证券代码：600157 证券简称：永泰能源 公告编号：临 2024－058 永泰能源集团股份有限公司 关于发行股份购买资产事项的进展公告 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、本次交易的基本情况 公司将继续积极推进相关工作，并严格按照相关法律法规的规定和要求履行 信息披露义务，敬请广大投资者关注公司后续公告并注意投资风险。 特此公告。 2024年8月7日，公司召开第十二届董事会独立董事专门会议、第十二届董事 会第十二次会议、第十二届监事会第七次会议分别审议通过了《关于公司发行股 份购买资产方案的议案》《关于<永泰能源集团股份有限公司发行股份购买资产预 案>及其摘要的议案》等相关议案，具体内容详见公司于2024年8月8日在上海证 券交易所网站（www.sse.com.cn）披露的相关公告。经向上海证券交易所申请， 公司股票自2024年8月8日（星期四）开市起复牌。 截至本公告披露日，公司及相关各方正在有序推进本次交易的各项工作， 本次交易涉及的尽职调查、审计和评估等相关工作尚未完成。公司将在审计、 评估等相关 ...

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。 证券代码：600157 证券简称：永泰能源 公告编号：临 2024－058 永泰能源集团股份有限公司 关于发行股份购买资产事项的进展公告 P A G E 所网站（www.sse.com.cn）刊登的公告为准。 公司将继续积极推进相关工作，并严格按照相关法律法规的规定和要求履行 信息披露义务，敬请广大投资者关注公司后续公告并注意投资风险。 一、本次交易的基本情况 永泰能源集团股份有限公司（以下简称"公司"）拟通过发行股份方式购买 山西昕益能源集团有限公司持有的山西灵石昕益天悦煤业有限公司51.0095%股 权（以下简称"本次交易"）。 二、本次交易的进展情况 因筹划发行股份购买资产事项，经向上海证券交易所申请，公司股票自2024 年7月25日（星期四）开市起停牌。具体内容详见公司于2024年7月25日、8月1日 在上海证券交易所网站（www.sse.com.cn）披露的《关于筹划重大事项暨停牌公 告》（公告编号：临2024－035）、《关于筹划重大事项的停牌进展公告》（公告编 ...

证券代码：600157 证券简称：永泰能源 公告编号：临 2024－057 永泰能源集团股份有限公司 关于股份回购进展的公告 具体内容详见公司于2024年6月26日、7月2日、7月24日在上海证券交易所网 站（www.sse.com.cn）披露的《关于以集中竞价交易方式回购公司股份方案的公 告》（公告编号：临2024－024）、《关于以集中竞价交易方式回购公司股份的 回购报告书》（公告编号：临2024－029）、《关于增加回购股份金额及变更回 购股份用途并注销的公告》（公告编号：临2024－032）。 二、回购股份的进展情况 根据《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，在回购股份期间，公司应当在每个月的前3个交 易日内披露截至上月末的回购进展情况。现将公司回购进展情况公告如下： 截至2024年8月31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203,608,000股，占公司总股本的比例为0.92%，回购成交的最高 价为1.25元/股，最低价为1.02元/股，支付的资金总额为229,037,780.08元（不含交 易费用）。上述回购进 ...

