Financial Performance - The company achieved operating revenue of RMB 189.4 billion, a year-on-year decrease of 1.9%[5] - Profit attributable to shareholders was RMB 18.2 billion, down 10.0% year-on-year, with a net asset return rate of 12.24%[5] - The company's total revenue decreased by 1.9% to 189.399 billion yuan from 192.969 billion yuan in the previous year, with a reduction of 3.57 billion yuan[18][19] - For the fiscal year ending December 31, 2024, the company achieved a pre-tax profit of 30.316 billion yuan, with a profit attributable to shareholders of 18.156 billion yuan, reflecting a decrease of 10% year-on-year[15][19] - The gross profit decreased by 8.8% to CNY 379.22 billion, with a gross margin decline of 1.5 percentage points to 20.0%[25] - The coal business revenue decreased by 1.2% to CNY 1,607.12 billion for the year ended December 31, 2024, compared to CNY 1,626.81 billion for the previous year[26] Coal Production and Sales - The company produced 137.57 million tons of self-produced commercial coal, an increase of 3.35 million tons or 2.5% year-on-year[6] - The sales volume of self-produced commercial coal reached 137.63 million tons, up 3.72 million tons or 2.8% year-on-year[6] - The coal production reached a historical high of 137.57 million tons, despite a drop in average selling price leading to a revenue loss of 5.554 billion yuan[16] - The self-produced coal sales volume increased by 372 million tons to 13,763 million tons, while the average selling price decreased by CNY 40 per ton[28] - Total coal sales volume for 2024 was 28,483 million tons, remaining stable year-on-year, with self-produced coal sales increasing by 372 million tons, or 2.8%[76] Cost Management - The unit sales cost of self-produced commercial coal decreased by RMB 9 per ton, increasing profits by RMB 1.2 billion[7] - The unit sales cost of self-produced coal decreased by 8.99 yuan per ton to 344.84 yuan per ton, while the coal business achieved a gross profit of 30.942 billion yuan[16] - The sales cost increased by 0.1% to CNY 1,514.77 billion, with the coal business sales cost rising by 1.1% to CNY 1,297.70 billion[24] - The unit sales cost of self-produced coal decreased by CNY 8.99 per ton, a decline of 2.5%, resulting in a total unit sales cost of CNY 344.84 per ton for the year ending December 31, 2024[33] Financial Services - The company’s financial business achieved a net profit exceeding RMB 1 billion for the first time, with total assets surpassing RMB 100 billion for two consecutive years[7] - The financial services segment reported a pre-tax profit of 1.396 billion yuan, maintaining growth despite a general decline in market interest rates[16] - The financial services segment reported a revenue increase of 2.3% to CNY 20.05 billion[23] Shareholder Returns - The company implemented a total dividend of RMB 10.3 billion for the year 2023 and the mid-year dividend for 2024, enhancing shareholder returns[5] - The group reported a profit attributable to shareholders of CNY 18,155,988,000 for the year ending December 31, 2024, with a proposed cash dividend distribution of CNY 3,418,258,200, equating to CNY 0.258 per share[180] - The company plans to distribute at least 20% of the distributable profit attributable to shareholders in cash dividends, contingent on profitability and retained earnings being positive[178] Innovation and Technology - The company received 47 industry advancement awards and was granted 276 patents in 2024, reflecting its commitment to innovation and technology[9] - The company has established a comprehensive R&D system with significant enhancements in technological capabilities, including 18 high-tech enterprises and 47 industry and provincial-level science and technology progress awards[135][138] - The company launched the world's first 200-ton pure electric mining dump truck and the first 8MW ultra-long-distance intelligent scraper conveyor equipment[137] Environmental and Safety Initiatives - The company is committed to advancing green and low-carbon development, participating in carbon peak and carbon neutrality actions[109] - The company is focusing on green development in the coal chemical sector, enhancing pollution control capabilities and achieving compliance with environmental standards[111] - The company conducted regular ecological and environmental risk assessments, focusing on wastewater, waste gas, and solid waste management[151] Corporate Governance - The company plans to strengthen investor communication and improve corporate governance to maintain a positive image in the capital market[12][15] - The company has established a performance incentive structure that includes deferred performance bonuses and tenure incentives[154] - The company emphasizes compliance and risk management, with board members experienced in legal and regulatory affairs[161] Employee Management - The total number of employees in the group is 46,452, with male employees accounting for 84.54% (39,272) and female employees 15.46% (7,180)[167] - The group conducted training for approximately 89,000 personnel throughout the year to enhance overall employee quality[173] - The company has implemented a salary strategy based on position value and aims to enhance efficiency and value creation[172] Capital Expenditure and Investments - The total capital expenditure plan for 2024 is 16.009 billion yuan, with an actual completion of 15.294 billion yuan, achieving 95.53% of the annual plan[118] - The total capital expenditure plan for 2025 is set at 21.678 billion yuan, an increase of 41.74% compared to 2024[126] - The company completed 283 million yuan in external equity investments in 2024, acquiring a 4.16% stake in Yihua Mining, raising its total ownership to 55.16%[125]

