Summary of Jin控煤业 Conference Call Company Overview - **Company**: Jin控煤业 - **Industry**: Coal Mining Key Points Sales and Production - In March 2025, sales volume decreased by approximately 1.6 million tons year-on-year, but rebounded to over 3 million tons in April due to adjustments in payment methods and pricing strategies [2][7] - The company maintained stable production levels at its two main mines, Taishan and Selian, with no significant changes reported [7][26] Inventory and Pricing - Taishan port inventory significantly reduced from over 1 million tons in April to about 600,000 tons [2][8] - The controlling shareholder, Jin能集团, has approximately 4 million tons in port inventory [2] - Long-term contract prices for Selian mine coal were adjusted from 460 RMB to 296 RMB, while auction prices for 3,500 kcal and 4,000 kcal coal were set at 146 RMB and 185 RMB respectively [4][9] Market Demand and Pricing Trends - High-calorie coal (5,500 kcal) demand is strong, primarily from the construction materials sector, while power plant demand remains robust [2][11] - The price of thermal coal has dropped significantly from 770 RMB to 600-610 RMB, with future trends dependent on economic conditions and market demand [12] - If coal prices continue to decline, the company may consider production cuts [11] Cost Management - The company expects to maintain stable costs in 2025, with no significant reductions anticipated due to advanced facilities and high production levels [13] - The estimated cost for the Liu Bo project is around 1,000 RMB per ton, with plans to transition from exploration rights to mining rights expected to complete by the end of the year [24] Future Plans and Asset Acquisition - The company is formulating its 14th Five-Year Plan, focusing on asset injections, including the acquisition of exploration rights for the Panjiao mine [14][15] - The audit and evaluation for the acquisition of exploration rights are nearing completion, pending state-owned asset review [15] Dividend Policy - The dividend payout ratio has increased from 13% to 45% by 2025, despite unfavorable market conditions, indicating a commitment to high shareholder returns [16] Challenges and Outlook - The profitability of the Selian mine is weaker compared to Taishan, with profitability deteriorating since March but showing slight improvement in May [5][26] - The overall market demand remains subdued, and the company is adjusting its sales strategies based on market conditions [5][10] Contractual Agreements - Long-term contracts are typically signed annually, with prices adjusted subsequently based on market conditions [19][21] - The company relies on long-term cooperation and communication to maintain contract fulfillment rates, especially in a market where prices are fluctuating [21][18] Regional Production Insights - Inner Mongolia experienced the largest production decline in April, while Selian mine's production remained stable despite market challenges [27] Additional Insights - The company is closely monitoring market conditions to adjust pricing strategies accordingly, particularly as summer approaches and electricity demand typically increases [6][25]

Core Viewpoint - The annual shareholder meeting of Jinneng Holding Shanxi Coal Industry Co., Ltd. outlines the company's operational achievements in 2024, financial performance, and strategic plans for 2025, emphasizing safety, efficiency, and compliance with national energy policies [1][2][3]. Meeting Agenda - The meeting will be held on June 10, 2025, at 9:30 AM, with both on-site and online voting options available [4]. - The agenda includes the announcement of the meeting's commencement, qualification review of attendees, proposal discussions, and voting procedures [4]. 2024 Work Summary - Coal business revenue reached 14.7 billion yuan, with a production volume of 34.67 million tons and a net profit of 3.91 billion yuan [5][6]. - The company focused on improving production efficiency through advanced planning and risk management [5][6]. - Safety measures were enhanced, including strict adherence to safety protocols and regular inspections [7]. Financial Performance - Total assets decreased by 0.32% to approximately 37.55 billion yuan, while net receivables dropped by 72.07% [26]. - The company reported a net profit attributable to shareholders of 2.81 billion yuan, a decrease from the previous year [27]. - The asset-liability ratio improved to 28.89%, down by 6.42 percentage points from the previous year [26]. 2025 Work Plan - The company aims for a coal production target of 34.5 million tons and a sales target of 30 million tons, with projected revenue of 12 billion yuan [13]. - Plans include optimizing production systems, enhancing safety measures, and improving sales efficiency [13][14][15]. - The company will focus on capital operations and governance improvements to support sustainable growth [16]. Challenges and Opportunities - The coal industry faces pressures for green transformation and intelligent development, necessitating advancements in clean coal technology [10][11]. - The energy structure is shifting, with renewable energy consumption expected to exceed 1.1 billion tons, impacting traditional coal demand [11][12]. Governance and Compliance - The supervisory board conducted four meetings in 2024, ensuring compliance with legal and regulatory requirements [19][21]. - The company maintains a robust internal control system, with no significant violations reported during the year [23][25]. Profit Distribution - The proposed profit distribution plan includes a cash dividend of 7.55 yuan per 10 shares, totaling approximately 1.26 billion yuan, which represents 45% of the net profit [27]. Audit and Financial Oversight - The company has engaged Lixin Certified Public Accountants for the 2025 financial audit, ensuring transparency and compliance with financial regulations [28].

