FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國中煤能源股份有限公司 呈交日期: 2025年9月30日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601898 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 9,152,000,400 | RMB | | 1 | RMB | | 9,152,000,400 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 9,152,000,400 | RMB | | | 1 RMB | | 9,152,000,400 | | ...

Investment Rating - The report rates the coal industry as "Overweight" [4]. Core Viewpoints - Coal prices are expected to rebound in the off-season, with pressure anticipated in the first half of 2026, but the year-on-year decline compared to 2025 will ease. It is projected that coal prices could exceed 800 RMB/ton in the second half of 2026 [2]. Summary by Sections Investment Highlights - The report recommends maintaining positions in key companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, while also continuing to recommend Yanzhou Coal Mining and Jinneng Holding. The investment opportunities arising from state-owned enterprise reforms should be emphasized, which may create a sector-wide effect [4]. - The demand side shows a significant recovery, with total electricity consumption in August growing by 4.6%, compared to only 2.5% in Q1, and is expected to exceed a 5% growth rate for the year. This contradicts previous market pessimism [4]. - On the supply side, the output of raw coal in August was 390 million tons, a year-on-year decrease of 3.2%, but a month-on-month increase of 10 million tons. The total coal production for the year is expected to be stable at around 475-480 million tons, with a slight decline in H2 due to "overproduction checks" [4]. Coal Price Tracking - As of September 26, 2025, the price of Q5500 coal at Huanghua Port was 713 RMB/ton, up 0.6% from the previous week. The price of Q5000 coal at the same port was 622 RMB/ton, up 0.5% [7][10]. - The price of coking coal at Jingtang Port was 1710 RMB/ton, an increase of 6.2% from the previous week [35]. Inventory and Supply Chain - The inventory at Qinhuangdao decreased by 12.2% to 5.4 million tons as of September 25, 2025. The total inventory at northern ports was 29.64 million tons, down 0.9% [20]. - The report notes a decrease in both port and steel mill inventories, indicating a tightening supply situation [54][56]. International Coal Prices - The report highlights that Australian Newcastle coal prices have decreased, with the price of Q5500 coal at Newcastle being 71 USD/ton, up 1 USD (1.3%) from the previous week. The cost of domestic coal is lower than that of Australian imports by 7 RMB/ton [18][19].

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [11][12] - The supply side is constrained, with the sample coal mine capacity utilization rates for thermal coal at 93.8% (+0.5 percentage points) and coking coal at 86.46% (+1.81 percentage points) [11][46] - Demand has shown a decrease in daily consumption in inland and coastal provinces, with inland provinces down by 37.80 thousand tons/day (-11.14%) and coastal provinces down by 12.50 thousand tons/day (-5.61%) [11][47] - The report anticipates that coal prices will continue to strengthen due to rigid supply constraints, seasonal demand increases, and maintenance impacts on transportation lines [11][12] Summary by Sections 1. Coal Price Tracking - As of September 27, the market price for thermal coal (Q5500) at Qinhuangdao Port is 703 RMB/ton, up by 4 RMB/ton [29] - The price for coking coal at Jingtang Port is 1710 RMB/ton, an increase of 100 RMB/ton [31] 2. Supply and Demand Tracking - The capacity utilization rate for thermal coal mines is reported at 93.8%, while for coking coal it is 86.46% [46] - Daily coal consumption in inland provinces has decreased, while coal inventories have increased [47] 3. Industry Performance - The coal sector has shown a decline of 1.44% this week, underperforming compared to the broader market [14][17] - The report highlights that the coal sector remains characterized by high performance, cash flow, and dividends, indicating a strong investment opportunity [12][14] 4. Future Outlook - The report suggests that the coal sector is likely to experience a tightening supply-demand balance over the next 3-5 years, with high barriers to entry and strong cash flow characteristics for quality coal companies [12][11] - Investors are encouraged to focus on companies with stable operations and strong performance, such as China Shenhua, Shaanxi Coal, and others [12]

