证券代码：600575 证券简称：淮河能源 公告编号： 临2026-010 淮河能源（集团）股份有限公司 2025年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： 一、利润分配方案内容 本次利润分配方案尚需提交公司2025年年度股东会审议。 （二）是否可能触及其他风险警示情形 本次利润分配方案未触及《股票上市规则》第9.8.1条第一款第（八）项规定 的可能被实施其他风险警示的情形，具体指标如下： | 项目 | 2025年度 | 2024年度 | 2023年度 | | --- | --- | --- | --- | | 现金分红总额（元 | 1,361,690,512.30 | 0 | 466,351,327.80 | | ） | | | | | 回购注销总额（元 | 0 | 0 | 0 | | ） | | | | | 归属于上市公司股 | 1,697,551,616.71 | 1,793,035,768.63 | 1,638,134,271.67 | | 东的净利润（元） | | | | ...

淮河能源（集团）股份有限公司2025 年年度报告 公司代码：600575 公司简称：淮河能源 淮河能源（集团）股份有限公司 2025 年年度报告 1 / 315 淮河能源（集团）股份有限公司2025 年年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完整性，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、 容诚会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 四、公司负责人周涛、主管会计工作负责人陈万红及会计机构负责人（会计主管人员）吕明夫 声明：保证年度报告中财务报告的真实、准确、完整。 淮河能源（集团）股份有限公司2025 年年度报告 七、是否存在被控股股东及其他关联方非经营性占用资金情况 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 经容诚会计师事务所（特殊普通合伙）审计，公司2025年度实现归属于上市公司股东的净利 润为人民币1,697,551,616.71元。根据有关规定，利润分配以母公司报表中期末未分配利润为依 据，截至2025年12月31日，公司母公司可供分 ...

淮河能源（集团）股份有限公司 董事、高级管理人员薪酬管理制度 第一章 总则 第一条 为进一步规范淮河能源（集团）股份有限公司（以 下简称"公司"）董事、高级管理人员的薪酬管理，建立科学有 效的激励与约束机制，保证公司董事、高级管理人员有效地履行 其职责和义务，促进公司生产经营管理水平和经营业绩的提高， 根据《中华人民共和国公司法》《上市公司治理准则》等有关法 律、法规和规范性文件及《公司章程》的规定，结合公司实际情 况，制定本制度。 第二条 本制度适用于《公司章程》规定的董事和高级管理 人员。 第三条 公司董事和高级管理人员薪酬应当与市场发展相 适应，与公司经营业绩、个人业绩相匹配，与公司可持续发展相 协调。董事、高级管理人员薪酬管理遵循以下原则： （一）按劳分配与责、权、利相结合原则； （二）收入水平与公司业绩、市场薪酬环境相符原则； （三）奖惩分明与激励约束相结合原则； （四）薪酬标准公开、公平、公正原则。 第二章 薪酬管理机制 第四条 公司股东会负责审议批准董事的薪酬方案，并予以 披露；公司董事会负责审议批准高级管理人员的薪酬方案，向股 东会说明，并予以充分披露。 第三章 薪酬标准及构成 第七条 独立董 ...

公司代码：600575 公司简称：淮河能源 淮河能源（集团）股份有限公司 2025年度内部控制评价报告 淮河能源（集团）股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2025年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。审计委员会对公司建立和实施内部控制进行监督。经理层负责组 织领导企业内部控制的日常运行。公司董事会及董事、高级管理人员保证本报告内容不存在任何虚假记 载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变化可能导致内部 ...

