Core Viewpoint - The company will hold an investor briefing on November 4, 2025, to discuss its third-quarter results for 2025 and address investor inquiries [4][5][12]. Group 1: Meeting Details - The investor briefing is scheduled for November 4, 2025, from 15:00 to 16:00 [6][8]. - The meeting will take place at the Shanghai Stock Exchange Roadshow Center, accessible online [3][7]. - The format of the meeting will be an interactive online session [4][8]. Group 2: Participation Information - Investors can participate in the briefing by logging into the Shanghai Stock Exchange Roadshow Center on the scheduled date [10]. - Questions can be submitted from October 28, 2025, to November 3, 2025, via the Roadshow Center's website or through the company's email [10][11]. - The company will respond to commonly asked questions during the briefing [5][10]. Group 3: Attendees - Key attendees of the briefing will include the company's General Manager, Independent Director, Chief Financial Officer, and Board Secretary [9].

证券代码：600546 证券简称：山煤国际 公告编号：临 2025-045 号 山煤国际能源集团股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 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： 会议召开时间：2025 年 11 月 4 日（星期二）下午 15:00-16:00。 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/）。 山煤国际能源集团股份有限公司（以下简称"公司"）将于 2025 年 10 月 31 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 4 日下午 15:00-16:00 举行 2025 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2025 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9] Core Viewpoints - The coal price continues to rise, but the coal sector is experiencing increased volatility. Despite the nearing end of concentrated coal replenishment by power plants, extreme weather and tight supply conditions suggest that coal prices are likely to rise in Q4 2025 and may recover year-on-year by 2026. The report emphasizes the importance of focusing on the coal sector, which has shown signs of bottom reversal, supported by strong short-term fundamentals, a global interest rate cut cycle, and resilient long-term demand [2][7][9] Summary by Sections Weekly Tracking Summary - The coal index (Yangtze) increased by 1.49%, underperforming the CSI 300 index by 1.76 percentage points, ranking 22nd out of 32 industries. As of October 24, the market price for Qinhuangdao thermal coal was 770 CNY/ton, up 22 CNY/ton week-on-week. The report anticipates that coal prices will likely remain stable and fluctuate in the short term due to tight supply and seasonal demand [6][15][19] Supply and Demand Situation - As of October 23, the daily coal consumption in 25 provinces was 5.335 million tons, a week-on-week increase of 2.8%. The total coal inventory was 128.17 million tons, with a usable days count of 24.0 days, down 0.5 days from the previous week. The report indicates that coal supply remains tight due to production checks and seasonal demand [16][34][36] Investment Recommendations - The report recommends focusing on companies with strong defensive and offensive characteristics, such as Yanzhou Coal Mining Company (H+A), China Power Investment Corporation, and Xinji Energy. It also suggests considering companies with high elasticity and growth potential, such as Lu'an Environmental Energy and Jinkong Coal Industry, as well as stable leaders like China Shenhua Energy [7][27][30]

Report Industry Investment Rating - The investment rating for the coal mining industry is "Bullish" [2] Report's Core View - Currently at the beginning of a new upward cycle in the coal economy, with fundamental and policy factors in resonance, it's a good time to allocate coal stocks on dips. The coal supply bottleneck is expected to last until the 15th Five - Year Plan. With the westward shift of coal layout and rising costs, coal prices are likely to remain high. The coal sector is a high - performance, high - cash, and high - dividend asset, and the team continues to be bullish on the coal sector and suggests investors focus on the allocation opportunities at the current stage [3][11][12] Summary by Directory I. This Week's Core View and Key Focus - **Core View**: In the current coal economic cycle, supply is tightening due to policies like "over - production inspection", and demand is expected to pick up with the "peak winter" approaching. Coal prices are expected to rise in a volatile manner. The underlying investment logic of coal capacity shortage remains unchanged, and coal stocks are of high cost - effectiveness. Suggest investors allocate on dips [3][11] - **Investment Suggestions**: Focus on stable