Investment Rating - The investment rating for the company is maintained at "Outperform" [1] Core Views - The company benefits from declining coal prices, which positively impacts electricity costs, and continues to repurchase shares to reward investors [3][5] - The company reported a revenue of 28.36 billion yuan in 2024, a decrease of 5.9% year-on-year, and a net profit attributable to shareholders of 1.56 billion yuan, down 31.1% year-on-year [3][4] - The company is expected to see a significant recovery in net profit in 2026 and 2027, with projections of 904 million yuan and 1.48 billion yuan respectively, indicating a growth of 118.6% and 63.4% year-on-year [3][6] Financial Performance Summary - In 2024, the company achieved a coal production and sales volume of 13.68 million tons, an increase of 5.5% and 5.3% year-on-year respectively [4] - The average coal price in 2024 was 669.5 yuan per ton, down 23.3% year-on-year, while the cost per ton was 364.8 yuan, a decrease of 6.6% year-on-year [4] - The company's electricity generation in 2024 was 41.3 billion kWh, reflecting a year-on-year increase of 10.5% [4] Growth Potential - The Haizetang coal mine is expected to enhance coal production capacity, with plans for trial production in mid-2026 and full production in 2027, targeting an output of 10 million tons [5] - The company is actively advancing its energy storage projects, particularly in the all-vanadium flow battery sector [5] - A share repurchase plan for 2025 is being formulated, with a commitment to repurchase at least 300 million yuan worth of shares [5]

Core Viewpoint - Yongtai Energy has demonstrated resilience in its annual report amidst a changing industry landscape characterized by declining thermal coal prices, leveraging its coal-electricity complementary model to achieve solid financial results [1] Financial Performance - In 2024, Yongtai Energy reported operating revenue of 28.357 billion yuan, total profit of 2.502 billion yuan, and net profit attributable to shareholders of 1.561 billion yuan [1] - The company has reduced its asset-liability ratio by 22 percentage points since 2018 to 51.72%, with interest-bearing debt ratio at a low 37.17% [1] Operational Highlights - Yongtai Energy operates 13 "special-grade safe and efficient mines" and 4 ultra-supercritical power generation units, achieving a balance between increased power generation and reduced costs [1] - The company’s electricity business generated 41.26 billion kWh of power, with sales of 39.12 billion kWh, contributing 18.406 billion yuan in revenue [2] - Coal production reached 13.68 million tons, with sales matching this figure, generating 9.167 billion yuan in revenue [2] Strategic Developments - The strategic project, Haizetan Coal Mine, is expected to add 10 million tons of capacity upon reaching full production in 2027, with initial production slated for Q3 2026 [1][3] - The coal-electricity integration model is seen as a key strategy for navigating cyclical fluctuations, providing both fuel supply stability and cost control [3][4] Management and Shareholder Confidence - Yongtai Energy has implemented a share buyback of 343 million yuan and has seen core management increase their holdings by 86 million shares over seven years, signaling strong confidence in the company's value [1][5] - The company ranks in the top 2% of over 5,000 companies in terms of share buyback amount, indicating a commitment to shareholder returns [5] Future Growth Initiatives - The company is diversifying into aluminum resource development, with an estimated 116 million tons of bauxite resources identified, potentially adding over 2.7 billion yuan in annual revenue [7][8] - Plans for a strategic layout in the energy storage sector are underway, aiming to create a dual-driven development model of "traditional energy + new energy storage" [10]

证券代码：600157 证券简称：永泰能源 公告编号：临 2025－030 永泰能源集团股份有限公司 关于股份回购进展的公告 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： ●为稳定公司股价，维护投资者利益，基于对公司投资价值的认可，进一步推 动公司股票价值合理回归，公司正在加快实施 5 亿元至 10 亿元股份回购并用于注 销，同时公司承诺将按期完成本次回购股份并用于注销方案。 ●截至 2025 年 4 月 30 日，公司通过上海证券交易所交易系统以集中竞价交易 方式累计回购股份 28,278.90 万股、支付资金总额 34,342.47 万元（不含交易费用）， 其中：4 月份累计回购股份 4,931.28 万股、支付资金总额 6,611.10 万元。 三、其他事项 公司将严格按照《上市公司股份回购规则》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等相关规定，在回购期限内根据市场情况实施股份 回购，同时根据回购股份事项进展情况及时履行信息披露义务。 特此公告。 公司分别于 2024 年 6 月 ...

