证券代码：600546 证券简称:山煤国际 公告编号：临 2025-047 号 山煤国际能源集团股份有限公司 关于控股子公司参与竞拍取得煤炭产能置换指标暨 关联交易的公告 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。 重要内容提示： 山煤国际能源集团股份有限公司（以下简称"公司"或山煤国际）控股 子公司山西煤炭进出口集团左云长春兴煤业有限公司（以下简称"长春兴煤业"）、 山西煤炭进出口集团左云韩家洼煤业有限公司（以下简称"韩家洼煤业"）通过 参与竞拍方式购买间接控股股东山西焦煤集团有限责任公司所属5座煤矿煤炭产 能置换指标合计210万吨/年，用于核增产能置换，购买价格总计30,243.72万元 （含税）。 本次交易构成关联交易，不构成重大资产重组。 本次关联交易事项已经公司第八届董事会第三十三次会议审议通过，关 联董事回避表决，并经公司第八届董事会独立董事专门会议2025年第四次会议审 议通过。本次交易无需提交公司股东会审议。 本次交易前12个月内，除日常关联交易外，公司未与同一关联人进行过 其他交易，未与其他关联人进行过本 ...

Core Viewpoint - Shanxi Coal International announced that its subsidiaries, Changchun Xing Coal Industry and Hanjiawa Coal Industry, participated in a bidding process to acquire coal production capacity replacement indicators for five coal mines owned by its indirect controlling shareholder, Shanxi Coking Coal Group, for a total of 302.4372 million yuan (including tax) [1] Group 1 - The transaction involves the purchase of 2.1 million tons per year of coal production capacity replacement indicators [1] - This transaction is classified as a related party transaction and does not constitute a major asset reorganization [1] - The transaction has been approved by the company's board of directors and independent directors, and does not require submission for shareholder meeting approval [1] Group 2 - Upon completion of the transaction, the company expects an annual increase in intangible asset amortization expenses not exceeding 16.72 million yuan per year [1]

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first three quarters of 2025, with a slight recovery in Q3, indicating challenges in the coal market and operational efficiency [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 15.332 billion yuan, a year-on-year decrease of 30.2%, and a net profit attributable to shareholders of 1.046 billion yuan, down 49.7% [1]. - In Q3 2025, the company reported operating revenue of 5.673 billion yuan, with a quarter-on-quarter decrease of 28.3% but a 10.0% increase compared to the previous quarter [1]. - The net profit for Q3 2025 was 391 million yuan, reflecting a quarter-on-quarter decrease of 50.5% and a slight decline of 2.2% compared to the previous quarter [1]. Coal Production and Sales - In Q3 2025, the company produced 8.82 million tons of raw coal, a year-on-year decrease of 3.3% but a quarter-on-quarter increase of 1.0% [2]. - The sales volume of self-produced coal reached 9.474 million tons in Q3 2025, showing a significant quarter-on-quarter increase of 37.2% and a year-on-year increase of 59.8% [2]. - The average selling price of self-produced coal was 458.0 yuan per ton, down 30.6% year-on-year [2]. Profitability Metrics - The gross profit margin for the coal business in Q3 2025 was 39.9%, an increase of 3.7 percentage points quarter-on-quarter [2]. - The gross profit margin for self-produced coal was 49.6%, reflecting a decrease of 9.7 percentage points year-on-year but an increase of 2.2 percentage points quarter-on-quarter [2]. Trade Coal Performance - Trade coal sales in Q3 2025 were 2.679 million tons, a significant year-on-year decrease of 50.2% and a quarter-on-quarter decrease of 38.1% [3]. - The gross profit margin for trade coal was 2.4%, with a year-on-year decrease of 0.9 percentage points but an increase of 1.1 percentage points quarter-on-quarter [3]. Investment Outlook - The company anticipates a recovery in coal prices, projecting net profits attributable to shareholders of 1.332 billion yuan, 2.319 billion yuan, and 2.604 billion yuan for 2025, 2026, and 2027, respectively [3]. - The expected earnings per share (EPS) for these years are 0.67 yuan, 1.17 yuan, and 1.31 yuan, corresponding to price-to-earnings (PE) ratios of 16, 9, and 8 times based on the closing price on October 30, 2025 [3].

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company reported a significant increase in self-produced coal sales in Q3 2025, with a quarter-on-quarter growth of 59.8% [2] - The company's revenue for the first three quarters of 2025 was 15.332 billion yuan, a year-on-year decrease of 30.2%, while the net profit attributable to shareholders was 1.046 billion yuan, down 49.7% year-on-year [1] - The report anticipates that coal prices will enter an upward trend, leading to a potential increase in the company's profit margins [3] Summary by Sections Financial Performance - In Q3 2025, the company achieved revenue of 5.673 billion yuan, with a quarter-on-quarter increase of 10.0% [1] - The self-produced coal sales volume in Q3 2025 was 9.474 million tons, reflecting a quarter-on-quarter increase of 37.2% [2] - The average selling price of self-produced coal was 458.0 yuan per ton, down 30.6% year-on-year [2] Profitability Metrics - The gross profit margin for the coal business was 39.9% in Q3 2025, an increase of 9.8 percentage points quarter-on-quarter [2] - The report projects net profits for 2025-2027 to be 1.332 billion, 2.319 billion, and 2.604 billion yuan respectively, with corresponding EPS of 0.67, 1.17, and 1.31 yuan per share [3][4] Future Outlook - The report forecasts a revenue of 25.821 billion yuan for 2025, a decrease of 12.7% year-on-year, with a projected recovery in subsequent years [4] - The company is expected to benefit from a recovery in coal prices, which may enhance profitability in the coming years [3]

