证券代码：601088 证券简称：中国神华 公告编号：2024-041 中国神华能源股份有限公司 2024 年第一次临时股东大会决议公告 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。 重要内容提示： 中国神华能源股份有限公司（"本公司"）2024 年第一次临时股东大会（"本 次股东大会"）是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 769 | | --- | | 其中：A 股股东人数 767 | | 股） 境外上市外资股股东人数（H 2 | | 2、出席会议的股东所持有表决权的股份总数（股） 15,077,645,167 | | 其中：A 股股东持有股份总数 14,150,061,334 | | 境外上市外资股股东持有股份总数（H 股） 927,583,833 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 75.887108 | | 份总数的比例（%） | | 其中：A 股股东持股占股份总数的比例（%） 71.218497 | | 境外上市外资股股东持 ...

北京市金杜律师事务所 关于中国神华能源股份有限公司 2024 年第一次临时股东大会的 法律意见书 致：中国神华能源股份有限公司 北京市金杜律师事务所（以下简称本所）接受中国神华能源股份有限公司 （以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会（以 下简称中国证监会）《上市公司股东大会规则（2022 年修订）》（以下简称《股 东大会规则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书之 目的，不包括中国香港特别行政区、中国澳门特别行政区和中国台湾地区）现 行有效的法律、行政法规、规章（以下统称法律法规）和现行有效的《中国神 华能源股份有限公司章程》（以下简称《公司章程》）有关规定，指派律师出席 了公司于 2024 年 9 月 30 日召开的 2024 年第一次临时股东大会（以下简称本次 股东大会），并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师查阅了公司提供的以下文件： 1. 公司于 2021 年 6 月 25 日召开 2020 年度股东周年大会审议通过的《公 司章程》； 2. ...

证券代码：601088 证券简称：中国神华 公告编号：临 2024-042 中国神华能源股份有限公司 关于选举职工董事、职工监事的公告 宋静刚 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。 根据《中华人民共和国公司法》和《中国神华能源股份有限公司章程》的相 关规定，经职工民主选举程序： 一、焦蕾女士当选为本公司第六届董事会职工董事，与本公司 2024 年第一 次临时股东大会选举产生的执行董事吕志韧先生，非执行董事康凤伟先生、李新 华先生及独立非执行董事袁国强博士、陈汉文博士、王虹先生，共同组成本公司 第六届董事会。焦蕾女士任期三年（自 2024 年 9 月 30 日起至 2027 年 9 月 29 日），任期届满可以连选连任。 刘晓蕾女士不再担任本公司第六届董事会职工董事及董事会安全、健康、环 保及 ESG 工作委员会委员。刘晓蕾女士确认其与董事会之间没有不一致意见， 也没有因其不再担任职工董事而须告知本公司股东及债权人的其他事宜。本公司 董事会及刘晓蕾女士确认，没有因其不再担任职工董事而可 ...

证券代码：601088 证券简称：中国神华 公告编号：临 2024-043 中国神华能源股份有限公司 关于第六届董事会第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"）第六届董事会第一次会议于 2024 年 9 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 2024 年 9 月 20 日发送了议程、议案等会议材料，并于 2024 年 9 月 30 日 在北京市朝阳区鼓楼外大街 19 号北京歌华开元大酒店以现场方式召开。会议应 出席董事 7 人，亲自出席董事 7 人。执行董事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《中国神华能源股份有限公 司章程》（"公司章程"）的规定。 本次会议审议并通过以下议案： （一）《关于选举第六届董事会董事长的议案》 同意选举吕志韧先生为本公司第六届董事会董事长，任期自董事会批准之日 ...

证券代码：601088 证券简称：中国神华 公告编号：临 2024-044 中国神华能源股份有限公司 关于第六届董事会第二次会议决议的公告 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。 1 各委员和主席任期自董事会批准之日起至第六届董事会任期届满之日止。 表决情况：有权表决票 7 票，同意 7 票、反对 0 票、弃权 0 票，通过。 于本次董事会召开之前，董事会提名委员会审议并通过了该议案，同意提交 董事会审议。 特此公告。 承中国神华能源股份有限公司董事会命 中国神华能源股份有限公司第六届董事会第二次会议于 2024 年 9 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 2024 年 9 月 20 日发送了议程、议案等会议材料，并于 2024 年 9 月 30 日在北京市朝阳 区鼓楼外大街19号北京歌华开元大酒店以现场方式召开。会议应出席董事 7人， 亲自出席董事 7 人。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 ...

