招商证券研报指出，中国神华2025年上半年归母净利润246.41亿元，同比下降12.0%；扣非归母净利润 243.12亿元，同比下降17.5%；经营性现金流净额457.94亿元，同比下降11.7%。高比例长协托底煤炭价 格，成本管控稳定毛利。高比例长协托底煤炭价格，成本管控稳定毛利。公司坚持回馈投资者，中期分 红率79%。公司作为龙头能源企业，以煤炭业务为基石，积极发展电力、运输等多个领域，形成煤电运 一体化布局，有利于增强业绩的稳定性。持续看好公司盈利能力，维持"强烈推荐"投资评级。 ...

Core Viewpoint - The successful pre-acceptance of the dredging project for the fifth phase of the Huanghua Port coal terminal by China Shenhua lays a solid foundation for subsequent construction, enhancing coal transportation efficiency and profitability [1][3]. Group 1: Project Overview - The dredging project involved a total dredging volume of 2.7748 million cubic meters, including tasks such as excavation of the berthing area and dredging of the port basin [1]. - The project is a key precursor to the fifth phase of the Huanghua Port coal terminal, ensuring that the construction water area meets design depth requirements for efficient vessel operations [3]. Group 2: Management and Execution - The project adopted a refined management approach with a "one area, one team, one plan" strategy, optimizing equipment and personnel allocation based on terrain and soil conditions [3]. - Innovative construction techniques were employed, such as the "grab and rake combined" method to tackle hard soil layers, achieving integrated operations of "excavation—suction—transportation—disposal" [3][4]. Group 3: Environmental and Safety Measures - The project emphasized ecological protection by using environmentally friendly processes to minimize marine impact [3]. - A weather warning information system was established to enhance response capabilities during adverse weather conditions, ensuring safety and stability in navigation [4]. Group 4: Impact on Logistics and Supply Chain - The successful completion of the dredging project facilitates efficient vessel docking and cargo transfer, supporting the overall construction progress of the fifth phase [3]. - The coordination between the dredging scheduling office and maritime traffic departments helps avoid conflicts between construction and navigation, thereby stabilizing traffic order in the port area and reducing logistics costs [4].

Group 1 - The coal stocks have mostly risen, with Yanzhou Coal Mining (01171) up 6.28% to HKD 10.49, China Coal Energy (01898) up 6.08% to HKD 10.12, and China Shenhua Energy (01088) up 2.1% to HKD 38.96 [1][1][1] - According to Mysteel's research, coal mines in Inner Mongolia are exceeding production capacity, with a total capacity of 34.6 million tons per year for mines exceeding 10% of their announced capacity from January to June 2025 [1][1][1] - As of September 16, five coal mines with a total capacity of 19.3 million tons per year have been ordered to suspend operations for 5-7 days due to safety hazards, with four mines having completed rectification and resumed normal production [1][1][1] Group 2 - Shanxi Securities believes that domestic raw coal production is expected to shrink due to policy shifts, with a reduction trend expected to continue in September and October despite some easing in August [1][1][1] - The contraction in domestic supply is leading to an unexpected rise in coal prices, which is driving up coal import demand, with August imports continuing to increase month-on-month [1][1][1] - If coal prices stabilize and rebound, it may further stimulate demand for imported coal [1][1][1]

Group 1 - The coal stocks have mostly risen, with Yanzhou Coal Mining (600188) up 6.28% to HKD 10.49, China Coal Energy (601898) up 6.08% to HKD 10.12, and China Shenhua Energy (601088) up 2.1% to HKD 38.96 [1][1][1] - According to Mysteel's research, coal mines in Inner Mongolia are exceeding production capacity, with a total capacity of 34.6 million tons per year for mines exceeding 10% of their announced capacity from January to June 2025 [1][1][1] - As of September 16, five coal mines with a total capacity of 19.3 million tons per year have been ordered to suspend operations for 5-7 days due to safety hazards, with four mines having completed rectifications and resumed normal production [1][1][1] Group 2 - Shanxi Securities believes that domestic raw coal production is expected to shrink due to policy shifts, with a reduction trend expected to continue in September and October despite a slight easing in August [1][1][1] - The contraction in domestic supply is leading to an unexpected rise in coal prices, which is driving up coal import demand, with August imports continuing to increase month-on-month [1][1][1] - If coal prices stabilize and rebound, it may further stimulate the demand for imported coal [1][1][1]

