( 于中華人民共和國註冊成立的股份有限公司 ) (股份代號：01898) 海外監管公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而發表。 以下為中國中煤能源股份有限公司於上海證券交易所網站刊發之《中國中煤能源股 份有限公司關於參與出資央企戰新基金的公告》。 承董事會命 中國中煤能源股份有限公司 董事長、執行董事 王樹東 中國 北京 2025 年 10 月 30 日 於本公告刊發日期，本公司的執行董事為王樹東、廖華軍和趙榮哲；非執行董事為徐倩； 獨立非執行董事為景奉儒、詹豔景和黃江天。 * 僅供識別 证券代码：601898 证券简称：中煤能源 公告编号：2025-033 中国中煤能源股份有限公司 关于参与出资央企战新基金的公告 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： 二、 基金管 ...

每经AI快讯，10月30日，中煤能源（601898）公告称，公司参与出资央企战略性新兴产业发展基金有 限责任公司，以自有资金10亿元认购基金份额，占比1.96%。基金规模510亿元，主要投向战略性新兴 产业领域。本次交易不构成关联交易和重大资产重组，无需提交董事会和股东会审议。该投资与公司主 营业务协同性强，资金来源为自有资金，不影响日常运营。 ...

天眼查App显示，近日，中煤（盈江）新能源有限公司成立，法定代表人为李阳，注册资本9600万人民 币，经营范围包括发电业务、输电业务、供（配）电业务，建设工程监理。股权全景穿透图显示，该公 司由中煤绿能科技（北京）有限公司全资持股，后者为中国中煤能源集团有限公司全资子公司。 天眼查App显示，近日，中煤（盈江）新能源有限公司成立，法定代表人为李阳，注册资本9600万人民 币，经营范围包括发电业务、输电业务、供（配）电业务，建设工程监理。 ...

Core Viewpoint - Recently, Zhongmei (Yingjiang) New Energy Co., Ltd. was established with a registered capital of 96 million RMB, focusing on power generation, transmission, and distribution services [1] Company Summary - The legal representative of Zhongmei (Yingjiang) New Energy Co., Ltd. is Li Yang [1] - The company is wholly owned by Zhongmei Green Energy Technology (Beijing) Co., Ltd., which is a wholly-owned subsidiary of China Coal Energy Group Co., Ltd. [1]

Core Viewpoint - Chinese energy companies need to deeply understand and respect the differences of host countries, implementing highly customized localization strategies to promote international operations and brand building in tandem [1] Group 1: Energy Cooperation and Belt and Road Initiative - Energy cooperation is a key area of the Belt and Road Initiative, with China Coal actively participating in energy project construction in Belt and Road countries, focusing on smart energy infrastructure and renewable energy development [1] - The company aims to create environmentally friendly and resource-efficient projects, contributing to climate change solutions with Chinese wisdom and proposals [1] Group 2: Green Development and Carbon Reduction Strategies - China Coal is committed to an ecological priority and green low-carbon high-quality development path, promoting the "coal production without carbon emissions" concept while extending into high-value material fields [3] - The company has built 51 intelligent coal mines, accounting for over 80% of its capacity, with a total production capacity exceeding 170 million tons [3] - The focus is on reducing energy consumption and emissions, enhancing system efficiency, and exploring new models for coal, electricity, and chemical integration [3][4] Group 3: Technological Innovations and Projects - The "100,000 tons/year liquid sunlight project" utilizes renewable energy to produce green hydrogen, which is then synthesized with captured CO2 to create methanol, showcasing significant negative carbon effects [6] - The "550-meter ultra-long-distance high-end scraper conveyor equipment" achieves reliable and high-strength continuous transportation in complex geological conditions, enhancing automation and reducing the number of devices needed [6] Group 4: International Cooperation and Localization - China Coal emphasizes understanding target market demands and brand positioning, conducting comprehensive due diligence before project decisions to avoid "water and soil incompatibility" [10] - The company advocates for deep localization throughout the project lifecycle, including increasing local employee ratios and engaging in community development [10][11] - The core principles of international cooperation include "mutual benefit and win-win," "technology leadership," "local integration," and "sustainable development" [13][14]

