证券代码：601001 证券简称：晋控煤业 公告编号：2025-016 晋能控股山西煤业股份有限公司 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： ? 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 6 月 10 日 (二)股东会召开的地点：公司五楼会议室 表决情况： | 股东类型 | | 同意 | | | 反对 | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 票数 | | | 比例（%） | 票数 | 比例 | 票数 | 比例 | | | | | | | （%） | （%） | | | A股 | 1,109,998,563 | 99.8903 | 1,043,100 | | 0.0938 175,100 | 0.0159 | | | 审议结果：通过 | | | | | | | | | 表决情况： | | | | | | | | | 股东类型 | | 同意 | | 反对 | | 弃权 | | ...

北京市金杜律师事务所 关于晋能控股山西煤业股份有限公司 法律意见书 致：晋能控股山西煤业股份有限公司 北京市金杜律师事务所（以下简称本所）接受晋能控股山西煤业股份有限公司 （以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会（以 下简称中国证监会）、《上市公司股东会规则》（以下简称《股东会规则》）等中华 人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特别 行政区、中国澳门特别行政区和中国台湾省）现行有效的法律、行政法规、规章、规 范性文件（以下统称法律法规）和现行有效的《晋能控股山西煤业股份有限公司章程》 （以下简称《公司章程》）有关规定，指派律师出席了公司于 2025 年 6 月 10 日召 开的 2024 年年度股东会（以下简称本次股东会），并就本次股东会相关事项出具本 法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 报》及上海证券交易所网站（网址：http://www.sse.com.cn/）的《晋能控股山西煤 业股份有限公司第八届董事会第十二次会议决 ...

为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2023 年第一次临时股东大会审议通过的《公司章程》； 2. 公司于 2025 年 4 月 26 日刊登于《中国证券报》《上海证券报》《证券日 报》及上海证券交易所网站（网址：http://www.sse.com.cn/）的《晋能控股山西煤 业股份有限公司第八届董事会第十二次会议决议公告》《晋能控股山西煤业股份有 限公司第八届监事会第九次会议决议公告》，及《晋能控股山西煤业股份有限公司 关于召开 2024 年年度股东会的通知》（以下简称《股东会通知》）； 3. 公司于 2025 年 5 月 28 日刊登于《中国证券报》《上海证券报》《证券日 报》及上海证券交易所网站（网址：http://www.sse.com.cn/）的《晋能控股山西煤 业股份有限公司 2024 年年度股东会会议资料》； 北京市金杜律师事务所 关于晋能控股山西煤业股份有限公司 2024 年年度股东会的 法律意见书 致：晋能控股山西煤业股份有限公司 北京市金杜律师事务所（以下简称本所）接受晋能控股山西煤业股份有限公司 （以下简称公司）委托，根据《中华人民共和国证 ...

证券代码：601001 证券简称：晋控煤业 公告编号：2025-016 晋能控股山西煤业股份有限公司 2024年年度股东会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 6 月 10 日 (二)股东会召开的地点：公司五楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 831 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,111,216,763 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 66.3928 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由董事会召集，采用现场会议及网络投票相结合方式召开，由 公司董事长李建光先生主持，符合《公司法》及《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席 ...

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is experiencing a tightening supply in safety production month, with daily consumption increasing week-on-week and port inventories decreasing [2][5] - The report highlights the potential for a rebound in thermal coal prices as the summer peak season approaches, supported by low inventory levels at power plants [5][16] - The overall coal market fundamentals have improved significantly compared to previous periods, with expectations for price stabilization and recovery [5][16] Summary by Sections Thermal Coal - Port inventories continue to decrease, with a week-on-week drop of 125.3 thousand tons, indicating a tightening supply [30] - Daily consumption at coastal and inland power plants has increased, with a week-on-week rise of 2.0 and 24.9 thousand tons respectively [25][31] - The average price of thermal coal at Qinhuangdao port has decreased by 2 yuan/ton week-on-week, now at 609 yuan/ton [17] Coking Coal - Supply of coking coal has contracted, with a week-on-week decrease in production capacity utilization by 0.87 percentage points [41] - The average customs clearance volume of Mongolian coal has decreased by 234 trucks week-on-week [45] - Coking coal prices at major ports have decreased, with the price at Jing Tang port dropping by 30 yuan/ton to 1270 yuan/ton [42] Coke - The implementation of the third round of price reductions has led to a decrease in the operating rate of coke enterprises, down 0.15 percentage points to 76.04% [53] - Coke prices have decreased by 70 yuan/ton week-on-week, now at 1280 yuan/ton [53] - The average profit per ton of coke has improved by 20 yuan/ton week-on-week, now at -19 yuan/ton [57] Investment Opportunities - The report suggests focusing on companies with strong cash flow and high profitability, such as China Shenhua, Shaanxi Coal, and China Coal Energy [78] - It emphasizes the value attributes of the coal sector, particularly in the context of recent government support and market stability [77][78]

