证券代码：600546 证券简称：山煤国际 公告编号：临 2025-025 号 山煤国际能源集团股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 20 日 (二)股东大会召开的地点：太原市小店区晋阳街 162 号三层会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 617 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,208,660,308 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 60.9678 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，公司董事长孟君先生主持，会议的召集和召开 程序、出席会议人员的资格、会议的表决方式和程序均符合《公司法》 ...

山煤国际（600546） 山煤国际能源集团股份有限公司 2024 年年度股东大会会议资料 山煤国际能源集团股份有限公司 会议资料 山煤国际（600546） 山煤国际能源集团股份有限公司 2024 年年度股东大会会议资料 山煤国际能源集团股份有限公司 （2025 年 5 月 20 日） 一、会议时间：2025 年 5 月 20 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： 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。 七、会议内容： （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； （二）宣读议案，股东讨论； 山煤国际（600546） 山煤国际能源集团股份有限公司 2024 年年度股东大会会议资料 （三）审议议案及投票表决； 山煤国际（600546） 山煤国际能源集团股份有限公司 2024 年年度股 ...

山煤国际（600546） 山煤国际能源集团股份有限公司 2024 年年度股东大会会议资料 山煤国际能源集团股份有限公司 2024 年年度股东大会 会议资料 2025 年 5 月 山煤国际（600546） 山煤国际能源集团股份有限公司 2024 年年度股东大会会议资料 山煤国际能源集团股份有限公司 2024 年年度股东大会议程 （2025 年 5 月 20 日） 一、会议时间：2025 年 5 月 20 日（星期二）下午 15：00 六、会议出席人： 1．截至 2025 年 5 月 13 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、代表股份数以及参会来宾名单，宣读股东大会 须知； 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、会议主持人：董事长孟君先生 五、会议方式：现场投 ...

Group 1 - The coal industry in A-shares experienced a decline in total operating revenue and net profit, with 2024 showing a decrease of 5.14% and 19.8% respectively, and a further decline in Q1 2025 of 18.13% and 28.18% [1] - Shanxi Coal International (600546) reported a total operating revenue of 29.561 billion yuan in 2024, down 20.9%, marking three consecutive years of decline; net profit was 2.268 billion yuan, down 46.75%, continuing a two-year downward trend [1] - The company's performance decline was attributed to a downturn in the coal market, falling coal prices, and reduced self-produced coal output and sales [1] Group 2 - Shanxi Coal International's cash flow from operating activities fell to 3.741 billion yuan in 2024, a decrease of 37.49%, reaching the lowest level since 2020 [4] - Key profitability indicators for the company, including gross profit margin, net profit margin, and diluted ROE, all hit four-year lows at 32.31%, 10.68%, and 14.82% respectively [4] - In Q1 2025, the company's operating revenue and net profit further declined by 29.17% and 56.29%, both exceeding the overall industry decline [4] Group 3 - Since reaching a historical high on February 22, 2024, Shanxi Coal International's stock price has fallen below 10 yuan per share, with a decline of over 50% from its peak [4] - The company has not issued any buyback announcements since 2024 and has not implemented any buyback since its listing; the last increase in holdings occurred in 2019 [5] - The company emphasized the importance of improving operational performance and governance, while closely monitoring national policies regarding potential buybacks or increases in holdings [5]

Core Viewpoint - The report indicates that Shanmei International (600546) maintains a high gross profit margin in coal production, with a dividend payout ratio of 60% meeting expectations, leading to an "accumulate" rating for the stock [1] Financial Performance - In 2024, the company achieved operating revenue of 29.561 billion yuan, a year-on-year decrease of 20.9%, and a net profit attributable to shareholders of 2.268 billion yuan, down 46.75% year-on-year [2] - For Q1 2025, operating revenue was 4.502 billion yuan, a decline of 29.17%, with a net profit of 255 million yuan, down 56.29% year-on-year [2] Coal Production Business - In 2024, the target coal production was 33 million tons, with actual production at 32.979 million tons, a decrease of 15.40% year-on-year. Sales volume was 26.7336 million tons, down 23.31% [3] - The gross profit margin for coal production in 2024 was 52.29%, a decrease of 6.57 percentage points year-on-year, while Q1 2025 saw a gross profit margin of 54.34%, an increase of 0.9 percentage points year-on-year [3] Coal Trading Business - In 2024, coal trading sales volume was 18.9963 million tons, an increase of 7.66%, but revenue decreased by 9.59% to 11.673 billion yuan [4] - For Q1 2025, trading coal sales volume was 3.2128 million tons, down 16.18%, with revenue of 1.672 billion yuan, a decrease of 35.29% [4] Financial Management - Long-term borrowings increased to 5.193 billion yuan in 2024, up 11.64% year-on-year, while Q1 2025 long-term borrowings rose to 7.947 billion yuan, an increase of 27.54% [4] - The company managed to reduce financial costs, with financial expenses in 2024 at 220 million yuan, down 1.53% year-on-year, and Q1 2025 expenses at 44 million yuan, down 79.23% [4] Shareholder Returns - The company has set a shareholder return plan for 2024-2026, aiming for a cash dividend ratio of no less than 60% of the distributable profits each year [6] - For 2024, the planned cash dividend is approximately 1.368 billion yuan, with a cash dividend ratio of 60.3% [6] Investment Outlook - The coal industry is currently experiencing a loose supply-demand situation, with coal prices expected to continue fluctuating downward [7] - The projected net profits for 2024-2026 are 1.891 billion yuan, 2.114 billion yuan, and 2.336 billion yuan, respectively, with corresponding EPS of 0.95, 1.06, and 1.18 yuan per share [8]

