证券代码：600508 证券简称：上海能源 编号：临 2025-017 上海大屯能源股份有限公司 第九届董事会第七次会议决议公告 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。 公司第九届董事会第七次会议于 2025 年 5 月 22 日在河北省 蔚县召开。应到董事 8 人，实到 8 人，董事长张付涛先生、副董 事长李跃文先生、董事刘广东先生、吴凤东先生、朱世艳女士、 独立董事朱凤山先生、朱义军先生现场参加会议；独立董事吴娜 女士以视频方式参加会议。公司监事、部分高级管理人员及有关 人员列席了会议，符合《公司法》和《公司章程》的有关规定， 公司董事长张付涛先生主持会议。 会议审议并通过以下决议： 一、审议通过关于修订公司章程及取消监事会的议案 详见公司[临 2025-018]公告《上海能源关于修订公司章程及 取消监事会的公告》。 二、审议通过关于修订公司股东会议事规则的议案 此议案需提交公司股东大会审议。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 同意对《上海大屯能源股份有限公司股东大会议事规则》进 行的修订，并 ...

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2][5]. Core Views - The coal demand is expected to rebound, with a potential for price stabilization as summer approaches and power plants increase their coal inventory [7][8]. - The report highlights the importance of strategic positioning in leading companies with strong fundamentals and low valuations, suggesting a focus on high-dividend stocks [7][8]. - The anticipated recovery in coal prices is supported by a decrease in coal imports and a gradual release of coal storage demand as temperatures rise [7][8]. Summary by Sections 1. Industry Overview - The coal industry consists of 37 listed companies with a total market capitalization of 1,745.915 billion yuan and a circulating market value of 1,706.950 billion yuan [2]. 2. Price Tracking - As of May 16, 2025, the average daily production of thermal coal from 462 sample mines was 5.786 million tons, showing a week-on-week decrease of 0.28% but a year-on-year increase of 4.97% [8]. - The price of thermal coal at the Qinhuangdao port was 619 yuan per ton, down 16 yuan from the previous week, reflecting a year-on-year decrease of 28.44% [8]. 3. Inventory Tracking - The coal inventory at Qinhuangdao port was 7.6 million tons as of May 16, 2025, with a week-on-week increase of 0.93% and a year-on-year increase of 48.15% [7][8]. 4. Company Performance - Key companies such as China Shenhua, Shaanxi Coal, and Yancoal are highlighted for their strong dividend policies and growth prospects, with expected dividends of 75%, 60%, and 57% respectively for 2023 [13]. - The report emphasizes the operational stability and growth potential of integrated coal and power companies, particularly those with ongoing projects and acquisitions [13][14]. 5. Investment Recommendations - The report recommends focusing on leading companies with strong earnings resilience and low valuations, such as China Shenhua and Shaanxi Coal, as well as integrated coal-power companies like Xinji Energy and Huaihe Energy [7][8]. - It also suggests buying coking coal stocks due to expected improvements in downstream demand driven by fiscal policies and infrastructure investments [7][8].

Core Insights - The report emphasizes the importance of coal allocation in the current market environment, highlighting a basket of financial policies aimed at stabilizing market expectations [1][2] - The coal sector is viewed as entering a "golden era 2.0," with core value assets expected to rebound due to favorable macroeconomic policies and capital market support [2][10] Coal Market Overview - As of May 9, 2025, the price of Q5500 thermal coal at Qinhuangdao port was 630 CNY/ton, a decrease of 20 CNY/ton or 3.08% from the previous week [1][13] - The operating rate of coal mines in the Shanxi, Shaanxi, and Inner Mongolia regions was 81.1%, reflecting a slight decline of 0.3 percentage points [1][13] - In April 2025, China imported 37.825 million tons of coal, a year-on-year decrease of 16.41% [1] Demand and Supply Dynamics - The daily coal consumption of coastal power plants reached 1.734 million tons, an increase of 235,000 tons week-on-week [1][9] - The inventory at ports in the Bohai Rim increased to 33.051 million tons, up 201,800 tons or 6.5% [1][9] - The operating rates for methanol and urea production were 84.1% and 87.35%, respectively, indicating a stable demand for coal in chemical production [1][9] Investment Logic - The report outlines a robust dividend investment logic for coal stocks, suggesting that they remain a preferred choice for institutional investors due to their stable returns and low risk associated with state-owned enterprises [2][10] - The cyclical elasticity of coal stocks is highlighted, with expectations for price recovery as supply-demand fundamentals improve post-policy implementation [2][10] Key Indicators - The coal sector's PE ratio was reported at 11.6, and the PB ratio was 1.16, indicating relatively low valuations compared to other sectors [5][7] - The report identifies key coal stocks that are expected to benefit from the current market conditions, including China Shenhua, Shaanxi Coal, and China Coal Energy [2][10] Focused Stock Recommendations - The report suggests a selection of coal stocks based on different investment themes: - Dividend logic: China Shenhua, Shaanxi Coal, China Coal Energy - Cyclical logic: Pingmei Shenma, Huabei Mining - Diversified aluminum elasticity: Shenhua Energy, Electric Power Energy - Growth logic: Guanghui Energy, New Hope Energy [2][10]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [12][13] - The coal price is expected to remain weak in May due to seasonal demand fluctuations, but there is a bottom support for prices, and a gradual recovery is anticipated as the peak season approaches [3][12] - The underlying investment logic of coal supply shortages remains unchanged, with a balanced short-term supply and demand but a medium to long-term gap still present [12][13] Summary by Sections Coal Price Tracking - As of May 10, the market price for Qinhuangdao port thermal coal (Q5500) is 635 CNY/ton, down 17 CNY/ton week-on-week [30] - The international thermal coal price for Newcastle (NEWC5500) is 69.8 USD/ton, down 0.5 USD/ton week-on-week [30] - The price for coking coal at Jing Tang port is 1380 CNY/ton, down 20 CNY/ton week-on-week [32] Supply and Demand Tracking - The capacity utilization rate for thermal coal mines is 96.4%, an increase of 2.5 percentage points week-on-week [47] - The daily coal consumption in inland provinces has increased by 33.80 thousand tons/day, a rise of 12.17% week-on-week [12] - The daily coal consumption in coastal provinces has decreased by 12.40 thousand tons/day, a decline of 6.67% week-on-week [12] Inventory Situation - As of May 9, coal inventory at Qinhuangdao port has increased to 753 thousand tons, up 8.0% week-on-week [5] - The inventory of coking coal at production sites has risen to 390.43 thousand tons, an increase of 8.9% week-on-week [5] Company Performance - The coal sector has shown a 1.47% increase this week, underperforming the broader market [15] - Key companies to focus on include China Shenhua, Shaanxi Coal, and China Coal Energy, which are noted for stable operations and solid performance [13]

