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 ...

Investment Rating - Investment rating: Positive (maintained) [1] Core Viewpoints - The coal market is expected to stabilize due to improvements in supply-demand fundamentals, leading to a focus on coal allocation [6] - The report highlights a decrease in domestic coal production and imports, which is anticipated to support coal prices [3][4] - The upcoming summer peak demand is expected to drive electricity demand, while the demand from chemical, construction, and steel sectors remains resilient [4] Supply Side Summary - Domestic coal production decreased significantly in April 2025, with a total output of 39 million tons, down 11.6% from March [3][8] - Notable declines were observed in Xinjiang and Inner Mongolia, with production dropping by 23.8% and 20.6% respectively [10] - Import coal volumes continued to decline due to price discrepancies, with April imports down 16.4% year-on-year [3][12] Demand Side Summary - Anticipated high temperatures during the summer are expected to increase electricity demand, alleviating the negative growth trend in thermal power generation [4] - Non-electric demand remains strong, with high operating rates in coal chemical industries and resilient cement demand despite seasonal fluctuations [4][30] Inventory Summary - Port inventories in the Bohai Rim have been decreasing since mid-May, with coal stocks dropping to 31.4 million tons by May 27, 2025 [5][33] - The number of anchored vessels at ports has increased, indicating a recovery in market demand [5][33] Investment Recommendations - The report suggests focusing on coal sector investments due to favorable supply-demand dynamics, with specific recommendations for various coal companies [6][34] - Notable companies include China Shenhua, Shaanxi Coal, and Yanzhou Coal for stable investments, while companies like Yancoal and Jinneng Holding are highlighted for their potential upside [6][34]

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 ...

5月26日收盘，煤炭行业板块异动下行，截至目前下跌0.23%；其中新大洲A上涨4.31%，郑州煤电上涨 2.40%，电投能源、辽宁能源、安泰集团涨超1%。 煤炭行业个股资金流向上看：今日（5月26日）主力资金净流出金额前三名：中国神华、山煤国际、安 源煤业；分别流出5520.54万、1616.77万、1137.12万。 序号 名称 今日主力净流入 1 新大洲A 4.60 4.31% 2 郑州煤电 3.84 2.40% 3 电投能源 18.97 1.88% 4 辽宁能源 3.78 1.34% 5 安泰集团 1.94 1.04% 6 云煤能源 3.27 0.93% 7 宝泰隆 2.46 0.82% 8 淮北矿业 12.47 0.81% 9 美锦能源 4.21 0.72% 10 陕西黑猫 3.07 0.66% 1 中国神华 -5520.54万 2 山煤国际 -1616.77万 3 安源煤业 -1137.12万 4 大有能源 -787.75万 5 潞安环能 -699.72万 6 恒源煤电 -419.11万 7 甘肃能化 -390.93万 8 新集能源 -372.52万 9 辽宁能源 -362.06万 10 美锦能源 ...

Core Viewpoint - Taiyuan City is focusing on industrial transformation and the cultivation of strategic emerging industries, enhancing innovation and establishing a green manufacturing system to drive high-quality economic development [1][31]. Group 1: Macroeconomic Analysis - Taiyuan's GDP for 2024 is projected to be CNY 541.887 billion, with a growth rate of 1.2%. The primary, secondary, and tertiary industries contribute CNY 4.785 billion, CNY 166.671 billion, and CNY 370.431 billion respectively, with the tertiary sector growing by 1.6% [2][4]. - The proportion of strategic emerging industries in Taiyuan's industrial output is increasing, with a 2024 forecast showing a 37.3% contribution to the total industrial output, up 1.4 percentage points from the previous year [4]. Group 2: Investment Trends - Fixed asset investment in Taiyuan is expected to grow by 0.5% in 2024, with 136 ongoing projects valued over CNY 1 billion, representing 35.9% of total investment [6]. - Industrial investment is projected to account for 27.7% of total investment, with a significant increase of 24.7% year-on-year [6]. Group 3: Industrial Structure - Taiyuan is constructing a modern industrial system centered around the "1233" key industrial chain system, which includes nine major industrial chains contributing approximately 70% of the city's industrial output [10][31]. - The "1233" system focuses on high-end metal materials, advanced carbon-based materials, and advanced biological materials, among others, with 118 key enterprises involved [10][31]. Group 4: Innovation and R&D - In 2023, Taiyuan's R&D expenditure reached CNY 12.79 billion, ranking first in Shanxi Province, indicating a strong focus on innovation [8]. - The city is implementing four major projects to enhance innovation capabilities, including optimizing the innovation ecosystem and promoting the transformation of innovative results [8]. Group 5: Key Industries - The high-end metal materials industry is a pillar of Taiyuan's economy, with significant products including special steel and new magnesium alloys, generating CNY 118.3 billion in revenue in 2023 [19][20]. - The carbon-based materials industry is leveraging local coal resources and advanced research capabilities, with a focus on both traditional and cutting-edge carbon materials [25][27]. - The advanced biological materials and biopharmaceutical industry is developing rapidly, focusing on bio-based new materials and recombinant human collagen protein [29]. Group 6: Policy Framework - Taiyuan has introduced several policies to support high-quality development, including plans for digital transformation and the establishment of advanced manufacturing bases [16][18]. - The city aims to achieve significant results in industrial high-quality development by 2025, enhancing its competitive advantages [16].

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The coal price has stabilized, and daily consumption has increased, indicating potential opportunities for recovery in the sector during peak season [1] - The report highlights that the coal mining industry is showing signs of bottoming out, with a narrowing decline in coal prices and a decrease in port inventories [4][13] - The demand from coastal power plants is expected to strengthen as the peak season approaches, with significant replenishment potential [4][13] Summary by Sections 1. Thermal Coal - Port coal prices have stabilized, with a weekly decline narrowing to 3 CNY/ton from 16 CNY/ton the previous week, maintaining at 611 CNY/ton from May 20 to May 23 [13][14] - The production capacity utilization rate in the main production areas has increased by 0.99 percentage points, mainly due to the resumption of normal operations after previous maintenance [13][21] - Daily consumption at coastal power plants has increased, with a week-on-week rise of 15.2 thousand tons for coastal plants [13][23] 2. Coking Coal - Supply has contracted slightly, with a decrease in production capacity utilization by 0.42 percentage points due to accidents and inventory pressures [5][40] - The average customs clearance volume at the Ganqimaodu port has decreased by 178 vehicles week-on-week [46] - Coking coal prices at the port have declined, with the main coking coal price at Jing Tang Port dropping by 20 CNY/ton [41][41] 3. Coke - The first round of price reductions for coke has been implemented, but the overall profit margins for coking enterprises remain acceptable [49] - The average profit per ton of coke has decreased by 22 CNY/ton week-on-week, indicating pressure on profitability [56] - The production rate of independent coking plants has varied, with an overall utilization rate of 75.16% [59] 4. Anthracite - The supply of anthracite remains stable, with prices holding steady due to sufficient market supply and demand being primarily driven by essential procurement [69][71] 5. Key Companies and Profit Forecasts - The report emphasizes the investment value of leading coal companies, highlighting their strong cash flow and high dividend yields [7] - Key companies to focus on include China Shenhua, Shaanxi Coal, and Yanzhou Coal, all rated as "Buy" [8]