Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 13.98 CNY [1]. Core Insights - The company's performance in the coal sector has been negatively impacted by declining prices, while non-coal business operations have shown improvement [1][16]. - In 2023, the company reported a revenue of 10,978 million CNY, a year-on-year decrease of 13.11%, and a net profit attributable to shareholders of 969 million CNY, down 44.3% year-on-year [3][14]. - The company has adjusted its profit forecasts for 2024-2026, expecting revenues of 13,259 million CNY, 14,634 million CNY, and 16,035 million CNY respectively, with net profits of 1,435 million CNY, 1,771 million CNY, and 2,143 million CNY [4][14]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 10,978 million CNY, a decrease of 13.11% year-on-year, and a net profit of 969 million CNY, down 44.3% year-on-year [3]. - The basic earnings per share for 2023 was 1.34 CNY, reflecting a decline of 44.40% year-on-year [3]. - The weighted average return on equity (ROE) was 7.83%, a decrease of 7.54 percentage points year-on-year [3]. Production and Sales - In 2023, the company produced 8,025,500 tons of raw coal, a decrease of 1.96% year-on-year, while the sales volume of commodity coal increased by 4.50% year-on-year to 6,054,300 tons [4]. - The average selling price of commodity coal in 2023 was 1,167.15 CNY/ton, down 23.15% year-on-year [4]. Business Segments - The power generation segment saw a year-on-year increase in output of 24.47%, with sales revenue of 1,285 million CNY, up 20.82% year-on-year [4]. - The aluminum products segment reported a processing volume of 97,800 tons, a year-on-year increase of 7.12%, but faced a net loss of 39 million CNY [4]. Profit Forecast and Valuation - The company has revised its profit forecasts, expecting net profits of 1,435 million CNY in 2024, 1,771 million CNY in 2025, and 2,143 million CNY in 2026 [4]. - The current stock price of 13.98 CNY corresponds to price-to-earnings (P/E) ratios of 7.0X, 5.7X, and 4.7X for the years 2024, 2025, and 2026 respectively [4].

上海大屯能源股份有限公司 2024 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。 A 股代码：600508 A 股简称：上海能源 编号：临 2024-011 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 2024 年第一季度经营数据公告 如下： | 项目 | 年 2024 | 年 2023 | 变动比例 | | --- | --- | --- | --- | | | 1-3 月 | 1-3 月 | （%） | | 一、原煤产量（万吨） | 226.75 | 209.32 | 8.33 | | 二、洗精煤产量（万吨） | 107.14 | 109.41 | -2.07 | | 三、商品煤产量（万吨） | 153.93 | 175.99 | -12.53 | | 四、商品煤销量（万吨） | 130.43 | 173.04 | -24.62 | | 其中：1、外销量（万吨） | 117.58 | 160.57 | -26.77 | | 2、自用量（万吨） | 12.8 ...

