Investment Rating - The investment rating for the company is "Accumulate" [2] Core Views - The company's power business has significantly turned profitable, accelerating the transition to energy storage [2] - In 2023, the company achieved an operating revenue of 30.12 billion yuan, a decrease of 15.29%, while the net profit attributable to shareholders was 2.27 billion yuan, an increase of 18.67% [5][6] - The coal segment maintained stable profitability despite a decrease in sales prices, with a revenue of 12.42 billion yuan, down 9.30% [5] - The power segment's revenue increased by 6.28% to 16.71 billion yuan, benefiting from lower raw material costs [5] - The company is focusing on the all-vanadium flow battery technology for energy storage, with significant projects expected to commence production in Q4 2024 [5] - Profit forecasts for 2024-2026 indicate net profits of 2.67 billion, 2.77 billion, and 2.84 billion yuan respectively, with a current PE ratio of 11.1, 10.7, and 10.5 times [5] Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 7.32 billion yuan, an increase of 3.58%, and a net profit of 467 million yuan, up 11.41% [5] - The coal production for 2023 was 12.97 million tons, an increase of 17.58%, while the sales volume was 12.99 million tons, up 17.98% [5] - The average selling price of self-produced coal decreased by 18.20% to 697 yuan per ton [5] Business Segments - The coal segment's operating cost increased by 16.04% to 6.23 billion yuan, while the power segment's operating cost decreased by 11.18% to 14.93 billion yuan [5] - The power segment's gross margin improved to 10.68%, an increase of 17.55 percentage points due to lower production costs [5] Future Outlook - The company is expected to maintain stable performance due to its integrated coal and power operations, with a projected revenue growth of 2.5% in 2026 [6] - The ongoing projects in the energy storage sector are anticipated to enhance the company's core competitiveness and long-term profitability [5]

Investment Rating - The report maintains a "Buy" rating for Yongtai Energy [2] Core Views - Yongtai Energy reported a total revenue of 30.12 billion yuan in 2023, a year-on-year decrease of 15.9%, while the net profit attributable to shareholders was 2.266 billion yuan, an increase of 18.67% year-on-year [3][4] - The company is experiencing a significant recovery in its power generation business, with a notable increase in net profit in Q4 2023, which reached 642 million yuan, up 74.5% year-on-year [4] - The company is advancing key projects, including coal mining and energy storage, which are expected to enhance future growth [4] Financial Performance Summary - In 2023, Yongtai Energy achieved a coal production of 12.97 million tons and a sales volume of 12.99 million tons, both up by 17.6% year-on-year [4] - The average selling price of coal was 872.5 yuan per ton, down 27.7% year-on-year, while the cost per ton was 390.42 yuan, down 13.6% year-on-year [4] - The company completed a power generation of 37.349 billion kWh in 2023, an increase of 4.2% year-on-year, with a significant reduction in power generation costs [4] - The projected net profits for 2024, 2025, and 2026 are 2.7 billion yuan, 3.0 billion yuan, and 3.1 billion yuan respectively, with corresponding EPS of 0.12, 0.13, and 0.14 yuan [5][7] Key Projects and Future Growth - The company is on track with its coal mining project in Shaanxi, which is expected to start production in Q3 2026 [4] - The energy storage production line is set to be completed by Q4 2024, which is anticipated to open a new growth avenue for the company [4]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company's performance improved due to the simultaneous growth in coal and electricity sectors, with a focus on energy storage and new coal mine developments [2][4] - In 2023, the company achieved operating revenue of 30.12 billion yuan, a year-on-year decrease of 15.3%, while net profit attributable to shareholders increased by 18.7% to 2.27 billion yuan [2][4] - The company expects net profits for 2024-2026 to be 2.41 billion, 2.60 billion, and 2.71 billion yuan respectively, reflecting year-on-year growth of 6.4%, 8.0%, and 4.0% [2][4] Financial Summary - In 2023, coal production and sales improved, with raw coal production and sales increasing by 17.6% and 18.0% respectively [4] - The company’s coal business gross profit for Q1 2024 was 1.23 billion yuan, a year-on-year decrease of 27.4% due to falling market coal prices [4] - The electricity business saw significant improvement in gross profit margins, with a 17.6 percentage point increase to 10.7% in 2023 [4] Project Developments - The company is accelerating the construction of a 1,000MW all-vanadium flow battery project, with the first phase expected to be operational by Q4 2024 [4] - The company has also initiated a high-purity vanadium pentoxide production line, which is projected to capture 20% of the domestic market share upon completion [4]