Investment Rating - The investment rating for the company is "Accumulate-A" (maintained) [1] Core Views - The company's performance is supported by cost reduction and incremental growth in its power business, leading to improved financial results [2][3] - The integration of coal and electricity operations is showing positive effects, with a notable increase in the profitability of the power segment [3][6] Financial Performance Summary - For the first half of 2024, the company achieved total revenue of 14.512 billion yuan, a year-on-year increase of 3.80% [2] - The net profit attributable to shareholders was 1.189 billion yuan, reflecting a year-on-year growth of 17.45% [2] - The company's cash flow from operating activities was 3.037 billion yuan, up 1.47% year-on-year [2] - The basic earnings per share (EPS) was 0.0535 yuan, an increase of 17.32% year-on-year [2] - The weighted average return on assets (ROA) improved to 2.54%, up by 0.27 percentage points year-on-year [2] Power Business Performance - The company optimized its power generation strategy, resulting in a power generation volume of 19.365 billion kWh, a year-on-year increase of 4.16% [3] - The on-grid electricity volume reached 18.356 billion kWh, up 13.55% year-on-year [3] - The average comprehensive selling price of electricity was 0.4796 yuan/kWh, a slight increase of 0.67% year-on-year [3] - The average cost per kWh decreased to 0.4055 yuan, down 8.87% year-on-year due to a higher proportion of long-term contract coal [3] Coal Business Performance - The company's coal production and sales experienced a slight decline, with raw coal production at 5.982 million tons, down 1.11% year-on-year [3] - The average selling price of coal was 807.68 yuan/ton, a decrease of 12.09% year-on-year [3] - The coal business revenue was 4.783 billion yuan, down 14.44% year-on-year, with a gross margin of 54.24%, a decrease of 4.29 percentage points year-on-year [3] Future Outlook - The company plans to expand its production capacity, with the Haizetai coal mine expected to start production in June 2026, targeting an output of 3 million tons in the same year [4][5] - The company is also focusing on becoming a leader in the energy storage industry, with several projects underway [5] - The earnings per share (EPS) forecasts for 2024-2026 are projected to be 0.11, 0.12, and 0.15 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 9.9, 9.0, and 7.2 times [6]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company has shown positive performance in the first half of 2024, with a revenue of 14.512 billion yuan, a year-on-year increase of 3.80%, and a net profit attributable to shareholders of 1.189 billion yuan, up 17.45% year-on-year [5] - The company is expected to achieve a net profit of 2.41 billion yuan in 2024, with a growth forecast of 6.4% year-on-year, and an EPS of 0.11 yuan, corresponding to a PE ratio of 10.2 times [5] - The company is focusing on improving asset quality and leveraging a coal-electricity complementary business model to ensure stable growth [5] Financial Summary - In H1 2024, the company achieved a revenue of 53.4 billion yuan from coal operations, a decrease of 8.41% year-on-year, while the electricity business generated 88.0 billion yuan, an increase of 14.3% year-on-year [5] - The coal production and sales volume were 5.98 million tons and 5.92 million tons respectively, with a year-on-year decrease of 1.1% and 2.7% [5] - The average price of raw coal was 425.0 yuan per ton, down 19.0% year-on-year, while the price of washed coal increased by 3.5% to 1575.1 yuan per ton [5] - The company aims to enhance its profitability through various measures, including increasing production efficiency and optimizing power generation strategies [5][6] Growth Potential - The Hai Zhe Tan coal mine is expected to significantly boost profits, with a projected annual capacity of 10 million tons and a potential net profit increase of over 170% compared to 2023 once fully operational [5] - The company is actively developing a full vanadium flow battery supply chain, aiming for a market share of over 30% by 2030 in the energy storage sector [5]

[Table_Main] 证券研究报告 | 公司点评 永泰能源(600157.SH) 2024 年 08 月 28 日 买入（维持） 所属行业：煤炭/煤炭开采 当前价格(元)：1.11 证券分析师 翟堃 资格编号：s0120523050002 邮箱：zhaikun＠tebon.com.cn 薛磊 资格编号：S0120524020001 邮箱：xuelei＠tebon.com.cn 研究助理 谢佶圆 邮箱：xiejy＠tebon.com.cn 市场表现 永泰能源 沪深300 -34% -26% -17% -9% 0% 9% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|-------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | 0.91 | -7.50 | -15.27 | | 相对涨幅(%) | 3.96 | -3.19 | -6.18 | 资料来源：德邦研究所，聚源数据 相关研究 1.《永泰能源事件点评：资源规模扩张， 业绩增长可期》，2024.8.8 2 ...

证券代码：600157 证券简称：永泰能源 公告编号：临 2024－056 永泰能源集团股份有限公司 2024年第二季度主要经营数据公告 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个别及连带责任。 一、煤炭产品主要经营数据 二、电力产品主要经营数据 | 项 目 | | | 发电量（亿千瓦时） | | 同比 | | 同比 | 上网电量（亿千瓦时） | 同比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2024 | 年 | 同比 | 2024 年 | | 2024 年 | | 2024 年 | | | | 第 2 | 季度 | 增减（%） | 1－2 季度 | 增减 | 第 季度 2 | 增减 | 1－2 季度 | 增减 | | | | | | | （%） | | （%） | | （%） | | 一、河南省 | 36.6961 | | 23.91 | 81.4014 | 21.19 | 34.5157 | 24.15 | 76.4143 | 21 ...

