山煤国际能源集团股份有限公司 章 程 2025 年修订 | 目 录 | | --- | | 第一章 | 总 | 则 | 1 | | --- | --- | --- | --- | | 第二章 | | 经营宗旨和范围 | 2 | | 第三章 | 股 | 份 | 3 | | 第一节 | | 股份发行 | 3 | | 第二节 | | 股份增减和回购 | 4 | | 第三节 | | 股份转让 | 6 | | 第四章 | | 股东和股东会 | 7 | | 第一节 | | 股东的一般规定 | 7 | | 第二节 | | 控股股东和实际控制人 | 9 | | 第三节 | | 股东会的一般规定 | 13 | | 第四节 | | 股东会的召集 | 16 | | 第五节 | | 股东会的提案与通知 | 17 | | 第六节 | | 股东会的召开 | 19 | | 第七节 | | 股东会的表决和决议 | 21 | | 第五章 | | 党的机构 | 25 | | 第一节 | | 党组织的机构设置 | 25 | | 第二节 | | 公司党委职权 | 25 | | 第三节 | | 公司纪委职权 | 29 | | 第六章 | | 董事和董 ...

Core Viewpoint - The article discusses the performance of the China Securities State-Owned Enterprises Dividend Index and the related ETF, highlighting the shift in investment logic from style-driven to stock-driven, with a focus on high-quality stocks in traditional high-dividend sectors [1][2]. Group 1: Market Performance - As of September 16, 2025, the China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.26% [1]. - The leading stocks included Huamao Logistics (603128) up by 2.76%, Jianfa Co. (600153) up by 2.08%, and Jinkong Coal Industry (601001) up by 1.83% [1]. - The National Enterprise Dividend ETF (159515) was adjusted to a latest price of 1.14 yuan, with an intraday turnover of 0.89% and a total transaction of 428,400 yuan [1]. Group 2: Investment Trends - The investment logic in the dividend sector is transitioning from style-driven to stock-driven, with traditional high-dividend industries like construction materials, coal, and steel seeing significant gains [2]. - The China Securities State-Owned Enterprises Dividend Index comprises 100 listed companies selected for their high cash dividend yields and stable dividends, reflecting the overall performance of high-dividend securities among state-owned enterprises [2]. - As of August 29, 2025, the top ten weighted stocks in the index accounted for 16.84% of the total index weight, with notable companies including COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [2][4].

| | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净占比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-09-15 | 10.00 1.83% | 3690.09万 | | 13.34% | -1331.03万 | -4.81% | -2359.07万 | -8.53% | | 2025-09-12 | 9.82 0.92% | | 755.96万 | 4.18% | -577.65万 | -3.19% | -178.30万 | -0.99% | | 2025-09-11 | 9.73 0.41% | -2634.97万 | | -15.80% | 679.02万 | 4.07% | 1955.94万 | 11.73% | | 2025-09-10 | 9.69 -1.22% | -1933.50万 | | -18.71% | 658.57万 | 6.37% | 1274.93万 | 12.34% | | 2025-09-09 | 9.81 -0.51% | | -2 ...

Investment Rating - The report maintains an investment rating of "Leading the Market" for the coal industry, indicating an expected performance that exceeds the benchmark index by more than 10% [1][31]. Core Insights - The coal supply has been marginally decreasing from January to August 2025, with a cumulative production of 3.165 billion tons, reflecting a year-on-year increase of 2.8%, but with a declining growth rate [4]. - In August 2025, coal prices experienced an unexpected surge due to supply-demand tensions, with significant increases in various coal types, particularly in thermal coal [6][7]. - The report highlights that domestic coal supply continues to contract, which has led to an increase in coal imports, with August imports rising by 20.02% month-on-month, despite a year-on-year decline of 6.78% [5][7]. Summary by Sections Supply and Demand - From January to August 2025, the cumulative coal supply showed a marginal decrease, with August production at 391 million tons, down 3.2% year-on-year but up 2.5% month-on-month [4]. - The report notes that terminal demand has been supported by manufacturing and infrastructure investments, with fixed asset investment increasing by 0.5% year-on-year [5]. Price Trends - August saw a significant rebound in coal prices, with various types of coal experiencing different degrees of price increases, particularly in coking coal [6][7]. - The report indicates that the price of thermal coal rose unexpectedly, with the peak occurring later than traditional peak seasons [7]. Investment Recommendations - The report suggests that with the policy shift due to reduced internal competition, there is an improved market risk appetite, making certain stocks more attractive. Key stocks to watch include Huayang Co., Jinkong Coal Industry, and Shanmei International for thermal coal, and Luanan Energy and Shanxi Coking Coal for coking coal [7].