●被担保人名称：张家港华兴金城电力有限公司（以下简称"华兴金城电力"）、 山西沁源康伟森达源煤业有限公司（以下简称"森达源煤业"）、山西康伟集团有 限公司（以下简称"康伟集团"）、张家港沙洲电力有限公司（以下简称"张家港 沙洲电力"）、张家港华兴电力有限公司（以下简称"张家港华兴电力"）、华熙 矿业有限公司（以下简称"华熙矿业"）、华瀛石油化工有限公司（以下简称"华 瀛石化"）、华瀛（惠州大亚湾）石化码头仓储有限公司（以下简称"华瀛码头"）、 山西康伟集团煤炭销售有限公司（以下简称"康伟煤炭销售公司"）、山西康伟集 团南山煤业有限公司（以下简称"南山煤业"）、山西灵石银源兴庆煤业有限公司 （以下简称"兴庆煤业"）、丹阳中鑫华海清洁能源有限公司（以下简称"丹阳中 鑫华海"）。 ●本季度担保金额：本季度担保金额合计 405,454.28 万元，主要为到期续保， 被担保方为公司全资子公司、公司所属全资、控股及控制公司，其生产经营状况 良好，担保风险较小且可控。 ●对外担保累计金额：截至 2024 年 3 月 31 日，公司及下属公司提供担保累 计金额为 2,094,260.89 万元（其中：公司内部担保累计金额为 ...

永泰能源集团股份有限公司 内部控制审计报告 和信审字（2024）第 000389 号 目 录 页 码 一、内部控制审计报告 1-2 the state 和信会计师事务所（特殊普通合伙） 二〇二四年四月二十四日 永泰能源集团股份有限公司 报告正文 内部控制审计报告 和信审字(2024)第 000389 号 永泰能源集团股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们 审计了永泰能源集团股份有限公司 2023年12月 31日的财务报告内部控制的有效 性。 一、企业对内部控制的责任 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情 况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低, 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 =信会计师事务所(特殊普通合伙) 永泰能源集团股份有限公司 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评 价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是永泰能源集团 股份有限公司董事会的责任。 二、 ...

永泰能源集团股份有限公司 2023 年度内部控制评价报告 永泰能源集团股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下 简称"企业内部控制规范体系"），结合本公司（以下简称公司）内部控制制度和评价办法， 在内部控制日常监督和专项监督的基础上，我们对公司2023年12月31日（内部控制评价报 告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性， 并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制 进行监督。经理层负责组织领导企业内部控制的日常运行。公司董事会、监事会及董事、 监事、高级管理人员保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对 报告内容的真实性、准确性和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息 真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性， 故仅能为实现上述目标提供合理保证。此外，由于情况的变化可能导致内部控制变得不恰 当，或对控制政策 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 7,321,380,690.17, representing a year-on-year increase of 3.58%[4] - The net profit attributable to shareholders for Q1 2024 was CNY 466,615,132.37, reflecting an increase of 11.41% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 470,524,212.58, up by 12.04% year-on-year[4] - The basic and diluted earnings per share for Q1 2024 were both CNY 0.0210, an increase of 11.11% year-on-year[4] - The total comprehensive income for Q1 2024 was ¥433,038,712.49, compared to ¥407,810,566.85 in Q1 2023, indicating a growth of 6.2%[19] - Operating profit for Q1 2024 was ¥877,832,760.42, up 39.4% from ¥629,801,462.19 in Q1 2023[18] - Net profit attributable to shareholders of the parent company for Q1 2024 was ¥466,615,132.37, compared to ¥418,808,840.35 in Q1 2023, reflecting a growth of 11.4%[19] Cash Flow and Assets - The net cash flow from operating activities for Q1 2024 was CNY 1,115,180,567.17, showing a growth of 1.99% compared to the previous year[4] - The company's cash and cash equivalents increased to approximately ¥1.96 billion from ¥1.79 billion, reflecting a growth of about 9.5%[14] - The total current liabilities decreased to approximately ¥19.91 billion from ¥21.66 billion, a reduction of about 8.1%[16] - Long-term borrowings rose to approximately ¥16.16 billion, up from ¥15.39 billion, indicating an increase of about 5%[16] - The ending balance of cash and cash equivalents was 1,478,160,061.20 CNY, up from 1,159,629,152.83 CNY year-over-year[21] - The net increase in cash and cash equivalents was 311,541,234.91 CNY, contrasting with a decrease of -842,562,926.63 CNY in the previous year[21] Production and Sales - In Q1 2024, the company achieved a raw coal output of 2.3952 million tons, a year-on-year increase of 0.49%, and sales of 2.3742 million tons, a decrease of 1.79%[11] - The company’s power generation reached 9.999 billion kWh in Q1 2024, an increase of 14.15% year-on-year, with electricity sales of 9.470 billion kWh, up 14.23% year-on-year[11] Costs and Expenses - The company reported a decrease in tax expenses to ¥197,071,022.93 in Q1 2024 from ¥240,831,322.50 in Q1 2023, a decline of 18.2%[18] - Research and development expenses decreased to ¥17,468,620.59 in Q1 2024 from ¥25,481,505.85 in Q1 2023, a reduction of 31.5%[18] - Total operating costs for Q1 2024 were ¥6,443,705,663.06, an increase of 0.74% from ¥6,396,421,636.07 in Q1 2023[18] Strategic Developments - The Haizetang coal mine project has made significant progress, with the main shafts successfully revealing the main coal seam ahead of schedule, marking a step closer to the target of coal production by Q3 2026[11] - The company implemented a strategy of optimizing product structure and market layout, which enhanced marketing efficiency and profitability[12] - The company is advancing its energy storage projects, with a 3,000 tons/year high-purity vanadium pentoxide production line and a 300MW/year vanadium flow battery production line expected to be operational by Q4 2024[13] - The company is establishing a full industry chain sales network for its energy storage products, aiming to enhance market penetration and strategic partnerships[13] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 423,753[6] - The equity attributable to shareholders at the end of Q1 2024 was CNY 46,736,360,910.99, which is an increase of 0.75% compared to the end of the previous year[4]

