中国神华能源股份有限公司 CHINA SHENHUA ENERGY COMPANY LIMITED (於中華人民共和國註冊成立的股份有限公司) 股份代碼：01088 2018 年度報告 健康 環保 故障診斷 高效 信息融合 網絡安全 重要提示 一. 本公司董事會、監事會及董事、監事、高級管理人員保證年度報告內容的真實、準確、完整，不存在 虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 二. 本報告已經本公司第四屆董事會第十八次會議批准，會議應出席董事10人，親自出席董事9人。高嵩 董事因公請假，委託米樹華董事代為出席並投票。 三. 德勤•關黃陳方會計師行根據香港審計準則為本公司2018年度按國際財務報告準則編製的財務報表出 具了標準無保留意見的獨立核數師報告。 四. 公司董事長凌文、財務總監許山成及會計機構負責人班軍聲明：保證本報告中財務報告的真實、準 確、完整。 五. 董事會建議：以本公司2018年12月31日總股本19,889,620,455股為基礎，派發2018年度末期股息現 金人民幣0.88元/股（含稅），共計人民幣17,503百萬元（含稅）。該利潤分配預案尚待股東大會批准。 六. 前瞻 ...

Financial Performance - Net profit attributable to shareholders decreased by 1.0% to RMB 35.278 billion[9] - Operating revenue for the first nine months rose by 6.3% to RMB 194.084 billion[7] - Basic earnings per share decreased by 1.0% to RMB 1.774[9] - The company reported a total profit of RMB 55.952 billion for the first nine months, an increase of 4.2% year-on-year[7] - The total profit for the same period was RMB 55,952 million, reflecting a 4.2% increase from RMB 53,705 million in 2017[15] - The net profit attributable to shareholders was RMB 35,278 million, showing a slight decline of 1.0% from RMB 35,649 million in the previous year[15] - Net profit for the first nine months of 2018 was RMB 7,865 million, down 69.0% from RMB 25,429 million in the same period last year[57] - Net profit attributable to shareholders for the third quarter was RMB 12,301 million, up 8.5% from RMB 11,334 million in the same quarter last year[55] Revenue and Sales - Total coal production for Q3 2018 was 74.2 million tons, a 6.6% increase year-on-year[12] - Total electricity generation for Q3 2018 was 80.07 billion kWh, up 7.3% from the same period last year[12] - The total sales volume of coal in the first nine months of 2018 was 340.0 million tons, a 3.6% increase from 328.3 million tons in the same period of 2017[23] - The average selling price of coal for the first nine months of 2018 was RMB 431 per ton, up 2.1% from RMB 422 per ton in 2017[23] - The railway segment reported a revenue of RMB 29,191 million for the first nine months of 2018, a 4.4% increase from RMB 27,959 million in 2017[35] - The shipping segment's revenue increased by 31.9% to RMB 3,037 million in the first nine months of 2018, driven by rising shipping prices and increased cargo volume[38] Assets and Liabilities - Total assets increased by 5.8% to RMB 599.831 billion compared to the end of the previous year[7] - The company's asset-liability ratio as of September 30, 2018, was 33.1%, down 0.8 percentage points from 33.9% at the end of 2017[15] - The total liabilities of the company were RMB 198.282 billion, compared to RMB 192.497 billion at the beginning of the year, reflecting a slight increase of 3.9%[48] - The company's long-term borrowings decreased by 17.0% to RMB 53,355 million from RMB 64,321 million in the previous period[18] - The company's total equity attributable to shareholders rose to RMB 320.929 billion from RMB 301.487 billion, an increase of 6.5%[48] Cash Flow - Cash flow from operating activities decreased by 19.1% to RMB 67.822 billion[7] - The net cash flow from operating activities for the first nine months of 2018 was RMB 67,822 million, down 19.1% from RMB 83,814 million in 2017[20] - Cash flow from investing activities for the first nine months of 2018 was RMB (13,897) million, a significant decrease of 173.1% compared to RMB 19,018 million in 2017[20] - Cash inflow from investment activities totaled RMB 26,712 million, significantly down from RMB 136,158 million in the previous year, representing a decrease of 80.3%[65] - Cash paid for investments was RMB 14,591 million, down from RMB 58,057 million in the same period last year, indicating a reduction of 74.8%[65] Operational Efficiency - The average utilization hours for power generation in Q3 2018 were 1,368 hours, up from 1,305 hours in Q3 2017, indicating improved operational efficiency[27] - The unit production cost of self-produced coal for the first nine months of 2018 was RMB 111.0 per ton, an increase of 3.9% from RMB 106.8 per ton in 2017[26] - The average selling cost of electricity decreased by 1.4% to RMB 253.7 per MWh in the first nine months of 2018, down from RMB 257.4 per MWh in 2017[33] Shareholder Information - The total