Financial Performance - The company's operating revenue for Q1 2025 was CNY 2,424,191,669.74, a decrease of 33.73% compared to CNY 3,657,914,081.77 in the same period last year[4] - Net profit attributable to shareholders was CNY 512,234,038.91, down 34.35% from CNY 780,295,115.38 year-on-year[4] - Basic earnings per share decreased by 34.04% to CNY 0.31 from CNY 0.47 in the previous year[4] - Operating profit for Q1 2025 was CNY 806,504,090.21, down 41.0% from CNY 1,366,383,996.84 in Q1 2024[19] - Net profit for Q1 2025 was CNY 642,896,995.15, a decline of 39.2% compared to CNY 1,059,289,468.90 in Q1 2024[20] - Total revenue for Q1 2025 was CNY 2,424,191,669.74, a decrease of 33.8% compared to CNY 3,657,914,081.77 in Q1 2024[19] - The company reported a significant increase in sales revenue from CNY 2,177,293,647.30 in Q1 2025 compared to CNY 3,876,476,415.60 in Q1 2024, reflecting a decrease of 43.7%[32] Cash Flow - The net cash flow from operating activities was negative at CNY -183,991,491.15, a decline of 116.15% compared to CNY 1,139,149,563.58 in the same period last year[4] - Cash flow from operating activities for Q1 2025 was negative at CNY -183,991,491.15, compared to a positive CNY 1,139,149,563.58 in Q1 2024[22] - The net cash flow from operating activities for Q1 2025 is -CNY 1,019,238,672.07, a significant decline from CNY 1,301,504,679.21 in Q1 2024[32] - Cash inflow from operating activities totaled CNY 6,235,898,440.20 in Q1 2025, compared to CNY 3,921,736,495.70 in Q1 2024, indicating a 59.0% increase[32] - Cash outflow from operating activities increased to CNY 7,255,137,112.27 in Q1 2025, up from CNY 2,620,231,816.49 in Q1 2024[32] - The net cash flow from investing activities was -CNY 127,065,165.23, compared to -CNY 97,294,135.93 in the previous period, indicating an increase in investment outflows[23] - The net cash flow from investing activities for Q1 2025 is CNY 2,092,787.97, a decrease from CNY 39,989,720.00 in Q1 2024[32] - The net cash flow from financing activities for Q1 2025 is -CNY 1,340,637,682.28, compared to -CNY 57,361,584.99 in Q1 2024, indicating a larger outflow[33] Assets and Liabilities - Total assets at the end of the reporting period were CNY 36,301,185,156.02, a decrease of 3.34% from CNY 37,554,042,596.71 at the end of the previous year[5] - Current assets decreased to 16.713 billion RMB from 17.858 billion RMB, with cash and cash equivalents at approximately 14.627 billion RMB[14] - Total liabilities decreased from CNY 10,849,126,725.76 in the previous period to CNY 8,754,676,605.17[16] - Total liabilities decreased to CNY 22,375,476,490.40 from CNY 24,385,446,598.37, indicating a reduction of about 8.2%[27] - Total equity increased from CNY 26,704,915,870.95 to CNY 27,546,508,550.85[16] Inventory and Receivables - Accounts receivable increased by 67.96%, primarily due to an increase in coal sales receivables[7] - Inventory rose by 96.76%, mainly due to an increase in stock goods[7] - Accounts receivable increased significantly to 728.82 million RMB from 433.94 million RMB, indicating a rise in credit sales[14] - Inventory levels rose to 893.70 million RMB compared to 454.20 million RMB, reflecting increased stockpiling[14] - The company's inventory remained stable at CNY 36,001,226.42, slightly down from CNY 36,033,725.61, indicating effective inventory management[26] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 60,749[10] - The company has not disclosed any changes in the top ten shareholders due to margin trading activities[12] Strategic Initiatives - The company is focused on expanding its market presence and enhancing operational efficiency through strategic initiatives[12] - The company has not reported any new product launches or technological advancements in the current quarter[29] - There are no updates on market expansion or mergers and acquisitions in the latest financial report[29] Research and Development - The company's research and development expenses were CNY 4,094.47, indicating ongoing investment in innovation despite overall cost management[28]

