证券日报网讯9月3日晚间，晋控煤业（601001）发布公告称，公司计划于2025年09月10日(星期三)16： 00-17：00举行2025年半年度业绩说明会。 ...

Core Viewpoint - The company, Jinneng Holding Shanxi Coal Industry Co., Ltd., is set to hold a half-year performance briefing on September 10, 2025, to discuss its operational results and financial status for the first half of 2025, allowing investors to engage in Q&A sessions [1][2]. Group 1: Meeting Details - The meeting will take place on September 10, 2025, from 16:00 to 17:00 [1][2]. - It will be held at the Shanghai Stock Exchange Roadshow Center and conducted in an interactive online format [1][2]. - Investors can submit questions from September 3 to September 9, 2025, before 16:00 [2][3]. Group 2: Participants - Key participants in the meeting will include the company's General Manager, Mr. Gu Jingxuan, Secretary of the Board, Ms. Li Juping, Chief Financial Officer, Mr. Yin Jimin, and Independent Director, Mr. Gao Guijun [2]. Group 3: Investor Participation - Investors can join the performance briefing online via the Shanghai Stock Exchange Roadshow Center [2][3]. - They can also pre-submit questions through the designated section on the website or via the company's email [2][3]. Group 4: Contact Information - For further inquiries, investors can contact the company's Board Office at phone number 0352-7010476 or via email at jkmypublic@yeah.net [3]. Group 5: Additional Information - After the briefing, investors will be able to view the meeting details and main content on the Shanghai Stock Exchange Roadshow Center [3][4].

证券代码：601001 证券简称：晋控煤业 公告编号：2025-019 晋能控股山西煤业股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 09 月 03 日 （星期三） 至 09 月 09 日 （星 期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目 或通过公司邮箱 jkmypublic@yeah.net 进行提问。公司将在说明会上 对投资者普遍关注的问题进行回答。 晋能控股山西煤业股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日发布公司 2025 年半年度报告，为便于广大投资者更全面 深入地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 09 月 10 日（星期三） 16:00-17:00 举行 2025 年半年度业绩说明 会，就投资者关心的问题进行交流。 一、 说明会 ...

Core Viewpoint - Jin Energy Holdings Co., Ltd. has experienced a decline in stock price and financial performance, with significant net outflows of capital and a decrease in revenue and net profit year-on-year [1][2]. Financial Performance - As of January to June 2025, Jin Energy reported operating revenue of 5.965 billion yuan, a year-on-year decrease of 19.16% [2]. - The net profit attributable to shareholders for the same period was 876 million yuan, down 39.01% year-on-year [2]. - Cumulative cash dividends since the A-share listing amount to 6.083 billion yuan, with 3.640 billion yuan distributed over the past three years [2]. Stock Market Activity - On September 3, Jin Energy's stock price fell by 2.01%, trading at 12.70 yuan per share with a total market capitalization of 21.256 billion yuan [1]. - The stock has decreased by 1.66% year-to-date, with a 4.08% drop over the last five trading days and a 12.41% decline over the last 20 days [1]. - The stock has seen an increase of 11.45% over the past 60 days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Jin Energy was 58,000, with an average of 28,856 circulating shares per person [2][3]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited and several mutual funds, with notable changes in shareholding among these entities [3].

Group 1: Market Performance - The coal mining sector increased by 0.03% compared to the previous trading day, with Electric Power Investment leading the gains [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Group 2: Individual Stock Performance - Electric Power Investment (002128) closed at 21.37, up 1.38% with a trading volume of 162,300 shares [1] - Yongtai Energy (600157) closed at 1.49, up 1.36% with a trading volume of 9.64 million shares [1] - China Shenhua (601088) closed at 38.16, up 0.69% with a trading volume of 425,700 shares [1] - Jinko Energy (601001) closed at 12.96, down 2.56% with a trading volume of 226,400 shares [2] Group 3: Capital Flow Analysis - The coal mining sector experienced a net outflow of 420 million yuan from main funds, while retail investors saw a net inflow of 314 million yuan [2] - The main funds showed a negative net flow in several stocks, including Yongtai Energy and Pingmei Shenhua [3] - Retail investors contributed positively to stocks like Gansu Energy and New Dazhou A, indicating varied investor sentiment across the sector [3]

