Financial Performance - The company's operating revenue for Q1 2025 was approximately ¥10.57 billion, a decrease of 39.00% compared to ¥17.32 billion in the same period last year[3] - Net profit attributable to shareholders was approximately ¥691.53 million, down 56.50% from ¥1.59 billion year-on-year[3] - Basic earnings per share decreased by 59.38% to ¥0.26 from ¥0.64 in the same period last year[3] - The company reported a 39.02% increase in investment income, mainly due to improved net profit from its associate company[6] - The company reported investment income of CNY 44,529,643.91, an increase of 39.1% from CNY 32,030,498.52 in the previous period[15] - In Q1 2025, the company reported a net profit of ¥51,358,128.44, a significant increase compared to ¥411,274.27 in Q1 2024, representing a growth of approximately 12,400%[23] - The total comprehensive income for Q1 2025 was ¥51,358,128.44, compared to ¥411,274.27 in Q1 2024, showing a significant improvement in overall financial performance[24] Cash Flow - The net cash flow from operating activities was approximately ¥440.03 million, a significant decline of 72.87% compared to ¥1.62 billion in the previous year[3] - The company’s cash flow from operating activities showed a significant decrease, reflecting challenges in revenue generation during the quarter[16] - In Q1 2025, the cash inflow from operating activities was CNY 13.10 billion, a decrease of 30.0% compared to CNY 18.75 billion in Q1 2024[17] - The net cash flow from operating activities was CNY 440.03 million, down 72.9% from CNY 1.62 billion in the same period last year[17] - The cash outflow for investing activities totaled CNY 3.36 billion, an increase of 67.5% compared to CNY 2.01 billion in Q1 2024[18] - The net cash flow from investing activities was -CNY 2.16 billion, worsening from -CNY 1.99 billion year-over-year[18] - The cash inflow from financing activities was CNY 1.55 billion, up from CNY 459.81 million in Q1 2024[18] - The net cash flow from financing activities was CNY 1.33 billion, significantly higher than CNY 35.68 million in the previous year[18] - The net cash flow from operating activities in Q1 2025 was negative at -¥260,853.19, compared to a positive cash flow of ¥488,857.15 in Q1 2024, indicating a decline in operational cash generation[26] Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥88.09 billion, reflecting a slight increase of 0.40% from ¥87.74 billion at the end of the previous year[4] - The total assets of the company reached CNY 88,094,754,325.15, up from CNY 87,744,917,337.46[11] - Total liabilities as of the end of the reporting period were CNY 40,696,870,009.18, slightly down from CNY 40,869,180,045.77 at the end of the previous period[13] - Non-current liabilities increased to CNY 16,830,503,603.42 from CNY 15,293,919,866.31, reflecting a growth of 10.1%[13] - The total liabilities amounted to CNY 13.53 million, a decrease from CNY 14.18 million at the end of 2024[21] Shareholder Information - The total number of common shareholders at the end of the reporting period was 50,041[8] - The largest shareholder, HuaiBei Mining (Group) Co., Ltd., holds 60.03% of shares, totaling 1,616,628,806 shares[8] - The total equity attributable to shareholders increased by 1.56% to approximately ¥43.05 billion from ¥42.39 billion at the end of the previous year[4] - Total equity attributable to shareholders increased to CNY 43,051,716,532.39 from CNY 42,388,718,698.68, representing a growth of 1.6%[13] Operational Challenges - The decrease in revenue was primarily attributed to declines in coal production and prices, impacting overall profitability[6] - The total cost of operations for Q1 2025 was CNY 9,937,142,308.49, down 36.1% from CNY 15,587,280,630.29 in Q1 2024[14] - The company experienced a significant increase in short-term borrowings by 171.13%, primarily due to an increase in short-term loans[6] - Cash and cash equivalents decreased to CNY 3,726,167,017.01 from CNY 4,283,753,058.08[10] - Accounts receivable increased to CNY 2,483,426,046.68 from CNY 2,086,091,373.82, reflecting a growth of approximately 19%[10] - Inventory as of March 31, 2025, was CNY 3,147,422,787.40, compared to CNY 3,086,734,413.52 at the end of 2024[11] - The company reported a financial expense of -¥56,910.77 in Q1 2025, compared to -¥12,177.84 in Q1 2024, indicating a worsening in financial costs[23] - The company’s management expenses increased to ¥486,892.88 in Q1 2025 from ¥285,471.70 in Q1 2024, representing an increase of approximately 70%[23]

