Core Viewpoint - The coal supply-demand fundamentals are expected to improve due to the "check overproduction" policy leading to reduced output and the anticipated recovery in non-electric coal demand during the "golden September and silver October" peak season, providing upward price elasticity for both types of coal [1][3]. Group 1: Coal Price Dynamics - Thermal coal is categorized as a policy coal type, with expectations for prices to rebound to long-term contract prices, recently surpassing the second target price of around 700 CNY per ton [2]. - The current adjustment in prices is attributed to the seasonal transition from summer to autumn, which has weakened coal consumption, but the upcoming peak season is expected to drive prices up again, particularly in the chemical sector [2][3]. - Coking coal prices are more influenced by supply-demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices, indicating potential target prices of 1608 CNY, 1680 CNY, 1800 CNY, and 2064 CNY for different levels of market performance [2]. Group 2: Investment Opportunities - The coal sector exhibits dual attributes of cyclical elasticity and stable dividends, with many coal companies maintaining high dividend yields despite overall profit pressures [3]. - Six listed coal companies have announced interim dividend plans totaling 24.13 billion CNY, reflecting a strong commitment to shareholder returns [3]. - Key coal stocks benefiting from these trends include: - Cycle logic: Jin控煤业, 兖矿能源, 平煤股份, 淮北矿业, 潞安环能 - Dividend logic: 中国神华, 中煤能源, 陕西煤业 - Diversified aluminum elasticity: 神火股份, 电投能源 - Growth logic: 新集能源, 广汇能源 [3].

Core Viewpoint - The coal mining sector experienced a slight decline of 0.33% on September 12, with New Dazhou A leading the losses, while the overall market indices showed modest gains [1][2]. Group 1: Market Performance - The Shanghai Composite Index closed at 3883.69, up 0.22%, and the Shenzhen Component Index closed at 12996.38, up 0.13% [1]. - The coal mining sector's individual stock performance varied, with notable gainers including Jin Kong Coal Industry (up 3.46%) and Yongtai Energy (up 3.45%) [1]. Group 2: Stock Details - Key stocks in the coal mining sector included: - Jin Kong Coal Industry: Closing price 13.16, volume 269,300, turnover 3.49 billion [1]. - Yongtai Energy: Closing price 1.50, volume 10,248,400, turnover 1.51 billion [1]. - New Dazhou A: Closing price 5.11, down 2.11%, volume 126,600, turnover 65.03 million [2]. Group 3: Capital Flow - The coal mining sector saw a net outflow of 161 million from main funds, while retail investors contributed a net inflow of 115 million [2][3]. - Notable capital flows included: - Yongtai Energy: Main funds net inflow of 152 million, retail net outflow of 61.77 million [3]. - Shaanxi Coal Industry: Main funds net inflow of 52.84 million, retail net outflow of 40.82 million [3].

Group 1 - The company has been advancing the research and development of intelligent mining equipment and technology innovation in recent years [1] - A total of 13 intelligent coal mines and 2 intelligent coal preparation plants have been established [1] - The company has invested in 11 mining shield machines, which have increased the efficiency of rock roadway excavation by 3 times [1] Group 2 - Some subsidiaries of the company have introduced robots to perform routine inspection tasks [1] - Chemical enterprises are utilizing robots for tasks such as dosing and explosion-proof firefighting [1]

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [11]. Core Insights - The report emphasizes that the systematic increase in coal costs over the past decade has solidified the safety margin for coal prices, with current cash cost support for port thermal coal prices at approximately 550 RMB/ton [3][9]. - It highlights that the coal price bottom is unlikely to return to the low levels seen in 2015, reinforcing the profitability and dividend safety margins for coal companies [3][9]. Summary by Sections Introduction - The report introduces the importance of cost research in establishing the safety margin for coal prices, indicating that a high cost-supported price bottom can enhance dividend value [6][20]. Overall Cost Trends - Over the past decade, coal company costs have increased by nearly 50%, with a CAGR of approximately 4% [6][24]. - The weighted average sales cost for coal in 2024 is projected to be 300 RMB/ton, down 2% year-on-year, while the complete cost is expected to be 380 RMB/ton, down 3% year-on-year [6][24]. Cost Structure - The cost structure for coal companies in 2024 is composed of labor costs (32%), other expenses (30%), raw materials (14%), depreciation (12%), safety costs (9%), and manufacturing costs (3%) [7][41]. - Labor costs, depreciation, and safety expenses have seen the most significant increases over the past decade, with labor costs rising by 28 RMB/ton [7][41]. Cost Curve Analysis - The cash cost curve for port thermal coal has shifted, with the 90th percentile cash cost now supporting prices around 550 RMB/ton [8][9]. - The complete cost curve for thermal coal has also increased, with the 90th percentile complete cost now between 370-423 RMB/ton [8][9]. Investment Recommendations - The report suggests that the systematic increase in costs has solidified the safety margin for coal prices, recommending several companies for investment based on their resilience and growth potential [9][11]. - Recommended companies include Yanzhou Coal Mining Company, Jinneng Holding, and China Shenhua Energy [9].

