据证券之星公开数据整理，近期淮北矿业（600985）发布2025年中报。根据财报显示，淮北矿业净利润 同比下降64.85%。截至本报告期末，公司营业总收入206.82亿元，同比下降44.58%，归母净利润10.32 亿元，同比下降64.85%。按单季度数据看，第二季度营业总收入100.83亿元，同比下降49.47%，第二季 度归母净利润3.4亿元，同比下降74.72%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率18.98%，同比增5.52%，净利率4.19%， 同比减43.75%，销售费用、管理费用、财务费用总计17.99亿元，三费占营收比8.7%，同比增46.39%， 每股净资产15.37元，同比增2.17%，每股经营性现金流0.79元，同比减60.63%，每股收益0.38元，同比 减66.37% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 373.16亿 | 206.82亿 | -44.58% | | 归母净利润(元) | 29.35 Z | 10.32 Z | -64.85% | | 扣非 ...

Summary of Huabei Mining Conference Call Company Overview - **Company**: Huabei Mining - **Period**: First half of 2025 - **Revenue**: 20.6 billion CNY, a decrease of 16.6 billion CNY year-on-year - **Net Profit**: 1.032 billion CNY, a decrease of 1.9 billion CNY year-on-year - **Impact Factors**: Dual pressure from coal and coke markets, but internal cost-cutting measures showed some effectiveness [2][5][6] Key Points by Segment Coal Segment - **Revenue**: 5.4 billion CNY, down 3.8 billion CNY year-on-year - **Average Selling Price**: - Commodity coal: 835 CNY/ton, down 309 CNY/ton - Coking coal: 1,820 CNY/ton, down 553 CNY/ton - **Net Profit Impact**: Approximately 2 billion CNY due to revenue decline [2][6][7] Coal Chemical Segment - **Revenue**: 4.3 billion CNY, down 500 million CNY year-on-year - **Coke Price Decline**: Led to a revenue decrease of nearly 1.1 billion CNY - **Ethanol Sales**: Increased revenue by approximately 700 million CNY despite price drop - **Loss**: 267 million CNY, but improved by 289 million CNY year-on-year; potential for breakeven if prices stabilize [2][7][26] Power Segment - **Electricity Generation**: 1.928 billion kWh, down 600 million kWh year-on-year - **Revenue**: 957 million CNY, with a profit of 73 million CNY - **Price Stability**: Average on-grid electricity price remained stable, only a slight decrease [2][8] Non-Coal Mining Business - **Revenue**: 695 million CNY, up 30 million CNY year-on-year - **Profit**: 150 million CNY, up 26 million CNY year-on-year - **Growth Driver**: Sand and gravel aggregate business [2][9] Production and Operational Insights - **Total Production Target**: 19.2 million tons for the year, but expected to decline due to the closure of the Zhuzhuang coal mine [3][12] - **Production Challenges**: - Geological conditions and mine closures led to a decrease of 1.41 million tons in production - Specific impacts from geological issues and strict environmental regulations [10][12][17] Pricing Mechanism Changes - **Coking Coal Pricing**: Quarterly pricing mechanism with adjustments based on market fluctuations; recent prices were 1,330 CNY/ton for Q3 [11][19] Cost Management - **Cost Control**: - Comprehensive sales cost: 469 CNY/ton, down 96 CNY year-on-year - Major reductions in various operational costs, including salaries and safety expenses [22][23] Future Outlook - **Production Recovery**: - Happiness coal mine expected to resume production by the end of 2024 or earlier - Taowutu coal mine construction is ongoing, with potential production in the first half of 2026 [14][15][16] - **Market Conditions**: Anticipated stricter regulations on overproduction may support price increases [17][18] Additional Insights - **Coal and Coke Sales**: - Coking coal accounted for 50% of total sales, with a significant portion under long-term contracts [19] - **By-products**: - Middle coal and coal slurry produced during washing processes are largely utilized internally [20][21] This summary encapsulates the key insights from the conference call, highlighting the challenges and strategies of Huabei Mining in the current market environment.

Core Viewpoint - Huabei Mining's net profit attributable to shareholders for the first half of 2025 is projected to be 1.032 billion yuan, a year-on-year decrease of 64.85% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders is expected to be 340 million yuan, down 74.72% year-on-year [1] - For H1 2025, the company’s coal production and sales are 8.91 million tons and 6.48 million tons, respectively, representing a year-on-year decline of 13.7% and 19.4% [1] - In Q2 2025, coal production and sales are 4.6 million tons and 3.5 million tons, showing a year-on-year decrease of 9.6% and 12.5%, but a quarter-on-quarter increase of 6.8% and 17.9% [1] Asset and Project Development - The Zhuzhuang coal mine has completed filling and has passed inspection by the Anhui Provincial Energy Bureau, with total assets of 350 million yuan as of June 30, 2025, primarily consisting of internal debts of 282 million yuan and land valued at 51 million yuan [1] - The closure of the mine is not expected to significantly impact the company's performance [1] - The company is accelerating the construction of the Tao Hutu mine to ensure the completion of the main shaft and equipment installation by the end of 2025 [1] - The company is also advancing the construction of a 2×660MW ultra-supercritical coal-fired power generation project, aiming for "dual machine dual investment" by the end of the year [1] Non-Coal Business - The company continues to advance its non-coal business initiatives [1] - The investment rating is maintained at "Buy" [1]

