本公告全文已于本公告日刊登于上海证券交易所网站、香港联合交易所有限 公司网站、本公司网站、中国证券报、上海证券报、证券时报和证券日报。 一、 董事会会议召开情况 中国中煤能源股份有限公司第五届董事会 2025 年第一次会议通知于 2025 年 3 月 7 日以书面方式送达，会议于 2025 年 3 月 21 日以现场表决方式召开。会议 应到董事 7 名，实际出席董事 4 名，执行董事廖华军、非执行董事徐倩、独立非 执行董事詹艳景分别委托董事长王树东、执行董事赵荣哲、独立非执行董事景奉 儒代为出席并行使表决权，公司监事、高级管理人员等有关人员列席了会议，公 司董事长王树东为本次会议主持人。本次会议的召开程序及出席董事人数符合 《中华人民共和国公司法》等法律、法规和《公司章程》的规定。 证券代码：601898 证券简称：中煤能源 公告编号：2025-006 中国中煤能源股份有限公司 第五届董事会 2025 年第一次会议决议公告 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： 二、 董事会会议审议情况 经与会董事一致 ...

Dividends and Shareholder Returns - The company distributed a mid-term dividend of CNY 2,936,337,600 and a special return dividend of CNY 1,500,000,000 for 2024[6]. - The board proposed a cash dividend of CNY 3,418,258,200, which is CNY 0.258 per share (including tax), based on a total issued share capital of 13,258,663,400 shares[6]. - The company aims to enhance its investment value and share development results with investors[6]. - The company implemented a total dividend of CNY 10.3 billion for 2023 and 2024, enhancing shareholder returns[35]. - The company plans to implement a mid-term cash dividend scheme in 2024, distributing no less than 30% of the net profit attributable to shareholders in the first half of 2024[181]. - The board of directors approved a dividend payout of 2.5 billion CNY, reflecting a commitment to returning value to shareholders[200]. Financial Performance - The company's net profit attributable to shareholders for 2024 is CNY 18,155,988,000, with a proposed distribution of 35% of this profit[6]. - The company's operating revenue for 2024 was CNY 189,398,754, a decrease of 1.9% compared to CNY 192,968,833 in 2023[24]. - The net profit attributable to shareholders for 2024 was CNY 19,322,936, down 1.1% from CNY 19,534,049 in 2023[24]. - The total profit for 2024 was 31.580 billion RMB, a decline of 1.469 billion RMB or 4.4% year-on-year[72]. - The company's cash flow from operating activities was 34.140 billion RMB, a decrease of 8.825 billion RMB or 20.5% compared to 2023[72]. - The company's total operating revenue for the year was 189.40 billion RMB, a decrease of 1.9% compared to the previous year[105]. - The company's net profit for 2024 was 24.954 billion RMB, down 0.795 billion RMB or 3.1% from the previous year[72]. - The company's research and development expenses decreased by 1.15 billion RMB or 12.6%, totaling 0.801 billion RMB in 2024[72]. Risks and Challenges - The company faces risks related to macroeconomic fluctuations, product price volatility, safety production, environmental protection, project investment, and rising costs[10]. - The company acknowledges the risks posed by macroeconomic fluctuations and plans to strengthen management and reform efforts to mitigate these risks[155]. - The company anticipates significant price volatility in the coal market due to increased production capacity, imports, and changes in consumption structure[156]. - The company will continue to improve its safety management system to mitigate risks associated with coal mining and chemical production[158]. Operational Efficiency and Production - The company's self-produced coal output reached 137.57 million tons, an increase of 3.35 million tons or 2.5% year-on-year, while self-produced coal sales rose to 137.63 million tons, up 3.72 million tons or 2.8% year-on-year[36]. - The company reduced the unit sales cost of self-produced coal by CNY 25 per ton, resulting in an additional profit of CNY 3.5 billion[37]. - The company achieved a record coal production of 137.57 million tons in 2024, an increase of 2.5% from 2023's 134.22 million tons[49]. - The company's coal production efficiency remained industry-leading at 34.6 tons per worker in 2024[49]. - The company aims to enhance production efficiency and reduce costs through the adoption of new technologies and optimization of work layouts[161]. Market Expansion and Strategic Initiatives - The company plans to continue expanding its market presence and invest in new technologies to enhance operational efficiency[34]. - The company is actively expanding its international market presence, particularly in the "Belt and Road" initiative, with new international orders increasing year-on-year[61]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[200]. - The company plans to enhance its core competitiveness by integrating coal, electricity, and coal chemical industries with renewable energy[68]. Governance and Compliance - The company confirmed no non-operating fund occupation by controlling shareholders or related parties[8]. - There are no violations of decision-making procedures for providing guarantees to external parties[9]. - The company aims to improve its governance and information disclosure quality, enhancing investor communication and maintaining a positive image in the capital market[41]. - The company has implemented measures to ensure compliance with laws and regulations, maintaining a transparent governance structure[179]. Research and Development - The company has 2,213 R&D personnel, accounting for 5% of the total workforce, with a focus on enhancing technological innovation capabilities[110]. - The company reported a significant increase in capital investment in coal chemical projects, with an 88.63% rise compared to the previous year[162]. - The company has allocated 1 billion CNY for research and development in the upcoming year to drive innovation and improve operational efficiency[197]. - The company established a national key research and development program focusing on disruptive technology innovation in the energy and "dual carbon" fields[114]. Environmental and Safety Initiatives - The company is committed to achieving a "zero death" safety goal and will strengthen risk management and safety culture to support high-quality development[153]. - The company is committed to enhancing its environmental protection efforts in response to increasing regulatory scrutiny and aims to achieve carbon neutrality goals[159]. - The management emphasized the importance of sustainability, aiming to reduce carbon emissions by 20% over the next five years through new technologies[198].

