Summary of Shanmei International Conference Call Company Overview - **Company**: Shanmei International - **Industry**: Coal Production and Trade Key Points Production and Sales Forecast - Shanmei International expects coal production to reach **35 million tons** by 2025, with sales projected between **26-27 million tons** and imports exceeding **5 million tons** [2][4] - The company aims to maintain a production rate of approximately **3 million tons** per month to meet its annual target [4] Inventory Management - The company is working to reduce inventory levels from over **1 million tons** to **300,000-400,000 tons** by year-end, without implementing special discount policies [2][6][7] Pricing Mechanism - The pricing mechanism has been adjusted to a base price plus a floating model since May, with the average coal price increasing by approximately **40 yuan/ton** by the end of November [2][6] - Shanmei plans to continue using the 2025 pricing mechanism despite the new pricing formula introduced in Shanxi Province [8] Supply Assurance and Contracts - For 2026, the supply assurance task is set at **19 million tons**, with all contracts expected to be signed by the end of December [5] - The company has utilized all available resources for supply assurance since the policy's implementation [5] Cost Management - Shanmei aims to reduce overall costs by approximately **5%** in 2025, although there may be cost increases in Q4 due to performance bonuses and other factors [2][12] - The company has purchased necessary production capacity indicators, resolving previous shortages [11] Tax and Regulatory Environment - Tax expenses increased in Q3 due to tax audits, with uncertain impacts on future quarters [9] - The influence of anti-involution policies on production has been minimal, with recent production declines attributed to various operational factors [10] Technological Advancements - The smart mining transformation is expected to be completed by **2027**, with annual capital expenditures for smaller mines projected to be below **200 million yuan** [15] Trade Coal Business - The trade coal business will maintain its current scale of over **10 million tons**, focusing on imports and related services [3][16] Future Capital Expenditures - Basic capital expenditures for the upcoming year are estimated to be between **1.2-1.3 billion yuan**, primarily for maintenance and upgrades [18] Dividend Policy - The dividend commitment is set to expire in **2026**, with future plans to be determined by the State-owned Assets Supervision and Administration Commission (SASAC) [19] Market Conditions - Recent market price declines are attributed to winter weather and stable supply conditions, with current inventory levels reduced to **1 million tons** [19]

Core Viewpoint - Shanmei International (600546) has experienced a significant decline in both revenue and net profit for the first three quarters of 2025, indicating potential challenges in its operational performance [2]. Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 15.332 billion yuan, a year-on-year decrease of 30.2% [2]. - The net profit attributable to shareholders was 1.046 billion yuan, down 49.74% year-on-year [2]. - The net profit after deducting non-recurring gains and losses was 1.088 billion yuan, reflecting a decline of 50.23% year-on-year [2]. - In Q3 2025, the company’s single-quarter main revenue was 5.673 billion yuan, a decrease of 28.27% year-on-year [2]. - The single-quarter net profit attributable to shareholders was 391 million yuan, down 50.53% year-on-year [2]. - The single-quarter net profit after deducting non-recurring gains and losses was 406 million yuan, a decline of 49.65% year-on-year [2]. - The company's debt ratio stands at 49.71% [2]. - Investment income was reported at 42.197 million yuan, with financial expenses amounting to 156 million yuan [2]. - The gross profit margin is recorded at 34.71% [2]. Market Activity - As of December 23, 2025, Shanmei International's stock closed at 10.23 yuan, down 0.49% [1]. - The turnover rate was 0.61%, with a trading volume of 121,000 hands and a transaction amount of 124 million yuan [1]. - On December 23, the net inflow of main funds was 4.9098 million yuan, accounting for 3.96% of the total transaction amount [1]. - The net inflow of speculative funds was 1.7323 million yuan, representing 1.4% of the total transaction amount [1]. - Retail investors experienced a net outflow of 6.6421 million yuan, which is 5.36% of the total transaction amount [1]. Analyst Ratings - In the last 90 days, 10 institutions have provided ratings for Shanmei International, with 5 giving a "buy" rating and 5 giving an "increase" rating [2]. - The average target price set by institutions over the past 90 days is 1.169 billion yuan [2].

