Group 1 - The core viewpoint of the articles indicates that Shanmei International's stock is currently undervalued compared to the industry average, with a PE ratio of 8.89 compared to the industry average of 12.94 [1][2] - As of the first quarter of 2025, Shanmei International reported a revenue of 4.502 billion yuan, a year-on-year decrease of 29.17%, and a net profit of 255 million yuan, down 56.29% year-on-year, with a gross margin of 33.13% [1] - The total market capitalization of Shanmei International is 17.247 billion yuan, with 33 institutions holding shares, including 29 funds, 2 other entities, and 2 insurance companies, totaling 1.3618112 billion shares valued at 14.653 billion yuan [1] Group 2 - The company ranks 17th in the coal industry based on PE ratio, which is significantly lower than the industry median of 12.69 [1][2] - The main business of Shanmei International includes coal production, sales, and logistics, with primary products being self-produced coal and washed coal [1] - The industry average PE ratio is 12.94, while the industry median is 12.69, indicating that Shanmei International's valuation is below the industry standards [2]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing a tightening supply in safety production month, with daily consumption increasing week-on-week and port inventories decreasing [2][5] - The report highlights the potential for a rebound in thermal coal prices as the summer peak season approaches, supported by low inventory levels at power plants [5][16] - The overall coal market fundamentals have improved significantly compared to previous periods, with expectations for price stabilization and recovery [5][16] Summary by Sections Thermal Coal - Port inventories continue to decrease, with a week-on-week drop of 125.3 thousand tons, indicating a tightening supply [30] - Daily consumption at coastal and inland power plants has increased, with a week-on-week rise of 2.0 and 24.9 thousand tons respectively [25][31] - The average price of thermal coal at Qinhuangdao port has decreased by 2 yuan/ton week-on-week, now at 609 yuan/ton [17] Coking Coal - Supply of coking coal has contracted, with a week-on-week decrease in production capacity utilization by 0.87 percentage points [41] - The average customs clearance volume of Mongolian coal has decreased by 234 trucks week-on-week [45] - Coking coal prices at major ports have decreased, with the price at Jing Tang port dropping by 30 yuan/ton to 1270 yuan/ton [42] Coke - The implementation of the third round of price reductions has led to a decrease in the operating rate of coke enterprises, down 0.15 percentage points to 76.04% [53] - Coke prices have decreased by 70 yuan/ton week-on-week, now at 1280 yuan/ton [53] - The average profit per ton of coke has improved by 20 yuan/ton week-on-week, now at -19 yuan/ton [57] Investment Opportunities - The report suggests focusing on companies with strong cash flow and high profitability, such as China Shenhua, Shaanxi Coal, and China Coal Energy [78] - It emphasizes the value attributes of the coal sector, particularly in the context of recent government support and market stability [77][78]

Core Viewpoint - The China Securities State-Owned Enterprises Dividend Index (000824) has experienced a decline of 0.66% as of June 5, 2025, indicating a mixed performance among its constituent stocks, with some stocks rising while others fell significantly [1][2]. Group 1: Index Performance - The China Securities State-Owned Enterprises Dividend Index (000824) has decreased by 0.66% as of June 5, 2025 [1]. - The National Enterprise Dividend ETF (159515) has also seen a decline of 0.54%, with the latest price at 1.1 yuan [1]. - Notable gainers include Ninghu Expressway (600377) up by 1.75%, and notable losers include Caibai Co., Ltd. (605599) down by 6.15% [1]. Group 2: Market Analysis - Recent reports indicate that dividend assets have rapidly "shrunk," with the exception of the banking sector, which has shown lackluster performance [1]. - The proportion of stocks with a Sharpe Ratio higher than the index among dividend assets has reached an extreme historical low, suggesting a potential market adjustment followed by upward movement [1]. - Despite the rising valuation levels of dividend assets, there remains significant room for further increases when compared to historical peaks [1]. Group 3: Top Holdings - As of May 30, 2025, the top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index include COSCO Shipping Holdings (601919) and Jizhong Energy (000937), with the top ten accounting for 15.83% of the index [2].

Core Insights - The coal industry is experiencing significant supply contraction due to falling prices, with over 53.64% of coal companies reporting losses as of April 2025, the highest level since 2018 [1][20][22] - Electricity demand is expected to rebound with the onset of summer, as average daily power generation showed a year-on-year increase of 3.32% in mid-May 2025, despite a 14.37% decline in hydroelectric power generation [1][59] - A strong expectation for a rebound in thermal coal prices is anticipated as demand increases with rising temperatures, potentially peaking during the July-August consumption high [2][59] Supply and Demand Analysis - The coal supply has contracted significantly, with April 2025 coal production down 11.64% month-on-month, primarily due to reductions in output from regions like Xinjiang and Inner Mongolia [20][59] - The decline in coal imports, which fell by 16.4% year-on-year in April 2025, is expected to support the domestic market [24][26] - The overall supply reduction is greater than the demand decrease, indicating that coal prices are currently in an oversold state [20][21] Investment Recommendations - Recommended stocks include industry leaders with stable performance such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as growth-oriented companies like Jinkong Coal and Shanmei International [3] - The report highlights the defensive value of leading companies with low debt and high cash flow, which are expected to benefit from market confidence and potential asset injections [2][3] Price Outlook - Thermal coal prices are expected to rebound due to seasonal demand increases and supply tightening, with a peak anticipated during the summer consumption high [2][59] - Coking coal prices are projected to stabilize, supported by a bottoming out of thermal coal prices and potential increases in export demand due to easing trade tensions [2][60]

Summary of Key Points Core Viewpoint - Shanmei International (600546) has experienced a decline in stock price, with a current market capitalization of 19.289 billion yuan, ranking 15th in the coal mining sector and 796th in the A-share market [1][2]. Company Announcements - The company announced a cash dividend of 0.69 yuan per share, totaling 1.3678947366 million yuan to be distributed on June 4, 2025, with a record date of June 3, 2025 [1][3]. - Tax implications for different shareholders were outlined, with individual shareholders facing a tax burden of 0%, 10%, or 20% based on holding periods, while QFII and Hong Kong investors will receive a net dividend of 0.621 yuan per share after a 10% tax deduction [1]. - The conversion price for the "22 Shanmei EB" bond will be adjusted from 20.99 yuan to 20.30 yuan per share effective June 4, 2025, with a conversion period from March 29, 2023, to September 26, 2025 [2][3].

