2025 年 8 月份主要生产经营数据公告 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：2025-028 中国中煤能源股份有限公司 | 指标项目 | 单位 | 2025 | 年 | 2024 | 年 | 变化比率（%） | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 8 月份 | 累计 | 8 月份 | 累计 | 8 月份 | 累计 | | 一、煤炭业务 | | | | | | | | | （一）商品煤产量 | 万吨 | 1,160 | 8,999 | 1,181 | 9,041 | -1.8 | -0.5 | | （二）商品煤销量 | 万吨 | 2,085 | 17,070 | 2,392 | 18,090 | -12.8 | -5.6 | | 其中：自产商品煤销量 | 万吨 | 1,151 | 9,040 | 1,116 | 8,869 | 3.1 | 1.9 | | 二、煤化工业务 | | | ...

格隆汇9月12日丨中煤能源(01898.HK)公布，2025年8月份，公司商品煤产量1,160万吨，同比减少 1.8%；商品煤销量2,085万吨，同比减少12.8%；其中，自产商品煤销量1,151万吨，同比增加3.1%。 ...

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的內容概不負責，對其 準確性或完整性亦不發表任何聲明，幷明確表示，概不對因本公告全部或任何部份內容 而産生或因依賴該等內容而引致的任何損失承擔任何責任。 ( 於中華人民共和國註冊成立的股份有限公司 ) （股份代號：01898） 2025 年 8 月份主要生產經營數據公告 上述生產經營數據並不對本公司未來經營情況作出任何明示或默示的預測 或保證，投資者應注意不恰當信賴或使用以上信息可能造成投資風險。 公司將在本公告披露後適時召開月度生產經營資料說明會，具體參會事宜請 詢公司投資者熱線 010-82236028。 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 9 月 12 日 （海外監管公告） 中國中煤能源股份有限公司（「本公司」）董事會及全體董事保證本公告內容 不存在任何虛假記載、誤導性陳述或重大遺漏，並對其內容的真實性、準確 性和完整性承擔法律責任。 | 指標項目 | 單位 | 2025 | 年 | 2024 | 年 | 變化比率（%） | | | --- | --- | --- | --- | --- | - ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [11]. Core Insights - The report emphasizes that the systematic increase in coal costs over the past decade has solidified the safety margin for coal prices, with current cash cost support for port thermal coal prices at approximately 550 RMB/ton [3][9]. - It highlights that the coal price bottom is unlikely to return to the low levels seen in 2015, reinforcing the profitability and dividend safety margins for coal companies [3][9]. Summary by Sections Introduction - The report introduces the importance of cost research in establishing the safety margin for coal prices, indicating that a high cost-supported price bottom can enhance dividend value [6][20]. Overall Cost Trends - Over the past decade, coal company costs have increased by nearly 50%, with a CAGR of approximately 4% [6][24]. - The weighted average sales cost for coal in 2024 is projected to be 300 RMB/ton, down 2% year-on-year, while the complete cost is expected to be 380 RMB/ton, down 3% year-on-year [6][24]. Cost Structure - The cost structure for coal companies in 2024 is composed of labor costs (32%), other expenses (30%), raw materials (14%), depreciation (12%), safety costs (9%), and manufacturing costs (3%) [7][41]. - Labor costs, depreciation, and safety expenses have seen the most significant increases over the past decade, with labor costs rising by 28 RMB/ton [7][41]. Cost Curve Analysis - The cash cost curve for port thermal coal has shifted, with the 90th percentile cash cost now supporting prices around 550 RMB/ton [8][9]. - The complete cost curve for thermal coal has also increased, with the 90th percentile complete cost now between 370-423 RMB/ton [8][9]. Investment Recommendations - The report suggests that the systematic increase in costs has solidified the safety margin for coal prices, recommending several companies for investment based on their resilience and growth potential [9][11]. - Recommended companies include Yanzhou Coal Mining Company, Jinneng Holding, and China Shenhua Energy [9].

