据证券之星公开数据整理，近期淮北矿业（600985）发布2025年中报。根据财报显示，淮北矿业净利润 同比下降64.85%。截至本报告期末，公司营业总收入206.82亿元，同比下降44.58%，归母净利润10.32 亿元，同比下降64.85%。按单季度数据看，第二季度营业总收入100.83亿元，同比下降49.47%，第二季 度归母净利润3.4亿元，同比下降74.72%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率18.98%，同比增5.52%，净利率4.19%， 同比减43.75%，销售费用、管理费用、财务费用总计17.99亿元，三费占营收比8.7%，同比增46.39%， 每股净资产15.37元，同比增2.17%，每股经营性现金流0.79元，同比减60.63%，每股收益0.38元，同比 减66.37% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 373.16亿 | 206.82亿 | -44.58% | | 归母净利润(元) | 29.35 Z | 10.32 Z | -64.85% | | 扣非 ...

Summary of Huabei Mining Conference Call Company Overview - **Company**: Huabei Mining - **Period**: First half of 2025 - **Revenue**: 20.6 billion CNY, a decrease of 16.6 billion CNY year-on-year - **Net Profit**: 1.032 billion CNY, a decrease of 1.9 billion CNY year-on-year - **Impact Factors**: Dual pressure from coal and coke markets, but internal cost-cutting measures showed some effectiveness [2][5][6] Key Points by Segment Coal Segment - **Revenue**: 5.4 billion CNY, down 3.8 billion CNY year-on-year - **Average Selling Price**: - Commodity coal: 835 CNY/ton, down 309 CNY/ton - Coking coal: 1,820 CNY/ton, down 553 CNY/ton - **Net Profit Impact**: Approximately 2 billion CNY due to revenue decline [2][6][7] Coal Chemical Segment - **Revenue**: 4.3 billion CNY, down 500 million CNY year-on-year - **Coke Price Decline**: Led to a revenue decrease of nearly 1.1 billion CNY - **Ethanol Sales**: Increased revenue by approximately 700 million CNY despite price drop - **Loss**: 267 million CNY, but improved by 289 million CNY year-on-year; potential for breakeven if prices stabilize [2][7][26] Power Segment - **Electricity Generation**: 1.928 billion kWh, down 600 million kWh year-on-year - **Revenue**: 957 million CNY, with a profit of 73 million CNY - **Price Stability**: Average on-grid electricity price remained stable, only a slight decrease [2][8] Non-Coal Mining Business - **Revenue**: 695 million CNY, up 30 million CNY year-on-year - **Profit**: 150 million CNY, up 26 million CNY year-on-year - **Growth Driver**: Sand and gravel aggregate business [2][9] Production and Operational Insights - **Total Production Target**: 19.2 million tons for the year, but expected to decline due to the closure of the Zhuzhuang coal mine [3][12] - **Production Challenges**: - Geological conditions and mine closures led to a decrease of 1.41 million tons in production - Specific impacts from geological issues and strict environmental regulations [10][12][17] Pricing Mechanism Changes - **Coking Coal Pricing**: Quarterly pricing mechanism with adjustments based on market fluctuations; recent prices were 1,330 CNY/ton for Q3 [11][19] Cost Management - **Cost Control**: - Comprehensive sales cost: 469 CNY/ton, down 96 CNY year-on-year - Major reductions in various operational costs, including salaries and safety expenses [22][23] Future Outlook - **Production Recovery**: - Happiness coal mine expected to resume production by the end of 2024 or earlier - Taowutu coal mine construction is ongoing, with potential production in the first half of 2026 [14][15][16] - **Market Conditions**: Anticipated stricter regulations on overproduction may support price increases [17][18] Additional Insights - **Coal and Coke Sales**: - Coking coal accounted for 50% of total sales, with a significant portion under long-term contracts [19] - **By-products**: - Middle coal and coal slurry produced during washing processes are largely utilized internally [20][21] This summary encapsulates the key insights from the conference call, highlighting the challenges and strategies of Huabei Mining in the current market environment.

Core Viewpoint - Huabei Mining's net profit attributable to shareholders for the first half of 2025 is projected to be 1.032 billion yuan, a year-on-year decrease of 64.85% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders is expected to be 340 million yuan, down 74.72% year-on-year [1] - For H1 2025, the company’s coal production and sales are 8.91 million tons and 6.48 million tons, respectively, representing a year-on-year decline of 13.7% and 19.4% [1] - In Q2 2025, coal production and sales are 4.6 million tons and 3.5 million tons, showing a year-on-year decrease of 9.6% and 12.5%, but a quarter-on-quarter increase of 6.8% and 17.9% [1] Asset and Project Development - The Zhuzhuang coal mine has completed filling and has passed inspection by the Anhui Provincial Energy Bureau, with total assets of 350 million yuan as of June 30, 2025, primarily consisting of internal debts of 282 million yuan and land valued at 51 million yuan [1] - The closure of the mine is not expected to significantly impact the company's performance [1] - The company is accelerating the construction of the Tao Hutu mine to ensure the completion of the main shaft and equipment installation by the end of 2025 [1] - The company is also advancing the construction of a 2×660MW ultra-supercritical coal-fired power generation project, aiming for "dual machine dual investment" by the end of the year [1] Non-Coal Business - The company continues to advance its non-coal business initiatives [1] - The investment rating is maintained at "Buy" [1]