Financial Performance - Total comprehensive income attributable to the parent company's owners for Q1 2024 was ¥302,626,437.12, a decrease from ¥831,076,914.15 in Q1 2023, representing a decline of approximately 63.6%[7] - Net profit for Q1 2024 was ¥299,321,982.92, down from ¥863,615,027.22 in Q1 2023, indicating a decrease of about 65.3%[14] - Operating revenue for Q1 2024 was ¥2,319,567,984.56, compared to ¥3,142,104,755.87 in Q1 2023, reflecting a decline of approximately 26.2%[14] - The total comprehensive income for Q1 2024 was ¥299,062,443.38, compared to ¥859,153,681.93 in Q1 2023, indicating a decline of about 65.2%[14] - Net profit attributable to shareholders was CNY 302,764,646.91, down 63.76% year-on-year[20] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 299,647,547.91, a decline of 64.12% compared to the previous year[20] - Basic earnings per share were CNY 0.42, reflecting a decrease of 63.79% year-on-year[20] - The company's basic earnings per share for Q1 2024 were ¥0.42, down from ¥1.16 in Q1 2023, a decrease of approximately 63.8%[7] Cash Flow and Operating Activities - Cash flow from operating activities in Q1 2024 was ¥69,829,769.13, significantly lower than ¥636,557,149.40 in Q1 2023, marking a decrease of about 89.0%[10] - The net cash flow from operating activities was CNY 69,829,769.13, a significant decrease of 89.03%[20] - The company reported a net cash outflow from financing activities of ¥98,603,765.51 in Q1 2024, compared to a net inflow of ¥5,836,043.75 in Q1 2023[10] Costs and Expenses - Total operating costs for Q1 2024 were ¥1,909,051,658.38, slightly down from ¥1,975,080,147.05 in Q1 2023, a decrease of approximately 3.3%[14] - Research and development expenses increased to ¥17,170,660.16 in Q1 2024 from ¥2,272,977.71 in Q1 2023, representing a significant increase of about 654.5%[14] Assets and Liabilities - Total current liabilities decreased from CNY 3,599,103,062.97 to CNY 3,127,333,808.79, a reduction of approximately 13.1%[43] - Total non-current liabilities increased slightly from CNY 3,726,803,797.21 to CNY 3,754,445,174.29, an increase of about 0.7%[43] - Total liabilities decreased from CNY 7,325,906,860.18 to CNY 6,881,778,983.08, a decrease of approximately 6.1%[43] - Total assets decreased from CNY 19,937,627,039.80 to CNY 19,840,766,638.91, a decrease of about 0.5%[45] - Cash and cash equivalents decreased from CNY 3,161,640,699.56 to CNY 3,011,825,348.63, a decrease of approximately 4.7%[45] - Accounts receivable increased significantly from CNY 288,519,959.26 to CNY 463,060,741.33, an increase of about 60.5%[45] - Inventory increased from CNY 289,682,387.80 to CNY 504,054,491.50, an increase of approximately 74.2%[45] - The company's retained earnings increased from CNY 10,282,474,601.85 to CNY 10,585,239,248.76, an increase of about 2.9%[43] - The total equity attributable to shareholders increased from CNY 12,611,689,842.78 to CNY 12,958,263,227.65, an increase of approximately 2.8%[43] Production and Market Conditions - The company produced 2.2675 million tons of self-produced coal during the first quarter of 2024[38] - The company’s washing coal output was 107,140 tons, and electricity generation reached 947 million kWh[38] - The company is actively managing costs and stabilizing production to address the adverse impacts of the coal market downturn[22] - The company received government subsidies amounting to CNY 4,406,249.49, which are closely related to its normal business operations[20] Legal Matters - The company is currently involved in a legal dispute regarding a coal mine acquisition, with a claim amounting to CNY 18,272.1 million plus interest[40]

《上海能源 2024 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 2024 年度"提质增效重回报"行动 A 股代码：600508 A 股简称：上海能源 编号：临 2024-012 上海大屯能源股份有限公司 第八届董事会第二十次会议决议公告 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。 公司第八届董事会第二十次会议于 2024 年 4 月 23 日在公 司行政研发中心附楼 317 会议室召开。应到董事 8 人，实到 8 人， 董事长毛中华先生、董事张付涛先生、吴凤东先生、向开满先生 现场参加会议；董事蔡蔚先生、独立董事魏臻先生、吴娜女士、 朱义军先生以视频方式参加会议。公司监事会主席王文章先生及 全体监事、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，公司董事长毛中华先生主持 会议。 会议审议并通过以下决议： 一、审议通过关于公司 2024 年第一季度报告的议案 表决结果：同意 8 票，反对 0 票，弃权 0 票。 本议案已 ...

重要内容提示： 会议召开时间：2024 年 04 月 25 日（星期四）下午 13:00-14:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/）（以下简称"上证路演中心"） 证券代码：600508 证券简称：上海能源 公告编号：2024-010 上海大屯能源股份有限公司 关于召开 2024 年第一季度业绩说明会的预告公告 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。 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 04 月 18 日（星期四）至 04 月 24 日（星期 三）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 sh600508@263.net 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。 上海大屯能源股份有限公司（以下简称"公司"）拟于 2024 年 4 月 24 日发布公司 2024 年第一季度报告，为便于广大投资者更全面深 入地了解公司 2024 年第一季度经营成果、财务状况，公司计 ...