companies like China Shenhua, Shaanxi Coal Industry; oversold and high - elasticity companies like Yankuang Energy; and high - quality coking coal companies like Lu'an Environmental Energy. Also, pay attention to Huayang Co., Ltd., Yankuang Australia, etc. [3][12] - **Key Focus**: In the first three quarters, the national raw coal output was 3.57 billion tons, a 2.0% year - on - year increase. In September, the electricity consumption increased by 4.5% year - on - year. Australia's coal exports in the first three quarters of 2025 are expected to decline by 5.3% year - on - year [13] II. This Week's Performance of Coal Sector and Individual Stocks - The coal sector rose 1.46% this week, underperforming the broader market. The CSI 300 rose 3.24% to 4660.68. The top three performing sectors were communication, electronics, and machinery [14] - The thermal coal, coking coal, and coke sectors rose 1.68%, 0.89%, and 1.08% respectively [16] - The top three gainers in the coal mining and washing sector were Shanghai Energy (5.65%), Xinji Energy (4.72%), and Pingdingshan Tianan Coal Mining Co., Ltd. (3.83%) [19] III. Coal Price Tracking - **Coal Price Index**: As of October 24, the comprehensive transaction price of CCTD Qinhuangdao thermal coal (Q5500) was 691.0 yuan/ton, up 6.0 yuan/ton week - on - week. The comprehensive average price index of Bohai Rim thermal coal (Q5500K) was 684.0 yuan/ton, up 4.0 yuan/ton week - on - week. The annual long - term contract price of CCTD Qinhuangdao thermal coal (Q5500) was 676.0 yuan/ton, up 2.0 yuan/ton month - on - month [24] - **Thermal Coal Price**: At Qinhuangdao Port, the market price of Shanxi - produced thermal coal (Q5500) was 768 yuan/ton on October 25, up 28 yuan/ton week - on - week. In production areas, prices in Shaanxi, Inner Mongolia, and Datong also increased. Internationally, some prices rose while others fell [30] - **Coking Coal Price**: At ports like Jingtang Port and Lianyungang, and in production areas like Linfen and Yanzhou, coking coal prices increased. The CIF price of Australian Peak Downs hard coking coal in China also rose [32] - **Anthracite and Pulverized Coal Price**: The car - loading price of Jiaozuo anthracite and the car - loading prices of pulverized coal in Changzhi and Yangquan increased [40] IV. Coal Supply and Demand Tracking - **Coal Mine Capacity Utilization**: As of October 24, the capacity utilization rate of sample thermal coal mines was 91%, down 0.7 percentage points week - on - week, and that of sample coking coal mines was 85.06%, down 2.3 percentage points week - on - week [45] - **Import Coal Price Difference**: As of October 24, the price difference of 5000 - kcal and 4000 - kcal thermal coal between domestic and international markets decreased [43] - **Coal - fired Power Consumption and Inventory**: Inland 17 provinces saw an increase in daily coal consumption and inventory, while coastal 8 provinces saw a decrease in daily consumption and an increase in inventory [46] - **Downstream Metallurgical Demand**: The Myspic composite steel price index rose, the price of Tangshan - produced primary metallurgical coke remained flat, the blast furnace operating rate increased, the average profit per ton of coke for independent coking enterprises decreased, the profit per ton of steel for blast furnaces increased, the iron - scrap price difference increased, and the scrap consumption ratio of pure blast furnace enterprises increased [64][65] - **Downstream Chemical and Building Materials Demand**: The prices of urea in some regions changed, the national methanol price index fell, the national ethylene glycol price index rose, the national acetic acid price index fell, the national synthetic ammonia price index rose, the national cement price index fell, the weekly coal consumption in the chemical industry decreased, the cement clinker capacity utilization rate increased, and the float glass operating rate remained flat [68][72][74] V. Coal Inventory Situation - **Thermal Coal Inventory**: Qinhuangdao Port's coal inventory increased, the inventory of 55 ports' thermal coal decreased, and the inventory of sample mines' thermal coal decreased [88] - **Coking Coal Inventory**: The production area's coking coal inventory decreased, the port's coking coal inventory increased, the coking enterprises' coking coal inventory increased, and the steel mills' coking coal inventory decreased [89] - **Coke Inventory**: The coking enterprises' coke inventory decreased, the port's coke inventory increased, and the steel mills' coke