晋能控股山西煤业股份有限公司二〇二四年年度股东会会议资料 晋能控股山西煤业股份有限公司 二○二四年年度股东会会议资料 二○二五年六月 晋能控股山西煤业股份有限公司二〇二四年年度股东会会议资料 | | | | 一、会议须知 | | 1 | | --- | --- | --- | | 二、会议议程 | | 3 | | 三、会议议案 | | | | 1、2024 | 年度董事会工作报告 5 | | | 2、2024 | 年度监事会工作报告 16 | | | 3、公司 2024 | 年度财务决算报告 | 21 | | 4、公司 2024 | 年度利润分配方案 | 24 | | 5、关于公司续聘 | 2025 年度会计师事务所的议案 | 25 | | 6、公司独立董事 | 2024 年度述职报告 | 30 | | 7、关于公司 | 2024 年年度报告及摘要的议案 | 31 | | | 8、关于控股子公司塔山煤矿白洞井运营维护承包的议案 | 32 | 晋能控股山西煤业股份有限公司二〇二四年年度股东会会议资料 会 议 须 知 为维护广大投资者的合法权益，确保股东会的正常秩序和议事效率， 根据《公司法》《上市公司股东会规则 ...

Core Insights - The China Securities State-Owned Enterprises Dividend Index (000824) has shown a slight increase of 0.28% as of May 23, 2025, with notable gains in constituent stocks such as Jinkong Coal Industry (601001) up by 2.55% and Shanxi Coal International (600546) up by 1.73% [1] - The current coal supply and demand situation is relatively loose, primarily due to weak demand expectations from the power, real estate, and infrastructure sectors [1] - The long-term contract prices for coal are expected to be less affected, with companies like Shenhua, Shaanxi Coal, and China Coal showing stable performance due to their high proportion of long-term contracts [1] Industry Analysis - The China Securities State-Owned Enterprises Dividend Index reflects the overall performance of 100 listed companies with high cash dividend yields and stable dividends, selected from state-owned enterprises [2] - As of April 30, 2025, the top ten weighted stocks in the index account for 15.18% of the total index, with significant contributors including COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [2] - The coal industry may see investment opportunities if coal prices rebound, particularly for undervalued stocks with high elasticity [1]

证券代码：601001 证券简称：晋控煤业 公告编号：临2025－015 晋能控股山西煤业股份有限公司 关于参加山西辖区上市公司2025年投资者 网上集体接待日暨年报业绩说明会的公告 ●活动形式：网络互动 晋能控股山西煤业股份有限公司（以下简称"本公司"）2024 年 年度报告已于 2025 年 4 月 26 日披露于上海证券交易所网站 (www.sse.com.cn)和《中国证券报》《上海证券报》《证券日报》。为 便于广大投资者更全面深入地了解本公司 2024 年度经营业绩情况， 公司将参加由山西证监局、山西省上市公司协会与深圳市全景网络有 限公司联合举办的"山西辖区上市公司 2025 年投资者网上集体接待 日暨年报业绩说明会"。 一、业绩说明会类型 本次业绩说明会以网络远程方式召开，公司将针对 2024 年度业 绩及经营情况与投资者进行交流，在信息披露允许的范围内就投资者 普遍关注的问题进行解答。 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： ●活动时间：2025 年 5 月 20 日 15:00-17 ...

