Summary of Shanxi Coal International Conference Call Company Overview - **Company**: Shanxi Coal International - **Period**: June to August 2025 Key Points Industry and Market Dynamics - **Sales Growth**: Significant sales growth from June to August, averaging approximately 3 million tons per month, but demand weakened in September leading to a slight price drop and uncertain sales outlook [2][4] - **Coal Pricing**: The pricing for thermal coal is higher than market prices, while metallurgical coal prices follow market trends [2][4] - **Production and Sales Structure**: Monthly production and sales are around 3 million tons, with metallurgical coal accounting for approximately 600,000 to 700,000 tons per month, the remainder being thermal coal [2][5] Financial Performance - **Cost Management**: The company aims to maintain coal production costs around 300 RMB per ton, although there may be risks of cost increases in the second half of the year due to seasonal factors and project expenses [2][6] - **Sales Cost Decline**: A notable decrease in sales costs was observed in the first half of the year, attributed to lower self-produced coal sales [6] Inventory and Supply Chain - **Inventory Levels**: As of August 2025, inventory stands at approximately 2 million tons, which is higher than the previous year due to accumulation in the first two quarters [2][11] - **Inventory Management**: The company employs a "coal supermarket" model to provide customized coal blending services, aiming to reduce inventory through enhanced sales efforts, particularly in newly developed markets in Hubei and Jiangsu [3][17][18] Trade and Import Activities - **Import Strategy**: The company plans to maintain its trade coal scale, with imports expected to be slightly lower than the previous year, primarily sourced from Indonesia and sold to coastal power plants in South China [2][7][9] - **Pricing Model for Imports**: Imported coal is priced based on a competitive bidding model, following market trends [8] Production and Operational Insights - **Production Model**: The production strategy is a mix of sales-driven and planned production, with a noted weakness in sales-driven production [12] - **New Mines Performance**: The Zhuangzi River mine is on track to meet its production target, while the Xinxing mine faces challenges due to complex geological conditions [13] Regulatory and Policy Environment - **Regulatory Impact**: The company is monitoring the regulatory environment in Shanxi, where data collection is ongoing, and no new policies have been announced that would significantly impact operations [10] Future Outlook - **Resource Acquisition**: The company is cautious about resource acquisition due to a slowdown in the release of new resources in Shanxi, with plans to continue monitoring for suitable opportunities [20] - **Capital Expenditure**: Expected capital expenditure for the year is projected to be between 1.2 billion to 1.5 billion RMB, focused on daily operations and maintenance [21] Technological Advancements - **Intelligent Mining Initiatives**: Progress is being made on the intelligent transformation of coal mines, with a target completion date set for the end of 2027 [22]

Core Viewpoint - Shanxi Coal International's stock price has experienced a decline of 10.95% year-to-date, with a recent drop of 2.07% on September 18, 2023, indicating potential challenges in the market [1] Financial Performance - For the first half of 2025, Shanxi Coal International reported a revenue of 9.66 billion, a year-on-year decrease of 31.28%, and a net profit attributable to shareholders of 655 million, down 49.25% compared to the previous year [2] - Cumulative cash dividends since the company's A-share listing amount to 11.57 billion, with 7.12 billion distributed over the last three years [3] Shareholder Structure - 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, a decrease of 8.86 million shares; and Hong Kong Central Clearing Limited, holding 26.75 million shares, down by 6.94 million shares [3] Stock Market Activity - On September 18, 2023, Shanxi Coal International's stock traded at 9.92 per share, with a total market capitalization of 19.67 billion [1] - The stock saw a net outflow of 31.23 million from main funds, with significant selling pressure observed [1] Business Overview - Shanxi Coal International, established on November 20, 2000, and listed on July 31, 2003, is primarily engaged in new energy development, coal and coke industry investment, and logistics information consulting services [1] - The company's revenue composition includes self-produced coal (36.87%), traded coal (24.93%), metallurgical coal (18.62%), and thermal coal (18.25%) [1]

Investment Rating - The report maintains a "Buy" rating for several companies in the coal industry, including Lu'an Huanneng, Huayang Co., Shanmei International, China Shenhua, Zhongmei Energy, Shaanxi Coal, and Jinkong Coal [4]. Core Insights - The Inner Mongolia Energy Bureau has confirmed the overproduction of coal, with a theoretical reduction in raw coal output of 61.17 million tons year-on-year for 2024 [1]. - In 2024, Inner Mongolia's coal production exceeded the approved capacity by 61.17 million tons, representing an overproduction rate of 4.95% [1]. - The report anticipates a continued contraction in supply due to strict enforcement of overproduction regulations, which could theoretically impact supply by approximately 400 million tons [3]. - The demand for thermal coal is expected to gradually increase as the market transitions from the off-peak season, with a potential price rebound supported by declining port inventories and ongoing supply restrictions [3]. Summary by Sections Overproduction and Regulatory Actions - A total of 93 coal mines were found to be operating above their approved production capacities in Inner Mongolia, with 30% of the inspected mines exceeding their capacities by over 110% in 2024 [2]. - Approximately 32.2 million tons per year of production capacity is pending verification before resuming operations, affecting 15 mines in the Ordos region [2]. Supply and Demand Dynamics - The report suggests that the supply side is likely to continue contracting, which, combined with seasonal demand increases, may lead to a recovery in coal prices back to levels seen in Q3 2024 [3]. - The report highlights that traders are currently cautious, but the fundamentals are improving, which could support a price increase [3]. Investment Recommendations - The report recommends focusing on companies with high spot market exposure, stable performance, and growth potential, including Lu'an Huanneng, Jinkong Coal, and industry leaders like China Shenhua and Zhongmei Energy [3].

Group 1 - The report highlights a rebound in coal prices during the peak season, driven by improved demand for thermal coal and the recovery of coking coal prices due to better steel profits [2][4][45] - The supply side shows a slowdown in domestic production growth and a year-on-year decline in import volumes, indicating a tightening supply situation [4][40][79] - The report emphasizes the impact of seasonal adjustments in railway freight rates, which are expected to enhance the volatility of coal prices [11][12][79] Group 2 - The analysis indicates that the steel industry maintains a resilient demand for coal, with low inventory levels potentially supporting price rebounds [46][51][72] - The report forecasts a marginal improvement in thermal coal demand as the winter heating season approaches, with expected price levels between 700-750 yuan/ton [79] - Recommendations include undervalued elastic stocks such as Shanxi Coking Coal, Huaibei Mining, and Lu'an Energy, as well as stable high-dividend stocks like China Shenhua and Shaanxi Coal [79]

证券代码：600546 证券简称：山煤国际 公告编号：临 2025-037 号 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 9 月 16 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 | 607 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,162,525,080 | | 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（%） | 58.6406 | (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 ...

北京市金杜律师事务所 关于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的法律意见书 致：山煤国际能源集团股份有限公司 北京市金杜律师事务所（以下简称本所）接受山煤国际能源集团股份有限公 司（以下简称公司）的委托，根据《中华人民共和国证券法》（以下简称《证券 法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管 理委员会（以下简称中国证监会）《上市公司股东会规则》（以下简称《股东会 规则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的， 不包括中国香港特别行政区、中国澳门特别行政区和中国台湾省）现行有效的法 律、行政法规、部门规章、规范性文件和现行有效的《山煤国际能源集团股份有 限公司章程》（以下简称《公司章程》）的规定，指派律师出席了公司于 2025 年 9 月 16 日召开的 2025 年第二次临时股东大会（以下简称本次股东大会），并 就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2023 年第三次临时股东大会审议通过并于 2023 年 11 月 16 日刊 登于上海证券交易所网 ...

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].