Financial Performance - The company's operating revenue for Q3 2024 was ¥6,402,578,341.87, an increase of 2.63% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥520,075,252.20, a decrease of 58.72% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥514,829,103.86, down 58.66% from the previous year[2]. - The basic earnings per share for Q3 2024 was ¥0.14, a decline of 60.00% compared to the same period last year[2]. - Total operating revenue for the first three quarters of 2024 was approximately ¥18.60 billion, a decrease of 13.5% compared to ¥21.65 billion in the same period of 2023[15]. - Net profit for the first three quarters of 2024 was approximately ¥2.09 billion, down 57.0% from ¥4.86 billion in the same period of 2023[16]. - The company reported a basic earnings per share of ¥0.50, down from ¥1.18 in the previous year[16]. - The company’s total profit for the first three quarters of 2024 was approximately ¥2.84 billion, down 56.0% from ¥6.44 billion in 2023[15]. Assets and Liabilities - The total assets at the end of Q3 2024 were ¥76,864,579,804.72, representing a 7.40% increase from the end of the previous year[3]. - The equity attributable to shareholders at the end of Q3 2024 was ¥30,533,680,409.29, up 9.58% from the previous year[3]. - The company's current assets totaled RMB 14.45 billion, down from RMB 18.12 billion at the end of 2023, indicating a decrease of about 20.5%[12]. - The total liabilities amounted to RMB 41.83 billion, up from RMB 39.40 billion, marking an increase of approximately 6.2%[14]. - The total owner's equity reached RMB 35.03 billion, up from RMB 32.17 billion, indicating an increase of about 8.6%[14]. - The total liabilities increased to approximately ¥27.24 billion from ¥24.76 billion, indicating a rise of about 10%[21]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥1,862,094,369.27, a decrease of 56.72% compared to the same period last year[2]. - Cash flow from operating activities generated approximately ¥1.86 billion, a decrease of 56.7% from ¥4.30 billion in the same period of 2023[17]. - The company's net cash flow from financing activities was approximately ¥4.58 billion, a significant recovery from a negative cash flow of approximately ¥3.66 billion in the previous period[20]. - The company reported a net cash outflow from investment activities of approximately CNY 9.18 billion, compared to a net outflow of CNY 747.36 million in the same period last year[25]. Research and Development - Research and development expenses increased by 112.98% during the reporting period, indicating a significant investment in new projects[6]. - Research and development expenses rose significantly to approximately ¥498.90 million, an increase of 112.5% compared to ¥234.24 million in 2023[15]. - Research and development expenses increased significantly to CNY 341.81 million, up 100.9% from CNY 170.14 million in the same period last year[23]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 95,698[8]. - The largest shareholder, Huayang New Materials Technology Group Co., Ltd., held 2,003,021,367 shares, accounting for 55.52% of total shares[8]. - The company pledged 275,559,560 shares, which is 13.76% of its total holdings and 7.64% of the company's total share capital[9]. - The company had a total of 540,375,000 shares in credit accounts and 1,462,646,367 shares in ordinary accounts among the top ten shareholders[9]. - The company had 0 shares in the lending status for the top ten shareholders at the end of the reporting period[9]. Sales and Production - The company produced 28.74 million tons of raw coal and sold 26.58 million tons of commodity coal from January to September 2024[10]. - The average selling price of coal was RMB 564.33 per ton, resulting in total coal sales revenue of RMB 15.001 billion[10]. - The total coal sales cost was RMB 9.081 billion, leading to a gross profit of RMB 5.920 billion[10]. - The company reported a total of 150.1 billion yuan in coal sales revenue for the period[10]. - The company purchased 2.5192 million tons of coal for unified sales during the reporting period[10].

| 证券代码：600348 | 证券简称：华阳股份 | | 公告编号：2024-040 | | --- | --- | --- | --- | | 债券代码：155666 | 债券简称：19 | 阳股 02 | | | 债券代码：240807 | 债券简称：华阳 | YK01 | | | 债券代码：240929 | 债券简称：华阳 | YK02 | | 山西华阳集团新能股份有限公司 关于召开2024年半年度业绩说明会的公告 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： 投资者可于 2024 年 10 月 8 日(星期二) 至 10 月 11 日(星期五)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 hygf600348@sina.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 一、说明会类型 山西华阳集团新能股份有限公司（以下简称"公司"）已于 2024 年 8 月 30 日发布了 2024 年半年度报告，为便于广大投资者更全面深入地了解公司 2024 年 ...