晋能控股山西煤业股份有限公司 独立董事述职报告 李端生 各位董事： 作为晋能控股山西煤业股份有限公司（以下简称"公司"）的独立董 事，本人严格按照《公司法》《上市公司独立董事管理办法》《上海证券 交易所上市公司自律监管指引第1号--规范运作》《上市公司治理准则》等 法律法规及《公司章程》的规定，在2024年度的工作中，凭借丰富的会计 专业知识和经验，积极参加公司董事会及各专门委员会会议、股东大会， 在董事会日常工作及决策中尽职尽责，对董事会审议的重大事项发表了独 立客观的意见，为董事会的科学决策提供支撑，促进公司规范运作，有效 保障全体股东权益不受损害。现将本人2024年度履行独立董事职责的情况 汇报如下： 一、独立董事基本情况 （一）个人工作履历、专业及兼职情况 李端生：男，出生于1957年6月，中共党员。1982年毕业于山西财经学 院，1992年获得中南财经大学硕士学位。曾任山西财经大学教授，博士生 导师，会计系主任、会计学院院长。2023年5月至今担任公司独立董事，现 同时担任国新能源独立董事。 （二）是否存在影响独立性情况 作为公司的独立董事，本人与公司之间不存在雇佣关系、交易关系、 亲属关系，以及《 ...

晋能控股山西煤业股份有限公司董事会 关于独立董事独立性情况的专项意见 晋能控股山西煤业股份有限公司 董事会 2025 年 4 月 25 日 根据《上市公司独立董事管理办法》《上海证券交易所 股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等要求，晋能控股山西煤业股份有限公 司董事会就公司在任独立董事李端生、董宪姝、高贵军、王 丽珠、刘啸峰的独立性情况进行评估并出具如下专项意见： 经核查独立董事李端生、董宪姝、高贵军、王丽珠、刘 啸峰的任职经历以及签署的《关于独立性自查报告》，公司 董事会认为上述人员未在公司担任除独立董事以外的任何 职务，亦未在公司主要股东单位担任任何职务，与公司以及 主要股东之间不存在利害关系或其他可能影响其进行独立 客观判断的情况，符合《上市公司独立董事管理办法》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》 中对独立董事独立性的相关要求。 ...

晋控煤业（601001）公告，2025年第一季度营收为24.24亿元，同比下降33.73%；净利润为5.12亿元， 同比下降34.35%。 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the coal mining sector, including China Shenhua, Shaanxi Coal, and others [3][6]. Core Insights - Indonesia's new regulations have increased the coal export mining rights tax rate by 1%, which is expected to impact miners' profitability. The tax rate will vary based on calorific value and mining method, with higher rates applicable when the coal reference price exceeds $90 per ton [2][3]. - The report highlights that Indonesia's non-tax state revenue from the mining and coal sector is projected to reach 140.5 trillion Indonesian Rupiah (approximately $8.33 billion) in 2024, accounting for 52.1% of the country's non-tax revenue [2]. - The report suggests that some miners may shift towards domestic supply to mitigate tax pressure, although the domestic market's absorption capacity remains uncertain, potentially leading to production cuts and capacity constraints [2]. Summary by Sections Coal Mining - The report notes fluctuations in global energy prices, with Brent crude oil futures rising by 7.31% to $67.96 per barrel and WTI crude oil futures increasing by 7.67% to $64.68 per barrel [1]. - Coal prices showed mixed trends, with Newcastle coal (6000K) FOB price at $95.1 per ton (up 0.2%), while European ARA coal price decreased by 0.7% to $99.9 per ton [1][34]. Key Companies - The report identifies key investment targets in the coal sector, including China Shenhua, Shaanxi Coal, and others, with projected earnings per share (EPS) and price-to-earnings (PE) ratios indicating strong growth potential [6]. - Specific companies are highlighted for their stock repurchase plans, indicating confidence in their future performance [3]. Market Trends - The report provides a graphical representation of coal mining sector trends, indicating a potential recovery in the market after recent declines [4]. - It emphasizes the importance of monitoring coal prices and regulatory changes in Indonesia, which could significantly impact the sector's dynamics [2][3].

