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].

Investment Rating - The report maintains a "Positive" outlook on the coal industry, indicating an expectation for performance improvement due to supply contraction leading to a rebound in coal prices and company performance [1]. Core Insights - The domestic raw coal production increased by 7.7% year-on-year in the first two months of 2025, totaling 765 million tons, while coal imports saw a decline of 0.9% year-on-year [2][3]. - The average price of thermal coal and coking coal at ports dropped significantly in Q1 2025, with thermal coal prices falling approximately 19.92% year-on-year and coking coal prices down about 40.21% year-on-year [2][16]. - Key companies in the coal sector are expected to report varying performance in their Q1 2025 earnings, with China Shenhua and Electric Power Investment Energy showing better-than-expected results, while Shaanxi Black Cat is anticipated to underperform [2][18]. Summary by Sections Supply and Demand Dynamics - Domestic raw coal production increased by 600.6 million tons, a 7.7% rise compared to the same period in 2024, with significant contributions from Shanxi (20.3% increase) and Inner Mongolia (2.0% increase) [3][8]. - Coal imports for the first three months of 2025 totaled 11.5 million tons, reflecting a 0.9% decrease year-on-year, with March marking the first month of negative growth since January 2023 [11][13]. Price Trends - The average price of 5500 kcal thermal coal at ports was approximately 723 RMB/ton in Q1 2025, down from 903 RMB/ton in Q1 2024, marking a decline of 19.92% [2][16]. - Coking coal prices also saw a significant drop, with the average price for Shanxi's main coking coal at 1444 RMB/ton in Q1 2025, down 40.21% from 2416 RMB/ton in Q1 2024 [2][17]. Company Performance Forecasts - China Shenhua is expected to report an EPS of 0.70, a year-on-year decrease of 12.94%, while Electric Power Investment Energy is projected to have an EPS of 0.84, down 3.6% year-on-year [2][18]. - Companies like Shaanxi Coal and Yanzhou Coal are expected to report earnings that are in line with expectations, while Shaanxi Black Cat is forecasted to underperform with an EPS of -0.27, a significant drop of 169.28% year-on-year [2][18]. Investment Recommendations - The report recommends focusing on companies benefiting from increased market coal and stable operations with high dividends, such as China Shenhua and Shaanxi Coal, while also considering undervalued companies like Huabei Mining and Pingmei Shenma [2].

Group 1: Core Views - The coal price is expected to find a reasonable bottom support at 640-650 RMB/ton, with the industry unlikely to return to 2015 levels [1] - The coal sector is anticipated to see an upward turning point in April 2025, with prices expected to rebound in June due to summer peak demand [2] - The focus on dividend assets is expected to increase due to intensified market volatility from trade frictions [1] Group 2: Thermal Coal Insights - The coal industry has released sufficient risk, and upward potential is expected after April 2025, with the northern Huanghua Port Q5500 price stable at 675 RMB/ton [2] - Domestic production in Xinjiang has decreased, and coal transportation has shown a decline, while overseas imports are expected to decrease starting March [2] - Non-electric coal demand is projected to accelerate in April, potentially driving coal prices back up [2] Group 3: Coking Coal Analysis - The bottom for coking coal prices is expected to be established alongside thermal coal prices, with the main coking coal price at 1380 RMB/ton remaining stable [3] - The introduction of a market-oriented index by the Mongolian Exchange aims to boost exports, although supply and demand for coking coal remain under pressure [3] - The first round of price increases for coke has begun, but the rebound potential is limited [3] Group 4: Industry Review - As of April 12, 2025, the main coking coal price at Jing Tang Port is 1380 RMB/ton, with a total inventory of 339.9 million tons across three ports [4] - The Australian Newcastle Port Q5500 offshore price increased by 1 USD/ton, while the northern port's price is 650 RMB/ton higher than Australian imports [4] - The cost of Australian coking coal has risen by 5 USD/ton, with domestic coking coal being cheaper than imported hard coking coal by 213 RMB/ton [4]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the potential for coal investments due to the expected recovery in domestic demand amid escalating trade tensions. The coal market is viewed as a defensive asset class, particularly in light of the current economic environment and monetary policy shifts [3][4][13]. - The coal prices have stabilized at ports, with CCTD thermal coal Q5500 priced at 676 CNY/ton, remaining unchanged week-on-week. The report notes that the market sentiment is improving as inventory issues begin to ease [3][4]. - The report outlines several factors that could support a rebound in coal prices, including the long-term contract price ceiling, the maintenance of the annual contract system, and the linkage between coal and electricity prices [3][4]. Summary by Sections Investment Logic - The coal sector is entering a "Golden Era 2.0," with core value assets expected to rise again. The current weak domestic economy and external pressures from U.S. tariffs create a favorable environment for coal as a stable dividend investment [4][13]. - The cyclical nature of coal stocks is highlighted, with both thermal and coking coal prices at low levels, suggesting potential for recovery as supply-demand fundamentals improve [4][13]. Key Market Indicators - The report provides a snapshot of key indicators, noting that the coal sector has underperformed the CSI 300 index by 2.17 percentage points, with a weekly decline of 5.04% [8][10]. - The current PE ratio for the coal sector is 10.2, and the PB ratio is 1.16, indicating relatively low valuations compared to other sectors [10][14]. Coal Price Trends - Port coal prices have remained stable, with the Qinhuangdao port price holding steady. The report notes a slight increase in prices at some production sites, indicating a mixed market response [3][4][16]. - The report also highlights the international coal price trends, with Newcastle prices showing slight increases, while domestic prices remain competitive against imports [16][17]. Supply and Demand Dynamics - As of April 6, the operating rate of coal mines in Shanxi, Shaanxi, and Inner Mongolia was 81.7%, a slight decrease from the previous week. Coastal power plants' daily coal consumption has also seen a minor decline [3][4][16]. - The report indicates that non-electric coal demand is showing signs of improvement, with methanol and urea production rates increasing, which may further support coal inventory reduction [3][4][16]. Company Performance and Recommendations - The report lists several coal companies with strong dividend potential and cyclical recovery prospects, including China Shenhua, Shaanxi Coal, and China Coal Energy, among others [4][14][18]. - The report suggests that the coal sector is likely to see increased capital inflows as institutional investors recognize the current valuation as a bottoming opportunity [4][13].

