Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6][8]. Core Views - The company experienced a significant decline in revenue and net profit in 2024, with revenue at CNY 36.44 billion, down 40.72% year-on-year, and net profit at CNY 2.96 billion, down 42.60% year-on-year [1]. - Despite the decline in overall financial performance, the company reported a substantial increase in coal production, with a 64.02% year-on-year increase in coal output for 2024 [3]. - The company plans to invest CNY 16.48 billion in a new coal utilization project, which is expected to generate an average annual after-tax profit of CNY 1.64 billion once operational [5]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of CNY 10.05 billion, with a year-on-year decrease of 15.59% but a quarter-on-quarter increase of 9.93% [2]. - The gross profit margin for Q4 2024 was reported at 27.83%, reflecting a year-on-year increase of 13.60 percentage points [2]. - The coal production for Q4 2024 reached 19.21 million tons, marking a year-on-year increase of 176.57% [3]. - The company’s natural gas sales dropped significantly by 52.95% in 2024, leading to a gross profit of CNY 1.88 billion, down 39.68% year-on-year [4]. - The projected net profits for 2025, 2026, and 2027 are CNY 3.02 billion, CNY 3.38 billion, and CNY 3.84 billion respectively, with corresponding EPS of CNY 0.46, CNY 0.51, and CNY 0.58 [6][7].

Investment Rating - The investment rating for the company is "Buy," maintaining the same rating as the previous report [1]. Core Views - The company's performance in 2024 and Q1 2025 has been significantly impacted by the decline in energy prices, particularly coal and natural gas, leading to a substantial decrease in revenue and net profit [3][5]. - Despite the short-term challenges, the company is expected to benefit from the release of long-term production capacity, particularly from the Marang coal mine and strategic partnerships in coal chemical projects [8][9]. Financial Performance Summary - In 2024, the company achieved a total revenue of 36.441 billion yuan, a year-on-year decrease of 40.72%, and a net profit attributable to shareholders of 2.961 billion yuan, down 42.60% [3][10]. - For Q1 2025, the company reported revenue of 8.902 billion yuan, a decline of 11.34% year-on-year, and a net profit of 694 million yuan, down 14.07% [3][10]. - The company's LNG production in 2024 was approximately 489,600 tons, an increase of 17.58% year-on-year, while LNG sales dropped by 52.95% to approximately 293,100 tons [5][6]. - Coal production in 2024 reached 43.2524 million tons, a significant increase of 64.02% year-on-year, with sales also rising by 52.39% [5][6]. Future Outlook - The Marang coal mine is expected to significantly increase its production capacity in 2025, contributing to the company's long-term growth [8][9]. - The company plans to establish a 15 million tons/year coal quality utilization demonstration project, enhancing its coal consumption capabilities [8][9]. - Strategic partnerships, such as the collaboration with the Naomao Lake East coal mine, are anticipated to expand the company's market capacity and resource utilization [7][8]. Earnings Forecast - The company’s projected net profits for 2025, 2026, and 2027 are 3.598 billion yuan, 4.239 billion yuan, and 4.691 billion yuan, respectively, with corresponding EPS of 0.55, 0.65, and 0.71 yuan [9][10].

Investment Rating - The investment rating for Guanghui Energy is "Buy" (maintained) [1][4][11] Core Views - The report highlights that the company's performance is under pressure due to increased coal volume but decreased prices, emphasizing the growth potential in coal, oil, and chemical sectors along with high dividends [1][5] - The company reported a significant decline in revenue and net profit for 2024, with revenue at 36.44 billion yuan, down 40.7% year-on-year, and net profit at 2.96 billion yuan, down 42.6% year-on-year [1][6] - Despite the challenges, the company is expected to see a recovery in profits from 2025 onwards, with projected net profits of 3.58 billion yuan in 2025, 4.36 billion yuan in 2026, and 4.54 billion yuan in 2027, reflecting year-on-year growth of 20.8%, 22%, and 3.9% respectively [1][6] Financial Performance Summary - In 2024, the company achieved a coal production volume of 39.83 million tons, an increase of 78.5% year-on-year, while the sales volume reached 43.47 million tons, up 68% year-on-year [1][5] - The average selling price of coal has decreased significantly since Q3 2024, impacting the company's profitability [1][5] - The company plans to continue advancing its new projects in coal, oil, and chemical sectors, which are expected to enhance future growth [1][5] Dividend and Shareholder Returns - The company distributed a cash dividend of 0.622 yuan per share (before tax) in 2024, with an effective cash dividend of 0.70022 yuan per share, resulting in a current dividend yield of 12.5% based on the stock price as of April 24, 2025 [1][5]

