Investment Rating - The report maintains a "Recommended" investment rating for the coal industry [1]. Core Viewpoints - The coal prices in production areas are recovering, and there is anticipation for a rebound in non-electricity demand [1]. - The report highlights a seasonal decline in daily consumption of thermal coal [6]. - Coking coal and coke prices are under downward pressure [20]. - Steel production remains stable, but downstream steel prices are continuously declining [25]. - Futures prices for coking coal have slightly rebounded, and the price spread between coking coal and coke has narrowed [29]. - Shipping rates for both sea and land transport continue to rise [32]. Weekly Data Tracking - **Thermal Coal**: Production area coal prices are recovering, with a seasonal drop in daily consumption [6]. - **Coking Coal and Coke**: Prices are under pressure, with specific price data indicating fluctuations [20]. - **Downstream Changes**: Steel production is stable, but steel prices are declining [25]. - **Futures**: Coking coal futures prices have seen a slight increase, with a narrowing price gap [29]. - **Transportation**: Both sea and land shipping rates are on the rise [32]. Weekly Market Review (March 10-14, 2025) - The Shanghai Composite Index increased by 1.39%, while the coal sector (CITIC) rose by 4.97% [34]. - Notable stock performances include Daya Energy (+33.57%) and Meijin Energy (+17.51%) [34]. Weekly Insights (March 9-15, 2025) - The report provides a detailed analysis of various coal companies, including their ratings, closing prices, and weekly performance [37]. - For instance, Shaanxi Coal and Chemical Industry is rated "Buy" with a closing price of 20.20 and a weekly increase of 6.82% [37]. - China Shenhua is rated "Increase" with a closing price of 37.17 and a weekly increase of 3.57% [37]. - Other companies such as Yancoal and Huai Bei Mining also show positive weekly performance [37].

Investment Rating - The report gives a cautious recommendation for the company [1] Core Views - The company focuses on refined management of its core coal business, enhancing efficiency and cost advantages [1] - The coal supply and demand are expected to reach a balance, with coal prices likely to stabilize [4][54] Company Overview - The company, Shanmei International, is primarily engaged in coal trading and production, backed by Shanxi Coal Group, which holds 57.91% of its shares [2][8] - It has transitioned from a coal producer to a comprehensive energy supply service provider, integrating production, transportation, and trading [2][11] Company Operations - The company's profitability remains strong, with a gross profit of 76.15 billion yuan and a gross margin of 34.67% in the first three quarters of 2024, ranking among the top in the industry [2][12] - The company implements a cost-leading strategy, with a focus on reducing expenses and improving cash flow efficiency [22][30] Business Strategy - The company has a diverse range of coal types and operates 14 active mines, with a gross margin of 58.85% in 2023 for its coal production business [3][37] - The coal trading business has seen a reduction in volume but an increase in quality, with gross margins rising from 1.94% in 2018 to 4.34% in 2023 [3][50] Future Outlook - Domestic coal supply growth is expected to slow, and coal imports may decrease due to high inventory levels and price pressures [54][58] - Demand for coal is anticipated to rise as the economy recovers, particularly in the power generation and construction sectors [62][64] Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 281.53 billion yuan, 305.17 billion yuan, and 323.80 billion yuan for 2024-2026, with corresponding EPS of 1.40, 1.57, and 1.73 yuan per share [4][6] - The target price for 2025 is set at 14.13 yuan, reflecting a cautious investment outlook [4][6]

