| 证券代码：600348 | 证券简称：华阳股份 | 公告编号：2025-009 | | --- | --- | --- | | 债券代码：240807 | 债券简称：华阳 | YK01 | | 债券代码：240929 | 债券简称：华阳 | YK02 | | 债券代码：241770 | 债券简称：24 | 华阳 Y1 | | 债券代码：241771 | 债券简称：24 | 华阳 Y2 | | 债券代码：241972 | 债券简称：24 | 华阳 Y4 | 山西华阳集团新能股份有限公司 第八届董事会第十五次会议决议公告 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。 一、董事会会议召开情况 （一）本次董事会会议的召开符合有关法律、行政法规、部门规章、规范 性文件和《公司章程》的规定。 （二）本次董事会会议的通知和材料于2025年3月24日以电子邮件和书面 方式发出。 （三）本次董事会会议于2025年4月1日（星期二）上午9:30在山西华阳集 团新能股份有限公司会议室以现场方式召开。 （四）本次董事会会议应出席董事9名，实际出 ...

Core Viewpoints - The coal sector has experienced a high-level retreat in the first two months of 2025, underperforming the market by 11.8 percentage points, ranking last among all industry indices [4][14]. - The coal price is expected to stabilize and gradually recover due to improved industrial demand, slowing production growth, and reduced import expectations [4][29]. Group 1: Coal Sector Review - In the first two months of 2025, the coal sector has declined by 10.0%, ranking 30th out of 30 in the industry indices [4][14]. - The sub-sectors of thermal coal, coking coal, and coke have seen respective declines of 15.5%, 11.4%, and 7.4% in the first two months [14]. - As of March 18, 2025, the coal sector's price-to-earnings (PE) ratio is at 10.4 times, which is at a historical average level, while the price-to-book (PB) ratio is at 1.33 times, also at a historical average [19][23]. Group 2: Coal Market Review - The growth rate of electricity consumption has dropped to 1.3% in the first two months, while non-electric demand has shown overall improvement [4][29]. - Domestic coal prices have been weak since the beginning of the year, with thermal coal prices stabilizing in March [29]. - The import growth rate of coal has decreased to 1.8% in the first two months of 2025 [4][29]. Group 3: Recent Market Dynamics - Port thermal coal prices have slightly declined, while prices in production areas have generally rebounded [4][29]. - The price of thermal coal is expected to stabilize in the short term due to inventory reductions at southern ports and coastal power plants [4][29]. - Coking coal prices have continued to decline, but demand is expected to improve as the spring construction season approaches [4][29]. Group 4: Industry Outlook - The coal price is expected to find support at the bottom, with the sector's valuation and dividend advantages becoming more pronounced [4][29]. - The anticipated average coal price for 2025 may decline, but leading companies are expected to maintain stable profitability due to effective cost control [4][29]. - Key companies with robust dividends include Shaanxi Coal and China Shenhua, while companies with lower valuations and long-term growth potential include Xinji Energy and Yanzhou Coal [4][29].

Investment Rating - The report maintains a "Recommended" investment rating for the coal industry [1]. Core Viewpoints - The coal prices in production areas are recovering, and there is anticipation for a rebound in non-electricity demand [1]. - The report highlights a seasonal decline in daily consumption of thermal coal [6]. - Coking coal and coke prices are under downward pressure [20]. - Steel production remains stable, but downstream steel prices are continuously declining [25]. - Futures prices for coking coal have slightly rebounded, and the price spread between coking coal and coke has narrowed [29]. - Shipping rates for both sea and land transport continue to rise [32]. Weekly Data Tracking - **Thermal Coal**: Production area coal prices are recovering, with a seasonal drop in daily consumption [6]. - **Coking Coal and Coke**: Prices are under pressure, with specific price data indicating fluctuations [20]. - **Downstream Changes**: Steel production is stable, but steel prices are declining [25]. - **Futures**: Coking coal futures prices have seen a slight increase, with a narrowing price gap [29]. - **Transportation**: Both sea and land shipping rates are on the rise [32]. Weekly Market Review (March 10-14, 2025) - The Shanghai Composite Index increased by 1.39%, while the coal sector (CITIC) rose by 4.97% [34]. - Notable stock performances include Daya Energy (+33.57%) and Meijin Energy (+17.51%) [34]. Weekly Insights (March 9-15, 2025) - The report provides a detailed analysis of various coal companies, including their ratings, closing prices, and weekly performance [37]. - For instance, Shaanxi Coal and Chemical Industry is rated "Buy" with a closing price of 20.20 and a weekly increase of 6.82% [37]. - China Shenhua is rated "Increase" with a closing price of 37.17 and a weekly increase of 3.57% [37]. - Other companies such as Yancoal and Huai Bei Mining also show positive weekly performance [37].

