上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于永泰能源集团股份有限公司 差异化分红事项的 上海市锦天城律师事务所（以下简称"本所"）接受永泰能源集团股份有限 公司（以下简称"公司"）的委托，根据《中华人民共和国证券法》（以下简称"《证 券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、《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》《上海证券交 易所上市公司自律监管指南第2号——业务办理第五号权益分派》就公司2023年 度利润分配所涉及的差异化分红（以下简称"本次差异化分红"）相关事项出具 本法律意见。 声明事项 一、本所及本所经办律师依据《证券法》《律师事务所从事证券法律业务管 理办法》及《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见 书出具日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责 和诚实信用原则，进行了充分的核查验证，保证本法律意见书所认定的事实真实、 准确、完整，所发表的结论性意见合法、准确，不存在虚假记载、误导性陈述或 者重大遗漏，并承担相应法律责任。 二、本所及本所经办律师仅就与公司本次差异化分红涉 ...

证券代码：600157 证券简称：永泰能源 公告编号：临 2024－053 永泰能源集团股份有限公司 2023 年年度权益分派实施公告 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： | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/8/23 | － | 2024/8/26 | 2024/8/26 | 差异化分红送转： 是 目前，公司各业务板块生产运营稳定、业绩保持增长、发展持续向好，且公 司 2025 年度至 2027 年度经营业绩和经营性净现金流不断大幅增长，将在确保生 产经营稳定和还本付息基础上，持续加大现金分红力度，促进公司价值不断提升， 与全体股东共享公司成长和发展成果，以实现对全体股东的更好回报。 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 6 月 27 日的 2023 年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2023 年年 ...

Investment Rating - The investment rating for Yongtai Energy (600157) is "Accumulate" [4] Core Views - The company has released its operating performance forecast for 2025-2027, expecting net profits attributable to shareholders to be 2.8 billion, 3.8 billion, and 5.8 billion yuan respectively [1] - The approval of a 5 billion yuan syndicated loan for the Hai Zetan coal mine project demonstrates credit recovery and will accelerate project construction [2] - The acquisition of a 51.0095% stake in Tianyue Coal Industry at a price of 1.29 yuan per share is expected to enhance performance significantly [2] - The company is actively pursuing mining rights for bauxite, which is projected to add over 2.7 billion yuan in annual revenue and approximately 460 million yuan in net profit [1][2] Summary by Relevant Sections Operating Performance Forecast - Expected net profits for 2025-2027 are 2.8 billion, 3.8 billion, and 5.8 billion yuan, representing year-on-year growth rates of 23.58%, 35.71%, and 52.63% respectively [2] - Operating cash flows are projected to be 7.3 billion, 8.5 billion, and 12.2 billion yuan for the same period, with growth rates of 3.92%, 16.44%, and 43.53% [2] Loan Approval and Project Development - The Hai Zetan coal mine has a resource reserve of 1.145 billion tons and is expected to produce 3 million tons in 2026 and reach full capacity of 10 million tons in 2027, contributing an estimated 9 billion yuan in annual revenue and 4.4 billion yuan in net profit [2] Asset Acquisition - The acquisition of Tianyue Coal Industry is expected to increase coal resource reserves by 28.37 million tons and annual production capacity by 600,000 tons, leading to an increase in earnings per share from 0.1020 to 0.1038 yuan, a rise of 1.76% [2] Profitability and Valuation - The company is projected to achieve net profits of 2.493 billion, 2.876 billion, and 3.412 billion yuan for 2024-2026, with corresponding EPS of 0.11, 0.13, and 0.15 yuan, and P/E ratios of 9.98, 8.65, and 7.29 [3]

证券代码：600157 证券简称：永泰能源 公告编号：临 2024－052 二、本次调整2023年度利润分配方案每股分配金额的原因 公司于2024年6月25日召开第十二届董事会第十次会议审议通过了《关于以 集中竞价交易方式回购公司股份方案的议案》；于2024年7月24日召开第十二届 董事会第十一次会议审议通过了《关于增加股份回购金额的议案》和《关于变更 永泰能源集团股份有限公司 关于调增 2023 年度利润分配方案 每股分配比例的公告 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个别及连带责任。 重要内容提示： 每股分配比例：每股派发现金红利由 0.0055（含税）调增至 0.00555 元 （含税，保留小数点后五位）。 本次调整的原因：为增强公众投资者对公司的信心，推动公司股票价值 合理回归，切实保护全体股东的合法权益，自 2023 年度利润分配方案披露之日 起至本公告披露日，永泰能源集团股份有限公司（以下简称"公司"）通过上海证 券交易所交易系统以集中竞价交易方式实施股份回购，累计回购股份 174,600,000 股，公司本次实际 ...