说明：甲醇销量、收入、售价等不含公司内销。 三、煤化工产品的主要原材料的采购量、消耗量及价格变动情况 说明：以上商品煤销量、收入、成本等数据不包含公司内销。 二、煤化工产品的产量、销量及收入实现情况 | 主要产品 | | 经营指标 | 单位 | 2025 | 年 | 1-3 | 月 | 2024 | 年 1-3 | 月 | 变动比率（%） | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 焦炭 | 产量 | | 万吨 | | 74.32 | | | | | 87.63 | -15.19 | | | 销售量 | | 万吨 | | 70.12 | | | | | 86.34 | -18.79 | | | 销售收入 | | 万元 | | 105,103.86 | | | | 199,595.70 | | -47.34 | 项目 单位 2025 年 1-3 月 2024 年 1-3 月 变动比率（%） 商品煤 产量 万吨 430.80 523.64 -17.73 销售量 万吨 297.20 402.61 -26. ...

淮北矿业（600985）公告，2025年第一季度营收为105.67亿元，同比下降39.00%；净利润为6.92亿元， 同比下降56.50%。 ...

Investment Rating - The report maintains a positive outlook on the coal industry, rating it as "Overweight" [1] Core Insights - The report highlights a decrease in coal prices, with thermal coal prices at Qinhuangdao port showing a decline of 2.28% to 2.04% as of April 25, 2025, while supply is expected to contract due to production costs reaching critical levels [1] - The report anticipates a reduction in coal imports due to the rainy season in Indonesia affecting production and transportation, alongside a call from the coal industry association to control low-quality coal imports [1] - The report notes an increase in coal demand, with daily average coal outflow from the four ports in the Bohai Rim rising by 35.99% week-on-week, indicating a recovery in demand despite the traditional off-peak season [1] Summary by Sections Recent Industry Policies and Dynamics - The report discusses various safety measures and projects in the coal industry, including the commencement of a coal-to-natural gas pipeline project in Xinjiang, which aims to enhance local coal consumption [9] - It also mentions regulatory efforts in Henan province to improve gas prevention in coal mines [9] Price Trends - The report indicates a decline in domestic thermal coal prices, with specific prices reported for various regions, such as Shanxi and Inner Mongolia, showing decreases of up to 10 CNY/ton [10] - Coking coal prices remained stable, with prices reported for major coking coal regions holding steady [13] Inventory and Supply - The report notes an increase in coal inventory at major power plants, with a total of 14.08 million tons reported, reflecting a 1.08% increase week-on-week [5] - The Bohai Rim port inventory decreased by 2.66% to 31.09 million tons, indicating a tightening supply [22] Shipping Costs - Domestic coastal shipping costs have risen slightly, with an average increase of 0.31% reported [29] - International shipping costs also saw an increase, particularly for coal transportation from Indonesia to China [29] Company Valuations - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalizations, and earnings per share (EPS) forecasts for 2023 to 2026 [35]

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].

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]

Investment Rating - The coal industry is rated as "Overweight" indicating a positive outlook for the sector [1]. Core Insights - The report highlights that the coal prices have reached the cost line for some mines, leading to an expected reduction in production. The supply side is constrained due to regular safety inspections and maintenance on major railways, which is anticipated to support coal prices during the off-season [1]. - The report emphasizes that while electricity demand is entering a low season, the combination of maintenance on railways and reduced import volumes is expected to stabilize coal prices [1]. - The report recommends several companies for investment, including China Shenhua, Shaanxi Coal, and China Coal Energy, which are characterized by stable operations and high dividends. It also suggests关注淮北矿业, 平煤股份, and 电投能源 for their undervalued potential [1]. Recent Industry Policies and Developments - The report notes that the Xinjiang coal transportation project has been approved, which will enhance coal transportation capacity significantly, thus reducing logistics costs and supporting energy security [5]. - The report mentions the implementation of a differentiated electricity pricing mechanism in Shandong to optimize power resource allocation [9]. Price Trends - As of April 18, 2025, the prices for various types of coal have shown mixed trends, with some prices remaining stable while others have seen slight declines. For instance, the price for Shanxi's main coking coal remains at 1380 RMB/ton, unchanged from the previous week [10][13]. - The report indicates that international coal prices have fluctuated, with Indonesian coal prices decreasing while South African prices have increased [11]. Supply and Demand Dynamics - The report states that the average daily coal inflow to the Bohai Rim ports has decreased by 4.10% week-on-week, while the outflow has dropped significantly by 20.04% due to adverse weather conditions [22]. - The coal inventory at the Bohai Rim ports has increased by 6.93% week-on-week, indicating a buildup of stock amid declining demand [22]. Shipping Costs - Domestic coastal shipping costs have risen by 6.95% week-on-week, reflecting increased transportation expenses [32]. - International shipping rates have shown mixed trends, with some routes experiencing slight increases while others have decreased [32]. Company Valuation - The report provides a valuation table for key companies in the coal sector, highlighting their stock prices, market capitalization, and earnings per share (EPS) projections for the coming years [36].