Group 1 - The core viewpoint of the article is the establishment of a new energy company in Hubei, which includes heating services as part of its business operations [1] - The newly formed company, China Coal (Macheng) New Energy Co., Ltd., has a registered capital of 50 million yuan [1] - The business scope of the company includes power generation, transmission, distribution, hydropower generation, heating services, cooling services, and thermal production and supply [1] Group 2 - The company is jointly owned by China Coal Energy Group Co., Ltd. and Macheng City Energy Investment and Development Co., Ltd. [1] - The legal representative of the new company is Xue Jianwei [1]

Group 1 - The core viewpoint of the article highlights a general increase in coal stocks in the Hong Kong market on September 8, with notable gains among various companies [1] Group 2 - Strength Development saw a rise of 2.6% [1] - China Qinfa, Yanzhou Coal Mining, China Coal Energy, and South Gobi all increased by over 2% [1] - China Shenhua rose by 1.5%, while Yida Zong also gained over 1% [1] - Shougang Resources followed the upward trend [1]

Group 1 - The core viewpoint of the article highlights a bullish trend in the coal sector of the Hong Kong stock market, driven by favorable macroeconomic conditions such as "loose monetary policy, low interest rates, and improved risk appetite" [1] - The report from Zhongtai Securities indicates that the coal industry is expected to enter a new upward cycle due to the "anti-involution" policy, which is anticipated to strengthen expectations for capacity reduction and promote high-quality development within the sector [1] - The report suggests that there is a time lag between policy expectations and their realization, indicating that sector rotation may occur imminently, and advises investors to focus on liquidity and risk appetite improvements rather than short-term earnings reports [1] Group 2 - The article lists several coal stocks that experienced gains, with notable increases including Strength Development up by 2.6%, China Qinfa and Yanzhou Coal Energy both up over 2%, and China Shenhua up by 1.5% [1] - The report emphasizes the importance of capturing investment opportunities arising from the dual catalysts of coal valuation recovery and performance elasticity, as the industry prepares for a new upward cycle [1]

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The coal sector has shown resilience, with a slight increase in prices and a positive outlook for the second half of the year, suggesting a potential balance between supply and demand [6][23] - The report highlights the importance of positioning in high-dividend coal companies and those undergoing turnaround in coking coal and coke sectors [6][23] Summary by Sections Market Performance - As of September 5, 2025, the CITIC coal industry index rose by 0.1%, outperforming the CSI 300 index, which fell by 0.81%, resulting in a 0.91 percentage point advantage [2] - The highest weekly stock price increase was seen in Yunmei Energy, with a rise of 4.03% [2] Supply and Demand Data - Average daily coal sales for monitored enterprises were 6.67 million tons, a week-on-week increase of 0.9% but a year-on-year decrease of 1.9% [2] - The average daily coal production was 6.64 million tons, showing a week-on-week decrease of 0.1% and a year-on-year decrease of 1.7% [2] - Total coal inventory (including port storage) was 25.85 million tons, down 0.7% week-on-week and down 9.1% year-on-year [2] Price Trends - The price index for thermal coal (Q5500K) was 676 CNY/ton, reflecting a week-on-week increase of 0.75% [3] - The average price for coking coal at Jing Tang Port was 1550 CNY/ton, down 4.9% week-on-week [4] - The report notes fluctuations in prices across various coal types, with some showing declines while others have remained stable [4][5] Investment Recommendations - The report suggests that coal prices are expected to rebound in September, with long-term contract prices for different grades of coal being 674, 613, and 551 CNY/ton respectively [6][23] - Recommended companies for investment include major thermal coal firms such as China Shenhua, Shaanxi Coal, and others, as well as coking coal companies like Huabei Mining and Shanxi Coking Coal [6][23]