Group 1 - The China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.38% as of September 2, 2025, with mixed performance among constituent stocks [1] - The top-performing stocks included Chongqing Rural Commercial Bank (601077) up by 3.45%, Shanghai Rural Commercial Bank (601825) up by 2.97%, and China Merchants Bank (600036) up by 2.22% [1] - The National Enterprise Dividend ETF (159515) was adjusted downwards, with the latest price at 1.14 yuan [1] Group 2 - The National Enterprise Dividend ETF reached a new high in size at 51.2135 million yuan and a new high in shares at 44.7866 million shares in the past month [1] - China Galaxy Securities predicts a volatile upward trend in the A-share market, emphasizing the appeal of dividend assets with high safety margins and low valuations in the current market environment [1] - Everbright Securities highlights the irreplaceable value of dividend assets as core assets in the A-share market, especially with many companies implementing profit distribution plans for the 2024 fiscal year [1] Group 3 - The China Securities State-Owned Enterprises Dividend Index includes 100 listed companies selected for high cash dividend yields, stable dividends, and certain scale and liquidity [2] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 16.84% of the total index weight, with China COSCO Shipping Holdings (601919) being the highest at 2.36% [2][4]

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [11]. Core Insights - The coal price has been stabilizing after a downward trend, with significant declines in performance metrics observed in the first half of 2025. The coal sector reported a revenue of CNY 548.55 billion, down 19.5% year-on-year, and a net profit of CNY 52.76 billion, down 31.6% year-on-year [2][51]. - The report suggests that the bottom of coal enterprise profits is becoming apparent, indicating potential opportunities for recovery in the sector, especially as the market enters a phase of policy effect verification [9]. Summary by Sections Operating Conditions - In the first half of 2025, the coal sector's revenue was CNY 548.55 billion, a decrease of 19.5% year-on-year, with a net profit of CNY 52.76 billion, down 31.6% year-on-year. In Q2 2025, revenue was CNY 269.17 billion, down 19.6% year-on-year and 3.7% quarter-on-quarter, with a net profit of CNY 24.12 billion, down 35.5% year-on-year and 15.8% quarter-on-quarter [2][51]. Thermal Coal - The thermal coal segment saw a revenue of CNY 434.9 billion in the first half of 2025, a decline of 17% year-on-year. The average price for Q2 2025 was CNY 632 per ton, down 26% year-on-year and 12% quarter-on-quarter [7][6]. - The segment's net profit was CNY 51 billion, down 28% year-on-year, with a profit margin of 30.5% [7]. Coking Coal - The coking coal segment reported a revenue of CNY 831 billion in the first half of 2025, down 29% year-on-year. The average price for Q2 2025 was CNY 1,315 per ton, down 37% year-on-year and 9% quarter-on-quarter [8][6]. - The segment's net profit was CNY 31 billion, down 65% year-on-year [8]. Investment Recommendations - The report highlights potential recovery opportunities in the coal sector, recommending companies such as Yancoal Energy, Jinneng Holding, and China Shenhua Energy for their strong fundamentals and growth potential [9].

