证券代码：600508 证券简称：上海能源 编号：临 2025-032 上海大屯能源股份有限公司 第九届董事会第九次会议决议公告 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九次会议于 2025 年 10 月 27 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 7 人， 董事长张付涛先生、董事刘广东先生、董事吴凤东先生现场参加 会议；董事朱世艳女士、独立董事朱凤山先生、吴娜女士、朱义 军先生以视频方式参加会议；副董事长李跃文先生书面委托董事 长张付涛先生出席并表决。公司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。 《上海能源 2025 年第三季度报告》详见上海证券交易所网 站 http://www.sse.com.cn。 二、审议通过关于修订公司治理主体权责清单的议案 同意对公司治理主体权责清单进行的修订。 表决结果：同意 8 票，反对 0 票，弃权 0 票。 三、审议通过关于向江苏省睢宁县捐赠帮促资金的议案 ...

Financial Performance - The company's operating revenue for the third quarter was CNY 2,141,609,568.29, a decrease of 9.99% year-on-year[7]. - The total profit for the quarter was CNY 27,073,921.74, down 86.15% compared to the same period last year[7]. - The net profit attributable to shareholders was CNY 49,721,283.15, reflecting a decline of 67.73% year-on-year[7]. - The basic earnings per share for the quarter was CNY 0.07, down 68.18% year-on-year[7]. - Total operating revenue for the first three quarters of 2025 was ¥5,639,659,069.15, a decrease of 22.05% compared to ¥7,233,532,303.02 in the same period of 2024[25]. - Net profit for the first three quarters of 2025 was ¥204,407,527.76, a decline of 64.60% from ¥575,788,122.33 in 2024[26]. - The company reported a total profit of ¥267,888,340.66 for the first three quarters of 2025, down 67.36% from ¥821,102,213.60 in 2024[26]. - Basic earnings per share for 2025 was ¥0.35, compared to ¥0.87 in 2024, reflecting a decrease of 59.77%[28]. Cash Flow and Assets - The net cash flow from operating activities was CNY 263,991,255.54, a decrease of 27.60% from the previous year[7]. - Cash flow from operating activities for the first three quarters of 2025 was ¥435,078,973.33, down 47.60% from ¥829,716,964.98 in 2024[32]. - Cash and cash equivalents at the end of the third quarter of 2025 were ¥1,772,964,896.08, a decrease from ¥2,281,978,952.49 at the end of the same period in 2024[33]. - The company's cash and cash equivalents were RMB 2.25 billion, compared to RMB 2.70 billion at the end of 2024, reflecting a decrease of approximately 16.9%[18]. - The company's current assets totaled RMB 3.50 billion, down from RMB 3.90 billion at the end of 2024, indicating a decline of about 10%[19]. Market Conditions and Company Response - The company attributed the decline in revenue and profits to a downturn in the coal market, affecting both prices and sales volume[10]. - The company is implementing actions to improve quality and efficiency in response to adverse market conditions[10]. - The company aims to complete its annual targets despite the challenging market environment[10]. Liabilities and Equity - The company's total liabilities were RMB 6.67 billion, down from RMB 6.92 billion at the end of 2024, indicating a reduction of approximately 3.6%[21]. - The company reported a current liability total of RMB 2.83 billion, down from RMB 3.24 billion, a decrease of about 12.9%[21]. - The company’s long-term borrowings increased to RMB 1.47 billion from RMB 1.35 billion, reflecting an increase of approximately 8.9%[21]. - The company's equity attributable to shareholders was RMB 12.81 billion, slightly up from RMB 12.81 billion at the end of 2024[22]. Production and Other Metrics - In the first three quarters of 2025, the company produced 6.17 million tons of self-produced coal and 3.37 million tons of washed coal[16]. - The company's electricity generation reached 3.05 billion kWh, while aluminum processing amounted to 81,100 tons[16]. - Research and development expenses for the first three quarters of 2025 were ¥19,170,785.49, significantly lower than ¥50,015,902.88 in 2024, indicating a reduction of 61.73%[25]. - Other income decreased to ¥6,820,081.30 in 2025 from ¥22,537,713.73 in 2024, reflecting a decline of 69.73%[26]. - Non-recurring gains and losses for the quarter amounted to CNY 1,893,357.97, with government subsidies included[9].