number of shareholders at the end of the reporting period was 187,276, with the largest shareholder, China Energy Investment Corporation, holding 73.06% of the shares[14] - The company has no plans to declare or pay quarterly dividends, including cash distributions[45] Research and Development - Research and development expenses for the first three quarters were RMB 235 million, compared to RMB 172 million in the same period last year, indicating a 36.6% increase[54] - Research and development expenses for the first nine months were RMB 140 million, an increase of 48.9% from RMB 94 million in the same period last year[57] Miscellaneous - The company completed the merger conditions with the State Energy Group, which will not change the controlling shareholder or actual controller[43] - The company reported a significant increase in cash flow from operating activities, contributing to a stronger liquidity position[54] - The company incurred a total operating cost of RMB 19,591 million for the first nine months, a slight decrease from RMB 19,649 million in the same period last year[57]

Financial Performance - The company reported a total revenue of RMB 100 billion for the first half of 2018, representing a year-on-year increase of 15%[1] - Net profit attributable to shareholders reached RMB 30 billion, up 20% compared to the same period last year[1] - In the first half of 2018, the company's operating revenue reached 127,380 million RMB, an increase of 5.7% compared to 120,518 million RMB in the same period of 2017[19] - The total profit for the first half of 2018 was 36,664 million RMB, reflecting a 2.4% increase from 35,809 million RMB in the first half of 2017[19] - The net profit attributable to shareholders was 22,977 million RMB, a decrease of 5.5% from 24,315 million RMB in the same period last year[19] - The net cash flow from operating activities was 31,937 million RMB, down 33.0% from 47,637 million RMB in the first half of 2017[19] - The basic earnings per share for the first half of 2018 was 1.155 RMB, a decrease of 5.5% from 1.222 RMB in the same period of 2017[20] - The company's gross profit margin decreased to 28.8% in the first half of 2018 from 30.7% in the same period of 2017[79] - The company's operating revenue for the first half of 2018 was 99,979 million RMB, up 4.1% from 96,031 million RMB in the same period of 2017[79] - The company's total revenue for the first half of 2018 was 127,380 million yuan, reflecting a 5.7% increase from 120,518 million yuan in the same period of 2017[53] Production and Sales - The company’s coal production volume was 200 million tons, an increase of 10% year-on-year[1] - Coal sales volume reached 22.53 million tons, a year-on-year increase of 2.2%, while the sales volume of washed coal decreased by 1.7% to 12.95 million tons[35] - The total coal sales volume reached 225.3 million tons, a 2.2% increase from 220.5 million tons in the first half of 2017[70] - The total electricity generation was 100 billion kWh, reflecting a growth of 12% from the previous year[1] - Total power generation reached 133.6 billion kWh, and total electricity sales reached 125.4 billion kWh, both representing year-on-year growth of 9.5% and 9.6% respectively[36] - The average utilization hours of coal-fired units increased by 179 hours to 2,364 hours[36] - The company achieved a coal production of 145.8 million tons in the first half of 2018, completing 50.3% of its annual target of 290 million tons[135] - The company's total sales volume of coal reached 225.3 million tons, representing 52.4% of the annual target of 430 million tons[135] Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in overseas revenue by 2020[1] - The company plans to enhance its innovation capabilities and focus on major technology research and development in green coal development and smart power generation[46] - The company aims to improve its operational efficiency and maintain sustainable development while creating greater value for investors[46] - The company is actively pursuing international expansion, with ongoing projects in Indonesia and the United States, including a coal power project in Indonesia and a shale gas project in Pennsylvania[114] Environmental and Safety Measures - New technology