Investment Rating - The report maintains a "Recommended" rating for Huabei Mining (600985.SH) [4][6] Core Views - The company's performance in H1 2025 met expectations, with coal production and sales recovering on a quarter-on-quarter basis [1] - Revenue for H1 2025 was CNY 20.612 billion, a year-on-year decrease of 44.6%, while net profit attributable to shareholders was CNY 1.032 billion, down 64.9% year-on-year [1] - The report highlights a significant decline in coal prices and the impact on profit margins, with a projected net profit for 2025-2027 of CNY 1.715 billion, CNY 2.312 billion, and CNY 3.184 billion respectively [4] Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of CNY 10.045 billion, a quarter-on-quarter decrease of 49.6% and a year-on-year decrease of 4.9% [1] - The net profit for Q2 2025 was CNY 340 million, reflecting a quarter-on-quarter decline of 74.7% and a year-on-year decline of 50.8% [1] - The company's coal production in Q2 2025 was 4.6 million tons, a year-on-year decrease of 9.6% but an increase of 6.8% quarter-on-quarter [2] Coal Business - The average selling price of coal in Q2 2025 was CNY 747.6 per ton, down 32.8% year-on-year and 20.3% quarter-on-quarter [2] - The cost of coal was CNY 425.6 per ton, down 20.7% year-on-year and 18.1% quarter-on-quarter, leading to a gross profit margin of 43.1%, a decrease of 8.6 percentage points year-on-year [2] Coal Chemical Products - The report notes an increase in production and sales of coal chemical products in Q2 2025, with significant growth in methanol and ethanol production [3] - Ethanol production reached 13.3 million tons, with a quarter-on-quarter increase of 76.4% and a year-on-year increase of 38.9% [3] Future Projections - The report forecasts a decline in revenue for 2025 to CNY 61.655 billion, with a projected net profit of CNY 1.715 billion [5] - The earnings per share (EPS) are expected to be CNY 0.64 for 2025, with a price-to-earnings (PE) ratio of 21 times based on the stock price as of August 26, 2025 [4][5]

Core Viewpoint - Huabei Mining's stock has experienced a decline, with a notable drop of 2.06% on August 27, reflecting broader challenges in the coal mining sector and a significant decrease in revenue and profit for the first half of 2025 [1][2]. Company Overview - Huabei Mining Co., Ltd. is located in Huabei City, Anhui Province, and was established on March 18, 1999, with its stock listed on April 28, 2004. The company primarily engages in the sale of civil explosive products and blasting engineering services, as well as coal mining, washing, processing, and sales, and the production and sales of coal chemical products [1]. Business Segments - The revenue composition of Huabei Mining includes: - Commodity trading: 39.15% - Coal products: 26.23% - Coal chemical products: 20.81% - Engineering and labor services: 3.55% - Coal blending: 2.55% - Electricity sales: 1.99% - Others: 1.96% - Blasting engineering services: 1.23% - Mining business: 1.21% - Civil explosive product sales: 0.81% - Transportation services: 0.51% [1]. Financial Performance - For the first half of 2025, Huabei Mining reported a revenue of 20.682 billion yuan, a year-on-year decrease of 44.58%, and a net profit attributable to shareholders of 1.032 billion yuan, down 64.85% compared to the previous year [2]. Shareholder Information - As of August 20, 2025, Huabei Mining had 42,000 shareholders, a decrease of 5.44% from the previous period, with an average of 64,052 circulating shares per shareholder, an increase of 5.76% [2]. - The company has distributed a total of 13.156 billion yuan in dividends since its A-share listing, with 7.318 billion yuan distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders of Huabei Mining include: - Hong Kong Central Clearing Limited, holding 28.4545 million shares, a decrease of 3.9644 million shares from the previous period. - Hong Kong Red Chip Low Volatility ETF, holding 27.5317 million shares, an increase of 0.4529 million shares. - Huatai-PineBridge SSE Dividend ETF, holding 24.6097 million shares, a decrease of 0.5024 million shares [3].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a total revenue of 20.682 billion yuan for the first half of 2025, a year-on-year decrease of 44.58%, and a net profit attributable to shareholders of 1.032 billion yuan, down 64.85% year-on-year [1] - The coal production and sales have recovered, and the company continues to implement cost reduction and efficiency enhancement measures [2] - The company is advancing its non-coal business steadily, including projects in the chemical and renewable energy sectors [4] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 10.083 billion yuan, a decrease of 49.47% year-on-year, with a net profit of 340 million yuan, down 74.72% year-on-year [1] - The company’s coal production capacity includes 16 coal mines with a total capacity of 34.25 million tons per year, and it has closed the Zhuozhuang coal mine due to resource depletion [3] - The company’s financial projections for 2025 to 2027 estimate net profits of 2.6 billion yuan, 3.5 billion yuan, and 4.2 billion yuan respectively, with corresponding P/E ratios of 13.6X, 10.1X, and 8.5X [4][5] Business Development - The company is expanding its chemical production, with projects yielding qualified products, and is also increasing its renewable energy output, generating 104 million kWh from solar power and 102 million kWh from gas [4] - The company is actively pursuing new mining rights and has commenced construction on the Lei Ming Kehua project in Henan [4] Market Position - The company’s coal sales volume for the first half of 2025 was 8.91 million tons, a decrease of 13.7% year-on-year, while the average selling price of coal fell by 27% year-on-year to 835 yuan per ton [10] - The report highlights the company's strategic focus on enhancing its coal and chemical business while diversifying into non-coal sectors [3][4]

