H1 产量明显回复，Q2 销量环比大幅提升 山煤国际(600546) 山煤国际 2025 年中报业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 黄涛(分析师) | 021-38674879 | huangtao@gtht.com | S0880515090001 | | 王楠瑀(分析师) | 021-38032030 | wangnanyu@gtht.com | S0880525070029 | | 52 周内股价区间(元) | 8.56-13.96 | | --- | --- | | 总市值(百万元) | 19,151 | | 总股本/流通A股(百万股) | 1,982/1,982 | | 流通 B 股/H 股(百万股) | 0/0 | 本报告导读： 2025H1 产量明显回复，Q2 销量环比恢复明显；公司优化成本管控，2025H1成本同 比环比均大幅下滑，我们预计公司 H2 产销量情况及业绩情况有望继续恢复。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | ...

山煤国际（600546） 山煤国际能源集团股份有限公司 2025 年第二次临时股东大会会议资料 山煤国际能源集团股份有限公司 山煤国际（600546） 山煤国际能源集团股份有限公司 2025 年第二次临时股东大会会议资料 山煤国际能源集团股份有限公司 （一）宣布会议出席股东人数、代表股份数以及参会来宾名单，宣读股东大 会须知 《关于修订公司 <股东会议事规则> <董事会议事规则> 等 7 项制度的议案》 山煤国际（600546） 山煤国际能源集团股份有限公司 2025 年第二次临时股东大会会议资料 议题一： 《关于修订 <公司章程> 并取消监事会的议案》 各位股东： 会议资料 山煤国际能源集团股份有限公司 二〇二五年九月十六日 山煤国际（600546） 山煤国际能源集团股份有限公司 2025 年第二次临时股东大会会议资料 议题二： 《关于修订公司 <股东会议事规则> <董事会议事规则> 等 7 项 制度的议案》 （2025 年 9 月 16 日） 一、会议时间：2025 年 9 月 16 日（星期二）下午 15：00 二、会议地点：太原市小店区晋阳街 162 号三层会议室 三、会议召集人：公司董事会 四、会议 ...

1 山煤国际（600546） 山煤国际能源集团股份有限公司 2025 年第二次临时股东大会会议资料 山煤国际（600546） 山煤国际能源集团股份有限公司 2025 年第二次临时股东大会会议资料 山煤国际能源集团股份有限公司 2025 年第二次临时股东大会 会议资料 2025 年 9 月 四、会议主持人：董事长孟君先生 五、会议方式：现场投票和网络投票相结合的方式 六、会议出席人： 山煤国际能源集团股份有限公司 2025 年第二次临时股东大会议程 （2025 年 9 月 16 日） 一、会议时间：2025 年 9 月 16 日（星期二）下午 15：00 二、会议地点：太原市小店区晋阳街 162 号三层会议室 三、会议召集人：公司董事会 1．截至 2025 年 9 月 9 日（星期二）下午交易结束后，在中国证券登记结算 有限责任公司上海分公司登记在册的本公司股东均有权参加会议。因故不能参加 会议的股东可以书面委托代理人出席会议（该代理人不必是公司股东），或在网络 投票时间内参加网络投票。 2．公司董事、监事及高级管理人员。 3．公司聘请的律师。 4．本次会议工作人员。 七、会议内容： （一）宣布会议出席股东人数 ...

Investment Rating - The report maintains a "Buy" rating for the coal industry, recommending specific companies based on their performance and market conditions [7][8]. Core Insights - The coal market experienced a decline in prices during the first half of 2025, with an average price of 675.7 CNY/ton for thermal coal, a year-on-year decrease of 22.8% [3][14]. - A rebound in coal prices is anticipated in the second half of 2025 due to increased demand and supply constraints, potentially returning to levels seen in Q3 2024 [4][29]. - The report highlights a significant reduction in production from both domestic and international sources, with a year-on-year decrease in coal production from major exporting countries [18][24]. Market Review - In H1 2025, thermal coal prices continued to decline, with Q2 prices hitting a low of 631.6 CNY/ton, down 25.6% year-on-year [3][14]. - The average price of coking coal also saw a significant drop, with the main coking coal price at 1377.67 CNY/ton, down 38.79% year-on-year [3][14]. Industry Outlook - The report forecasts a price recovery driven by supply reductions and seasonal demand increases, with expectations for prices to return to Q3 2024 levels [4][29]. - Supply-side constraints are expected to persist, with an estimated annual reduction of 230 million tons due to stricter production regulations [24][25]. - Non-electric demand, particularly from the coal chemical sector, is projected to grow, providing additional support for coal prices [29][30]. Fund Holdings - In Q2 2025, most listed companies in the coal sector saw an increase in fund holdings compared to Q1, with notable increases for companies like Huabei Mining and Xinjie Energy [5][34]. Half-Year Report Summary - The coal sector's total revenue in H1 2025 decreased by 18.8% year-on-year, with the thermal coal sub-sector experiencing a 16.6% decline [36][37]. - The net profit attributable to shareholders fell by 32% year-on-year, with the coking coal sub-sector facing the steepest decline of 60.1% [38].