Core Achievements of China Coal's 14th Five-Year Plan - China Coal Energy Group has committed to high-quality development, focusing on "efficiency improvement of existing assets and transformation of new growth" while ensuring national energy security and exploring a green low-carbon development path [2][6] - The company has implemented an innovation-driven development strategy, emphasizing "technological self-reliance" and focusing on safe, green, and intelligent coal mining and clean, efficient, low-carbon utilization [2][3] Innovation and Technology - China Coal has established a technology innovation system, creating a unique innovation model that integrates projects, platforms, talent, investment, management, and mechanisms [2][3] - The company has successfully completed 29 national-level tasks and has made breakthroughs in key technologies such as deep mining disaster prevention and intelligent coal mining [3] - Significant projects include the development of the world's first 200-ton pure electric mining truck and the first 8MW ultra-long-distance intelligent scraper conveyor [3] Digital Transformation and Industry Upgrade - The company has built an intelligent production and operation management platform, utilizing AI tools and developing over 150 algorithm models to enhance management and operational efficiency [3] - China Coal has established 48 intelligent coal mines and 203 intelligent mining faces, with several achievements recognized as typical cases in national coal mine intelligent construction [3] Green and Low-Carbon Development - China Coal is committed to ecological governance and has established 22 national and provincial-level green mines, significantly improving vegetation coverage in mining areas [4][5] - The company has actively participated in the formulation of carbon footprint measurement standards and has implemented various environmental technologies across over 60 mines [5] Circular Economy and Resource Utilization - The company is leveraging various resources, including rooftops and abandoned mining sites, to develop "photovoltaic+" projects and promote clean energy initiatives [5] - China Coal has achieved a comprehensive utilization rate of 90.9% for coal gangue and 89.9% for mine water, significantly exceeding the national average for large coal mining enterprises [5] Future Outlook - China Coal aims to continue deepening reforms and innovations, accelerating its green low-carbon transition, and enhancing its core competitiveness to contribute to national energy security and modernization efforts [6]

Core Viewpoint - China Coal Energy Group has committed to high-quality development during the "14th Five-Year Plan" period, focusing on clean and efficient coal utilization while optimizing energy structure and promoting industrial upgrades [3] Group 1: Innovation and Technology - The company emphasizes an innovation-driven development strategy, aiming for technological self-reliance and focusing on safe, green, and intelligent coal mining [4] - A unique innovation model combining internal and external resources has been established, leading to the creation of 33 high-tech enterprises and recognition of several as "little giants" [4] - Significant breakthroughs in core technologies have been achieved, including the development of the world's first 200-ton pure electric mining truck and an 8 MW intelligent conveyor system [5] Group 2: Digital Transformation - The company has built an intelligent production and operation management platform, incorporating over 150 AI algorithm models to enhance management efficiency [6] - A total of 48 intelligent coal mines and 203 intelligent mining faces have been established, with several projects recognized as national examples of intelligent coal mining [6] Group 3: Green and Low-Carbon Development - China Coal is committed to ecological governance and has established 22 national and provincial-level green mines, significantly improving vegetation coverage in mining areas [8] - The company has participated in the development of national standards for carbon footprint measurement and has implemented various environmental technologies across over 60 mines [9] Group 4: Circular Economy and Resource Utilization - The company is leveraging various spaces for developing photovoltaic projects and has implemented green transformations in mining areas, achieving high resource utilization rates for coal gangue and mine water [10] - The comprehensive energy consumption for raw coal production has been reduced to 3.85 kg of standard coal per ton, significantly lower than the industry average [10] Future Outlook - China Coal aims to continue its commitment to energy security and modernization, enhancing core competitiveness while accelerating green and low-carbon transformation [10]