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, with total revenue reaching 1.2 billion CNY, representing a 15% year-over-year growth[11]. - The net profit for the first half of 2024 was 300 million CNY, which is a 20% increase compared to the same period last year[11]. - The company's operating revenue for the first half of 2024 reached ¥14.51 billion, an increase of 3.80% compared to ¥13.98 billion in the same period last year[15]. - Net profit attributable to shareholders was ¥1.19 billion, reflecting a growth of 17.45% from ¥1.01 billion year-on-year[15]. - The net profit after deducting non-recurring gains and losses was ¥1.11 billion, up 10.66% from ¥1.00 billion in the previous year[15]. - Basic earnings per share increased to ¥0.0535, a rise of 17.32% compared to ¥0.0456 in the same period last year[16]. - The company's operating profit rose to ¥2.03 billion, compared to ¥1.49 billion in the previous year, marking a year-on-year increase of 36.1%[90]. - The total comprehensive income for the first half of 2024 was ¥1.07 billion, slightly down from ¥1.09 billion in the same period of 2023[91]. User Growth and Market Expansion - User data indicates a growth in active users by 25%, reaching 2 million active users by the end of June 2024[11]. - The company is planning to expand its market presence in Southeast Asia, targeting a 5% market share by the end of 2025[11]. - The company is focusing on market expansion, targeting new regions in Asia, which could increase market share by 5%[111]. Investment and Development - Investment in new technologies and product development has increased by 30%, with a focus on renewable energy solutions[11]. - Ongoing research and development efforts are aimed at enhancing existing technologies, with an investment of 50 million allocated for the next fiscal year[111]. - The company has initiated the resource expansion project for high-quality coking coal, with an estimated additional resource of about 19.75 million tons from three coal mines[25]. - The company is actively developing a full vanadium flow battery supply chain to enhance its energy storage strategy[22]. Operational Efficiency - The company has implemented new strategies to improve operational efficiency, aiming for a 10% reduction in operational costs by the end of 2024[11]. - The company has implemented a comprehensive internal supervision system to enhance governance and risk management[28]. - The company has revised and improved 21 internal control management systems to enhance compliance and operational efficiency[27]. Environmental Initiatives - The company has committed to sustainability initiatives, with a goal to reduce carbon emissions by 30% over the next five years[111]. - The company reported zero wastewater discharge and maintained emissions below government standards for various pollutants in the first half of 2024[51]. - The company has achieved a reduction of approximately 308,200 tons of carbon dioxide emissions by promoting the consumption of renewable energy, totaling 365 million kilowatt-hours[60]. - The company has invested 2.1759 million RMB in environmental dust control facilities and upgraded wastewater treatment stations, achieving 100% reuse of treated water[27]. Financial Stability and Debt Management - The company has repaid a total of 50.6 billion RMB in debt, reducing interest-bearing liabilities from 70.9 billion RMB to 40.2 billion RMB, resulting in a decrease in the debt-to-asset ratio from 73.18% to 51.29%[26]. - The company has a total credit limit of 12 billion RMB, with 25 billion RMB currently utilized for guarantees[72]. - The company has a commitment not to reduce its holdings in Yongtai Energy shares for five years starting from December 16, 2020[63]. Risk Management - The company has identified potential risks related to market volatility and regulatory changes, with strategies in place to mitigate these risks[11]. - The company faces macroeconomic volatility risks, emphasizing the need for enhanced risk management and production strategy adjustments[46]. - Market competition risks are increasing due to the rise of clean and renewable energy, prompting the company to explore new market development[46]. Shareholder Value and Dividends - The board has approved a profit distribution plan, although no specific dividend has been declared for this period[11]. - The company plans to implement a share buyback program of 500 million to 1 billion RMB to enhance shareholder value[26]. Legal and Compliance - The company has not faced any penalties or compliance issues during the reporting period[67]. - The company reported no significant litigation or arbitration matters that would impact its financial performance[64]. Financial Reporting and Accounting Practices - The company adheres to the accounting standards set by the Ministry of Finance, ensuring transparency and compliance in financial reporting[106]. - The company has established materiality thresholds for financial reporting, with significant receivables and investments being monitored closely[109]. - The company recognizes revenue when control of goods is transferred to customers, with specific criteria ensuring that the transaction has commercial substance and collectability is probable[162].

永泰能源集团股份有限公司 关于加快股份回购进度及推迟 2023 年度利润分配 实施的公告 证券代码：600157 证券简称：永泰能源 公告编号：临 2024－054 永泰能源集团股份有限公司董事会 二〇二四年八月二十一日 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个别及连带责任。 为稳定公司股价，加快股份回购进度，维护投资者尤其是中小投资者利益， 永泰能源集团股份有限公司（以下简称"公司"）于2024年8月20日召开第十二 届董事会第十三次会议，一致审议通过了《关于加快股份回购进度及推迟2023年 度利润分配实施的议案》。现将相关内容公告如下： 鉴于目前公司股价被严重低估，为进一步保护投资者利益，公司董事会决定 加快股份回购进度用于注销以减少注册资本，因回购股份将导致参与利润分配股 份总数减少，致使每股现金红利金额暂无法确定；同时，因现金分红总额不变， 将相应调增每股现金红利水平，为此公司推迟 2023 年度利润分配方案实施。目 前，公司现金流充沛，具体分红时间及方式待公司股份回购实施一定进展且股价 稳定后再行确定。 特此公告。 ...