证券代码：600121 证券简称：郑州煤电 公告编号：临 2025-024 郑州煤电股份有限公司 第九届董事会第二十四次会议决议公告 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。 郑州煤电股份有限公司（以下简称公司）第九届董事会第二十四 次会议于 2025 年 6 月 6 日 9 时 30 分，在郑州市中原西路 66 号公司 本部会议室以现场表决方式召开，会议通知及会议材料提前已送达各 位董事。会议由董事长余乐峰先生召集并主持，应参会董事 9 人，实 际参会 9 人，公司监事及高级管理人员列席了会议，符合《公司法》 及《公司章程》有关规定。经与会董事认真审议，形成如下决议： 一、审议通过了关于公司董事会换届选举暨提名第十届董事会董 事候选人的议案 鉴于公司第九届董事会将于 2025 年 6 月 27 日任期届满，根据《公 司法》《公司章程》以及证券监管最新要求，会议同意公司第十届董 事会由 9 名董事组成，其中非独立董事 5 名、独立董事 3 名、职工董 事 1 名。 经董事会提名委员会事前资格审核，会议同意提名余乐峰、刘君 ...

Group 1 - The A-share coal mining and processing sector experienced a surge at the beginning of trading, with Dayou Energy hitting the daily limit up [1] - Other companies such as Shaanxi Black Cat, Shanxi Coking Coal, Anyuan Coal Industry, Yunmei Energy, and Zhengzhou Coal Electricity also saw increases in their stock prices [1]

Investment Rating - The coal industry maintains a rating of "Synchronize with the Market-A" [1] Core Viewpoints - The coal market is returning to supply-demand logic following the resolution of tariff disputes, with expectations of improved demand as summer approaches [1][8] - The report highlights that while coal prices are under pressure due to seasonal factors and inventory adjustments, the potential for recovery in non-electric coal demand exists as the international trade environment improves [8][81] Summary by Sections 1. Coal Industry Dynamic Data Tracking - **Thermal Coal**: Inventory levels are decreasing, and summer stocking demand is anticipated. As of May 16, the spot reference price for thermal coal in the Bohai Rim is 629 CNY/ton, with a weekly change of -2.18% [3][23] - **Metallurgical Coal**: The external trade environment is improving, and metallurgical coal continues to deplete inventories. The price for main coking coal at Jingtang Port is 1320 CNY/ton, unchanged from the previous week [4][35] - **Coking Steel Chain**: Increased operational rates have led to a slight decline in coking coal prices. The average price for first-grade metallurgical coke is 1480 CNY/ton, down 3.27% [5][54] - **Coal Transportation**: Increased stocking demand has stabilized coastal transportation prices, with the coastal coal transportation index at 661.75 points, up 3.34% [6][64] - **Coal-related Futures**: Downstream operational rates have decreased, leading to a decline in double焦期价 [66] 2. Coal Sector Market Review - The coal sector has rebounded alongside the broader market, outperforming major indices. The CITIC coal index closed at 3244.52 points, with a weekly change of +1.65% [7][71] 3. Industry News Summary - Recent government initiatives emphasize strengthening domestic circulation and enhancing the coal industry's clean and efficient utilization [79][80] - The construction of a new cross-border railway between China and Mongolia is expected to significantly boost coal exports from Mongolia, reshaping trade dynamics [80] 4. Important Announcements from Listed Companies - Major companies in the coal sector are actively managing operational challenges and pursuing strategic initiatives, including asset restructuring and safety measures following incidents [81][83] 5. Next Week's Outlook and Investment Recommendations - The report suggests that while coal prices may face downward pressure, the upcoming summer stocking demand and improved tariff conditions could support price stability. Investors are advised to focus on undervalued companies with solid performance support [8][81]

