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。 证券代码：601088 证券简称：中国神华 公告编号：临 2024-058 中国神华能源股份有限公司 关于第六届董事会第五次会议决议的公告 中国神华能源股份有限公司（"本公司"）第六届董事会第五次会议于 2024 年 12 月 6 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 12 月 10 日发送了议程、议案等会议材料，并于 2024 年 12 月 20 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结合通讯方式召开。会 议应出席董事 8 人，亲自出席董事 7 人，委托出席董事 1 人。袁国强董事以视频 接入方式参会。非执行董事康凤伟因公请假，委托非执行董事李新华代为出席会 议并投票。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《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 ...

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 年第二次临时股东大会的 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 12 月 20 日召开的 2024 年第二次临时股东大会（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：2024-057 中国神华能源股份有限公司 2024 年第二次临时股东大会决议公告 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： 中国神华能源股份有限公司（"本公司"）2024 年第二次临时股东大会（"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 | 1,773 | | --- | --- | | 其中：A 股股东人数 | 1,772 | | 股） 境外上市外资股股东人数（H | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 15,132,682,303 | | 其中：A 股股东持有股份总数 | 14,165,818,942 | | 境外上市外资股股东持有股份总数（H 股） | 966,863,361 | | 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 | 76.164115 | | 份总数的比例（%） | | | 其中：A 股股东持股占股份总数的比例（%） | 71.297 ...

Summary of China Shenhua's Conference Call Company Overview - **Company**: China Shenhua Energy Company Limited - **Industry**: Coal and Energy Key Points and Arguments Financial Performance - For the period from January to November, the company's performance showed a year-on-year decline, but month-on-month stability was observed, with confidence in achieving slightly above the annual guidance target [2][3] - The decline in coal prices was primarily due to demand issues and high inventory levels, but a recovery in energy demand is expected to support coal prices [2][4] Sales and Pricing Structure - Approximately 75-80% of sales are derived from long-term contracts, resulting in minimal price fluctuations [2][4] - The current coal price environment is characterized by a lack of seasonal demand, but colder weather and economic stimulus policies are anticipated to support coal prices moving forward [2][4] Inventory Levels - The company's inventory is below the industry average, with a stable supply due to coal-electricity integration and a high proportion of long-term contracts [2][5] - Current supply and demand conditions are not particularly tight, although uncertainties regarding demand persist [5] Market Dynamics - The coal supply-demand situation is slightly loose, with increased supply expected from Shanxi's production recovery and the impact of hydropower and economic recovery on coal prices [2][9] - The long-term price fluctuation range is expected to be small, with potential pressure in the first half of the year but support anticipated in the second half if economic conditions improve [9] Cost Management - The company anticipates a slight increase in costs in the fourth quarter due to higher labor and depreciation costs associated with increased self-operated business [2][13] - Overall, the company aims to maintain a low-cost advantage while achieving moderate growth through effective cost control measures [13] Long-term Contracts and Pricing Mechanism - The signing ratio for long-term contracts is expected to be slightly relaxed in 2025, with stable production levels anticipated [2][7] - The introduction of the CPI index is intended to balance the coal-electricity relationship and provide coal companies with greater pricing power [2][8] Future Outlook - The economic outlook for China presents significant uncertainties, particularly regarding demand, but a moderate increase in energy demand is expected [2][15] - The company is committed to maintaining a dividend policy of at least 60% of annual profits while ensuring sufficient cash flow for market opportunities [2][28] Strategic Initiatives - The company is actively pursuing the construction of new coal mines, with the New Street Mine expected to start production by 2028 [2][14] - Ongoing asset acquisition projects, such as those involving Hangjin and Dayan mining, are in progress, with updates to be provided as developments occur [2][17] Challenges and Responses - The company is focused on controlling costs and optimizing management to navigate market challenges and safeguard shareholder interests [2][29] - The coal industry is expected to face price competition pressures, particularly in coastal regions, due to rapid growth in power generation capacity [2][22] Conclusion - China Shenhua is positioned to maintain profitability through strategic management of costs, long-term contracts, and market adaptability, while also preparing for potential economic fluctuations and industry challenges [2][30]