| 项目 | 2025 年 | 2024 年 | 变动比例 | | --- | --- | --- | --- | | | 1-9 月 | 1-9 月 | （%） | | 一、原煤产量（万吨） | 617.05 | 662.69 | -6.89 | | 二、洗精煤产量（万吨） | 337.06 | 361.40 | -6.74 | | 三、商品煤产量（万吨） | 468.45 | 470.00 | -0.33 | | 四、商品煤销量（万吨） | 455.98 | 456.29 | -0.07 | | 其中：1、外销量（万吨） | 410.27 | 406.33 | 0.97 | | 2、自用量（万吨） | 45.71 | 49.96 | -8.51 | | 五、商品煤销售收入（万元） | 327,707.82 | 483,326.67 | -32.20 | | 六、商品煤销售成本（万元） | 262,839.61 | 324,741.25 | -19.06 | | 七、商品煤销售毛利（万元） | 64,868.21 | 158,585.42 | -59.10 | 本公告经营数据未经审计，请投资者注意投资风险并 ...

Core Insights - Shanghai Energy reported a third-quarter revenue of 2.142 billion yuan, representing a year-on-year decline of 9.99% [1] - The net profit for the third quarter was 49.7213 million yuan, down 67.73% year-on-year [1] - For the first three quarters, the total revenue was 5.64 billion yuan, reflecting a year-on-year decrease of 22.03% [1] - The net profit for the first three quarters was 255 million yuan, which is a 59.22% decline compared to the previous year [1]

Group 1 - The coal mining sector increased by 0.75% on October 27, with Zhengzhou Coal Power leading the gains [1] - The Shanghai Composite Index closed at 3996.94, up 1.18%, while the Shenzhen Component Index closed at 13489.4, up 1.51% [1] - Zhengzhou Coal Power's stock price rose by 9.96% to 5.63, with a trading volume of 2.7533 million shares and a transaction value of 1.501 billion yuan [1] Group 2 - The coal mining sector saw a net inflow of 123 million yuan from main funds, while retail investors experienced a net outflow of 1.29 billion yuan [2][3] - Major stocks in the coal mining sector showed varied performance, with some experiencing significant net inflows from main funds, such as Zhengzhou Coal Power with 423 million yuan [3] - The trading volume and transaction values for various coal mining stocks indicate active market participation, with notable figures such as Jiangxi Tungsten Equipment at 7.73 and a trading volume of 442,900 shares [1][2]

Investment Rating - The report maintains an "Overweight" rating for the coal industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Views - The coal price continues to strengthen, with a marginal improvement in supply and demand dynamics, leading to an optimistic outlook for the future [1][8]. - The report highlights that the coal supply is expected to contract due to various factors, including increased safety inspections and government policies aimed at reducing overproduction [7][8]. - As winter approaches, the demand for electricity coal is anticipated to rise, further supporting coal prices [8]. Summary by Sections 1. Industry Overview - The coal industry comprises 37 listed companies with a total market capitalization of approximately 1,982.12 billion yuan [2]. - The report notes a significant increase in coal prices, with the port price for thermal coal exceeding 770 yuan/ton [7]. 2. Supply and Demand Dynamics - The report indicates that domestic coal supply is expected to contract, with coal imports showing a downward trend [7]. - Recent data shows that coal consumption in 25 provinces has increased, with a daily consumption of 5.335 million tons, reflecting a year-on-year increase of 6.94% [8]. 3. Company Performance and Recommendations - Key companies such as China Shenhua, Yancoal Energy, and Shanxi Coking Coal are highlighted as having strong performance and growth potential [5][13]. - The report recommends focusing on high-elasticity stocks like Yancoal Energy, Shanxi Coal International, and Jin控 Coal Industry, which are expected to benefit from the improving coal price environment [8][13]. 4. Price Tracking - The report tracks coal prices, noting that the price of thermal coal at the port has increased by 22 yuan/ton week-on-week [8]. - The average daily production of thermal coal from sample mines is reported at 5.479 million tons, showing a week-on-week decrease of 0.78% [8]. 5. Future Outlook - The report suggests that the coal sector is entering a new upward cycle, with improving fundamentals and potential for price increases due to seasonal demand [8][9]. - The upcoming quarterly reports from major coal companies are expected to confirm the industry's recovery and upward trend in profitability [8].