Group 1: Price Outlook - The "anti-involution" policy is expected to catalyze a rebound in coal prices, with a stable increase anticipated in 2026. In 2025, coal prices experienced a low-to-high trend, with the lowest price for Qinhuangdao 5500 kcal thermal coal dropping to 610 CNY/ton in June and rebounding to 813 CNY/ton by December 1 [4][24] - The annual price range for China's coking coal index fluctuated between 1100 and 1570 CNY/ton in 2025, with a significant increase of 37.14% from the lowest point in June to the highest in November [4][21] Group 2: Domestic Supply - The "anti-involution" policy will promote industry self-discipline and stricter safety regulations, potentially leading to a decline in domestic coal production due to the exit of pre-registered increased capacity in 2026 [5][30] - The National Energy Administration's notification in July 2025 mandated that coal mines' annual output must not exceed announced capacity, contributing to a tightening of coal supply [5][31] - The coal import volume in 2025 is expected to decrease, with a total of 432 million tons imported from January to November, marking an 11% year-on-year decline [5][34] Group 3: Demand Dynamics - Thermal power is expected to play a stabilizing role, with resilient demand anticipated during the 14th Five-Year Plan period. The cumulative thermal power generation from January to October 2025 was 52130.5 billion kWh, showing a slight decline of 0.19% year-on-year [6][45] - The development of AI computing power is projected to drive significant growth in new electricity demand, with electricity consumption in the power sector expected to increase due to sustained demand for thermal coal [6][59] Group 4: Market Value Management - The implementation of market value management assessments is expected to weaken industry cycles, with high dividend payouts reflecting mid-to-long-term investment value. The China Securities Regulatory Commission has encouraged cash dividends and improved investor returns since late 2023 [7][60] - Major coal companies are responding to initiatives to enhance shareholder returns, with companies like China Shenhua and China Coal Energy committing to high dividend payouts, with ratios expected to remain above 65% [7][61] Group 5: Investment Recommendations - The "anti-involution" policy is anticipated to lead to self-discipline in the industry and a stable increase in coal prices. The coal sector is viewed as a stable high-dividend investment, suitable for providing solid returns [9][64] - Recommended stocks include leading coal companies with strong resource endowments and stable dividend policies, such as China Shenhua A+H, China Coal Energy A+H, and Yanzhou Coal Mining A+H [9][64]

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2][5]. Core Views - The coal market is expected to stabilize as supply tightens and demand rebounds, driven by seasonal factors and production adjustments [7][8]. - China Shenhua's acquisition of significant assets is projected to enhance its coal production capacity and resource reserves substantially [8]. - The investment strategy suggests a focus on undervalued stocks with high dividend yields and growth potential in the coal sector [8]. Summary by Sections 1. Industry Overview - The coal industry comprises 37 listed companies with a total market capitalization of 1,875.44 billion yuan and a circulating market value of 1,839.35 billion yuan [2]. 2. Coal Price Tracking - Recent trends indicate a divergence in coal prices, with coking coal stabilizing upwards while thermal coal prices are under pressure due to weak demand [7][8]. - As of December 19, 2025, the price of thermal coal at the port was 708 yuan/ton, reflecting a week-on-week decrease of 42 yuan/ton [8]. 3. Supply and Demand Dynamics - Coal production in November 2025 was 42,679 million tons, a year-on-year decrease of 0.5% but a month-on-month increase of 4.93% [7]. - The report highlights that the demand for electricity coal has been affected by warmer weather, leading to a decrease in daily coal consumption [7]. 4. Key Company Insights - China Shenhua's acquisition plan involves purchasing multiple coal and energy assets for a total consideration of 1,335.98 billion yuan, significantly increasing its coal production capacity by approximately 230 million tons per year [8]. - Other companies such as Yancoal Energy and Shanxi Coking Coal are also highlighted for their growth potential and dividend policies [13]. 5. Investment Recommendations - The report recommends a strategy of buying undervalued stocks with strong dividend yields, such as China Shenhua, Zhongmei Energy, and Xinji Energy, while also focusing on companies with significant production capacity growth [8][13].

