证券代码：600546 证券简称:山煤国际 公告编号：临 2025-013 号 山煤国际能源集团股份有限公司 第八届董事会第三十一次会议决议公告 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。 山煤国际能源集团股份有限公司（以下简称"公司"）第八届董事会第三十 一次会议（以下简称"本次会议"）通知于2025年4月17日以送达、邮件形式向 公司全体董事发出，本次会议于2025年4月27日在太原市小店区晋阳街162号三层 会议室以现场方式召开。本次会议应到董事11人，实到董事11人。会议的召集、 召开及表决程序符合《中华人民共和国公司法》及《公司章程》的规定。本次会 议由公司董事长孟君先生主持，公司监事及高级管理人员列席了本次会议，经与 会董事认真审议，形成董事会决议如下： 一、审议通过《关于<2024 年度董事会工作报告>的议案》 表决结果：11 票同意，0 票反对，0 票弃权。 本议案尚需公司股东大会审议。 二、审议通过《关于<2024 年度总经理工作报告>的议案》 表决结果：11 票同意，0 票反对，0 票弃权。 三、审议通 ...

证券代码：600546 证券简称：山煤国际 公告编号：临 2025-015 号 山煤国际能源集团股份有限公司 2024 年度利润分配方案公告 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： 经山煤国际能源集团股份有限公司（以下简称"公司"）2022年年度股东大 会批准，为更好回馈股东，在符合《山煤国际能源集团股份有限公司章程》（以 下简称"《公司章程》"）规定前提下，公司对2024年-2026年公司现金分红比例进 一步明确，规划期内各年度以现金方式分配的利润不少于当年实现的可供分配利 润的60%。公司于2025年4月27日召开第八届董事会第三十一次会议，审议通过了 《关于2024年度利润分配方案的议案》，现将有关事宜公告如下： 一、利润分配方案内容 （一）利润分配方案的具体内容 经立信中联会计师事务所（特殊普通合伙）审计，截至2024年12月31日，公 司母公司报表中期末未分配利润为人民币4,816,783,378.24元。经董事会决议， 公司2024年度拟以实施权益分派股权登记日登记的总股本为基数分配利润。本 ...