Investment Rating - The investment rating for the company is "Cautious Recommendation" (maintained) with a current price of 9.51 [1] Core Views - The company reported a high gross profit margin in coal production, maintaining a dividend payout ratio of 60% as expected [3][8] - The coal production business saw a target output of 33 million tons in 2024, with an actual output of 32.98 million tons, a year-on-year decrease of 15.40% [4] - The company actively implemented cost control measures, resulting in a decrease in coal production costs and maintaining a gross profit margin above 50% despite declining revenues [4][9] Summary by Sections Company Basic Data - The company's stock price ranged from 9.42 to 16.46 over the past 52 weeks, with a total market capitalization of 18.853 billion [3] Financial Performance - In 2024, the company achieved operating revenue of 29.561 billion, a year-on-year decrease of 20.9%, and a net profit attributable to shareholders of 2.268 billion, down 46.75% [5] - For Q1 2025, the company reported operating revenue of 4.502 billion, a year-on-year decrease of 29.17%, and a net profit of 255 million, down 56.29% [5] Cost Management - The company managed to reduce coal production costs significantly, with the cost per ton of coal at 131.85 yuan, a decrease of 41.17% year-on-year [4][10] - Long-term borrowings increased to 5.193 billion in 2024, up 11.64% year-on-year, while financial expenses decreased due to lower borrowing costs [10] Shareholder Returns - The company has a shareholder return plan for 2024-2026, aiming for a cash dividend ratio of no less than 60% of the distributable profits [8] Future Outlook - The company expects coal prices to continue fluctuating downward, with projected net profits for 2024-2026 at 1.891 billion, 2.114 billion, and 2.336 billion respectively [9]

Investment Rating - The investment rating for the company is "Cautious Recommendation (Maintain)" [1] Core Views - The company reported a high gross profit margin in coal production, with a dividend payout ratio of 60% meeting expectations [3][4] - The company has implemented refined management to maintain high gross profit margins despite a decrease in revenue due to a relaxed supply-demand situation in the coal industry [4][9] Summary by Sections Company Basic Data - The company's stock price over the past 52 weeks ranged from 9.42 to 16.46, with a total market capitalization of 188.53 billion and a total share capital of 1.98 billion shares [3] Financial Performance - In 2024, the company aimed for a raw coal production target of 33 million tons, achieving 32.98 million tons, a year-on-year decrease of 15.40%. Sales volume was 26.73 million tons, down 23.31%, with revenue of 17.266 billion, a decrease of 27.45% [4] - For Q1 2025, raw coal production was 9.0864 million tons, up 20.92% year-on-year, while sales volume was 4.4155 million tons, down 19.15%. Revenue was 2.624 billion, a decrease of 27.45% [4] - The company reported a net profit attributable to shareholders of 2.255 billion for Q1 2025, down 56.29% year-on-year [5] Cost Management - The company has successfully reduced coal production costs, with the cost per ton of coal at 249.79 yuan, down 0.55% year-on-year, and a gross profit margin of 52.29%, a decrease of 6.57 percentage points [4] - In Q1 2025, the cost per ton of coal was 131.85 yuan, a significant decrease of 41.17% year-on-year, contributing to a gross profit margin of 54.34%, an increase of 0.9 percentage points [4] Shareholder Returns - The company has a shareholder return plan for 2024-2026, aiming for a cash dividend ratio of no less than 60% of the distributable profits. The proposed cash dividend for 2024 is approximately 1.368 billion yuan [8] Future Outlook - The company expects coal prices to continue to fluctuate downward, with projected net profits for 2024-2026 at 1.891 billion, 2.114 billion, and 2.336 billion respectively, corresponding to EPS of 0.95, 1.06, and 1.18 yuan per share [9]