Group 1 - The core announcement is about the adjustment of the conversion price for the exchangeable bonds issued by the controlling shareholder, Shanxi Coal Import and Export Group Co., Ltd. [1] - The exchangeable bonds, issued on September 28, 2022, have a total scale of 2 billion yuan, a term of 3 years, and an annual coupon rate of 0.1% [1][2] - The conversion price will be adjusted from 20.99 yuan per share to 20.30 yuan per share effective from June 4, 2025, due to the distribution of cash dividends [2] Group 2 - The company will closely monitor the progress of the exchangeable bonds and fulfill its continuous information disclosure obligations as required [3]

证券代码：600546 证券简称:山煤国际 公告编号：临 2025-027 号 山煤国际能源集团股份有限公司 关于控股股东非公开发行可交换公司债券 换股价格调整的提示性公告 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。 近日，山煤国际能源集团股份有限公司（以下简称"公司"）收到控股股东 山西煤炭进出口集团有限公司（以下简称"山煤集团"）的通知，山煤集团 2022 年面向专业投资者非公开发行可交换公司债券（第一期）（以下简称"本期可交 换债券"）换股价格将进行调整，现将有关事项公告如下： 一、控股股东可交换公司债券的基本情况 公司控股股东山煤集团已于 2022 年 9 月 28 日完成本期可交换债券的发行。 本期可交换债券简称"22 山煤 EB"，债券代码"137154"，发行规模 20 亿元，债 券期限 3 年，票面利率 0.1%/年。具体内容详见公司于 2022 年 9 月 29 日在上海 证券交易所网站公告的《山煤国际关于控股股东非公开发行可交换公司债券发行 完成的公告》（临 2022-055 号）。本期可交换债券换股期 ...

Core Viewpoint - The company has announced a profit distribution plan for the fiscal year 2024, which includes a cash dividend of 0.69 RMB per share, totaling approximately 1.37 billion RMB to be distributed among shareholders [1][2][3]. Distribution Plan - The profit distribution plan was approved at the annual general meeting of shareholders held on May 20, 2025 [1]. - The total number of shares for the distribution is 1,982,456,140, with a cash dividend of 0.69 RMB per share, amounting to a total cash distribution of 1,367,894,736.60 RMB [1][2]. - The distribution will be made to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the equity registration date [1]. Implementation Method - The cash dividends for unrestricted circulating shares will be distributed through the funds clearing system of the China Securities Depository and Clearing Corporation Limited, Shanghai Branch [1]. - Shareholders who have completed designated transactions can receive their cash dividends at their designated securities business department on the dividend distribution date [1]. Taxation Details - For individual shareholders holding unrestricted circulating shares for more than one year, the dividend income is exempt from personal income tax [3]. - For shares held for one year or less, the company will not withhold personal income tax at the time of distribution; however, tax will be calculated and withheld upon the transfer of shares [3]. - The actual cash dividend received by qualified foreign institutional investors (QFIIs) will be 0.621 RMB per share after a 10% withholding tax [4]. Additional Information - The company will not withhold corporate income tax for other legal entity shareholders and institutional investors, who are responsible for determining their own tax obligations [5]. - For any inquiries regarding this equity distribution matter, shareholders can contact the company's securities affairs department [6].

Core Viewpoint - The company announced a cash dividend distribution of 0.69 RMB per share, totaling approximately 1.37 billion RMB based on the total share capital of 1,982,456,140 shares [1][2]. Dividend Distribution Details - The cash dividend of 0.69 RMB per share will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on June 3, 2025 [1][2]. - The key dates for the dividend distribution are as follows: - Record date: June 3, 2025 - Last trading day: June 4, 2025 - Ex-dividend date: June 4, 2025 - Cash dividend payment date: To be determined [1][2]. Taxation Information - For individual shareholders holding shares for more than one year, the cash dividend is exempt from personal income tax, resulting in a net distribution of 0.69 RMB per share [3]. - For shares held for one year or less, the company will not withhold personal income tax at the time of distribution; however, the tax will be calculated and deducted from the shareholder's account later [3]. - Qualified Foreign Institutional Investors (QFII) will receive a net dividend of 0.621 RMB per share after a 10% withholding tax [3][4]. - Other corporate shareholders and institutional investors will receive the gross dividend of 0.69 RMB per share, responsible for their own tax obligations [5]. Contact Information - For inquiries regarding the dividend distribution, shareholders can contact the Securities Affairs Department of Shanxi Coal International Energy Group Co., Ltd. at 0351-4645546 [5].

证券代码：600546 证券简称：山煤国际 公告编号：临 2025-026 号 山煤国际能源集团股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 A 股每股现金红利0.69元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/3 | － | 2025/6/4 | 2025/6/4 | 差异化分红送转： 否 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,982,456,140股为基数，每股派发现金红利 0.69元（含税），共计派发现金红利1,367,894,736.60元。 1. 发放年度：2024年年度 2. 分派对象： 三、 相关日期 | 股份类 ...