证券代码：601898 证券简称：中煤能源 公告编号：2025-032 中国中煤能源股份有限公司 第五届董事会 2025 年第四次会议决议公告 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： 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。 公司董事会审计与风险管理委员会已发表了同意的审核意见。 （二）批准《关于平朔集团收购平朔发展公司持有山西中煤平朔新能源有限公司 30%股权的议案》 赞成票：4 票， 反对票：0 票， 弃权票：0 票。 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 年第四次会议通知于 2025 年 10 月 13 日以书面方式送达，会议于 2025 年 10 月 27 日以现场表决方式召开。会 议应到董事 7 名，实际出席董事 6 名，公司执行董事廖华军委托董事长王树东代 为出席并行使表决权，独立非执行董事黄江天以视频方式参加会议，公司高级管 理人员等有关人员列席了会议，公司董事 ...

Financial Performance - The company's operating revenue for Q3 2025 was CNY 36,148,319, a decrease of 23.8% compared to the same period last year[4] - The total profit for the period was CNY 6,969,098, reflecting a decline of 10.7% year-on-year[4] - The net profit attributable to shareholders was CNY 4,779,929, down 1.0% from the previous year[4] - Total revenue for the first three quarters of 2025 reached CNY 110,584,315 thousand, a decrease from CNY 140,412,180 thousand in the same period of 2024, representing a decline of approximately 21.2%[38] - Net profit for the first three quarters of 2025 was CNY 15,203,468 thousand, compared to CNY 19,017,963 thousand in 2024, reflecting a decrease of approximately 20.5%[39] - Operating profit for the first three quarters of 2025 was CNY 18,930,307 thousand, down from CNY 24,522,382 thousand in 2024, a decline of about 22.9%[39] - Net profit attributable to the parent company shareholders decreased to CNY 12,484,630 from CNY 14,614,069, representing a decline of approximately 14.6% year-over-year[40] - Total comprehensive income attributable to the parent company owners was CNY 12,376,095, down from CNY 14,289,514, reflecting a decrease of about 13.4%[40] Cash Flow and Financing - The cash flow from operating activities for the year-to-date was CNY 21,110,314, a decrease of 18.0% compared to the same period last year[4] - Operating cash flow for the first three quarters of 2025 was CNY 21,110,314, a decrease of 18.5% compared to CNY 25,756,764 in the same period of 2024[42] - Cash inflow from operating activities totaled CNY 130,952,806, down 17.8% from CNY 159,478,037 year-over-year[42] - Cash outflow from investing activities increased significantly to CNY 25,897,145 from CNY 13,047,025, indicating a rise of approximately 99.5%[43] - Net cash flow from financing activities decreased by 88.1% to -2.20 billion RMB, impacted by increased debt financing and reduced dividend payments[15] - The company reported a financial expense of CNY 1,516,364 thousand for the first three quarters of 2025, down from CNY 1,879,800 thousand in 2024, indicating a decrease of approximately 19.3%[39] Assets and Liabilities - The total assets at the end of the reporting period were CNY 366,801,669, representing a 2.5% increase from the end of the previous year[5] - Total liabilities as of September 30, 2025, were CNY 168,063,141 thousand, slightly up from CNY 165,718,374 thousand at the end of 2024, indicating an increase of about 1.4%[36] - The company's short-term borrowings increased by 74.3% to 1.85 billion RMB, reflecting the need for financing on key projects[14] - The company's total liabilities due within one year increased by 50.1% to 24.82 billion RMB, primarily due to reclassification of long-term borrowings[14] - The company reported a significant increase in other current assets, which rose by 46.8% to 3.82 billion RMB, mainly from reclassifying loans due within one year[14] Production and Sales - The coal production for the first nine months of 2025 was 10,158,000 tons, a slight decrease of 0.7% compared to the same period in 2024[9] - The sales volume of coal for the first nine months was 19,036,000 tons, down 7.4% year-on-year[9] - The production of urea increased by 21.5% year-on-year, reaching 159,400 tons[9] - The company's coal business revenue for the first nine months of 2025 was 89.33 billion RMB, a decrease of 24.2% compared to 117.85 billion RMB in the same period last year[16] - The sales revenue from self-produced coal was 48.13 billion RMB, down 16.0% year-on-year, primarily due to a price drop of 97 RMB/ton[16] - The total sales volume of self-produced coal increased by 1.07 million tons, contributing an additional 615 million RMB in revenue[16] - The coal business's gross profit for the first nine months of 2025 was 22.52 billion RMB, a decline of 23.0% from 29.25 billion RMB in the previous year[17] Shareholder Information - The company reported a total of 92,932 common stock shareholders as of September 30, 2025[28] - The largest shareholder, China Coal Energy Group, holds 57.43% of the company's total issued shares[31] - The company has not reported any significant changes in shareholder participation in margin financing and securities lending[31] Price and Cost Management - The unit sales cost of self-produced coal decreased to 257.67 RMB/ton, down 10.1% year-on-year, due to improved cost management and procurement practices[22] - Polyolefins sales volume decreased by 15.1% to 984,000 tons, with an average selling price drop of 6.1% to RMB 6,547 per ton[25] - Urea sales volume increased by 29.5% to 1,805,000 tons, but the average selling price fell by 18.2% to RMB 1,746 per ton[25] - Methanol sales volume rose by 28.9% to 1,495,000 tons, with a slight decrease in average selling price by 0.6% to RMB 1,757 per ton[25] - The average selling price for ammonium nitrate decreased by 13.9% to RMB 1,808 per ton, with sales volume remaining stable at 422,000 tons[25] Research and Development - Research and development expenses increased to CNY 15,348 thousand in 2025, compared to CNY 0 in 2024, indicating a focus on innovation[48]