证券代码：600508 证券简称：上海能源 编号：临 2025-014 上海大屯能源股份有限公司 2025 年第一季度经营数据公告 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。 根据上海证券交易所《上市公司自律监管指引第 3 号—— 行业信息披露》要求，现将公司 2025 年第一季度经营数据公告 如下： 特此公告。 | 项目 | 2025 年 | 2024 年 | 变动比例 | | --- | --- | --- | --- | | | 1-3 月 | 1-3 月 | （%） | | 一、原煤产量（万吨） | 181.72 | 226.75 | -19.86 | | 二、洗精煤产量（万吨） | 93.28 | 107.14 | -12.94 | | 三、商品煤产量（万吨） | 133.95 | 153.93 | -12.98 | | 四、商品煤销量（万吨） | 120.86 | 130.43 | -7.34 | | 其中：1、外销量（万吨） | 107.84 | 117.58 | -8.28 | | 2、自用量（万吨） | ...

证券代码：600508 证券简称：上海能源 编号：临 2025-015 上海大屯能源股份有限公司 第九届董事会第六次会议决议公告 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。 《上海能源 2025 年第一季度报告》详见上海证券交易所网 站 http://www.sse.com.cn。 二、审议通过关于公司经理层成员 2025 年度经营业绩责任 书的议案 表决结果：同意 8 票，反对 0 票，弃权 0 票。 本议案已经公司董事会薪酬与考核委员会 2025 年第二次会 议审议通过，并形成提交公司董事会审议的审核意见。 特此公告。 公司第九届董事会第六次会议于 2025 年 4 月 24 日在公司行 政研发中心召开。应到董事 8 人，实到 8 人，董事长张付涛先生、 副董事长李跃文先生，董事刘广东先生、吴凤东先生，独立董事 朱凤山先生、朱义军先生现场参加会议；董事朱世艳女士、独立 董事吴娜女士以视频方式参加会议。公司部分监事、高级管理人 员及有关人员列席了会议，符合《公司法》和《公司章程》有关 规定。公司董事长张付涛先生主持会议 ...

