Core Viewpoint - The company's performance has declined due to falling self-produced coal prices, but it shows potential for high dividends and growth, maintaining a "buy" rating [1] Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 38.39 billion yuan, a year-on-year decrease of 15.4% and a quarter-on-quarter decrease of 21.6% [1] - The net profit attributable to shareholders was 3.98 billion yuan, down 20% year-on-year and 15.5% quarter-on-quarter [1] - The non-recurring net profit attributable to shareholders was 3.94 billion yuan, a year-on-year decrease of 19.4% and a quarter-on-quarter decrease of 15.7% [1] - The company maintains profit forecasts for 2025-2027, expecting net profits of 17.05 billion, 18.47 billion, and 19.07 billion yuan, with year-on-year changes of -11.8%, +8.3%, and +3.3% respectively [1] Group 2: Coal Business Performance - In Q1 2025, the company produced and sold 33.35 million and 64.14 million tons of commodity coal, representing year-on-year increases of 1.9% and 0.4%, but quarter-on-quarter decreases of 5.4% and 19.1% [2] - The average selling price of coal in Q1 2025 was 487.2 yuan per ton, down 17% year-on-year and 9.8% quarter-on-quarter [2] - The comprehensive cost of coal was 371 yuan per ton, a year-on-year decrease of 13.4% and a quarter-on-quarter decrease of 9.4% [2] - The gross profit per ton of coal was 116.2 yuan, down 26.7% year-on-year and 11.2% quarter-on-quarter [2] Group 3: Coal Chemical Business Performance - In Q1 2025, the production of polyolefins, urea, methanol, and ammonium nitrate was 37.8, 52.8, 51.4, and 13.9 million tons, with year-on-year changes of -3.6%, +11.2%, +24.8%, and +6.9% respectively [2] - The selling prices for polyolefins, urea, methanol, and ammonium nitrate were 6,876, 1,702, 1,794, and 1,861 yuan per ton, with year-on-year changes of +0.4%, -23.9%, +7.1%, and -17.3% respectively [2] - The gross profit per ton for polyolefins, urea, methanol, and ammonium nitrate was 1,101, 360, 380, and 386 yuan per ton, with year-on-year changes of +16%, -46.7%, +675.8%, and -47.6% respectively [2] Group 4: Growth Potential and Dividend Policy - The company has two coal mines under construction, with expected production capacities of 4 million tons/year and 2.4 million tons/year, respectively, set to begin trial production by the end of 2025 [3] - The company plans to invest 23.888 billion yuan in a coal deep processing project, with a construction scale of 900,000 tons/year of polyolefins, and has already completed significant investment [3] - The cash dividend amount for 2024 is expected to be 6.35 billion yuan, with a dividend payout ratio of 32.87%, indicating potential for increased dividends in the future [3]

Summary of China Coal Energy Q1 2025 Earnings Call Company Overview - **Company**: China Coal Energy - **Date**: Q1 2025 Earnings Call Key Financial Metrics - **Revenue**: 38.4 billion RMB, down 15.4% YoY [2][5] - **Total Profit**: 6.2 billion RMB, down 28.4% YoY [2][5] - **Net Profit**: 4 billion RMB, down 20% YoY [2][5] - **Coal Sales Volume**: 64.14 million tons, up 0.4% YoY [2][3] - **Average Selling Price of Self-produced Coal**: 492 RMB/ton, down 17.7% YoY [2][3] - **Average Selling Price of Trade Coal**: 486 RMB/ton, down 20.5% YoY [2][3] - **Unit Sales Cost of Self-produced Coal**: 269.82 RMB/ton, down 7.3% YoY [2][4] Operational Highlights - **Production and Sales**: - Self-produced coal sales increased by 1.1% to 32.68 million tons [3] - Trade coal sales increased by 4.9% to 31.20 million tons [3] - Significant decline in import and domestic agency coal sales, down 85.8% [3] - **Cash Flow**: Operating cash flow significantly decreased due to reduced net profit and delayed payments [2][7] Cost Management - **Cost Control Measures**: - Focus on stabilizing production and enhancing efficiency through smart construction and optimized production management [2][9] - Reduction in unit sales cost attributed to decreased stripping and mining activities [4][15] - **Future Cost Outlook**: Company aims to control costs amid rising pressures but cannot guarantee specific reductions due to rigid