中煤能源 第三季度营收361.5亿元人民币，净利润47.8亿元人民币。 ...

中煤能源公告，第三季度营收为361.48亿元，同比下降23.8%；净利润为47.8亿元，同比下降1.0%。前 三季度营收为1105.84亿元，同比下降21.2%；净利润为124.85亿元，同比下降14.6%。 ...

Core Insights - The Central State-Owned Enterprises Modern Energy Index has seen a strong increase of 1.70%, with notable gains from stocks such as China Xidian up 6.61% and Shanghai Electric up 6.40% [3] - The National Development and Reform Commission has released a plan aiming for a new energy storage capacity of over 180 million kilowatts by 2027, enhancing project economics through supportive policies [5] - The demand for energy storage is expected to maintain a high growth rate, with projections indicating a 30%-40% increase in global energy storage installations over the next two years [4] Group 1: Market Performance - The Central State-Owned Enterprises Modern Energy ETF (561790) has increased by 1.63%, marking a three-day consecutive rise, with a latest price of 1.25 yuan [3] - The ETF has seen a weekly cumulative increase of 2.85% as of October 24, 2025, ranking in the top third among comparable funds [3] - The ETF's trading volume reached 416.82 million yuan with a turnover rate of 9.1% [3] Group 2: Policy and Economic Outlook - The new energy storage plan outlines a target of 180 million kilowatts by 2027, with supportive measures from provinces like Henan to enhance project viability [5] - The energy storage market is experiencing robust demand, driven by new pricing policies and increased investment from social capital [4] - The lithium battery demand is projected to exceed 2700 GWh next year, with a year-on-year growth rate of over 30% [4] Group 3: Industry Composition - The top ten weighted stocks in the Central State-Owned Enterprises Modern Energy Index account for 47.72% of the index, including major players like Yangtze Power and China Nuclear Power [6] - The Central State-Owned Enterprises Modern Energy ETF closely tracks the index, which includes 50 listed companies involved in green energy and fossil energy sectors [5]

Group 1 - The core point of the news is the performance and financial details of China Coal Energy Co., Ltd., which saw a stock price increase of 5.28% to 13.97 CNY per share, with a total market capitalization of 185.22 billion CNY [1] - The company was established on August 22, 2006, and listed on February 1, 2008, with its main business segments including coal business (81.03% of revenue), coal chemical business (12.48%), and coal mining equipment manufacturing (6.24%) [1] - The company also has other business segments contributing to its revenue, including financial services (1.57%) and miscellaneous (0.63%) [1] Group 2 - From the perspective of fund holdings, China Coal Energy is a significant position in the portfolio of Guotai Haitong Asset Management, specifically in the Guotai Junan Hongli Quantitative Stock Selection Mixed A Fund, which held 213,700 shares, accounting for 1.73% of the fund's net value [2] - The fund has generated a floating profit of approximately 149,600 CNY today, with a total fund size of 72.43 million CNY and a year-to-date return of 9.73% [2] - The fund manager, Hu Chonghai, has been in charge for 3 years and 318 days, with the best fund return during his tenure being 76.22% [3]

Group 1 - The core viewpoint of the news is that China Coal Energy Co., Ltd. has seen a significant stock price increase of 5.28%, reaching 13.97 CNY per share, with a total market capitalization of 185.22 billion CNY [1] - The company was established on August 22, 2006, and listed on February 1, 2008, with its main business segments including coal business (81.03% of revenue), coal chemical business (12.48%), and coal mining equipment manufacturing (6.24%) [1] - The company reported a trading volume of 5.16 billion CNY and a turnover rate of 0.42% [1] Group 2 - From the perspective of fund holdings, a fund under Anxin Fund has a significant position in China Coal Energy, with Anxin Steady Growth Mixed A holding 8.58 million shares, accounting for 0.91% of the fund's net value [2] - The fund has generated an estimated floating profit of approximately 6.01 million CNY today [2] - Anxin Steady Growth Mixed A was established on May 25, 2015, with a current scale of 6.31 billion CNY and year-to-date returns of 3.17% [2] Group 3 - The fund manager of Anxin Steady Growth Mixed A is Li Jun, who has been in the position for 7 years and 308 days, with the fund's total asset size at 19.72 billion CNY [3] - During Li Jun's tenure, the best fund return was 57.07%, while the worst return was -0.12% [3]