（一）利润分配方案的具体内容 证券代码：601898 证券简称：中煤能源 公告编号：2025-008 中国中煤能源股份有限公司 2024 年年度利润分配方案公告 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、 利润分配方案内容 本公司按照中国企业会计准则和国际财务报告准则编制的 2024 年度合并财 务报表分别经安永华明会计师事务所（特殊普通合伙）、安永会计师事务所审计。 2024 年度，中国企业会计准则下归属于本公司股东的净利润为人民币 193.23 亿 元，基本每股收益为人民币 1.46 元/股；国际财务报告准则下本公司股东应占利 润为人民币 181.56 亿元，基本每股盈利为人民币 1.37 元/股。截至报告期末，中 国企业会计准则下本公司可供股东分配利润为人民币 350.07 亿元（母公司报表）。 经公司第五届董事会 2025 年第一次会议决议，公司 2024 年度拟以实施权益 分派股权登记日登记的总股本为基数，向全体股东每股派发现金红利人民币 1 本公告全文已于本公告日刊登于上海证券交易所网站、 ...

Financial Performance - The revenue for the year ended December 31, 2024, was RMB 189.40 billion, a decrease of RMB 3.57 billion (-1.9%) compared to 2023[4]. - The profit attributable to shareholders for 2024 was RMB 18.16 billion, down RMB 2.03 billion (-10.0%) from 2023[4]. - The basic earnings per share for 2024 were RMB 1.37, a decrease of RMB 0.15 from 2023[8]. - The EBITDA for 2024 was RMB 40.59 billion, a decrease of RMB 4.17 billion (-9.3%) compared to 2023[4]. - The company reported a total comprehensive income of RMB 23.36 billion for 2024, down from RMB 25.95 billion in 2023[8]. - The company’s operating profit for 2024 was RMB 30.15 billion, a decrease of RMB 3.36 billion (-10.0%) from 2023[6]. - The company reported a pre-tax profit of RMB 31,733,631 thousand for the year ended December 31, 2024, compared to RMB 35,222,872 thousand in 2023, indicating a decline of approximately 10.5%[24]. - The total profit for the year amounted to RMB 18,155,988,000[65]. - The company's gross profit fell by 3.661 billion CNY to 37.922 billion CNY, representing a decrease of 8.8% year-over-year[106]. - The operating profit decreased by 3.361 billion CNY to 30.153 billion CNY, a decline of 10.0% compared to the previous year[98]. Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 357.79 billion, an increase from RMB 349.16 billion in 2023[9]. - Total liabilities decreased slightly to RMB 165,765,797 thousand in 2024 from RMB 166,631,766 thousand in 2023, representing a decrease of approximately 0.52%[10]. - Current liabilities increased to RMB 102,175,945 thousand in 2024, up from RMB 98,157,965 thousand in 2023, marking an increase of about 3.06%[10]. - Non-current liabilities decreased to RMB 63,589,852 thousand in 2024 from RMB 68,473,801 thousand in 2023, a decrease of approximately 7.06%[10]. - Total equity increased to RMB 192,028,699 thousand in 2024 from RMB 182,523,561 thousand in 2023, an increase of approximately 5.51%[10]. - The company’s long-term borrowings decreased to RMB 40,345,761 thousand in 2024 from RMB 42,774,978 thousand in 2023, a decrease of approximately 5.68%[10]. - The company’s short-term borrowings increased significantly to RMB 1,115,460 thousand in 2024 from RMB 122,600 thousand in 2023, reflecting an increase of approximately 