cost structures [9][15] Chemical Products Performance - **Polyolefins**: Production up 0.4%, unit cost down [2][7] - **Urea**: Production up 11.2%, average price down [2][7] - **Methanol**: Production up 24.8%, average price up [2][7] - **Ammonium Nitrate**: Production up 6.9%, average price down [2][7] Market and Strategic Initiatives - **Market Conditions**: Facing severe market pressures but optimistic about macroeconomic recovery [6][26] - **Long-term Contracts**: Compliance with national requirements, with a focus on optimizing contract volumes [11][13][14] - **Potential Acquisitions**: Evaluating acquisition of quality coal assets from the controlling shareholder [11][12] Shareholder Returns - **Dividend Policy**: Committed to a 35% dividend payout ratio for 2024 and ongoing mid-term dividends [22] Industry Outlook - **Coal Market Dynamics**: Anticipated stable demand for coal as a fundamental energy source in China, with production and consumption levels remaining high [26][35] - **Future Growth Drivers**: Investments in new coal mining projects and chemical production capacity expansion [27][28] Additional Insights - **Safety and Compliance**: Addressing regulatory issues related to overproduction at specific mines [23] - **Inventory Management**: Focus on balancing production and sales to manage inventory levels effectively [33][34] This summary encapsulates the key points from the earnings call, highlighting the financial performance, operational strategies, market conditions, and future outlook for China Coal Energy.

Financial Data and Key Indicators Changes - In Q1 2025, the company recorded operating revenue of RMB 6.2 billion, down 15.4% year on year [7] - Total profit decreased by 28.4% year on year [7] - Net attributable profit was RMB 4 billion, down 20% year on year [7] - Basic earnings per share fell to RMB 3, down 18.9% [7] - Weighted average return on equity (ROE) was 2.58% and debt to asset ratio stood at 44.8% [7] Business Line Data and Key Indicators Changes - Commercial coal production reached 33.35 million tonnes, up 1.9% year on year [3] - Commercial coal sales volume was 64.14 million tonnes, up 0.4% year on year [4] - Self-produced commercial coal sales increased to 32.68 million tonnes, up 1.1% year on year [4] - Polyolefins production decreased by 3.6% to 378,000 tonnes, while sales fell by 4.8% to 55,000 tonnes [5] - Urea production increased by 11.2% to 28,000 tonnes, with sales up 8.9% to 600,000 tonnes [5] - Methanol production rose by 24.8% to 514,000 tonnes, with sales up 33.6% to 529,000 tonnes [5] Market Data and Key Indicators Changes - The average selling price (ASP) of self-produced commercial coal was RMB 4.92 per tonne, down RMB 160 [4] - ASP for proprietary coal trading was RMB 4.86 per tonne, down RMB 125 [4] - Coking coal prices decreased by 6% while thermal coal prices fell by 2% from the end of the previous year [22] Company Strategy and Development Direction - The company aims to strengthen marketing efforts, ensure safe production, and enhance production-sales coordination [9] - Focus on cost reduction and efficiency improvement while managing business risks [9] - Plans to explore asset injection or mergers and acquisitions in the future, although no clear plans are currently in place [24] Management Comments on Operating Environment and Future Outlook - The macroeconomic landscape shows signs of improvement, with favorable factors gradually emerging [9] - The company is committed to maintaining a clear-headed approach to address challenges in the coal market [9] - Management expressed confidence in coal remaining a primary energy source in China for the foreseeable future [54] Other Important Information - The company reported a net profit decrease due to declining prices of self-produced commercial coal and reduced profits from coal chemical enterprises [8] - The fulfillment rate of long-term contracts was reported to be no less than 90% for Q1 [28] Q&A Session Summary Question: What factors contributed to the reduction in the cost of self-produced commercial coal? - Management indicated that coordinated use of funds