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%。 ...

证券代码：600508 证券简称：上海能源 公告编号：临 2025-013 上海大屯能源股份有限公司 关于召开 2025 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。 重要内容提示： 会议召开时间：2025 年 05 月 06 日（星期二）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"） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 04 月 24 日（星期四）至 04 月 30 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 2025 年 4 月 25 日发布公司 2025 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 2025 年第一季度经营成果、财务状况，公司计划 ...

证券代码：600508 证券简称：上海能源 编号：临 2025-012 关于控股股东首次增持公司股份暨 增持计划进展的公告 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： 增持计划基本情况：上海大屯能源股份有限公司（以下 简称"公司"）于 2025 年 4 月 8 日披露了《上海大屯能源股份有 限公司关于控股股东增持公司股份计划的公告》（公告编号：临 2025-011），公司控股股东中国中煤能源股份有限公司（以下简 称"中煤能源"）拟自该公告披露之日起 12 个月内通过上海证 券交易所采用集中竞价、大宗交易等方式增持公司 A 股股份， 增持总金额不低于人民币 3,000 万元，不高于人民币 5,000 万元 （以下简称"本次增持计划"）。 首次增持情况：2025 年 4 月 9 日，中煤能源通过上海证 券交易所交易系统以集中竞价方式首次增持上海能源 348,100 股 1 A 股股份，占上海能源总股本比例约为 0.05%，增持金额为 4,000,351.00 元（不含佣金税费）。 上海大屯能源股份有限公司 二 ...

上海大屯能源股份有限公司 关于控股股东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"）于 2025 年 4 月 8 日收到控股股东中国中煤能源股份有限公司（以下简称 "中煤能源"）通知，中煤能源拟自本公告披露之日起 12 个月 内通过上海证券交易所采用集中竞价、大宗交易等方式增持公司 A 股股份，增持总金额不低于人民币 3000 万元，不高于人民币 5000 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。 本次增持计划可能存在因资本市场情况发生变化或目前 尚无法预判的其他风险因素导致增持计划的实施无法达到预期 的风险。 1 一、增持主体 证券代码：600508 证券简称：上海能源 编号：临 2025-011 （三）本次拟增持股份的数量：本次增持计划拟增持总金额 不低于人民币3000万元，不高于人民币5000万元。如在本次增持 计划实施期间公司发生股份发行等事项，中煤能源将 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][8] Core Views - The company's performance is under pressure due to declining coal prices, leading to a decrease in revenue and profit [4][5] - The company is focusing on enhancing shareholder returns through increased dividends, with a proposed cash dividend of 289 million yuan for 2024, representing a payout ratio of 40.40%, up 32.11 percentage points year-on-year [5] - The company is expected to experience revenue declines in the coming years, with projected revenues of 87.69 billion yuan in 2025, 88.59 billion yuan in 2026, and 93.16 billion yuan in 2027 [5] Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenue of 9.488 billion yuan, a year-on-year decrease of 13.57%, and a net profit of 716 million yuan, down 26.16% year-on-year [5] - The company's coal revenue was 6.292 billion yuan in 2024, a decrease of 10.95% year-on-year, with total coal production of 8.5816 million tons, an increase of 6.93% year-on-year [5] - The company reported a basic earnings per share (EPS) of 0.99 yuan in 2024, down 26.12% year-on-year [5] Profitability and Valuation - The projected earnings per share for the company are 0.77 yuan in 2025, 0.87 yuan in 2026, and 0.98 yuan in 2027, reflecting a decline in profitability [5] - The current price-to-earnings (P/E) ratio is projected to be 16.1X in 2025, 14.3X in 2026, and 12.7X in 2027, indicating a low valuation relative to its growth potential [5] Dividend Policy - The company is committed to increasing its dividend payout, with a focus on maintaining multiple cash dividends to enhance shareholder value [5]