证券代码：600575 证券简称：淮河能源 公告编号：临 2026-013 淮河能源（集团）股份有限公司 关于对淮南矿业集团财务有限公司风险评估报告的 公告 一、财务公司基本情况 （一）财务公司基本信息 本公司董事会、全体董事及相关股东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。 淮河能源（集团）股份有限公司（以下简称"公司"）董事会根据《上海证 券交易所上市公司自律监管指引第 5 号--交易与关联交易》等规定，审阅了淮南 矿业集团财务有限公司（以下简称"财务公司"）的《营业执照》《金融许可证》 及财务相关资料，对财务公司的经营资质、业务和风险状况进行了评估，具体情 况如下： 财务公司是经原中国银行业监督管理委员会《关于核准淮南矿业集团财务有 限公司开业的批复》（银监复〔2007〕353 号）批准，于 2007 年 9 月由淮南矿业 （集团）有限责任公司（以下简称"淮南矿业"）投资设立的非银行金融机构， 统一社会信用代码 913404006662202531，注册资本 30,000 万元。截至 2015 年 12 月，财务公司注册资本 200,0 ...

证券代码：600575 证券简称：淮河能源 公告编号：临 2026-006 淮河能源（集团）股份有限公司 关于召开 2025 年年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：2026 年 4 月 3 日（星期五）上午 9:00-10:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2026 年 3 月 27 日（星期五）至 4 月 2 日（星期四）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 hhny575@163.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。 淮河能源（集团）股份有限公司（以下简称"公司"）将于 2026 年 3 月 28 日发布公司 2025 年年度报告，为便于广大投资者更全面深入地了解公司 2025 年 年度经营成果、财务状况，公司计划于 ...

Investment Rating - The report maintains a positive outlook on the coal industry, indicating an "Overweight" investment rating, suggesting that the industry is expected to outperform the overall market [41]. Core Insights - The report highlights that despite being in the off-season, coal prices remain strong due to high international oil and coal prices, as well as elevated shipping costs [2][3]. - The report notes a significant increase in domestic coal prices, with specific prices for different grades of thermal coal showing increases, while some areas experienced price fluctuations [11][12]. - The report anticipates a decline in coal imports due to Indonesian policies controlling coal production and increasing export taxes, alongside rising international shipping costs [3]. - The report identifies several companies with strong performance potential, including Yanzhou Coal Mining Company and China Shenhua Energy, and suggests focusing on companies with stable operations and high dividends [3]. Summary by Sections Recent Industry Policies and Dynamics - The report discusses various projects and policies aimed at enhancing coal production and safety, including a significant coal-to-natural gas project in Xinjiang and safety inspections in Shaanxi [10]. Price Trends in Coal - The report details the fluctuating prices of thermal coal across different regions, with specific price points noted for various grades, indicating a mixed trend in pricing [11][14]. - International coal prices are also highlighted, with specific increases noted for Indonesian and Australian coal [12][14]. Oil Price Trends - The report notes a rise in Brent crude oil prices, which has implications for coal pricing dynamics, with the ratio of international oil prices to coal prices also increasing [18]. Port Inventory Trends - The report indicates an increase in coal inventory at the ports in the Bohai Sea region, with both coal inflow and outflow showing distinct trends [23]. Shipping Costs - The report highlights a significant increase in domestic and international shipping costs, which is expected to impact coal pricing and import dynamics [29]. Company Valuation Table - The report provides a detailed valuation table for key companies in the coal sector, including their stock prices, market capitalizations, and earnings projections, indicating a range of investment opportunities [35].