沪指12月19日上涨0.36%，申万所属行业中，今日上涨的有28个，涨幅居前的行业为商贸零售、综合， 涨幅分别为3.66%、2.22%。跌幅居前的行业为银行、电子、煤炭，跌幅分别为0.44%、0.29%、0.29%。 煤炭行业位居今日跌幅榜第二。 煤炭行业资金流向排名 资金面上看，两市主力资金全天净流入70.25亿元，今日有18个行业主力资金净流入，机械设备行业主 力资金净流入规模居首，该行业今日上涨1.18%，全天净流入资金38.84亿元，其次是汽车行业，日涨幅 为1.47%，净流入资金为35.17亿元。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 601088 | 中国神华 | -0.59 | 0.10 | -5327.16 | | 601225 | 陕西煤业 | -1.67 | 0.32 | -4390.11 | | 600408 | 安泰集团 | -1.67 | 13.64 | -3428.98 | | 600546 | 山煤国际 | -1.05 | 0.65 | -2296.09 | ...

山煤国际（600546） 山煤国际能源集团股份有限公司 2025 年第四次临时股东会会议资料 山煤国际能源集团股份有限公司 2025 年第四次临时股东会 会议资料 2025 年 12 月 1 山煤国际（600546） 山煤国际能源集团股份有限公司 2025 年第四次临时股东会会议资料 山煤国际能源集团股份有限公司 2025 年第四次临时股东会议程 （2025 年 12 月 31 日） 一、会议时间：2025 年 12 月 31 日（星期三）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、总经理付中华先生 五、会议方式：现场投票和网络投票相结合的方式 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，宣读股东会 须知 （二）宣读议案，股东讨论 2 六、会议出席人： 1．截至 2025 年 12 月 24 日（星期三）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 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 12月16日，中国上市公司协会公布"上市公司2024年报业绩说明会最佳及优秀实践"结果，山西五家上市 公司——山西汾酒、晋西车轴、山煤国际、通宝能源和锦波生物上榜。 其中，山西汾酒上榜"上市公司2024年报业绩说明会最佳实践"名单，晋西车轴、山煤国际、通宝能源和 锦波生物入选"上市公司2024年报业绩说明会优秀实践"榜单。 | 上市 | | --- | 公司2024年报业绩说明会最佳实践部分名单。（图片来源：中国上市公司协会官微截图） 公司2024年报业绩说明会优秀实践部分名单。（图片来源：中国上市公司协会官微截图） （张阳阳 综合整理） 据悉，中国上市公司协会已连续5年开展此项评选工作，旨在助力更多上市公司高质量召开业绩说明 会，提高投资者关系管理能力，提升信息披露有效性和规范运作水平。经征求相关方意见，本次评选最 终确定最佳实践公司116家、优秀实践公司248家。 | 上市 | 公司2024年报业绩说明会优秀实践部分名单。（图片来源：中国上市公司协会官微截图） | | --- | --- | | 上市 | | ...

以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 《山煤国际独立董事专门会议2025年第五次会议决议》 《山煤国际关于2026年度日常关联交易预计的公告》 《山煤国际第八届董事会第三十六次会议决议公告》 《山煤国际关于召开2025年第四次临时股东会的通知》 截至2025年12月16日收盘，山煤国际（600546）报收于10.27元，较前一交易日下跌2.65%，最新总市值 为203.6亿元。该股当日开盘10.54元，最高10.58元，最低10.23元，成交额达1.59亿元，换手率为 0.78%。 公司于近日发布公告称，山煤国际能源集团股份有限公司将于2025年12月31日召开2025年第四次临时股 东会，会议采取现场投票与网络投票相结合方式，股权登记日为2025年12月24日。会议将审议《关于 2026年度日常关联交易预计的议案》，该议案对中小投资者单独计票，关联股东山西煤炭进出口集团有 限公司需回避表决。网络投票通过上海证券交易所系统进行，现场会议地点位于太原市小店区晋阳街 162号三层会议室。登记时间为2025年12月30日，可通过 ...

证券代码：600546 证券简称：山煤国际 公告编号：临2025-051号 山煤国际能源集团股份有限公司 关于召开2025年第四次临时股东会的通知 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)股东会类型和届次 2025年第四次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东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 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025年12月31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 (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会网络投票系统 网络投票起止时间：自2025年12月31日 至2025年12月31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会召开当日的交易时间 段，即9:15-9:25，9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为股东会召开当日的9:15- 15:00。 (六)融资融券、转融通、约定购回业 ...

证券日报网讯12月15日晚间，山煤国际（600546）发布公告称，公司将于2025年12月31日召开2025年第 四次临时股东会。 ...