Financial Performance - The net profit attributable to shareholders for the year 2024 is CNY 2,268,375,062.69, with the parent company achieving a net profit of CNY 3,074,515,638.66[5] - The total distributable profit for the parent company at the end of 2024 is CNY 4,816,783,378.24, after accounting for the cash dividend of CNY 1,367,894,736.60 to be distributed at CNY 6.90 per 10 shares[5] - The cash dividend payout ratio for the year is 60.30% of the net profit attributable to shareholders[5] - In 2024, the company achieved operating revenue of CNY 29.56 billion, a decrease of 20.90% compared to 2023[21] - The net profit attributable to shareholders was CNY 2.27 billion, down 46.75% from the previous year[21] - The net profit after deducting non-recurring gains and losses was CNY 2.44 billion, a decline of 44.56% year-on-year[21] - The company’s basic earnings per share were CNY 1.14, reflecting a decrease of 46.98% from 2023[22] - The weighted average return on equity was 14.12%, down 14.39 percentage points from the previous year[22] - The company reported total revenue of 29.561 billion RMB, a decline of 20.90% compared to the previous year, primarily due to falling coal prices and reduced production and sales volumes[66][69] Production and Sales - Coal production for the period was 32.98 million tons, a decrease of 15.40% year-on-year[32] - The company achieved a total coal production of 32.98 million tons, a year-on-year decrease of 15.40%, with self-produced coal sales of 26.73 million tons, down 23.31%[56] - The average selling price of coal was 645.85 RMB per ton, reflecting a significant decline in the second half of the year due to market trends[56] - The company reported a revenue of 17.266 billion RMB from coal production, a year-on-year decrease of 27.45%[56] - In 2024, the company sold 10.1982 million tons of imported coal, contributing to a total trade coal sales of 18.9963 million tons[33] - The coal production business generated revenue of 17.266 billion RMB, accounting for 58.41% of total revenue, down 27.45% year-on-year[69] Assets and Liabilities - Total assets at the end of 2024 were CNY 40.38 billion, a slight decrease of 0.58% from the previous year[21] - The net assets attributable to shareholders increased by 5.19% to CNY 16.49 billion compared to the end of 2023[21] - The company’s asset-liability ratio at the end of the period was 50.52%, an increase of 1.07 percentage points from the beginning of the year[30] - The company’s debt-to-asset ratio was 50.52%, an increase of 1.07 percentage points from the beginning of the year[66] Research and Development - Research and development expenses increased by 27.45% to 492.95 million RMB, reflecting a rise in R&D projects[68] - The company invested CNY 493 million in R&D, accounting for 2.99% of the net assets attributable to the parent company and 1.67% of the annual revenue[87] - The number of R&D personnel increased to 1,635, representing 11.48% of the total workforce[86] - The company has optimized its R&D personnel structure and increased collaboration with universities and research institutions[88] Safety and Environmental Management - The company focused on safety and environmental management, enhancing risk prevention and control measures[30] - The company has implemented a comprehensive safety management system, focusing on risk prevention and control, which has led to new advancements in safety measures[101] - The company has made progress in environmental protection measures, as detailed in the report's section on "Environment and Social Responsibility"[104] - The company has implemented pollution prevention facilities, including wastewater treatment plants with a daily capacity of 3,000 m³ for mine wastewater and 500 m³ for domestic wastewater[186] - The company has established a wastewater treatment station with a daily processing capacity of 4,200 m³ for mine water, with treated water partially used for underground firefighting and washing coal production[191] Governance and Compliance - The company has established a governance structure that includes a board of directors, supervisory board, and management team to ensure clear responsibilities and effective oversight[128] - The board consists of 11 members, including 4 independent directors, ensuring compliance with regulations and promoting fair decision-making processes[129] - The company emphasizes compliance with legal regulations and has strengthened its legal management system, including contract management and litigation oversight[134] - The company has implemented a system for insider information management to ensure fair disclosure and protect sensitive information[135] Future Outlook and Strategic Plans - The company plans to accelerate green and low-carbon development, emphasizing pollution prevention and ecological protection[113] - The coal production target for 2025 is set at no less than 35 million tons[112] - The company aims to enhance safety and environmental responsibility, focusing on zero accidents and improving safety management measures[113] - The company will deepen its core business focus, enhancing competitiveness through optimized resource allocation and production efficiency[114] Employee Management and Training - The company has a competitive salary policy that aligns employee compensation with company performance and industry standards[161] - A total of 78,105 training sessions were completed, including 40,955 for safety production and 10,814 for management personnel[162] - The company has a structured training plan aimed at enhancing employee skills and operational efficiency for 2025[163]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 4,502,152,086.79, a decrease of 29.17% compared to CNY 6,355,858,003.39 in the same period last year[4] - Net profit attributable to shareholders was CNY 254,938,736.46, down 56.29% from CNY 583,216,922.91 year-on-year[4] - The basic earnings per share decreased by 55.17%, from CNY 0.29 to CNY 0.13[4] - The company's coal production revenue for Q1 2025 was CNY 2.62 billion, a decrease of 27.44% year-over-year[13] - The coal trading revenue for Q1 2025 was CNY 1.67 billion, a decline of 35.28% year-over-year[14] - Net profit for Q1 2025 was CNY 435,315,104.43, a decline of 49.0% from CNY 855,668,527.61 in Q1 2024[21] - The total comprehensive income for Q1 2025 was CNY 435,315,104.43, a decrease of 49.0% compared to CNY 855,668,527.61 in Q1 2024[21] Cash Flow - The net cash flow from operating activities was negative at CNY -1,137,480,373.95, a significant decline compared to CNY 545,332.86 in the previous year[4] - Total cash inflow from operating activities in Q1 2025 was 5,076,908,639.01, down from 7,441,095,947.63 in Q1 2024, representing a decrease of approximately 31.8%[24] - Cash outflow from operating activities in Q1 2025 was 6,214,389,012.96, compared to 7,440,550,614.77 in Q1 2024, indicating a decrease of about 16.5%[24] - Cash flow from investing activities in Q1 2025 was -392,469,246.67, compared to -686,645,291.27 in Q1 2024, showing an improvement of approximately 42.9%[25] - The net cash flow from financing activities in Q1 2025 was 1,778,117,773.78, compared to 3,120,598,687.22 in Q1 2024, reflecting a decline of approximately 43.1%[25] - The ending cash and cash equivalents balance for Q1 2025 was 3,887,664,779.21, down from 6,450,619,232.76 in Q1 2024, a decrease of about 39.5%[25] Assets and Liabilities - Total assets increased by 3.60% to CNY 41,834,895,979.26 from CNY 40,379,761,480.75 at the end of the previous year[4] - The company's total assets as of March 31, 2025, were CNY 41.83 billion, an increase from CNY 40.38 billion at the end of 2024[17] - The total liabilities decreased to CNY 9.77 billion from CNY 10.12 billion at the end of 2024[17] - Total liabilities increased to CNY 21,275,483,539.30 in 2025 from CNY 20,397,894,083.87 in 2024, reflecting a growth of 4.3%[18] - Total equity rose to CNY 20,559,412,439.96 in 2025, up from CNY 19,981,867,396.88 in 2024, indicating an increase of 2.9%[18] Production and Sales - The total coal output reached 9.09 million tons, representing a year-over-year increase of 20.92%[13] - The average selling price of coal was CNY 594.38 per ton, down 10.26% compared to the same period last year[13] - The total number of ordinary shareholders at the end of the reporting period was 72,075[10] Research and Development - Research and development expenses decreased by 22.26% due to a slowdown in project development cycles[8] - Research and development expenses for Q1 2025 were CNY 50,985,390.39, down 22.3% from CNY 65,586,794.72 in Q1 2024[20] Borrowings and Financing - The company reported a significant increase in long-term borrowings by 53.04%, attributed to an increase in financing activities during the reporting period[7] - Long-term borrowings increased significantly to CNY 7,946,890,072.91 in 2025 from CNY 5,192,620,256.20 in 2024, representing a growth of 53.4%[18]