证券研究报告 ·公司深度报告 当前价格：10.40 （2025.3.7） 公司基本数据 52周内股价区间：10.16-18.86 总市值（亿元）：208 流通市值（亿元）：208 总股本（亿股）：19.82 分析师：刘永芳 执业证书编号：S0770524100001 E—mail： liuyongfang@dtsbc.com.cn 地址：山西太原长治路 111 号 山 西世贸中心A座F12、F13 网址:http://www.dtsbc.com.cn 类型：首次覆盖 山煤国际（600546.SH） 发布时间：2025-3-13 评级：谨慎推荐 证券研究报告 ·公司深度报告 聚焦主业精细化管理，提升效率成本优势突出 投资要点： 公司起家于煤，专注于煤。山煤国际是一家以贸易起家的煤炭公司，山 煤集团持有山煤国际57.91%股份，背靠山西焦煤，实际控制人为山西省 国资委。公司以自有煤矿为基础，以货源组织、运输仓储服务为保障， 以产稳销、以销促贸，贸服结合，积极构建产运销贸协同发展、联动发 力的经营模式，实现从煤炭生产商向能源供应综合服务商转变。 历史股价走势图 公司盈利能力仍向好，成本优势突出。2024上半年山西省 ...

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2]. Core Views - Short-term stabilization of coal prices is expected, with opportunities for investment in undervalued stocks [7][10]. - The coal market is showing signs of recovery due to supply tightening and increased demand from industrial sectors [7]. - The report emphasizes the importance of value investing in leading companies within the coal sector, particularly those with integrated operations [10]. Summary by Sections 1. Core Views and Business Tracking - The report highlights the importance of dividend policies and growth prospects for key companies in the coal sector [15]. - It tracks the operational performance of listed companies, noting fluctuations in production and sales figures [17]. 2. Coal Price Tracking - Coal prices are being monitored closely, with specific attention to both domestic and international price movements [11]. - The report indicates that the average price of thermal coal at the port has seen a slight decrease, while demand has shown signs of recovery [7][10]. 3. Coal Inventory Tracking - The report provides insights into production levels and inventory status for both thermal and coking coal [11]. - It notes that the average daily production of thermal coal from sample mines is approximately 5.7 million tons, with a slight week-on-week decrease [10]. 4. Downstream Performance of the Coal Industry - The report discusses the consumption patterns of coal in downstream industries, particularly in power generation and steel production [11]. - It highlights the recovery in coal consumption as industrial operations ramp up during the "golden three silver four" period [7]. 5. Performance of the Coal Sector and Individual Stocks - The report analyzes the performance of the coal sector, noting a 0.4% increase week-on-week [11]. - It provides a detailed performance overview of key coal companies, emphasizing their earnings forecasts and market positioning [17].

山西煤炭进出口集团有限公司（以下简称"山煤集团"）持有山煤国际能 源集团股份有限公司（以下简称"公司"）股份 1,148,006,282 股,占公司总股本 的 57.91%。本次股份质押前，山煤集团持有公司股份累计质押数量 198,245,610 股，占其持有公司股份总数的 17.27%，占公司总股本的 10%。本次股份质押后， 山煤集团持有公司股份累计质押数量 280,000,000 股，占其持有公司股份总数的 24.39%，占公司总股本的 14.12%。 山煤国际能源集团股份有限公司于 2025 年 3 月 3 日收到控股股东山煤集团 的告知函，山煤集团拟以所持公司部分 A 股股票用于对山煤集团 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"） 进行补充质押，具体内容详见公司于 2025 年 3 月 4 日在上海证券交易所网站公 告的《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 拟进行股份补充质押的公告》（临 2025-009 号）。 公司于 2025 年 3 月 7 日收到控股股东山煤集团的通知，山煤集团已将其持 有的公司 81,754, ...

证券代码：600546 证券简称:山煤国际 公告编号：临 2025-009 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拟进行 股份补充质押的公告 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。 山煤国际能源集团股份有限公司（以下简称"公司"）于 2025 年 3 月 3 日收 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"）的告知函， 山煤集团拟以所持公司部分 A 股股票用于对山煤集团 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"）进行补充质 押。本期可交换债券已于 2022 年 9 月 28 日完成发行，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）。 根据《山西煤炭进出口集团有限公司 2022 年面向专业投资者非公开发行可 交换公司债券（第一期）募集说明书》约定的维持担保比例和追加担保机制，山 煤集团拟将其持有的公司 ...

