Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 18.22 [8][9]. Core Views - The company reported a slight decline in revenue and net profit for 2024, with total revenue at RMB 150.33 billion, down 2.01% year-on-year, and net profit at RMB 28.08 billion, down 14.93% year-on-year, which aligns with expectations [1]. - The first quarter of 2025 saw a significant drop in revenue and net profit, with revenue at RMB 24.24 billion, down 33.73% year-on-year, and net profit at RMB 5.12 billion, down 34.35% year-on-year, primarily due to falling coal prices [1]. - The company is focused on its core coal business and is expected to continue absorbing high-quality assets from the group, having initiated the acquisition of the Panjiayao coal mine, which has a planned annual capacity of 10 million tons [3]. - The company has implemented significant quality improvement and efficiency enhancement measures, resulting in a 0.5% decrease in operating costs and a 6.42 percentage point reduction in the debt-to-asset ratio to 28.89% in 2024 [4]. Summary by Sections Financial Performance - In 2024, coal business revenue was RMB 147.00 billion, down 1.46% year-on-year, with coal production at 34.67 million tons, down 0.06% year-on-year, and sales volume at 29.97 million tons, down 0.43% year-on-year [2]. - The average selling price of coal was RMB 491 per ton, down 1.48% year-on-year, reflecting stable pricing compared to the market average [2]. Profitability and Valuation - The report projects a downward adjustment in net profit forecasts for 2025 and 2026 to RMB 29.9 billion and RMB 34.5 billion, respectively, with an additional forecast for 2027 at RMB 36.9 billion [5]. - The company is characterized as a rare entity in the industry with both quality profitability and growth potential, supported by a rising dividend payout ratio, which reached 45% in 2024 [5].

Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Views - The company reported stable performance in coal production and sales, with a slight decline in revenue and profit for 2024 and Q1 2025. The revenue for 2024 was CNY 15.033 billion, down 2.0% year-on-year, and the net profit attributable to shareholders was CNY 2.808 billion, down 14.9% year-on-year [1][2]. - The company plans to distribute a cash dividend of CNY 0.755 per share, resulting in a dividend payout ratio of 45%, which is an increase of 5 percentage points from 2023, yielding a dividend yield of 6.6% based on the stock price as of April 25, 2025 [2]. - The company is initiating the injection of mining rights assets from its controlling shareholder, which is expected to enhance production capacity significantly [4]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of CNY 3.799 billion, with a net profit of CNY 0.657 billion, showing a significant recovery compared to previous quarters [1]. - For Q1 2025, the company reported a revenue of CNY 2.424 billion, down 33.7% year-on-year, and a net profit of CNY 0.512 billion, down 34.4% year-on-year [1][3]. - The company’s coal production in 2024 was 34.6664 million tons, with a slight decrease in sales and prices, maintaining a gross margin of 49.78% [2][3]. Dividend Policy - The company has proposed a cash dividend of CNY 12.64 billion for 2024, with a payout ratio of 45% [2]. Future Outlook - The company forecasts net profits for 2025-2027 to be CNY 2.170 billion, CNY 2.348 billion, and CNY 2.471 billion respectively, with corresponding EPS of CNY 1.30, CNY 1.40, and CNY 1.48 [4][6]. - The company is expected to benefit from the asset injection, which will enhance its production capacity to 10 million tons per year [4].

