Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The coal and power sectors have shown stable production growth, but profitability has been impacted by price fluctuations and rising costs [2][3] - The company is expected to benefit from economic stimulus policies leading to improved demand and stable coal prices, supporting profitability [7] Summary by Sections Financial Performance - In the first half of 2024, the company achieved operating revenue of 168.08 billion yuan, a year-on-year decrease of 0.80%, and a net profit attributable to shareholders of 29.50 billion yuan, down 11.34% year-on-year [1] - The second quarter of 2024 saw a single-quarter operating revenue of 80.43 billion yuan, a decrease of 2.39% year-on-year and 8.23% quarter-on-quarter [1] Coal Sector - The company produced 163.2 million tons of coal in the first half of 2024, a year-on-year increase of 1.6%, with sales volume reaching 229.7 million tons, up 5.4% year-on-year [2] - Average coal selling price decreased by 5.8% year-on-year to 566 yuan/ton, while the total profit for the coal sector fell by 18.1% to 26.04 billion yuan [2] Power Sector - Total power generation reached 104.04 billion kWh in the first half of 2024, an increase of 3.8% year-on-year, with total sales of 97.89 billion kWh, up 3.9% year-on-year [3] - The total profit for the power sector decreased by 9.5% to 8.25 billion yuan, with a slight decline in gross margin [3] Transportation and Coal Chemical Sectors - The railway division's revenue reached 22.44 billion yuan, a year-on-year increase of 1.4%, with total profit rising by 1.9% [4] - The coal chemical sector experienced a significant profit decline of 96.9% due to reduced production and sales [6] Future Outlook - The company is expected to achieve net profits of 59.84 billion yuan, 62.84 billion yuan, and 65.55 billion yuan for 2024, 2025, and 2026 respectively, with EPS projected at 3.01, 3.16, and 3.30 yuan per share [7][8]

Financial Reporting - The company reported a mid-year financial statement for 2024, which has not been audited yet[5]. - The board of directors confirmed the accuracy and completeness of the mid-year report, with 6 out of 8 directors present at the meeting[5]. - The report period covers January to June 2024[10]. - The financial report includes key financial indicators, although specific figures are not detailed in the provided content[12]. - The company is committed to ensuring the accuracy of the financial report, with declarations from the chairman and chief accountant[5]. - The company has not proposed any profit distribution or capital reserve conversion plans for the reporting period[5]. - The report includes a risk statement regarding forward-looking statements that may differ significantly from actual results due to various uncertainties[5]. Financial Performance - Revenue for the first half of 2024 was 168,078 million, a decrease of 0.8% compared to 169,442 million in the same period of 2023[20]. - Profit attributable to the owners of the company for the first half of 2024 was 32,771 million, down 11.1% from 36,861 million in the first half of 2023[20]. - Basic earnings per share for the first half of 2024 were 1.649 yuan, a decrease of 11.1% compared to 1.855 yuan in the same period of 2023[20]. - Operating cash flow for the first half of 2024 increased by 13.6% to 52,668 million from 46,349 million in the first half of 2023[20]. - Total assets as of June 30, 2024, were 675,843 million, reflecting a 6.7% increase from 633,412 million at the end of 2023[20]. - Total liabilities increased by 32.0% to 200,388 million from 151,761 million at the end of 2023[20]. - The company's stock price increased by 41% for A-shares and 34% for H-shares since the beginning of the year, surpassing industry and market indices[26]. Operational Highlights - Coal sales volume increased by 5.4% year-on-year, demonstrating effective operational strategies[28]. - Non-coal transportation volume grew by 22% year-on-year, indicating successful market expansion efforts[28]. - The company achieved a 100% fulfillment rate for long-term coal supply contracts, ensuring stable energy supply[27]. - The company has approved major projects, including the expansion of the Fujian Shishi Hongshan Phase III with a capacity of 1 million kilowatts and the completion of investment decision approvals for Hebei