证券代码：601088 证券简称：中国神华 公告编号：临 2025-008 中国神华能源股份有限公司 关于收购国家能源集团杭锦能源有限责任公司 100%股权的关联交易进展公告 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。 经中国神华能源股份有限公司（"本公司"）第六届董事会第六次会议批准， 本公司与国家能源投资集团有限责任公司（"国家能源集团公司"）于 2025 年 1 月 24 日签署了《关于国家能源集团杭锦能源有限责任公司股权转让协议》（"《股 权转让协议》"），约定本公司以经备案的国家能源集团杭锦能源有限责任公司 （"杭锦能源"）截至评估基准日（即 2024 年 8 月 31 日）的股东全部权益评估 值为基础，收购国家能源集团公司持有的杭锦能源 100%股权（"标的股权"）。 详见本公司分别于 2025 年 1 月 22 日、2025 年 1 月 25 日在上海证券交易所网站 （www.sse.com.cn）披露的《中国神华关于收购国家能源集团杭锦能源有限责任 公司 100%股权的关联交易公告》《中 ...

Summary of China Shenhua's Conference Call Company Overview - **Company**: China Shenhua Energy Company - **Industry**: Coal and Power Generation Key Points and Arguments Operational Performance - In 2024, China Shenhua achieved a coal production of 327 million tons, a year-on-year increase of 0.8% [3] - Coal sales reached 459 million tons, up 2.1% year-on-year [3] - Power generation was 223.2 billion kWh, reflecting a 5.2% increase [3] - Electricity sales amounted to 210.28 billion kWh, with a year-on-year growth of 5.3% [3] - The company expects net profit attributable to shareholders for 2024 to be between 57 billion to 60 billion yuan, indicating a year-on-year decline of 4.5% to a growth of 0.5% [3] Acquisitions and Resource Expansion - China Shenhua acquired 100% of Hanjin Energy for 850 million yuan, adding over 3.8 billion tons of coal reserves and increasing recoverable reserves by 2 billion tons [3] - The acquisition will also add 10 million tons of under-construction coal mines and 15.7 million tons of operational coal mines [3] Cost Management - The company anticipates a moderate single-digit growth in unit production costs in the coming years due to factors such as deflation, reduced safety costs, and transitioning from outsourcing to in-house operations [3][5] - Cost growth in recent years was primarily driven by inflation, increased mining depth, and rising labor costs [5] Production Capacity and Future Outlook - Current normal production capacity is approximately 340 million tons, with actual production around 316 million tons [3][6] - An additional capacity of about 15 million tons is expected in 2025, with long-term projects like the Hangjinta Lan coal mine projected to start production in 2028 [6] - The company aims to maintain a production scale of 320 to 330 million tons despite potential declines in individual mines [7][8] Market Challenges and Strategies - The short-term coal market may face price declines due to high inventory levels at power plants and seasonal demand drops, but long-term support is expected from the spot market [3][23] - China Shenhua is focusing on cost reduction and efficiency improvements to counteract competitive pressures and market fluctuations [11][13] Electricity Sector Insights - The company has made significant investments in thermal power technology, with over half of its capital expenditure in recent years directed towards this area [11] - Despite a slowdown in economic growth affecting energy demand, the company remains optimistic about future energy needs driven by GDP growth [24] Coal Market Dynamics - The proportion of thermal power in energy supply has decreased from 60%-70% to an expected 55%-56% by 2025, but it will still play a crucial role in coal demand [25] - Coal prices have seen significant fluctuations, with current prices around 700 yuan per ton, down from historical highs, but still attractive for low-cost producers [26] Future Projects and Developments - The Ganjimao cross-border railway project is expected to contribute to coal supply, although specific figures are yet to be disclosed [28] - The company plans to incorporate the 4 million tons of resources from Hushitai Jingtian into its development plans once evaluation conditions are met [18] Additional Important Information - The company is actively exploring mergers and acquisitions to bolster its production capabilities and maintain stability in supply [6][7] - The integration of coal mining and power generation operations is a strategic focus to enhance overall business resilience [13]