2025年第一次会议审核意见 根据《上市公司独立董事管理办法》《上海证券交易所上市公司自律监 管指引第 1 号——规范运作》《上海证券交易所上市公司自律监管指引第5 号——交易与关联交易》和《公司章程》《公司关联交易决策制度》等相关 规定,我们作为山西华阳集团新能股份有限公司(以下称"公司")的独立董事, 对公司第八届董事会独立董事专门会议2025年第一次会议审议的《关于向财 务公司申请综合授信额度的议案》所涉及的事项进行认真核查，发表如下审 核意见： 山西华阳集团新能股份有限公司第八届董事会独立董事专门会议 2025 年第一次会议资料 山西华阳集团新能股份有限公司 第八届董事会独立董事专门会议 根据《公司法》、上海证券交易所《股票上市规则》和《上市公司自律监 管指引第 5 号——交易与关联交易》等相关法律法规的规定，我们认为：公 司通过向财务公司申请授信，可保障公司正常生产经营，满足公司资金需求。 财务公司授信审批速度快，授信额度可根据需求随时使用，有助于提升资金 流动性、降低融资成本、应对突发情况。上述关联交易事项不会对公司当期 财务及经营状况产生重大影响，亦不存在损害上市公司及股东利益的情形。 我们同意 ...

| 证券代码：600348 | 证券简称：华阳股份 | 公告编号：2025-006 | | --- | --- | --- | | 债券代码：240807 | 债券简称：华阳 | YK01 | | 债券代码：240929 | 债券简称：华阳 | YK02 | | 债券代码：241770 | 债券简称：24 | 华阳 Y1 | | 债券代码：241771 | 债券简称：24 | 华阳 Y2 | | 债券代码：241972 | 债券简称：24 | 华阳 Y4 | 山西华阳集团新能股份有限公司 关于为华钠科技管理公司向银行申请项目贷款 提供担保的公告 三、担保协议的主要内容 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： 一、担保情况概述 华钠科技管理公司为保障万吨级钠离子正、负极项目顺利推进，拟向中国 邮政储蓄银行阳泉市分行（以下简称"邮储银行"）申请 3 亿元银行授信额度， 期限不超过15年，利率不高于LPR5Y下浮60BP（截止2025年2月18日为3.0%）。 公司拟为本次贷款提供连带责任保证，保证期间为主合 ...

| 证券代码：600348 | 证券简称：华阳股份 | 公告编号：2025-008 | | --- | --- | --- | | 债券代码：240807 | 债券简称：华阳 | YK01 | | 债券代码：240929 | 债券简称：华阳 | YK02 | | 债券代码：241770 | 债券简称：24 | 华阳 Y1 | | 债券代码：241771 | 债券简称：24 | 华阳 Y2 | | 债券代码：241972 | 债券简称：24 | 华阳 Y4 | 山西华阳集团新能股份有限公司 关于向集团财务公司申请综合授信额度 暨关联交易的公告 《上海证券交易所上市公司自律监管指引第 1 号—规范运作》《上海证券交易 所上市公司自律监管指引第 5 号——交易与关联交易》等相关规定，本事项无 需提交公司股东大会审议批准。 过去 12 个月内公司所属子公司在集团财务公司发生 12 笔贷款，累计金额 为 3.4 亿元，累计利息支出为 473 万元，发生利息金额未达到上市公司最近一 期经审计净资产绝对值 5%以上。 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 ...

