登录新浪财经APP 搜索【信披】查看更多考评等级 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05月14日（星期三）15:00-16:30 ● 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：上证路演中心视频录播和网络互动 ● 投资者可于2025年05月07日 （星期三） 至05月13日 （星期二）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283563672@qq.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。 安徽恒源煤电股份有限公司（以下简称"公司"）已于2025年3月29日发布公司2024年度报告、于2025年4 月25日发布了公司2025年一季度报告，为便于广大投资者更全面深入地了解公司2024年度和2025年一季 度经营成果、财务状况，公司计划于2025年05月14日（星期三） 15:00-16:30举行2024年度暨2025年第 一季度业 ...

证券代码：600971 证券简称：恒源煤电 公告编号：2025-023 安徽恒源煤电股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 公告 安徽恒源煤电股份有限公司（以下简称"公司"）已于 2025 年 3 月 29 日发布公司 2024 年度报告、于 2025 年 4 月 25 日发布了公司 2025 年一季度报告，为便于广大投资者更全面深入地了解公司 2024 年度和 2025 年一季度经营成果、财务状况，公司计划于 2025 年 05 月 14 日（星期三） 15:00-16:30 举行 2024 年度暨 2025 年第一季度 业绩说明会，就投资者关心的问题进行交流。 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、 说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2024 年度和 2025 年一季度的经营成果及财务指标的具体情况与投资者进 行互动交流和沟通，在信息披露允许的范围内就投资者普遍关注的问 题进行回答。 二、 说明会召开的时间、地点 会议召开时间： ...

Investment Rating - The report maintains a "Buy" rating for key companies in the coal industry, including China Shenhua, Shaanxi Coal, and China Coal Energy, among others [2][3][11]. Core Insights - The report highlights that coal consumption has decreased due to tariff disruptions, with daily consumption in coastal provinces dropping from 1.871 million tons in late March to 1.760 million tons by April 24, reflecting a year-on-year decrease of 1.6% [1][7]. - Despite low coal prices, there is a lack of upward momentum for coal prices, with expectations of narrow fluctuations in the short term [1][8]. - The report suggests that while there may be a temporary rebound in coking coal prices due to seasonal demand, the overall price increase potential remains limited [2][10]. Summary by Sections Industry Overview - The report notes that the coal price has been experiencing narrow fluctuations, with recent prices reported at 657 CNY/ton for Qinhuangdao port, down 8 CNY from the previous week [8]. - The report indicates that the overall coal market is influenced by both weak demand and tariff disruptions, leading to cautious market sentiment [2][8]. Company Performance - Key companies such as China Shenhua and Shaanxi Coal are recommended for their stable performance and strong cash flow [2][11]. - The report provides earnings forecasts for major companies, with China Shenhua expected to have an EPS of 2.95 CNY in 2024, and a PE ratio of 13 [3]. Market Dynamics - The report highlights that the coal sector has underperformed compared to the broader market, with a weekly decline of 0.8% in the coal sector compared to gains in major indices [12][14]. - It also notes that the coking coal market is expected to stabilize in the short term due to increased demand for steelmaking [10][11]. Investment Recommendations - The report recommends focusing on industry leaders with stable earnings, such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as companies with strong cash flow like Jinkong Coal [2][11]. - It emphasizes the defensive value of companies with low debt and high cash flow amidst ongoing tariff disruptions [8].

Core Insights - The company's financial performance in Q1 2025 has significantly declined, with total revenue dropping by 42.52% year-on-year to 1.179 billion yuan and net profit decreasing by 93.70% to 27.1819 million yuan [1] Financial Performance - The gross margin has decreased to 22.08%, down by 50.88 percentage points compared to the same period last year, while the net profit margin fell from 15.16% to 2.11%, a decline of 89.93% [2] Cost and Expenses - Despite the revenue decline, total selling, administrative, and financial expenses reached 166 million yuan, accounting for 14.06% of total revenue, which is an increase of 12.93% year-on-year [3] Cash Flow Situation - Operating cash flow per share has decreased by 73.79% to 0.15 yuan, and cash and cash equivalents have dropped by 24.01% to 5.671 billion yuan compared to the same period last year [4] Debt and Shareholder Returns - The company's interest-bearing debt has increased by 1.25% to 2.804 billion yuan, with a cumulative financing of 3.562 billion yuan and cumulative dividends of 5.728 billion yuan since its listing, resulting in a dividend-to-financing ratio of 1.61. The estimated dividend yield is 4.28%, which may attract long-term investors [5]