证券代码：600157 证券简称：永泰能源 公告编号：临 2024－051 永泰能源集团股份有限公司 关于公司核心管理人员 第七次增持公司股票计划的公告 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个别及连带责任。 | 序号 | 姓名 | 职务 | 本次增持前 持股数量（股） | 占公司总股本 的比例% | | --- | --- | --- | --- | --- | | | | 一、公司董事、监事及高级管理人员（不含独立董事、外部监事） | | | | 1 | 王广西 | 董事长 | 3,750,000 | 0.0169 | | 2 | 窦红平 | 常务副董事长 | 3,720,000 | 0.0167 | | 3 | 常胜秋 | 副董事长、总经理 | 3,790,000 | 0.0171 | | 4 | 王 军 | 董事、常务副总经理 | 3,800,000 | 0.0171 | | 5 | 涂为东 | 董事、副总经理 | 3,450,000 | 0.0155 | | 6 | 曹体伦 | 监事会主席 | 3,450,000 | ...

P A G E 回购方案首次披露日 2024 年 6 月 26 日 回购方案实施期限 2024 年 6 月 25 日至 2025 年 6 月 24 日 预计回购金额 50,000 万元至 100,000 万元 回购用途 √减少注册资本 □用于员工持股计划或者股权激励 □用于转换公司可转债 □为维护公司价值及股东权益 累计已回购股数 17,460 万股 累计已回购股数占总股本比例 0.79% 累计已回购金额 19,732.90 万元 实际回购价格区间 1.02 元/股-1.25 元/股 重要内容提示： 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）。 证券代码：600157 证券简称：永泰能源 公告编号：临 2024－050 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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to further enhance its coal assets, with promising new projects in its main business in the future [1] - The recent approval of a 5 billion yuan syndicated loan will accelerate the construction of the Haizetang coal mine project, which has a high-quality coal resource of 1.145 billion tons [3][4] - The acquisition of a 51.0095% stake in Tianyue Coal Industry is projected to increase the company's coking coal resources by 28.3696 million tons and annual production capacity by 600,000 tons [5] Financial Performance and Forecast - The company’s revenue for 2024-2026 is projected to be 33.06 billion, 33.83 billion, and 35.43 billion yuan, respectively, with year-on-year growth rates of +10%, +2%, and +5% [6][7] - The net profit attributable to shareholders is expected to be 2.428 billion, 2.754 billion, and 3.295 billion yuan for the same period, reflecting growth rates of +7%, +13%, and +20% [6][7] - The earnings per share (EPS) are forecasted to be 0.11, 0.12, and 0.15 yuan for 2024, 2025, and 2026, respectively [6][7] Key Projects and Developments - The Haizetang coal mine is expected to start production in June 2026, with an annual output of 3 million tons in the first year and 10 million tons upon reaching full capacity [6] - The coal-to-aluminum project is anticipated to generate additional annual revenue of over 2.7 billion yuan and a net profit of approximately 460 million yuan [5] Market Performance - The company's stock has outperformed the CSI 300 index by 4.3% over the past month, while it has underperformed by 9.7% over the past three months and 18.8% over the past year [2]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 1.88 CNY per share, maintaining the same rating as before [4]. Core Insights - The company has secured credit support of up to 3.5 billion CNY from Shanxi Bank and Jinshang Bank, which will help strengthen its energy business and achieve high-quality development [2]. - The company plans to expand its high-quality coking coal resources, with three coal mines expected to increase resource area by 5.2919 square kilometers, predicting a resource volume of approximately 19.75 million tons [2]. - The credit support is expected to enhance the company's ability for stock buybacks and cash dividends, optimizing its debt structure and improving overall financial management [2]. - The expansion of coking coal capacity is projected to solidify the company's core business and enhance long-term earnings elasticity, with an estimated increase in asset value of about 2.4 billion CNY and a potential profit increase of approximately 3 billion CNY [2]. - Earnings per share (EPS) forecasts for 2024-2026 are 0.12, 0.13, and 0.16 CNY respectively, indicating significant profit elasticity in the long-term coal and electricity business [2]. Financial Summary - Revenue for 2022 was 35.56 billion CNY, with a projected decline to 30.12 billion CNY in 2023, followed by a slight recovery to 31.01 billion CNY in 2024 [3]. - The net profit attributable to shareholders is expected to grow from 2.27 billion CNY in 2023 to 3.51 billion CNY in 2026, reflecting a compound annual growth rate [3]. - The company's EBITDA is projected to increase from 8.1 billion CNY in 2023 to 10.12 billion CNY in 2026, indicating improving operational efficiency [3]. - The price-to-earnings (P/E) ratio is expected to decrease from 13.43 in 2023 to 7.66 in 2026, suggesting a more attractive valuation over time [3].

