Investment Rating - The investment rating for the coal mining sector 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 stocks [11][12] - The coal price has stabilized and is expected to continue its upward trend due to safety inspections in production areas, ongoing inventory depletion at ports, and the initiation of peak season demand [11][12] - The valuation of the coal sector remains low, and the continuous improvement in fundamentals and price expectations has not yet been fully reflected, highlighting the sector's investment value [11][12] Summary by Sections Coal Price Trends - As of June 28, the market price for Qinhuangdao port thermal coal (Q5500) is 614 CNY/ton, up 4 CNY/ton week-on-week [11][29] - The international thermal coal offshore price for Newcastle NEWC5500 is 65.3 USD/ton, down 1.3 USD/ton week-on-week [11][29] - The price for coking coal at Jing Tang port remains stable at 1250 CNY/ton [11][31] Supply and Demand Analysis - The capacity utilization rate for sample thermal coal mines is 92.9%, down 1.6 percentage points week-on-week, while the coking coal mine utilization rate is 82.48%, down 2.0 percentage points [11][48] - Daily coal consumption in inland provinces has increased by 14.5 thousand tons/day (+4.13%), while consumption in coastal provinces has decreased by 1.6 thousand tons/day (-0.84%) [11][49] Investment Recommendations - The report suggests focusing on stable and high-performing companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, as well as those with significant upside potential like Yanzhou Coal Mining and China Power Investment [12][13] - The coal sector is characterized by high performance, high cash flow, and high dividend yields, making it an attractive investment opportunity [12][13]

Meeting Overview - The H-share class shareholders' meeting of China Coal Energy Company Limited was held on June 27, 2025, in Beijing [1][2] - The total number of shares held by A-share shareholders is 7,645,970,840, while H-share shareholders hold 2,328,986,214 shares, representing 75.2335% of the total shares [1] Voting Results - The voting results showed that A-share shareholders voted 99.9871% in favor, with only 0.0127% against and 0.0002% abstaining [1] - H-share shareholders voted 97.3134% in favor, with 2.6707% against and 0.0159% abstaining [1] - The total voting results for ordinary shares indicated 99.3628% in favor, 0.6333% against, and 0.0039% abstaining [1] Attendance and Compliance - The meeting was attended by 12 A-share shareholders, representing 57.6677% of the total shares, while H-share shareholders represented 17.5658% [2] - The meeting was convened in accordance with the Company Law and the Articles of Association, with the chairman Wang Shudong presiding [2] Agenda and Resolutions - The agenda included non-cumulative voting proposals, all of which were passed [3][5] - Specific proposals included the mid-term dividend plan for 2025 and the appointment of the accounting firm for the 2025 mid-term financial report [5][6] Legal Compliance - The procedures for convening and conducting the shareholders' meetings were confirmed to comply with legal regulations and the company's Articles of Association, ensuring the validity of the voting results [6]

中国中煤能源股份有限公司 章程 （2025 年修订） 目 录 第一章 总 则 第一条 为维护中国中煤能源股份有限公司（以下简称公 司）、股东、职工和债权人的合法权益，规范公司的组织和行 为，根据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）、《上市 公司章程指引（2025 年修订）》和其他有关规定，制定本章 程。 第二条 公司系依照《公司法》《证券法》和中国其他有 关法律、行政法规成立的股份有限公司。 公司经国务院国有资产监督管理委员会国资改革〔2006〕 理局注册登记，取得营业执照，统一社会信用代码为： 公司的发起人为：中国中煤能源集团有限公司 第三条 公司于 2006 年 11 月 7 日经中国证券监督管理委 员会（以下简称中国证监会）核准，首次公开发行境外上市外 资股（H 股）3,733,330,000 股并在香港联合交易所有限公司（以 下简称香港联交所）上市；公司于 2008 年 1 月 19 日经中国证 监会核准，首次向社会公众发行人民币普通股 1,525,333,400 股，于 2008 年 2 月 1 日在上海证券交易所上市。 第四条 公司中文注 ...