Investment Rating - The industry investment rating is "Maintain Buy" for coal mining companies [4][6]. Core Viewpoints - The current coal price adjustment has been ongoing for nearly four years since the historical peak in Q4 2021, and the market is well aware of the price decline. The industry is at a critical stage of price bottoming, and the bottom may not be far off. It is essential to grasp the intrinsic attributes of the industry and maintain confidence [3]. - In May 2025, India's coal-fired power generation decreased by 9.5% year-on-year to 113.3 billion kWh, marking the largest year-on-year decline since June 2020 [2]. - The report emphasizes that domestic coal companies are increasingly facing losses, with over half (54.8%) of coal enterprises reporting losses as of March 2025. This trend may lead to increased probabilities of both passive and active production cuts [3]. Summary by Sections Coal Prices - As of June 6, 2025, coal prices showed mixed trends: European ARA port coal price at $89/ton (down 2.2%), Newcastle port coal price at $218.9/ton (unchanged), and IPE South Africa Richards Bay coal futures at $91/ton (up 1.2%) [1][32]. Key Recommendations - Recommended stocks include: - China Shenhua (601088.SH) - Buy - Shaanxi Coal and Energy (601225.SH) - Buy - China Qinfa (00866.HK) - Buy - China Coal Energy (601898.SH) - Buy - Electric Power Energy (002128.SZ) - Buy - Jinko Coal Industry (601001.SH) - Buy - Yancoal Energy (600188.SH) - Buy - New Hope Energy (601918.SH) - Buy [6]. Electricity Demand - In May 2025, India's total electricity generation decreased by 5.3% year-on-year to 160.4 billion kWh, with peak demand down 8% to 231,000 MW, primarily due to mild weather conditions [5].

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [5] Core Viewpoints - The coal price has been in a downward trend since reaching a peak in October 2021, with a significant drop from 1,615 CNY/ton to approximately 618 CNY/ton by June 5, 2025, marking a total decline of 997 CNY/ton [3][10] - Historical analysis indicates that coal price recoveries typically require policy intervention, as seen in previous downturns in 2008, 2015, and 2020 [2][9] - The current market is characterized by a buyer-dominated environment, with coal prices influenced by demand strength during peak summer periods and potential price stabilization policies [10][18] Summary by Sections Market Overview - The CITIC Coal Index was reported at 3,247.89 points, down 0.32%, underperforming the CSI 300 Index by 1.20 percentage points [2][75] - The report highlights the need for policy support to reverse negative market sentiment and restore confidence in coal prices [3][9] Coal Price Trends - As of June 6, 2025, the price of thermal coal at the North Port was 618 CNY/ton, reflecting a slight decrease of 2 CNY/ton week-on-week [10][36] - The report notes that low-calorie coal prices are showing strength due to structural shortages, while high-calorie coal prices are under pressure from weak demand [10][18] Focus Areas - The report emphasizes the importance of monitoring the recovery of coal production and the impact of potential policy measures on market dynamics [14][54] - Key recommended stocks include China Shenhua, Shaanxi Coal, and Xinji Energy, all rated as "Buy" [13] Supply and Demand Dynamics - The report indicates that coal supply remains stable, with production returning to normal levels after temporary reductions due to environmental checks [17][18] - The demand from downstream sectors is primarily driven by immediate needs, with limited willingness to accept higher prices [10][18] Future Outlook - The report suggests that the coal industry will continue to play a crucial role in China's energy landscape, with expectations for high-quality development amid ongoing structural reforms [38][54]

Investment Rating - The report maintains a "Buy" rating for several coal companies, including Jin控煤业, 陕西煤业, 华阳股份, 中国神华, 中煤能源, 山煤国际, 新集能源, 兖矿能源, and 淮北矿业, indicating a positive outlook for these stocks [3][11]. Core Views - The report highlights that the continuous destocking at ports and the upcoming peak summer demand are expected to drive a rebound in thermal coal prices. The demand side is seeing an increase in daily consumption by power plants as temperatures rise, while supply is tightening due to reduced production and stricter safety inspections [1][7]. - The report suggests that after verifying the bottom support for coal prices, the stable high dividend yield of coal stocks enhances their investment value, leading to a potential valuation uplift for the sector [1][8]. - The report emphasizes the importance of focusing on companies with stable performance and high cash flow growth, recommending specific stocks based on their financial health and market position [11]. Summary by Sections Market Overview - The report notes that the coal market is experiencing mixed price movements, with low-calorie coal prices slightly increasing due to tight supply. The overall market remains stable, with port coal prices showing minor fluctuations [1][7]. - The report indicates that the average daily coal consumption by power plants has increased, with a week-on-week rise of 33.7 thousand tons, reflecting a growing demand for electricity [9]. Supply and Demand Dynamics - The report discusses the supply side, noting a significant decline in coal production due to low prices and stricter environmental checks, particularly in regions like Xinjiang and Inner Mongolia. This is expected to lead to a tighter supply situation [1][10]. - On the demand side, the report highlights that non-electric demand remains high, and the anticipated increase in thermal power generation could lead to a positive shift in coal prices [1][7]. Company Performance - The report provides earnings forecasts and valuations for key companies, with Jin控煤业 expected to have an EPS of 1.68 yuan in 2024, while 陕西煤业 is projected to have an EPS of 2.31 yuan. The report recommends these companies based on their stable earnings and growth potential [3][11]. - The report also notes that the coal sector has underperformed compared to the broader market, with a weekly decline of 0.3% for the coal sector compared to a 0.9% increase in the Shanghai Composite Index [12][15]. Investment Recommendations - The report recommends focusing on companies with robust performance and cash flow, such as Jin控煤业 and 陕西煤业, as well as industry leaders like 中国神华 and 中煤能源. It also suggests looking at companies with growth in production, such as 华阳股份 and 山煤国际 [11][12].

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]

Group 1 - The coal sector experienced initial fluctuations but moved higher, with Dayou Energy (600403) hitting the daily limit up [1] - Shanxi Coking Coal (000983), Zhengzhou Coal Electricity (600121), Jinkong Coal Industry (601001), and Shaanxi Black Cat (601015) all saw increases in their stock prices [1]