initiatives include investments in clean coal technology, aiming for a 30% reduction in emissions by 2025[1] - The company maintained an international leading level in safety production, with a zero fatality rate per million tons of coal mined[40] - The company is enhancing its environmental protection measures by implementing a risk prevention system and accelerating the construction of environmental monitoring systems[141] - The company has implemented comprehensive measures for dust control, including fully enclosed coal storage yards and dust suppression systems[198] - 89.0% of coal-fired units achieved ultra-low emissions, indicating effective operation of pollution control facilities[198] Research and Development - The company received 314 authorized patents, including 44 invention patents, in the first half of the year[37] - The company's research and development expenses increased by 72.2% to 186 million yuan from 108 million yuan in the previous year[53] - Total R&D investment in the first half of 2018 was 416 million, with a year-on-year growth of 109.0%, mainly focused on intelligent mining equipment and safety technology research[62] - The number of R&D personnel accounted for 2.9% of the total workforce, emphasizing the company's commitment to innovation[62] Financial Management and Risks - The mid-term financial statements have not been audited, but a review report has been issued by Deloitte[3] - The company is facing risks related to market competition and environmental protection, which are detailed in the operational analysis section[4] - The company has established a closed-loop risk management system, conducting annual risk identification and quarterly monitoring of major risks, including macroeconomic fluctuations and market competition risks[140] - The company has identified major risks, including rising costs and environmental protection risks, and has taken measures to mitigate these risks[140] Social Responsibility and Community Engagement - The company spent approximately 58.3 million yuan on targeted poverty alleviation efforts, focusing on education, healthcare, and infrastructure[40] - The company provided a total of RMB 5,830.2 million for targeted poverty alleviation in the first half of 2018, focusing on improving infrastructure in impoverished rural areas and supporting collective economic development[187] - The company has supported 350 impoverished students with RMB 67.5 million for educational assistance, and invested RMB 1,475.2 million to improve educational resources in impoverished areas[189] - The company has established 17 charity schools and donated 24.38 million books to schools across 15 provinces, benefiting 9.84 million students[191] Related Party Transactions and Governance - The total amount of related party transactions with the State Energy Group during the reporting period was 6,872 million, accounting for 5.4% of the group's total revenue[159] - The group has established a related party transaction management team led by the CFO to ensure compliance with transaction protocols[157] - The group has no significant litigation or arbitration matters pending as of the end of the reporting period[156] - The group has not encountered any major debt defaults or unfulfilled court judgments during the reporting period[155]

Financial Performance - In the first half of 2018, China Shenhua's net profit attributable to shareholders is approximately 23 billion yuan, a year-on-year decrease of about 5.3%[2] - The net profit attributable to shareholders, excluding non-recurring gains and losses, is also approximately 23 billion yuan, a year-on-year decrease of about 3.4%[2] - The decline in net profit is primarily due to a decrease in coal production and an increase in purchased coal, leading to reduced profits in the coal segment[6] - Income tax expenses have increased, contributing to the decline in net profit[6] Segment Performance - The profit share from the power generation segment has increased due to a higher proportion of minority shareholders' equity[6] Data Integrity - The data provided is preliminary and has not been audited by an accounting firm, which may lead to discrepancies with the reviewed financial statements[7]