Financial Performance - The company achieved a revenue of RMB 74.4 billion and a profit attributable to shareholders of RMB 7.3 billion in the first half of 2025, with a net cash inflow from operating activities of RMB 7.7 billion[6]. - For the first half of 2025, the company achieved a pre-tax profit of 11.604 billion yuan, with a profit attributable to shareholders of 7.325 billion yuan, maintaining a good profitability level[15]. - The company's total revenue for the first half of 2025 was 74.436 billion yuan, a decrease of 18.548 billion yuan or 19.9% compared to the same period in 2024[21]. - The coal business generated revenue of 57.068 billion yuan, down 22.6% year-on-year, with self-produced coal sales contributing 28.815 billion yuan, a decrease of 19.5%[26]. - The group's gross profit fell by 31.8% to CNY 14.561 billion, down from CNY 21.359 billion, with the gross margin decreasing by 3.4 percentage points to 19.6%[29]. - The company reported a net cash flow from operating activities of 7.666 billion yuan, a decline of 48.5% compared to the previous year[18]. - The company's net profit for the six months ended June 30, 2025, was RMB 7,325,265 thousand, a decrease from RMB 10,695,209 thousand in the same period of 2024, representing a decline of approximately 31.8%[152]. - The company declared dividends of RMB 3,420,735 thousand to shareholders during the period, compared to RMB 7,360,329 thousand in the same period of 2024, a reduction of 53.6%[152]. Production and Sales - The coal production reached 67.34 million tons, an increase of 840,000 tons year-on-year, while the sales volume of self-produced coal was 67.11 million tons, up by 920,000 tons year-on-year[7]. - The power generation increased by 27.2% year-on-year, reaching 7.75 billion kWh[7]. - The sales volume of coal reached 128.68 million tons, a decrease of 3.6% compared to the same period last year, with self-produced coal sales increasing by 1.4% to 67.11 million tons[84]. - The self-produced coal sales volume increased by 1.4% to 6.711 million tons, while the average selling price decreased by 19.5%[33]. - The total sales volume of purchased trade coal decreased by 5.4% to 6.091 million tons, with a price drop of 21.7%[33]. Cost Management - The company reduced the unit sales cost of self-produced coal by RMB 15 per ton and urea by RMB 144 per ton, while the unit sales cost of polyolefins decreased by RMB 49 per ton after excluding the impact of major repairs[8]. - The group's sales cost decreased by 16.4% to CNY 59.875 billion from CNY 71.625 billion for the same period in 2024[27]. - The coal business sales cost dropped by 17.7% to CNY 49.839 billion, primarily due to a decrease in purchased coal volume and procurement prices, resulting in a reduction of CNY 9.983 billion in costs[35]. - The company plans to continue optimizing its product structure and enhance cost management to mitigate the impact of declining market prices[15]. Assets and Liabilities - The total assets as of June 30, 2025, were 356.792 billion yuan, a slight decrease of 0.3% from the end of 2024[20]. - The company's liabilities decreased by 3.0% to 160.753 billion yuan, while shareholders' equity increased by 2.1% to 196.039 billion yuan[20]. - The total borrowings increased to CNY 57.26 billion, a growth of 7.4% from CNY 53.33 billion on December 31, 2024, with long-term borrowings accounting for CNY 55.67 billion[62]. - The balance of long-term bonds decreased to CNY 8.40 billion, a decline of 18.0% from CNY 10.24 billion on December 31, 2024[63]. Strategic Initiatives - The company plans to enhance its core competitiveness and deepen reforms, focusing on technological innovation and improving resource allocation[11]. - The overall strategy includes strengthening lean management and promoting project construction to support high-quality development[15]. - The company aims to enhance production organization and procurement management to further reduce costs in the upcoming periods[40]. - The company is focusing on optimizing production processes and increasing safety-related asset investments to improve operational efficiency[40]. Governance and Compliance - The company is committed to enhancing its governance and information disclosure quality to improve investor communication and maintain a good image in the capital market[12]. - The company has complied with the corporate governance code as per the listing rules of the stock exchange[112]. - The audit and risk management committee has reviewed the interim financial results, confirming compliance with international accounting standards[114]. - The company has established a multi-departmental value management coordination mechanism to monitor various metrics such as ROE, PB, and PE ratios, ensuring timely analysis and feedback on market dynamics[105]. Market and Industry Position - The company aims to enhance the overall value of its industrial chain by extending its coal industry towards coal chemical and coal power directions, transitioning from a scale-speed model to a quality-efficiency model[103]. - The company is one of China's largest coal trading service providers, with a strong market development and distribution capability supported by its extensive marketing network and logistics system[101]. - The company actively participated in national fertilizer reserves, releasing 105,500 tons of urea to stabilize the domestic market[88]. Employee and Workforce Management - The total number of employees is 46,293, including 29,771 production personnel, 1,088 sales personnel, 9,742 technical personnel, 940 financial personnel, 2,845 administrative personnel, and 1,907 others[135]. - The company has implemented reforms in its employee compensation system, focusing on a more precise and flexible income distribution mechanism, with an emphasis on core positions and high-demand talent[135]. - The company is actively enhancing the quality of its workforce through various training programs and partnerships with educational institutions[135]. Environmental and Legal Matters - The company has not identified any significant environmental liabilities that could adversely affect its financial condition[76]. - There are no major pending or potential lawsuits or arbitrations against the company as of June 30, 2025[77].

Group 1 - The core point of the article highlights the performance of the Commodity ETF (510170), which opened down 0.73% at 1.088 yuan on September 4 [1] - The major holdings of the Commodity ETF include Dongyangguang, which rose by 2.56%, and several other companies such as Luoyang Molybdenum, Zijin Mining, and Huayou Cobalt, which experienced slight declines [1] - The performance benchmark for the Commodity ETF is the Shanghai Commodity Stock Index, managed by Guolian An Fund Management Company, with a return of 36.36% since its inception on November 26, 2010, and a return of 12.14% over the past month [1]