Safety Management - The company has implemented 22 intelligent mining work faces and initiated 70 smart enterprise construction projects, achieving normalized intelligent production in underground operations[1] - A total of 89 "three separations" control projects have been implemented, achieving initial separation of personnel and vehicles, as well as production and non-production personnel[2] - The company has conducted 16 key supervisory support sessions for safety management at two mines in Xinjiang, which successfully passed national safety inspections[2] - The company has established 8 inspection teams and detailed 34 inspection tasks to enhance safety management during critical periods[4] - A total of 265 high-risk operations have been identified and special safety technical measures have been implemented this year[3] - The company has developed a comprehensive safety management approach for high-risk operations, defining 13 first-level and 54 second-level risk identification standards[3] - The company has initiated a safety supervision package to ensure comprehensive safety oversight across all ground units[4] - The company has established a work team led by senior management to oversee safety production at the two Xinjiang mines[2] Financial Performance - The company's operating revenue for the current period is ¥10,977,656,536.90, a decrease of 13.11% compared to ¥12,633,854,428.45 in the same period last year[25] - The total operating costs amount to ¥8,499,479,219.18, which is an increase of 2.76% from ¥8,271,495,644.04 in the previous year[25] - The net cash flow from operating activities has decreased by 63.76%, with the previous year's figure being ¥1,383,326,322.60[25] - The company reported a significant reduction in investment income, down 100% compared to ¥251,406,486.57 last year[28] - The total assets impairment loss decreased by 99.33%, with the current period reporting ¥5,292,937.39 compared to ¥785,261,509.93 last year[28] - The management expenses decreased by 35.15% due to a reduction in employee compensation compared to the previous year[25] - The total revenue for 2023 was approximately ¥10.88 billion, representing a year-on-year increase of 23.72%[91] - The net profit attributable to shareholders for 2023 was CNY 969,120,477.17, down 44.30% from CNY 1,739,828,281.48 in 2022[125] - The basic earnings per share for 2023 was CNY 1.34, a decline of 44.40% from CNY 2.41 in 2022[127] Production and Operations - The production volume of raw coal increased by 26.69% to 172.55 million tons, while sales volume rose by 40.15% to 180.61 million tons[33] - The company produced 802.55 million tons of raw coal and 646.09 million tons of marketable coal in 2023, with a total electricity generation of 3.703 billion kWh[158] - The company has a total coal production capacity of 909 million tons per year across its production bases in Jiangsu and Xinjiang[161] - The company’s power generation capacity includes 820 MW from thermal power and 263 MW from renewable energy sources[162] Environmental Initiatives - The company invested ¥10,543,000 in environmental protection during the reporting period[32] - The company has established mechanisms for environmental protection and is compliant with air pollutant emission standards[34] - The company achieved a significant reduction in net cash flow from operating activities, decreasing by 63.76% compared to the previous year, primarily due to a decrease in cash received from sales and an increase in tax payments[60] - The company has made breakthroughs in technology research and development, achieving domestic leading levels in eight key projects related to coal mining safety and fire prevention[38] - The company’s pollution control facilities are operating effectively, with all major pollutants meeting the required discharge standards in 2023[38] - The company has developed emergency response plans for environmental incidents, ensuring preparedness for potential environmental challenges[63] - In 2023, the company reduced carbon dioxide equivalent emissions by 57,300 tons, achieving a total emission of 3,439,500 tons compared to the 2020 baseline of 3,496,800 tons[73] - The company has implemented measures to reduce greenhouse gas emissions through the construction of intelligent mining projects and ecological restoration initiatives[73] - The company conducted monthly monitoring of wastewater parameters, including chemical oxygen demand and ammonia nitrogen, to ensure compliance with environmental standards[72] - The company maintained a zero occurrence of major environmental incidents throughout the year[133] Community Engagement - The company donated ¥1 million annually to support rural revitalization efforts in Jiangsu Province[98] - The company is actively involved in community support initiatives, including training programs and local product procurement, totaling over ¥3 million[98] Strategic Development - The company has made significant progress in the implementation of its smart enterprise construction plan, enhancing operational efficiency[1] - The company has successfully integrated coal and electricity operations, enhancing its profitability and risk resistance through a comprehensive business model that includes coal transportation, conversion of inferior coal, power generation, electricity sales, and heat sales[41] - The company has accelerated its development in the renewable energy sector, with the first phase of its solar power project, a 263MW photovoltaic power generation project, already connected to the grid[41] - The company has established a new energy demonstration base with a total capacity of 26.3 MW for solar power, which is now fully connected to the grid[159] - The company has committed to a carbon peak action plan to support its green and low-carbon transformation[95] - The company plans to continue its capital expenditure in 2023, as outlined in the financial budget report[22] Supply Chain and Procurement - The company’s top five suppliers accounted for 37.29% of total annual procurement, with related party purchases making up 22.40%[157] - The company’s top five customers contributed CNY 491.81 million in sales, representing 44.8% of total annual sales[165]