inventory decreased [91] VI. Coal Transportation Situation - **International and Domestic Coal Transportation**: As of October 24, the Baltic Dry Index (BDI) was 1991.0 points, down 78.0 points week - on - week. The average daily coal shipment volume of the Datong - Qinhuangdao Railway this week was 100.2 tons, up 0.18 tons week - on - week [104] - **Cargo - to - Ship Ratio of Four Major Ports in the Bohai Rim**: As of October 24, the inventory of four major ports in the Bohai Rim was 1430.9 tons, down 22.10 tons week - on - week, the number of anchored ships was 100, up 8 week - on - week, and the cargo - to - ship ratio was 14.3, down 1.48 week - on - week [102] VII. Weather Situation - As of October 24, the Three Gorges outflow was 11900 cubic meters per second, up 19.36% week - on - week. In the next 10 days, there will be significant precipitation in many regions, and some areas will experience more precipitation than usual. In the long - term, there will also be precipitation in some regions, and the temperature in some areas will be higher or lower than normal [109] VIII. Valuation Table and Key Announcements of Listed Companies - **Valuation Table**: The table shows the closing prices, net profits attributable to the parent company, EPS, and PE ratios of multiple listed coal companies from 2024 to 2027 [110] - **Key Announcements**: This week, companies such as Huaihe Energy, Shanxi Coking Coal, and China Shenhua made announcements regarding asset acquisitions, share pledge releases, profit distributions, and project commissioning [111][113][114]

Investment Rating - The report maintains a "Buy" rating for the coal sector, with specific recommendations for various companies based on their performance and market conditions [3][4]. Core Insights - Coal prices continue to rise, with short-term momentum potentially slowing down as the market prepares for peak demand season. The primary driver of the recent price increase is supply contraction due to production checks, leading to an unexpected rebound in October electricity coal demand [1][7]. - The report anticipates that coal prices may exceed 900 RMB/ton by the end of the year, driven by seasonal demand and ongoing supply constraints [1][7]. - The focus on safety inspections and production checks is expected to further tighten supply, enhancing the upward price momentum as winter approaches [1][7]. Summary by Sections Industry Investment Rating - The coal sector is rated positively, with specific companies highlighted for their strong performance and potential for growth [3][4]. Market Dynamics - The report notes that the coal price has been rising, with a slight slowdown in momentum observed in the latter half of the week. The increase is attributed to supply reductions from production checks and a seasonal uptick in demand as temperatures drop [1][7]. - The report highlights that from July 2025, the monthly year-on-year decline in national raw coal production has been 3.8%, 3.2%, and 1.8%, indicating a tightening supply situation [1][7]. Company Recommendations - Recommended companies include: 1. High spot price elasticity stocks: Lu'an Huanneng, Yanzhou Coal Mining 2. Stable performance and growth stocks: Jinkong Coal Industry, Huayang Co., Ltd. 3. Companies with recovery in production: Shanxi Coal International 4. Industry leaders with stable performance: China Shenhua, China Coal Energy, Shaanxi Coal and Chemical Industry [2][11]. Price Trends - As of October 17, coal prices at Qinhuangdao Port for Q5500 thermal coal reached 768 RMB/ton, reflecting a week-on-week increase of 28 RMB/ton. Prices in various production areas also showed upward trends [8][10]. Supply and Demand Analysis - The report indicates that supply disruptions are intensifying, particularly in the coking coal market, with production declines due to environmental checks and operational adjustments in several regions [2][10]. - The report also notes that the average daily coal consumption in power plants has shown fluctuations, with a recent increase in demand as winter approaches [9][10]. Company Performance - The report provides insights into the performance of key companies, with notable increases in production and sales for several firms, while others have faced declines in revenue and profit margins [37][44]. Conclusion - The coal sector is positioned for potential growth, driven by supply constraints and seasonal demand increases, with specific companies recommended for investment based on their market positioning and performance metrics [2][11].