Market Overview - The Shanghai Composite Index fell by 0.07% on April 25, with 21 out of the 28 sectors experiencing gains, led by utilities and telecommunications, which rose by 1.36% and 1.15% respectively [1] - The real estate and coal sectors had the largest declines, with decreases of 0.60% and 0.59% respectively [1] Capital Flow - The net inflow of capital in the two markets was 4.975 billion yuan, with 14 sectors seeing net inflows [1] - The computer sector had the highest net inflow, totaling 3.368 billion yuan, while the utilities sector followed with a net inflow of 1.581 billion yuan [1] Coal Industry Analysis - The coal sector experienced a decline of 0.59% with a net outflow of 19.4741 million yuan [2] - Among the 37 stocks in the coal sector, 16 stocks rose while 20 stocks fell [2] - The top five stocks with net inflows exceeding 10 million yuan included Yongtai Energy (1.23 billion yuan), Zhengzhou Coal Electricity (417.494 million yuan), and China Shenhua (338.088 million yuan) [2][3] - The stocks with the highest net outflows included Huaibei Mining (-43.6057 million yuan), Hengyuan Coal Electricity (-39.3828 million yuan), and Shaanxi Coal and Chemical Industry (-34.1931 million yuan) [2][3] Individual Stock Performance - The top three stocks with the largest net outflows were: - Huaibei Mining: -43.6057 million yuan - Hengyuan Coal Electricity: -39.3828 million yuan - Shaanxi Coal and Chemical Industry: -34.1931 million yuan [2][3] - The stock with the highest net inflow was Yongtai Energy, with a net inflow of 1.2254 billion yuan [3]

煤炭/煤炭开采 恒源煤电（600971.SH） 量价齐跌致业绩承压，关注煤电一体及高分红 2025 年 04 月 25 日 ——公司 2025 年一季报点评报告 （1）煤炭产销量方面：2025Q1 公司原煤产量 236.6 万吨，同比-7%，环比+1.7%； 2025Q1 公司商品煤产/销量为 175.4/160 万吨，同比-10%/-16.5%，环比 -0.1%/-15%，商品煤产销量同环比下降或主要系一季度国内煤炭下游需求疲弱影 响。（2）煤炭售价方面：2025Q1 公司吨煤售价为 691.8 元/吨，同比-32%，环比 -10.8%。（3）煤炭成本方面：2025Q1 公司吨煤成本为 561.3 元/吨，同比+0.03%， 环比+10.7%，一季度公司煤炭销量下滑或致公司吨煤成本提升。（4）煤炭毛利 方面：受一季度公司煤炭售价同环比下滑以及单吨成本同环比提升影响，公司吨 煤毛利同环比亦出现明显下滑，2025Q1 公司吨煤毛利 130.4 元/吨，同比-71.4%， 环比-51.4%；2025Q1 公司煤炭业务毛利率为 18.9%，同比-26pct，环比-15.8pct， 一季度煤炭毛利下滑拖累公司业绩。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company's performance is under pressure due to a decline in both volume and price, with a focus on coal-electricity integration and high dividends [2][3] - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 510 million, 660 million, and 750 million yuan respectively, which represents a year-on-year decline of 52.2% in 2025, followed by growth in the subsequent years [3][4] Financial Performance Summary - In Q1 2025, the company reported operating revenue of 1.18 billion yuan, a year-on-year decrease of 42.5% and a quarter-on-quarter decrease of 24.7% [3][4] - The net profit attributable to the parent company for Q1 2025 was 30 million yuan, down 93.7% year-on-year and 78.6% quarter-on-quarter [3][4] - The coal production volume in Q1 2025 was 2.366 million tons, a decrease of 7% year-on-year, while the sales volume of commercial coal was 1.604 million tons, down 16.5% year-on-year [4][5] Business Outlook - The company has significant coal mining resources and plans to expand its coal business through internal asset injections, with a coal production capacity of 10.95 million tons per year [5] - The company's power generation capacity is expected to increase, with ongoing projects that will enhance its operational scale [5] - The dividend payout ratio for 2024 is projected to be 52.61%, indicating a current dividend yield of 6.1% based on the closing price on April 24, 2025 [5]