A 股代码：600508 A 股简称：上海能源 编号： 临 2024－009 上海大屯能源股份有限公司 第八届监事会第十五次会议决议公告 本公司监事会及全体监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。 上海大屯能源股份有限公司第八届监事会第十五次会议，于 2024 年 3 月 19 日在公司行政研发中心附楼 317 会议室以现场+视频 方式召开。会议应到监事 4 人，实到 4 人，监事会主席王文章先生 通过视频参加会议，监事吴超先生、袁辉先生、罗彩云女士现场参 加会议，公司董事会秘书、发展建设部部长、财务部部长、证券事 务代表列席了会议。公司监事会主席王文章先生主持本次会议，符 合《公司法》和《公司章程》的有关规定。 会议审议通过以下决议： 一、审议通过了《关于公司 2023 年度监事会报告的议案》。 会议认为，2023 年公司监事会根据《公司法》、《证券法》等法 律、法规和《公司章程》的规定，认真履行监督职责，恪尽职守， 积极有效地开展工作。对公司依法运作情况和公司董事及高级管理 人员履行职责情况进行监督，为企业的规范运作和高质量发展起到 ...

CH ChinaCoal 社会和治理报告 ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORT 上海大屯能源股份有限公司 SHANGHAI DATUN ENERGY RESOURCES CO., LTD. 报告说明 上海大屯能源股份有限公司（以下简称"上海能源""公司" "本公司"或"我们"）始终承担社会责任，积极响应国家号召，高度重视 环境、社会及治理（ESG）工作。希望以发布ESG报告的形式，向社会各界总结并分享公司在ESG方面的实践与绩效，增强信任与合作, 共同推动公司和社会可持续发展。 公司董事会及全体董事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，并对报告的真实性、准确性和完整性承担法律责任。 (C 报告主体范围 除特别指出外,本报告信息和数据覆盖上海能源及所属分公司、控股子公司、全资子公司。 【 数据说明 本报告涉及的财务数据来源于经过审计的公司年报，其它数据来源于公司内部及相关统计数据。统计数据按国家规定或行业标准 统计、计算。如《综合能耗计算通则》 (GB/T2589-2020) 、《用水单位用水统计通则》 (GB/T26719-2022) 《能源统 ...

上海大屯能源股份有限公司 内部控制审计报告 2023 年度 内部控制审计报告 安永华明（2024）专字第70122439_A01号 上海大屯能源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 计了上海大屯能源股份有限公司（以下简称"贵公司"）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 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，并评价其有效性是贵公司董事会 的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 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 部控制审计结果推到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 我们认为，上海大屯能源股份有限公司按照《企业内部控制基本规范》和相关规 定于2023年 ...

上海大屯能源股份有限公司 关于 2023 年度中煤财务有限责任公司 风险持续评估报告 根据《关于规范上市公司与企业集团财务公司业务往来的通知》 《企业集团财务公司管理办法》《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》等相关规定的要求，上海大屯 能源股份有限公司（以下简称"公司"）查验了中煤财务有限责任公司 （以下简称"中煤财务公司"）金融许可证、营业执照等证件资料，并 查阅了经营、财务等相关资料，对中煤财务公司的经营资质、业务 和风险状况进行了评估，具体情况报告如下： 一、中煤财务公司基本情况 2014 年 3 月 5 日，中煤财务公司取得《北京银监局关于中煤财 务有限责任公司开业的批复》（京银监复〔2014〕103 号）和《金融 许可证》，3 月 6 日在北京市工商局完成注册登记、领取营业执照。 2023 年，根据《企业集团财务公司管理办法》等法规要求并经金融 监管部门批复，中煤财务公司对《公司章程》进行全面修订，换领 了《金融许可证》，并完成了工商变更登记。 目前，中煤财务公司业务范围为：（一）吸收成员单位存款； （二）办理成员单位贷款；（三）办理成员单位票据贴现；（四） 办理成员 ...