证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 淮北矿业（600985） 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 提质降本凸显业绩韧性，产量恢复助力业绩向好 [Table_ReportDate] 2025 年 4 月 30 日 [Table_S 事件：2025 ummar年y]4 月 29 日 ，淮北矿业发布 2025 年一季报，2025 年第一季 度，公司单季度营业收入 105.99 亿元，同比下降 38.95%，环比上涨 0.17%； 单季度归母净利润 6.92 亿元，同比下降 56.50%，环比下降 3.44%；单季度 扣非后净利润 6.74 亿元，同比下降 56.96%，环比上涨 19.86%。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_A ...

证券研究报告 公司研究 [Table_StockAndRank] 淮北矿业（600985） 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 提质降本凸显业绩韧性，产量恢复助力业绩向好 [Table_ReportDate] 2025 年 4 月 30 日 [Table_S 事件：2025 ummar年y]4 月 29 日 ，淮北矿业发布 2025 年一季报，2025 年第一季 度，公司单季度营业收入 105.99 亿元，同比下降 38.95%，环比上涨 0.17%； 单季度归母净利润 6.92 亿元，同比下降 56.50%，环比下降 3.44%；单季度 扣非后净利润 6.74 亿元，同比下降 56.96%，环比上涨 19.86%。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_ReportType] 公司点评报告 [Table_A ...

证券代码：600985 证券简称：淮北矿业 公告编号：2025-019 淮北矿业控股股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 4 月 29 日 (二)股东大会召开的地点：安徽省淮北市人民中路 276 号淮北矿业会议中心 (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 | 558 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,886,923,043 | | 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 | 70.0609 | | 份总数的比例（%） | | (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。 本次会议由公司董事会召集，董事长孙方先生主持会议。本次会议采取现场 和网络投票相结合的方式召开，现场会议采取记名投票表决的方式，本次会 ...

一安徽天禾律师事务所 == 安徽天禾律师事务所 2024 年年度股东大会 的法律意见书 地址: 安徽省合肥市怀宁路 288 号置地广场 A 座 34-35 楼 电话:(0551) 2642792 传真:(0551) 2620450 淮北矿业 2024年年度股东大会法律意见书 安徽天禾律师事务所 关于淮北矿业控股股份有限公司 淮北矿业 2024 年年度股东大会法律意见书 关于淮北矿业控股股份有限公司 本法律意见书是天禾律师根据对有关本次股东大会事实的了解及对我国现 行法律、法规和规范性文件的理解而做出的。 天禾律师同意将本法律意见书作为本次股东大会的公告文件,随公司其他 文件一并提交上海证券交易所审核公告。天禾律师根据《证券法》第 163 条的 要求,按照律师行业公认的业务标准、道德规范和勤勉尽责精神,参与了本次 股东大会并对公司提供的有关文件和事实进行了核查和验证,现出具法律意见 书如下: 一、关于本次股东大会的召集、召开程序 (一)根据公司 2025年3月26日第十届董事会第四次会议决议,公司于 2025 年 3 月 28 日在上海证券交易所网站公告了《关于召开 2024 年年度股东大 会的通知》,上述通知 ...

证券代码：600985 证券简称：淮北矿业 公告编号：临 2025-021 淮北矿业控股股份有限公司 关于召开 2025 年第一季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： 投资者可于 2025 年 4 月 30 日(星期三)至 5 月 9 日(星期五)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 zqtzb@hbcoal.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。 淮北矿业控股股份有限公司（以下简称"公司"）已于 2025 年 4 月 30 日发 布 2025 年第一季度报告，为便于广大投资者更全面深入地了解公司 2025 年第一 季度经营成果、财务状况，公司计划于 2025 年 5 月 12 日(星期一)上午 11:00-12:00 举行 2025 年第一季度业绩说明会，就投资者关心的问题进行交流。 （二）投资者可于 2025 年 4 月 30 日(星期三)至 5 月 9 ...

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. ...

Group 1 - The company Huabei Mining (600985) reported a revenue of 10.567 billion yuan for the first quarter of 2025, representing a year-on-year decline of 39.00% [1] - The net profit for the same period was 0.692 billion yuan, showing a year-on-year decrease of 56.50% [1]

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]

煤炭周报 关税扰动下日耗同比降幅扩大，煤价筑底逻辑未变 2025 年 04 月 26 日 ➢ 关税扰动下日耗同比降幅扩大，煤价筑底逻辑未变。2025 年 4 月关税冲突 加码以来，受下游需求萎缩影响，沿海八省电厂日耗同比出现下降，3 月底周均 日耗 187.1 万吨，同比增加 3.5 万吨(+1.9%)，而截至 4 月 24 日当周，周均日 耗降至 176.0 万吨，同比减少 2.9 万吨(-1.6%)，在此影响下，煤价持续窄幅震 荡，本周环比延续小幅下滑。但同时，持续低煤价下新疆、内蒙古以露天矿为主 的边际产能产量或出现缩减，发运倒挂叠加大秦线检修，港口库存略有去化。展 望后市，非电需求仍维持缓慢提升，煤价向上动力不足，大秦线检修结束后铁路 发运提升，港口或有累库风险，边际产能成本、进口煤价倒挂以及长协基准价对 港口煤价有支撑，下行压力亦有限，预计短期现货价仍以窄幅震荡为主，长协价 仍表现出低波韧性。 ➢ 焦煤短期窄幅震荡为主，旺季或有阶段性反弹但空间有限。当前煤价下部分 配焦原煤转为动力煤销售更具性价比，焦煤价格已基本见底，叠加近期高炉持续 复产，铁水产量已提升至 2024 年以来最高水平 244.35 ...