Cangdong Phase III (2×660 MW) and Dingzhou Phase III (2×660 MW) projects[31]. - As of the first half of the year, the company has planned, under construction, and in operation new energy installed capacity exceeding 4.06 million kilowatts[31]. - The company obtained 302 authorized patents in the first half of the year, including 147 invention patents, enhancing its core competitiveness through technological innovation[32]. Strategic Initiatives - The company emphasizes a commitment to safety, stability, and clean operations, focusing on high-end, diversified, and low-carbon development[2]. - The company aims to strengthen energy security by enhancing coal production organization and ensuring efficient energy transportation channels[35]. - The company is accelerating green and low-carbon development, focusing on strategic emerging industries and low-carbon transformation actions, including biomass co-firing and CCUS[36]. - The company is enhancing value creation capabilities by deepening actions for value creation and ensuring the completion of annual operational goals[36]. - The company is committed to improving its financial management system and enhancing capital and financial service capabilities[36]. - The company has established a leadership group for value management to respond to state-owned asset management requirements[33]. - The company is actively participating in the formulation of national and industry standards to support technological advancements and innovation[36]. Market and Economic Context - In the first half of 2024, China's GDP grew by 5.0% year-on-year, indicating a stable economic environment[47]. - The average price of long-term contract thermal coal (5,500 kcal) was approximately 704 RMB/ton, a decrease of about 18 RMB/ton compared to the same period last year[48]. - National industrial raw coal production reached 2.27 billion tons, a year-on-year decrease of 1.7%[49]. - Coal imports amounted to 250 million tons, reflecting a year-on-year increase of 12.5%[49]. - The average cost of imported coal decreased by approximately 19.1%[51]. - The coal consumption in the power generation sector decreased by 1.1%, accounting for about 59.4% of total coal consumption[51]. - The total coal stock at major ports was 73.2 million tons, a year-on-year decrease of 2.4%[51]. Risk Management - The company faces various risks including safety production, environmental protection, market and sales, investment, compliance, project management, international operations, and policy risks[5]. - The company has established a comprehensive risk management system to address various risks, including safety production, market competition, and compliance risks[200]. - The company has not reported any new risk factors during the reporting period[200].

Financial Performance - The group's revenue for the first half of 2024 was RMB 168.078 billion, a decrease of RMB 1.364 billion (0.8%) compared to the same period in 2023[1]. - Profit attributable to the owners of the company for the period was RMB 32.771 billion, down RMB 4.090 billion (11.1%) from the same period in 2023[1]. - The basic earnings per share for the period was RMB 1.649[4]. - EBITDA for the first half of 2024 was RMB 55.822 billion, a decrease of RMB 5.871 billion (9.5%) compared to the same period in 2023[1]. - The gross profit for the period was RMB 50.232 billion, down from RMB 55.298 billion in the same period last year[3]. - Total comprehensive income for the period was RMB 38.601 billion, compared to RMB 43.315 billion in the same period last year[4]. - The company reported a net profit of RMB 32,771 million for the six months ended June 30, 2024, compared to RMB 36,861 million for the same period in 2023, reflecting a decrease of approximately 11.3%[7]. - Total comprehensive income for the period was RMB 32,956 million, down from RMB 37,362 million in the previous year, indicating a decline of about 11.5%[8]. Assets and Liabilities - The total assets less current liabilities amounted to RMB 534.386 billion, a decrease from RMB 541.827 billion as of December 31, 2023[6]. - Non-current assets totaled RMB 439.365 billion, slightly up from RMB 434.461 billion at the end of 2023[5]. - The net current assets were RMB 95.021 billion, down from RMB 107.366 billion at the end of 2023[6]. - The company's equity attributable to owners was RMB 399.658 billion, down from RMB 411.478 billion at the end of 2023[6]. - The company's total equity attributable to shareholders as of June 30, 2024, was RMB 399,658 million, a decrease from RMB 396,937 million at the end of 2023[7]. Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2024, was RMB 52,668 million, an increase from RMB 46,349 million in the same period of 2023, representing a growth of approximately 13.9%[9]. - The company recorded a net cash inflow from operating activities after tax payments of RMB 63,195 million for the first half of 2024, compared to RMB 57,948 million in the same period of 2023, reflecting an increase of approximately 9.7%[9]. - Cash outflow from investing activities was RMB (43,857) million for the six months ended June 30, 2024, compared to RMB (18,234) million in the same period of 2023, indicating a significant increase in investment expenditure[10]. - The company raised RMB 4,996 million from borrowings during the six months ended June 30, 2024, compared to RMB 6,639 million in the same period of 2023, indicating a reduction in reliance on debt financing[11]. - The company repaid borrowings amounting to RMB 5,474 million in the first half of 2024, significantly lower than RMB 12,724 million in the same period of 2023, reflecting a strategic focus on debt reduction[11]. Revenue and Sales - Coal sales revenue for 2024 reached RMB 111,165 million, slightly up from RMB 110,984 million in 2023, indicating a growth of 0.2%[16]. - Power generation sales revenue increased to RMB 41,158 million in 2024 from RMB 40,770 million in 2023, reflecting a growth of 1.0%[16]. - The total revenue for the first half of 2024 was RMB 168,078 million, slightly down from RMB 169,442 million in 2023, a decrease of 0.8%[16]. - The company achieved a coal sales volume of 229.7 million tons in the first half of 2024, an increase of 5.4% compared to 217.9 million tons in the same period of 2023[46]. - The average selling price of coal decreased to 566 RMB/ton in the first half of 2024, down 5.8% from 601 RMB/ton in the same period of 2023[63]. Costs and Expenses - Total operating costs for the six months ended June 30, 2024, amounted to RMB 117,846 million, compared to RMB 114,144 million in the same period of 2023, representing an increase of 3.0%[17]. - Labor costs rose to RMB 16,986 million in 2024 from RMB 14,574 million in 2023, marking an increase of 15.5%[17]. - The company reported a total income tax expense of RMB 7,988 million for the first half of 2024, down from RMB 9,576 million in 2023, a decrease of 16.6%[17]. - The effective tax rate for the company's domestic entities remains at 25% for both 2024 and 2023[18]. Operational Performance - The company achieved a 7.3% increase in railway transportation turnover and a 7.1% increase in port loading volume year-on-year, indicating strong operational performance[28]. - The company maintained a 100% fulfillment rate for long-term coal supply contracts, ensuring stable energy supply[28]. - The company’s total power generation in the first half of 2024 was 104.04 billion kWh, an increase of 3.8% compared to 100.20 billion kWh in the first half of 2023[46]. - The average utilization hours of coal-fired power plants decreased by 43 hours year-on-year to 2,099 hours, while hydropower utilization hours increased by 238 hours to 1,477 hours[37]. Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[16]. - The company is advancing green and low-carbon development initiatives, focusing on biomass co-firing and carbon capture technologies[31]. - The company aims to enhance energy security and ensure stable supply during critical periods, including national holidays and peak seasons[30]. - The company is actively pursuing investment management optimization and project risk management to enhance investment efficiency[106]. Corporate Governance - The company has established a corporate governance system in compliance with the Hong Kong Listing Rules, ensuring that the board of directors operates within regulatory requirements[109]. - The company has adopted the Standard Code for Securities Transactions by Directors, ensuring compliance by all directors and senior management[110]. - The Audit and Risk Committee has reviewed the interim financial report for the six months ending June 30, 2024, and agreed to submit it to the board for discussion[112].