证券研究报告 | 行业周报 gszqdatemark 】 2025 04 13 年 月 日 煤炭开采 3 重倒挂助煤价以时间换空间，"中特煤"以行动书写担当 行情回顾（2025.4.7~2025.4.11）： 基本面方面，我们持续强调"把握行业本质属性，坚定信心、坚守定力"。 "一利稳定增长，五率持续优化"，着力提高央企控股上市公司质量，强化投资者回 报。 中信煤炭指数 3,157.77 点，下跌 5.04%，跑输沪深 300 指数 2.16pct，位列中信板 块涨跌幅榜第 16 位。 本周两大煤炭央企发声"积极支持控股上市公司高质量发展"。此外，多部委机构打 出稳市组合拳，场外增量资金充足，我们认为"财务报表优异，低资本开支&现金流 充裕，具备高分红、高股息的央企"尤为受益。 考虑到煤价属周期波动，煤炭企业或通过加大成本管控力度，保证企业效益稳步提 升。以神华、中煤两大央企为例，在 24 年煤价中枢明显下移的背景下，其业绩降幅 显著低于煤价降幅，降本增效成效显著，诚意满满。 加大回购注销、分红力度，推动资产注入，延伸产业链布局均是提高 ROE 的方向。 重点领域分析： 增持（维持） 行业走势 -30% -2 ...

Investment Rating - The report recommends a "Buy" rating for key coal enterprises such as China Shenhua and China Coal Energy, highlighting their strong financial performance and potential for high dividends [8][10]. Core Viewpoints - The coal industry is experiencing a cyclical downturn, but companies are focusing on cost control and operational efficiency to maintain profitability. Major state-owned enterprises like Shenhua and China Coal have shown a significant reduction in performance decline compared to coal price drops, indicating effective cost management [3][8]. - The report emphasizes the importance of maintaining investor confidence through high-quality development and asset integration within state-owned enterprises [2][3]. - The current coal prices are seen as bottoming out, with expectations of benefiting from domestic policies aimed at stabilizing growth and increasing domestic demand [2][8]. Summary by Sections Industry Overview - The CITIC Coal Index decreased by 5.04% during the week of April 7-11, 2025, underperforming the CSI 300 Index by 2.16 percentage points [1][75]. - The report notes that the coal market is currently in a phase of narrow fluctuations, with supply stability and limited demand growth impacting price movements [11][33]. Key Company Analysis - China Shenhua's coal production cost for 2024 is reported at 179 RMB/ton, remaining stable year-on-year, while China Coal Energy's cost is 282 RMB/ton, down 25 RMB/ton from the previous year [6][8]. - Both companies are expected to increase share buybacks and dividends, enhancing shareholder returns [8][10]. Market Dynamics - The report indicates that the coal market is characterized by a seasonal downturn, with limited demand from power plants and a shift towards cleaner energy sources impacting coal consumption [11][33]. - The report highlights that the focus on cost control and operational efficiency is crucial for maintaining profitability amid fluctuating coal prices [3][8]. Price Trends - As of April 11, 2025, the price of Qinhuangdao port Q5500 thermal coal is reported at 676 RMB/ton, showing stability week-on-week [11][33]. - The report anticipates that coal prices will remain under pressure due to weak demand and high inventory levels, but significant price drops are not expected in the short term [11][33].

