Green and Low-Carbon Transformation - The company actively implements the "3060" dual-carbon target, focusing on green and low-carbon transformation, increasing investment in new energy, and exploring strategic and future industries [1] - 22 mines have passed national and provincial green mine certifications, and coal-fired power units have undergone ultra-low emission, flexibility, and heating retrofits, with 1,778 MW of energy-saving retrofits, 1,259 MW of flexibility retrofits, and 886 MW of heating retrofits completed by H1 2024 [1] - The company operates China's first high-power hydrogen-powered locomotive and has conducted the world's first 600MW coal-fired unit ammonia co-firing test [2] - The company's comprehensive energy consumption per 10,000 yuan of output value decreased by 10.2% in 2023 compared to 2020 [2] - The company has established the National Energy New Energy Industry Fund and the National Energy Low-Carbon Development Investment Fund, completing multiple new energy project investments [2] Resource Acquisition and Production - The company has obtained mining licenses for Xinjie 1 and Xinjie 2 mines and exploration licenses for Xinjie 3 and Xinjie 4 mines [2] - As of June 2024, the company's coal reserves reached 15.36 billion tons, an increase of 1.98 billion tons from the end of the previous year [3] - In H1 2024, the company's coal sales reached 229.7 million tons, a 5.4% YoY increase, with self-produced coal sales of 162.8 million tons (up 2.2%) and purchased coal sales of 66.9 million tons (up 14.2%) [3] - The company completed 1.632 billion tons of commercial coal production in H1 2024, a 1.6% YoY increase [12] Non-Coal Transportation and Logistics - The company's non-coal transportation volume reached 21.07 million tons in H1 2024, with railway transportation accounting for 12.2 million tons (up 18.4%) and port handling volume at 6.8 million tons (up 11.5%) [3] - The company has opened China-Europe freight train services and multimodal transport projects, contributing to regional economic development [4] Power Generation and Energy Projects - In H1 2024, the company's power generation reached 104.04 billion kWh, a 3.8% YoY increase, outperforming the national average growth rate of 1.7% for thermal power [17] - The company has 4 coal-fired and 2 gas-fired power projects under construction, totaling 12 units with approximately 8,000 MW of capacity [10] - The company's coal-fired units achieved an average utilization rate of 2,354 hours in H1 2024, 151 hours higher than the national average [17] Technological Innovation and Digitalization - The company has developed an intelligent driving system for heavy-haul trains, achieving 100% autonomous operation for 10,000-ton trains [4] - By June 2024, the company had 22 mines passing provincial-level intelligent mine certifications, with 36 intelligent mining faces and 63 intelligent tunneling faces [9] - The company's R&D investment in H1 2024 reached 1.336 billion yuan, accounting for 0.8% of revenue, focusing on intelligent mining, smart power plants, and low-carbon technologies [7] Financial Performance and Shareholder Returns - In H1 2024, the company's net profit attributable to shareholders was 29.504 billion yuan under Chinese accounting standards, a 11.3% YoY decrease [6] - The company distributed a final dividend of 2.26 yuan per share for 2023, representing 75.2% of net profit, higher than the 60% commitment [5] - The company's A-share price rose 41% and H-share price rose 34% in H1 2024, outperforming industry and market indices [10] ESG and Sustainability - The company has initiated a climate change management system project to comply with ESG disclosure requirements [15] - The company received an "A" rating from the China Securities Index and an "AA" rating from Wind in ESG evaluations [16] - The company's MSCI-ESG rating remained at "BB" level in 2024, despite a general downgrade trend in the industry [16] Cost Management and Efficiency - The company's self-produced coal unit cost decreased by 2.3% YoY in 2023, with labor costs decreasing by 16.5% [12] - The company has implemented measures to control costs, including budget execution, process optimization, and production mode improvements [13]

(在中华人民共和国注册成立的股份有限公司) 证券代码：601088 证券简称：中国神华 公告编号：临2024-039 中国神华能源股份有限公司 关于召开2024年第一次临时股东大会的通知 2024 年第一次临时股东大会 会议资料 二〇二四年九月 | | | | | 一、会议通知………………………………………………………………………………1 | | --- | --- | | 二、2024 | 年第一次临时股东大会会议议程………………………………12 | | 三、2024 | 年第一次临时股东大会议案 | | 议案一 | 关于选举公司第六届董事会执行董事和非执行董 | | | 事的议案……………………………………………………………13 | | 议案二 | 关于选举公司第六届董事会独立非执行董事的议 | | | 案…………………………………………………………………………17 | | 议案三 | 关于选举公司第六届监事会股东代表监事的议 | | | 案…………………………………………………………………………21 | 本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 ...

