Group 1 - The coal industry is at the dawn of a new cycle, with short-term coal prices still in a bottom-seeking phase, but positive signals are emerging, indicating structural opportunities [1] - Non-electric demand for thermal coal is expected to continue releasing momentum, while coking coal benefits from strong infrastructure investment, leading to a recovery trend in coking coal demand [1] - The cost support on the supply side is solidifying the industry's bottom, with current coal prices nearing the average cost line, allowing leading coal companies to maintain robust profitability [1] Group 2 - In 2024, the coal sector's revenue decreased by 3.7% to 1,374.3 billion, and net profit attributable to shareholders fell by 17.5% to 153 billion, with a return on equity (ROE) decline of 3.3 percentage points to 12.7% [2] - The thermal coal segment showed resilience with a net profit decline of only 7.4%, while the coking coal segment suffered a significant net profit drop of 51.9% due to price pressures [2] - The dividend payout ratio for the sector increased by 3.7 percentage points to 60.1%, with companies like China Shenhua (76.5%) and Shaanxi Coal (65%) maintaining strong dividend capabilities [2] Group 3 - In Q1 2025, the coal sector's revenue dropped by 17% to 284.6 billion, and net profit attributable to shareholders decreased by 29% to 30.1 billion, with a gross margin decline of 0.7 percentage points to 27.8% [3] - The thermal coal segment's profit decline was narrower at 24.1%, while the coking coal segment faced a significant profit drop of 54.6% [3] - Overall production of listed coal companies increased by 5.8% year-on-year, but sales only slightly increased by 0.4%, indicating pressure on the sales front [3]

Group 1 - The core viewpoint of the articles highlights the performance and market position of Shanmei International, noting its current stock price, market capitalization, and PE ratio compared to industry averages [1][2] - As of May 14, Shanmei International's stock closed at 9.66 yuan, with a PE ratio of 9.87 times, and a total market value of 19.151 billion yuan [1] - The coal industry average PE ratio is 13.03 times, with a median of 12.88 times, placing Shanmei International at the 18th position within the industry [1][2] Group 2 - The company has seen an increase in shareholder numbers, with 72,075 shareholders as of March 31, 2025, an increase of 6,943 from the previous count, and an average holding value of 352,800 yuan per shareholder [1] - Shanmei International specializes in coal production, sales, and logistics, being the only coal enterprise in Shanxi Province with exclusive coal export rights [1] - The latest quarterly report for Q1 2025 shows 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%, with a gross profit margin of 33.13% [1]

Core Insights - The report emphasizes the importance of coal allocation in the current market environment, highlighting a basket of financial policies aimed at stabilizing market expectations [1][2] - The coal sector is viewed as entering a "golden era 2.0," with core value assets expected to rebound due to favorable macroeconomic policies and capital market support [2][10] Coal Market Overview - As of May 9, 2025, the price of Q5500 thermal coal at Qinhuangdao port was 630 CNY/ton, a decrease of 20 CNY/ton or 3.08% from the previous week [1][13] - The operating rate of coal mines in the Shanxi, Shaanxi, and Inner Mongolia regions was 81.1%, reflecting a slight decline of 0.3 percentage points [1][13] - In April 2025, China imported 37.825 million tons of coal, a year-on-year decrease of 16.41% [1] Demand and Supply Dynamics - The daily coal consumption of coastal power plants reached 1.734 million tons, an increase of 235,000 tons week-on-week [1][9] - The inventory at ports in the Bohai Rim increased to 33.051 million tons, up 201,800 tons or 6.5% [1][9] - The operating rates for methanol and urea production were 84.1% and 87.35%, respectively, indicating a stable demand for coal in chemical production [1][9] Investment Logic - The report outlines a robust dividend investment logic for coal stocks, suggesting that they remain a preferred choice for institutional investors due to their stable returns and low risk associated with state-owned enterprises [2][10] - The cyclical elasticity of coal stocks is highlighted, with expectations for price recovery as supply-demand fundamentals improve post-policy implementation [2][10] Key Indicators - The coal sector's PE ratio was reported at 11.6, and the PB ratio was 1.16, indicating relatively low valuations compared to other sectors [5][7] - The report identifies key coal stocks that are expected to benefit from the current market conditions, including China Shenhua, Shaanxi Coal, and China Coal Energy [2][10] Focused Stock Recommendations - The report suggests a selection of coal stocks based on different investment themes: - Dividend logic: China Shenhua, Shaanxi Coal, China Coal Energy - Cyclical logic: Pingmei Shenma, Huabei Mining - Diversified aluminum elasticity: Shenhua Energy, Electric Power Energy - Growth logic: Guanghui Energy, New Hope Energy [2][10]