淮北矿业 20250410 2025-04-11 摘要 • 淮北矿业 2024 年营收 657.35 亿元，同比下降 10.43%；归母净利润 48.55 亿元，同比下降 22%；基本每股收益 1.84 元，同比下降 0.67%。 尽管业绩有所下滑，但公司通过优化生产和成本管控，提升了盈利能力。 • 公司优化资本结构，年末资产负债率降至 46.58%，有息负债占比约 12%。全年经营活动现金流净额超 90 亿元，虽同比下降，仍保持较高水 平，为项目建设和科研投入提供保障，抗风险能力增强。 • 淮北矿业煤炭业务全年销售收入 224.07 亿元，同比减少 15.51%，但毛 利率提升至 50.13%，得益于"6+1"成本管控策略，综合成本同比下降 11.74%。煤化工板块减亏约 2 亿元，产品毛利率同比提高 0.48 个百分点。 • 公司积极推进智能化矿山建设，济南周庄二号煤矿通过智能化验收，陶壶 头煤矿四套智能掘进系统顺利完成二期开拓。电力板块加速推进铝铅锌 2 升 660 兆瓦超超临界燃煤发电项目，确保 2025 年底投产。 • 非煤产业集群效应显现，石灰石资源年收取 1 亿吨，新增非煤矿山产能 1,640 ...

股票代码：600985 股票简称：淮北矿业 编号：临 2025—018 淮北矿业控股股份有限公司 关于控股股东增持公司股份计划的进展公告 二、增持计划的主要内容 增持计划：淮北矿业控股股份有限公司（下称"公司"）控股股东淮北矿 业（集团）有限责任公司（下称"淮北矿业集团"）计划自 2024 年 12 月 6 日起 6 个月内，通过上海证券交易所交易系统以集中竞价方式增持公司股份，本次增 持总金额为 3 亿元至 5 亿元人民币（含本数，下称"本次增持计划"）。 增持计划的实施进展：2024 年 12 月 6 日至 2025 年 4 月 8 日期间，淮北 矿业集团通过上海证券交易所交易系统以集中竞价方式累计增持公司 A 股股份 14,854,991 股，增持金额 202,160,953.83 元（不含手续费）。 相关风险提示：本次增持计划可能存在因资本市场情况发生变化或目前无 法预判的其他风险因素导致增持计划的实施无法达到预期的风险。增持计划实施 过程中如出现上述风险情形，公司将及时履行信息披露义务。 一、增持主体的基本情况 （一）增持主体：公司控股股东淮北矿业集团。 （二）本次增持前增持主体及其一致行动人持股数 ...

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [2] Core Views - The coal price is currently at a bottom level, and there is no need for pessimism [1] - The market is becoming more sensitive to marginal positive news as the negative impact of price drops diminishes [1] - Leading coal companies have reported better-than-expected performance, with significant cost reduction and efficiency improvements [1] Industry Analysis - The CITIC Coal Index was at 3,325.2 points, up 0.55%, outperforming the CSI 300 Index by 1.92 percentage points, ranking 6th in the CITIC sector [1][71] - The coal market is expected to benefit from domestic policies aimed at stabilizing growth and expanding domestic demand [1] - The Newcastle coal futures price on April 4 was reported at $97 per ton, down 4% from $101 per ton on April 2 [1] - The domestic coal price has reached the anticipated bottom, with the largest price drops and speed of decline now behind [1] - The supply of low-calorie coal has slightly increased, while medium to high-calorie coal remains stable [1] - As of April 4, the price of North Port thermal coal was reported at 676 yuan per ton, stable week-on-week [1] - The report emphasizes that while the thermal coal market is entering a traditional off-season, the current prices are at the expected bottom range of 650-686 yuan per ton, and there is no need for excessive pessimism [1] Key Companies - China Shenhua (601088.SH): Buy rating, EPS forecast for 2024A is 2.95 yuan, PE ratio is 12.40 [7] - Shaanxi Coal (601225.SH): Buy rating, EPS forecast for 2025E is 2.26 yuan, PE ratio is 8.88 [7] - New Energy (601918.SH): Buy rating, EPS forecast for 2024A is 0.92 yuan, PE ratio is 7.50 [7] - Jinkong Coal (601001.SH): Buy rating, EPS forecast for 2025E is 1.53 yuan, PE ratio is 7.92 [7] - China Coal Energy (601898.SH): Buy rating, EPS forecast for 2024A is 1.46 yuan, PE ratio is 7.00 [7] - Electric Investment Energy (002128.SZ): Buy rating, EPS forecast for 2024A is 2.49 yuan, PE ratio is 8.50 [7] - Pingmei Shenma (601666.SH): Increase rating, EPS forecast for 2025E is 0.50 yuan, PE ratio is 17.30 [7] - Huai Bei Mining (600985.SH): Buy rating, EPS forecast for 2024A is 1.80 yuan, PE ratio is 7.70 [7]