Investment Rating - The report assigns a "Buy" rating for key coal companies such as China Shenhua and China Coal Energy, indicating a positive outlook for their stock performance [9]. Core Viewpoints - The report emphasizes the strong support from state-owned enterprises for high-quality development of listed companies, highlighting the importance of maintaining stable profits and optimizing operational efficiency [3][6]. - It notes that despite cyclical fluctuations in coal prices, leading companies have managed to reduce costs and improve efficiency, resulting in performance declines that are significantly lower than the price drops [3]. - The report suggests that the current coal price is at a bottom range, with expectations of recovery driven by domestic policies aimed at stabilizing growth and boosting demand [5][10]. Summary by Sections Industry Overview - The coal mining sector is experiencing a significant adjustment, with major state-owned enterprises actively supporting their listed subsidiaries to enhance investor confidence and market stability [5][6]. - The report highlights the government's commitment to maintaining a stable economic environment, which is expected to benefit the coal sector [3]. Financial Performance - China Shenhua's coal production cost for 2024 is reported at 179 RMB/ton, remaining stable year-on-year, while China Coal Energy's cost is 282 RMB/ton, down 25 RMB/ton from the previous year [10]. - The report indicates that both companies are focusing on increasing shareholder returns through dividends and share buybacks, with China Shenhua planning a cash dividend of 2.26 RMB/share, representing a high payout ratio of 76.5% [10]. Investment Strategy - The report recommends several key stocks in the coal sector, including China Shenhua, China Coal Energy, and others, based on their strong financial performance and potential for future growth [9][10]. - It suggests that the coal sector is well-positioned to benefit from domestic policies aimed at stimulating investment and consumption, which could lead to improved demand for coal [5][10].

证券代码：601898 证券简称：中煤能源 公告编号：2025-010 中国中煤能源股份有限公司 关于控股股东首次增持公司股份暨 增持计划进展的公告 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： 一、 增持主体 （一）增持主体：中国中煤，为公司控股股东。 （二）本次增持计划公告前增持主体已持有股份的数量、占公司总股本的比 例：在本次增持计划公告前，中国中煤直接持有公司 7,611,207,908 股 A 股股份， 通过全资子公司中煤能源香港有限公司持有公司 132,351,000 股 H 股股份，合计 约占公司已发行总股本的 58.40%。 二、 增持计划的主要内容 基于对公司未来发展前景的信心和对资本市场长期投资价值的认可，为提振 投资者信心，支持公司持续、健康、稳定发展，维护资本市场和公司股价稳定， 中国中煤决定实施本次增持计划。本次增持计划的具体内容详见公司于 2025 年 4 月 8 日披露的《中国中煤能源股份有限公司关于控股股东增持公司股份计划的公 1 增持计划基本情况：中国中煤能源股份有限公司于 ...