煤炭周报 关税扰动下日耗同比降幅扩大，煤价筑底逻辑未变 2025 年 04 月 26 日 ➢ 关税扰动下日耗同比降幅扩大，煤价筑底逻辑未变。2025 年 4 月关税冲突 加码以来，受下游需求萎缩影响，沿海八省电厂日耗同比出现下降，3 月底周均 日耗 187.1 万吨，同比增加 3.5 万吨(+1.9%)，而截至 4 月 24 日当周，周均日 耗降至 176.0 万吨，同比减少 2.9 万吨(-1.6%)，在此影响下，煤价持续窄幅震 荡，本周环比延续小幅下滑。但同时，持续低煤价下新疆、内蒙古以露天矿为主 的边际产能产量或出现缩减，发运倒挂叠加大秦线检修，港口库存略有去化。展 望后市，非电需求仍维持缓慢提升，煤价向上动力不足，大秦线检修结束后铁路 发运提升，港口或有累库风险，边际产能成本、进口煤价倒挂以及长协基准价对 港口煤价有支撑，下行压力亦有限，预计短期现货价仍以窄幅震荡为主，长协价 仍表现出低波韧性。 ➢ 焦煤短期窄幅震荡为主，旺季或有阶段性反弹但空间有限。当前煤价下部分 配焦原煤转为动力煤销售更具性价比，焦煤价格已基本见底，叠加近期高炉持续 复产，铁水产量已提升至 2024 年以来最高水平 244.35 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the coal industry, including China Shenhua, Shaanxi Coal, and China Coal Energy, among others [2][3][11]. Core Insights - The report highlights that coal consumption has decreased due to tariff disruptions, with daily consumption in coastal provinces dropping from 1.871 million tons in late March to 1.760 million tons by April 24, reflecting a year-on-year decrease of 1.6% [1][7]. - Despite low coal prices, there is a lack of upward momentum for coal prices, with expectations of narrow fluctuations in the short term [1][8]. - The report suggests that while there may be a temporary rebound in coking coal prices due to seasonal demand, the overall price increase potential remains limited [2][10]. Summary by Sections Industry Overview - The report notes that the coal price has been experiencing narrow fluctuations, with recent prices reported at 657 CNY/ton for Qinhuangdao port, down 8 CNY from the previous week [8]. - The report indicates that the overall coal market is influenced by both weak demand and tariff disruptions, leading to cautious market sentiment [2][8]. Company Performance - Key companies such as China Shenhua and Shaanxi Coal are recommended for their stable performance and strong cash flow [2][11]. - The report provides earnings forecasts for major companies, with China Shenhua expected to have an EPS of 2.95 CNY in 2024, and a PE ratio of 13 [3]. Market Dynamics - The report highlights that the coal sector has underperformed compared to the broader market, with a weekly decline of 0.8% in the coal sector compared to gains in major indices [12][14]. - It also notes that the coking coal market is expected to stabilize in the short term due to increased demand for steelmaking [10][11]. Investment Recommendations - The report recommends focusing on industry leaders with stable earnings, such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as companies with strong cash flow like Jinkong Coal [2][11]. - It emphasizes the defensive value of companies with low debt and high cash flow amidst ongoing tariff disruptions [8].

Core Viewpoint - Jin控煤业 announced a dividend distribution plan for the fiscal year 2024, proposing a cash dividend of 7.55 yuan per 10 shares, totaling 1.264 billion yuan, which represents 45% of the net profit and a dividend yield of 4.94% based on the average trading price for the year [2] Company Performance - For the fiscal year 2024, Jin控煤业 reported total revenue of 15.033 billion yuan, a year-on-year decrease of 2.01%, and a net profit of 2.808 billion yuan, down 14.93% year-on-year. The basic earnings per share were 1.68 yuan, with a weighted average return on equity of 15.87% [2] Dividend History - The company has distributed dividends a total of 12 times since its listing. The latest distribution plan shows a decrease in the cash dividend compared to the previous year, where the cash dividend was 7.90 yuan per 10 shares, totaling 1.322 billion yuan, with a yield of 6.95% [2] Industry Comparison - In the coal industry, 17 companies have announced their 2024 dividend plans. China Shenhua leads with a total cash distribution of 44.903 billion yuan, followed by Shaanxi Coal and Yanzhou Coal with distributions of 11.014 billion yuan and 5.422 billion yuan, respectively [4][5]

证券代码：601001 证券简称：晋控煤业 公告编号：临2025－010 晋能控股山西煤业股份有限公司 关于续聘2025年度会计师事务所的公告 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： ●拟聘任会计师事务所名称：立信会计师事务所（特殊普通合伙） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1、基本信息 立信会计师事务所（特殊普通合伙）（以下简称"立信"）由我国 会计泰斗潘序伦博士于1927年在上海创建，1986年复办，2010年成为 全国首家完成改制的特殊普通合伙制会计师事务所，注册地址为上海 市，首席合伙人为朱建弟先生。立信是国际会计网络BDO的成员所，长 期从事证券服务业务，新证券法实施前具有证券、期货业务许可证， 具有H股审计资格，并已向美国公众公司会计监督委员会（PCAOB）注 册登记。 截至2024年末，立信拥有合伙人296名、注册会计师2,498名、从 业人员总数10,021名，签署过证券服务业务审计报告的注册会计师743 名。 立信2024年业务收入（经审计）47.48亿元，其中审计 ...