Investment Rating - The report maintains an investment rating of "A" for the coal industry, indicating a positive outlook for the sector [1]. Core Insights - The report explores the behavior of coal expansion, highlighting the increasing trend of coal companies expanding their reserves. It emphasizes the long construction cycle for new coal mines, typically ranging from 5 to 8 years or longer. The report also discusses the advantages of conventional expansion versus acquisition expansion [2][3][4]. Summary by Sections 1. Introduction - The report is part of a series analyzing coal expansion behaviors, aiming to provide a multi-dimensional understanding of the coal industry's expansion activities [10]. 2. Conventional vs. Acquisition Expansion - New coal mine construction has a lengthy cycle, requiring various approvals and processes. Conventional expansion involves obtaining mining rights and constructing new mines, while acquisition expansion allows for quicker resource access but carries potential uncertainties [11][14][15]. 3. Exploration and Transition to Mining - The transition from exploration to mining is a critical step in coal mine development, requiring thorough geological assessments to determine resource quantities. The report outlines the different stages of exploration and their implications for resource pricing [18][20][21]. 4. Coal Mine Construction Cost Analysis - The average investment cost for new coal mines is reported at 702.89 CNY per ton, with significant variations across regions and mining methods. The report notes that costs have been rising, particularly in Shanxi and Shaanxi provinces, while Inner Mongolia shows lower costs for open-pit mining [29][40][42][46]. 5. Investment Return Model Simulation - The report simulates the profitability of new coal mines, indicating that rising construction costs and mining rights prices will likely increase production costs. It emphasizes the importance of scale in mitigating these cost increases [4][56][58]. 6. Investment Recommendations - The report suggests capturing investment opportunities during the expansion cycle, focusing on companies such as Shanxi Coal International, Jinko Coal Industry, Huayang Co., and others, as they navigate rising costs and market dynamics [4][5].

Group 1 - The core viewpoint of the news is the performance and characteristics of the Guangfa CSI National New Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (520900), which has seen a decrease in both share count and scale in 2024 [1][2] - As of September 25, 2024, the ETF had a total of 1.651 billion yuan in assets and 1.642 billion shares, reflecting a year-to-date decrease of 34.46% in shares and 28.86% in scale compared to December 31, 2024 [1] - The ETF's management fee is 0.50% annually, and the custody fee is 0.10% annually, with its performance benchmark being the yield of the CSI National New Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index [1] Group 2 - The current fund managers are Huo Huaming and Lü Xin, with Huo managing since June 26, 2024, achieving a return of 2.09%, while Lü has managed since April 30, 2025, with a return of 14.85% [2] - The ETF's top holdings include China Mobile, China Petroleum, COSCO Shipping, CNOOC, China Shenhua, Sinopec, China Telecom, China Unicom, China Merchants Bank, and China Coal Energy, with respective holding percentages [2][3] Group 3 - The largest holding is China Mobile at 10.90%, followed by China Petroleum at 10.62%, and COSCO Shipping at 9.72%, with their respective market values being 212 million yuan, 206 million yuan, and 189 million yuan [3] - Other significant holdings include CNOOC (9.09%), China Shenhua (8.14%), Sinopec (7.71%), China Telecom (4.89%), China Unicom (3.71%), China Merchants Bank (2.64%), and China Coal Energy (2.59%) [3]

Core Viewpoint - China Coal Energy Co., Ltd. has experienced a decline in stock price and financial performance in 2025, with significant net outflows of capital and a decrease in shareholder numbers [1][2][3] Financial Performance - As of June 30, 2025, China Coal Energy reported a revenue of 74.436 billion yuan, a year-on-year decrease of 19.95%, and a net profit attributable to shareholders of 7.705 billion yuan, down 21.28% year-on-year [2] - The company's stock price has dropped 4.04% year-to-date, with a 2.64% decline over the last five trading days, but a slight increase of 0.88% over the last 20 days and 3.60% over the last 60 days [2] Shareholder and Capital Flow - The total market capitalization of China Coal Energy is approximately 151.679 billion yuan, with a trading volume of 169 million yuan and a turnover rate of 0.16% [1] - As of June 30, 2025, the number of shareholders decreased by 12.08% to 95,000, with an average of 0 circulating shares per person [2] - There was a net outflow of 22.7682 million yuan in principal funds, with large orders showing a buy of 22.5229 million yuan and a sell of 41.457 million yuan [1] Business Segmentation - The company's main business segments include coal business (81.03% of revenue), coal chemical business (12.48%), and coal mining equipment manufacturing (6.24%) [2] - China Coal Energy is classified under the coal mining industry, specifically focusing on thermal coal [2] Dividend Distribution - Since its A-share listing, China Coal Energy has distributed a total of 42.873 billion yuan in dividends, with 19.185 billion yuan distributed over the last three years [3] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable changes in their holdings [3]

