Core Viewpoint - Shanmei International (600546) reported a significant decline in financial performance for the first half of 2025, with net profit down 49.25% year-on-year and total revenue decreasing by 31.28% [1] Financial Performance Summary - Total revenue for the first half of 2025 was 9.66 billion yuan, down from 14.057 billion yuan in the same period of 2024, representing a decrease of 31.28% [1] - Net profit attributable to shareholders was 655 million yuan, a decline of 49.25% compared to 1.291 billion yuan in the previous year [1] - The gross profit margin decreased to 31.49%, down 7.16 percentage points from 33.92% in 2024 [1] - The net profit margin fell to 9.56%, a decrease of 24.31% from 12.64% in the previous year [1] - Total expenses (selling, administrative, and financial) amounted to 902 million yuan, which is 9.34% of revenue, an increase of 21.07% year-on-year [1] - Earnings per share dropped to 0.33 yuan, down 49.23% from 0.65 yuan in 2024 [1] - Operating cash flow per share was -0.24 yuan, a significant decrease of 119.71% compared to 1.2 yuan in the previous year [1] Debt and Investment Return Analysis - The company's return on invested capital (ROIC) for the previous year was 12.87%, indicating strong capital returns, but the historical median ROIC over the past decade is only 7.58%, suggesting weak investment returns [3] - The company has experienced two years of losses since its listing, indicating a fragile business model [3] - The interest-bearing debt ratio has reached 22.3%, suggesting a need for attention to the company's debt situation [3] Fund Holdings Summary - The largest fund holding Shanmei International is Wanjiac精选混合A, which has reduced its holdings to 13.0273 million shares [4] - Other funds, such as 国联安小盘精选混合 and 国企红利LOF, have increased their positions, indicating mixed sentiment among institutional investors [4]

Investment Rating - The report maintains a "Recommended" rating for the company, considering the potential reversal in coal prices [3][5]. Core Views - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue at 9.66 billion yuan, down 31.3% year-on-year, and net profit at 655 million yuan, down 49.3% year-on-year [1]. - In Q2 2025, the company showed signs of recovery with a revenue of 5.16 billion yuan, reflecting a 14.6% increase quarter-on-quarter, and a net profit of 400 million yuan, up 56.9% quarter-on-quarter [1][2]. - The report forecasts net profits for 2025-2027 to be 1.332 billion yuan, 1.521 billion yuan, and 1.633 billion yuan respectively, translating to EPS of 0.67 yuan, 0.77 yuan, and 0.82 yuan, with corresponding PE ratios of 15, 13, and 12 times [3][4]. Summary by Sections Financial Performance - In H1 2025, the company produced 17.82 million tons of raw coal, up 15.9% year-on-year, while total coal sales were 17.88 million tons, down 14.1% year-on-year [2]. - The average selling price of coal decreased by 21.3% year-on-year to 519.9 yuan per ton, with the cost of self-produced coal at 353.7 yuan per ton, down 18.8% year-on-year [2]. - Q2 2025 saw a raw coal production of 8.73 million tons, with total coal sales at 10.26 million tons, reflecting a 34.4% increase quarter-on-quarter [2]. Profitability Metrics - The gross margin for coal business was 32.0% in H1 2025, down 2.1 percentage points year-on-year, while the gross margin for self-produced coal was 50.6%, down 4.7 percentage points year-on-year [2]. - In Q2 2025, the coal business gross margin was 30.1%, down 4.0 percentage points quarter-on-quarter, with self-produced coal gross margin at 47.4%, down 7.0 percentage points quarter-on-quarter [2]. Future Projections - The report projects a revenue of 25.82 billion yuan for 2025, a decrease of 12.7% year-on-year, with a gradual recovery expected in subsequent years [4][10]. - The net profit is expected to decline by 41.3% in 2025, followed by a recovery in 2026 and 2027 with growth rates of 14.2% and 7.4% respectively [4][10].