淮北矿业（600985.SH）2025 年半年报点评 业绩符合预期，煤炭产销环比恢复 2025 年 08 月 27 日 | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 65,875 | 61,655 | 65,345 | 68,713 | | 增长率（%） | -10.5 | -6.4 | 6.0 | 5.2 | | 归属母公司股东净利润（百万元） | 4,855 | 1,715 | 2,312 | 3,184 | | 增长率（%） | -22.0 | -64.7 | 34.8 | 37.7 | | 每股收益（元） | 1.80 | 0.64 | 0.86 | 1.18 | | PE | 7 | 21 | 15 | 11 | | PB | 0.8 | 0.8 | 0.8 | 0.8 | 资料来源：Wind，民生证券研究院预测；（注：股价为 2025 年 8 月 26 日收盘价） 推荐 维持评级 | | | [Table_Author] ➢ 事件：2025 年 8 月 26 日，公司发 ...

Core Viewpoint - Huabei Mining's stock has experienced a decline, with a notable drop of 2.06% on August 27, reflecting broader challenges in the coal mining sector and a significant decrease in revenue and profit for the first half of 2025 [1][2]. Company Overview - Huabei Mining Co., Ltd. is located in Huabei City, Anhui Province, and was established on March 18, 1999, with its stock listed on April 28, 2004. The company primarily engages in the sale of civil explosive products and blasting engineering services, as well as coal mining, washing, processing, and sales, and the production and sales of coal chemical products [1]. Business Segments - The revenue composition of Huabei Mining includes: - Commodity trading: 39.15% - Coal products: 26.23% - Coal chemical products: 20.81% - Engineering and labor services: 3.55% - Coal blending: 2.55% - Electricity sales: 1.99% - Others: 1.96% - Blasting engineering services: 1.23% - Mining business: 1.21% - Civil explosive product sales: 0.81% - Transportation services: 0.51% [1]. Financial Performance - For the first half of 2025, Huabei Mining reported a revenue of 20.682 billion yuan, a year-on-year decrease of 44.58%, and a net profit attributable to shareholders of 1.032 billion yuan, down 64.85% compared to the previous year [2]. Shareholder Information - As of August 20, 2025, Huabei Mining had 42,000 shareholders, a decrease of 5.44% from the previous period, with an average of 64,052 circulating shares per shareholder, an increase of 5.76% [2]. - The company has distributed a total of 13.156 billion yuan in dividends since its A-share listing, with 7.318 billion yuan distributed in the last three years [3]. Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders of Huabei Mining include: - Hong Kong Central Clearing Limited, holding 28.4545 million shares, a decrease of 3.9644 million shares from the previous period. - Hong Kong Red Chip Low Volatility ETF, holding 27.5317 million shares, an increase of 0.4529 million shares. - Huatai-PineBridge SSE Dividend ETF, holding 24.6097 million shares, a decrease of 0.5024 million shares [3].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a total revenue of 20.682 billion yuan for the first half of 2025, a year-on-year decrease of 44.58%, and a net profit attributable to shareholders of 1.032 billion yuan, down 64.85% year-on-year [1] - The coal production and sales have recovered, and the company continues to implement cost reduction and efficiency enhancement measures [2] - The company is advancing its non-coal business steadily, including projects in the chemical and renewable energy sectors [4] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 10.083 billion yuan, a decrease of 49.47% year-on-year, with a net profit of 340 million yuan, down 74.72% year-on-year [1] - The company’s coal production capacity includes 16 coal mines with a total capacity of 34.25 million tons per year, and it has closed the Zhuozhuang coal mine due to resource depletion [3] - The company’s financial projections for 2025 to 2027 estimate net profits of 2.6 billion yuan, 3.5 billion yuan, and 4.2 billion yuan respectively, with corresponding P/E ratios of 13.6X, 10.1X, and 8.5X [4][5] Business Development - The company is expanding its chemical production, with projects yielding qualified products, and is also increasing its renewable energy output, generating 104 million kWh from solar power and 102 million kWh from gas [4] - The company is actively pursuing new mining rights and has commenced construction on the Lei Ming Kehua project in Henan [4] Market Position - The company’s coal sales volume for the first half of 2025 was 8.91 million tons, a decrease of 13.7% year-on-year, while the average selling price of coal fell by 27% year-on-year to 835 yuan per ton [10] - The report highlights the company's strategic focus on enhancing its coal and chemical business while diversifying into non-coal sectors [3][4]