Group 1 - The coal sector is experiencing a significant upward movement, with companies like Dayou Energy and Anyuan Coal Industry hitting the daily limit, indicating strong market interest [1] - Institutions suggest that the current phase marks the beginning of a new upward cycle for the coal economy, driven by favorable fundamentals and policies, making it an opportune time to invest in the coal sector [1] - According to Xinda Securities, the supply-demand imbalance in coal is expected to persist over the next 3-5 years, with high-quality coal companies maintaining attributes such as high barriers to entry, strong cash flow, and attractive dividends [1][2] Group 2 - The coal supply bottleneck is anticipated to continue until the 14th Five-Year Plan, necessitating the construction of new quality production capacities to meet long-term energy demands in China [2] - The rising costs of domestic economic development and imported coal are expected to support high coal price levels, reinforcing the attractiveness of the coal sector as a high-performance, high-dividend asset class [2] - The coal industry is characterized by high profitability, long cycles, and significant barriers to entry, with recent macroeconomic improvements and new regulations enhancing the certainty of profitability and growth for quality coal companies [2]

证券研究报告 | 行业周报 gszqdatemark 】 2025 04 13 年 月 日 煤炭开采 3 重倒挂助煤价以时间换空间，"中特煤"以行动书写担当 行情回顾（2025.4.7~2025.4.11）： 基本面方面，我们持续强调"把握行业本质属性，坚定信心、坚守定力"。 "一利稳定增长，五率持续优化"，着力提高央企控股上市公司质量，强化投资者回 报。 中信煤炭指数 3,157.77 点，下跌 5.04%，跑输沪深 300 指数 2.16pct，位列中信板 块涨跌幅榜第 16 位。 本周两大煤炭央企发声"积极支持控股上市公司高质量发展"。此外，多部委机构打 出稳市组合拳，场外增量资金充足，我们认为"财务报表优异，低资本开支&现金流 充裕，具备高分红、高股息的央企"尤为受益。 考虑到煤价属周期波动，煤炭企业或通过加大成本管控力度，保证企业效益稳步提 升。以神华、中煤两大央企为例，在 24 年煤价中枢明显下移的背景下，其业绩降幅 显著低于煤价降幅，降本增效成效显著，诚意满满。 加大回购注销、分红力度，推动资产注入，延伸产业链布局均是提高 ROE 的方向。 重点领域分析： 增持（维持） 行业走势 -30% -2 ...

Investment Rating - The report recommends a "Buy" rating for key coal enterprises such as China Shenhua and China Coal Energy, highlighting their strong financial performance and potential for high dividends [8][10]. Core Viewpoints - The coal industry is experiencing a cyclical downturn, but companies are focusing on cost control and operational efficiency to maintain profitability. Major state-owned enterprises like Shenhua and China Coal have shown a significant reduction in performance decline compared to coal price drops, indicating effective cost management [3][8]. - The report emphasizes the importance of maintaining investor confidence through high-quality development and asset integration within state-owned enterprises [2][3]. - The current coal prices are seen as bottoming out, with expectations of benefiting from domestic policies aimed at stabilizing growth and increasing domestic demand [2][8]. Summary by Sections Industry Overview - The CITIC Coal Index decreased by 5.04% during the week of April 7-11, 2025, underperforming the CSI 300 Index by 2.16 percentage points [1][75]. - The report notes that the coal market is currently in a phase of narrow fluctuations, with supply stability and limited demand growth impacting price movements [11][33]. Key Company Analysis - China Shenhua's coal production cost for 2024 is reported at 179 RMB/ton, remaining stable year-on-year, while China Coal Energy's cost is 282 RMB/ton, down 25 RMB/ton from the previous year [6][8]. - Both companies are expected to increase share buybacks and dividends, enhancing shareholder returns [8][10]. Market Dynamics - The report indicates that the coal market is characterized by a seasonal downturn, with limited demand from power plants and a shift towards cleaner energy sources impacting coal consumption [11][33]. - The report highlights that the focus on cost control and operational efficiency is crucial for maintaining profitability amid fluctuating coal prices [3][8]. Price Trends - As of April 11, 2025, the price of Qinhuangdao port Q5500 thermal coal is reported at 676 RMB/ton, showing stability week-on-week [11][33]. - The report anticipates that coal prices will remain under pressure due to weak demand and high inventory levels, but significant price drops are not expected in the short term [11][33].