Group 1: Company Performance - XINWANDA reported a revenue of 26.985 billion yuan, a year-on-year increase of 12.82%, and a net profit of 856 million yuan, up 3.88% [1] - GUANGXUN TECHNOLOGY achieved a revenue of 5.243 billion yuan, a year-on-year increase of 68.59%, and a net profit of 372 million yuan, up 78.98% [1] - NORTHEAST SECURITIES posted a revenue of 2.046 billion yuan, a year-on-year increase of 31.66%, and a net profit of 431 million yuan, up 225.90% [1][2] - SHANXI COAL reported a revenue of 18.053 billion yuan, a year-on-year decrease of 16.30%, and a net profit of 1.014 billion yuan, down 48.44% [3] - SHENGTIAN NETWORK achieved a revenue of 633 million yuan, a year-on-year increase of 17.23%, and a net profit of 52.304 million yuan, up 1186.02% [4] - SANLIAN FORGING reported a revenue of 775 million yuan, a year-on-year increase of 6.86%, and a net profit of 71.335 million yuan, up 3.88% [5][6] - JIAMEI PACKAGING posted a revenue of 1.257 billion yuan, a year-on-year decrease of 8.73%, and a net profit of 19.7416 million yuan, down 65.59% [8] - ANZHENG FASHION achieved a revenue of 1.146 billion yuan, a year-on-year increase of 12.38%, and a net profit of 22.0834 million yuan, turning from a loss of 12.1096 million yuan in the previous year [9] - HUAHENG BIO reported a revenue of 1.489 billion yuan, a year-on-year increase of 46.54%, and a net profit of 115 million yuan, down 23.26% [10] - BAIREN MEDICAL achieved a revenue of 248 million yuan, a year-on-year increase of 30.07%, and a net profit of 71.4006 million yuan, up 102.90% [12] - TIANZHIHANG reported a revenue of 125 million yuan, a year-on-year increase of 114.89%, but a net loss of 57.5482 million yuan, worsening by 23.80% [14] - AIBO MEDICAL achieved a revenue of 787 million yuan, a year-on-year increase of 14.72%, and a net profit of 213 million yuan, up 2.53% [15] - ZHONGSHAN SHIPPING reported a revenue of 12.585 billion yuan, a year-on-year decrease of 4.91%, and a net profit of 2.125 billion yuan, down 14.91% [16] - SHANGHAI XINYANG achieved a revenue of 897 million yuan, a year-on-year increase of 35.67%, and a net profit of 133 million yuan, up 126.31% [17] - SHANCOAL INTERNATIONAL reported a revenue of 9.66 billion yuan, a year-on-year decrease of 31.28%, and a net profit of 655 million yuan, down 49.25% [18] - GUIDANCE reported a revenue of 935 million yuan, a year-on-year increase of 71.55%, and a net profit of 143 million yuan, turning from a loss of 48.9539 million yuan in the previous year [19] - YINGFANGWEI reported a revenue of 1.927 billion yuan, a year-on-year increase of 4.48%, but a net loss of 32.2966 million yuan, worsening from a loss of 22.4024 million yuan in the previous year [21] - CHINA COMMUNICATIONS reported a revenue of 14.665 billion yuan, a year-on-year increase of 2.91%, and a net profit of 1.621 billion yuan, up 1.34% [22] - CHINA GENERAL NUCLEAR reported a revenue of 39.167 billion yuan, a year-on-year decrease of 0.53%, and a net profit of 5.951 billion yuan, down 16.30% [23] - CHINA HEAVY TRUCK reported a revenue of 26.162 billion yuan, a year-on-year increase of 7.22%, and a net profit of 669 million yuan, up 8.10% [24] - SHENGGUANG GROUP achieved a revenue of 9.275 billion yuan, a year-on-year increase of 22.78%, and a net profit of 60.8446 million yuan, up 3.06% [25] Group 2: Dividend Proposals - XINWANDA proposed a cash dividend of 0.6 yuan per 10 shares [1] - SHANXI COAL proposed a cash dividend of 0.36 yuan per 10 shares [3] - ZHONGSHAN SHIPPING proposed a cash dividend of 0.7 yuan per 10 shares [16] - CHINA HEAVY TRUCK proposed a cash dividend of 3.15 yuan per 10 shares [24]

人民财讯8月27日电，山煤国际（600546）8月27日晚间披露半年报，2025年上半年，公司实现营业收入 96.6亿元，同比下降31.28%；归属于上市公司股东的净利润6.55亿元，同比下降49.25%；基本每股收益 0.33元。报告期内，公司实现原煤产量1782.12万吨，同比增加15.86%；公司实现煤炭生产业务收入 57.56亿元，同比下降29.59%，销量1034.56万吨，同比减少13.19%，销售均价556.34元/吨。 ...

格隆汇8月27日丨山煤国际(600546.SH)发布2025年半年度报告，报告期实现营业收入96.6亿元，同比下 降31.28%；归属上市公司股东的净利润6.55亿元，同比下降49.25%；扣除非经常性损益后的归属于上市 公司股东·的净利润6.82亿元，同比下降50.56%；基本每股收益0.33元。 ...

证券代码：600546 证券简称：山煤国际 公告编号：临 2025-035 号 山煤国际能源集团股份有限公司 关于召开2025年第二次临时股东大会的通知 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： 一、 召开会议的基本情况 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 16 日 15 点 00 分 召开地点：太原市小店区晋阳街 162 号三层会议室 股东大会召开日期：2025年9月16日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一)股东大会类型和届次 2025年第二次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 16 日 至2025 年 9 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日 ...

证券代码：600546 证券简称:山煤国际 公告编号：临 2025-031 号 山煤国际能源集团股份有限公司 第八届监事会第十五次会议决议公告 本公司监事会及全体监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。 山煤国际能源集团股份有限公司（以下简称"公司"）第八届监事会第十五 次会议（以下简称"本次会议"）通知于 2025 年 8 月 15 日以送达、邮件形式向 公司全体监事发出，本次会议于 2025 年 8 月 27 日在太原市小店区晋阳街 162 号三层会议室以现场方式召开。本次会议应到监事 7 人，实到监事 7 人。会议的 召集、召开及表决程序符合《中华人民共和国公司法》及《公司章程》的规定。 本次会议由公司监事会主席钟晓强先生主持，经与会监事认真审议，形成监事会 决议如下： 一、审议通过《关于<2025 年半年度报告及摘要>的议案》 公司监事会已按规定认真审核了公司《2025 年半年度报告及摘要》的全部 内容，并发表如下审核意见： 表决结果：7 票同意，0 票反对，0 票弃权。 1 二、审议通过《关于新增2025年度日常关联交易预计的议 ...

