million in 2024 from RMB3,324.8 million in 2023, with the current ratio improving to 0.5 from 0.36[86]. - The gearing ratio improved to 59.6% in 2024 from 95.9% in 2023, reflecting the repayment of loans during the year[102]. - The Group's debt-to-asset ratio improved to 59.6% as of December 31, 2024, down from 95.9% in the previous year, primarily due to loan repayments[105]. - As of December 31, 2024, the Group's total banking and other borrowings amounted to RMB1,184.5 million, a decrease of 66.8% from RMB3,566.0 million as of December 31, 2023[107]. Coal Production and Operations - The coal handling and trading volume for 2024 was 5,161,000 tonnes, slightly down from 5,187,000 tonnes in 2023[15]. - Total raw coal production for 2024 reached 9,294,000 tonnes, an increase of 21.4% from 7,651,000 tonnes in 2023[58]. - Commercial coal production volume for 2024 was 4,680,000 tonnes, slightly down from 4,882,000 tonnes in 2023[58]. - As of December 31, 2024, total coal reserves were 342.14 million tonnes, down from 348.11 million tonnes as of January 1, 2024[56]. - Proven reserves as of December 31, 2024, were 9.25 million tonnes, while probable reserves were 332.89 million tonnes[56]. - The total coal reserve depleted from mining operations in 2024 was 9.29 million tonnes[56]. - The total coal reserves of the SDE Coal Mine reached 305,380,000 tonnes, significantly higher than the domestic coal mines' total reserves of 36,760,000 tonnes, indicating substantial development potential[128]. Strategic Initiatives and Acquisitions - The Group successfully realized RMB 2.95 billion in cash from the disposal of a 30% indirect equity interest in the SDE Coal Project in Indonesia[20]. - The Group acquired 70% equity interests in several high-quality coal mines in Indonesia, expanding its overseas resource footprint and enhancing its competitive advantage in the Southeast Asian market[24]. - The Group successfully acquired three mining business licenses in June 2024, increasing its total holdings to nine coal mines, with five located in China and four in Indonesia[35]. - The Group successfully acquired a 70% equity interest in PT Suprema Marulabo Energi, PT Inisiasi Merdeka Jaya, and PT Venerasi Sejahtera Energi in 2024[115]. - The Group plans to continue seeking high-quality coal mines and mining rights in Indonesia at reasonable prices to expand resource reserves and maintain rapid development over the next decade[130]. Environmental and Social Responsibility - The Group aims to remove the stigma of environmental destruction associated with coal mining through innovative practices and technologies[44]. - The Group is committed to enhancing quality and efficiency through the development of new technologies such as green intelligent mining and clean low-carbon utilization[41]. - The Group aims to minimize environmental impact by improving resource efficiency and reducing pollutant emissions[166]. - The Group is committed to responsible procurement and ensuring suppliers meet sustainability standards[168]. - The Environmental, Social and Governance Committee was established to monitor sustainability performance and stakeholder engagement[176]. Human Resources and Corporate Governance - The Group employed 3,612 employees as of December 31, 2024, and has implemented a performance-based reward system[121]. - The Group was awarded the "2024 Outstanding Human Resources Research Achievement," reflecting its commitment to talent development and corporate culture[47]. - The Directors will retire by rotation at the upcoming annual general meeting, with eligibility for re-election[197]. - The board of directors includes Mr. Xu Da (Chairman), Mr. Bai Tao (CEO), Mr. Zhai Yifeng, and Ms. Deng Bingjing (appointed on April 19, 2024)[198]. Dividends and Shareholder Value - A final dividend of HKD0.02 per ordinary share has been recommended for the year ended December 31, 2024, compared to no dividend in 2023[120]. - The Group has recommended a final dividend of HKD0.02 per share for the year ended December 31, 2024, compared to nil in 2023[184]. - As of 31 December 2024, the total reserves available for distribution amount to approximately RMB1,150,969,000, a significant increase from nil in 2023[186]. - The retained earnings as of December 31, 2024 stand at RMB173,366,000, recovering from accumulated losses of RMB1,005,484,000 in 2023[188].