Investment Rating - The coal industry maintains a "Synchronize with the Market" rating [1] Core Viewpoints - The coal market is returning to supply-demand logic following the resolution of tariff disputes, with expectations of improved non-electric demand as summer approaches [1][10] - The report highlights that while coal prices have seen some decline, the potential for further decreases is limited due to upcoming summer stocking demands and improved international trade conditions [10] Summary by Sections 1. Coal Industry Dynamic Data Tracking - **Thermal Coal**: Inventory levels are decreasing, and summer stocking demand is anticipated. As of May 16, the spot reference price for thermal coal in the Bohai Rim is 629 CNY/ton, with a weekly change of -2.18% [3][25] - **Metallurgical Coal**: The external trade environment is improving, leading to continued inventory reduction. The price for main coking coal at Jingtang Port is 1320 CNY/ton, unchanged from the previous week [4][37] - **Coke and Steel Industry Chain**: Increased operational rates have led to a slight decline in coke prices. The average price for first-grade metallurgical coke at Tianjin Port is 1480 CNY/ton, down 3.27% week-on-week [5][55] - **Coal Transportation**: There is an increase in stocking demand, with the coastal coal transportation price index at 661.75 points, up 3.34% [8][66] - **Coal-related Futures**: Downstream operational rates have decreased, leading to a decline in both coking coal and coke futures prices [68] 2. Coal Sector Market Review - The coal sector has rebounded alongside the broader market, outperforming major indices. The CITIC Coal Index closed at 3244.52 points, with a weekly change of +1.65% [9][73] 3. Industry News Summary - Recent government initiatives emphasize strengthening domestic circulation and enhancing the coal industry's clean and efficient utilization [80][81] - The construction of a new cross-border railway between China and Mongolia is expected to significantly boost coal exports from Mongolia, reshaping trade dynamics [82] 4. Important Announcements from Listed Companies - Several companies have reported operational updates, including production adjustments and strategic asset acquisitions, reflecting ongoing developments in the coal sector [83][85] 5. Next Week's Outlook and Investment Recommendations - The report suggests focusing on undervalued companies with strong performance support, particularly those with minimal non-coal business exposure, such as Xinjie Energy and Huohua Energy [10]

2025 年 5 月 17 日 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。 特此公告。 郑州煤电股份有限公司董事会 为进一步加强与投资者的互动交流，郑州煤电股份有限公司（以 下简称公司）将于 2025 年 5 月 22 日 15:25-16:55 参加在全景网举办 的河南辖区上市公司 2025 年投资者网上集体接待日活动，本次活动 将采用网络远程的方式举行，投资者可登录"全景•路演天下" (http://rs.p5w.net)参与本次互动交流。 拟出席本次网上集体接待日活动的人员有：公司总会计师、董事 会秘书、证券事务代表等，具体以实际参加人员为准。本次活动结束 后，投资者可通过"全景•路演天下"查看本次活动召开情况及主要 内容，欢迎广大投资者积极参与。 证券代码：600121 证券简称：郑州煤电 公告编号：临 2025-023 郑州煤电股份有限公司 关于参加河南辖区上市公司 2025 年 投资者网上集体接待日活动的公告 ...

郑州煤电股份有限公司投资者关系活动记录表 证券代码：600121 公司简称：郑州煤电 郑州煤电股份有限公司 投资者关系活动记录表 投资者关系 活动类别 业绩说明会 活动主题 郑州煤电 2025 年第一季度业绩说明会 时 间 2025 年 5 月 14 日（周三）9:00-10:00 地点/方式 上海证券交易所上证路演中心（https://roadshow.sseinfo.com） 网络文字互动 参会人员 董事长余乐峰，总经理郭金陵，独立董事周晓东，职工代表监事周 雪萍，总会计师房敬，董事会秘书陈晓燕等 投资者关系活动主要内容介绍 一、公司致辞 郑州煤电股份有限公司投资者关系活动记录表 受市场煤价大幅下行影响，公司动力煤售价同比下降 15.62%，公司归母净利润亏 损 6020 万元。面对市场变化，公司董事会高度重视，采取多种措施增产、提质、 降本、促销，对冲因煤价下行给企业带来的不利影响。具体请详见公司 2025 年第 一季度报告。谢谢！ 2.请问公司未来三到五年的发展规划是什么，是否有提升原煤产量的预期， 公司做为河南省第一家煤炭上市企业，目前的产能相对其他几家有些小。公司分 红情况是什么，有没有长远的规划 ...

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The coal sector has seen a decline, underperforming the CSI 300 index, with a drop of 2.19% from April 28 to April 30, while the CSI 300 index fell by 0.43%, resulting in a 1.76 percentage point underperformance [3] - Key monitored enterprises reported an average daily coal sales volume of 7.24 million tons, remaining flat week-on-week but down 1.9% year-on-year [3] - The total coal inventory of key monitored enterprises reached 33.07 million tons as of April 29, a decrease of 0.8% week-on-week but an increase of 32.6% year-on-year [3] - The report anticipates a rebound in coal prices by mid-May, driven by seasonal demand and a decrease in supply [7] Summary by Sections Industry Market Performance Review - The coal industry has underperformed, with a year-to-date decline of 14.42%, trailing the CSI 300 index by 10.24 percentage points [27] - The overall market performance of coal stocks was poor, with only 8 out of 37 stocks rising in price [28] Supply and Demand Dynamics - The average daily coal sales volume for key monitored enterprises was 7.24 million tons, with a year-on-year decrease of 1.9% [3] - The cumulative coal sales volume for the year was 81.82 million tons, down 4.2% year-on-year [10] Price Trends - The price index for thermal coal (Q5500K) was 677 CNY/ton, down 0.15% week-on-week [4] - The price of coking coal remained stable at 1400 CNY/ton, while the futures settlement price for coking coal was 927.5 CNY/ton, down 2.93% week-on-week [5] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies such as China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy [7] - It also recommends attention to coking coal companies like Huaibei Mining and Lu'an Environmental Energy, as well as coking companies with improved year-on-year profits like Jinneng Technology and Meijin Energy [7]