Investment Rating - The report maintains a "Buy" rating for China Shenhua Energy Company [6] Core Views - The coal business showed a slight increase in August with a monthly production of 27.8 million tons, up 1.8% year-on-year and 3.7% month-on-month. Cumulative production from January to August reached 217.8 million tons, a 1.4% increase from the previous year [6] - The power generation segment reported an August output of 22.09 billion kWh, a 15.3% increase year-on-year and a 10.3% increase month-on-month. Cumulative generation for the first eight months was 146.16 billion kWh, up 4.6% year-on-year [6] - The transportation segment is expected to become a new profit growth point, with successful operations of heavy-load trains and new projects approved to enhance coal transportation capacity [7] - The company has a high dividend yield, with a commitment to a minimum dividend payout ratio of 60% from 2022 to 2024, and an estimated dividend yield of 6.1% based on the current stock price [7] - The company has a strong cash position with a total of 195.9 billion yuan in cash and financial assets as of June 2024, supporting stable performance [7] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 343.07 billion yuan, with a slight decline of 0.4% year-on-year. The net profit attributable to shareholders is expected to be 59.69 billion yuan, down 14.3% from the previous year [8] - Earnings per share (EPS) for 2024 is estimated at 3.07 yuan, with a projected price-to-earnings (PE) ratio of 12 times [8] - The company’s return on equity (ROE) is forecasted to be 15.0% in 2024, indicating a solid profitability outlook [8] Operational Data - The company’s coal sales in August were 38.7 million tons, remaining flat year-on-year but down 3.3% from July. Cumulative sales for the first eight months reached 30.84 million tons, a 4.7% increase year-on-year [6] - The utilization hours for power generation in August were 493 hours, up 3.8% year-on-year and 10.28% month-on-month, reflecting improved operational efficiency [6]

证券代码：601088 证券简称：中国神华 公告编号：临 2024-040 中国神华能源股份有限公司 2024 年 8 月份主要运营数据公告 中国神华能源股份有限公司（"本公司"）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。 | 运营指标 | 单位 | 2024 | 年 | 2023 | 年 | 同比变化(%) | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 月 8 | 累计 | 月 8 | 累计 | 月 8 | 累计 | | （一）煤炭 | | | | | | | | | 1. 商品煤产量 | 百万吨 | 27.8 | 217.8 | 27.3 | 214.8 | 1.8 | 1.4 | | 2. 煤炭销售量 | 百万吨 | 38.7 | 308.4 | 38.7 | 294.6 | 0.0 | 4.7 | | （二）运输 | | | | | | | | | 1. 自有铁路运输周转量 | 十亿吨公里 | 25.3 | 211.0 | 25.1 | 201. ...