and improved production efficiency contributed to cost reduction [11][12] Question: What are the reasons behind the reduction of net operational cash in Q1? - The decrease was attributed to lower net profit, settlement of accounts payables, and depreciation and amortization impacts [13][14] Question: What is the outlook for the GP margin of the coal chemical business? - Management expects the GP margin to remain stable due to the integration of coal and coal chemical operations [35] Question: What is the current status of projects under construction? - The Yulin Coal Chemical Phase II project is on track, with no updates on the timetable [38] Question: What is the company's view on the outlook of the industry? - Management believes coal will continue to be a mainstay energy source in China, with stable demand expected [54][55]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][6][20] Core Views - The company is focusing on cost reduction and increasing production to offset the decline in coal prices, while also enhancing shareholder returns through increased dividend frequency [1][4][18] - The company plans to maintain a mid-term dividend in 2025, with a payout ratio of no less than 30% [3][18] Summary by Relevant Sections Financial Performance - In Q1 2025, the company achieved revenue of 38.39 billion yuan, a decrease of 15.4%, and a net profit attributable to shareholders of 3.98 billion yuan, down 20.0% [1][9] - The coal business showed stable production and sales, with a total coal production of 33.35 million tons, an increase of 1.9% year-on-year [2][11] - The average selling price for self-produced thermal coal and coking coal was 454 yuan/ton and 922 yuan/ton, respectively, both showing a decline compared to the previous year [2][11] Coal Business - The company reported a decrease in gross profit for the coal segment to 7.45 billion yuan, down 26.7 billion yuan year-on-year, primarily due to the decline in coal prices [2][11] - The unit sales cost for self-produced coal decreased to 269.8 yuan/ton, a reduction of 21.2 yuan/ton year-on-year, attributed to various cost management strategies [2][11] Coal Chemical Business - The coal chemical segment saw an increase in production and sales, with total production and sales of 1.559 million tons and 1.625 million tons, respectively, up 10.6% and 12.1% year-on-year [3][16] - The unit sales costs for major products decreased due to falling coal prices, with reductions of 2.1% to 18.8% across various products [3][16] Profit Forecast and Financial Indicators - The profit forecast for 2025-2027 has been adjusted to 16.8 billion yuan, 16.9 billion yuan, and 17.7 billion yuan, respectively, reflecting a downward revision due to anticipated coal price declines [4][20] - Key financial metrics include a projected net profit margin of 15.2% for 2025 and a return on equity (ROE) of 10.3% [5][21]

Investment Rating - The investment rating for China Coal Energy is "Recommended" [1] Core Views - The report indicates that the market coal prices are at a bottoming phase, with stable production and sales growth for the company [1][8] - The company has a robust long-term contract sales model, which provides resilience against market fluctuations [9] - The report forecasts a gradual recovery in coal prices as summer demand increases and supply pressures ease [9] Summary by Relevant Sections Financial Performance - In Q1 2025, the company achieved revenue of 38.392 billion yuan, a year-on-year decrease of 15.43% [4] - The net profit attributable to shareholders was 3.978 billion yuan, down 19.95% year-on-year [4] - The company's coal sales volume in Q1 2025 was 64.14 million tons, a slight increase of 270,000 tons year-on-year [8] Revenue Breakdown - The total revenue from coal business in Q1 2025 was 31.250 billion yuan, a decrease of 16.6% year-on-year [8] - The average selling price of self-produced coal was 492 yuan/ton, down 17.7% year-on-year [8] - The company’s coal chemical products revenue was approximately 3.725 billion yuan, a decline of 8.76% year-on-year [9] Future Projections - The forecasted net profits for 2025, 