Investment Rating - The report maintains a "Buy" rating for key companies in the coal industry, including China Shenhua, Shaanxi Coal, and China Coal Energy, among others [2][3][11]. Core Insights - The report highlights that coal consumption has decreased due to tariff disruptions, with daily consumption in coastal provinces dropping from 1.871 million tons in late March to 1.760 million tons by April 24, reflecting a year-on-year decrease of 1.6% [1][7]. - Despite low coal prices, there is a lack of upward momentum for coal prices, with expectations of narrow fluctuations in the short term [1][8]. - The report suggests that while there may be a temporary rebound in coking coal prices due to seasonal demand, the overall price increase potential remains limited [2][10]. Summary by Sections Industry Overview - The report notes that the coal price has been experiencing narrow fluctuations, with recent prices reported at 657 CNY/ton for Qinhuangdao port, down 8 CNY from the previous week [8]. - The report indicates that the overall coal market is influenced by both weak demand and tariff disruptions, leading to cautious market sentiment [2][8]. Company Performance - Key companies such as China Shenhua and Shaanxi Coal are recommended for their stable performance and strong cash flow [2][11]. - The report provides earnings forecasts for major companies, with China Shenhua expected to have an EPS of 2.95 CNY in 2024, and a PE ratio of 13 [3]. Market Dynamics - The report highlights that the coal sector has underperformed compared to the broader market, with a weekly decline of 0.8% in the coal sector compared to gains in major indices [12][14]. - It also notes that the coking coal market is expected to stabilize in the short term due to increased demand for steelmaking [10][11]. Investment Recommendations - The report recommends focusing on industry leaders with stable earnings, such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as companies with strong cash flow like Jinkong Coal [2][11]. - It emphasizes the defensive value of companies with low debt and high cash flow amidst ongoing tariff disruptions [8].

Core Viewpoint - Zhengzhou Coal Electricity Co., Ltd. has made significant amendments to its articles of association and governance structure, including the cancellation of the supervisory board and the establishment of new management systems, which will be submitted for approval at the upcoming shareholders' meeting [4][12][13]. Group 1: Amendments to Articles of Association - The revised articles of association will be submitted for review at the 2024 annual shareholders' meeting, with management authorized to handle the necessary filings [1]. - The company has made adjustments to its internal regulations in line with the revised articles of association [2]. Group 2: Board and Supervisory Decisions - The 23rd meeting of the 9th Board of Directors approved the 2024 Environmental, Social, and Governance (ESG) report with unanimous support [4][6]. - The 17th meeting of the 9th Supervisory Board also approved the 2025 Q1 report, confirming compliance with relevant regulations and standards [12][13]. Group 3: Financial Performance - The company reported a significant decline in coal gross profit due to market price impacts, with an average selling price of thermal coal dropping by 15.62% year-on-year in Q1 2025 [18]. Group 4: Investor Communication - An investor performance briefing is scheduled for May 14, 2025, to discuss the 2024 ESG report and Q1 2025 results, allowing for interactive Q&A [21][22][23].

Financial Data Summary - The company has confirmed that the quarterly report content is true, accurate, and complete, with no false records or misleading statements [1][4] - The first quarter financial statements are not audited [1] - The company has provided major accounting data and financial indicators, but specific figures are not detailed in the provided text [2] Shareholder Information - The total number of ordinary shareholders and the situation of the top ten shareholders are to be disclosed, but specific details are not provided in the text [2] Corporate Governance Changes - The company has decided to abolish the supervisory board and amend the articles of association and related rules, which will be submitted for shareholder approval [4] - The reason for abolishing the supervisory board is to further standardize operations and improve corporate governance, in accordance with relevant laws and regulations [4][5] - The powers of the supervisory board will be transferred to the audit committee of the board of directors [4]