Investment Rating - The coal mining industry is rated as "Recommended" [7][78] Core Views - The coal mining industry is experiencing a supply-side constraint, while demand may fluctuate in the short term, leading to price volatility and dynamic rebalancing [7][78] - The report highlights the investment value of coal companies as high dividend and cash cow assets, especially in light of recent market changes and government support for major coal enterprises [7][77] - Key companies in the coal sector are characterized by high profitability, strong cash flow, high barriers to entry, substantial dividends, and a high safety margin [7][78] Summary by Sections 1. Thermal Coal - Thermal coal prices at ports have decreased by 22 CNY/ton year-on-year, with port inventory increasing [14][15] - Production in major coal-producing areas has increased, with capacity utilization in the Sanxi region rising by 0.69 percentage points [14][21] - April coal imports totaled 37.825 million tons, a year-on-year decrease of 16.4% [14][28] - Demand remains weak due to high inventory levels at power plants, with daily consumption showing mixed trends [14][31] 2. Coking Coal - Coking coal production has stabilized, with capacity utilization rising by 0.45 percentage points to 89.0% [39][76] - The average customs clearance volume at Ganqimaodu port increased by 281 vehicles week-on-week [39][44] - Coking coal supply and demand are marginally loose, with inventories at production enterprises rising by 14.84 million tons [39][76] 3. Coke - The production rate of coking plants has increased, with capacity utilization rising by 0.29 percentage points to 75.83% [53][76] - Despite a slight increase in coke inventory, it remains at a low level with no significant pressure [53][66] - The average profit per ton of coke has risen to approximately 1 CNY, an increase of 7 CNY week-on-week [57][76] 4. Anthracite - Anthracite prices have remained stable, with supply exceeding demand and no new purchasing needs from power users [71][72] 5. Key Companies and Investment Focus - Recommended stocks include China Shenhua, Shaanxi Coal, and others, with a focus on companies with strong cash flow and high dividend yields [7][78] - The report emphasizes the importance of monitoring iron and steel production, as well as the consumption of steel and coking coal [39][76]

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to accumulate coal sector investments [12][13] - The coal price is expected to remain weak in May due to seasonal demand fluctuations, but there is a bottom support for prices, and a gradual recovery is anticipated as the peak season approaches [3][12] - The underlying investment logic of coal supply shortages remains unchanged, with a balanced short-term supply and demand but a medium to long-term gap still present [12][13] Summary by Sections Coal Price Tracking - As of May 10, the market price for Qinhuangdao port thermal coal (Q5500) is 635 CNY/ton, down 17 CNY/ton week-on-week [30] - The international thermal coal price for Newcastle (NEWC5500) is 69.8 USD/ton, down 0.5 USD/ton week-on-week [30] - The price for coking coal at Jing Tang port is 1380 CNY/ton, down 20 CNY/ton week-on-week [32] Supply and Demand Tracking - The capacity utilization rate for thermal coal mines is 96.4%, an increase of 2.5 percentage points week-on-week [47] - The daily coal consumption in inland provinces has increased by 33.80 thousand tons/day, a rise of 12.17% week-on-week [12] - The daily coal consumption in coastal provinces has decreased by 12.40 thousand tons/day, a decline of 6.67% week-on-week [12] Inventory Situation - As of May 9, coal inventory at Qinhuangdao port has increased to 753 thousand tons, up 8.0% week-on-week [5] - The inventory of coking coal at production sites has risen to 390.43 thousand tons, an increase of 8.9% week-on-week [5] Company Performance - The coal sector has shown a 1.47% increase this week, underperforming the broader market [15] - Key companies to focus on include China Shenhua, Shaanxi Coal, and China Coal Energy, which are noted for stable operations and solid performance [13]

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]