Core Viewpoint - The company is experiencing a decline in revenue and profit due to falling coal prices and sales volume, while asset injections are contributing to growth and increasing dividend rates [1][2][4]. Group 1: Financial Performance - In 2024, the company achieved total revenue of 15 billion yuan, a year-on-year decrease of 2.01%, and a net profit attributable to shareholders of 2.8 billion yuan, down 14.93% year-on-year [2]. - For Q1 2025, the company reported revenue of 2.4 billion yuan, a significant year-on-year decline of 33.73%, with a net profit of 510 million yuan, down 34.35% year-on-year [2]. - The average coal price in 2024 was 491 yuan per ton, a decrease of 5 yuan per ton year-on-year, while the cost per ton was 246 yuan, an increase of 2 yuan per ton year-on-year [3]. Group 2: Production and Sales - In 2024, the company produced 34.67 million tons of coal, a slight decrease of 0.06% year-on-year, with sales of 29.97 million tons, down 0.43% year-on-year [3]. - For Q1 2025, coal production was 7.86 million tons, a year-on-year decrease of 6.94%, and sales were 5.26 million tons, down 24.33% year-on-year [3]. Group 3: Asset Injection and Dividends - The company announced the acquisition of mining rights and related assets with a resource amount of 1.826 billion tons and an estimated recoverable reserve of 947 million tons, with a designed annual production capacity of 10 million tons [4]. - The dividend payout ratio increased to 45% in 2024, marking three consecutive years of increases, supported by sufficient cash reserves of 14.6 billion yuan as of Q1 2025 [4].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024 and Q1 2025, indicating significant pressure on its coal business due to falling prices and reduced production and sales volumes [1][2][4]. Financial Performance - In 2024, the company achieved operating revenue of 15.033 billion yuan, a decrease of 2.01% year-on-year; net profit attributable to shareholders was 2.808 billion yuan, down 14.93% year-on-year; and cash flow from operating activities was 2.994 billion yuan, a decrease of 51.46% year-on-year [1]. - For Q4 2024, the company reported operating revenue of 3.799 billion yuan, a year-on-year decrease of 7.04%, and a net profit of 657 million yuan, down 42.18% year-on-year [1]. - In Q1 2025, operating revenue was 2.424 billion yuan, a decrease of 33.73% year-on-year, and net profit was 512 million yuan, down 34.35% year-on-year [1]. Coal Business Performance - In 2024, the company produced 34.6664 million tons of raw coal, a slight decrease of 0.06% year-on-year, and sold 29.9665 million tons of commercial coal, down 0.43% year-on-year [2]. - In Q1 2025, raw coal production was 7.8626 million tons, a decrease of 6.94% year-on-year, and commercial coal sales were 5.2617 million tons, down 24.33% year-on-year [2]. Specific Mine Performance - The Tashan mine had a stable raw coal output of 26.4969 million tons in 2024, but commercial coal sales decreased by 2.02% year-on-year [2]. - The Selian mine saw a 22.53% increase in raw coal production in Q1 2025, reaching 2.0604 million tons, while commercial coal sales increased by 13.20% [3]. Dividend and Shareholder Returns - The company announced a cash dividend of 0.755 yuan per share for 2024, with a total cash dividend amounting to 1.264 billion yuan, resulting in a dividend payout ratio of 45% and an estimated dividend yield of 6.58% based on the closing price of 11.47 yuan on April 25, 2025 [3]. Profit Forecast and Valuation - The company adjusted its profit forecasts for 2025-2027, expecting revenues of 13.595 billion yuan, 13.804 billion yuan, and 14.152 billion yuan respectively, with net profits of 1.975 billion yuan, 2.166 billion yuan, and 2.519 billion yuan [4]. - The estimated earnings per share for 2025-2027 are projected to be 1.18 yuan, 1.29 yuan, and 1.50 yuan, with corresponding price-to-earnings ratios of 9.7X, 8.9X, and 7.6X [4].

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 performance, showing a decline in revenue and net profit primarily due to falling coal prices, but maintains a "buy" rating due to strong cost control and stable coal prices [1][5]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 15.033 billion yuan, a year-on-year decrease of 2.01%, and a net profit attributable to shareholders of 2.808 billion yuan, down 14.93%, which aligns with expectations [1]. - For Q1 2025, the company reported operating revenue of 2.424 billion yuan, a year-on-year decline of 33.73%, and a net profit of 512 million yuan, down 34.35%, primarily impacted by a 19.8% drop in the average quarterly price of Qinhuangdao 5500 thermal coal to 728 yuan/ton [1]. Group 2: Coal Business Performance - The coal business generated revenue of 14.7 billion yuan in 2024, a decrease of 1.46%, with coal production at 34.6664 million tons, down 0.06%, and sales volume of 29.9665 million tons, down 0.43% [2]. - The average selling price of commercial coal was 491 yuan/ton in 2024, a decrease of 1.48%, while the average price of Qinhuangdao 5500 thermal coal fell by 11.28% [2]. Group 3: Strategic Focus and Growth Potential - The company, as a listed coal platform of Jinneng Holding Group, is set to acquire high-quality coal mine assets from the group, starting with the acquisition of the Panjiayao coal mine, which has a planned annual capacity of 10 million tons, representing 29% of its current approved capacity [3]. - The company's coal production in 2024 accounted for only 8.6% of the group's total production (402 million tons), indicating significant potential for future asset injections and growth [3]. Group 4: Efficiency and Profitability Improvements - The company has initiated a "quality improvement and efficiency enhancement" program, resulting in a 0.5% year-on-year decrease in operating costs and a 0.9 percentage point reduction in management expenses as a percentage of revenue in 2024 [4]. - The company's debt-to-asset ratio improved to 28.89% in 2024, down 6.42 percentage points year-on-year, and the dividend payout ratio reached 45%, an increase of 4.54 percentage points [4]. Group 5: Profit Forecast and Valuation - Due to the anticipated decline in coal prices, the company has revised its net profit forecasts for 2025 and 2026 to 2.99 billion yuan and 3.45 billion yuan, respectively, representing decreases of 19% and 8% from previous estimates [5]. - The company is expected to benefit from ongoing asset injections and capacity expansion, with a target price adjustment to 18.22 yuan based on a 10.2 times PE valuation for 2025, maintaining a "buy" rating [5].

