中国神华拟29.29亿元收购财务公司7.43%股权 5月24日，中国神华能源股份有限公司（以下简称"中国神华"）公告，拟以自有资金通过非公开协议转 让方式收购旗下三家控股子公司合计持有的国家能源集团财务有限公司（以下简称"财务公司"）7.43% 股权，对应注册资本总计13亿元，交易价格共29.29亿元。 本次转让前，国家能源投资集团有限责任公司（以下简称"国家能源集团"）持有财务公司的股权比例为 60%，中国神华持股32.57%；中国神华控股子公司国能朔黄铁路发展有限责任公司、神华准格尔能源有 限责任公司、国能包神铁路有限责任公司分别对财务公司持股2.86%、2.86%、1.71%。 本次收购后，国家能源集团持股比例依旧为60%，中国神华对财务公司的持股比例则提升至40%，成为 仅次于国家能源集团的第二大股东。 公开资料显示，财务公司是经中国人民银行批准设立的非银行金融机构，于2000年10月正式开业，原名 为神华财务有限公司。2011年，中国神华收购其部分股权；2020年，原神华财务有限公司与原国电财务 有限公司业务整合，并由国家能源集团增资控股后更名为国家能源集团财务有限公司，资本金随之增至 125亿元。 ...

Core Viewpoint - China Shenhua plans to increase its stake in the National Energy Group Financial Company by acquiring a total of 7.43% equity from its subsidiaries for a total price of 2.929 billion yuan, which is expected to enhance the net profit attributable to shareholders [1][2][5]. Group 1: Acquisition Details - The acquisition will raise China Shenhua's stake in the financial company to 40%, while the National Energy Investment Group will maintain a 60% stake [2][4]. - The financial company reported a net profit of 3.5 billion yuan last year, with total assets amounting to 291.035 billion yuan [2][4]. Group 2: Financial Performance - In 2023, China Shenhua's revenue was 343.074 billion yuan, a decrease of 0.42% year-on-year, with a net profit of 59.694 billion yuan, down 14.29% [6][7]. - For 2024, the company expects a slight decline in revenue to 338.375 billion yuan, with a net profit of 58.671 billion yuan, a decrease of 1.71% [7]. Group 3: Strategic Moves - The company is accelerating the acquisition of quality coal assets to support long-term development, including a recent acquisition of 100% equity in Hangjin Energy for 850 million yuan [8]. - This acquisition is part of a strategy to position China Shenhua as the coal business integration platform for the National Energy Group, enhancing resource control and energy supply capabilities [8].

量减价稳，重视煤炭板块配置 证券研究报告 [Table_ReportTime] 2025 年 5 月 25 日 行业研究-周报 [Table_ReportType] 行业周报 | [Table_StockAndRank] 煤炭开采 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 左前明：能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 高升：煤炭钢铁行业首席分析师 执业编号：S1500524100002 邮箱：gaosheng@cindasc.com 李睿：煤炭行业分析师 执业编号：S1500525040002 邮箱：lirui@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号 金隅大厦 B 座 邮编：100031 [Table_Title] 量减价稳，重视煤炭板块配置 [Table_ReportDate] 2025 年 5 月 25 日 本期内容提要: [Table_Summary] ...

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 ...

策略研究 证券研究报 告 【策略专题】 港股自由现金流行业比较 ——自由现金流资产系列 11 ❖ 港股自由现金流回报领先行业：煤炭、工用运输、主要零售商、石油天然 气、电讯。最直接的比较资产的自由现金流性价比，即对比恒生二级非金融 行业近 10 年平均的自由现金流回报率（FCFF/MV）来看，领先且 2024 截面 为正行业分别为煤炭 17%、工用运输 14%、主要零售商 11%、石油天然气 10%、电讯 10%，基本为消费&服务&资源类行业，其创造的自由现金流体量 相对于市值水平来说性价比显著；而相对现金流回报最靠后的行业包括农 业、半导体、医疗设备服务、媒体娱乐、贵金属、药品生物科技，其平均自 由现金流回报为负，表明行业整体基本未实现现金流创造，投资逻辑主要为 EPS 弹性。 ❖ 从自由现金流相关基本面数据来看： 1）资本开支比例（CAPEX/EBITDA）：近 10年平均为主要零售商 31%、纺服 32%、软件服务 33%、专业零售 38%、家电 39%、煤炭 39%比例较低； 2）净营运资本变化比例：近 10 年平均较低的为农业、地产、汽车、旅游消 闲设施； 3）自由现金流比例：近 10 年平均相对领 ...

Group 1 - The State Council, led by Premier Li Qiang, approved the "Green and Low-Carbon Development Action Plan for Manufacturing Industry (2025-2027)" [2] - The People's Bank of China and the State Administration of Foreign Exchange issued a notice allowing domestic companies to manage funds raised from overseas listings in foreign currency or RMB [3] - The China Securities Regulatory Commission approved the registration of 26 new floating-rate funds, which are expected to be available for investors soon [4] Group 2 - The China Securities Investment Fund Industry Association held a seminar with public fund investors to discuss the implementation of the "Action Plan for Promoting High-Quality Development of the Public Fund Industry" [5] - The China Securities Regulatory Commission approved the registration of aluminum alloy futures and options, ensuring a smooth launch and operation [6] - The Shenzhen Stock Exchange is increasing support for the computing chip industry, aiming to enhance the service system from "IP" to "IPO" [7] Group 3 - The Dutch Foreign Minister mentioned that during his visit to China, discussions were held regarding the relaxation of semiconductor export controls [8] - The Ministry of Commerce reported that from January to April 2025, the actual use of foreign capital amounted to 320.78 billion RMB, a decrease of 10.9% year-on-year [10] - The Ministry of Commerce noted that in April 2025, consumer goods consumption accelerated, with significant sales in automobiles, home appliances, and mobile phones [11] Group 4 - Jin Hua Co., Ltd.'s chairman is under investigation by the CSRC for information disclosure violations [14] - Zijin Mining's Kamoa-Kakula copper mine in the Democratic Republic of Congo has suspended part of its underground mining operations [14] - ST Quanwei's stock will be subject to additional risk warnings due to ongoing issues [14]