Core Insights - The company reported a revenue of 5.965 billion yuan for the first half of 2025, a year-on-year decrease of 19.16%, and a net profit attributable to shareholders of 876 million yuan, down 39.01% [1] - In Q2 2025, the company achieved a revenue of 3.541 billion yuan, a decline of 4.83% year-on-year, with a net profit of 364 million yuan, down 44.55% [1] - The decline in sales was primarily due to falling coal prices, which affected customer fulfillment rates [1] Revenue and Profit Analysis - The company's raw coal production for H1 2025 was 17.22 million tons, an increase of 1.7% year-on-year, while the sales volume of commercial coal was 13.29 million tons, down 8.0% [1] - In Q2 2025, coal production increased to 9.36 million tons, up 10.4% year-on-year, and sales volume rose to 8.03 million tons, up 7.1% [1] - The average selling price of coal was 422 yuan per ton, a decrease of 14.8% year-on-year, with Q2 pricing at 419 yuan per ton, down 13.0% [1] Cost Management - The company's operating costs for H1 2025 were 3.72 billion yuan, a decrease of 8.42% year-on-year [1] - The sales expense ratio increased to 1.2%, up 0.54 percentage points year-on-year, likely due to lower customer fulfillment rates from falling coal prices [1] - The management expense ratio was 2.98%, down 0.26 percentage points year-on-year, indicating efforts to control costs [1] Future Outlook - The company is expected to continue asset injections, with a focus on meeting conditions for coal mine asset integration into the listed company [2] - The acquisition of the Panjiayao mine, with a production capacity of 10 million tons per year, is anticipated to contribute significantly to profit growth [2] - Projected net profits for 2025-2027 are 1.6 billion, 2.05 billion, and 2.14 billion yuan, with corresponding EPS of 0.96, 1.23, and 1.28 yuan [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company has shown a significant recovery in production and sales in Q2, with a focus on asset injection and high dividend potential [3][4] - The company reported a revenue of 5.97 billion yuan in H1 2025, a year-on-year decrease of 19.2%, and a net profit attributable to shareholders of 880 million yuan, down 39% year-on-year [3][4] - The company is expected to benefit from the injection of quality assets from its parent group, Jineng Holdings, and has achieved notable cost reduction and efficiency improvements [3][4] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 3.54 billion yuan, a quarter-on-quarter increase of 46.1%, and a net profit of 364 million yuan, a quarter-on-quarter decrease of 29% [3][4] - The coal production in H1 2025 was 17.22 million tons, a year-on-year increase of 1.7%, while coal sales were 13.30 million tons, down 8% year-on-year [3][4] - The average selling price of coal in H1 2025 was 421.7 yuan per ton, a year-on-year decrease of 14.8% [3][4] Asset Injection and Dividend Potential - The company is actively pursuing the injection of assets related to the Panjiayao mine, aiming to optimize resource allocation and enhance future development [4] - The dividend payout ratio has increased to 45%, with a cash dividend of 7.55 yuan per 10 shares, totaling 1.264 billion yuan [4] - The current dividend yield is 5.7%, reinforcing the company's status as a "cash cow" with low debt and high cash reserves [4] Future Earnings Forecast - The forecasted net profit attributable to shareholders for 2025-2027 is 1.92 billion, 2.55 billion, and 2.94 billion yuan, respectively, with year-on-year changes of -31.5%, +32.5%, and +15.4% [3][6] - The expected earnings per share (EPS) for 2025-2027 are 1.15, 1.52, and 1.76 yuan, with corresponding price-to-earnings (P/E) ratios of 11.6, 8.8, and 7.6 times [3][6]

Core Viewpoint - The report from Xinda Securities indicates that Jinkong Coal achieved a net profit attributable to shareholders of 876 million yuan in the first half of the year, representing a year-on-year decline of 39.01% [1] Financial Performance - In Q2, the net profit attributable to shareholders was 364 million yuan, down 44.55% year-on-year [1] - The coal sales volume slightly decreased due to the impact of market coal prices being lower than long-term contract prices [1] - The average selling price of commercial coal was 422 yuan per ton, a decrease of 14.8% compared to 495 yuan per ton in the same period last year [1] - The sales cost per ton of coal was approximately 261 yuan, reflecting a 2.9% year-on-year decrease due to effective cost control [1] - The gross profit per ton of coal was 161 yuan, down 29% year-on-year [1] Cost Management - The company has strengthened expense management, with management expenses decreasing by 25.70% year-on-year and financial expenses reduced by 160.73% [1] Future Outlook - The company has ample cash reserves, providing a solid foundation for future growth and shareholder returns [1] - As a listed platform for coal assets under Jinneng Holding Group, Jinkong Coal possesses high-quality coal assets, and the steady progress of asset injections indicates broad future growth potential [1]