证券代码：601001 证券简称：晋控煤业 公告编号：临2025－011 1、晋能控股山西煤业股份有限公司(以下简称"公司")于 2025 年 4 月 25 日召开第八届董事会第十二次会议，审议通过了《关于公司 2024 年 度日常关联交易执行情况的议案》，关联董事回避表决，其余非关联董事 一致审议通过该议案。 2、在提交公司董事会会议审议前，该项议案已经公司独立董事专门会 议审议通过。独立董事认为公司关联交易事项遵循了公开、公平、公正原 则，符合市场经济原则和《会计准则》等相关规定，符合公司和全体股东 的利益，同意《关于公司 2024 年度日常关联交易执行情况的议案》。 （二）2024 年度日常关联交易的预计和执行情况 晋能控股山西煤业股份有限公司 关于2024年度日常关联交易执行情况的公告 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： ●是否需要提交股东会审议：否 ●日常关联交易对公司的影响：公司日常关联交易于公司日常业务中 进行，定价公平合理，符合公司及股东的利益，不会对关联方形成较大的 依赖。 一、 ...

晋能控股山西煤业股份有限公司 关于大同煤矿集团财务有限责任公司 的风险评估报告 根据上交所《上海证券交易所上市公司自律监管指引第 5 号—交易与 关联交易》的要求，晋能控股山西煤业股份有限公司（以下简称"晋控煤 业"或"本公司"）通过查验大同煤矿集团财务有限责任公司（以下简称"财 务公司"）的《营业执照》等资料，并审阅了包括资产负债表、利润表、现 金流量表等在内的财务公司的定期财务报告，对其经营资质、业务和风险 状况进行了评估，具体情况报告如下： 一、 大同煤矿集团财务有限责任公司基本情况 大同煤矿集团财务有限责任公司(以下简称"财务公司")经银监复〔2013〕 68 号文批准由晋能控股煤业集团有限公司（原大同煤矿集团有限责任公司， 以下简称"煤业集团"）和晋能控股山西煤业股份有限公司（原大同煤业股 份有限公司）于 2013 年 2 月共同出资设立，注册资本：100,000.00 万元人 民币，其中：煤业集团出资 80,000.00 万元，占财务公司注册资本的 80%； 晋控煤业出资 20,000.00 万元，占财务公司注册资本的 20%。 2015 年财务公司经山西省国资委《关于大同煤矿集团财务有限责任公 ...

晋能控股山西煤业股份有限公司 关于立信会计师事务所（特殊普通合伙）的履职情况 评估报告 晋能控股山西煤业股份有限公司（以下简称"公司"）聘 请立信会计师事务所（特殊普通合伙）（以下简称"立信"） 作为公司 2024 年度审计机构。根据《国有企业、上市公司选 聘会计师事务所管理办法》，公司对立信在 2024 年度的审计 工作履职情况进行了评估。经评估，公司认为立信资质等方面 合规有效，履职保持独立性，勤勉尽责，具体情况如下： （一）基本信息 立信会计师事务所（特殊普通合伙）（以下简称"立信"） 由我国会计泰斗潘序伦博士于 1927 年在上海创建，1986 年复 办，2010 年成为全国首家完成改制的特殊普通合伙制会计师 事务所，注册地址为上海市，首席合伙人为朱建弟先生。立信 是国际会计网络 BDO 的成员所，长期从事证券服务业务，新 证券法实施前具有证券、期货业务许可证，具有 H 股审计资 格，并已向美国公众公司会计监督委员会（PCAOB）注册登 记。 截至 2024 年末，立信拥有合伙人 296 名、注册会计师 2,498 名、从业人员总数 10,021 名，签署过证券服务业务审计报告 的注册会计师 743 ...

公司代码：601001 公司简称：晋控煤业 晋能控股山西煤业股份有限公司 2024年度内部控制评价报告 晋能控股山西煤业股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变 ...