Investment Rating - The report maintains an "Accumulate-A" investment rating for Yongtai Energy (600157.SH) [1] Core Views - The company is focusing on both organic growth and acquisitions to strengthen asset quality, with performance forecasts indicating confidence in future development [1][5] - Recent announcements include plans to acquire a 51.0095% stake in Tianyue Coal Industry and expand coal resources in three mines, which are expected to enhance the company's high-margin coking coal production [2][3] - The company has secured a credit approval for a 5 billion yuan syndicated loan, which supports the production progress of the Haizetang coal mine, with production targets set for 2026 and 2027 [4][5] Summary by Sections Recent Market Performance - The company's stock closed at 1.21 yuan on August 8, 2024, with a yearly high of 1.53 yuan and a low of 1.01 yuan [2] Event Description - The company announced plans to acquire Tianyue Coal Industry and expand coal resources, predicting a resource increase of approximately 19.75 million tons from three mines [2] - The forecasted net profit for 2025 is 2.8 billion yuan, representing a year-on-year increase of 23.58% from 2023 [2] Financial Data and Valuation - The company expects to achieve net profits of 2.473 billion yuan in 2024, 2.707 billion yuan in 2025, and 3.596 billion yuan in 2026, with respective year-on-year growth rates of 9.2%, 9.5%, and 32.8% [7] - The projected EPS for 2024, 2025, and 2026 is 0.11 yuan, 0.12 yuan, and 0.16 yuan, with corresponding P/E ratios of 10.9, 9.9, and 7.5 [5][7] Investment Recommendations - The report suggests that the company's focus on coal production and strategic acquisitions will enhance its sustainable development capabilities, leading to an upward revision of profit forecasts for 2025-2026 [5] - The company is committed to a development strategy centered on coal and electricity, with a focus on high-margin coking coal business and improving profitability in the power sector [5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 1.32 CNY per share [2][4]. Core Views - The company is expected to achieve net profits of 2.8 billion, 3.8 billion, and 5.8 billion CNY for the years 2025 to 2027, respectively, driven by ongoing resource development projects [1]. - The approval of a 5 billion CNY syndicated loan for the Hai Zetan coal mine project is anticipated to accelerate its construction and production timeline, potentially generating an additional revenue of approximately 9 billion CNY and a net profit of around 4.4 billion CNY once operational [1]. - The acquisition of a 51.0095% stake in Tianyue Coal Industry is expected to enhance the quality of the company's coking coal assets and create operational synergies, increasing coking coal reserves by 28.36 million tons and annual production capacity by 600,000 tons [1]. Financial Forecasts - The company is projected to achieve net profits of 2.77 billion, 3.03 billion, and 3.29 billion CNY for the years 2024 to 2026, with earnings per share of 0.12, 0.14, and 0.15 CNY, respectively [2][6]. - Revenue is expected to grow from 30.52 billion CNY in 2024 to 31.93 billion CNY in 2026, with a compound annual growth rate of approximately 2.4% [6][2]. - The gross margin is forecasted to improve from 29.9% in 2024 to 32.5% in 2026, indicating enhanced operational efficiency [6][2].