Investment Rating - The report maintains a "Buy" rating for China Shenhua (601088) due to its relatively stable performance and integrated operations [6][10][17]. Core Views - The report highlights that the decline in coal prices has pressured profits, but the company's integrated operations are expected to provide stable performance [6][10]. - The company reported a revenue of 168.08 billion yuan for the first half of 2024, a slight decrease of 0.81% year-on-year, and a net profit of 29.50 billion yuan, down 11.34% year-on-year [6][10]. - The coal production increased by 1.6% to 163.2 million tons, while sales volume rose by 5.4% to 229.7 million tons, despite a drop in selling prices [6][10][12]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 1680.78 billion yuan, with a net profit of 295.04 billion yuan, and basic earnings per share of 1.485 yuan [6][10]. - The second quarter of 2024 saw a revenue of 804.31 billion yuan, a decrease of 8.23% from the first quarter, and a net profit of 136.20 billion yuan, down 14.25% quarter-on-quarter [6][10]. Coal Business - The coal segment reported a revenue of 1343.28 billion yuan in the first half of 2024, a decrease of 0.7% year-on-year, with a profit of 260.39 billion yuan [6][10]. - The average selling price of self-produced coal was 533 yuan per ton, down 4.8% year-on-year, while the cost increased by 3.3% to 309 yuan per ton [6][10][12]. Power Generation - The company generated 104.04 billion kWh of electricity in the first half of 2024, a growth of 3.8% year-on-year, with a sales volume of 97.89 billion kWh, up 3.9% [7][16]. - The revenue from power generation was 443.54 billion yuan, a slight increase of 0.4% year-on-year, but the profit decreased by 9.5% to 52.51 billion yuan [7][16]. Cost and Expenses - The company's operating expenses increased by 11.4% year-on-year to 59.62 billion yuan, with management expenses rising by 3.28% [7][10]. - Research and development expenses grew significantly by 36.16% to 9.79 billion yuan, reflecting increased investment in R&D [7][10]. Future Outlook - The transportation segment is expected to become a new growth point, with successful operations of heavy-load trains and significant infrastructure projects underway [7][10]. - The company holds a substantial cash reserve of 1959.09 billion yuan as of June 2024, indicating strong liquidity [17].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9]. Core Views - The report highlights that the coal business remains stable while the power sector has significantly increased profitability. The company is expected to benefit from its high proportion of long-term coal contracts, which provide stable profitability. Additionally, new operational thermal power installations are anticipated to contribute to incremental growth [9][11]. Financial Performance Summary - In H1 2024, the company achieved a revenue of 168.1 billion yuan and a net profit attributable to shareholders of 29.5 billion yuan, reflecting a year-on-year decrease of 0.8% and 11.3% respectively. The adjusted net profit was 29.48 billion yuan, down 10.6% year-on-year [6][9]. - The coal segment reported a production and sales volume of 163.2 million tons and 162.8 million tons respectively, with a year-on-year increase of 1.6% and 2.2%. The average selling price decreased by 5.8% year-on-year to 566 yuan per ton [6][9]. - The power segment saw a total power generation and sales volume of 104.04 billion kWh and 97.89 billion kWh respectively, with a year-on-year increase of 3.8% and 3.9%. The average selling price for electricity was 0.404 yuan per kWh, down 3.3% year-on-year [7][9]. Segment Analysis Coal Segment - The coal production cost per ton increased by 2% year-on-year to 191.7 yuan, primarily due to an 18.3% rise in labor costs [6][9]. - The coal segment's revenue and total profit for H1 were 134.33 billion yuan and 26.04 billion yuan respectively, with a gross margin of 28.3%, down 3.5 percentage points year-on-year [6][9]. Power Segment - The power segment's revenue and total profit for H1 were 44.35 billion yuan and 5.25 billion yuan respectively, with a gross margin of 16%, down 0.8 percentage points year-on-year [7][9]. - The company has over 10 GW of power generation units under construction or planned, representing a 23% increase over the current capacity [7][9]. Railway Segment - The railway segment's turnover volume increased by 7% year-on-year to 161.4 billion ton-kilometers, with revenue of 22.44 billion yuan and total profit of 6.92 billion yuan, reflecting a year-on-year increase of 1.4% and 1.9% respectively [9][11]. Earnings Forecast - The company is expected to achieve net profits of 58.3 billion yuan, 59.6 billion yuan, and 60.1 billion yuan for the years 2024 to 2026, with corresponding EPS of 2.93, 3.00, and 3.02 yuan [9][11]. - The report suggests a reasonable valuation range of 43.99 to 46.92 yuan based on a PE ratio of 15 to 16 times for 2024 [9][11].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 41.08 CNY [1] Core Views - The report indicates that the company is expected to maintain a stable performance despite challenges in coal prices and external expenditures. The company has shown resilience in its operations, particularly in coal production and electricity generation [6][10] - The projected revenue and net profit for the company are expected to grow steadily over the next few years, with earnings per share also on an upward trend [10] Financial Performance Summary - **Revenue Forecast**: The company’s revenue for 2022 was 344.53 billion CNY, with a slight decrease to 343.07 billion CNY in 2023. It is projected to be 344.08 billion CNY in 2024, followed by 353.30 billion CNY in 2025 and 358.87 billion CNY in 2026, indicating a growth rate of 3% in 2025 and 2% in 2026 [2] - **Net Profit**: The net profit for 2022 was 69.63 billion CNY, which is expected to decrease to 59.69 billion CNY in 2023. It is projected to recover to 63.52 billion CNY in 2024, with further increases to 65.09 billion CNY in 2025 and 67.03 billion CNY in 2026, reflecting a growth rate of 6% in 2024 and 3% in 2026 [2] - **Earnings Per Share (EPS)**: The EPS is projected to be 3.50 CNY in 2024, increasing to 3.37 CNY in 2026 [2] - **Return on Equity (ROE)**: The ROE is expected to stabilize at around 13% from 2024 to 2026 [2] Operational Highlights - **Coal Production and Sales**: In the first half of 2024, the company produced 163 million tons of coal, a year-on-year increase of 1.56%, and sold 230 million tons, up 5.42% year-on-year. The average selling price of coal decreased by 5.82% to 566 CNY per ton [7] - **Electricity Generation**: The total electricity generation for the first half of 2024 was 1040.4 billion kWh, a 5.89% increase year-on-year, while the average selling price of electricity decreased by 3.35% to 404 CNY per MWh [8] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 12.8X in 2024, decreasing to 12.2X by 2026, indicating a favorable valuation compared to historical levels [10] - The price-to-book (P/B) ratio is expected to decline from 2.1 in 2024 to 1.8 in 2026, suggesting an increasing value proposition for investors [2]