据业务指引》等法律法规的规定，公司拟向中国银行间市场交易商协会申请注册 发行不超过人民币 20 亿元（含 20 亿元）的中期票据，具体内容如下： 一、发行方案 为满足淮北矿业控股股份有限公司（以下简称"公司"）经营发展资金需求， 进一步调整和优化公司债务结构，降低财务费用，保证公司可持续发展，根据《公 司法》 《银行间债券市场非金融企业债务融资工具管理办法》 《非金融企业中期票 股票代码：600985 股票简称：淮北矿业 编号：临 2025—028 淮北矿业控股股份有限公司 关于申请注册发行中期票据的公告 本公司监事会及全体监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。 不超过人民币 20 亿元（含 20 亿元），具体注册和发行规模将以公司在中国 银行间市场交易商协会注册的金额为准。 为保证本次中期票据注册发行效率，依照相关法律、法规和规范性文件及《公 司章程》的有关规定，提请股东大会授权董事会及董事会授权人士全权办理与本 次中期票据有关注册发行的相关事宜，包括但不限于： 款，包括发行期限、发行时间、发行额度、发行利率、承销方式、筹集资金安排 ...

股票代码：600985 股票简称：淮北矿业 编号：临 2025—026 淮北矿业控股股份有限公司 第十届董事会第六次会议决议公告 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。 淮北矿业控股股份有限公司（以下简称"公司"）于 2025 年 8 月 16 日以电 子邮件方式发出召开第十届董事会第六次会议的通知，会议于 2025 年 8 月 26 日以现场结合通讯方式召开，应参会董事 9 人，实参会董事 9 人。会议的召开符 合《公司法》和《公司章程》的有关规定。会议审议通过了以下事项： 一、公司 2025 年半年度报告及摘要 本报告已经公司第十届董事会审计委员会 2025 年第六次会议审议通过，并 同意提交董事会审议。 《公司 2025 年半年度报告》及摘要同日刊登于上海证券交易所网站。 二、关于财务公司 2025 年半年度为关联方提供金融服务的持续风险评估报 告 本议案已经公司第十届董事会独立董事专门会议 2025 年第二次会议审议通 过，并同意提交公司董事会审议。 根据《上海证券交易所上市公司自律监管指引第 5 号—交易与关 ...

淮北矿业控股股份有限公司（下称"公司"）于 2025 年 8 月 16 日以电子邮 件方式发出了召开第十届监事会第六次会议的通知，会议于 2025 年 8 月 26 日以 现场方式召开，应参会监事 5 人，实参会监事 5 人，会议的召开符合《公司法》 和《公司章程》的有关规定。经与会监事认真讨论，审议并通过了以下事项： 一、公司 2025 年半年度报告及摘要 公司监事会根据《证券法》及其他法律法规的相关要求，对董事会编制的 《公司章程》和 公司内部管理制度的各项规定； 股票代码：600985 股票简称：淮北矿业 编号：临 2025—027 淮北矿业控股股份有限公司 第十届监事会第六次会议决议公告 本公司监事会及全体监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。 表决结果：同意：5 票；反对：0 票；弃权：0 票。 特此公告。 表决结果：同意：5 票；反对：0 票；弃权：0 票。 二、关于财务公司 2025 年半年度为关联方提供金融服务的持续风险评估报 告 淮北矿业控股股份有限公司监事会 规定，该报告真实地反映出公司 2025 年 1-6 月份的 ...

淮北矿业控股股份有限公司 董事、高级管理人员离职管理制度 第一章 总则 第一条 为规范淮北矿业控股股份有限公司（以下简称"公司"）董事及高 级管理人员离职程序，确保公司治理结构的稳定性和连续性，维护公司及股东的 合法权益，公司根据《中华人民共和国公司法》 证券交易所股票上市规则》等法律、法规及规范性文件及《公司章程》的有关规 定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司董事及高级管理人员因任期届满、辞职、被解除 职务或其他原因离职的情形。 第二章 离职情形 第三条 公司董事、高级管理人员离职包含任期届满未连任、主动辞职、被 解除职务以及其他导致董事、高级管理人员离职等情形。 第四条 董事可以在任期届满以前辞任。董事辞任应当向公司提交书面辞职 报告，公司收到辞职报告之日辞任生效，公司将在两个交易日内披露有关情况。 除法律法规、部门规章和《公司章程》另有规定外，出现下列规定情形的，在改 选出的董事就任前，原董事仍应当按照法律法规、上海证券交易所相关规定及《公 司章程》规定继续履行职责： （一）董事任期届满未及时改选，或者董事在任期内辞任导致董事会成员低 于法定最低人数； （二）审计委员会成员辞任导 ...