证券代码：600157 证券简称：永泰能源 公告编号：临 2024－007 永泰能源集团股份有限公司 2023 年年度利润分配方案公告 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 10 股派发现金红利 0.055 元（含税）。 ●本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期 将在权益分派实施公告中明确。 ●在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分配总额 不变，相应调整每股分配比例，并将在相关公告中披露。 ●本年度现金分红比例低于 30%的主要原因：目前公司处于重整后的信用 和融资功能修复阶段，经营性现金流须按照重整（重组）方案安排满足还本付息， 以及维持再生产和重点项目建设资金需求。 一、利润分配方案内容 本次利润分配方案尚需提交公司股东大会审议。 二、本年度现金分红比例低于 30%的情况说明 报告期内，公司实现归属于上市公司股东的净利润 2,265,702,453.59 元，拟 分配的现金红利总额 122,197,702.80 元，占本年度归 ...

（一）个人工作履历、专业背景以及兼职情况 洪潮波，汉族，1966 年 9 月出生，本科学历，会计师。曾任湛江经济技术 开发区国际金融大厦集团公司职员，广东龙虎豹酒业有限公司会计、驻外销售办 事处财务主管，深圳市宝安华周电子有限公司会计主管，广东扬帆矿业有限公司 财务经理、财务总监；现任湛江市大业建材有限公司总会计师、财务总监。2022 年 12 月至今任公司第十二届董事会独立董事、薪酬与考核委员会召集人、提名 委员会成员。 （二）是否存在影响独立性的情况 永泰能源集团股份有限公司 2023 年度独立董事述职报告 （洪潮波） 2023 年度，本人作为永泰能源集团股份有限公司（以下简称"公司"）第十 二届董事会独立董事，严格按照《公司法》《证券法》《上市公司独立董事管理办 法》等法律法规、规范性文件及《永泰能源集团股份有限公司章程》《永泰能源 集团股份有限公司独立董事工作制度》有关规定，勤勉尽责，忠实、独立地履行 职责，积极了解年度内公司经营与发展情况，充分发挥独立性和专业性作用，有 效维护公司股东尤其是中小股东的合法权益，持续提升公司治理水平。现将 2023 年度履职情况报告如下： 一、独立董事的基本情况 年度 ...

证券代码：600157 证券简称：永泰能源 公告编号：临 2024－009 永泰能源集团股份有限公司 关于召开 2023 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： 股东大会召开日期：2024年6月27日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 6 月 27 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 2024 年 6 月 27 日至 2024 年 6 月 27 日 一、 召开会议的基本情况 (一) 股东大会类型和届次 2023 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 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 ...