关于控股股东增持公司股份计划的公告 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： 一、 增持主体 证券代码：601898 证券简称：中煤能源 公告编号：2025-009 中国中煤能源股份有限公司 （四）本次拟增持股份的价格：本次增持不设定价格区间，中国中煤将基于 对公司股票价值的合理判断，根据公司股票价格波动情况及资本市场整体趋势， 择机逐步实施。 （一）增持主体：中国中煤，为公司控股股东。 （二）增持主体已持有股份的数量、占公司总股本的比例：截至本公告披露 日，中国中煤直接持有公司 7,611,207,908 股 A 股股份，通过全资子公司中煤能 源香港有限公司持有公司 132,351,000 股 H 股股份，合计约占公司已发行总股本 的 58.40%。 （三）增持主体在本次公告前十二个月内未披露增持计划。 二、 本次增持计划的主要内容 （一）本次拟增持股份的目的：基于对公司价值的认可和对未来持续稳定发 展的信心，为提升投资者信心，支持公司持续、健康、稳定发展，维护资本市场 和公司股价稳定，中国中煤拟实施本 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [10] Core Viewpoints - The coal price has experienced unexpected declines in the first quarter, leading to a year-on-year profit drop for most companies. However, companies with a higher proportion of long-term contracts, benefiting from improved calorific value and increased electricity generation, such as Xinji Energy, are expected to perform relatively well [2][7] - Despite the seasonal decline in coal demand post-heating season and high port inventories, the report suggests that the negative factors affecting coal stocks may gradually diminish, recommending a proactive approach towards the coal sector [6][24] Summary by Sections Price Trends - As of March 28, 2025, the average price of Qinhuangdao port Q5500 thermal coal was 722 CNY/ton, a year-on-year decrease of 19.9% and a quarter-on-quarter decrease of 12.2%. The long-term contract price remained more stable at 690 CNY/ton, down 2.6% year-on-year and 1.1% quarter-on-quarter [7][14] - The average price of Shanxi main coking coal at Jing Tang port was 1443 CNY/ton, reflecting a significant year-on-year decline of 40.2% and a quarter-on-quarter decline of 15.4% [15] Production and Sales - In the first two months of 2025, the average monthly coal production in China was 38 million tons, a year-on-year increase of 4%. However, production decreased by 10% compared to the previous quarter [7][17] - Major coal companies like China Shenhua and Shaanxi Coal & Energy reported varied production changes, with Shenhua's production down 2.6% year-on-year and Shaanxi's up 9.4% [17] Profitability Forecast - The report anticipates that key coal companies will see an average profit decline of 7% to 17% year-on-year in Q1 2025, while a quarter-on-quarter increase of 3% to 16% is expected [7][8] - Xinji Energy is highlighted as a company likely to maintain stable performance due to its long-term contracts and operational efficiencies [2][8] Investment Recommendations - The report suggests a marginal allocation strategy focusing on high-quality leaders with stable profits, such as China Shenhua and Shaanxi Coal, as well as growth-oriented companies like Electric Power Investment and Xinji Energy [8]

Investment Rating - The report maintains an "Outperform" rating for the coal industry [1] Core Viewpoints - The coal industry is expected to see a recovery in demand, with prices anticipated to rebound due to macroeconomic improvements and policy support [4][7] - The report highlights the resilience of the coal sector amidst price fluctuations and emphasizes the potential for profit recovery in the coal-coke-steel supply chain [4][7] Summary by Sections 1. Industry Data Tracking - **Price Analysis**: As of March 21, 2025, the Qinhuangdao Q5500 thermal coal price is 671 CNY/ton, down 10 CNY/ton (-1.47%) from the previous week, while the main coking coal price at Jingtang Port remains stable at 1380 CNY/ton [4][13] - **Supply and Demand**: The report notes a slight decrease in overall supply due to some coal mines halting production, while downstream demand is expected to increase as construction activities resume [4][36] - **Inventory Analysis**: The total inventory at major ports shows a mixed trend, with southern ports decreasing by 1.04% and northern ports increasing by 0.77% [4][43] 2. Market Performance - The coal sector has outperformed the broader market, with a decline of only 0.86% compared to a 1.60% drop in the Shanghai Composite Index [4][57] 3. Recent Events - **Company Announcements**: China Shenhua reported a revenue of 338.375 billion CNY for 2024, a decrease of 1.4% year-on-year, while China Coal Energy reported a revenue of 189.399 billion CNY, down 1.9% year-on-year [4][62][63] - **Policy Developments**: The report mentions the government's initiatives to support the coal industry, including a focus on traditional industry upgrades and demand expansion [4][7]