本报讯 （记者王僖）4月28日晚，永泰能源集团股份有限公司（以下简称"永泰能源"）同步发布的2024年年报及2025年一 季报显示，2024年，公司实现营业收入283.57亿元，归属于上市公司股东的净利润15.61亿元；今年一季度，公司实现营业收入 56.41亿元，归属于上市公司股东的净利润0.51亿元。 作为区域能源保供的重要力量，永泰能源电力板块在2024年实现发电量412.6亿千瓦时，营业收入占比达64.91%，毛利率 同比显著提升。公司旗下电厂凭借大容量、高参数机组的优势，在江苏、河南等电力负荷中心保持领先地位。张家港沙洲电力 百万级机组利用小时数连续位居江苏省前列；裕中能源作为河南省最大热电联产企业，承担郑州市超三分之一供热任务。2025 年一季度，公司发电量达96.32亿千瓦时，机组深调能力再获突破，周口隆达、裕中能源相继完成25%额定负荷稳燃试验，为电 网调峰及新能源消纳提供有力支持。 为维护投资者利益，永泰能源自2024年6月份启动5亿至10亿元股份回购计划，截至2025年4月10日已累计回购2.46亿股。核 心管理层亦通过增持股票传递对公司长期价值的认可。公司有关人士表示，未来将结合经营状况 ...

Core Viewpoint - The global energy landscape is experiencing significant upheaval, with domestic supply and demand imbalances and fluctuating coal prices. Yongtai Energy (600157) has achieved a revenue of 28.357 billion and a net profit attributable to shareholders of 1.561 billion, demonstrating operational resilience during this unique cycle [1]. Group 1: Company Performance - Yongtai Energy's coal-electricity integration strategy has led to steady profitability amidst industry pressures [1][2]. - The company has constructed an internal cycle system of "coal mining - power generation," which helps buffer against external market fluctuations [1][2]. - The core project, Haizetang Coal Mine, is crucial for the company's coal-electricity integration layout [2][5]. Group 2: Project Development - The Haizetang Coal Mine, which has a planned four-year construction period, has completed its first phase ahead of schedule, marking a significant step in energy upgrading [3][8]. - The mine's second phase is underway, with plans for full production by 2027, directly supplying high-calorific coal to power plants in the Yangtze River Delta [3][17]. - The project is a key initiative for local government energy structure adjustments and high-quality development [5][16]. Group 3: Cost Structure and Profitability - The Haizetang Coal Mine has a resource area of approximately 200 square kilometers and reserves of 1.145 billion tons, with favorable geological conditions leading to lower mining costs [13][15]. - The coal produced is of high quality, with an average calorific value exceeding 6,500 kcal, making it a scarce high-calorific coal type in the market [14][15]. - The mine's logistics efficiency, including direct railway connections, significantly reduces transportation costs, enhancing profitability [15][16]. Group 4: Strategic Integration - Yongtai Energy's coal-electricity integration model is positioned as a key support for navigating cyclical and structural challenges in the energy sector [16][17]. - The synergy between coal production and electricity generation is expected to stabilize cash flows and reduce operational costs, creating a beneficial cycle of "stabilizing electricity with coal and promoting coal with electricity" [17][18]. - The company is seen as a potential high-dividend stock due to its strong cash flow and resilience against market fluctuations [17][18]. Group 5: ESG and Sustainability - Yongtai Energy is committed to building a modern energy system that balances economic and ecological benefits, adhering to green mining standards [18]. - The Haizetang Coal Mine's construction follows strict environmental guidelines, including efficient coal transportation and water treatment systems that support agriculture and ecology [18]. - The project exemplifies the energy sector's shift towards green and low-carbon development, aligning with national energy strategies [18].