Group 1 - The report emphasizes the importance of tracking the "15th Five-Year Plan" and suggests a positive outlook, urging stakeholders to seize opportunities as they arise [6] - The macroeconomic environment is influenced by the anticipated interest rate cuts by the Federal Reserve, with expectations of three additional cuts in 2026 [6][7] - The coal industry is expected to experience upward price movements due to supply constraints and seasonal demand increases, particularly in thermal coal and coking coal [20][21] Group 2 - The C-REITs market is showing a mixed performance, with municipal water conservancy and data center sectors performing well, while other sectors are experiencing slight pullbacks [19] - The electric power sector in Guangdong is expected to see improved electricity prices due to upcoming trading mechanisms, with a focus on renewable energy sources [25] - The construction materials sector is currently facing weak fundamentals, with expectations for more supportive real estate policies to stimulate demand [27] Group 3 - The robotics sector is highlighted for its advancements in AI integration, with significant developments in training models that enhance operational efficiency [14] - The textile and apparel industry is witnessing a recovery in retail sales, with specific brands like Nike showing improved fundamentals and potential for growth [32][33] - The environmental sector is benefiting from new policies aimed at enhancing carbon trading and management, which are expected to create opportunities for companies involved in these areas [35]

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9] Core Viewpoints - The coal price continues to rise, but the coal sector is experiencing increased volatility. Despite the nearing end of concentrated coal replenishment by power plants, extreme weather and tight supply conditions suggest that coal prices are likely to rise in Q4 2025 and may recover year-on-year by 2026. The report emphasizes the importance of focusing on the coal sector, which has shown signs of bottom reversal, supported by strong short-term fundamentals, a global interest rate cut cycle, and resilient long-term demand [2][7][9] Summary by Sections Weekly Tracking Summary - The coal index (Yangtze) increased by 1.49%, underperforming the CSI 300 index by 1.76 percentage points, ranking 22nd out of 32 industries. As of October 24, the market price for Qinhuangdao thermal coal was 770 CNY/ton, up 22 CNY/ton week-on-week. The report anticipates that coal prices will likely remain stable and fluctuate in the short term due to tight supply and seasonal demand [6][15][19] Supply and Demand Situation - As of October 23, the daily coal consumption in 25 provinces was 5.335 million tons, a week-on-week increase of 2.8%. The total coal inventory was 128.17 million tons, with a usable days count of 24.0 days, down 0.5 days from the previous week. The report indicates that coal supply remains tight due to production checks and seasonal demand [16][34][36] Investment Recommendations - The report recommends focusing on companies with strong defensive and offensive characteristics, such as Yanzhou Coal Mining Company (H+A), China Power Investment Corporation, and Xinji Energy. It also suggests considering companies with high elasticity and growth potential, such as Lu'an Environmental Energy and Jinkong Coal Industry, as well as stable leaders like China Shenhua Energy [7][27][30]

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The cold wave has increased daily coal consumption, leading to a second round of market activity driven by power plant procurement [6] - The coal sector has seen a weekly increase of 1.46%, underperforming the CSI 300 index which rose by 3.24% [2] - Key monitored enterprises reported an average daily coal sales volume of 7.34 million tons, a week-on-week increase of 4.1% and a year-on-year increase of 2.8% [2] - The report anticipates that if heating demand increases earlier than expected, an additional 50 million tons of inventory may be required, potentially leading to a supply gap [6] Summary by Sections Coal Market Performance - The coal sector's performance was 1.46% up, lagging behind the CSI 300 index by 1.78 percentage points [2] - Major coal companies saw price increases, with Daqo Energy leading with a 37.27% rise [2] Supply and Demand Dynamics - Average daily coal production from monitored enterprises was 7.15 million tons, a week-on-week increase of 3.5% but a year-on-year decrease of 2% [2] - Total coal inventory (including port storage) was 23.04 million tons, down 5.4% week-on-week and down 18.6% year-on-year [2] - Power and chemical industries showed a year-on-year coal consumption decrease of 2.6% and an increase of 15%, respectively [2] Price Trends - The price of thermal coal (Q5500K) was 684 RMB/ton, up 0.59% week-on-week, while imported thermal coal prices rose by 5.11% to 884 RMB/ton [3] - Coking coal prices also saw increases, with major ports maintaining stable prices [4] Investment Recommendations - The report suggests focusing on flexible thermal coal companies and those in turnaround situations in coking coal and coke sectors [6] - Key companies to watch include China Shenhua, Shaanxi Coal and Chemical, and Yanzhou Coal Mining [6]