证券代码：600546 证券简称：山煤国际 公告编号：临 2025-008 号 山煤国际能源集团股份有限公司 关于董事会、监事会延期换届的提示性公告 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。 公司董事会、监事会延期换届不会影响公司的正常运营。公司将积极推进董 事会、监事会的换届工作，并及时履行信息披露义务。 特此公告。 山煤国际能源集团股份有限公司 董事会 2025 年 2 月 21 日 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、监事 会任期将于 2025 年 3 月 1 日届满。鉴于公司董事会、监事会换届工作尚在筹备 中，为保证相关工作的连续性及稳定性，公司董事会、监事会将延期换届，公司 董事会各专门委员会及高级管理人员的任期亦将相应顺延。 在换届选举工作完成前，公司第八届董事会、监事会全体成员、董事会各专 门委员会成员及高级管理人员将依照相关法律法规和《公司章程》等有关规定， 继续履行相应的职责和义务。 ...

Summary of Conference Call for Shanmei International Company Overview - Shanmei International's overall production for 2024 is projected to be between 32 million to 33 million tons, with a monthly production capacity reaching 3 million tons by the second to fourth quarters [3][5][9] - The total sales volume for 2024 is expected to be between 26 million to 27 million tons, with thermal coal accounting for approximately 18 million tons and metallurgical coal over 8 million tons [3][4] Key Financial Metrics - The average selling price for the year is estimated at 650 RMB per ton, with a notable decline in the fourth quarter due to changes in sales structure [3][4] - The year-end inventory is expected to drop significantly to 300,000 to 400,000 tons [3][4] - For 2025, the long-term contract volume is reduced by 1 million tons to 21 million tons, with 16 million to 17 million tons prepared for execution [3][7] Production and Sales Outlook - The company anticipates a production capacity of 3.5 million to 3.6 million tons for 2025, with an increase in sales volume compared to 2024 [3][9] - The production target for Shanxi Province in 2025 is set at approximately 1.3 billion tons, slightly higher than 2024's target of 1.267 billion tons [10] Market Conditions - The port price is currently around 750 RMB per ton, which is lower than the company's long-term contract price, indicating potential pressure on margins [3][7] - The overall coal market is expected to remain stable, with a slight increase in domestic production and steady import levels between 9 million to 10 million tons for 2025 [12][17] Cost Management - The company aims to keep management expenses under 30 billion RMB for the year, which is a decrease compared to the fourth quarter of 2023 [3][11] Dividend Policy - The company plans to distribute at least 60% of available profits as dividends, with an intention to increase the frequency of dividends, contingent on cash flow and capital expenditure [3][14] Investor Relations - Shanmei International emphasizes the importance of market capitalization management and aims to ensure that the stock price reflects the company's fundamentals [3][15][18] Safety and Regulatory Environment - The company reports that recent safety incidents have not directly impacted its operations, and production is expected to remain stable despite potential short-term disruptions due to regulatory pressures [5][6] Additional Insights - The company is actively monitoring new coal resource projects in Shanxi Province, with plans to engage in upcoming releases of coal resources [3][13] - The overall coal industry is experiencing a downward trend, with prices currently around 750 RMB, reflecting supply-demand dynamics and market expectations [17]

证券代码：600546 证券简称：山煤国际 公告编号：临 2025-007 号 山煤国际能源集团股份有限公司 2025年第一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 (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 | 678 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,232,988,094 | | 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（%） | 62.1950 | (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《公司法》等法律法 (一) 股东大会召开的时间：2025 年 2 月 11 日 (二) 股东大会召开的地点：太原市小店区晋阳街 ...

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 关于山煤国际能源集团股份有限公司 2025 年第一次临时股东大会的法律意见书 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）《上市公司股东大会规则（2022 年修订）》 （以下简称《股东大会规则》）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 台湾地区）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 2 月 11 日召开的 2025 年第一次临时股东大会（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 ...