810.36%[10]. - The company’s total liabilities, including accounts payable and notes payable, are approximately RMB 27,040,702,000, closely approximating their fair value[61]. Revenue Breakdown - The domestic market revenue for 2024 was RMB 188,526,439 thousand, a slight decrease from RMB 190,834,157 thousand in 2023, representing a decline of approximately 1.2%[28]. - The coal segment's total revenue was RMB 160,711,645 thousand for the year ended December 31, 2024, compared to RMB 162,680,722 thousand in 2023, reflecting a decrease of about 1%[24]. - Revenue from coal chemical products sales was RMB 19,322,481 thousand in 2024, down from RMB 20,296,573 thousand in 2023, reflecting a decrease of about 4.8%[33][34]. - The revenue from coal mining equipment sales was RMB 8,882,460 thousand in 2024, compared to RMB 9,942,943 thousand in 2023, indicating a decline of approximately 10.7%[33][34]. - The coal business revenue was 160.712 billion CNY, down 1.2% from 162.681 billion CNY in the previous year[99]. Dividends and Earnings - The board proposed a final dividend of RMB 0.258 per share for the year 2024, subject to approval at the annual general meeting[4]. - The company declared a total cash dividend of RMB 10,288,723,000 for the year, compared to RMB 5,860,215,000 in 2023, marking an increase of approximately 75.0%[47]. - Basic earnings per share for 2024 were RMB 1.37, down from RMB 1.52 in 2023, indicating a decrease of approximately 9.9%[51]. Operational Highlights - 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[84]. - The sales volume of self-produced commercial coal reached 137.63 million tons, up 3.72 million tons or 2.8% year-on-year[84]. - The company achieved a net cash inflow from operating activities of RMB 34.1 billion[83]. - The company achieved a record coal production of 137.57 million tons, an increase of 2.5% from 2023's 134.22 million tons[168]. - The company maintained a leading coal mining efficiency of 34.6 tons per worker in 2024[168]. Strategic Initiatives - The company plans to enhance core competitiveness and focus on high-quality development, aiming to complete annual operational performance targets[91]. - The company is committed to advancing carbon reduction, pollution control, and green growth actions to improve industrial transformation capabilities[91]. - The company aims to deepen regional and professional reforms, enhancing internal motivation and management efficiency[91]. - The company is committed to innovation, increasing R&D investment, and enhancing digital management systems to support intelligent coal mine construction[192]. - The company is actively participating in international market competition, accelerating its globalization efforts through mergers and acquisitions[196].