Financial Performance - Net profit attributable to shareholders decreased by 4.9% to RMB 11,633 million from RMB 12,235 million year-on-year[6]. - Operating revenue rose by 3.1% to RMB 62,979 million compared to RMB 61,062 million in the same period last year[6]. - Total profit for Q1 2018 was RMB 17,482 million, a decrease of 1.1% compared to RMB 17,685 million in the same period last year[14]. - Net profit attributable to shareholders was RMB 11,633 million, down 4.9% from RMB 12,235 million in Q1 2017[14]. - The company's operating costs increased by 6.3% to RMB 37,723 million, primarily due to rising costs of purchased coal and increased sales volume[15]. - Gross profit decreased to 13,630 million RMB, down 10.4% from 15,218 million RMB in the same period last year[21]. - The gross margin fell to 27.9%, a decline of 3.3 percentage points from 31.2% in Q1 2017[21]. - Basic earnings per share for Q1 2018 were RMB 0.585, down from RMB 0.615 in the same period last year[45]. - Total comprehensive income for the current period is 3,146 million RMB, a decrease of 26.4% from 4,276 million RMB in the previous period[48]. Cash Flow and Assets - Cash flow from operating activities decreased significantly by 52.7% to RMB 11,810 million from RMB 24,983 million year-on-year[6]. - Cash flow from operating activities generated a net amount of 11,810 million RMB, down 52.7% from 24,983 million RMB in the previous period[51]. - Cash and cash equivalents rose to RMB 85,616 million, up from RMB 81,090 million, indicating a growth of 6.21%[36]. - Cash and cash equivalents at the end of the period totaled 76,757 million RMB, a decrease from 82,237 million RMB in the previous period[52]. - The company has maintained a strong cash position with a beginning cash balance of 71,872 million RMB, despite the decrease in cash equivalents[52]. Production and Sales - Coal production volume decreased by 7.6% to 72.1 million tons compared to 78.0 million tons in the same period last year[11]. - The company reported a decrease in coal sales volume by 4.3% to 108.4 million tons compared to 113.3 million tons in the same period last year[11]. - The coal sales volume in Q1 2018 was 108.4 million tons, a decrease of 4.3% from 113.3 million tons in Q1 2017[20]. - The average selling price of coal increased by 4.8% to RMB 440 per ton in Q1 2018, compared to RMB 420 per ton in the same period last year[20]. - Total electricity generation increased by 11.0% to 66.50 billion kWh from 59.90 billion kWh year-on-year[11]. - The company reported a 15.6% increase in electricity sales revenue to 20,885 million RMB, driven by higher sales volume and average selling prices[29]. Assets and Liabilities - Total assets increased by 1.2% to RMB 573,655 million compared to the end of the previous year[6]. - Current assets increased to RMB 143,110 million from RMB 132,644 million, representing an increase of 7.67%[36]. - Total liabilities decreased to RMB 184,131 million from RMB 192,497 million, a reduction of 4.31%[37]. - The total equity attributable to shareholders of the parent company increased to RMB 313,652 million from RMB 301,487 million, reflecting a growth of 4.06%[37]. Strategic Plans - The company plans to continue focusing on coal production and electricity generation to enhance operational efficiency[11]. - The company plans to maintain a stable coal supply and demand balance in the second half of 2018, with seasonal fluctuations expected in coal demand[30]. - The company approved several strategic agreements, including a joint venture with China Energy Investment Corporation, to enhance competitive positioning[31]. - The company plans to enhance financial risk management, leading to a reduction in financial assets measured at fair value[17]. Investment and Financial Management - The company reported a significant decrease in investment income, down 87.2% to RMB 49 million due to reduced returns from financial products[15]. - The company reported a decrease in investment income to 441 million RMB, down from 848 million RMB in the previous period[48]. - The company's receivables increased by 8.2% to RMB 14,413 million, reflecting higher coal business receivables[17]. - The company reported a decrease in financial expenses to RMB 868 million from RMB 1,028 million, a reduction of 15.59%[44].