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company experienced a significant decline in revenue and net profit in 2024, with revenue at CNY 29.561 billion, down 20.9% year-on-year, and net profit at CNY 2.268 billion, down 46.7% year-on-year [1] - The company plans to distribute a cash dividend of CNY 0.69 per share, resulting in a dividend payout ratio of 60.30%, which is an increase of 30.1 percentage points compared to 2023, yielding a dividend yield of 6.8% based on the stock price as of April 28, 2025 [2] - The company aims for a coal production target of no less than 35 million tons in 2025, with a recovery in coal production and sales expected [3] Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of CNY 4.502 billion, a decrease of 29.2% year-on-year, and a net profit of CNY 255 million, down 56.3% year-on-year [1] - The coal production in 2024 was 32.979 million tons, a decrease of 15.4% year-on-year, while the sales volume of commercial coal was 45.7299 million tons, down 12.9% year-on-year [3] - The company’s coal business gross margin improved to 34.1% in Q1 2025, up 1.3 percentage points year-on-year, despite a decline in sales volume [3] Dividend Policy - The company has committed to a dividend payout ratio of no less than 60% for the years 2024 to 2026, ensuring consistent shareholder returns [2] Profit Forecast - The projected net profits for 2025, 2026, and 2027 are CNY 1.332 billion, CNY 1.424 billion, and CNY 1.535 billion respectively, with corresponding EPS of CNY 0.67, CNY 0.72, and CNY 0.77 [4][5]

Investment Rating - The investment rating for the company is "Maintain Buy" [5] Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 29.56 billion yuan, down 20.9% year-on-year, and net profit at 2.27 billion yuan, down 46.75% [1][4] - The first quarter of 2025 also showed a decline in revenue and net profit, with revenue at 4.50 billion yuan, down 29.17% year-on-year, and net profit at 255 million yuan, down 56.29% [1] - The company aims to enhance efficiency and reduce costs, with a focus on improving coal production and optimizing washing processes to increase the added value of its coal business [3][4] - A cash dividend of 6.9 yuan per 10 shares is proposed for 2024, representing 60.3% of the net profit attributable to shareholders, resulting in a dividend yield of approximately 6.8% [3] - The company expects a significant increase in raw coal production in 2025, targeting no less than 35 million tons [3][4] Financial Summary - For 2024, the company achieved a revenue of 29.56 billion yuan, with a year-on-year decline of 20.9%, and a net profit of 2.27 billion yuan, down 46.7% [4] - The projected net profits for 2025-2027 are 1.24 billion yuan, 1.62 billion yuan, and 1.83 billion yuan, with corresponding P/E ratios of 16.1X, 12.3X, and 10.9X [3][4] - The company's coal production in 2024 was 32.98 million tons, a decrease of 15.4% year-on-year, with sales at 26.73 million tons, down 23.3% [8] - The average selling price of self-produced coal in 2024 was 646 yuan per ton, down 5.4% year-on-year, while the cost was 308 yuan per ton, up 9.7% [8]

山煤国际能源集团股份有限公司 董事会审计委员会2024年度履职报告 根据《上海证券交易所上市公司自律监管指引第1号—规 范运作》《上海证券交易所股票上市规则》《上市公司治理准 则》以及《山煤国际能源集团股份有限公司章程》《山煤国际 能源集团股份有限公司董事会议事规则》《山煤国际能源集团 股份有限公司董事会审计委员会工作细则》《山煤国际能源集 团股份有限公司审计委员会年报工作规程》等有关规定，山煤 国际能源集团股份有限公司（以下简称"公司"）第八届董事 会审计委员会勤勉尽责，积极开展各项工作，认真履行监督职 责。现将审计委员会2024年度履职情况汇报如下： 2024年度，公司董事会审计委员会共召开了八次会议： （一）2024年1月19日，召开董事会审计委员会2024年第 一次会议，公司第八届董事会审计委员会委员与公司年审会计 师就公司2023年度审计工作计划及实施情况进行沟通，具体包 括总体审计策略、重点关注领域和审计方案、其他重要事项等 内容。 （二）2024年2月19日，召开董事会审计委员会2024年第 二次会议，公司年审会计师汇报了2023年年度报告阶段性审计 工作实施情况，审计委员会与年审会计师、独立董 ...