2026, and 2027 are 18.514 billion yuan, 19.616 billion yuan, and 20.224 billion yuan respectively [9] - The report anticipates a gradual increase in revenue from 184.696 billion yuan in 2025 to 194.618 billion yuan in 2027 [11] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 7.5, 7.1, and 6.8 respectively [11] - The report highlights the company's strong dividend payout potential due to its resilient earnings [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance has declined due to falling self-produced coal prices, but it shows potential for high dividends and growth [1][4] - The company reported Q1 2025 revenue of 38.39 billion yuan, a year-on-year decrease of 15.4% and a quarter-on-quarter decrease of 21.6% [1][4] - The forecast for net profit attributable to shareholders for 2025-2027 is 17.05 billion, 18.47 billion, and 19.07 billion yuan, respectively, with a year-on-year change of -11.8%, +8.3%, and +3.3% [1][4] Financial Performance - In Q1 2025, the company achieved a net profit of 3.98 billion yuan, down 20% year-on-year and 15.5% quarter-on-quarter [1][4] - The average selling price of self-produced coal in Q1 2025 was 491.7 yuan per ton, a decrease of 17.7% year-on-year [4] - The comprehensive cost of coal in Q1 2025 was 371 yuan per ton, down 13.4% year-on-year [4] Business Growth Potential - The company has ongoing construction of two coal mines, with expected production capacities of 4 million tons/year and 2.4 million tons/year, respectively [5] - The company plans to enhance its dividend payout, with a total cash dividend of 6.35 billion yuan in 2024, resulting in a dividend ratio of 32.87% [5] - The current dividend yield is 4.6%, indicating strong potential for continued high dividends [5] Valuation Metrics - The projected earnings per share (EPS) for 2025-2027 are 1.29, 1.39, and 1.44 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 8.1, 7.5, and 7.3 times [1][7] - The company's total market capitalization is 1384.20 billion yuan, with a circulating market capitalization of 955.47 billion yuan [1]

Group 1: Company Earnings Reports - China Ping An reported Q1 revenue of 256.618 billion yuan, a decrease of 7% year-on-year; net profit was 27.016 billion yuan, down 26.4% [2] - BYD Company recorded Q1 revenue of 170.36 billion yuan, an increase of 36.35% year-on-year; net profit reached 9.155 billion yuan, up 100.38% [1] - China Telecom's Q1 revenue was 134.5 billion yuan, a slight increase of 0.01% year-on-year; net profit was 8.864 billion yuan, up 3.1% [1] - China Pacific Insurance reported Q1 revenue of 93.717 billion yuan, a decrease of 1.8% year-on-year; net profit was 9.627 billion yuan, down 18.1% [1] - China Shenhua's Q1 revenue was approximately 69.585 billion yuan, a decrease of 21.1% year-on-year; net profit was 13.374 billion yuan, down 19% [1] - Great Wall Motors reported Q1 total revenue of approximately 40.019 billion yuan, a decrease of 6.63% year-on-year; net profit was approximately 1.751 billion yuan, down 45.6% [1] Group 2: Additional Company Earnings Reports - China Coal Energy reported Q1 revenue of 38.392 billion yuan, a decrease of 15.4% year-on-year; net profit was 3.978 billion yuan, down 20% [2] - BYD Electronics recorded Q1 revenue of approximately 36.88 billion yuan, an increase of 1.1% year-on-year; net profit was approximately 622 million yuan, up 1.92% [2] - China Overseas Development reported Q1 revenue of 36.73 billion yuan, an increase of 0.6% year-on-year; operating profit was 5.67 billion yuan, down 15% [2] - China National Building Material reported Q1 total revenue of 36.637 billion yuan, a decrease of 1.04% year-on-year; net profit was approximately 102 million yuan, turning from loss to profit [2] - Yanzhou Coal Mining reported Q1 revenue of 30.312 billion yuan, a decrease of 23.53% year-on-year; net profit was 2.71 billion yuan, down 27.89% [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that in Q1 2025, the company experienced a year-on-year decline in revenue and net profit, with revenue at 38.4 billion yuan (down 15.4%) and net profit at 4 billion yuan (down 20%) [4][5] - The coal production