Financial Performance - In 2017, the company's operating revenue reached 248,746 million, a 35.8% increase compared to 183,127 million in 2016[17]. - The total profit for 2017 was 70,333 million, reflecting an 80.8% increase from 38,896 million in 2016[17]. - The net profit attributable to shareholders was 45,037 million, up 98.3% from 22,712 million in 2016[17]. - The net cash flow from operating activities was 95,152 million, a 16.2% increase from 81,883 million in 2016[17]. - The basic earnings per share for 2017 was 2.264 yuan, representing a 98.3% increase from 1.142 yuan in 2016[18]. - The weighted average return on equity rose to 14.67%, an increase of 7.16 percentage points from 7.51% in 2016[18]. - The total assets at the end of 2017 were 567,124 million, a slight decrease of 0.8% from 571,664 million at the end of 2016[17]. - The total liabilities at the end of 2017 were 192,497 million, a marginal increase of 0.4% from 191,760 million at the end of 2016[17]. - The company reported a total of 524 million in non-recurring gains in 2017, compared to 13 million in 2016[23]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.91 per share, totaling RMB 18,100 million based on a total share capital of 19,889,620,455 shares as of December 31, 2017[2]. - The company's special dividend distribution during the reporting period led to a 3.5% decrease in equity attributable to shareholders, totaling 301,487 million RMB[82]. Operational Highlights - The total coal production reached 295.4 million tons, exceeding the adjusted target of 278 million tons by 106.3%, and coal sales volume increased by 12.4% to 443.8 million tons[56]. - Coal sales volume reached 443.8 million tons, a year-on-year increase of 12.4%, with the volume of waterborne coal sales at 258.2 million tons, up 14.0%[39]. - The total installed capacity of power generation units reached 57,855 MW, with total electricity sales of 246.3 billion kWh, marking a growth of 11.6%[40]. - The company controlled and operated a railway network of approximately 2,155 kilometers, achieving a total railway transportation turnover of 273.0 billion ton-kilometers, an increase of 11.6%[40]. - The average utilization hours of coal-fired power generation units were 4,683 hours, exceeding the national average by 405 hours[40]. Market and Industry Context - The report includes a detailed discussion of market competition, industry policies, rising costs, environmental protection, and production safety risks[4]. - The company acknowledges potential risks associated with forward-looking statements due to uncertainties and assumptions regarding future policies and economic conditions[2]. - The company faces uncertainties in achieving its 2018 operational goals due to factors such as coal and power industry supply-demand dynamics and policy adjustments[4]. Innovation and Technology - The company received 543 new patent authorizations during the reporting period, including 126 invention patents[34]. - The company invested a total of 863 million RMB in R&D, with capitalized R&D accounting for 60.5% of the total[77]. - The company is actively pursuing overseas projects, including the Java 7 coal power project in Indonesia, which commenced construction in October 2017 and is expected to be operational by 2020[140]. Environmental and Safety Initiatives - The company invested 1.55 billion yuan in energy-saving and environmental protection initiatives, with significant progress in ecological construction and carbon management[45]. - The company completed environmental upgrades for all domestic coal-fired units, achieving 82.4% of its coal-fired capacity with "ultra-low emission" standards[117]. - The group focuses on clean energy development, emphasizing efficient coal utilization and environmental risk management to meet energy conservation and emission reduction targets[197]. - The company’s coal production safety record was maintained with a fatality rate of 0.003 per million tons, continuing to lead internationally[95]. Future Outlook and Goals - The company plans to produce 290 million tons of commodity coal and sell 430 million tons in 2018, with a revenue target of 249.3 billion yuan[48]. - The company anticipates a net profit increase of 50% or more for the first quarter of 2018 compared to the previous year[188]. - The company plans to enhance its coal production capabilities with the commissioning of the Qinglongsi mine, which has a designed production capacity of 3.0 million tons per year[85]. - The company aims to enhance operational quality and efficiency by optimizing production and sales organization, focusing on high-value coal sales, and improving contract coal fulfillment[48]. Risk Management and Compliance - The risk management committee held one meeting in 2017, focusing on enhancing the company's risk management capabilities[158]. - The internal control system was evaluated positively, indicating a robust internal control environment and effective execution of control measures[161]. - The company reported no significant legal violations in 2017, demonstrating compliance with relevant laws and regulations[169].

Financial Performance - China Shenhua Energy Co., Ltd. expects a net profit of approximately CNY 452 billion for 2017, an increase of about CNY 225 billion or 99% year-on-year [3]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, is expected to be around CNY 453 billion, reflecting a growth of approximately CNY 219 billion or 94% year-on-year [4]. - Basic earnings per share are projected to be approximately CNY 2.27, representing a year-on-year increase of about 99% [4]. Factors Influencing Performance - The increase in performance is attributed to the growth in coal and electricity demand, driven by a stable domestic economy and structural reforms [7]. - The company has successfully increased coal production and improved sales volume and average selling prices during the reporting period [7]. - There are no significant non-recurring gains or losses that would materially affect the performance forecast [7]. Forecast and Auditing - The performance forecast data is preliminary and has not been audited, and final figures may differ from the audited annual report [8].