证券代码：600546 证券简称：山煤国际 公告编号：临 2025-012 号 山煤国际能源集团股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会 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 5 月 6 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/）。 会议召开方式：上证路演中心网络互动。 投资者可于 2025 年 4 月 24 日(星期四)至 4 月 30 日(星期三)16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 smzqb@smgjny.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 山煤国际能源集团股份有限公司（以下简称"公司"）将于 2025 年 4 月 29 日发布公司 2024 年 ...

Core Viewpoint - The China Securities State-Owned Enterprises Dividend Index (000824) has shown a recent increase of 0.83%, closing at 2023.17 points with a trading volume of 38.13 billion yuan, despite a year-to-date decline of 5.83% [1][2]. Group 1: Index Performance - The China Securities State-Owned Enterprises Dividend Index has decreased by 1.38% over the past month, but has increased by 0.13% over the last three months [2]. - The index reflects the overall performance of 100 listed companies selected for their high cash dividend yields and stable dividends, with a base date of June 30, 2009, set at 1000.0 points [2]. Group 2: Index Composition - The top ten weighted stocks in the index include: COSCO Shipping Holdings (2.6%), Jizhong Energy (1.97%), Shanxi Coal International (1.4%), Chengdu Bank (1.36%), Shanxi Coking Coal (1.35%), Tangshan Port (1.32%), Shanghai Bank (1.31%), Lu'an Environmental Energy (1.3%), China Shenhua Energy (1.28%), and Hengyuan Coal Power (1.27%) [2]. - The index's holdings are primarily listed on the Shanghai Stock Exchange (82.98%) and the Shenzhen Stock Exchange (17.02%) [2]. Group 3: Sector Allocation - The sector allocation of the index holdings is as follows: Financials (28.01%), Industrials (26.15%), Energy (20.16%), Materials (9.19%), Communication Services (5.34%), Real Estate (3.75%), Utilities (3.34%), Consumer Discretionary (3.24%), and Consumer Staples (0.82%) [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Criteria for sample retention include: actual control by state-owned entities, a cash dividend yield greater than 0.5% over the past year, and ranking within the top 90% for average market capitalization and trading volume [3]. - The adjustment ratio is generally limited to 20%, with special conditions allowing for temporary adjustments in case of delisting or significant corporate changes [3]. Group 5: Related Funds - Public funds tracking the State-Owned Enterprises Dividend Index include: Western Leading State-Owned Enterprises Dividend Index Enhanced C, Pengyang China Securities State-Owned Enterprises Dividend Linked A, and several others [4].