Summary of China Shenhua's Conference Call Company Overview - **Company**: China Shenhua Energy Company Limited - **Industry**: Coal and Power Generation Key Points Operational Performance - In 2024, China Shenhua achieved a coal production of 327 million tons, a year-on-year increase of 0.8% [3] - Sales volume reached 459 million tons, up 2.1% year-on-year [3] - Power generation amounted to 223.2 billion kWh, reflecting a 5.2% increase [3] - Electricity sales were 210.28 billion kWh, with a growth of 5.3% [3] Profit Forecast - The company expects net profit attributable to shareholders for 2024 to range between 57 billion to 60 billion yuan, reflecting a year-on-year decline of 4.5% to an increase of 0.5% [3][4] - The decline is primarily due to falling coal sales prices, although reduced asset impairment and non-operating expenses partially offset this impact [4] Dividend Policy - China Shenhua plans to increase the minimum dividend payout ratio to no less than 65% over the next three years (2025-2027), indicating a commitment to shareholder returns [3][4] Cost Management - Future unit production cost growth is expected to be moderate, in single digits, due to deflation, reduced safety costs, and controlled labor costs [3][5] Coal Production Capacity - Current coal production capacity is approximately 340 million tons, with actual arrangements at 316 million tons [3][6] - The acquisition of the Dayan Mine is expected to add 15 million tons of coal production by 2025 [3][6] - New projects and potential mergers and acquisitions are planned to offset declines in individual mine capacities [3][7] Market Challenges - The electricity sector faces intensified competition due to slowing energy demand growth and increased supply capacity, leading to pressure on electricity prices [3][12] - China Shenhua aims to respond to these challenges through cost reduction and efficiency improvements [3][12] Integrated Business Model - The company's integrated model enhances its competitive advantage by providing stable and low-cost fuel supply, favorable loans, and incentive mechanisms [3][17] - This model has helped maintain profitability in the power sector despite market fluctuations [3][17] Future Projects and Investments - The Hans Energy project is expected to start production in 2028, reaching full capacity of 10 million tons by 2029, although it will incur losses during the construction phase in 2025 [3][10] - The Mengdong Mine is gradually recovering production capacity, expected to reach 5 million tons by 2026-2027 [3][11] Energy Demand Outlook - Despite current challenges, overall energy demand is projected to grow by 6% to 7% in 2025, driven by GDP growth [3][23] - Coal demand is expected to peak around 2027-2028 before entering a plateau period [3][24] Coal Pricing and Market Dynamics - Current coal prices are under pressure due to high inventory levels and seasonal demand fluctuations [3][22][25] - The benchmark price for coal is set at 675 yuan per ton, with fluctuations determined by market supply and demand [3][25] Strategic Initiatives - China Shenhua is focusing on technological investments in economically developed regions to enhance its competitive position [3][14] - The company is also exploring new business growth points to adapt to market changes [3][12] Cross-Border Projects - The Ganjimao cross-border railway project is under negotiation, which may provide incremental coal supply, although specific details are pending [3][28] This summary encapsulates the key insights from the conference call, highlighting the operational performance, financial outlook, strategic initiatives, and market dynamics affecting China Shenhua.