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry [2] Core Views - The coal price is currently at a bottom level, and there is no need for pessimism [1] - The market is becoming more sensitive to marginal positive news as the negative impact of price drops diminishes [1] - Leading coal companies have reported better-than-expected performance, with significant cost reduction and efficiency improvements [1] Industry Analysis - The CITIC Coal Index was at 3,325.2 points, up 0.55%, outperforming the CSI 300 Index by 1.92 percentage points, ranking 6th in the CITIC sector [1][71] - The coal market is expected to benefit from domestic policies aimed at stabilizing growth and expanding domestic demand [1] - The Newcastle coal futures price on April 4 was reported at $97 per ton, down 4% from $101 per ton on April 2 [1] - The domestic coal price has reached the anticipated bottom, with the largest price drops and speed of decline now behind [1] - The supply of low-calorie coal has slightly increased, while medium to high-calorie coal remains stable [1] - As of April 4, the price of North Port thermal coal was reported at 676 yuan per ton, stable week-on-week [1] - The report emphasizes that while the thermal coal market is entering a traditional off-season, the current prices are at the expected bottom range of 650-686 yuan per ton, and there is no need for excessive pessimism [1] Key Companies - China Shenhua (601088.SH): Buy rating, EPS forecast for 2024A is 2.95 yuan, PE ratio is 12.40 [7] - Shaanxi Coal (601225.SH): Buy rating, EPS forecast for 2025E is 2.26 yuan, PE ratio is 8.88 [7] - New Energy (601918.SH): Buy rating, EPS forecast for 2024A is 0.92 yuan, PE ratio is 7.50 [7] - Jinkong Coal (601001.SH): Buy rating, EPS forecast for 2025E is 1.53 yuan, PE ratio is 7.92 [7] - China Coal Energy (601898.SH): Buy rating, EPS forecast for 2024A is 1.46 yuan, PE ratio is 7.00 [7] - Electric Investment Energy (002128.SZ): Buy rating, EPS forecast for 2024A is 2.49 yuan, PE ratio is 8.50 [7] - Pingmei Shenma (601666.SH): Increase rating, EPS forecast for 2025E is 0.50 yuan, PE ratio is 17.30 [7] - Huai Bei Mining (600985.SH): Buy rating, EPS forecast for 2024A is 1.80 yuan, PE ratio is 7.70 [7]

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Viewpoints - The coal price at ports has stabilized, and the investment value of leading coal companies is emphasized [2][4] - The supply constraints in the coal mining industry remain unchanged, while demand may fluctuate, leading to price dynamics and rebalancing [7][74] - The report highlights the strong cash flow and high asset quality of leading coal companies, characterized by high profitability, high cash flow, high barriers to entry, high dividends, and high safety margins [7][74] Summary by Sections 1. Thermal Coal - Port inventory continues to decrease, and port prices have stabilized [10][13] - The production side shows stable supply, with a slight decrease in capacity utilization in the main production areas [13][21] - Demand has improved, with increased daily consumption in coastal and inland power plants [13][24] - The average daily coal input at ports has decreased, leading to a reduction in northern port inventories [29][33] 2. Coking Coal - Production continues to contract, with a decrease in capacity utilization due to previous production issues [39][73] - Demand has improved, with rising daily iron output and reduced inventory at coking enterprises [39][73] - The overall supply-demand situation for coking coal has improved, with a decrease in production enterprise inventory [39][73] 3. Coke - The market anticipates price increases for coke after the Qingming Festival, with rising production rates in coking plants [52][73] - The average profit per ton of coke has decreased, indicating a challenging profitability environment [54][73] 4. Anthracite - The price of anthracite remains stable, with high operating rates in major production areas [68][74] 5. Key Companies and Profit Forecasts - The report identifies key companies to focus on, including China Shenhua, Shaanxi Coal and Chemical Industry, and Yanzhou Coal Mining Company, among others, with strong investment recommendations [8][75] - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, indicating their investment potential [8][75]