中国中煤能源股份有限公司 章程 （2025 年修订） | | | | | | 第一章 总 则 第一条 为维护中国中煤能源股份有限公司（以下简称公 司）、股东、职工和债权人的合法权益，规范公司的组织和行 为，根据《中华人民共和国公司法》（以下简称《公司法》）、 《中华人民共和国证券法》（以下简称《证券法》）、《上市 公司章程指引（2025 年修订）》和其他有关规定，制定本章 程。 第二条 公司系依照《公司法》《证券法》和中国其他有 关法律、行政法规成立的股份有限公司。 公司经国务院国有资产监督管理委员会国资改革〔2006〕 1048 号文批准，以独家发起方式设立；在北京市市场监督管 理局注册登记，取得营业执照，统一社会信用代码为： 91110000710934289T。 公司的发起人为：中国中煤能源集团有限公司 第三条 公司于 2006 年 11 月 7 日经中国证券监督管理委 员会（以下简称中国证监会）核准，首次公开发行境外上市外 资股（H 股）3,733,330,000 股并在香港联合交易所有限公司（以 下简称香港联交所）上市；公司于 2008 年 1 月 19 日经中国证 监会核准，首次向社会公众发行人民 ...

证券代码：601898 证券简称：中煤能源 公告编号：2025-021 中国中煤能源股份有限公司 2024年度股东周年大会及 2025 年第一次 A 股和 H 股类别股东会决议公告 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： 一、 会议召开和出席情况 中国中煤能源股份有限公司 2024 年度股东周年大会（简称"股东周年大会"）、 2025 年第一次 A 股类别股东会（简称"A 股类别股东会"）及 2025 年第一次 H 股类别股东会（简称"H 股类别股东会"）以现场投票与网络投票相结合方式召 开，公司 A 股股东通过中国证券登记结算有限责任公司的网络投票系统进行网 络投票，出席会议的股东和股东代理人具体情况如下： 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。 本次会议是否有否决议案：无 (一) 股东大会召开的时间：2025 年 6 月 27 日 (二) 股东大会召开的地点：北京市朝阳区黄寺大街 1 号中煤大厦 (三) ...

北京市嘉源律师事务所 关于中国中煤能源股份有限公司 2024 年度股东周年大会、2025年第一次 A 股类别 股东会及 2025 年第一次 H 股类别股东会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 师事务所 A YUAN LAW OFFICES 北京 BEIJING ·上海 SHANGHAI ·深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:中国中煤能源股份有限公司 北京市嘉源律师事务所 关于中国中煤能源股份有限公司 2024 年度股东周年大会、2025年第一次 A 股类别股东会 及 2025 年第一次 H 股类别股东会的 法律意见书 嘉源(2025)-04-478 北京市嘉源律师事务所(以下简称"本所")接受中国中煤能源股份有限公 司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公 司法》")《上市公司股东会规则》(以下简称"《股东会规则》")等现行有 效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及《中 国中煤能源股份有限公司章程》(以下简称"《公司章程》")的有关规 ...

Group 1 - The coal sector in the Hong Kong stock market is experiencing a continuous decline, with China Shenhua (01088.HK) dropping over 4% [1] - Other companies in the sector, such as China Coal Energy (01898.HK) and Yanzhou Coal Mining (01171.HK), are also seeing declines [1]