Core Viewpoint - The company reported a decline in net profit for both the fiscal year 2024 and Q1 2025, indicating challenges in the coal market and operational performance [1][2]. Financial Performance - For the fiscal year 2024, the company achieved a net profit of 2.808 billion yuan, a decrease of 15% year-on-year [1]. - In Q1 2025, the net profit was 512 million yuan, down 34% year-on-year and 22% quarter-on-quarter [1]. - The company’s total expenses for 2024 were 1.12 billion yuan, a reduction of 150 million yuan year-on-year, with a decrease in expense ratio by 0.8 percentage points [3]. Production and Sales - In 2024, coal production was stable at 34.67 million tons, a slight decrease of 0.1% year-on-year, while coal sales were 29.97 million tons, down 0.4% [2]. - In Q1 2025, coal production fell to 7.86 million tons, a decrease of 6.9% year-on-year, and coal sales dropped significantly by 24.3% to 5.26 million tons [2]. - The average selling price of coal in 2024 was 491 yuan per ton, down 5 yuan year-on-year, while in Q1 2025, it further declined to 451 yuan per ton, a drop of 64 yuan year-on-year [2]. Financial Health - The company has a strong balance sheet with interest-bearing liabilities of only 1.38 billion yuan and cash reserves of 14.63 billion yuan as of the end of Q1 2025 [3]. - The company announced plans to acquire mining rights and related assets, which could increase production capacity by 29% [3]. Dividend Policy - The company increased its cash dividend payout ratio by 5 percentage points to 45%, with a proposed distribution of 7.55 yuan per 10 shares, totaling 1.264 billion yuan [3]. Investment Outlook - The company is expected to achieve net profits of 1.8 billion yuan, 2.1 billion yuan, and 2.4 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 10.4X, 9.1X, and 7.9X [4].

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Views - The company has a strong cash position with a significant reduction in expenses year-on-year [2][6]. - The coal production and sales have shown stability, with a minor decrease in coal prices [6][9]. - The company is expected to face a decline in revenue and net profit in the upcoming years, but the overall asset quality is improving [9][10]. Financial Performance Summary - For 2024, the company reported revenue of 15.033 billion yuan, a decrease of 2.01% year-on-year, and a net profit of 2.808 billion yuan, down 14.93% year-on-year [5][9]. - In Q1 2025, the company achieved revenue of 2.424 billion yuan, a decline of 33.73% year-on-year, with a net profit of 512 million yuan, down 34.35% year-on-year [5][9]. - The company’s cash reserves stood at 16.61 billion yuan at the end of 2024, an increase of 1.401 billion yuan from the previous year [6][9]. Production and Sales Summary - In 2024, the company produced 34.6664 million tons of raw coal, a slight decrease of 0.06% year-on-year, with a total sales volume of 29.9665 million tons, down 0.43% year-on-year [6][9]. - In Q1 2025, the company produced 7.8626 million tons of raw coal, a decrease of 6.94% year-on-year, while the sales volume was 5.2617 million tons, down 24.33% year-on-year [6][9]. Profitability and Valuation Metrics - The company’s gross profit margin for 2024 was 49.79%, a decrease of 2.02 percentage points year-on-year [6][10]. - The projected earnings per share (EPS) for 2025 is 1.30 yuan, with a price-to-earnings (P/E) ratio of 8.85 [9][10]. - The return on equity (ROE) is expected to decline to 11% in 2025 from 15% in 2024 [10].