Summary of China Coal Energy Conference Call Company Overview - China Coal Energy is a state-owned enterprise under China Coal Group, with a shareholding ratio of approximately 57% [6] - The company was listed on A-shares in 2008 and holds 62% of Shanghai Energy [6] - The business segments include coal production and trade, coal chemical, power generation, and equipment manufacturing, with thermal coal accounting for over 80% of its operations [6] Industry Insights - The thermal coal market has significantly benefited, with China Coal Energy positioned as the second-largest state-owned enterprise, indicating broad future development potential [2][4] - The coal industry is expected to transition from a downward cycle that began in 2023 to a gradual upward phase starting in Q3 2025, driven by unexpected demand and a contraction in supply due to anti-involution policies [3] Financial Performance and Projections - China Coal Energy's projected performance for 2025 is approximately 16.5 billion yuan, with a current P/E ratio of about 10 times and a dividend yield of 3.3% [2][5] - The company has demonstrated industry-leading stability and growth through cost reduction and efficiency improvements [2][5] Production Capacity and Cost Management - The company has a controlling capacity of 163 million tons and an equity capacity of 145 million tons, with the Pingluo mining area accounting for 62% of total capacity [7] - The sales of thermal coal are primarily based on long-term contracts, constituting 80% of sales, which enhances stability [9] - The cost of self-produced coal has decreased by 10% year-on-year to 263 yuan per ton, showcasing significant cost control measures [9] Growth Drivers - The increase in low-cost mining capacity and the construction of new mines are expected to drive future growth [10] - The magnesium chemical business has an integrated industrial chain advantage, which helps mitigate cyclical fluctuations [11] - The company is actively optimizing assets, with significant asset impairment provisions nearly completed, enhancing the asset structure and providing room for valuation recovery [13] Valuation and Dividend Policy - Current P/B ratio is 0.91, indicating undervaluation compared to peers like Shenhua (15-16 times) and Shanxi Coal (10-23 times) [14] - The dividend payout ratio is approximately 35%, significantly lower than Shenhua's 75% and other regional state-owned enterprises at 60% [15] - There is potential for increasing the dividend rate in the future due to policy encouragement for higher dividends and state-owned enterprise market value management requirements [15] Strategic Outlook - The company is well-positioned for investment in the current market environment, with strong performance stability due to the high proportion of long-term contracts [17] - The company has a solid cost reserve and is expected to benefit from the overall recovery of the coal sector [17] - Future development prospects are promising, with a focus on asset optimization, cost reduction, and increased dividends, alongside a low current valuation that has significant recovery potential [18][19]

Core Insights - The report emphasizes the potential awakening of the coal sector, suggesting that after a challenging period, coal prices are expected to rise towards the end of the year, providing upward momentum for the sector [2]. Industry Performance - As of September 19, 2025, the coal industry has seen a decline of 2.3% year-to-date, ranking last among 30 industries. However, in the week of September 19, it experienced a weekly increase of 3.6%, ranking second among the industries, indicating a significant contrast in performance [2]. - The report predicts that the coal price will stabilize and potentially reach a peak by the end of the year, which could drive further positive performance in the coal sector [2]. Company Focus - The report highlights several companies to watch within the coal sector: - **Keda Control**: Noted for its focus on smart mining [2]. - **China Coal Energy (H+A)** and **China Shenhua (H+A)**: Major state-owned enterprises in the coal industry [2]. - **China Qinfa**: Recommended for its turnaround potential [2]. - **Shanxi Coal and Electricity, Huainan Mining, and Xinji Energy**: Identified as strong performers [2]. - **Yankuang Energy, Jinkong Coal, and Pingmei Shenma**: Noted for their elasticity and potential for growth [2]. - **Huayang Co. and Gansu Energy**: Suggested as companies with future growth potential [2]. - **Anyuan Coal Industry**: Highlighted for its recent changes in control and ongoing asset restructuring [2].