Major Events - Health 160 (02656) received a subscription rate of 751.77 times for its public offering in Hong Kong, with listing scheduled for September 17 [1] - Huajian Medical (01931) and Renhe International have reached a significant strategic cooperation to establish the world's first vertical RWA exchange focused on the OTC sector [1] - Giant Legend (06683) strategically invested in the operation company of the Bird's Nest to enhance IP and landmark synergy [1] - Yuexiu Property (00123) successfully acquired the Kangqiao land in Hangzhou's Gongshu District for 1.33 billion [1] - China Jinmao (00817) plans to increase capital by 350 million to Beijing Chaoyang and 2.15 billion to Beijing Manmao [1] - Sichuan Energy Investment Development (01713) signed a construction contract with Degge Gesaer Power for development [1] - Qianxun Technology (01640) signed a memorandum of understanding for the proposed acquisition of 100% equity in Punk Code Technology [1] - GCL-Poly Energy (03800) clarified that the profit statement for August-September is not an annual forecast, but based on the trend of polysilicon prices and disclosed data [1] Operating Performance - China Shenhua (01088) reported a coal production of 28.6 million tons in August, a year-on-year decrease of 0.3% [1] - Nanshun (Hong Kong) (00411) announced annual results with a net profit of 303 million HKD, representing a year-on-year increase of 51% [1]

编辑 王进雨 新京报贝壳财经讯 9月16日，中国神华在港交所发布公告称，前8月累计煤炭销量2.8亿吨，同比减少 9.2%；8月煤炭销量3750万吨，同比减少3.1%。 ...

中国神华9月16日晚间公告，2025年8月公司煤炭销售量3750万吨，同比下降3.1%。2025年1-8月，公司 累计煤炭销售量2.8亿吨，同比下降9.2%。 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [2][6]. Core Views - The company demonstrates resilience in performance through cost reduction and efficiency improvements, countering the decline in coal prices [1]. - The company is actively pursuing an integrated business model, enhancing its operational stability and future profitability [5][6]. Financial Performance - In the first half of 2025, the company reported revenue of 138.11 billion yuan, a year-on-year decrease of 18.3%, and a net profit attributable to shareholders of 24.64 billion yuan, down 12.0% [1]. - The operating cash flow for the same period was 45.79 billion yuan, reflecting an 11.7% decline [1]. - The average selling price of coal decreased by 12.9% to 493 yuan per ton, while the production cost per ton fell by 7.7% to 177.7 yuan [5]. Business Segments - **Coal Business**: The company produced 165 million tons of coal, a decrease of 1.7% year-on-year, with total coal sales down 10.9% to 205 million tons [5]. - **Electricity Business**: The company generated 98.78 billion kWh of electricity, a decline of 7.4%, with an average selling price of 386 yuan/MWh, down 4.2% [5]. Future Outlook - The company is optimistic about demand growth in the second half of 2025, anticipating a national electricity consumption increase of 5%-6% year-on-year [5]. - Ongoing projects and asset acquisitions are expected to enhance the company's integrated operations and overall profitability [5]. Dividend Policy - The company plans to distribute a mid-year dividend of 0.98 yuan per share, totaling 19.47 billion yuan, which represents 79% of the net profit for the first half of 2025 [5]. Earnings Forecast - The projected net profits for 2025-2027 are 50.52 billion yuan, 52.43 billion yuan, and 55.05 billion yuan, respectively, with corresponding EPS of 2.54 yuan, 2.64 yuan, and 2.77 yuan [6][7].

Group 1 - The core viewpoint of the report indicates that steel mill profitability continues to be under pressure, which is expected to lead to a further decline in coking coal prices in the short term. However, due to a strong increase in July, the baseline coking coal price forecast for 2025 to 2027 has been raised by 7% to 13% [1] - The current valuation level of the domestic coal sector lacks attractiveness, leading the company to maintain a "neutral" rating for the industry [1] - The rating for China Coal Energy (601898) has been downgraded to "sell" due to the expectation of negative free cash flow for the year and the management's apparent unwillingness to increase the dividend payout ratio. The forecasted dividend yield for 2025 to 2027 is only 3.7% to 3.9%, with the target price reduced from HKD 7.39 to HKD 7.21. Additionally, the company's earnings forecast for 2025 to 2027 has been cut by 10% to 16% in response to the latest coal price expectations [1] Group 2 - Despite the current market expectations of relatively low coal inventory levels at domestic ports, which could support winter spot thermal coal prices, the overall forecast for spot coal prices for the year has been lowered by 4% due to disappointing price levels in the second quarter [1] - China Shenhua (601088) demonstrated resilient profitability in its interim results, with the smallest decline in unit profits for its coal business during the coal price drop in the first half of the year. The company maintains a "hold" rating, with the target price increased from HKD 32.18 to HKD 39.48 [1]

或使用以上信息可能造成投资风险。 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 | 2025 | 年 | 2024 | 年 | 同比变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （重述后） | | （%） | | | | | 8 月 | 累计 | 8 月 | 累计 | 8 月 | 累计 | | （一）煤炭 | | | | | | | | | 商品煤产量 1. | 百万吨 | 28.6 | 223.3 | 28.7 | 224.4 | (0.3) | (0.5) | | 2. 煤炭销售量 | 百万吨 | 37.5 | 280.2 | 38.7 | 308.7 | (3.1) | (9.2) | | （二）运输 | | | | | | | | | 1. 自有铁路运输周转量 | 十亿吨公里 | 28.0 | 207.1 | 25.3 | 211.0 | 10.7 | (1.8) | | ...