Summary of the Conference Call for Hengyuan Coal Power Industry Overview - The coal industry is currently experiencing a downturn, with Hengyuan Coal Power reporting a significant decline in production and sales due to extended Spring Festival holidays and weak market demand [2][5][6]. Key Financial Metrics - In Q1 2025, Hengyuan's raw coal production decreased by 7.0% year-on-year to 2.37 million tons, while commercial coal production fell by 10.2% to 1.75 million tons [2][3]. - The average selling price of commercial coal dropped by 32% to 691.76 RMB/ton, leading to a 43% decrease in coal sales revenue to 1.11 billion RMB and a 42.5% decline in total revenue to 1.18 billion RMB [2][3]. - Total profit decreased by 80% to 37 million RMB, and net profit attributable to shareholders fell by 93% to 27 million RMB [3][4]. Market Dynamics - The company anticipates a slight recovery in the coking coal market in the second half of 2025, driven by increased steel industry activity and the advancement of national projects [2][7]. - The coal market is expected to remain stable with slight improvements over the next three to five years, influenced by macroeconomic adjustments [8]. Production and Sales Strategy - Hengyuan is currently in a weak balance state regarding coal demand and is unlikely to initiate production cuts unless safety regulations intensify [9]. - The company plans to adjust its production and sales strategies flexibly based on market conditions, especially considering the pressures expected in Q2 2025 [6]. Cost Management - Despite a 2.6% decrease in the cost per ton of coal, the company is focusing on cost control measures to mitigate the impact of declining sales revenue [2][10][11]. - The company has implemented strategies to optimize distribution channels and reduce operational costs, achieving a 12% reduction in overall costs in Q1 2025 [10]. Inventory and Pricing - As of now, the company's coal inventory is below 300,000 tons, which is considered normal without significant pressure [13]. - The long-term contract price for thermal coal is 679 RMB/ton, with spot prices generally lower by about 100 RMB [12]. Future Outlook and Diversification - Hengyuan is pursuing a strategy of "coal as the foundation, linked development," which includes expanding into renewable energy and new materials [4][16]. - The company remains committed to a stable dividend policy despite market challenges, ensuring sufficient profit distribution while considering long-term funding needs [17]. Challenges and Opportunities - High-cost coal mines are facing losses of 10% to 20%, prompting potential production adjustments [18][19]. - The company is actively participating in coal resource auctions and is looking for opportunities to acquire new resources, despite the current market downturn [20]. Asset Injection and Group Strategy - There are ongoing discussions about asset injections from the parent group, but progress has been slow due to market conditions and regulatory challenges [21][22].

证券代码：600971 证券简称：恒源煤电 公告编号：2025-022 安徽恒源煤电股份有限公司 关于聘任公司副总经理的公告 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 担个别及连带责任。 2025 年 4 月 24 日安徽恒源煤电股份有限公司(以下简称"公司") 召开第八届董事会第十五次会议，审议通过了《关于聘任公司副总经 理的议案》，同意聘任李承军先生为公司副总经理。 公司提名委员会就聘任李承军先生为公司副总经理的事项进行 了审议，对李承军先生的职业、学历、职称、工作经历等情况进行了 充分了解，认为其具备担任公司副总经理的资格，公司董事会提名委 员会同意提名其为公司副总经理人选并提交董事会审议。 本次聘任任期与本届董事会一致，薪酬依照公司相关规定执行， 李承军先生简历见附件。 特此公告。 安徽恒源煤电股份有限公司董事会 2025 年 4 月 25 日 附件：李承军先生简历 李承军，男，1972 年 8 月出生，中共党员，工学硕士，正高级 工程师。历任公司任楼煤矿技术科副科长，皖北煤电集团公司生产技 术部掘进科副科级、科长，公司恒源 ...

证券代码：600971 证券简称：恒源煤电 公告编号：2025-021 安徽恒源煤电股份有限公司 第八届董事会第十五次会议决议公告 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。 重要内容提示： 1.本次会议应出席董事8名，实际出席董事8名。 2.本次董事会全部议案均获通过，无反对票、弃权票。 一、董事会会议召开情况 安徽恒源煤电股份有限公司（以下简称"公司"）第八届董事会 第十五次会议通知于 2025 年 4 月 18 日以电子邮件、电话确认方式发 出，会议于 2025 年 4 月 24 日在公司九楼会议室召开。会议应参会董 事 8 人，全体董事参加了会议，会议由公司董事长杨林先生主持。会 议召开符合《公司法》、《公司章程》和《公司董事会议事规则》的规 定。 二、董事会会议审议情况 1、审议通过公司《2025年一季度报告》 本报告经公司董事会审计委员会2025年第二次会议审议通过，同 意公司《2025年一季度报告》，并同意将公司《2025年一季度报告》 提交董事会审议。 1 表决结果：同意8票，反对0票，弃权0票。 报告内 ...