股票代码：600985 股票简称：淮北矿业 编号：临 2026-002 一、主要运营数据 注：商品煤销量不含公司自用，含自用产销率为 100%；甲醇销量不含公司自用，含自用产 销率为 96.51%。 二、风险分析 以上数据源自公司内部统计，未经审计，与公司定期报告披露的数据可能存 在差异，最终数据以定期报告披露的数据为准。敬请广大投资者注意投资风险。 淮北矿业控股股份有限公司 2025 年度主要运营数据公告 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。 经淮北矿业控股股份有限公司（以下简称"公司"）财务部门初步测算，公 司 2025 年度煤炭及煤化工业务主要运营数据如下表： | 指标项目 | 单位 | 2025 年度 | 2024 年度 | 变动比率（%） | | --- | --- | --- | --- | --- | | 一、煤炭业务 | | | | | | 商品煤产量 | 万吨 | 1,738.38 | 2,055.30 | -15.42 | | 商品煤销量 | 万吨 | 1,331.11 | 1,536.69 | ...

人民财讯1月23日电，淮北矿业（600985）1月23日公告，预计2025年实现净利润14.95亿元左右，同比 下降69.21%左右。公司2025年商品煤产量销量同比有所下降，叠加国内煤炭供需格局呈现宽松态势， 煤炭价格弱势运行，公司煤炭产品价格较同期下降明显，导致公司主营业务利润较同期大幅下降。 ...

淮北矿业1月23日公告，预计2025年度归母净利润14.95亿元左右，同比减少69.21%左右。该公司称， 2025年年度业绩大幅下降的主要原因为：公司2025年商品煤产量销量同比有所下降，叠加国内煤炭供需 格局呈现宽松态势，煤炭价格弱势运行，公司煤炭产品价格较同期下降明显，导致公司主营业务利润较 同期大幅下降。 ...

每经AI快讯，1月23日，淮北矿业(600985.SH)公告称，预计2025年年度实现归属于母公司所有者的净利 润为14.95亿元左右，与上年同期48.55亿元相比，同比减少69.21%左右；扣除非经常性损益后的净利润 为13.38亿元左右，同比减少71.18%左右。业绩下降主要因商品煤产销量同比下降，叠加煤炭价格弱势 运行，导致主营业务利润大幅下滑。 ...

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： 股票代码：600985 股票简称：淮北矿业 编号：临 2026—003 淮北矿业控股股份有限公司 2025 年年度业绩预告 二、上年同期经营业绩和财务状况 业绩预告的具体适用情形：本期业绩实现盈利，且净利润与上年同期相 比下降 50%以上。 业绩预告相关的主要财务数据情况：淮北矿业控股股份有限公司（以下 简称"公司"）预计 2025 年年度实现归属于母公司所有者的净利润为 14.95 亿 元左右，与上年同期 48.55 亿元相比，将减少 33.60 亿元左右，同比减少 69.21% 左右；预计 2025 年年度实现归属于母公司所有者的扣除非经常性损益后的净利 润为 13.38 亿元左右，与上年同期 46.43 亿元相比，将减少 33.05 亿元左右，同 比减少 71.18%左右。 一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 1.经财务部门初步测算，公司预计 2025 年年度实现归 ...

南财智讯1月23日电，淮北矿业发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为 14.95亿元左右，同比预减约69.21%；预计2025年全年归属于上市公司股东的扣除非经常性损益的净利 润为13.38亿元左右，同比预减约71.18%，公司2025年年度业绩大幅下降的主要原因为：公司2025年商 品煤产量销量同比有所下降，叠加国内煤炭供需格局呈现宽松态势，煤炭价格弱势运行，公司煤炭产品 价格较同期下降明显，导致公司主营业务利润较同期大幅下降。 ...