| 证券代码：600348 | 证券简称：华阳股份 | | 公告编号：2024-039 | | --- | --- | --- | --- | | 债券代码：155666 | 债券简称：19 | 阳股 02 | | | 债券代码：240807 | 债券简称：华阳 | YK01 | | | 债券代码：240929 | 债券简称：华阳 | YK02 | | 山西华阳集团新能股份有限公司 关于七元公司选煤厂进入联合试运转的公告 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。 2024 年 9 月 28 日 山西华阳集团新能股份有限公司全资子公司阳泉煤业集团七元煤业有限 责任公司（简称"七元公司"）投资的选煤厂建设项目于 2024 年 9 月 25 日进 入联合试运转。 七元公司选煤厂是七元煤矿的配套项目，于 2023 年 2 月取得山西省发改 委项目备案证，建设规模 500 万吨/年。 特此公告。 山西华阳集团新能股份有限公司董事会 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于山西华阳集团新能股份有限公司 2024 年第四次临时股东大会的 法律意见书 国枫律股字[2024]A0494 号 致：山西华阳集团新能股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2024 年第四次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简 称"《股东大会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证 券法律业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简 称"《证券法律业务执业规则》"）等相关法律、行政法规、规章、规范性文件及《山 西华阳集团新能股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次会 议的召集与召开程序、召集人资格、出席会议人员资格、会议表决程序及表决结 ...

| 证券代码：600348 | 证券简称：华阳股份 | | 公告编号：2024-038 | | --- | --- | --- | --- | | 债券代码：155666 | 债券简称：19 | 阳股 02 | | | 债券代码：240807 | 债券简称：华阳 | YK01 | | | 债券代码：240929 | 债券简称：华阳 | YK02 | | 山西华阳集团新能股份有限公司 2024 年第四次临时股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2024 年 09 月 23 日 (二) 股东大会召开的地点：山西华阳集团新能股份有限公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份 情况： 3、董事会秘书逯新保出席本次会议；部分高级管理人员列席本次会议。 二、 议案审议情况 (一)非累积投票议案 1、议案名称：关于缴纳于家庄探矿权出让金向商业银行申请融资的议案 | 1、出席会议的股东 ...

山西华阳集团新能股份有限公司 山西华阳集团新能股份有限公司 2024 年第四次临时股东大会资料 2024 年 9 月 山西华阳集团新能股份有限公司 2024 年第四次临时股东大会会议资料 目 录 | 2024 | 年第四次临时股东大会会议须知 1 | | --- | --- | | 2024 | 年第四次临时股东大会表决办法 3 | | 2024 | 年第四次临时股东大会议程 4 | | 议案 | 1. 关于缴纳于家庄探矿权出让金向商业银行申请融资的议案 5 | 山西华阳集团新能股份有限公司 2024 年第四次临时股东大会会议资料 山西华阳集团新能股份有限公司 2024 年第四次临时股东大会会议须知 一、公司负责大会的程序安排和会务工作，出席会议人员应当听从公司 工作人员安排，共同维护好大会秩序。 二、为保证股东大会的正常秩序，除出席会议的股东或者股东代理人、 董事、监事、董事会秘书、其他高级管理人员、见证律师以及董事会邀请的 人员以外，公司有权拒绝其他人员进入会场。对于影响股东大会秩序和损害 其他股东合法权益的行为，公司将按规定予以制止。 三、出席股东大会的股东、股东代表应当持身份证或者营业执照复印件、 授 ...

[Table_MainInfo] 公司研究/煤炭 证券研究报告 华阳股份（600348）公司半年报点评 2024 年 09 月 05 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 04 日收盘价（元） ] | 7.06 | | 52 周股价波动（元） | 6.72-11.36 | | 总股本 / 流通 A 股（百万股） | 3608/3608 | | 总市值 / 流通市值（百万元） | 25469/25469 | | 相关研究 | | | [Table_ReportInfo] 《煤炭业务降本提效，分红比例大幅提升》 | | | 2024.04.23 | | 市场表现 [Table_QuoteInfo] 华阳股份 海通综指 -11.31% -2.31% 6.69% 15.69% 24.69% 33.69% 2023/9 2023/12 2 ...