Group 1 - The coal sector in Hong Kong has seen a general increase, with China Shenhua reaching a new high price, rising by 6% [1] - According to Guotai Junan's research report, the coal sector has confirmed a cyclical bottom expected in Q2 2025, with a reversal in supply-demand dynamics and sufficient release of downside risks [1] - Coal prices have exceeded 770 RMB/ton since the upward trend began on September 15, showing an unexpected increase driven by multiple favorable factors [1] Group 2 - Guosen Securities reports that while coal prices declined and profits for coal companies were poor in early 2024, a rebound in coal prices is expected in the second half of 2025, leading to improved profits for coal companies [1] - The coal sector has underperformed compared to other sectors, but a clear bottom has been established, and a rebound in Q4 is anticipated [1]

【中煤能源1.15亿元收购旗下公司股权 规避潜在关联交易】10月28日，中煤能源（601898.SH）披露 2025年第三季度报告及股权收购公告。在煤炭价格下行拖累公司整体业绩的背景下，中煤能源以1.15亿 元收购山西中煤平朔新能源有限公司（以下简称"新能源公司"）30%股权，实现对该公司全资控股。 中煤能源相关人士在接受《中国经营报》记者采访时表示，前三季度业绩承压确实与煤炭价格同比下行 直接相关。但他同时指出，若单看第三季度，公司业绩已表现回升态势。此次收购新能源公司剩余股权 的核心目的，在于规范产权关系、避免未来潜在关联交易。中经记者 陈家运 北京报道 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's Q3 performance showed significant improvement on a quarter-on-quarter basis, driven by the rebound in coal prices, effective cost control, and the recovery of profitability following the completion of chemical facility maintenance. The report emphasizes the potential for high dividends and growth [2][4] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 1105.84 billion yuan, a year-on-year decrease of 21.2% - The net profit attributable to shareholders was 124.85 billion yuan, down 14.6% year-on-year - In Q3 alone, the company reported operating revenue of 361.48 billion yuan, a quarter-on-quarter increase of 0.3% - The net profit attributable to shareholders for Q3 was 47.80 billion yuan, a quarter-on-quarter increase of 28.3% but a year-on-year decrease of 1.0% [2][3] Coal Business Performance - In the first three quarters of 2025, the coal business generated operating revenue of 893.33 billion yuan, down 24.2% year-on-year - The company produced 101.58 million tons of coal, a slight decrease of 0.7% year-on-year, while sales volume increased by 1.1% to 101.45 million tons - The average selling price of self-produced coal was 474 yuan/ton, down 17.0% year-on-year, while the cost per ton was 257.67 yuan, down 10.1% year-on-year, indicating a significant cost advantage [3][4] Non-Coal Business Performance - The sales volumes for polyolefins, urea, and methanol were 98.4 million tons, 180.5 million tons, and 149.5 million tons respectively, with year-on-year changes of -13.3%, +19.5%, and +24.0% - The average selling prices for these products decreased, but the reduction in unit sales costs due to lower raw material coal prices helped mitigate the impact of price declines [3] Dividend Potential and Strategic Developments - The company has the potential to increase its dividend payout, with a debt-to-asset ratio of 45.82% as of Q3 2025, down from previous years - A cash dividend of 0.166 yuan per share was announced for the A-shares, reflecting stable performance due to long-term contracts and integrated coal-chemical operations [4][5] Intelligent Construction and Industry Chain Development - The company has made significant progress in intelligent mining, with 18 coal mines passing smart mine assessments and numerous intelligent working faces established - Ongoing projects include the construction of new coal mines and coal-electricity integration projects, which are expected to enhance operational efficiency and profitability [5]

