证券代码：601898 证券简称：中煤能源 公告编号：2025-012 中国中煤能源股份有限公司 关于召开 2025 年第一季度业绩说明会的预告公告 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）视频直播及网络互动方式： 上证路演中心网址：https://roadshow.sseinfo.com/ "进门财经"网址：https://s.comein.cn/jnynw2pb Webcast Link(English): https://s.comein.cn/91nnryac （二）电话会议方式： 大陆：4001-510-269 香港：+852-51089680，台湾：+886-277083288，美国：+1-2087016888 国际：+86-1021377168 会议密码：601898（中文）001898（英文同传） 提问预征集方式： 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 ...

中煤能源公布3月份主要生产经营数据，商品煤销量2476万吨，同比增长3.3%。 ...

Core Viewpoint - The China Securities Index for small and medium-sized comprehensive energy shows a decline in performance over various time frames, indicating potential challenges in the energy sector [1][2]. Group 1: Index Performance - The China Securities Index for small and medium-sized comprehensive energy closed at 1901.11 points, with a decline of 6.73% over the past month, 6.43% over the past three months, and 10.19% year-to-date [1]. - The index is categorized into 11 industries based on the classification standards of the China Securities Index series, reflecting the overall performance of different industry securities [1]. Group 2: Index Holdings - The top ten holdings in the index include companies such as China Coal Energy (8.65%), Yongtai Energy (8.55%), and Jereh Oilfield Services (5.15%) [1]. - The index's market composition shows that the Shanghai Stock Exchange accounts for 54.91%, the Shenzhen Stock Exchange for 22.93%, and the Hong Kong Stock Exchange for 22.16% [2]. Group 3: Industry Composition - The index's industry composition reveals that coal accounts for 31.95%, coke for 26.40%, and oil refining for 13.43% [2]. - Other significant sectors include oil and gas extraction (10.52%), oilfield services (7.66%), and oil and gas circulation (5.27%) [2]. Group 4: Sample Adjustment - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Adjustments to the weight factors occur simultaneously with sample changes, and special circumstances may lead to temporary adjustments [2].

Summary of Conference Call Industry Overview - The conference call primarily discusses the coal industry, focusing on pricing trends, inventory levels, and market dynamics in both domestic and international contexts [1][2][3][4][5][6]. Key Points and Arguments 1. **Price Trends**: - As of the last week, port prices for coal have dropped to 688, with some prices falling below 686, indicating a continued downward trend [1]. - The price at the pit has seen a slight increase of 2% to 3% after significant previous declines, but overall, prices are still in a phase of gradual bottoming out without a clear upward trend [1][6]. 2. **Inventory Levels**: - High inventory levels at ports are contributing to the downward pressure on prices, with total inventory at northern ports reported at 3,111 million tons, down slightly from 3,158 million tons but still at historically high levels [5]. - Power plants are also experiencing high inventory levels, leading to a lack of purchasing activity [5][6]. 3. **Market Dynamics**: - There is a notable price inversion between pit and port prices, with pit prices around 740 while port prices remain below 690, leading to reduced shipping activity to ports [2]. - Internationally, Australian and Indonesian coal prices are stable or increasing, with Indonesian prices rising nearly 1% to 83.7 USD, but still showing a significant price inversion compared to domestic prices [3]. 4. **Policy and Regulation**: - There are rumors regarding potential restrictions on coal imports, but the likelihood of significant policy changes is considered low due to the ongoing focus on energy security [12][13]. - The discussion includes the impact of stricter inspections on imported coal, which may delay procurement but is not expected to significantly alter overall import volumes [15][16]. 5. **Future Outlook**: - The coal market is expected to remain weak in the short term, with prices likely to continue fluctuating downwards, although there is potential for a bottoming out phase to begin around late April to early May [22][24]. - Long-term investment in coal stocks, particularly in dividend-paying companies like China Shenhua and Northeast Energy, is recommended as a defensive strategy [23][24]. Other Important but Overlooked Content - The call highlights the cautious sentiment among power plants regarding future coal purchases, with expectations that long-term contracts will not be signed aggressively due to current market conditions [17][18]. - The potential for a price rebound is acknowledged, but it is suggested that any significant upward movement in coal prices will take time and may not occur until the market stabilizes [24]. - The focus on maintaining price stability through inventory management strategies by major coal companies is emphasized, indicating a strategic approach to mitigate price volatility [21][22].

下面有请郭总发言 谢谢 保持生产的基本稳定1到2月份的完成商品类产量2172万吨 同比月入减少18万吨完成商品类的销量3938万吨 同比减少52万吨完成矩形钉的产量24.6万吨 同比减少1.4万吨矩形钉销量21.3万吨 同比减少1万吨 完成尿柱的产量34.1万吨 同比增加5.3万吨尿柱胶量34.7万吨 同比增加8.8万吨完成甲醇产量34.2万吨 同比增加6.7万吨完成甲醇的胶量是34.7万吨 同比增加8.8万吨完成胶胺产量8万吨 同比减少0.1万吨胶量8.2万吨 同比斥平 农场单位产值完成16.2亿元,统计减少2.1亿元受今年以来主要产品价格下行影响 深度下跌整体来看呢这种下跌呢除常规的淡季因素外还主要是由供需错配库存积压进口煤冲击能源结构转型市场供销新衣品多方活力等多种因素共同作用的结果截至2月28日北方港5500大卡都以为建货价格是701元每尊交易月出下降了60元每尊交去年从需下降230元每尊降速在20% 进入三月份 特别是三月份中俄两会已经明确一系列稳增长政策包括上调目标财政赤字率增加超长期特别活战新增地方专项占发行额度进一步加大新旧动能转换支持地主促进房地产市场时间回轮等这些措施预计这些措施将进一步提 ...

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]