Investment Rating - The report assigns a "Trading Buy" rating for the company, indicating a potential upside of 5% to 15% based on current price levels [4][7]. Core Insights - The rebound in thermal coal prices during the off-season has solidified the price floor for coal, with high dividends remaining attractive to investors [5]. - The company is recognized as a leading coal producer in China, maintaining a robust dividend policy that enhances its investment appeal [5]. - Recent monetary policy easing in China, including a reduction in the reserve requirement ratio and interest rates, is expected to benefit high-dividend stocks [5]. Summary by Sections Company Information - The company operates in the mining industry, specifically coal production [1]. - As of September 25, 2024, the A-share price was CNY 41.78, with a market capitalization of CNY 688.996 billion [1]. Financial Performance - The company reported a net profit of RMB 58.814 billion for 2024, with a year-on-year decrease of 1.47% [6]. - Earnings per share (EPS) for 2024 is projected at CNY 2.96, with a corresponding price-to-earnings (P/E) ratio of 14 [6]. - The company has maintained a high dividend payout ratio, with 2022 and 2023 ratios at 72.8% and 75.3%, respectively [5][6]. Revenue Composition - The revenue breakdown shows that coal sales account for 68.8% of total revenue, followed by power generation at 25.5%, transportation at 4.3%, and coal chemical at 1.4% [2]. Market Conditions - The report highlights that the recent increase in coal prices is supported by high demand from power plants and a decrease in supply due to adverse weather conditions [5]. - The price of thermal coal at Qinhuangdao port reached CNY 870 per ton as of September 25, 2024, reflecting a month-on-month increase of 3.6% [5]. Future Outlook - The company is expected to achieve net profits of RMB 60.652 billion in 2025 and RMB 63.008 billion in 2026, indicating a gradual recovery in profitability [6]. - The report anticipates that the coal price will continue to have upward potential in the fourth quarter due to seasonal demand [5].

Investment Rating - The report maintains a "Buy" rating for China Shenhua (1088) with a target price of HKD 40.45, indicating a potential upside of 19% from the current price of HKD 34.10 [1]. Core Views - The integrated operational layout of the company smooths out cyclical fluctuations, showcasing its stability as a leading player in the industry [1]. - The company's performance in the first half of the year met expectations, with revenue of CNY 168.1 billion, a slight decrease of 0.8% year-on-year, while net profit attributable to shareholders reached CNY 32.8 billion, reflecting a year-on-year increase of 13.6% [1]. - The coal business demonstrated profitability stability under price pressure, with production reaching 163 million tons, a year-on-year increase of 1.6% [1]. Financial Performance Summary - Revenue for the first half of 2024 was CNY 168.1 billion, down 0.8% year-on-year; net profit attributable to shareholders was CNY 32.8 billion, up 13.6% year-on-year [1]. - The coal segment's tax-adjusted profit decreased by 17.2% due to rising labor costs, with unit production costs at CNY 172 per ton, an increase of 3.2% year-on-year [1]. - The company achieved a sales volume of 134.3 million tons in the coal business, a decrease of 2.3% year-on-year, while the average price for long-term contracts remained stable, with a 2% year-on-year decline [1]. Operational Insights - The company's power generation segment generated revenue of CNY 44.4 billion, a year-on-year increase of 0.4%, although pre-tax profit decreased by 8.9% due to lower utilization hours and selling prices [1]. - The integrated coal and power operation model significantly alleviated profit pressure during coal price fluctuations, with expectations for stable profit levels in the long term [1]. - The company plans to release additional production capacity from new projects starting in 2028, contributing an estimated annual capacity of 30 million tons once fully operational [1]. Market Outlook - The report anticipates that the company's integrated operational model will continue to reflect strong profitability, with stable profit levels supported by long-term coal sales contracts and recovery in power generation [1]. - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to CNY 60.9 billion, CNY 61.4 billion, and CNY 61.9 billion respectively [1].

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]