Summary of China Shenhua's Conference Call Company Overview - **Company**: China Shenhua Energy Company Limited - **Industry**: Coal and Energy Key Points and Arguments Financial Performance - **Performance Decline**: For the period from January to November, the company's performance showed a year-on-year decline, but month-on-month performance remained stable, with confidence in achieving slightly above the annual guidance target [2][3] - **Coal Price Trends**: The decline in coal prices is primarily due to demand issues and high inventory levels, but a recovery in energy demand is expected to support coal prices [2][4] Sales and Contracts - **Sales Structure**: 75-80% of sales are derived from long-term contracts, resulting in minimal price fluctuations. The company expects that cold weather and economic stimulus policies will support coal prices in the near future [2][4] - **Inventory Levels**: The company's inventory is below the industry average, and the integration of coal and power operations, along with long-term contracts, mitigates market volatility [2][5] Market Conditions - **Supply and Demand**: The coal supply-demand situation is slightly loose, with increased supply expected from Shanxi's production recovery. The impact of hydropower and economic recovery on coal prices is also noted [2][9] - **Future Price Expectations**: The introduction of the CPI index is expected to balance the coal-electricity relationship and provide coal companies with more pricing power. The short-term fluctuations in the spot market are anticipated to have limited impact on the long-term coal sales market [2][8] Operational Insights - **Production and Sales**: November saw a slight decline in production and sales, attributed to changes in downstream thermal power demand and increased wind power generation [2][11] - **Cost Management**: The company anticipates a slight increase in costs in Q4 due to higher labor and depreciation costs from increased self-operated business activities. However, efforts are being made to control costs and maintain a low-cost advantage [2][13] Strategic Outlook - **Long-term Contracts**: The signing of long-term contracts for 2025 is expected to be slightly relaxed, with stable production levels anticipated. A downward trend in coal prices may favor external coal purchases [2][7] - **Economic Impact**: The company acknowledges uncertainties in the economic landscape but expects moderate growth in energy demand, particularly for thermal coal, as China aims for a GDP growth rate of 4-5% [2][15] Future Projects - **New Mining Projects**: The Xin Street mine is expected to start construction in early 2024, with production anticipated by the end of 2028 [2][14] - **Acquisition Progress**: The acquisition of Hanjin and Dayan mining assets is ongoing, with updates to be provided as progress is made [2][17] Challenges and Responses - **Market Challenges**: The company plans to control costs and leverage sales policies to navigate market challenges while ensuring shareholder returns [2][29] - **Dividend Policy**: The company maintains a commitment to a minimum annual dividend of 60%, ensuring shareholder returns while managing cash flow for market opportunities [2][28] Conclusion - **Overall Outlook**: China Shenhua aims to optimize management and enhance efficiency in response to market changes, while also focusing on maintaining stable performance and high dividend yields [2][30]

证券代码：601088 证券简称：中国神华 公告编号：临 2024-056 中国神华能源股份有限公司 2024 年 11 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(%) | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 11 月 | 累计 | 11 月 | 累计 | 11 月 | 累计 | | （一）煤炭 | | | | | | | | | 1. 商品煤产量 | 百万吨 | 27.0 | 299.0 | 27.3 | 296.8 | (1.1) | 0.7 | | 2. 煤炭销售量 | 百万吨 | 38.3 | 421.8 | 39.6 | 409.6 | (3.3) | 3.0 | | （二）运输 | | | | | | | | | 1. 自有铁路运输周转量 | 十亿吨公里 | 27.2 | 288.0 | 28. ...

Summary of Conference Call on China Shenhua Energy Company and Industry Overview - **Company**: China Shenhua Energy - **Industry**: Coal and Energy Key Points and Arguments Operational Performance - The company's production and operational performance is reported to be normal and in line with progress schedules, with production data available up to October [1] - Sales volume and production are showing growth, with November operational data expected to be released soon [1] Coal Price Trends - There is a noted lack of upward momentum in coal prices, with a slight decline observed recently [2] - Predictions indicate that coal prices may begin to recover towards the end of December [2] - The long-term regulatory requirements for coal prices in 2025 have been released, indicating a decrease in the fulfillment rate from 100% to 90% [10] Cost and Pricing Outlook - The company anticipates a slight decrease in coal prices for 2025, estimating a decline of around 5% to 10% [5] - The average labor cost for the company is expected to show a year-on-year increase, with previous low costs in the fourth quarter of the previous year not expected to repeat [7] - The company’s coal production costs are projected to be more stable compared to market fluctuations [6] Production and Capacity Plans - The company is in the process of compiling its production and operational plans for 2025, with details expected to be disclosed in March [12] - New mining projects have been initiated, with two new mines expected to produce 800 million tons annually, requiring an investment of approximately 26.6 billion [11] Asset Management and Investments - The company is actively pursuing asset acquisitions, particularly from state-owned enterprises, with ongoing negotiations for significant coal mining assets [12] - Capital expenditures are projected to remain between 30 billion to 50 billion annually, with a focus on both coal and power generation projects [21] Dividend Policy - The company plans to maintain a dividend payout of no less than 60% of net profit, with specific details to be announced in March 2025 [19] Market Dynamics - The company is adapting to changes in the coal market, including a focus on external coal procurement, which has lower profit margins but is essential for integrated operations [23] - The company is also exploring international shipping routes to optimize logistics and increase profitability [24] Future Outlook - The overall outlook for the coal market in 2025 suggests a balanced supply-demand scenario, with GDP growth expected to support coal consumption [5] - The company is preparing for potential challenges in the electricity market, particularly regarding pricing pressures on thermal power generation [25] Additional Important Information - The company is undergoing upgrades to its coal gasification project, which has been operational for over a decade, to enhance efficiency [16] - Ongoing railway capacity expansions are expected to take time, with projects in progress to improve logistics capabilities [18] This summary encapsulates the key insights from the conference call regarding China Shenhua Energy's operational performance, market outlook, and strategic initiatives.

Group 1 - Morgan Stanley raised China Shenhua's net profit forecast for the fiscal year 2024 by 6.8%, citing a recovery in demand and the company's strong position in the coal industry as a leading enterprise benefiting from rising coal prices [1] - China Shenhua is noted for having the strongest balance sheet among its peers, indicating potential for increased dividends [1] Group 2 - The target price for Shenhua's H-shares was increased from HKD 35.1 to HKD 38, while maintaining an "Overweight" rating [2]

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） （股份代碼：01088） 建議委任執行董事 董事會函件載於本通函第2頁至第5頁。 本公司將於2024年12月20日（星期五）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年第二次臨時股東大會，該大會通告載於本通函第6頁至第9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 ...