山煤国际能源集团股份有限公司主营业务为煤炭生产业务、煤炭销售和物流业务。公司的主要产品和服 务是煤炭、煤炭销售、物流业务。公司是山西省唯一一家拥有煤炭出口专营权的煤炭企业，拥有出口内 销两个通道，可以在国际国内两个市场配置资源。 最新一期业绩显示，2024年三季报，公司实现营业收入219.65亿元，同比-23.99%；净利润20.82亿元， 同比-47.91%，销售毛利率34.67%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)20山煤国际9.255.091.30216.88亿行业平均 12.0011.881.72502.79亿行业中值9.429.181.02125.10亿1盘江股份-2052.8014.450.96105.83亿2云维股 份-980.56787.6011.5540.55亿3新大洲A-29.33-33.8212.4137.01亿4美锦能源-25.9569.301.45200.30亿5安源 煤业-20.24-55.0718.6062.66亿6云煤能源-9.0524.541.0736.07亿7陕西黑猫-7.14-12.410.9163.52亿8大有能 源-6.44-19.631.579 ...

Core Viewpoints - The coal sector has experienced a high-level retreat in the first two months of 2025, underperforming the market by 11.8 percentage points, ranking last among all industry indices [4][14]. - The coal price is expected to stabilize and gradually recover due to improved industrial demand, slowing production growth, and reduced import expectations [4][29]. Group 1: Coal Sector Review - In the first two months of 2025, the coal sector has declined by 10.0%, ranking 30th out of 30 in the industry indices [4][14]. - The sub-sectors of thermal coal, coking coal, and coke have seen respective declines of 15.5%, 11.4%, and 7.4% in the first two months [14]. - As of March 18, 2025, the coal sector's price-to-earnings (PE) ratio is at 10.4 times, which is at a historical average level, while the price-to-book (PB) ratio is at 1.33 times, also at a historical average [19][23]. Group 2: Coal Market Review - The growth rate of electricity consumption has dropped to 1.3% in the first two months, while non-electric demand has shown overall improvement [4][29]. - Domestic coal prices have been weak since the beginning of the year, with thermal coal prices stabilizing in March [29]. - The import growth rate of coal has decreased to 1.8% in the first two months of 2025 [4][29]. Group 3: Recent Market Dynamics - Port thermal coal prices have slightly declined, while prices in production areas have generally rebounded [4][29]. - The price of thermal coal is expected to stabilize in the short term due to inventory reductions at southern ports and coastal power plants [4][29]. - Coking coal prices have continued to decline, but demand is expected to improve as the spring construction season approaches [4][29]. Group 4: Industry Outlook - The coal price is expected to find support at the bottom, with the sector's valuation and dividend advantages becoming more pronounced [4][29]. - The anticipated average coal price for 2025 may decline, but leading companies are expected to maintain stable profitability due to effective cost control [4][29]. - Key companies with robust dividends include Shaanxi Coal and China Shenhua, while companies with lower valuations and long-term growth potential include Xinji Energy and Yanzhou Coal [4][29].

行业周报 | 煤炭 证券研究报告 推荐（维持） 报告日期 2025 03 16 相关研究 2025.3.2- 2025.3.8 -2025.03.09 2025 - 2025.03.05 2025.2.23- 2025.3.1 -2025.03.02 分析师：王锟 S0190521010002 wangkun89@xyzq.com.cn 分析师：李冉冉 S0190525010002 liranran@xyzq.com.cn 煤炭行业周报（2025.3.9-2025.3.15）—— 产地煤价回升，静待非电需求复苏 投资要点： 3 9 2742.0 880.3/1211.4/650.3 -1.9/+6.8/-5.0 ⚫ 3 14 1400 / 20 / 1430 / 5# 870 / 5# 1050 / 5 / 3 14 1241 / 43 / 1371 / 21 / 130 / 22 / ⚫ 请阅读最后评级说明和重要声明 1/14 ⚫ ⚫ | | 4 | | --- | --- | | | 4 | | | 8 | | | 9 | | | 10 | | 11 | | | 2025.3.10-2025.3.14 | ...

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 ...