山煤国际能源集团股份有限公司 第八届董事会第三十二次会议决议公告 证券代码：600546 证券简称:山煤国际 公告编号：临 2025-030 号 有限责任公司之间关联存贷款等金融业务的风险持续评估报告>的议案》 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。 山煤国际能源集团股份有限公司（以下简称"公司"）第八届董事会第三十 二次会议（以下简称"本次会议"）通知于2025年8月15日以送达、邮件形式向 公司全体董事发出，本次会议于2025年8月27日在太原市小店区晋阳街162号三层 会议室以现场方式召开。本次会议应到董事11人，实到董事11人。会议的召集、 召开及表决程序符合《中华人民共和国公司法》及《公司章程》的规定。本次会 议由公司董事长孟君先生主持，公司监事及高级管理人员列席了本次会议，经与 会董事认真审议，形成董事会决议如下： 一、审议通过《关于<2025 年半年度报告及摘要>的议案》 本议案已经公司董事会审计委员会审议通过。 表决结果：11 票同意，0 票反对，0 票弃权。 二、审议通过《关于调整公司组织机构的议案》 ...

Core Viewpoint - The document outlines the information disclosure management system of Shanxi Coal International Energy Group Co., Ltd., emphasizing the importance of timely, accurate, and complete disclosure of information to protect investors' rights and comply with relevant laws and regulations [1][2]. Group 1: General Principles - The purpose of the information disclosure management system is to standardize the company's disclosure behavior and ensure that significant information affecting stock prices is disclosed in a timely manner [1]. - Information disclosure obligations apply to the company, its directors, senior management, shareholders, and other relevant parties [2][3]. - The system mandates that disclosed information must be truthful, accurate, complete, and easily understandable, prohibiting any misleading statements or omissions [2][3]. Group 2: Disclosure Procedures - Information must be disclosed on the designated media and submitted to regulatory authorities as required [2][4]. - The company must ensure that information is not disclosed to any individual or entity before it is made public [3][4]. - In cases where information involves trade secrets, disclosure may be deferred if it meets specific criteria [3]. Group 3: Regular Reports - The company is required to disclose annual, semi-annual, and quarterly reports, with specific timelines for each [5][6]. - Annual reports must include audited financial statements, while semi-annual reports may not require an audit unless certain conditions are met [5][6]. - The board of directors is responsible for ensuring timely disclosure of these reports, which must be approved by the board before release [6][7]. Group 4: Temporary Reports - Temporary reports must be issued for significant events that could impact the company's securities, including major changes in operations, significant investments, or legal issues [9][10]. - The company must disclose any major events immediately upon becoming aware of them, detailing the event's cause and potential impact [10][11]. Group 5: Internal Reporting - Subsidiaries must establish internal reporting systems to ensure compliance with disclosure requirements [29][30]. - Regular financial and management reports must be submitted to the parent company for analysis [30].

Core Points - The document outlines the fundraising management system of Shanmei International Energy Group Co., Ltd, aiming to standardize the management and use of raised funds, enhance efficiency, and protect investors' rights [1][2] Fundraising Management - The funds raised are defined as money obtained through the issuance of stocks or other equity-like securities for specific purposes, excluding funds raised for equity incentive plans [1] - The company must ensure that raised funds are used specifically for their intended purposes, aligning with national industrial policies and legal regulations [2][5] - The board of directors is responsible for timely disclosure of the usage of raised funds and must monitor the management and usage to prevent investment risks [2][5] Fund Storage - The company must prudently select commercial banks for storing raised funds and establish dedicated accounts for centralized management [3][4] - If the company has multiple financings, separate dedicated accounts must be set up for each [3] Fund Usage - The company must adhere to specific requirements for the application, approval, decision-making, risk control, and information disclosure regarding the use of raised funds [5][6] - Funds should primarily be used for main business operations and cannot be used for financial investments or to benefit controlling shareholders or related parties [6][7] - If a project funded by raised funds is delayed, the company must seek board approval and disclose reasons and plans for completion [12][13] Changes in Fund Direction - Any changes in the use of raised funds must be approved by the board and disclosed to shareholders [21][22] - The company must ensure that new projects funded by raised funds enhance competitiveness and innovation [22][24] Reporting and Supervision - The company is required to prepare and disclose a special report on the management and usage of raised funds at least semi-annually [27][28] - Independent financial advisors must conduct ongoing supervision and provide reports on the management of raised funds [15][18] Accountability and Penalties - The company will hold individuals accountable for violations of the fundraising management system, with penalties ranging from warnings to termination of employment [29][30]