Group 1 - The coal mining sector increased by 1.29% on September 15, with Electric Power Investment leading the gains [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] - Key stocks in the coal mining sector showed significant price increases, with Electric Power Investment rising by 4.04% to a closing price of 23.16 [1] Group 2 - The coal mining sector experienced a net inflow of 323 million yuan from main funds, while retail investors saw a net outflow of 250 million yuan [2] - Major stocks like Shanxi Coking Coal and Shaanxi Coal and Chemical Industries had notable net inflows from main funds, indicating strong institutional interest [3] - The overall trading volume in the coal mining sector was substantial, with Shanxi Coking Coal achieving a transaction amount of 1.054 billion yuan [1][2]

Core Viewpoint - Shanxi Coal International's stock price has shown fluctuations, with a recent increase of 2.04% and a year-to-date decline of 10.05%, indicating potential volatility in the market [1] Financial Performance - For the first half of 2025, Shanxi Coal International reported revenue of 9.66 billion yuan, a year-on-year decrease of 31.28%, and a net profit attributable to shareholders of 655 million yuan, down 49.25% compared to the previous year [2] - Cumulative cash dividends since the company's A-share listing amount to 11.57 billion yuan, with 7.12 billion yuan distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 14.65% to 82,600, while the average circulating shares per person decreased by 12.78% to 23,989 shares [2] - The top circulating shareholders include Huatai-PB SSE Dividend ETF, holding 43.13 million shares, and Hong Kong Central Clearing Limited, holding 26.75 million shares, both showing a decrease in holdings [3]

Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [1][6] Core Views - The company's performance has improved quarter-on-quarter, with a focus on the recovery of the production and sales ratio [1][6] - The company reported a revenue of 9.66 billion yuan for the first half of 2025, a year-on-year decrease of 31.28%, and a net profit attributable to shareholders of 655 million yuan, down 49.25% year-on-year [2][4] - In Q2 2025, the company achieved a revenue of 5.16 billion yuan, a year-on-year decrease of 33.03% but a quarter-on-quarter increase of 14.56%, with a net profit of 400 million yuan, down 43.45% year-on-year but up 56.91% quarter-on-quarter [2][4] Financial Performance - The company produced 17.82 million tons of raw coal in the first half of 2025, an increase of 15.86% year-on-year, while total sales of commercial coal were 17.88 million tons, a decrease of 14.1% year-on-year [4][5] - Despite a decline in coal prices, the company's coal production and sales improved in Q2, with self-produced coal revenue reaching 3.13 billion yuan, a quarter-on-quarter increase of 19.31%, and sales volume of 5.93 million tons, up 34.3% quarter-on-quarter [4][5] - The company has committed to distributing dividends of no less than 60% of the annual distributable profits for the years 2024-2026, indicating potential future dividend value [4][5] Future Projections - The company is projected to achieve net profits of 1.51 billion yuan, 1.67 billion yuan, and 1.92 billion yuan for the years 2025-2027, respectively [6] - The dynamic PE ratios for 2025-2027 are expected to be 12.9, 11.7, and 10.1 times, respectively, reflecting the company's improving performance and dividend value [6][8]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 11.43 CNY [6]. Core Insights - The company's production significantly rebounded in H1 2025, with Q2 sales showing a substantial month-on-month recovery. Cost control measures have led to a significant decline in costs for H1 2025, and the company is expected to continue recovering in terms of production and sales in H2 2025 [2][12]. Financial Summary - Total revenue for 2025 H1 was 9.66 billion CNY, a year-on-year decrease of 31.28%. The net profit attributable to the parent company was 654 million CNY, down 49.25% year-on-year. In Q2 2025, total revenue was 5.16 billion CNY, a year-on-year decrease of 33.03%, but a quarter-on-quarter increase of 14.56%. The net profit for Q2 was 400 million CNY, down 43.45% year-on-year but up 56.91% quarter-on-quarter [12]. Production and Sales Data - In H1 2025, the company produced 17.82 million tons of raw coal, an increase of 15.86% year-on-year. Self-produced coal sales were 10.35 million tons, a decrease of 13.19% year-on-year, with a sales price of 556.34 CNY per ton. Trade coal sales were 7.54 million tons, down 15.43% year-on-year, with a sales price of 469.98 CNY per ton [12]. Cost Management - The average selling price for self-produced coal in H1 2025 was 556.34 CNY per ton, down 18.9% from 685.92 CNY per ton in H1 2024. The cost per ton of self-produced coal was 275 CNY, a decrease of 10.4% year-on-year. The gross profit per ton was 281 CNY, down 25.8% year-on-year [12]. Future Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.72 CNY, 0.88 CNY, and 1.15 CNY for the years 2025, 2026, and 2027 respectively. The estimated price-to-earnings (PE) ratio for 2026 is 13x, leading to a target price of 11.43 CNY [12][14].

Core Points - The company is holding its second extraordinary general meeting of shareholders in 2025 to discuss important amendments to its governance structure and rules [1][3] - The proposed amendments include the revision of the company's articles of association and the cancellation of the supervisory board, transferring its responsibilities to the audit committee of the board of directors [1][4] - The meeting is scheduled for September 16, 2025, and will be conducted both in-person and online, allowing shareholders to participate through proxy voting if they cannot attend [3][4] Summary of Proposals - Proposal 1: Revision of the company's articles of association and cancellation of the supervisory board, in compliance with the new Company Law and relevant regulations [1][4] - Proposal 2: Revision of seven internal governance documents, including the rules for shareholder meetings and board meetings, to align with updated regulatory requirements [2][4]

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 ...