Investment Rating - The investment rating for the coal mining industry is "Positive" [2] Core Viewpoints - The current phase is seen as the beginning of a new upward cycle in the coal economy, with a resonance between fundamentals and policies, making it an opportune time to invest in the coal sector [11] - The coal price is expected to stabilize and rebound, ending a continuous decline since March 4, with limited room for price correction due to factors such as the inverted import coal price and ongoing geopolitical tensions [11][3] - The coal sector is characterized by a supply shortage, with a balanced short-term supply and demand but a medium to long-term gap, indicating a bullish outlook for coal prices [11][3] Summary by Sections Coal Price Tracking - As of March 20, the market price for Qinhuangdao port thermal coal (Q5500) is 731 CNY/ton, unchanged from the previous week [28] - The price for Shanxi-produced coking coal at Jingtang port is 1600 CNY/ton, up by 10 CNY/ton [30] - International thermal coal prices show mixed trends, with Newcastle thermal coal at 86.3 USD/ton, down by 1.7 USD/ton [28] Supply and Demand Tracking - The capacity utilization rate for sample thermal coal mines is 91.1%, an increase of 0.6 percentage points [45] - The daily coal consumption in coastal provinces increased by 238,000 tons/day (+12.62%), while inland provinces saw a decrease of 87,000 tons/day (-2.79%) [46] - The operating rate of steel blast furnaces is reported at 79.8%, up by 1.44 percentage points [11] Coal Inventory Situation - As of March 19, coal inventory in inland provinces decreased by 2.413 million tons, a 3.06% decline [46] - Coastal provinces' coal inventory fell by 52,000 tons, a 0.15% decrease [46] Company Performance - The coal sector's performance this week saw a decline of 2.05%, which is better than the overall market decline of 2.19% [14] - Key companies to focus on include China Shenhua, Shaanxi Coal and Chemical Industry, and China Coal Energy, which are noted for their stable operations and high profitability [11]

Investment Rating - The report maintains an "Overweight" rating for the coal industry [2] Core Views - The coal price is expected to rise, driven by supply constraints and increased demand for coal as a substitute for oil and gas due to geopolitical tensions [6][8] - The report highlights the potential for coal prices to exceed expectations, with projections indicating prices could reach 800-850 RMB/ton and possibly break the 1000 RMB/ton mark [8] - The report emphasizes the importance of coal in ensuring energy security amid rising global energy prices and geopolitical conflicts [8] Summary by Sections 1. Core Views and Business Tracking - The report discusses dividend policies and growth prospects of key companies in the coal sector, indicating a focus on stable returns and growth potential [12][14] 2. Coal Price Tracking - The report tracks coal price indices, noting that the price of thermal coal at the port has increased by 6 RMB/ton week-on-week, with a year-on-year increase of 64 RMB/ton [8] - The report provides insights into the dynamics of both domestic and international coal prices, highlighting the impact of geopolitical events on pricing [6][8] 3. Coal Inventory Tracking - The report notes that coal inventories at ports have increased, but remain lower year-on-year, indicating a tightening supply situation [6][8] 4. Downstream Performance of the Coal Industry - The report analyzes the consumption patterns of downstream sectors, including power plants and steel production, indicating a rise in coal consumption due to increased electricity demand [8] 5. Weekly Performance of the Coal Sector and Individual Stocks - The report provides a performance overview of the coal sector, highlighting key companies and their stock performance, with recommendations for stocks with high earnings elasticity [8][14]

Group 1 - The report highlights the upward resonance of oil and coal prices due to the impact of the Russia-Ukraine conflict, which has led to significant price increases in both markets [5][7]. - The supply side remains tight due to both "price-supporting" and "compliance" production cuts, indicating a continued reduction in coal supply [4][10]. - The demand for electricity and coal is expected to extend due to trends like "Electrification of China" and "Token going overseas," with chemical coal consumption showing a steep second derivative increase [4][9]. Group 2 - The report discusses the strategic importance of coal as a resource, with a focus on the restructuring of coal valuation systems, drawing parallels to Warren Buffett's investment in Occidental Petroleum [4][16]. - In the U.S., policies are being implemented to bolster the coal industry to meet the rising electricity demands driven by artificial intelligence infrastructure [13][16]. - The coal supply-demand balance indicates a projected increase in coal consumption across various sectors, with significant growth expected in the chemical industry [20][91]. Group 3 - The report notes that coal production in major regions is tightening, with a reported decrease in coal output in early 2026 compared to the previous year [23][25]. - The coal import data shows a decline in imports from Indonesia, while imports from Mongolia have increased, reflecting shifts in sourcing strategies [48][49]. - The report emphasizes the resilience of the steel industry in coal consumption, with low inventory levels potentially enabling price rebounds [79][84].