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6][8]. Core Views - The company experienced a significant decline in revenue and net profit in 2024, with revenue at 36.44 billion yuan, down 40.72% year-on-year, and net profit at 2.96 billion yuan, down 42.60% year-on-year [1]. - Despite the decline, the company reported a high dividend payout ratio exceeding 100%, with a proposed cash dividend of 0.622 yuan per share, resulting in a dividend yield of 11.13% [5][6]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 10.05 billion yuan, with a year-on-year decline of 15.59% but a quarter-on-quarter increase of 9.93%. The net profit for the same period was 0.96 billion yuan, showing a year-on-year increase of 211.54% and a quarter-on-quarter increase of 75.05% [2]. - The coal production in Q4 2024 reached 19.21 million tons, a year-on-year increase of 176.57%, while sales were 18.63 million tons, up 129.84% year-on-year [3]. Coal and Natural Gas Business - The company’s coal production for 2024 was 43.25 million tons, up 64.02% year-on-year, while coal sales were 47.23 million tons, up 52.39% year-on-year. The average coal price decreased by 22.55% to 367.94 yuan per ton [3]. - The natural gas segment faced challenges, with sales dropping to 4.09 billion cubic meters, down 52.95% year-on-year, and a gross profit of 1.88 billion yuan, down 39.68% year-on-year [4]. Future Outlook - The company is expected to see a gradual recovery in net profit, with projections of 3.02 billion yuan in 2025, 3.38 billion yuan in 2026, and 3.84 billion yuan in 2027, corresponding to EPS of 0.46, 0.51, and 0.58 yuan per share respectively [6][7]. - The company plans to invest 16.48 billion yuan in a new coal utilization project, which is expected to generate an average annual after-tax profit of 1.64 billion yuan once operational [5].

Core Viewpoint - Guanghui Energy announced a profit distribution plan for 2024, proposing a cash dividend of 0.622 CNY per share (before tax), with an additional 0.07822 CNY per share from share buybacks, totaling 0.70022 CNY per share (before tax) [1] Group 1: Dividend Policy - The 2024 dividend plan adheres to the company's commitment to increase cash dividends from 2022 to 2024, ensuring that the total cash distribution to shareholders is no less than 90% of the average annual distributable profit over the last three years, with a minimum of 0.70 CNY per share each year [2] - The company aims to maintain a balance between operational development, performance improvement, and shareholder returns, with plans to align its dividend policy with leading companies in the coal industry [2][3] Group 2: Financial Performance - The total cash dividend proposed amounts to 39.76 billion CNY (before tax), representing 134.27% of the company's net profit for 2024, with the total cash distribution including buybacks reaching 44.76 billion CNY, or 151.16% of the net profit [4] - From 2022 to 2024, the cumulative cash distribution will total 137.20 billion CNY, which is 211.56% of the average annual distributable profit over the past three years [4] Group 3: Investor Interest - The high dividend yield has attracted significant interest from investors, particularly long-term funds, with northbound capital increasing its holdings in Guanghui Energy to 92.12 million shares by the end of March 2025, up from 81.05 million shares at the end of December 2024 [4] - The company is a key target for the "national team" in A-shares, with social security funds holding the largest stake in Guanghui Energy, totaling 215 million shares, which is significantly higher than the second-largest holding [5]