证券代码：600508 证券简称：上海能源 编号：临 2025-016 上海大屯能源股份有限公司 关于部分董事、监事、高级管理人员及中层管理人员 增持公司股份计划的公告 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法律责任。 重要内容提示： 上海大屯能源股份有限公司（以下简称"公司"）部分董事、 监事、高级管理人员及中层管理人员拟自 2025 年 4 月 26 日起 6 个月内，以其自有资金通过上海证券交易所采用集中竞价交易方 式增持公司 A 股股份，合计增持股份金额不低于人民币 700 万 元（以下简称"本次增持计划"）。 本次权益变动属于增持，不触及要约收购，不会导致公司 控股股东及实际控制人发生变化。 本次增持计划实施可能存在因资本市场情况发生变化、增 持资金筹措进度不及预期等因素，导致增持计划延迟实施或无法 实施的风险。如增持计划实施过程中出现相关风险情形，公司将 及时履行信息披露义务。 一、增持主体 （一）增持主体：公司董事张付涛、李跃文、刘广东，监事 袁辉、罗彩云，高级管理人员张成斌、翁明月、吴宇、倪先杰、 段建军及部分中 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,736,025,328.01, a decrease of 25.16% compared to ¥2,319,567,984.56 in the same period last year[5] - Net profit attributable to shareholders was ¥104,605,869.62, down 65.45% from ¥302,764,646.91 year-on-year[5] - The basic earnings per share decreased by 66.67% to ¥0.14 from ¥0.42 in the same period last year[5] - Total operating revenue for Q1 2025 was CNY 1,736,025,328.01, a decrease of 25.1% compared to CNY 2,319,567,984.56 in Q1 2024[17] - Operating profit for Q1 2025 was CNY 129,120,423.49, a decline of 68.9% from CNY 414,829,774.69 in Q1 2024[17] - The total revenue for Q1 2025 was approximately CNY 1.77 billion, a decrease of 26.4% compared to CNY 2.41 billion in Q1 2024[21] - The net profit for Q1 2025 was CNY 94.53 million, down 68.4% from CNY 299.32 million in Q1 2024[18] - The total comprehensive income for Q1 2025 was CNY 94.78 million, significantly lower than CNY 299.06 million in Q1 2024[18] Cash Flow and Liquidity - The net cash flow from operating activities was -¥191,240,655.73, a decline of 373.87% compared to ¥69,829,769.13 in the previous year[5] - The operating cash flow for Q1 2025 showed a net outflow of CNY 191.24 million, contrasting with a net inflow of CNY 69.83 million in Q1 2024[21] - The company incurred a total operating cash outflow of CNY 1.96 billion in Q1 2025, compared to CNY 2.34 billion in Q1 2024[21] - Cash and cash equivalents decreased to CNY 2,251,680,593.43 as of March 31, 2025, from CNY 2,704,463,608.98 at the end of 2024, a reduction of 16.7%[12] - The cash and cash equivalents at the end of Q1 2025 were CNY 1.81 billion, a decrease from CNY 2.59 billion at the end of Q1 2024[22] - The company raised CNY 53 million through borrowings in Q1 2025, an increase from CNY 46 million in Q1 2024[22] - The company’s cash flow from investing activities showed a net outflow of CNY 269.97 million in Q1 2025, compared to CNY 158.09 million in Q1 2024[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥19,505,564,926.88, a slight decrease of 0.93% from ¥19,688,050,576.37 at the end of the previous year[5] - Total assets as of March 31, 2025, were CNY 19,505,564,926.88, a decrease of 0.9% from CNY 19,688,050,576.37 at the end of 2024[14] - Total liabilities decreased to CNY 6,636,639,471.12 as of March 31, 2025, down 4.2% from CNY 6,924,621,416.89 at the end of 2024[14] - Non-current liabilities increased to CNY 3,749,853,125.22 in Q1 2025, up 1.7% from CNY 3,687,129,882.20 in Q4 2024[14] - Accounts receivable increased to CNY 487,455,882.28 in Q1 2025, up 41.7% from CNY 344,111,309.29 in Q4 2024[12] - Inventory rose to CNY 413,563,552.21 in Q1 2025, an increase of 62.7% compared to CNY 254,284,824.18 in Q4 2024[12] Production and Operational Efforts - The company produced 1.8172 million tons of self-produced coal and 0.9328 million tons of washed coal during Q1 2025[11] - The company generated 898 million kWh of electricity and processed 28,900 tons of aluminum during the same period[11] - The company is actively working to stabilize production capacity and improve coal quality in response to market challenges[7] - The company aims to enhance cost reduction and efficiency improvement measures to achieve production and operational targets[7] Return on Equity - The weighted average return on equity decreased to 0.81% from 2.37% year-on-year[5] Impairment Loss - The company reported a net credit impairment loss of CNY -1,421,693.99 in Q1 2025, compared to CNY -92,800.98 in Q1 2024[17] - The company reported a decrease in other comprehensive income, with a net amount of CNY 248,898.88 in Q1 2025, compared to a loss of CNY 259,539.54 in Q1 2024[18]

上海能源（600508）公告，公司部分董事、监事、高级管理人员及中层管理人员拟自2025年4月26日起6 个月内，以其自有资金通过上海证券交易所采用集中竞价交易方式增持公司A股股份，合计增持股份金 额不低于700万元。其中，拟增持董事3人，每人增持金额不低于30万元；拟增持高级管理人员5人，每 人增持金额不低于30万元；拟增持监事2人，每人增持金额不低于15万元；拟增持的中层管理人员合计 增持金额不低于445万元。增持主体将根据公司股票价格波动情况及资本市场整体趋势实施增持计划， 增持资金均为自有资金。 ...

上海能源（600508）公告，2025年第一季度营收为17.36亿元，同比下降25.16%；净利润为1.05亿元， 同比下降65.45%。 ...