Summary of China Coal Energy Conference Call Company Overview - **Company**: China Coal Energy - **Date**: June 24, 2025 Key Points Industry Insights - **Demand Surge**: The demand for thermal coal has increased significantly, with daily consumption reaching approximately 5.5 million tons, a rise of about 15% compared to early June and late May, but still below the peak levels expected in August and September [2][3][6] - **Supply Constraints**: Safety inspections and environmental supervision in major production areas have led to a decrease in capacity utilization, supporting coal prices [2][3][6] - **Import Reduction**: Continuous reduction in imported coal and its declining cost-effectiveness have provided further support to domestic coal prices [2][3][6] - **Price Forecast**: Thermal coal prices are expected to rebound from the current 610 RMB/ton to around 650 RMB/ton in Q3, with extreme weather or reduced water levels potentially driving prices even higher [2][3][6] Company Strengths - **Long-term Asset Advantage**: China Coal Energy has a recoverable coal reserve of 13.8 billion tons with a recoverable lifespan of 81 years, surpassing competitors [2][5][8] - **Production Capacity**: The company has a production capacity close to 200 million tons, with 170 million tons under its control, indicating significant internal growth potential [2][5][8] - **Chemical Business Growth**: The company is enhancing profitability through its De Mei Chemical project, which is expected to generate approximately 20 billion RMB in revenue by 2024, with a gross margin of 15% [4][11] Financial Performance - **Dividend Potential**: Currently, the dividend payout ratio is around 30%-40%, with potential for increase as debt levels decrease and cash flow improves [4][12][13] - **Debt Levels**: The current interest-bearing debt ratio is approximately 17.9%, with expectations to reduce to around 10% in three years, which could enhance dividend capacity [13][15] Market Environment - **External Market Conditions**: The decline in 10-year treasury yields from 1.7%-1.8% to about 1.6% indicates an asset shortage, making the coal sector attractive for investment [7] - **Valuation Metrics**: The price-to-book (PB) ratio for the coal sector has fallen to the lower quartile of the past two years, with public fund holdings below 0.5%, suggesting low market congestion [7] Growth Prospects - **Future Projects**: Upcoming projects, including the Wei Zigou and Li Mi mines expected to commence production in 2026, will provide ongoing growth momentum [5][8] - **Cost Control**: The company has managed to keep its coal production costs at approximately 203 RMB/ton, lower than some competitors, indicating effective cost management [9][10] Investment Rationale - **Stable Earnings**: High long-term contract ratios (over 75%) contribute to stable earnings, with a strong performance even under fluctuating coal prices [10][14] - **Attractive Valuation**: With a current PE ratio of about 9.5, the company presents a compelling investment opportunity, especially if dividend payouts increase [15][16] Conclusion - **Overall Outlook**: China Coal Energy is positioned well within the coal industry, with strong fundamentals, growth potential, and an attractive valuation, making it a recommended investment target [5][14][15]

Market Overview - The Hong Kong stock market jumped 1.26% amid international capital reacting to U.S. President Trump's management of expectations regarding potential military action against Iran [1] - Trump's decision to delay military action against Iran for two weeks aligns with Israel's urgency to target Iranian nuclear facilities, particularly the Fordow nuclear site [1] Geopolitical Risks - Iran's missile attacks have decreased in intensity, averaging 20-30 high-intensity missiles daily, but threats to Israeli targets in Europe have emerged [2] - The Iraqi Shiite militia "Hezbollah" has threatened to block the Strait of Hormuz if the U.S. intervenes in the Israel-Iran conflict, leading to a decline in shipping traffic through the strait [2] Financial Developments - The People's Bank of China and the Hong Kong Monetary Authority launched a cross-border payment system, enhancing efficiency and reducing costs for cross-border remittances [3] - Major Chinese banks involved in the cross-border payment system saw stock increases of around 2% [3] - Insurance stocks also surged, with companies like China Life and New China Life rising over 4% due to stable investment returns [3] Industry Innovations - China's domestic EUV lithography machine has achieved a significant milestone with a production yield exceeding 70%, marking a critical point in the development of high-end chip manufacturing [6] - This advancement indicates a potential shift in the global semiconductor landscape, reducing reliance on foreign technology [6] Company-Specific Insights - China Coal Energy reported a decline in revenue and profit due to falling coal prices, with average prices for various coal types down significantly compared to the previous year [7] - The company is implementing cost-reduction measures and has seen its major shareholder increase their stake, reflecting confidence in the company's future [8]

Group 1 - China Coal Energy Co., Ltd. was established in 2006 and is primarily engaged in coal mining and washing, with a registered capital of 1,325,866.34 million RMB [1] - The stock of China Coal Energy closed down 2.09% on June 19, 2023, reflecting a year-to-date return of -0.77%, ranking 2140 out of 3428 in its category [1][2] - Huatai-PineBridge Fund's Huatai-PineBridge CSI 300 ETF is among the top ten shareholders of China Coal Energy and has reduced its holdings in the first quarter of this year [1] Group 2 - The fund manager of Huatai-PineBridge CSI 300 ETF is Liu Jun, who has extensive experience in fund management since joining Huatai-PineBridge in 2004 [4][5] - Liu Jun has managed various funds, including the Huatai-PineBridge CSI 300 ETF since May 2012, and has a cumulative tenure of over 16 years [5] - Huatai-PineBridge Fund Management Co., Ltd. was established in November 2004, with its major shareholders being PineBridge Investment LLC and Huatai Securities Co., Ltd. [5]