Investment Rating - The investment rating for Guanghui Energy is "Buy" (maintained) [1][4][11] Core Views - The report highlights that the company's performance is under pressure due to increased coal volume but decreased prices, emphasizing the growth potential in coal, oil, and chemical sectors along with high dividends [1][5] - The company reported a significant decline in revenue and net profit for 2024, with revenue at 36.44 billion yuan, down 40.7% year-on-year, and net profit at 2.96 billion yuan, down 42.6% year-on-year [1][6] - Despite the challenges, the company is expected to see a recovery in profits from 2025 onwards, with projected net profits of 3.58 billion yuan in 2025, 4.36 billion yuan in 2026, and 4.54 billion yuan in 2027, reflecting year-on-year growth of 20.8%, 22%, and 3.9% respectively [1][6] Financial Performance Summary - In 2024, the company achieved a coal production volume of 39.83 million tons, an increase of 78.5% year-on-year, while the sales volume reached 43.47 million tons, up 68% year-on-year [1][5] - The average selling price of coal has decreased significantly since Q3 2024, impacting the company's profitability [1][5] - The company plans to continue advancing its new projects in coal, oil, and chemical sectors, which are expected to enhance future growth [1][5] Dividend and Shareholder Returns - The company distributed a cash dividend of 0.622 yuan per share (before tax) in 2024, with an effective cash dividend of 0.70022 yuan per share, resulting in a current dividend yield of 12.5% based on the stock price as of April 24, 2025 [1][5]

Core Insights - Guanghui Energy reported a steady performance in its three main business segments: natural gas, coal chemical, and coal, achieving a total revenue of 36.441 billion yuan and a net profit attributable to shareholders of 2.961 billion yuan in 2024 [2][4] Business Performance - The company has established three major energy bases: Hami Naomaohu Coal Chemical Base, Qidong Offshore Comprehensive Energy Base, and Central Asia Oil and Gas Comprehensive Development Base, leveraging its unique resource, quality, channel, and location advantages [2] - The natural gas segment produced 68.242 million cubic meters (equivalent to 487,400 tons) of LNG, a year-on-year increase of 17.58%, while imported LNG sales dropped by 51.65% to 324.446 million cubic meters (equivalent to 2.2393 million tons) due to price discrepancies [4] - In the coal segment, the company achieved a record raw coal production of 39.8329 million tons, a year-on-year increase of 78.52%, with external sales reaching 47.234 million tons, up 52.39% [4] - The coal chemical segment produced 1.0788 million tons of methanol, an increase of 18.43%, and 155,600 tons of ethylene glycol, up 23.73% [4] Technological Innovation and Sustainability - The company has made significant advancements in technology, obtaining over 400 patents and establishing various innovation platforms, including a national high-tech enterprise [7] - Guanghui Energy is actively pursuing clean energy initiatives, including a hydrogen production project and a carbon capture utilization demonstration project, contributing to its green transformation [7] Social Responsibility and Future Outlook - In 2024, the company paid various taxes amounting to 3.404 billion yuan and invested 18.8555 million yuan in rural revitalization efforts [8] - The company plans to accelerate the release of advanced coal production capacity and focus on clean energy, carbon capture, and modern coal chemical sectors to foster new growth points [8] - A profit distribution plan was announced, proposing a cash dividend of 6.22 yuan per 10 shares, resulting in a dividend yield of 12.52% based on the closing price on April 24 [8]

4月24日晚间，广汇能源（600256）(600256.SH)披露2024年年度报告，报告期内公司营业收入364.41亿 元，归属于上市公司股东的净利润29.61亿元。其中，煤炭业务营业收入同比增长18.03%，达到173.79 亿元。2024年，公司坚持以经营业绩为导向，推进公司绿色、协调、可持续高质量发展，正在形成煤 炭、煤化工、天然气、清洁能源(氢能)、碳捕集与利用产业协同并进的发展格局。 依托自身丰富的资源优势，公司加快推进煤炭优质产能释放并进一步延伸产业链、提升产品附加值，积 极构建产业链、价值链、供应链互相融合的生态体系。公司重点打造传统煤化工向现代煤化工、现代煤 化工向新能源和氢能"两个耦合"发展的新局面。 2025年扩大内需、国内大循环等战略牵引，叠加AI带来电力需求激增，煤炭需求有望实现持续增长。 公司将通过产能释放、物流通道建设、清洁高效利用、新能源探索以及产业集群协同发展等多方面的创 新举措，为新疆打造国家能源资源战略保障基地提供了强大助力，为新疆经济发展注入了强劲动力，也 为国家能源安全筑牢根基。 优质煤炭产能释放，保障国家能源安全 年报显示，2024年煤炭业务贡献了广汇能源47.69 ...