独立董事候选人声明与承诺 本人袁国强,已充分了解并同意由提名人中国神华能源 股份有限公司董事会提名为中国神华能源股份有限公司第 六届董事会独立董事候选人。本人公开声明,本人具备独立 董事任职资格,保证不存在任何影响本人担任中国神华能源 股份有限公司独立董事独立性的关系,具体声明并承诺如 下： 一、本人具备上市公司运作的基本知识,熟悉相关法律、 行政法规、部门规章及其他规范性文件,具有5年以上法律、 经济、会计、财务、管理或者其他履行独立董事职责所必需 的工作经验,已经参加培训并取得证券交易所认可的相关培 训证明材料。 二、本人任职资格符合下列法律、行政法规和部门规章 以及公司规章的要求: (一)《中华人民共和国公司法》关于董事任职资格的 规定; (二)《中华人民共和国公务员法》关于公务员兼任职 务的规定; (三)中国证监会《上市公司独立董事管理办法》、上 海证券交易所自律监管规则以及公司章程有关独立董事任 职资格和条件的相关规定; (四)中共中央纪委、中共中央组织部《关于规范中管 干部辞去公职或者退(离)休后担任上市公司、基金管理公 司独立董事、独立监事的通知》的规定; (五)中共中央组织部《关于进一步规范党 ...

证券代码：601088 证券简称：中国神华 公告编号：临 2024-036 中国神华能源股份有限公司 关于第五届董事会第三十一次会议决议的公告 中国神华能源股份有限公司董事会及全体董事保证本公告内容不存在任何 虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 中国神华能源股份有限公司（"本公司"或"公司"）第五届董事会第三十 一次会议于 2024 年 8 月 15 日以电子邮件或无纸化办公系统方式向全体董事和监 事发送了会议通知，于 8 月 20 日发送了议程、议案等会议材料，并于 2024 年 8 月30日在北京市东城区安定门西滨河路22号神华大厦以现场结合通讯方式召开。 会议应出席董事 8 人，亲自出席董事 6 人，委托出席董事 2 人。贾晋中、袁国强、 陈汉文 3 名董事以视频接入方式参会。执行董事许明军、独立非执行董事白重恩 因公请假，分别委托董事长吕志韧、独立非执行董事陈汉文代为出席会议并投票。 董事长吕志韧召集并主持会议。董事会秘书宋静刚参加会议，监事和高级管理人 员列席会议。会议的召开符合《中华人民共和国公司法》及相关法律法规、上市 地上市规则和《中国神华能源 ...

Financial Performance - China Shenhua reported a revenue of RMB 150 billion for the first half of 2024, representing a year-on-year increase of 12%[6]. - The company's net profit for the same period reached RMB 45 billion, up 15% compared to the previous year[6]. - The company's operating revenue for the first half of 2024 was 168,078 million, a decrease of 0.8% compared to 169,442 million in the same period of 2023[11]. - Total profit for the first half of 2024 was 42,623 million, down 11.7% from 48,269 million in the first half of 2023[11]. - Net profit attributable to shareholders for the first half of 2024 was 29,504 million, a decline of 11.3% from 33,279 million in the same period of 2023[11]. - The net cash flow from operating activities increased by 13.6% to 52,668 million in the first half of 2024, compared to 46,349 million in the first half of 2023[11]. - The total profit for the first half of 2024 was 26,039 million RMB, representing an 18.1% decrease from 31,793 million RMB in the same period of 2023[57]. - The gross profit margin declined to 28.3%, down 3.5 percentage points from 31.8% in the previous year[57]. - The company's net profit for the first half of 2024 was RMB 34,621 million, down 10.7% from RMB 38,688 million in the first half of 2023[198]. Production and Sales - Total coal production increased by 8% to 200 million tons in the first half of 2024[6]. - The company's coal production volume in the first half of 2024 was 163.2 million tons, an increase of 1.6% from 160.7 million tons in the same period of 2023[34]. - The company achieved a coal sales volume of 229.7 million tons in the first half of 2024, which is a 5.4% increase from 217.9 million tons in the same period of 2023[34]. - The company's coal sales volume increased by 5.4% year-on-year, while non-coal transportation volume grew by 22%[15]. - The average selling price of coal in the first half of 2024 was 566 RMB/ton, a decrease of 5.8% from 601 RMB/ton in the same period of 2023[48]. - The sales volume of externally purchased coal was 66.9 million tons, representing a year-on-year increase of 14.2% from 58.6 million tons in the first half of 2023[48]. - The total coal sales volume for the first half of 2024 included 225.5 million tons for domestic sales, accounting for 98.2% of total sales, with an average price of 565 RMB/ton[52]. Debt and Financial Position - China Shenhua's debt-to-asset ratio stands at 55%, indicating a