Investment Rating - The report maintains a "Buy" rating for China Shenhua, expecting the stock price to outperform the industry index by over 15% in the next six months [4][14]. Core Views - China Shenhua's performance in the first half of 2024 met expectations, demonstrating stable operations as an integrated energy giant despite pressures from declining coal prices [3][8]. - The company is expected to maintain a high dividend payout ratio, ensuring shareholder returns [9]. Financial Performance Summary - **Revenue**: In H1 2024, the company achieved revenue of 168.08 billion yuan, a year-on-year decrease of 0.8% [2][3]. - **Net Profit**: The net profit attributable to shareholders was 29.504 billion yuan, down 11.3% year-on-year [2][3]. - **Earnings Per Share (EPS)**: The basic EPS for H1 2024 was 1.485 yuan, a decrease of 11.3% year-on-year [2][3]. - **Return on Equity (ROE)**: The weighted average ROE was 7.32%, down 1.27 percentage points year-on-year [2][3]. Segment Performance Summary - **Coal Business**: - Coal production reached 163 million tons in H1 2024, up 1.6% year-on-year, while coal sales increased by 5.4% to 230 million tons [3][8]. - The average selling price of coal was 566.15 yuan/ton, down 5.8% year-on-year [3][8]. - Gross profit per ton of coal was 147.01 yuan, a decrease of 17.45% year-on-year [3][8]. - **Power Generation**: - Total power generation was 104.04 billion kWh, an increase of 3.8% year-on-year [8]. - The average selling price for coal-fired electricity was 403 yuan/MWh, down 3.13% year-on-year [8]. - The gross profit per MWh for coal-fired power was 43.86 yuan, down 15.86% year-on-year [8]. - **Transportation and Other Segments**: - The railway segment saw a transportation volume of 161.4 billion ton-km, up 7.3% year-on-year [9]. - The port segment handled coal shipments of 11 million tons, a year-on-year increase of 9.3% [9]. - The coal chemical segment reported a revenue of 2.538 billion yuan, down 15.5% year-on-year [9]. Future Projections - Revenue is projected to be 336.12 billion yuan in 2024, 347.39 billion yuan in 2025, and 362.60 billion yuan in 2026 [9]. - Net profit is expected to be 59.87 billion yuan in 2024, 64.16 billion yuan in 2025, and 67.82 billion yuan in 2026 [9]. - The projected EPS for 2024, 2025, and 2026 is 3.01 yuan, 3.23 yuan, and 3.41 yuan respectively [9].

此乃要件 請即處理 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生或因依賴該等內容而引致的任 何損失承擔任何責任。 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、 銀行經理、律師、專業會計師或其他專業顧問。 閣下如已出售或轉讓名下所有中國神華能源股份有限公司股份，應立即將本通函送交買主、承讓人、經手 買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 本通函僅供參考，並不構成收購、購買或認購中國神華能源股份有限公司證券的邀請或要約。 （在中華人民共和國註冊成立的股份有限公司） 本公司將於2024年9月30日（星期一）上午九時正，假座中國北京市朝陽區鼓樓外大街19號北京歌華開元 大酒店二層和廳召開2024年第一次臨時股東大會，該大會通告載於本通函第18頁至第22頁。 隨函附奉上述臨時股東大會適用的回條及代表委任表格。欲出席相關大會的股東，務請按回條上印列的指 示填妥回條並於2024年9月25日（星期三）前交回。 欲委任代表出席臨時股東大會的股 ...

一、 召开会议的基本情况 证券代码：601088 证券简称：中国神华 公告编号：临 2024-039 中国神华能源股份有限公司 关于召开 2024 年第一次临时股东大会的通知 本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。 重要内容提示： (一)股东大会类型和届次 2024 年第一次临时股东大会（"本次股东大会"） 召开的日期时间：2024 年 9 月 30 日上午 9:00 召开地点：北京市朝阳区鼓楼外大街 19 号北京歌华开元大酒店二层和厅 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 9 月 30 日 至 2024 年 9 月 30 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 1 股东大会召开日期：2024年9月30日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二)股东大会召 ...