Group 1 - The company plans to apply for the registration and issuance of medium-term notes not exceeding RMB 2 billion to meet its operational funding needs and optimize its debt structure [1][2] - The maximum term for the medium-term notes will not exceed 15 years, with specific issuance periods determined by the company's funding requirements and market conditions [1][2] - The funds raised will primarily be used for adjusting the debt structure, supplementing working capital, project construction, and other purposes permitted by national laws and regulations [2] Group 2 - The issuance of the medium-term notes is subject to approval by the China Interbank Market Dealers Association and will be implemented after registration acceptance [3] - The company will disclose the issuance status of the medium-term notes in accordance with relevant laws and regulations [3]

Core Points - The company held its sixth meeting of the tenth board of directors on August 26, 2025, where several key resolutions were passed [1][2][3] Financial Reports - The company approved its 2025 semi-annual report, which was reviewed by the audit committee and submitted to the board for approval with a unanimous vote of 9 in favor [1][2] Risk Assessment - A continuous risk assessment report regarding financial services provided to related parties was approved, with 7 votes in favor and 2 directors abstaining from the vote [2] Issuance of Medium-Term Notes - The board agreed to apply for the registration and issuance of medium-term notes not exceeding RMB 2 billion, with a unanimous vote of 9 in favor [2] Governance Changes - The company decided to abolish the supervisory board and amend its articles of association, with a unanimous vote of 9 in favor [3] - Several management systems were revised to enhance corporate governance, with all proposals receiving unanimous support [4][5] New Policies - The company established a market value management system and an internal audit management system, both receiving unanimous approval [5] - A quality improvement and return action plan was adopted to align with national directives, also receiving unanimous support [5] Board and Management Changes - The company approved the appointment of a new non-independent director, general manager, board secretary, and financial director, all with unanimous votes [6][7][8] - Adjustments to the board's specialized committees were made in light of personnel changes, with unanimous approval [8] Upcoming Shareholder Meeting - The company scheduled its first extraordinary general meeting for September 23, 2025, to review several key proposals, with unanimous support from the board [8]

Core Points - The Supervisory Board of Huabei Mining Co., Ltd. held its sixth meeting of the tenth session on August 26, 2025, with all five attending supervisors present, complying with the Company Law and Articles of Association [1][2] - The Supervisory Board approved the company's 2025 semi-annual report, confirming that it accurately reflects the financial status and operational results for the first half of 2025 [1] - The Supervisory Board reviewed a report on the continuous risk assessment of financial services provided to related parties by the financial company, concluding that the internal control system is robust and meets regulatory requirements [1]

淮北矿业控股股份有限公司 董事、高级管理人员离职管理制度 第一章 总则 第一条 为规范淮北矿业控股股份有限公司（以下简称"公司"）董事及高 级管理人员离职程序，确保公司治理结构的稳定性和连续性，维护公司及股东的 合法权益，公司根据《中华人民共和国公司法》 证券交易所股票上市规则》等法律、法规及规范性文件及《公司章程》的有关规 定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司董事及高级管理人员因任期届满、辞职、被解除 职务或其他原因离职的情形。 第二章 离职情形 第三条 公司董事、高级管理人员离职包含任期届满未连任、主动辞职、被 解除职务以及其他导致董事、高级管理人员离职等情形。 第四条 董事可以在任期届满以前辞任。董事辞任应当向公司提交书面辞职 报告，公司收到辞职报告之日辞任生效，公司将在两个交易日内披露有关情况。 除法律法规、部门规章和《公司章程》另有规定外，出现下列规定情形的，在改 选出的董事就任前，原董事仍应当按照法律法规、上海证券交易所相关规定及《公 司章程》规定继续履行职责： （一）董事任期届满未及时改选，或者董事在任期内辞任导致董事会成员低 于法定最低人数； （二）审计委员会成员辞任导 ...