stable financial position[5]. - The total liabilities increased by 32.0% to 200,388 million as of June 30, 2024, compared to 151,761 million at the end of 2023[11]. - The total assets as of June 30, 2024, were 672,758 million, reflecting a 6.8% increase from 630,131 million at the end of 2023[11]. - The company's cash and cash equivalents amounted to 186,939 million RMB, representing 27.8% of total assets, an increase of 24.6% from 149,986 million RMB at the end of 2023[41]. Research and Development - The company has allocated RMB 5 billion for research and development in new technologies for cleaner coal utilization[6]. - Research and development expenses rose by 36.2% year-on-year to 979 million RMB in the first half of 2024, up from 719 million RMB in the first half of 2023[32]. - A total of 302 patents were authorized in the first half of 2024, including 147 invention patents[17]. - The total R&D investment for the first half of 2024 was 1,336 million RMB, a 44.4% increase compared to 925 million RMB in the same period of 2023[39]. Environmental Initiatives - The company is actively pursuing green and low-carbon development initiatives, including the construction of green intelligent mines and low-carbon transformation projects[18]. - The company has implemented measures to reduce carbon emissions, including the application of carbon reduction technologies and the promotion of clean energy alternatives[136]. - In the first half of 2024, the company invested approximately 1.1 billion CNY in environmental protection, with 70 million CNY allocated for ecological construction[135]. - The company achieved a pollution control facility operation rate of 100% across multiple plants[124]. Strategic Initiatives - China Shenhua is exploring potential mergers and acquisitions to enhance its market presence in Southeast Asia[6]. - The company is focusing on enhancing its integrated operations and optimizing its coal and electricity industry layout to improve efficiency[109]. - The company is committed to advancing green and low-carbon transformation initiatives, including clean and efficient coal utilization[109]. - The company is in the process of acquiring 100% equity of Inner Mongolia Dayan Mining Group and 100% equity of Hanjin Energy, with ongoing work as of the report date[139]. Governance and Compliance - The company has established a comprehensive risk management system to address safety, market competition, and compliance risks[107]. - The company has complied with the corporate governance code and the majority of best practice recommendations during the reporting period[110]. - The board of directors consists of 8 members, including 2 executive directors, 2 non-executive directors, 3 independent non-executive directors, and 1 employee director, with 1 female director[111]. - The company has established a board diversity policy, considering various factors such as gender, age, and professional experience in selecting board members[111].

证券代码：601088 证券简称：中国神华 公告编号：临2024-037 中国神华能源股份有限公司 第五届监事会第二十次会议决议公告 中国神华能源股份有限公司监事会及全体监事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国神华能源股份有限公司（"本公司"）第五届监事会第二十次会议于2024年8 月20日以电子邮件及无纸化办公系统方式向全体监事发送了会议通知、议程、议案等 会议材料，并于2024年8月30日以书面方式召开。会议应出席监事3人，亲自出席监事3 人。公司全体3名监事审议了本次监事会议案，并以书面形式发表了表决意见。会议的 召开符合《中华人民共和国公司法》及相关法律法规、上市地上市规则和《中国神华能 源股份有限公司公司章程》的规定。 经充分讨论及审议，会议通过以下议案： （一）《关于〈中国神华能源股份有限公司2024年半年度财务报告〉的议案》 中国神华能源股份有限公司监事会 监事会认为：《中国神华能源股份有限公司2024年半年度财务报告》符合会计准则 的要求，报告的内容真实、准确、完整地反映了公司的经营成果。 表决情况：有权表决票3票， ...