Core Viewpoints - The coal sector has experienced a high-level retreat in the first two months of 2025, underperforming the market by 11.8 percentage points, ranking last among all industry indices [4][14]. - The coal price is expected to stabilize and gradually recover due to improved industrial demand, slowing production growth, and reduced import expectations [4][29]. Group 1: Coal Sector Review - In the first two months of 2025, the coal sector has declined by 10.0%, ranking 30th out of 30 in the industry indices [4][14]. - The sub-sectors of thermal coal, coking coal, and coke have seen respective declines of 15.5%, 11.4%, and 7.4% in the first two months [14]. - As of March 18, 2025, the coal sector's price-to-earnings (PE) ratio is at 10.4 times, which is at a historical average level, while the price-to-book (PB) ratio is at 1.33 times, also at a historical average [19][23]. Group 2: Coal Market Review - The growth rate of electricity consumption has dropped to 1.3% in the first two months, while non-electric demand has shown overall improvement [4][29]. - Domestic coal prices have been weak since the beginning of the year, with thermal coal prices stabilizing in March [29]. - The import growth rate of coal has decreased to 1.8% in the first two months of 2025 [4][29]. Group 3: Recent Market Dynamics - Port thermal coal prices have slightly declined, while prices in production areas have generally rebounded [4][29]. - The price of thermal coal is expected to stabilize in the short term due to inventory reductions at southern ports and coastal power plants [4][29]. - Coking coal prices have continued to decline, but demand is expected to improve as the spring construction season approaches [4][29]. Group 4: Industry Outlook - The coal price is expected to find support at the bottom, with the sector's valuation and dividend advantages becoming more pronounced [4][29]. - The anticipated average coal price for 2025 may decline, but leading companies are expected to maintain stable profitability due to effective cost control [4][29]. - Key companies with robust dividends include Shaanxi Coal and China Shenhua, while companies with lower valuations and long-term growth potential include Xinji Energy and Yanzhou Coal [4][29].

关于会计师事务所变更项目质量控制复核人的公告 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。 中国中煤能源股份有限公司于 2024 年 4 月 24 日、2024 年 6 月 28 日分别召 开第五届董事会 2024 年第二次会议、2023 年度股东周年大会，审议通过了《关 于聘任公司 2024 年中期财务报告审阅和年度财务报告审计会计师事务所的议案》， 同意聘任安永华明会计师事务所（特殊普通合伙）（简称"安永华明"）为公司 2024 年度中国企业会计准则的中期财务报告审阅、年度财务报告审计的审计师，具体 内容详见公司于 2024 年 4 月 24 日披露的《中国中煤能源股份有限公司关于续聘 会计师事务所的公告》（公告编号：2024-014）。 证券代码：601898 证券简称：中煤能源 公告编号：2025-004 2025 年 3 月 13 日，公司收到安永华明出具的《关于变更中国中煤能源股份 有限公司 2024 年度项目质量控制复核人的函》，具体情况如下： 中国中煤能源股份有限公司 1 管理机构的监督管理措施或证券交易所、 ...

证券代码：601898 证券简称：中煤能源 公告编号：2025-005 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）现场交流、视频直播、网络互动（中文） Webcast Link(English): https://s.comein.cn/z9k7ym6y 2024 年度集体业绩说明会的预告公告 上证路演中心（http://roadshow.sseinfo.com/） 中国中煤能源股份有限公司 （二）网络直播（中英文） 关于参加中国中煤能源集团有限公司控股上市公司 "进门财经"网址： https://s.comein.cn/zp4givg1 参会二维码： 1 本公告全文已于本公告日刊登于上海证券交易所网站、香港联合交易所有 限公司网站、本公司网站、中国证券报、上海证券报、证券时报和证券日 报。 会议召开时间：2025 年 3 月 24 日（星期一）15:30-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.ss ...

欢迎参加中美赌城经营情况的一个筹码会我们昨天也是发布了1月份的主要的产品的经营数据的公告我来简单回溯一下1月份的主要的市场经营情况和近期的这种一个分析1月总体来看我们的主要的产品产量还是完成了进度计划有些产品也是实现了稳中有增比如甲醇尿素产量同比增加较多 商务媒是这样完成了1148万吨同比持平销量是完成了2163万吨同比增加了1万吨聚锡钉产量是完成了13万吨同比增加0.2万吨销量10.7万吨同比减少1.8万吨尿布产量是完成了17.9万吨同比增加7.8万吨 销量20.5万吨同比增加5.6万吨甲醇产量17.8万吨同比增加6.3万吨销量18.2万吨同比增加7.1万吨硝胺产量4.3万吨同比减少1万吨硝胺的销量是4.1万吨同比减少1.1万吨完成装煤矿装备产值是8.3亿元同比减少1.1亿元 一些产量产值的同团体减少的一个主要原因也是受春节假期的影响整体的增产工作来讲这些工作还是比较正的一月份的交通和市场的一个情况的分析和展望一月份受假期供应减少部分中低卡煤种及资源结构性紧缺终端电厂日耗大幅下降港口市场交易疲软 部分贸易商积极出货等因素的综合影响整体的动力煤市场呈现载幅的一个波动截止1月末是5500大卡动力煤价格在762元 ...