Core Viewpoint - The A-share market opened with all three major indices rising, indicating positive market sentiment and sector performance, particularly in storage chips, quantum technology, and commercial aerospace sectors [1] Group 1: Market Performance - The Shanghai Composite Index increased by 0.17%, the Shenzhen Component Index rose by 0.51%, and the ChiNext Index gained 0.83% [1] - Notable sectors with significant gains include storage chips, quantum technology, and commercial aerospace [1] Group 2: Sector Highlights - In the storage chip sector, stocks such as Yingxin Development and Shikong Technology hit the daily limit, while Xiangrun Chip surged over 9%, with companies like Xicai Testing and Demingli also showing gains [1] - The satellite navigation sector saw stocks like Shensai Ge and Aerospace Science & Technology reaching the daily limit, with Aerospace Hongtu rising nearly 9%, and other companies like Shanxi Huada and China Satellite also experiencing upward movement [1] Group 3: Declining Sectors - Conversely, gas stocks, coal stocks, and film industry stocks experienced notable declines, with Guo New Energy dropping by 7%, and Shanghai Energy and Yunmei Energy falling over 3% [1]

Core Insights - The A-share and Hong Kong stock markets saw a positive turn towards the end of trading on October 23, with over half of the more than 1,300 ETFs in the market rising, particularly in sectors like coal, chemicals, and non-ferrous metals [1][2] - The coal sector led the market with a 1.75% increase, and the coal ETF (515220) rose by 2.46%, ranking second in overall ETF performance [1] - Despite a significant drop in gold ETFs, there was still a net inflow of approximately 45.5 billion yuan into gold-related ETFs, indicating a continued interest in safe-haven assets [2] ETF Market Performance - On October 22, the overall ETF market experienced a net inflow of about 2.5 billion yuan, with notable inflows into gold ETFs despite their decline [1][2] - The coal ETF's performance was particularly strong, with 29 out of 30 constituent stocks rising, including seven hitting the daily limit up [1] - Other sectors, such as chemicals and rare metals, also saw good performance attributed to global liquidity easing and expectations of resource price increases [2] Investment Sentiment - The market is currently exhibiting signs of risk aversion, with funds flowing into safer assets like gold ETFs and bond ETFs, while high-volatility ETFs faced net outflows [2] - Analysts suggest that the current market dynamics are influenced by factors such as liquidity conditions, event impacts, and changes in trading sentiment, which may provide good entry points for investors [2] - Long-term outlook remains positive for the stock market, supported by declining risk-free interest rates, ample liquidity, and favorable corporate earnings expectations [2]

Core Viewpoint - Shanghai Energy (600508) experienced a trading halt with a daily increase limit, reflecting significant market activity and investor interest despite recent financial performance challenges [2][3]. Trading Activity - The stock had a turnover rate of 4.21% and a total transaction value of 421 million yuan, with a price fluctuation of 9.78% throughout the day [2]. - The stock was listed on the Shanghai Stock Exchange for a daily price deviation of 9.82%, with net selling of 158,700 yuan from the Shanghai-Hong Kong Stock Connect [2]. - The top five trading departments accounted for a total transaction of 106 million yuan, with a net buying amount of 20.47 million yuan [2][3]. Fund Flow - The stock saw a net inflow of 80.07 million yuan from major funds, with large orders contributing 79.09 million yuan to this inflow [2]. - Over the past five days, the net inflow of major funds totaled 66.96 million yuan [2]. Financial Performance - For the first half of the year, the company reported a revenue of 3.498 billion yuan, a year-on-year decrease of 27.94%, and a net profit of 205 million yuan, down 56.45% year-on-year [3]. Margin Trading - As of October 22, the margin trading balance for the stock was 245 million yuan, with a financing balance of 245 million yuan and a securities lending balance of 728,000 yuan [2]. - Over the past five days, the financing balance decreased by 3.28 million yuan, a decline of 1.32%, while the securities lending balance decreased by 219,900 yuan, a decline of 23.20% [2].

Core Insights - The coal mining sector experienced a rise of 1.18% on October 23, with Shanghai Energy leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Coal Mining Sector Performance - Shanghai Energy (600508) closed at 14.03, with a significant increase of 10.04% and a trading volume of 304,500 shares, resulting in a transaction value of 421 million yuan [1] - Zhengzhou Coal Electricity (600121) and Dayou Energy (600403) also saw substantial gains of 10.02% and 10.01%, respectively [1] - Shanxi Coking Coal (000983) increased by 4.83%, with a transaction value of 1.657 billion yuan [1] Capital Flow Analysis - The coal mining sector saw a net inflow of 919 million yuan from main funds, while retail investors experienced a net outflow of 670 million yuan [2] - Major stocks like Zhengzhou Coal Electricity and Shanxi Coking Coal attracted significant main fund inflows of 249 million yuan and 155 million yuan, respectively [3] - Conversely, retail investors withdrew from several stocks, including Zhengzhou Coal Electricity and Shanxi Coking Coal, with outflows of 136 million yuan and 108 million yuan, respectively [3]