中国神华能源股份有限公司 关于国家能源集团财务有限公司 的风险持续评估报告 国家能源集团财务有限公司（以下简称财务公司）由中国神 华能源股份有限公司（以下简称本公司）控股股东国家能源投资 集团有限责任公司（以下简称国家能源集团）持有60%股权，为 本公司的关联方。2023年4月28日，本公司与财务公司签署2024 年至2026年《金融服务协议》，该协议经2022年股东周年大会批 准后生效，有效期自2024年1月1日至2026年12月31日止。根据《金 融服务协议》，财务公司向本公司及其控股子公司（以下简称本 集团）提供综合授信（无需本集团提供任何抵押或担保）及多项 金融服务，本集团可以在财务公司存款。 本公司通过查验财务公司的《金融许可证》和《营业执照》 等资料，并审阅财务公司的财务报告及风险指标等信息，对其经 营资质、业务和风险状况进行了评估，现将风险评估情况报告如 下： 一、财务公司基本情况 国 家 能 源 集 团 财 务 有 限 公 司 ， 统 一 社 会 信 用 代 码 为 91110000710927476R，金融许可证机构编码为L0022H211000001。 财务公司法定代表人为杨富锁，注册地址 ...

证券代码：601088 证券简称：中国神华 公告编号：临 2024-035 中国神华能源股份有限公司 关于举办 2024 年半年度业绩说明会的公告 中国神华能源股份有限公司董事会及全体董事保证本公告内容不存在任何虚 假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担 法律责任。 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 8 月 30 日（星期五）至 9 月 5 日（星期四）16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目提问，或于 2024 年 9 月 4 日 （星期三）17:00 以前将需要了解的情况和关注问题通过邮件发送给本公司（邮 箱：ir@shenhua.cc），本公司将在业绩说明会上就投资者普遍关注的问题进行 解答。 二、业绩说明会召开的时间、地点 1. 会议召开时间：2024 年 9 月 6 日（星期五）16:00-17:00 2. 会议召开地点：上海证券交易所上证路演中心 重要内容提示： （网址：http://roadshow.sseinfo.com） 中国神华能源股份有限公司（"本公司"）2024 年半年度报告将于 2024 年 8 月 3 ...

Financial Data and Key Metrics Changes - The company's market capitalization is approximately 700 billion, with a year-to-date return of around 30% [2][8] - The company's net profit in 2022 reached its highest level in nearly a decade, but there is a slight decline expected in 2023 due to falling coal prices [7][8] - The asset-liability ratio is reported to be around 20%, significantly lower than the industry average of over 50% [12][33] Business Line Data and Key Metrics Changes - The main revenue contributors are coal, electricity, and rail transport, with coal being the largest segment [10][27] - The company maintains a high proportion of long-term contracts for coal sales, approximately 80%, which stabilizes revenue [26][27] - The average cost of coal production is around 170, which is among the lowest in the industry [27] Market Data and Key Metrics Changes - The annual long-term contract prices for coal have shifted from a range of 500-570 to 570-770 since 2020, reflecting market changes [21][22] - The company’s coal production capacity is the largest among listed companies, with a production volume of 324 million tons [14][15] Company Strategy and Development Direction - The company is focused on integrated operations across coal, electricity, chemicals, railways, ports, and shipping, aiming for comprehensive energy solutions [6][10] - Future growth is anticipated through asset injections from the parent company and new coal mine developments, which could increase production capacity by 15% [16][19] Management's Comments on Operating Environment and Future Outlook - Management expects a slight recovery in coal prices in 2024 due to reduced supply and increased demand [51] - The company is committed to maintaining a high dividend payout ratio, with a historical average of over 60% [31][39] Other Important Information - The company has a strong cash position, which supports its ability to pay dividends [13][33] - The company has a history of special dividends, with a payout ratio reaching 150% in previous years [32] Q&A Session Summary Question: What is the future capital gain potential for China Shenhua? - The company’s capital gain potential is significant, with a current dividend yield of 5.62%, which could provide a capital gain space of around 30% if the yield drops to 4.35% [39][40] Question: How does the company plan to maintain its high dividend payout? - The company plans to maintain its high dividend payout through stable cash flows and low debt levels, ensuring financial flexibility for future distributions [12][31] Question: What are the expected impacts of new coal mine developments? - New coal mine developments are expected to contribute significantly to production capacity and overall profitability, enhancing the company's growth prospects [19][48]