开源证券研报指出，山煤国际上半年实现归母净利润6.5亿元，同比-49.25%；Q2实现归母净利润4亿 元，环比+56.9%。2025H1公司原煤产量1782.1万吨，同比+15.86%，商品煤销量1788.4万吨，同 比-14.15%，其中自产煤销量1034.6万吨，同比-13.19%，贸易煤销量753.8万吨，同比-15.43%。考虑到 公司上半年煤炭产销量，判断煤价运行趋势，上调2025-2027年公司盈利预测。考虑到公司产能释放进 展顺利，叠加分红比例有望维持高水平，公司长期投资价值凸显。维持"买入"评级。 ...

每经AI快讯，大同证券9月4日发布研报称，给予山煤国际（600546.SH）谨慎推荐评级。评级理由主要 包括：1）上半年煤炭生产增产不增销，煤炭贸易量有所压缩；2）公司进一步压降成本，经营活动现金 流净额环比向好；3）积极拓展市场，增强经营管控能力。风险提示：国际环境不确定性增强，煤炭需 求不及预期。 每经头条（nbdtoutiao）——AI内容强制标识"首周"实测：抖音、小红书、微博自动识别"失灵"，AI应 用文本漏标，视频"会员可去水印" （记者 王晓波） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 ...

Group 1: Macro Economic Insights - The recent appreciation of the RMB against the USD may be seen as a "catch-up" due to a weaker dollar environment, with the RMB appreciating by approximately 2.3% compared to a 10% depreciation of the dollar index in the first eight months of 2025 [5][6][7] - The domestic equity market's recovery and dovish signals from the Federal Reserve are key triggers for the recent rise in the RMB exchange rate, despite weaker manufacturing PMI data [6][8] - The RMB is expected to continue appreciating, but short-term fluctuations may occur due to uncertainties in global economic policies, particularly in Japan [8][9] Group 2: ETF Market Dynamics - Since June, non-broad-based ETFs have seen rapid growth, with net inflows reaching 227.9 billion RMB, indicating a shift in retail investor preferences towards ETFs [11][12] - Broad-based ETFs have experienced significant net redemptions, suggesting that while overall ETF inflows may appear modest, retail funds are actively entering the market through non-broad-based ETFs [12][13] - The current bull market is characterized by a shift from actively managed funds to ETFs, driven by factors such as product variety, cost efficiency, and ease of access [13][14] Group 3: Power Equipment and New Energy Sector - The photovoltaic industry is facing severe overcapacity, with nominal production capacity exceeding 1200 GW, leading to significant price declines across the supply chain [18][19] - Recent government initiatives aim to curb internal competition and stabilize the market, with signs of price recovery in the polysilicon segment [19][20] - Despite ongoing losses in the main supply chain, specialized companies are performing better than integrated firms, indicating a potential for recovery as supply-demand dynamics improve [20][21] Group 4: Chemical Industry Performance - The chemical raw materials and products manufacturing sector reported a revenue of 4.46359 trillion RMB in H1 2025, a year-on-year increase of 1.4%, but profits fell by 9% to 181.46 billion RMB [23][24] - The basic chemical industry achieved a revenue of 1.1707 trillion RMB in H1 2025, with a profit of 73.17 billion RMB, reflecting a 3.5% revenue increase year-on-year [24][25] - The petrochemical sector, excluding major state-owned enterprises, saw a revenue decline of 7.3% in H1 2025, indicating challenges in profitability [25][26] Group 5: Pharmaceutical Sector Developments - Sunshine Nuohuo (688621.SH) reported a revenue of 590 million RMB in H1 2025, a 4.87% increase, with a significant Q2 performance showing a 15.73% year-on-year growth [28][29] - The company is advancing its innovative drug pipeline, with multiple projects in clinical trials, indicating a strong growth trajectory [29][30] - Haofan Bio (301393.SZ) achieved a revenue of 270 million RMB in H1 2025, reflecting a 20.10% increase, driven by strong demand for GLP-1 drugs [32][33] Group 6: Food and Beverage Sector Insights - Shanxi Fenjiu (600809.SH) reported a revenue of 23.96 billion RMB in H1 2025, a 5.4% increase, but faced pressure on profit margins due to changing consumer preferences [40][41] - Wuliangye (000858.SZ) achieved a revenue of 52.77 billion RMB in H1 2025, a 4.2% increase, but is navigating challenges in maintaining price stability amid competitive pressures [45][46]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 performance showed significant improvement compared to Q1, with a focus on high dividend value [1] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 1.54 billion, 1.79 billion, and 2.01 billion yuan respectively, reflecting a year-on-year change of -32.3%, +16.3%, and +12.4% [1] - The company is expected to maintain a high dividend payout ratio, with a current dividend yield of 7% based on the closing price [3] Financial Performance Summary - In H1 2025, the company achieved operating revenue of 9.66 billion yuan, a year-on-year decrease of 31.28%, and a net profit attributable to shareholders of 650 million yuan, down 49.25% [1] - The coal production in H1 2025 was 17.82 million tons, an increase of 15.86% year-on-year, while the sales volume of commercial coal was 17.88 million tons, a decrease of 14.15% [2] - The average selling price of coal in H1 2025 was 519.9 yuan per ton, down 21.26% year-on-year [2] Environmental and Dividend Strategy - The company has strengthened its environmental project construction, with several coal mines passing national safety production standards [3] - The dividend per share for 2024 was 0.69 yuan, with a payout ratio of 60.3%, indicating a commitment to maintaining high dividend levels [3] Valuation Metrics - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.77, 0.90, and 1.01 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 12.7, 10.9, and 9.7 [4] - The company's total market capitalization is approximately 19.468 billion yuan, with a current stock price of 9.82 yuan [5]