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9]. Core Insights - The report highlights two significant divergences in the first quarter economic data: 1) the divergence between GDP growth and electricity consumption growth; 2) the increase in raw coal production while power plant inventories are decreasing. The GDP growth of 5.4% contrasts with a mere 2.5% increase in electricity consumption, primarily due to economic structural transformation and unexpected weather impacts on residential electricity use. Additionally, despite high raw coal production, power plant inventories have declined due to weak power generation demand and structural inventory accumulation at ports and pits [2][7]. Summary by Sections Market Performance - The coal index (Yangtze) increased by 2.56%, outperforming the CSI 300 index by 1.98 percentage points, ranking 3rd out of 32 industries. The thermal coal market price as of April 18 is 663 RMB/ton, showing a slight decrease of 2 RMB/ton week-on-week [6][20]. Thermal Coal Market - The report notes that while seasonal demand for coal is weak, the market is expected to stabilize as the negative factors affecting coal stocks are likely to diminish. The report suggests a positive outlook for coal stocks due to high dividend yields and narrowing second-order effects of falling coal prices [6][20]. Coking Coal Market - The coking coal price at Jing Tang Port remains stable at 1380 RMB/ton. The report emphasizes the need to monitor potential domestic demand stimulus policies and the sustainability of steel production increases [6][21]. Economic Divergences - The report elaborates on the divergence between GDP growth and electricity consumption, attributing it to structural upgrades in the economy and unexpected weather impacts. The first quarter saw a raw coal production increase of 9.704 million tons (8.1% year-on-year), while power plant inventories decreased by approximately 21.03 million tons since the beginning of the year [7][8]. Investment Recommendations - The report recommends marginal allocations to long-term stable profit leaders such as China Shenhua (A+H) and Shaanxi Coal, as well as growth-oriented companies like Xinji Energy and Electric Power Investment Energy. It also highlights flexible growth stocks such as Yanzhou Coal Mining (A+H) and Shanxi Coking Coal [8].

淮北矿业控股股份有限公司 2024 年年度股东大会 会议资料 股票代码：600985 二○二五年四月 一、会议召开时间： （一）现场会议：2025 年 4 月 29 日上午 9:00 淮北矿业控股股份有限公司 2024 年年度股东大会会议资料 淮北矿业控股股份有限公司 2024 年年度股东大会会议议程 （二）网络投票：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。 二、现场会议地点：安徽省淮北市人民中路 276 号淮北矿业会议中心 三、与会人员 （一）截至 2025 年 4 月 22 日下午交易结束后，在中国证券登记结算有限责 任公司上海分公司登记在册的公司股东或其代理人； （二）公司董事、监事及高级管理人员； （三）本次会议的见证律师； （四）本次会议的工作人员。 四、主持人：董事长孙方 五、会议主要议程安排 （一）宣布开会 3.介绍公司董事、监事、高级管理人员、见证律师及其他人士的出席情况 （ ...

Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 14.49 CNY, compared to the current price of 12.48 CNY [5][10]. Core Insights - The company reported a revenue of 65.875 billion CNY for 2024, a decrease of 10.49% year-on-year, and a net profit attributable to shareholders of 4.855 billion CNY, down 22.00% year-on-year [2][4]. - The company is focusing on cost reduction, with the comprehensive cost per ton of coal decreasing by 11.74% year-on-year, despite a decline in both production and sales volumes [9][10]. - The ethanol production business is highlighted as a new growth driver, with an expected output of 370,000 tons in 2024, leveraging cost advantages and high-quality characteristics [9][10]. - The report anticipates a stabilization in coal prices, which are currently near historical lows, and expects an increase in iron and steel production in the second quarter [9][10]. Financial Summary - The total revenue forecast for 2025 is 64.496 billion CNY, with a projected net profit of 4.341 billion CNY, reflecting a year-on-year decrease of 10.6% [4][10]. - The earnings per share (EPS) for 2024 is estimated at 1.80 CNY, with a price-to-earnings (P/E) ratio of 7 [4][10]. - The company plans to distribute a cash dividend of 0.75 CNY per share in 2024, resulting in a dividend yield of 6.12% [9][10].