| 证券代码：600348 | 证券简称：华阳股份 | 公告编号：2025-007 | | --- | --- | --- | | 债券代码：240807 | 债券简称：华阳 | YK01 | | 债券代码：240929 | 债券简称：华阳 | YK02 | | 债券代码：241770 | 债券简称：24 | 华阳 Y1 | | 债券代码：241771 | 债券简称：24 | 华阳 Y2 | | 债券代码：241972 | 债券简称：24 | 华阳 Y4 | 山西华阳集团新能股份有限公司 关于为华钠芯能公司向银行申请项目贷款及流 动资金贷款提供担保的公告 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： 一、担保情况概述 华钠芯能公司为保障 2025 年度平稳运营，优化融资利率，保证煤矿应急 电源项目、储能集成项目资金需求，拟向银行申请 3.1 亿元银行授信额度，其 中：向山西银行股份有限公司申请新增项目贷款授信 1.1 亿元，期限不超过 5 年，利率不高于 LPR1Y 下浮 20BP（截止 2025 年 2 月 ...

| 证券代码：600348 | 证券简称：华阳股份 | | | 公告编号：2025-005 | | --- | --- | --- | --- | --- | | 债券代码：240807 | 债券简称：华阳 | YK01 | | | | 债券代码：240929 | 债券简称：华阳 | YK02 | | | | 债券代码：241770 | 债券简称：24 | 华阳 | Y1 | | | 债券代码：241771 | 债券简称：24 | 华阳 | Y2 | | | 债券代码：241972 | 债券简称：24 | 华阳 | Y4 | | 山西华阳集团新能股份有限公司 第八届董事会第十四次会议决议公告 （五）公司董事长王永革先生主持本次会议，公司监事、高管列席会议。 二、董事会会议审议情况 （一）关于为华钠科技管理公司向银行申请项目贷款提供担保的议案 表决结果：9 票同意，0 票反对，0 票弃权，审议通过本议案。 具体内容详见公司 2025-006 号公告。 （二）关于为华钠芯能公司向银行申请项目贷款及流动资金贷款提供担保 的议案 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 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 华阳股份 20240208 | | | shuinu9870 | shuinu9870 | | shuinu9870 | | --- | --- | --- | --- | --- | --- | | 更多一 | 手调研纪要和海外投行研报数据加V： | 手调研纪要和海外投行研报数据加V： 更多一 | 更多一 | 手调研纪要和海外投行研报数据加V： | | | | 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 | | | | | | | | 华阳股份 20240208 | | | | | | 摘要 | shuinu9870 | shuinu9870 | | shuinu9870 | | | • 公司 2025 | 年保供煤量指标略有下降，但总产量目标与去年持平，预计在 | | | | | | 手调研纪要和海外投行研报数据加V： 3,700 万至 3,800 | 手调研纪要和海外投行研报数据加V： 万吨之间，七元矿投产和榆树坡矿提能核增将贡献增量。 | | 手调研纪要和海外投行研报数据加V： | | | | • 2024 | 年公司通过有效成本 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders for 2024 to be between 2,132.50 million and 2,512.50 million CNY, representing a decrease of 304.65 million to 266.65 million CNY compared to the previous year, a decline of 58.83% to 51.49%[2] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses for 2024 is projected to be between 2,042.52 million and 2,422.52 million CNY, a decrease of 304.05 million to 266.05 million CNY year-on-year, reflecting a decline of 59.82% to 52.34%[2] - The previous year's total profit was 7,887.95 million CNY, with a net profit attributable to the parent company of 5,179.28 million CNY[5] - The company reported earnings per share of 1.44 CNY in the previous year[5] Factors Affecting Profit - The decline in profit is primarily attributed to decreased production and sales of coal products due to safety regulations and a slowdown in market demand, along with a drop in the average selling price of coal and an increase in resource tax rates[6] Earnings Forecast Accuracy - The company has confirmed that there are no significant uncertainties affecting the accuracy of this earnings forecast[7] - The forecast data is preliminary and the final financial figures will be disclosed in the official 2024 annual report[8]