近期A股市场行情持续回升，上证指数接连突破3600点、3700点、3800点等整数关口。据证券时报·数据宝 统计，截至9月2日收盘，今年以来上证指数涨15.11%。其中通信、有色金属、综合、电子、机械设备行业 年内涨幅排在前5位，涨幅均超30%。煤炭行业年内市场表现垫底，累计下跌9.15%。 今年上半年，全国煤炭经济偏弱运行，煤炭价格中枢回落，煤炭上市公司业绩承压。据数据宝统计，煤炭 上市公司中，今年上半年营业总收入同比下滑的占比达到九成以上，净利润亏损或同比下滑的占比也在九 成以上。 当整个煤炭行业都在积极寻求转型突破时，山煤国际却交出了一份令人担忧的成绩单。今年上半年，公司 营业收入同比下降31.28%，归母净利润同比下滑49.25%，下滑幅度高于行业平均水平。这一下滑不仅反映 了煤炭行业整体价格下行的压力，更暴露出公司在成本控制、销售策略和业务结构上的严重问题。 尽管公司强调"成本领先战略"，但吨煤成本不降反升，叠加销量下降13.19%，导致煤炭生产业务收入同比 下降29.59%，远超行业平均水平。煤炭贸易业务更是陷入量价齐跌的困境，今年上半年贸易量同比下降 15.43%，第二季度售价环比下降16.93 ...

Group 1: Market Performance - The coal mining sector increased by 0.03% compared to the previous trading day, with Electric Power Investment leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Group 2: Individual Stock Performance - Electric Power Investment (002128) closed at 21.37, up 1.38% with a trading volume of 162,300 shares [1] - Yongtai Energy (600157) closed at 1.49, up 1.36% with a trading volume of 9.64 million shares [1] - China Shenhua (601088) closed at 38.16, up 0.69% with a trading volume of 425,700 shares [1] - Jinko Energy (601001) closed at 12.96, down 2.56% with a trading volume of 226,400 shares [2] Group 3: Capital Flow Analysis - The coal mining sector experienced a net outflow of 420 million yuan from main funds, while retail investors saw a net inflow of 314 million yuan [2] - The main funds showed a negative net flow in several stocks, including Yongtai Energy and Pingmei Shenhua [3] - Retail investors contributed positively to stocks like Gansu Energy and New Dazhou A, indicating varied investor sentiment across the sector [3]