Investment Rating - The investment rating for Shanghai Energy is "Buy" (maintained) [2][4] Core Views - The report highlights that the decline in coal prices has put pressure on the company's overall performance for the year, with a focus on the potential for net asset value recovery and increased dividends [4][6] - For 2024, the company reported a revenue of 9.49 billion yuan, a year-on-year decrease of 13.6%, and a net profit attributable to shareholders of 720 million yuan, down 26.2% year-on-year [4][5] - The report anticipates a recovery in profitability in 2025-2027, with projected net profits of 530 million yuan, 630 million yuan, and 700 million yuan respectively, reflecting a year-on-year change of -26.6%, +19.2%, and +11% [4][7] Financial Performance Summary - In 2024, the company achieved a coal production of 8.582 million tons, an increase of 6.9% year-on-year, while the sales volume of commercial coal was 6.318 million tons, a decrease of 2.7% year-on-year [5][6] - The average selling price of commercial coal in 2024 was 995.9 yuan per ton, down 8.5% year-on-year, while the cost per ton was 699.3 yuan, a decrease of 1.3% year-on-year [5][6] - The gross profit margin for commercial coal in 2024 was 296.6 yuan per ton, down 21.8% year-on-year [5][10] Future Outlook - The company is expected to benefit from its coal and power integration strategy, with ongoing projects such as the 240,000-ton Weizigou coal mine expected to commence trial operations by the end of 2025 [6][7] - The report notes that the company's price-to-book (PB) ratio is currently at 0.7, indicating a significant discount and potential for valuation recovery [6][7] - The dividend payout ratio for 2024 was 40.4%, an increase of 9.82 percentage points year-on-year, with expectations for further increases in the future [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4] Core Views - The company's performance in 2024 was impacted by a decline in coal prices, leading to a 13.6% year-on-year decrease in revenue to 9.49 billion yuan and a 26.2% drop in net profit to 720 million yuan [4][5] - The report emphasizes the potential for valuation recovery due to the company's significant price-to-book (PB) discount and the possibility of increased dividends, with a current PB of 0.7 [6][4] - Future profit forecasts have been adjusted downward for 2025 and 2026, with expected net profits of 530 million yuan and 630 million yuan respectively, reflecting a year-on-year decline of 26.6% and a subsequent recovery in 2026 [4][7] Financial Performance Summary - In 2024, the company achieved an operating revenue of 9.49 billion yuan, down 13.6% year-on-year, and a net profit attributable to shareholders of 720 million yuan, down 26.2% [4][7] - The coal production for 2024 was 8.58 million tons, an increase of 6.9% year-on-year, while the sales volume of commercial coal decreased by 2.7% to 6.32 million tons [5][6] - The average selling price of commercial coal in 2024 was 995.9 yuan per ton, reflecting an 8.5% decrease year-on-year [5][6] Future Outlook - The company is expected to see a gradual recovery in profits, with projected net profits of 530 million yuan in 2025, 630 million yuan in 2026, and 700 million yuan in 2027, indicating a potential growth trajectory [4][7] - The report highlights the company's integrated coal and power operations, which may help mitigate the impact of coal price fluctuations [6][5] - The company plans to maintain a dividend payout ratio of around 40.4%, with expectations for further increases in the future [6][4]

- 1 - 经核查独立董事吴娜、朱义军、朱凤山及报告期内离任独立董 事魏臻的任职经历以及签署的相关承诺文件，上述人员未在公司担 任除独立董事以外的任何职务，也未在公司主要股东公司担任任何 职务，与公司以及主要股东之间不存在利害关系或其他可能妨碍其 进行独立客观判断的关系，因此，公司独立董事符合《上市公司独 立董事管理办法》《上海证券交易所股票上市规则》《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》等法律法规中对独 立董事独立性的相关要求。 上海大屯能源股份有限公司董事会 2025年3月20日 上海大屯能源股份有限公司第九届董事会 关于独立董事独立性自查情况的专项意见 根据中国证券监督管理委员会发布的《上市公司独立董事管理 办法》及上海证券交易所发布的《上海证券交易所股票上市规则》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》等法律 法规的要求，上海大屯能源股份有限公司（以下简称"公司"）董事会， 就公司在任独立董事吴娜、朱义军、朱凤山及报告期内离任独立董 事魏臻的独立性情况进行评估并出具如下专项意见： ...