Investment Rating - The investment rating for China Shenhua is "Accumulate" (maintained) [8] Core Views - China Shenhua's 2024 performance is expected to be stable, with a projected net profit attributable to shareholders ranging from 57 billion to 60 billion yuan, reflecting a year-on-year decrease of 4.5% to an increase of 0.5% [3][4] - The coal division's profit decline is the main factor affecting the overall net profit due to a decrease in average coal sales prices [4] - The company has announced a high dividend payout policy, distributing no less than 60% of the net profit attributable to shareholders in cash for the years 2022-2024, with an increase to 65% for 2025-2027, highlighting its investment value [7][9] Summary by Sections Recent Company Performance - Over the past 12 months, China Shenhua has experienced a relative return of -8.25% over one month, 0.78% over three months, and -11.40% over twelve months compared to the CSI 300 index [2] 2024 Performance Forecast - The company forecasts a net profit attributable to shareholders of 57 billion to 60 billion yuan for 2024, a decrease of 27 million to an increase of 3 million yuan year-on-year [4] - The expected net profit excluding non-recurring items is projected to be between 58.5 billion and 61.5 billion yuan, reflecting a year-on-year decline of 7.0% to an increase of 2.2% [4] Coal Production and Sales - In 2024, the company anticipates a coal production of 327 million tons, a year-on-year increase of 0.8%, and a sales volume of 459 million tons, a year-on-year increase of 2.1% [5] - The fourth quarter saw a decline in sales volume due to lower-than-expected demand from a warm winter [5] Acquisition and Resource Expansion - The acquisition of 100% equity in Hangjin Energy for 853 million yuan will increase the company's coal reserves by 3.841 billion tons and the recoverable reserves by 2.087 billion tons, enhancing its competitive edge in the energy supply [6] Dividend Policy - The company has committed to a stable and predictable profit distribution policy, which is expected to attract long-term capital and enhance investment value [7][9] Financial Projections - The projected net profits for 2024, 2025, and 2026 are 57.1 billion, 56.9 billion, and 58 billion yuan respectively, with corresponding EPS of 2.88, 2.87, and 2.92 yuan [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The fourth quarter performance is stable, and the long-term attributes of the company are still favored [5] - The company expects a net profit attributable to shareholders for 2024 to be between 57 billion to 60 billion RMB, indicating a potential decrease of 4.5% to an increase of 0.5% year-on-year [8] - The company has announced a shareholder return plan for 2025-2027, committing to distribute at least 65% of the net profit to shareholders in cash, which is an increase from the previous commitment [8] - The acquisition of Hanjin Energy will increase coal production capacity by 25.7 million tons per year [8] - The company’s ability to resist demand fluctuations in the coal industry is significantly higher than the industry average, suggesting that the market has not fully priced in its long-term attributes [8] Financial Summary - Revenue for 2024 is projected to be 355.014 billion RMB, with a year-on-year growth rate of 3.48% [7] - The net profit attributable to shareholders for 2024 is expected to be 59.663 billion RMB, with a slight decrease of 0.05% year-on-year [7] - The earnings per share (EPS) for 2024 is estimated to be 3.00 RMB [7] - The company’s return on equity (ROE) is projected to be 13.99% for 2024 [7] - The price-to-earnings (P/E) ratio is expected to be 13.01 for 2024 [7]

特此公告。 承中国神华能源股份有限公司董事会命 总会计师、董事会秘书 证券代码：601088 证券简称：中国神华 公告编号：临 2025-007 中国神华能源股份有限公司 关于收购国家能源集团杭锦能源有限责任公司 100%股权的关联交易进展公告 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。 经中国神华能源股份有限公司（"本公司"）第六届董事会第六次会议批准， 本公司拟以经备案的国家能源集团杭锦能源有限责任公司（"杭锦能源"）截至 评估基准日（即 2024 年 8 月 31 日）的股东全部权益评估值为基础，收购国家能 源投资集团有限责任公司（"国家能源集团公司"）持有的杭锦能源 100%股权 （"本次收购"）。 就本次收购，2025 年 1 月 24 日，本公司与国家能源集团公司于北京市签署 了《关于国家能源集团杭锦能源有限责任公司股权转让协议》，该协议的主要内 容详见本公司于 2025 年 1 月 22 日在上海证券交易所网站（www.sse.com.cn）披 露的《中国神华关于收购国家能源集团杭锦能源有 ...

Investment Rating - The investment rating for China Shenhua (601088) is "Buy" with a target price not specified [5]. Core Views - The report indicates that despite the pressure on performance due to falling coal prices, the company has shown stable growth in production and sales across all business segments. The forecast for the full-year net profit attributable to shareholders for 2024 is between 57-60 billion yuan, reflecting a year-on-year decline of 4.5% to an increase of 0.5% [1][3]. - The company has increased its minimum dividend payout ratio from 60% to 65%, demonstrating a strong commitment to shareholder returns and market value management [2]. - The report highlights that the company maintains a significant capital expenditure plan of 30-40 billion yuan for 2024, focusing on coal, power generation, and transportation sectors, which suggests a potential for growth in the medium to long term [3]. Summary by Sections Financial Performance - The total revenue for 2024 is projected at 350.48 billion yuan, with a growth rate of 2.16%. The EBITDA is expected to be 110.90 billion yuan, while the net profit attributable to shareholders is forecasted at 58.45 billion yuan, reflecting a decrease of 2.08% [4][10]. - The earnings per share (EPS) for 2024 is estimated at 2.94 yuan, with a price-to-earnings (P/E) ratio of 13.06 [4][10]. Production and Sales - The company anticipates a total coal production of 327.1 million tons for 2024, representing a year-on-year increase of 0.8%. The total coal sales are expected to reach 459.3 million tons, up by 2.1% [1][3]. - The total electricity generation is projected at 22.32 billion kWh, with a growth of 5.2%, and total electricity sales are expected to be 21.03 billion kWh, also reflecting a growth of 5.3% [1]. Capital Expenditure and Growth Potential - The company plans to invest significantly in new coal mines and power generation projects, including the construction of new coal mines with a combined capacity of 16 million tons and additional power generation capacity of 1.2 million kilowatts [2][3]. - The report emphasizes that ongoing investments in the transportation sector, including railway and port expansions, will contribute to future revenue growth [3].