Investment Rating - The report maintains an "Accumulate-A" investment rating for Huayang Co., Ltd. (600348.SH) [1][3] Core Views - The company's performance in the short term is impacted by the decline in coal volume and price, but new resource acquisitions will support future development [1][3] - The company achieved a revenue of 12.199 billion yuan in the first half of 2024, a year-on-year decrease of 20.85%, and a net profit attributable to shareholders of 1.299 billion yuan, down 56.87% year-on-year [1] - The report highlights the recovery of coal production in Shanxi province in July, which is expected to benefit the company's output in the second half of the year [1] Financial Performance Summary - For the first half of 2024, the company reported a coal production of 18.66 million tons, a decrease of 21.46% year-on-year, and coal sales of 17.1 million tons, down 20.73% year-on-year [1] - The average selling price of coal was 572 yuan per ton, down 8.72% year-on-year, while the cost per ton was 354 yuan, an increase of 9.49% year-on-year, leading to a gross profit of 218 yuan per ton, down 28.09% year-on-year [1] - The company's coal business revenue was 9.788 billion yuan, a decrease of 27.63% year-on-year, with costs amounting to 6.053 billion yuan [1] Future Outlook - The company is expected to see an increase in production capacity with ongoing projects at Qiyuan and Bolin coal mines, which have a combined capacity of 10 million tons [1][3] - The report forecasts the company's EPS for 2024-2026 to be 0.82, 0.86, and 0.98 yuan, respectively, with corresponding PE ratios of 8.7, 8.4, and 7.4 [1][4]

Investment Rating - The report maintains a "Buy" rating for Huayang Co., Ltd. (600348.SH) [1] Core Views - The company's coal business faced pressure due to declining prices despite a rebound in production and sales volumes. The average selling price of coal decreased by 8.72% year-on-year, while the average cost per ton increased by 2.01% year-on-year, leading to a significant drop in gross profit margins [1][3] - The electricity business showed a remarkable turnaround, with a 429.94% increase in power generation year-on-year, resulting in a revenue of 0.982 billion yuan, up 686.69% year-on-year [3] - The acquisition of coal exploration rights in the Yujiazhuang block is expected to enhance the company's coal resource reserves, aligning with its long-term development strategy [3] Financial Summary - Revenue for 2022 was 35,046 million yuan, which decreased to 28,518 million yuan in 2023, and is projected to decline further to 23,891 million yuan in 2024, before recovering to 26,068 million yuan in 2025 and 28,428 million yuan in 2026 [1][5] - The net profit attributable to the parent company was 7,024 million yuan in 2022, dropping to 5,179 million yuan in 2023, with an expected further decline to 2,451 million yuan in 2024, followed by slight recoveries in subsequent years [1][5] - The company's return on equity (ROE) is projected to decrease from 26.9% in 2022 to 8.8% in 2024, with a gradual recovery to 9.0% by 2026 [1][7] Business Segment Performance - The coal segment reported a revenue of 9.788 billion yuan in the first half of 2024, down 27.63% year-on-year, with a gross profit of 3.735 billion yuan, reflecting a 42.99% decline in gross profit margin [2][3] - The electricity segment achieved a revenue of 0.982 billion yuan in the first half of 2024, with a gross profit margin of 7.69%, marking a significant improvement compared to the previous year [3] Future Outlook - The report forecasts revenues of 23.891 billion yuan, 26.068 billion yuan, and 28.428 billion yuan for 2024, 2025, and 2026 respectively, with net profits expected to be 2.451 billion yuan, 2.533 billion yuan, and 2.613 billion yuan in the same years [3][5] - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.68 yuan, 0.70 yuan, and 0.72 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 10.6x, 10.3x, and 10.0x [3][5]

公司快报 2024 年 09 月 02 日 华阳股份(600348.SH) 证券研究报告 无烟煤 投资评级 增持-A 维持评级 6 个月目标价 7.45 元 股价 (2024-08-30) 7.21 元 交易数据 总市值(百万元) 26,010.08 流通市值(百万元) 26,010.08 总股本(百万股) 3,607.50 流通股本(百万股) 3,607.50 12 个月价格区间 6.75/11.29 元 二季度产销环比恢复，核增及资源量竞 拍落地助力未来成长 公司发布 2024 年半年度报告：2024 年上半年公司实现营业收 入 121.99 亿元，同比-20.85%；归母净利润 12.99 亿元，同比56.87%；扣非归母净利润 12.15 亿元，同比-59.39%。分季度看， 据公司公告，2024 年第二季度公司实现营业收入 60.41 亿元，同 比-14.11%，环比-1.90%；归母净利润 4.32 亿元，同比-66.41%， 环比-50.24%；扣非归母净利润 4.35 亿元，同比-65.79%，环比44.20%。 2024Q2 产销环比恢复，价格降低成本增加带动毛利下滑：据公 告，2024H1 ...