（记者 曾健辉） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经AI快讯，山煤国际（SH 600546，收盘价：10.86元）10月31日发布三季度业绩公告称，2025年前三 季度营收约153.32亿元，同比减少30.2%；归属于上市公司股东的净利润约10.46亿元，同比减少 49.74%；基本每股收益0.53元，同比减少49.52%。 每经头条（nbdtoutiao）——多地出现"负电价"，既然卖电"不挣钱"，为何电厂不愿停机？ ...

| 指标 | 山煤国际 | 煤炭行业均值 | 行业排名 | | --- | --- | --- | --- | | 总市值 | 215.29亿元 | 586.6亿元 | 14 33 | | 净资产 | 204.57亿元 | 450.88亿元 | 13 33 | | 净利润 | 10.46亿元 | 24.97亿元 | 12 33 | | 市盈率(动) | 15.43 | 6.72 | 7 33 | | 市净率 | 1.31 | 2.87 | 19 33 | | 毛利率 | 34.71% | 19.65% | 5 33 | | 净利率 | 10.38% | 1.88% | 9 33 | | ROE | 6.35% | -1.38% | 8 33 | | | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净点比 游资净占比 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-10-30 | 10.86 | -1.00% | -2022.84万 | -5.34% | -390.11万 | -1.0 ...

Core Insights - Shanxi Coal International (山煤国际) reported a significant decline in net profit and revenue for Q3 2025, with net profit down 50.55% year-on-year to 391 million yuan and revenue down 28.27% to 5.673 billion yuan [1] - For the first three quarters of 2025, the company achieved a revenue of 15.332 billion yuan, a decrease of 30.2%, and a net profit of 1.046 billion yuan, down 49.74% year-on-year [1] - The decline in performance is attributed to falling coal prices and reduced trade coal sales due to a downturn in the coal market [1] Company Performance - Shanxi Coal International's coal production business generated revenue of 10.095 billion yuan, a decrease of 20.72% year-on-year, with raw coal production at 26.6414 million tons, an increase of 8.73% [2] - The company sold 19.8199 million tons of self-produced coal, up 5.31% year-on-year, with an average selling price of 509.31 yuan per ton and a cost of 253.83 yuan per ton [2] - The coal trading business reported revenue of 4.667 billion yuan, down 46.93%, with a trading volume of 10.2165 million tons, a decrease of 28.5%, and an average selling price of 456.82 yuan per ton [2] Industry Context - Nationally, the cumulative production of raw coal from large-scale industrial enterprises reached 3.57 billion tons, a year-on-year increase of 2%, while imports of coal decreased by 11.1% to 35 million tons [2] - The cumulative power generation from large-scale thermal power plants was 46,969 billion kilowatt-hours, down 1.2% year-on-year, with a notable decline of 5.4% in September [2] - The cumulative crude steel production was 74.625 million tons, down 2.9%, and cement production was 125.936 million tons, down 5.2%, indicating a broader decline in demand across key industries [2]

山煤国际能源集团股份有限公司 2025 年第三季度报告 证券代码：600546 证券简称：山煤国际 山煤国际能源集团股份有限公司 2025 年第三季度报告 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。 1 / 15 山煤国际能源集团股份有限公司 2025 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 注："本报告期"指本季度初至本季度末 3 个月期间，下同。 2 / 15 单位：元 币种：人民币 项目 本报告期 本报告期比上年同期增 减变动幅度(%) 年初至报告期末 年初至报告期末比上年 同期增减变动幅度(%) 营业收入 5,672,551,013.76 -28.27 15,332,467,845.71 -30.20 利润总额 1,202,036,961.79 -28.09 2,571,826,989.29 -39.77 归属于上市公司股东的净利润 391,327,566.77 -50.53 1,046,303,416.97 -49.74 归属于上市公司股东的扣除非经常性损 益的净利润 406,056,7 ...

| 项目 | 2025 年第三季度 | 2024 年第三季度 | 变动比例（%） | | --- | --- | --- | --- | | 原煤产量（万吨） | 882.02 | 912.18 | -3.31 | | 商品煤销量（万吨） | 1,215.29 | 1,227.91 | -1.03 | | 其中：自产煤销量 | 947.43 | 690.33 | 37.24 | | 贸易煤销量 | 267.86 | 537.58 | -50.17 | | 煤炭营业收入（万元） | 546,331.98 | 777,187.23 | -29.70 | | 其中：自产煤营业收入 | 433,886.00 | 455,822.33 | -4.81 | | 贸易煤营业收入 | 112,445.98 | 321,364.90 | -65.01 | | 煤炭营业成本（万元） | 328,343.21 | 495,991.75 | -33.80 | | 其中：自产煤营业成本 | 218,589.17 | 185,236.44 | 18.01 | | 贸易煤营业成本 | 109,754.04 | 310,755.31 | - ...

山煤国际公告，第三季度营收为56.73亿元，下降28.27%；净利润为3.91亿元，下降50.53%。前三季度 营收为153.32亿元，下降30.20%；净利润为10.46亿元，下降49.74%。 ...