Investment Rating - The investment rating for China Shenhua is "Buy" (maintained) [6] Core Views - The company is expected to achieve a net profit attributable to shareholders of between 57 billion to 60 billion yuan for 2024, reflecting a year-on-year decrease of 4.5% to an increase of 0.5% [6] - The company plans to distribute at least 65% of its net profit as cash dividends from 2025 to 2027, indicating strong long-term investment value [6] - The acquisition of 100% equity in Hanjin Energy will increase coal production capacity, adding 25.7 million tons per year [6] Financial Summary - Total revenue for 2024 is estimated at 347.025 billion yuan, with a year-on-year growth rate of 1.2% [2] - The net profit for 2024 is projected at 58.005 billion yuan, a decrease of 2.8% compared to 2023 [2] - The earnings per share (EPS) for 2024 is expected to be 2.92 yuan [2] - The gross profit margin is forecasted to be 33.9% for 2024 [2] - The return on equity (ROE) is projected at 14.4% for 2024 [2] Market Data - As of January 23, 2025, the closing price is 38.41 yuan, with a market capitalization of 633.421 billion yuan [3] - The dividend yield is estimated at 5.88% based on the most recent dividend distribution [3] - The price-to-earnings (PE) ratio is projected at 13 for 2024 [2][3]

Investment Rating - The report maintains an investment rating of "Buy-A" for the company [1] Core Views - The acquisition of 100% equity in Hanjin Energy from the National Energy Group is expected to enhance the company's coal reserves and production capacity, solidifying its leading position in the coal industry [2][4] - The company plans to distribute at least 65% of its net profit to shareholders in cash annually from 2025 to 2027, reflecting a commitment to shareholder returns [6] Summary by Sections Market Data - Closing price: 38.41 CNY - Yearly high/low: 47.50/32.65 CNY - Circulating A-shares/Total shares: 164.91/198.69 billion - Market capitalization: 7,631.50 billion CNY [1] Financial Performance - Basic and diluted earnings per share (EPS): 2.32 CNY - Net asset return rate (ROE): 10.91% [1] Recent Events - The company announced the acquisition of Hanjin Energy for 852.6495 million CNY, to be paid with its own funds [3] - The company aims to increase its coal reserves by 3.841 billion tons and its recoverable reserves by 2.087 billion tons post-acquisition [4] Performance Outlook - Expected EPS for 2024-2026: 2.92, 2.93, 2.99 CNY, with corresponding P/E ratios of 13.0, 13.0, and 12.7 [9] - The company’s revenue is projected to grow slightly from 342.071 billion CNY in 2024 to 353.171 billion CNY in 2026 [11][14] Shareholder Returns - The new dividend policy increases the minimum payout ratio from 60% to 65%, indicating a strong commitment to returning value to shareholders [6]

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 57.473 billion to 60 billion yuan in 2024, reflecting a year-on-year change of -4.5% to +0.5% [1]. - The company plans to increase its minimum dividend payout ratio to 65% for the years 2025-2027, up from 60% for 2022-2024, indicating a commitment to shareholder returns [4]. - The company benefits from a high proportion of long-term contracts, which enhances its earnings stability and dividend value [4]. Summary by Sections Financial Performance - In 2024, the company anticipates a net profit of 570 to 600 billion yuan, with a decrease in special reserve provisions by 25% to 37 billion yuan [1][2]. - The company’s coal production is projected to be 327.1 million tons, a 0.8% increase year-on-year, while total power generation is expected to reach 223.21 billion kWh, a 5.2% increase [3]. Dividend Policy - The company has consistently exceeded its dividend commitments, with actual payout ratios of 72.8% and 75.2% for 2022 and 2023, respectively [4]. - The commitment to a higher dividend payout ratio reflects the company's focus on maintaining a stable and predictable profit distribution policy [4]. Earnings Forecast - The projected net profits for 2024-2026 are 57.473 billion, 54.971 billion, and 57.742 billion yuan, respectively, with corresponding EPS of 2.89, 2.77, and 2.91 yuan per share [4][6]. - The company’s PE ratios for the same period are expected to be 13, 14, and 13 times, indicating a stable valuation outlook [4][6].