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 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,178,892,854.20, a decrease of 42.52% compared to CNY 2,051,053,229.69 in the same period last year[4] - Net profit attributable to shareholders was CNY 27,181,923.44, down 93.70% from CNY 431,228,432.00 year-on-year[4] - Basic and diluted earnings per share were both CNY 0.0227, reflecting a decline of 93.68% from CNY 0.3594 in the same period last year[4] - The net profit for Q1 2025 was CNY 24,872,021.89, a significant decrease from CNY 429,892,295.05 in Q1 2024, representing a decline of approximately 94.2%[20] - Operating profit for Q1 2025 was CNY 22,144,412.70, compared to CNY 516,996,619.70 in Q1 2024, indicating a decrease of about 95.7%[20] - The total comprehensive income for Q1 2025 was CNY 23,490,425.67, significantly lower than CNY 429,892,295.05 in Q1 2024[21] - The company incurred a tax expense of CNY 11,768,803.98 in Q1 2025, compared to CNY 84,349,716.27 in Q1 2024, indicating a decrease of about 86.0%[20] Cash Flow and Investments - The net cash flow from operating activities decreased by 73.79%, amounting to CNY 174,407,406.46 compared to CNY 665,312,899.45 in the previous year[4] - Cash flow from operating activities for Q1 2025 was CNY 174,407,406.46, a decrease of 73.8% compared to CNY 665,312,899.45 in Q1 2024[24] - Investment activities resulted in a net cash outflow of CNY 155,050,782.79 in Q1 2025, compared to a smaller outflow of CNY 51,044,269.27 in Q1 2024[24] - The company received CNY 1,972,000,000.00 from investment recoveries in Q1 2025, a significant increase from CNY 700,000,000.00 in Q1 2024[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 20,176,810,619.81, a decrease of 1.74% from CNY 20,534,990,471.43 at the end of the previous year[5] - Current assets as of March 31, 2025, totaled RMB 8,398,966,802.55, slightly down from RMB 8,564,809,009.42 as of December 31, 2024[14] - Total liabilities decreased to RMB 7,702,885,504.50 as of March 31, 2025, from RMB 8,101,487,964.42 at the end of 2024[16] - Shareholders' equity increased to RMB 12,473,925,115.31 as of March 31, 2025, compared to RMB 12,433,502,507.01 at the end of 2024[16] - Cash and cash equivalents were RMB 5,671,347,419.40 as of March 31, 2025, up from RMB 5,410,035,830.24 at the end of 2024, representing an increase of 4.8%[14] - The company reported a significant reduction in accounts receivable, which decreased to RMB 169,451,936.22 from RMB 161,582,565.53, indicating a slight increase of 4.3%[14] - Long-term investments rose to RMB 1,763,004,765.55 as of March 31, 2025, compared to RMB 1,736,347,199.76 at the end of 2024, reflecting a growth of 1.5%[14] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 36,151[10] - The largest shareholder, Anhui Wanbei Coal Electricity Group Co., Ltd., held 54.96% of the shares, totaling 659,538,889 shares[11] Revenue and Costs - Total operating revenue for Q1 2025 was RMB 1,178,892,854.20, a decrease of 42.4% compared to RMB 2,051,053,229.69 in Q1 2024[19] - Total operating costs for Q1 2025 were RMB 1,206,482,723.25, down from RMB 1,555,200,777.13 in Q1 2024, reflecting a reduction of 22.5%[19] - Operating costs included RMB 918,546,435.30 in operating expenses for Q1 2025, compared to RMB 1,128,830,833.96 in Q1 2024, indicating a decrease of 18.6%[19] - The decline in revenue and profit was primarily attributed to falling coal prices and reduced sales volume[8]

证券代码：600971 证券简称：恒源煤电 公告编号：2025-020 安徽恒源煤电股份有限公司 2025 年一季度经营数据公告 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。 根据上海证券交易所《上市公司行业信息披露指引第二号-煤炭》 要求，特此公告公司 2025 年一季度经营数据。 | 项 目 | 本年数 | 上年同期数 | 变动比例（%） | | --- | --- | --- | --- | | 原煤产量（万吨） | 236.62 | 254.42 | -7.00 | | 商品煤产量（万吨） | 175.35 | 194.86 | -10.01 | | 商品煤销量（万吨） | 160.03 | 191.71 | -16.52 | | 煤炭主营销售收入（万元） | 110,704.14 | 194,998.01 | -43.23 | | 煤炭主营销售成本（万元） | 89,832.78 | 107,580.78 | -16.50 | | 商品煤销售毛利（万元） | 20,871.36 | 87,417.22 | ...

证券代码：600971 证券简称：恒源煤电 公告编号：2025-019 安徽恒源煤电股份有限公司 2024年年度股东大会决议公告 (一)股东大会召开的时间：2025 年 4 月 23 日 (二)股东大会召开的地点：宿州市西昌路 157 号公司九楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 310 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 720,507,945 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 60.0420 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 是 (五)公司董事、监事和董事会秘书的出席情况 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 二、 议案审议情况 (一)非累积投票议案 1、 议案名称：恒源煤电 2024 年度董事会工作报告 审 ...

证券代码：600971 证券简称：恒源煤电 公告编号：2025-018 安徽恒源煤电股份有限公司 关于理财产品到期赎回的公告 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。 安徽恒源煤电股份有限公司（以下简称"公司"）2024 年 8 月 20 日召开第八届董事会第九次会议审议通过了《关于使用闲置自有 资金开展投资理财业务的议案》，具体内容详见 2024 年 8 月 21 日 在上海证券交易所网站（www.sse.com.cn）披露的《关于使用闲置自 有资金开展投资理财业务的公告》（公告编号：2024-030）。公司于 2024 年 9 月 25 日购买的申万宏源证券金樽 3156 期收益凭证具体内 容详见 2024 年 9 月 28 日在上海证券交易所网站（www.sse.com.cn） 披露的《关于公司使用闲置自有资金开展投资理财业务的进展公告》 （公告编号：2024-034）。该收益凭证于 2025 年 4 月 2 日到期赎回， 一、公司使用闲置自有资金购买理财产品到期赎回的情况 单位：万元 | 序 | 理财产品 ...

安徽恒源煤电股份有限公司 2024 年年度股东大会会议资料 二 O 二五年四月 1 会议须知及议程 一、现场会议时间：2025 年 4 月 23 日（星期三）14:30 二、会议召集人：安徽恒源煤电股份有限公司董事会 三、现场会议地点：宿州市西昌路 157 号公司 9 楼会议室 四、会议召开方式：采取现场投票与网络投票相结合的方式 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 23 日至 2025 年 4 月 23 日 采用上海证券交易所网络投票系统，通过交易系统投票平台 的投票时间为股东大会召开当日的交易时间段，即 9:15-9:25， 9:30-11:30，13:00-15:00；通过互联网投票平台的投票时间为 股东大会召开当日的 9:15-15:00。 五、会议审议表决事项： 1.恒源煤电 2024 年度董事会工作报告 2.恒源煤电 2024 年度监事会工作报告 3.恒源煤电 2024 年度利润分配预案 4.恒源煤电 2024 年度财务决算及 2025 年度财务预算报告 5.恒源煤电 2024年度日常关联交易发生情况及 2025 年度日 常关联交易预计情况 ...