and sales showed slight growth, with production at 33.35 million tons (up 1.9%) and sales at 64.14 million tons (up 0.4%) [5] - The report emphasizes the improvement in coal chemical business margins, with overall coal chemical gross profit increasing by 8% [5] Summary by Sections Financial Performance - In Q1 2025, the company achieved a return on equity (ROE) of 2.58%, a decrease of 0.8 percentage points year-on-year [4] - The average selling price of self-produced coal decreased by 18% to 492 yuan per ton, with specific prices for thermal coal and coking coal at 454 yuan (down 11.7%) and 922 yuan (down 39.1%) respectively [5] - The gross profit margin for self-produced coal was 45.2%, down 6 percentage points year-on-year [5] Coal Business - The company produced 33.35 million tons of commodity coal in Q1 2025, with sales of 64.14 million tons [5] - The sales volume of thermal coal and coking coal was 30.02 million tons (up 1.4%) and 2.66 million tons (down 1.5%) respectively [5] Coal Chemical Business - The report indicates significant improvements in unit profitability for polyethylene, polypropylene, and methanol, with gross profits per ton increasing by 85 yuan, 235 yuan, and 446 yuan respectively [5] - The sales volume for polyethylene and polypropylene was 178,000 tons (down 6.8%) and 177,000 tons (down 2.7%) respectively [5] - The overall gross profit for the coal chemical business was 862.6 million yuan, reflecting an 8% year-on-year increase [5] Future Outlook - The company is expected to see revenue of 168.88 billion yuan in 2025, a decrease of 11%, followed by a 5% growth in the subsequent years [7][9] - The projected net profit for 2025 is 16.21 billion yuan, down 16% from the previous year, with an expected recovery in the following years [7][9] - The report maintains a positive outlook on the company's ability to generate stable earnings due to its high long-term contract ratio and ongoing projects in coal mining and chemical sectors [8][9]

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 [10][11] - The coal price is believed to have reached a bottom, with expectations of a rebound in demand for replenishment in mid to late May [10][11] - The underlying investment logic of coal capacity shortages remains unchanged, with a short-term supply-demand balance and a long-term gap still present [10][11] Summary by Sections Coal Price Tracking - As of April 26, the market price for Qinhuangdao port thermal coal (Q5500) is 657 CNY/ton, down 8 CNY/ton week-on-week [22][27] - The international thermal coal FOB price for Newcastle (NEWC5500) is 70.6 USD/ton, down 0.5 USD/ton week-on-week [22][27] - The price for coking coal at Jing Tang port remains stable at 1400 CNY/ton [29] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 94.2%, down 1.7 percentage points week-on-week, while the utilization rate for coking coal mines is 88.38%, up 0.68 percentage points [10][44] - Daily coal consumption in inland provinces decreased by 10.70 thousand tons/day (-3.5%), while consumption in coastal provinces increased by 4.40 thousand tons/day (+2.48%) [10][45] Inventory Situation - As of April 24, coal inventory in inland provinces increased by 186.10 thousand tons, while inventory in coastal provinces decreased by 24.50 thousand tons [45] - The available days of coal in inland provinces increased by 1.60 days, while it decreased by 0.50 days in coastal provinces [45] Investment Recommendations - Focus on stable and robust companies such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as those with significant rebound potential like Yanzhou Coal and Datong Coal [11]

关于 2025 年度"提质增效重回报"行动方案的公告 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。 证券代码：601898 证券简称：中煤能源 公告编号：2025-015 中国中煤能源股份有限公司 万吨、同比基本持平，煤矿装备产值 103.5 亿元、同口径同比增加 6.4 亿元；实 现营业收入 1,894 亿元，归属于上市公司股东净利润 193 亿元，净资产收益率 13.01%，经营活动现金净流入 341 亿元，同比虽略有下降，但优于行业平均水平； 资产负债率下降 1.4 个百分点至 46.3%，财务结构总体保持稳健。不断增强股东 回报力度，实施 2023 年度分红、特别分红和 2024 年中期分红共计 103 亿元，投 资者获得感和满意度持续提升。 公司治理结构健全并获得资本市场及监管机构的充分认可，连续 15 年获上 交所信息披露 A 级评价，连续多年获评中国上市公司协会最佳董事会实践奖、董 办最佳实践案例奖，凭借优异的 ESG 表现连续 4 年入选"央企 ESG·先锋 100 指数" 榜单，所属中煤财务有限责任公司被人 ...