Core Viewpoint - Yongtai Energy is solidifying its coal and electricity business, showcasing strong operational performance and strategic project developments in the coal sector [1][2][3][4]. Group 1: Business Performance - The total installed capacity of Yongtai Energy's electricity generation reaches 9.18 million kilowatts, primarily located in Jiangsu and Henan, making it a key player in regional power supply [1]. - In 2024, the electricity business generated revenue of 18.406 billion yuan, a year-on-year increase of 10.14%, accounting for 64.91% of total revenue, with a gross margin of 14.42%, up by 3.74 percentage points [2]. - The company achieved a record electricity generation of 41.26 billion kilowatt-hours in 2024 [2]. - The coal business maintains stable production, with 13 out of 15 coal mines rated as "special grade safe and efficient mines" [2]. Group 2: Project Development - The Haizetang coal mine construction is progressing as planned, entering the second phase with all four shafts fully connected underground [3]. - The mine is expected to produce 3 million tons of coal in 2026 and reach full production of 10 million tons in 2027, significantly enhancing the company's competitive edge [3]. Group 3: Financial Strategy - Yongtai Energy has initiated a valuation enhancement plan to address its stock price being below net asset value, focusing on improving operational efficiency and accelerating key project developments [4]. - The company has implemented a share repurchase plan of 500 million to 1 billion yuan to support stock value recovery, with 293 million yuan spent on repurchases by April 10, 2025 [6]. - In 2024, the company reported total revenue of 28.357 billion yuan and a net profit of 1.561 billion yuan, despite a decline in coal product sales prices [5].

证券代码：600157 证券简称：永泰能源 公告编号：临 2025－026 永泰能源集团股份有限公司 关于召开2024年年度股东大会的通知 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、 召开会议的基本情况 (一)股东大会类型和届次 2024年年度股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 5 月 28 日14 点 30 分 召开地点：山西省太原市小店区亲贤北街 9 号双喜广场 26 层公司会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 28 日至2025 年 5 月 28 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东 大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投 票平台的投票时 ...

永泰能源集团股份有限公司（以下简称"公司"）第十二届监事会第十一次会 议通知于2025年4月15日以书面形式和电子邮件发出，会议于2025年4月25日在山 西省太原市小店区亲贤北街9号双喜广场26层公司会议室召开，会议由监事会主 席曹体伦先生召集并主持，应出席监事3人，实出席监事3人，符合《公司法》等 有关法律法规、规范性文件和《公司章程》的有关规定。 证券代码：600157 证券简称：永泰能源 公告编号：临 2025－022 永泰能源集团股份有限公司 第十二届监事会第十一次会议决议公告 本公司监事会及全体监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个别及连带责任。 一、监事会会议召开情况 二、监事会会议审议情况 （一）2024 年度监事会工作报告 表决结果：同意 3 票、反对 0 票、弃权 0 票。 监事会认为：2024 年度全体监事严格依照《公司法》《公司章程》及有关法 律法规的规定，认真履行监督职能，密切关注公司生产经营、资产质量、内控管 理和规范运作，积极维护公司及股东合法权益，在促进公司规范运作、防范经营 风险、确保股东大会各项决议贯彻落实、 ...

证券代码：600157 证券简称：永泰能源 公告编号：临 2025－021 永泰能源集团股份有限公司 第十二届董事会第二十次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 永泰能源集团股份有限公司（以下简称"公司"）第十二届董事会第二十次会 议通知于 2025 年 4 月 15 日以书面形式和电子邮件发出，会议于 2025 年 4 月 25 日在山西省太原市小店区亲贤北街 9 号双喜广场 26 层公司会议室召开，会议由 董事长王广西先生召集并主持，应出席董事 8 人，实出席董事 8 人，全体监事及 高管人员列席了会议，符合《公司法》等有关法律、行政法规、部门规章、规范 性文件和《公司章程》的有关规定。 二、董事会会议审议情况 会议听取了《2024 年度独立董事述职报告》和《2024 年度董事会审计委员 会履职报告》，并一致审议通过了以下报告和议案： （一）2024 年度董事会工作报告 表决结果：同意 8 票、反对 0 票、弃权 0 票，审议通过本议案。 （三）2025 年度财务预算报 ...