Group 1 - The stock price of Shanxi Coal International (600546) closed at 11.06 yuan on October 24, 2025, up 0.91% from the previous week's 10.96 yuan [1] - The highest intraday price reached 11.6 yuan on October 20, 2025, while the lowest intraday price was 10.71 yuan on October 24, 2025 [1] - The current total market capitalization of Shanxi Coal International is 21.926 billion yuan, ranking 14th out of 30 in the coal mining sector and 859th out of 5160 in the A-share market [1] Group 2 - Shanxi Coal International announced on October 23, 2025, that its controlling shareholder, Shanxi Coal Import and Export Group Co., Ltd. (referred to as "Shanxi Coal Group"), has released part of its pledged shares [2] - Shanxi Coal Group holds 1,148,006,282 shares, accounting for 57.91% of the total share capital, with 280,000,000 shares released from pledge, representing 24.39% of its holdings and 14.12% of the total share capital [2] - Following the release of the pledge on October 22, 2025, Shanxi Coal Group has no remaining pledged shares, and there are no plans for subsequent pledges [2][3]

Investment Rating - The report maintains an "Overweight" rating for the coal industry, indicating a positive outlook for investment opportunities in this sector [5]. Core Views - The coal price continues to strengthen, with a marginal improvement in supply and demand dynamics, leading to an optimistic outlook for the future [1][8]. - The report highlights that the coal supply is expected to contract due to various factors, including increased safety inspections and government policies aimed at reducing overproduction [7][8]. - As winter approaches, the demand for electricity coal is anticipated to rise, further supporting coal prices [8]. Summary by Sections 1. Industry Overview - The coal industry comprises 37 listed companies with a total market capitalization of approximately 1,982.12 billion yuan [2]. - The report notes a significant increase in coal prices, with the port price for thermal coal exceeding 770 yuan/ton [7]. 2. Supply and Demand Dynamics - The report indicates that domestic coal supply is expected to contract, with coal imports showing a downward trend [7]. - Recent data shows that coal consumption in 25 provinces has increased, with a daily consumption of 5.335 million tons, reflecting a year-on-year increase of 6.94% [8]. 3. Company Performance and Recommendations - Key companies such as China Shenhua, Yancoal Energy, and Shanxi Coking Coal are highlighted as having strong performance and growth potential [5][13]. - The report recommends focusing on high-elasticity stocks like Yancoal Energy, Shanxi Coal International, and Jin控 Coal Industry, which are expected to benefit from the improving coal price environment [8][13]. 4. Price Tracking - The report tracks coal prices, noting that the price of thermal coal at the port has increased by 22 yuan/ton week-on-week [8]. - The average daily production of thermal coal from sample mines is reported at 5.479 million tons, showing a week-on-week decrease of 0.78% [8]. 5. Future Outlook - The report suggests that the coal sector is entering a new upward cycle, with improving fundamentals and potential for price increases due to seasonal demand [8][9]. - The upcoming quarterly reports from major coal companies are expected to confirm the industry's recovery and upward trend in profitability [8].

Investment Rating - The report suggests a positive outlook for the coal industry, indicating potential investment opportunities in high-quality core stocks [5][6]. Core Views - The report emphasizes that stabilizing coal prices is crucial for reversing the Producer Price Index (PPI) decline, with a noted correlation between coal prices and PPI [5]. - It highlights that the coal industry may still be in a "golden era" due to energy transformation demands and strict production capacity controls under carbon neutrality policies [5]. - The report anticipates that coal prices will experience fluctuations but trend upwards, with a focus on quality stocks as primary investment targets [5]. Summary by Sections Thermal Coal - As of October 24, 2025, the Qinhuangdao 5500K thermal coal price is 770 CNY/ton, up 2.9% week-on-week [3][28]. - Daily average production from 462 sample mines is 5.479 million tons, down 4.3% week-on-week and 5.7% year-on-year [3][36]. - The report notes a significant drop in daily consumption at power plants, with a slight decrease in inventory levels [3][36]. Coking Coal - The price of main coking coal at Jingtang Port is 1,760 CNY/ton, reflecting a week-on-week increase of 2.9% [4][65]. - Daily average production from 523 sample mines is 761,000 tons, down 2.3% week-on-week [4][64]. - The report indicates a slight decrease in coking coal inventory levels across various regions [4][64]. Investment Recommendations - The report recommends focusing on companies with strong resource endowments and stable operating performance, such as China Shenhua, China Coal Energy, and Shaanxi Coal and Chemical [6]. - It also suggests looking at companies with production growth potential that can benefit from the coal price cycle, including Yanzhou Coal Mining, Huayang Co., and Gansu Energy [6]. - Companies with global resource scarcity attributes and those involved in coal-electricity integration models are highlighted as potential investment targets [6].