Core Viewpoint - China Shenhua Energy Co., Ltd. has approved the acquisition of a 7.43% stake in a financial company held by its subsidiaries, which is expected to enhance the net profit attributable to shareholders [1][2]. Group 1: Meeting Details - The sixth board of directors' ninth meeting was held on May 23, 2025, via written review, with all seven directors participating and voting [1]. - The meeting complied with the Company Law of the People's Republic of China and relevant regulations [1]. Group 2: Acquisition Details - The acquisition involves a total transaction price of approximately 2.93 billion yuan, with specific prices for each subsidiary: 1.13 billion yuan for Shuo Huang Railway and the remaining for the other subsidiaries [1][2]. - Post-acquisition, the shareholding structure of the financial company will be 60% held by China Energy Investment Group and 40% by China Shenhua [1]. Group 3: Financial Impact - The financial company is projected to have a net profit of 3.5 billion yuan in 2024, leading to an estimated increase of 0.97 billion yuan in the net profit attributable to shareholders in China Shenhua's consolidated financial statements [2].

证券代码：601088 证券简称：中国神华 公告编号：临 2025-027 中国神华能源股份有限公司（"公司"或"中国神华"）第六届董事会第九 次会议于 2025 年 5 月 16 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、议案等会议材料，于 2025 年 5 月 23 日以书面审议方式召开。 公司全体 7 名董事审议了本次董事会议案，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章程》的规定。 本次会议审议并通过以下议案： （一）《关于收购朔黄铁路、准能公司及包神铁路所持财务公司股权项目的 议案》 1.批准本次交易方案，中国神华以自有资金通过非公开协议转让方式收购控 股子公司国能朔黄铁路发展有限责任公司（"朔黄铁路"）、神华准格尔能源有 限责任公司（"准能公司"）及国能包神铁路有限责任公司（"包神铁路"）合 计持有的国家能源集团财务有限公司（"财务公司"）7.43%股权（对应注册资 本合计 1,300,071,428.57 元），交易价格合计为 2,929,491,237.35 元（其中，对朔 黄 铁 ...

Core Viewpoint - China Shenhua plans to acquire a 7.43% stake in the National Energy Group Financial Company for a total of 2.929 billion yuan, which will alter the ownership structure of the financial company [1] Group 1: Acquisition Details - The acquisition will be conducted through a non-public agreement using the company's own funds [1] - After the acquisition, the ownership structure will be 60% held by the National Energy Investment Group and 40% by China Shenhua [1] Group 2: Financial Impact - The financial company is projected to have a net profit of 3.5 billion yuan in 2024 [1] - Following the acquisition, China Shenhua's share of the net profit is expected to increase by 97 million yuan in its annual consolidated financial statements [1]

Core Viewpoint - China Shenhua's 2024 revenue decreased by 1.4% to 338.375 billion yuan, with net profit down 1.7% to 58.671 billion yuan, indicating a challenging financial environment due to falling coal prices and rising production costs [1] Financial Performance - In Q1 2025, the company reported a revenue of 69.585 billion yuan, a significant decline of 21.1%, and a net profit of 11.949 billion yuan, down 18.0% year-on-year [1] - The weighted average return on equity for 2024 was 14.04%, a decrease of 0.84 percentage points compared to the previous year [1] Coal Division - Coal production in 2024 reached 327 million tons, an increase of 0.8%, while sales volume rose by 2.1% to 459 million tons [1] - The average selling price of coal (excluding tax) was 564 yuan/ton, down 3.4% year-on-year, with production costs rising by 1.45% to 180.439 billion yuan [1] - The coal division's revenue for 2024 was 268.618 billion yuan, a decrease of 1.7%, with total profit down 7.1% to 54.365 billion yuan [1] Power Generation Division - In 2024, the power generation segment showed resilience with a sales volume of 210.28 billion kWh, up 5.3%, although the average selling price fell by 2.7% to 403 yuan/MWh [2] - The total profit for the power generation division increased by 2.0% year-on-year [2] Transportation and Coal Chemical Divisions - The transportation segment saw a stable growth with a turnover of 312.1 billion ton-km, up 0.9%, while revenue reached 43.115 billion yuan, a slight increase of 0.4% [3] - The coal chemical division's revenue was 5.633 billion yuan, down 7.6%, with a gross margin of 5.8%, a decline of 5.4 percentage points [3] Future Outlook - The company plans to deepen coal-electricity integration and expand new projects, with significant investments in coal production and power generation projects [5] - The company is expected to maintain high cash dividends, with a proposed dividend of 2.26 yuan per share, totaling 44.903 billion yuan, representing 76.5% of net profit [6] - Profit forecasts for 2025-2027 project net profits of 54.117 billion, 55.637 billion, and 55.035 billion yuan, respectively, with corresponding EPS of 2.72, 2.80, and 2.77 yuan [6]