淮北矿业控股股份有限公司 二○二五年九月 淮北矿业控股股份有限公司 2025 年第一次临时股东大会会议资料 淮北矿业控股股份有限公司 2025 年第一次临时股东大会会议议程 一、会议召开时间： （一）现场会议：2025 年 9 月 23 日上午 9:00 （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。 2025 年第一次临时股东大会 会议资料 股票代码：600985 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 9 月 16 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 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a significant decline in net profit for the first half of 2025, achieving a net profit of 1.032 billion yuan, down 64.85% year-on-year. In Q2 2025, the net profit was 340 million yuan, a decrease of 74.72% year-on-year and 50.82% quarter-on-quarter. The decline in coal prices and increased R&D expenses impacted performance, but improvements in chemical profitability and cost reductions in coal mining mitigated the effects of price drops. Looking ahead, multiple drivers suggest potential for medium to long-term growth [2][6]. Summary by Sections Financial Performance - In H1 2025, the company produced 8.91 million tons of coal, a decrease of 1.415 million tons (-13.7%) year-on-year, with sales of 6.476 million tons, down 1.557 million tons (-19%). In Q2 2025, coal production and sales were 4.6 million tons and 3.5 million tons, respectively, both down year-on-year but up quarter-on-quarter [12]. - The average selling price of coal in H1 2025 was 835 yuan per ton, down 309 yuan (-27%) year-on-year, while in Q2 2025, it was 747.6 yuan per ton, down 364 yuan (-33%) year-on-year and 190 yuan (-20%) quarter-on-quarter [12]. - The cost of coal per ton in H1 2025 was 469 yuan, down 96 yuan (-17%) year-on-year, and in Q2 2025, it was 426 yuan, down 111 yuan (-21%) year-on-year [12]. - Gross profit per ton of coal in H1 2025 was 366 yuan, down 213 yuan (-37%), and in Q2 2025, it was 322 yuan, down 253 yuan (-44%) year-on-year [12]. Chemical Business - The chemical business showed marginal improvement in profitability. In Q2 2025, the company sold 980,000 tons of coke, an increase of 14,000 tons (+17%) year-on-year, and 28,000 tons (+40%) quarter-on-quarter. The average selling price was 1,361 yuan per ton, down 576 yuan (-30%) year-on-year [12]. - Ethanol sales in Q2 2025 reached 130,000 tons, up 41% quarter-on-quarter, with an average selling price of 4,979 yuan per ton, up 4% quarter-on-quarter [12]. R&D and Future Outlook - R&D expenses significantly increased, amounting to 612 million yuan in Q2 2025, up 300 million yuan quarter-on-quarter. This increase is attributed to the initiation of R&D projects in Q1 2025 [12]. - The outlook for the company is optimistic, with expectations of a gradual recovery in coal prices since Q3 2025. Future growth is anticipated from the resumption of operations at the Xinhu Mine, the construction of the Tao Hutu project (8 million tons), and the commissioning of non-coal mines and power generation projects [12]. - Projected net profits for 2025-2027 are estimated at 2.2 billion, 2.4 billion, and 3.1 billion yuan, respectively, with corresponding price-to-earnings ratios of 15, 14, and 11 times based on the closing price on September 8, 2025 [12].

Group 1 - The company will participate in the "2025 Anhui Listed Companies Investor Online Collective Reception Day" to enhance interaction with investors [1] - The event will be held online on September 15, 2025, from 15:00 to 17:00 [1] - Company executives will communicate with investors regarding performance, governance, development strategy, operational status, financing plans, and sustainable development [1]

Group 1 - The company Huabei Mining announced its participation in the "2025 Anhui Listed Companies Investor Online Collective Reception Day" [2] - The event is scheduled to take place on September 15, 2025 [2]

2025 年 9 月 9 日 为进一步加强与投资者的互动交流，淮北矿业控股股份有限公司（以下简称 "公司"）将参加由安徽证监局指导，安徽上市公司协会与深圳市全景网络有限 公司联合举办的"2025 年安徽上市公司投资者网上集体接待日"活动，现将相 关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载"全景路演" APP,参与本次互动交流，活动时间为 2025 年 9 月 15 日（周一）15:00-17:00。 届时公司高管将在线就公司业绩、公司治理、发展战略、经营状况、融资计划和 可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊 跃参与！ 特此公告。 淮北矿业控股股份有限公司董事会 股票代码：600985 股票简称：淮北矿业 编号：临 2025—034 淮北矿业控股股份有限公司 关于参加 2025 年安徽辖区上市公司投资者 网上集体接待日活动的公告 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。 ...

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The coal sector has shown resilience, with a slight increase in prices and a positive outlook for the second half of the year, suggesting a potential balance between supply and demand [6][23] - The report highlights the importance of positioning in high-dividend coal companies and those undergoing turnaround in coking coal and coke sectors [6][23] Summary by Sections Market Performance - As of September 5, 2025, the CITIC coal industry index rose by 0.1%, outperforming the CSI 300 index, which fell by 0.81%, resulting in a 0.91 percentage point advantage [2] - The highest weekly stock price increase was seen in Yunmei Energy, with a rise of 4.03% [2] Supply and Demand Data - Average daily coal sales for monitored enterprises were 6.67 million tons, a week-on-week increase of 0.9% but a year-on-year decrease of 1.9% [2] - The average daily coal production was 6.64 million tons, showing a week-on-week decrease of 0.1% and a year-on-year decrease of 1.7% [2] - Total coal inventory (including port storage) was 25.85 million tons, down 0.7% week-on-week and down 9.1% year-on-year [2] Price Trends - The price index for thermal coal (Q5500K) was 676 CNY/ton, reflecting a week-on-week increase of 0.75% [3] - The average price for coking coal at Jing Tang Port was 1550 CNY/ton, down 4.9% week-on-week [4] - The report notes fluctuations in prices across various coal types, with some showing declines while others have remained stable [4][5] Investment Recommendations - The report suggests that coal prices are expected to rebound in September, with long-term contract prices for different grades of coal being 674, 613, and 551 CNY/ton respectively [6][23] - Recommended companies for investment include major thermal coal firms such as China Shenhua, Shaanxi Coal, and others, as well as coking coal companies like Huabei Mining and Shanxi Coking Coal [6][23]