Group 1 - Shanxi Coal Import and Export Group Co., Ltd. (referred to as "Shan Coal Group") holds 1,148,006,282 shares of Shan Coal International Energy Group Co., Ltd. (referred to as "the Company"), accounting for 57.91% of the total share capital of the Company [1] - Shan Coal Group has released the pledge of 280,000,000 shares, resulting in a total pledge of 0 shares after the release [1] - The release of the pledged shares is related to the completion of the repayment and delisting of the first phase of the privately placed exchangeable bonds issued by Shan Coal Group to professional investors [2] Group 2 - The pledged shares were transferred to Shan Coal Group's own securities account after the release [2] - There are currently no plans for subsequent pledges of the released shares, and any future changes will be communicated in a timely manner [2]

Core Viewpoint - The recent "overproduction check" policy in the coal industry has led to a significant supply-side contraction, which is expected to stabilize and potentially increase coal prices in the long term [1][6]. Group 1: Supply-Side Policy Impact - The "overproduction check" initiated by the National Energy Administration on July 10, 2025, has resulted in a notable decrease in domestic raw coal production, with year-on-year declines of -3.8% and -3.2% in July and August respectively [1]. - The cumulative supply-demand surplus has decreased sharply from 96.29 million tons in the first half of the year to 14.96 million tons by the end of August 2025 [1]. - The price of Qinhuangdao 5500 kcal thermal coal increased from 621 CNY/ton on June 30, 2025, to 699 CNY/ton by September 30, 2025, marking a cumulative increase of 12.6% in Q3 [1]. Group 2: Price Trends and Performance - The average price of Qinhuangdao 5500 kcal thermal coal in Q3 2025 was reported at 672 CNY/ton, reflecting a quarter-on-quarter increase of 6.5% [2]. - The long-term contract price for thermal coal showed a slight decline of -0.7% in Q3, but this is not expected to have a significant negative impact due to the recovery of contract fulfillment rates [2]. - The price of coking coal saw a substantial increase, with the average price for main coking coal at Jing Tang Port reaching 1562 CNY/ton, up 18.8% quarter-on-quarter [2]. Group 3: Production and Cost Management - The overall production of listed coal companies remains within approved capacity limits, with minor overproduction expected to have limited impact on performance [3]. - Cost control has become a key strategy for coal companies in response to declining prices, with significant reductions in labor, material, and safety production costs observed in Q2 2025 [4]. - As coal prices rebound in Q3, it is anticipated that companies will maintain their cost levels rather than pursue further reductions [4]. Group 4: Seasonal Demand and Future Outlook - Despite September typically being a low-demand season for coal, the supply-side contraction is expected to keep prices stable, with a slight increase of 0.1% in September [6]. - The winter season is projected to see stronger demand for heating coal, which, combined with ongoing supply-side policies, may lead to a tighter coal supply and sustained high prices [6]. Group 5: Investment Recommendations - Companies to watch include stable large-scale thermal coal producers such as China Shenhua (601088), China Coal Energy (601898), and Shaanxi Coal and Chemical Industry (601225) [7]. - High-elasticity coal companies like Yanzhou Coal Mining (600188) and Jincheng Anthracite Mining (601001) are also recommended for potential investment [7]. - Quality coking coal companies such as Huaibei Mining (600985) and Pingdingshan Tianan Coal (601666) are highlighted as attractive investment opportunities [7].