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公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 中國中煤能源股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：01898） 截至2024年12月31日止年度業績公告 財務摘要： 中國中煤能源股份有限公司董事會欣然宣佈本集團根據國際財務報告準則編製的 本集團截至2024年12月31日止年度的經審核年度業績如下： 1 • 2024年本集團的收入為人民幣1,893.99億元，較2023年減少人民幣35.70億 元（即-1.9%）。 • 2024年本公司股東應佔利潤為人民幣181.56億元，較2023年減少人民幣 20.28億元（即-10.0%）。 • 2024年本公司每股基本盈利為人民幣1.37元，較2023年減少人民幣0.15元。 • 2024年息稅折舊攤銷前盈利為人民幣405.85億元，較2023年減少人民幣 41.69億元（即-9.3%）。 • 董事會建議按照每股人民幣0.258元（含稅）派發2024年年度末期股息，此項 建議尚待 ...

中国中煤能源股份有限公司 内部控制审计报告 2024 年度 安永华明（2025）专字第70073531_A01号 中国中煤能源股份有限公司 中国中煤能源股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了中国中煤能源股份有限公司（以下简称"贵公司"）2024年12月31日的财务报告 内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是贵公司董事会 的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于情况 的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低，根据内 部控制审计结果推到未来内部控制的有效性具有一定风险。 内部控制审计报告 2 A member firm of Ernst & Young Global Limit ...

中国中煤能源股份有限公司 第五届董事会独立非执行董事专门会议 2025 年第一次会议审核意见 独立非执行董事签字: 景奉儒 詹艳景 黄江天 根据《上市公司独立董事管理办法》《上海证券交易所股票 上市规则》《上海证券交易所上市公司自律监管指引第 1 号—— 规范运作》《上海证券交易所上市公司自律监管指引第 5 号—— 交易与关联交易》以及《公司章程》等有关规定，我们作为中国 中煤能源股份有限公司的独立非执行董事，于 2025 年 3 月 21 日 召开了第五届董事会独立非执行董事专门会议 2025 年第一次会 议，审阅了会计师事务所出具的《关于中国中煤能源股份有限公 司涉及财务公司关联交易的存贷款等金融业务的专项说明》。经 审核，全体独立非执行董事一致同意《关于中国中煤能源股份有 限公司涉及财务公司关联交易的存贷款等金融业务的专项说明》， 并发表审核意见如下： 中煤财务有限责任公司 2024 年度进行的关联交易系基于公 司正常经营活动所需，遵循了公平、公正、自愿、诚信的原则， 交易定价公允、合理，不存在影响公司资金独立性、安全性的情 形，不存在被关联方占用的风险，不存在损害公司及其股东特别 是中小股东利益的情形 ...

环境、社会及管治报告 1 目录 Contents | 关于本报告 | 04 | | 01 | | 02 | | 03 | | --- | --- | --- | --- | --- | --- | --- | --- | | 董事会 ESG 声明 | 05 | | | | | | | | 董事长致辞 | 06 | 共生 | | 共享 | | 共建 | | | 走进中煤能源 | 08 | | | | | | | | 公司概况 | 08 | 致力绿色转型 | | 勇担社会责任 | | 筑就基业长青 | | | 企业文化 | 09 | | | | | | | | 组织架构 | 10 | | | | | | | | 社会认可 | 12 | 应对气候变化 | 24 | 筑牢安全屏障 | 42 | 坚持创新驱动 | 62 | | ESG 管治 | 14 | 环境合规管理 | 30 | 夯实产品责任 | 46 | 提升治理效能 | 67 | | | | 推进治污减排 | 31 | 保障能源供应 | 48 | 恪守商业道德 | 71 | | 重要性议题分析 | 14 | 节约能源资源 | 34 | 关爱员工成长 | 50 | ...