Core Viewpoint - China Coal Energy (中煤能源) reported a decline in overall performance due to falling coal prices, but showed signs of recovery in the third quarter of 2025. The company acquired a 30% stake in Shanxi Zhongmei Pingshuo New Energy Co., Ltd. for 115 million yuan, achieving full control of the company to streamline ownership and avoid potential related party transactions [1][4]. Financial Performance - For the first three quarters of 2025, China Coal Energy achieved operating revenue of 110.58 billion yuan, a year-on-year decrease of 21.24%. The net profit attributable to shareholders was 12.49 billion yuan, down 14.57% year-on-year, while the net profit excluding non-recurring items was 12.39 billion yuan, a decline of 14.11% [2]. - In the third quarter, the company reported operating revenue of 36.15 billion yuan, a year-on-year decrease of 23.78% but a quarter-on-quarter increase of 0.29%. The net profit attributable to shareholders was 4.78 billion yuan, down 1% year-on-year but up 28.26% quarter-on-quarter [2]. Coal Production and Pricing - In the first three quarters of 2025, the company's commodity coal production was 101.58 million tons, a decrease of 0.7% year-on-year, while sales volume increased by 1.1% to 101.45 million tons. The average selling price of coal was 474 yuan per ton, down 17.0% year-on-year, while the unit cost was 257.7 yuan per ton, down 10.1% [2]. Market Analysis - Analysts noted that the third quarter coincided with peak summer coal demand, and policies aimed at reducing overproduction, along with adverse weather conditions, tightened the coal market supply-demand balance, supporting coal prices and quarterly profitability [3]. Long-term Investment Outlook - Despite short-term performance pressures, institutions remain optimistic about the long-term investment value of China Coal Energy. Western Securities issued a report on October 28, maintaining an "overweight" rating and forecasting a net profit of 16.15 billion yuan for 2025. Meanwhile, Zhongtai Securities also maintained a "buy" rating, projecting net profits of 15.92 billion yuan, 16.94 billion yuan, and 18.89 billion yuan for 2025 to 2027 [3]. New Energy Business Integration - China Coal Energy is accelerating the integration of its new energy business. The company announced the acquisition of a 30% stake in the new energy company for 115 million yuan, resulting in full ownership. The new energy company, established in May 2022, focuses on renewable energy generation and related services [4]. - Financial data indicated that the new energy company achieved after-tax profits of 6 million yuan and 11 million yuan for 2024 and the first eight months of 2025, respectively. As of August 31, 2025, the company's total assets were approximately 802 million yuan, with net assets of about 354 million yuan [4].

Investment Rating - The investment rating for the company is "Accumulate" with a target price not specified [5] Core Views - The company has experienced a rebound in profits on a quarter-on-quarter basis due to rising coal prices and cost reductions in coal chemical operations, despite a year-on-year decline in profits [1][2] - The coal segment has seen a revenue of 89.33 billion yuan from January to September 2025, a decrease of 24.2% year-on-year, with a notable drop in trading coal revenue [2] - The company maintains strong cost control, with a unit sales cost of self-produced coal at 257.67 yuan/ton, down 10.1% year-on-year [2] - The coal chemical segment has shown stable operations, with production and sales of various products reflecting the integrated advantages of coal and coal chemicals [3] Financial Performance Summary - For Q3 2025, the company reported operating revenue of 36.148 billion yuan, a year-on-year decrease of 23.8%, but a quarter-on-quarter increase of 28.26% [1] - The net profit attributable to the parent company for Q3 2025 was 4.78 billion yuan, down 1.0% year-on-year, but up 28.26% quarter-on-quarter [1] - The company forecasts net profits for 2025-2027 to be 17.502 billion, 17.699 billion, and 18.240 billion yuan respectively, with corresponding EPS of 1.32, 1.33, and 1.38 yuan per share [3][4] Revenue and Cost Analysis - The coal business's revenue for the first nine months of 2025 was 89.333 billion yuan, with self-produced coal sales revenue at 48.127 billion yuan and trading coal revenue at 41.182 billion yuan [2] - The average selling price per ton of coal for the first nine months was 474 yuan, slightly higher than the 470 yuan reported for the first half of the year [2] - The company produced 101.58 million tons of commodity coal, with a slight year-on-year decrease of 0.7% [2] Production and Cost Efficiency - The production figures for coal chemicals in the first nine months included 990,000 tons of polyolefins, 1,594,000 tons of urea, 1,478,000 tons of methanol, and 419,000 tons of ammonium nitrate [3] - The cost per ton for polyolefins, urea, and methanol decreased, showcasing the company's cost management capabilities despite rising coal prices [3]