Investment Rating - The report gives a "Recommended" rating for China Coal Energy (601898.SH) [1] Core Views - The company demonstrates resilience with stable prices and increasing volume, indicating potential for dividend growth [9] - The company has a high dividend payout ratio, with expectations for an increase in the overall cash dividend rate to approximately 45% for 2024 [22] - The company is positioned among the top tier in coal production, with a steady increase in production and sales [9][10] Company Overview - China Coal Energy is a state-owned enterprise controlled by the State-owned Assets Supervision and Administration Commission, with a significant market presence [9][16] - The company has maintained a cash dividend rate of around 30% for many years, with a recent introduction of interim dividends [22] - The company has reduced its interest-bearing debt by approximately 32.4 billion yuan over the past three years, improving its financial structure [27] Core Advantages - The company is among the leading coal producers in China, with a compound annual growth rate (CAGR) of 11.7% in self-produced coal output from 2018 to 2023 [9][10] - The company employs a long-term sales model, which helps stabilize coal prices against market fluctuations [10] - The integration of coal, chemical, and power sectors creates a profit loop, enhancing operational efficiency [10] Industry Outlook - The coal market is expected to remain stable, with supply pressures likely to keep coal prices from dropping significantly [10] - The chemical sector, particularly polyethylene, is anticipated to see demand growth as macroeconomic policies take effect [10] Earnings Forecast and Investment Suggestions - Revenue forecasts for 2024, 2025, and 2026 are 1799.7 billion yuan, 1831.9 billion yuan, and 1928.7 billion yuan respectively, with corresponding net profits of 178.8 billion yuan, 187.8 billion yuan, and 209.0 billion yuan [10] - The company's price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected at 8.5, 8.1, and 7.3, respectively, which are below the average of comparable companies [10]

Summary of Conference Call Records Company and Industry - The conference call primarily discusses **China Coal Energy Company** and the **coal industry** in general. Key Points and Arguments Coal Price Trends - Coal prices have shown a downward trend since late November, stabilizing and slightly increasing as of January. The long-term coal price remains unchanged at 6.96 [1] - The demand for coal is expected to decline post-Spring Festival, making significant price increases unlikely in the near future [2] Resource Availability and Mining Operations - Some mines are facing resource depletion, but the company is actively working on resource management and has made progress [3] - The company has a significant portion of its resources allocated for migration, which limits the impact of coal price fluctuations on its operations [1] Coal Chemical Industry - The coal chemical sector has become increasingly important for the company, providing a buffer against coal price volatility. The company has achieved good results in this area [4] - Ongoing projects in coal chemical production are expected to yield outputs by the end of 2026 [4] Long-term Contracts and Pricing - The company anticipates that long-term contracts for 2025 will not see significant changes compared to 2024, with a slight increase expected [5] - The policy allows for a 5% increase in spot market space for long-term contracts, which is viewed positively [5] Cost Management and Production Plans - The company is focused on maintaining production costs, which are influenced by rigid cost increases in raw materials and labor [13] - The production plan for 2025 is expected to maintain a level around 130 million tons [12] Market Sentiment and Future Outlook - Despite current market pessimism regarding coal prices, the company believes that the current price levels are still favorable compared to historical lows [14] - The company aims to create a closed-loop energy industry, integrating coal, electricity, and coal chemicals to retain more profits internally [15] Capital Expenditure Plans - The capital expenditure for the next three years is projected to be around 15 billion, focusing on coal production, coal chemicals, and renewable energy [10] Resource Acquisition Strategies - The company is considering three main strategies for resource acquisition: internal resource integration, market purchases, and potential state support for resource transfers [7] Safety and Regulatory Compliance - Increased safety standards in mining operations are causing delays in project timelines, but the company is committed to optimizing safety measures [9] Maintenance Costs - Maintenance costs are managed through a fund system, allowing for some flexibility in cost management [17] Other Important Information - The company is conducting ongoing research on market value management and plans to disclose findings in future reports [11] - The next monthly production financial briefing is scheduled for the following day, providing an opportunity for further updates [18]