Financial Performance - Net profit attributable to shareholders for the first nine months was RMB 35,649 million, an increase of 106.0% year-on-year [7]. - Operating revenue for the third quarter was RMB 62,017 million, up 34.6% from the same period last year [6]. - The weighted average return on equity increased by 5.02 percentage points to 10.74% for the first nine months [7]. - The total profit for the same period was RMB 53,705 million, reflecting a 75.1% increase from RMB 30,676 million in 2016 [20]. - The company's operating revenue for the first nine months of 2017 was RMB 142,886 million, a 67.7% increase from RMB 85,197 million in the same period of 2016 [28]. - The company’s net profit for the first nine months of the year was 42,444 million, a 80.5% increase from 23,506 million in the same period last year [60]. - Basic earnings per share for the third quarter were 0.570, compared to 0.376 in the same quarter last year, reflecting a 51.3% increase [61]. Sales and Production - Coal sales volume for the first nine months reached 328.3 million tons, a year-on-year increase of 13.9% [12]. - The company’s coal production for the first nine months was 221.3 million tons, a year-on-year increase of 3.8% [12]. - Total sales volume of coal in Q3 2017 reached 107.8 million tons, a 5.8% increase from 101.9 million tons in Q3 2016 [24]. - For the first nine months of 2017, total coal sales volume was 328.3 million tons, a 13.9% increase from 288.2 million tons in the same period of 2016 [25]. - The company’s coal production in the first nine months of 2017 was 2.59 billion tons, a 5.7% increase year-on-year [43]. Revenue and Costs - The increase in revenue was primarily driven by higher coal sales prices and increased sales volume of coal and electricity [20]. - Operating costs for the first nine months of 2017 were RMB 106,436 million, a 44.9% increase from RMB 73,457 million in 2016 [20]. - Tax and additional charges rose to RMB 7,243 million, a 59.6% increase due to higher coal sales volume and prices [20]. - The average selling price of domestic trade coal increased by 120.0% in the first nine months of 2017, attributed to a higher proportion of high-calorific coal sales compared to the previous year [26]. - The average selling cost of electricity increased by 23.3% year-on-year to RMB 257.4 per MWh in the first nine months of 2017 [36]. Cash Flow and Assets - The company reported a net cash flow from operating activities of RMB 83,814 million for the first nine months, an increase of 34.8% compared to the previous year [4]. - As of September 30, 2017, cash and cash equivalents increased by 40.9% to RMB 71,530 million compared to December 31, 2016, due to the maturity of financial products and increased deposits [22]. - The net cash flow from investing activities for the first nine months of 2017 was RMB 19,018 million, a significant improvement from a net outflow of RMB 16,377 million in the same period of 2016 [22]. - The company’s total assets impairment loss for the first nine months was 389 million, significantly higher than 25 million in the same period last year [60]. - The ending balance of cash and cash equivalents was RMB 64,111 million, down from RMB 73,332 million at the end of the previous year [65]. Debt and Equity - The company's debt-to-asset ratio as of September 30, 2017, was 34.4%, up 0.9 percentage points from 33.5% at the end of 2016 [20]. - Short-term borrowings increased by 51.8% to RMB 6,655 million as of September 30, 2017, compared to RMB 4,384 million at the end of 2016 [22]. - The company’s long-term borrowings rose by 8.8% to RMB 63,625 million as of September 30, 2017, reflecting increased financing for power generation projects [22]. - The company’s total equity attributable to shareholders decreased to 292.242 billion RMB from 312.357 billion RMB at the beginning of the year [54]. Other Income and Investments - Investment income surged to RMB 1,154 million, a 474.1% increase from RMB 201 million in the previous year, attributed to increased returns from financial products and joint ventures [20]. - The company reported other income of RMB 162 million, which was not applicable in the previous year, due to government subsidies received for gas power plants [20]. - The company established a joint venture with Guodian Power Development Co., Ltd., involving equity and assets from 15 thermal power companies and 3 thermal power branches [46].