Group 1 - The core point of the article highlights that Huabei Mining's subsidiary, Tongling Leiming Shuangshi Chemical Co., Ltd., has received preliminary approval for an environmental impact assessment for a project aimed at increasing the annual production capacity of gel emulsified explosives from 11,000 tons to 13,000 tons, incorporating automation and eliminating the need for fixed operators [2] - The total investment for this project is reported to be 7 million yuan [2] - The approval information was disclosed by relevant regulatory authorities on January 4, 2026 [2]

Group 1 - The coal mining sector saw a slight increase of 0.33% on January 19, with Xinda Zhou A leading the gains [1] - The Shanghai Composite Index closed at 4114.0, up 0.29%, while the Shenzhen Component Index closed at 14294.05, up 0.09% [1] - Key stocks in the coal mining sector showed varied performance, with Xinda Zhou A closing at 6.48, up 7.11%, and Jiangte Equipment at 10.08, up 7.01% [1] Group 2 - Major coal companies like China Shenhua and Shaanxi Coal experienced slight declines, with China Shenhua closing at 40.70, down 0.73% [2] - The coal mining sector experienced a net inflow of 1.03 billion yuan from institutional investors, while retail investors saw a net inflow of 773.97 million yuan [2][3] - The top net inflows from institutional investors were led by Shaanxi Coal with 80.36 million yuan, while retail investors showed significant outflows in several stocks [3]

Group 1 - The core viewpoint of the report indicates that coal prices are returning to reasonable levels, with a slight decline in thermal coal prices, and an expectation for gradual recovery to around 750 RMB/ton [1][2] - As of January 17, the Qinhuangdao Q5500 thermal coal price is 695 RMB/ton, down 4 RMB/ton from the previous period, having previously reached the estimated target price range of 800-860 RMB/ton [1][2] - The report highlights that the recent price drop is attributed to a combination of supply tightening due to regulatory actions and increased demand driven by seasonal heating needs [2][3] Group 2 - The investment logic suggests that both thermal and coking coal prices have reached a turning point, with thermal coal prices expected to undergo a recovery process influenced by policy adjustments and market dynamics [3] - The report outlines a four-step process for thermal coal price recovery, including the restoration of long-term contracts and achieving a balance in profitability between coal and power companies [3] - Coking coal prices are more influenced by market supply and demand fundamentals, with target prices linked to the price ratio between coking and thermal coal [3] Group 3 - The investment recommendation emphasizes a dual logic of cyclical recovery and stable dividends, suggesting that coal stocks are positioned for upward price movement due to low historical price levels and improving supply-demand fundamentals [4] - The report identifies four main investment lines in coal stocks, focusing on cyclical logic, dividend potential, diversified aluminum exposure, and growth logic [4] - Specific coal companies are highlighted as beneficiaries of these trends, including Jin控煤业, 兖矿能源, 中国神华, and others [4]

Investment Rating - The investment rating for the coal industry is "Positive" (maintained) [1] Core Views - The report emphasizes that coal prices are returning to reasonable levels, reinforcing the logic of stable coal prices. The price of thermal coal has slightly decreased, with the Qinhuangdao Q5500 thermal coal closing at 695 CNY/ton as of January 17, down 4 CNY/ton from the previous period. The report anticipates a gradual recovery to a reasonable price of 750 CNY/ton, with narrow fluctuations expected [3][4] - The long-term investment logic remains unchanged, driven by a dual influence of tightening supply and increasing demand. Supply constraints are a continuation of the strict production checks initiated in July, while demand is rising due to the heating season and increased industrial production [3][4] Summary by Sections Investment Logic - Thermal coal prices are expected to rise through a four-step process: repairing central and local long-term contracts, reaching the coal-electricity profit-sharing line, and approaching the breakeven point for power plants, estimated at around 750 CNY/ton for 2025. The upper limit for coal prices is predicted to be between 800-860 CNY/ton [4][15] - Coking coal prices are more influenced by supply and demand fundamentals, with target prices based on the ratio of coking coal to thermal coal prices. The current ratio indicates target prices for coking coal at 1608 CNY, 1680 CNY, 1800 CNY, and 2064 CNY [4][15] Investment Recommendations - The report outlines a dual logic for coal stocks: cyclical elasticity and stable dividends. With both thermal and coking coal prices at historical lows, there is significant room for rebound. The report identifies four main lines for stock selection: 1. Cyclical logic: Jin控煤业, 兖矿能源 for thermal coal; 平煤股份, 淮北矿业, 潞安环能 for metallurgical coal 2. Dividend logic: 中国神华, 中煤能源, 陕西煤业 3. Diversified aluminum elasticity: 神火股份, 电投能源 4. Growth logic: 新集能源, 广汇能源 [5][16] Key Market Indicators - The coal index fell by 3.11% this week, underperforming the CSI 300 index by 2.54 percentage points. The average PE ratio for the coal sector is 15.12, and the PB ratio is 1.33, both ranking among the lowest in the A-share market [10][25][29]