Group 1: Aier Eye Hospital - In 2024, Aier Eye Hospital achieved an outpatient volume of 16.94 million, a year-on-year increase of 12.14% [1] - The company reported a total revenue of 20.98 billion yuan, reflecting a growth of 3.02% compared to the previous year [2] - The net profit attributable to shareholders was 3.56 billion yuan, up by 5.87% year-on-year [2] - The company introduced several advanced medical technologies and products, including the INTENSITY™ intraocular lens and new dry eye treatment technology [1][3] Group 2: Tonghuashun - Tonghuashun reported a revenue of 4.19 billion yuan in 2024, marking a 17.47% increase from the previous year [5] - The net profit attributable to shareholders reached 1.82 billion yuan, a significant growth of 30% year-on-year [4][5] - The increase in revenue and profit was primarily driven by a recovery in the securities market and rising demand for financial information services [4] Group 3: Yiwei Lithium Energy - Yiwei Lithium Energy achieved a revenue of 1.28 billion yuan in Q1 2025, with a net profit of 110.11 million yuan, reflecting a 16.60% increase in net profit [7] - The company reported a significant increase in the shipment of energy storage batteries, with a year-on-year growth of 80.54% [8] - The company is expanding into emerging markets such as eVTOL and drones, with ongoing projects and production facilities being established [9] Group 4: Huadong Medicine - Huadong Medicine reported a revenue of 10.74 billion yuan in Q1 2025, a 3.12% increase year-on-year [10] - The net profit attributable to shareholders was 914.71 million yuan, up by 6.06% compared to the same period last year [11] - The company achieved its highest historical level of net profit excluding non-recurring gains and losses, reaching 897.34 million yuan [10] Group 5: Muyuan Foods - Muyuan Foods reported a revenue of 36.06 billion yuan in Q1 2025, a year-on-year increase of 37.26% [17] - The company turned a profit with a net profit of 44.91 billion yuan, compared to a loss of 23.79 billion yuan in the same period last year [18] - The significant growth was attributed to increased pig prices and sales [17] Group 6: China Aluminum - China Aluminum reported a revenue of 55.78 billion yuan in Q1 2025, with a net profit of 3.54 billion yuan, reflecting a year-on-year increase of 58.78% [21] - The company successfully managed market price fluctuations, resulting in increased product sales and profits [21] Group 7: Hengrui Medicine - Hengrui Medicine achieved a revenue of 72.06 billion yuan in Q1 2025, a 20.14% increase year-on-year [22] - The net profit attributable to shareholders was 18.74 billion yuan, up by 36.9% compared to the previous year [22] - The increase in profit was significantly influenced by a licensing payment received during the reporting period [22] Group 8: Bull Group - Bull Group reported a revenue of 16.83 billion yuan in 2024, reflecting a 7.24% increase year-on-year [13] - The net profit attributable to shareholders was 4.27 billion yuan, a growth of 10.39% compared to the previous year [13] - The company experienced growth in its electrical connection and smart lighting businesses, as well as rapid development in its new energy sector [14]

证券代码：600256 证券简称：广汇能源 公告编号：2025-028 广汇能源股份有限公司 关于选举公司副董事长的公告 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。 广汇能源股份有限公司（简称"公司"）副董事长闫军先生因工 作调整原因提请辞去副董事长职务，辞任后仍在公司内部任职，且继 续担任董事职务，对公司生产经营正常运行不会产生影响。公司对闫 军先生在担任副董事长期间勤勉尽责、恪尽职守及为公司发展所做的 贡献表示衷心的感谢！ 根据《公司法》《公司章程》等相关制度规定，公司于 2025 年 4 月 23 日召开了董事会第九届第十五次会议，审议通过了《广汇能源 股份有限公司关于选举公司副董事长的议案》，同意选举蔺剑先生担 任公司第九届董事会副董事长职务，任期自本次董事会审议通过之日 起至第九届董事会任期届满之日止。 广汇能源股份有限公司董事会 二○二五年四月二十五日 1 附：蔺剑先生简历 蔺 剑 男，1986 年 7 月出生，本科学历，中级经济师。现任 公司第九届董事会副董事长，新疆广汇实业投资（集团）有限责任公 司执行董 ...