2025 年 5 月，本公司煤炭销售量同比下降的主要原因，是下游煤炭需求偏 弱、受煤炭销售结算进度影响；航运货运量、周转量同比下降的主要原因，是业 务结构调整、航线结构变化；聚乙烯、聚丙烯销售量同比增长的主要原因，是上 年同期煤制烯烃生产设备按计划检修导致基数较低。 证券代码：601088 证券简称：中国神华 公告编号：临 2025-028 中国神华能源股份有限公司 2025 年 5 月份主要运营数据公告 中国神华能源股份有限公司（"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。 | 运营指标 | 单位 | 2025 | 年 | 2024 | 年 | 同比变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （重述后） | | （%） | | | | | 月 5 | 累计 | 月 5 | 累计 | 月 5 | 累计 | | （一）煤炭 | | | | | | | | | 1. 商品煤产量 | 百万吨 | 28.0 | 137.8 | 28.4 ...

二〇二五年六月 (在中华人民共和国注册成立的股份有限公司) 会议资料 | 目 | 录 | | | | | --- | --- | --- | --- | --- | | 一、会议通知………………………………………………………………………………1 | | | | | | 二、2024 年度股东周年大会会议议程………………………………………13 | | | | | | 三、2025 年第一次 A 股类别股东会会议议程…………………………..15 | | | | | | 四、2024 年度股东周年大会议案 | | | | | | 议案一 关于《中国神华能源股份有限公司 2024 年度董事 | | | | | | 会报告》的议案……….……………………………………………16 | | | | | | 议案二 关于《中国神华能源股份有限公司 2024 年度监事 | | | | | | 会报告》的议案………………….…………………………………18 | | | | | | 配的议案………………………………………………………………21 | | | | | | 的 | | | | | | 2025-2027 议案七 关于公司 年 ...

(在中华人民共和国注册成立的股份有限公司) 2024 年度股东周年大会、 2025 年第一次 A 股类别股东会 会议资料 二〇二五年六月 | | | | | 一、会议通知………………………………………………………………………………1 | | --- | --- | | 二、2024 | 年度股东周年大会会议议程………………………………………13 | | 三、2025 | 年第一次 股类别股东会会议议程…………………………..15 A | | 四、2024 | 年度股东周年大会议案 | | 议案一 | 关于《中国神华能源股份有限公司 年度董事 2024 | | | 会报告》的议案……….……………………………………………16 | | 议案二 | 关于《中国神华能源股份有限公司 年度监事 2024 | | | 会报告》的议案………………….…………………………………18 | | 议案三 | 关于《中国神华能源股份有限公司 年度财务 2024 | | | 报告》的议案……………………….………………………….……19 | | 议案四 | 关于中国神华能源股份有限公司 2024 年度利润分 | | | 配的议案……… ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of HKD 40.00 for H shares and RMB 45.50 for A shares [9]. Core Views - The company emphasizes its strong resource base, business synergy, and stable downstream consumption, which enhance its ability to withstand cyclical fluctuations. The low volatility and high yield logic continue to highlight its value, restoring investor confidence in long-term allocations [1]. - The report identifies mixed short-term factors affecting the coal industry, including a decrease in coal imports and potential support for domestic demand due to uncertainties in external demand [2]. - Long-term factors indicate that the coal price is supported by rising production costs and stricter regulations, which may elevate the barriers to capacity expansion [3]. - The company is positioned as a leading integrated player in the coal, electricity, and transportation sectors, leveraging its high-quality resources and strategic partnerships to navigate market cycles [4]. - Profit forecasts for the company remain stable, with expected net profits of RMB 501 million, RMB 500 million, and RMB 502 million for 2025, 2026, and 2027 respectively. The company maintains a high historical dividend payout ratio, reinforcing its commitment to shareholder returns [5]. Summary by Sections Industry Short-term Factors - Positive factors include a decrease in coal imports, which may alleviate supply-demand imbalances, and the resilience of domestic manufacturing supporting energy consumption growth [2]. - Negative factors involve early resumption of coal mining leading to increased inventories and potential downward pressure on coal prices [2]. Industry Long-term Factors - The coal industry is experiencing a significant loss rate, with over 60% of companies reporting losses due to rising costs driven by inflation and operational challenges [3]. - New regulations effective July 1 will raise the barriers for coal mining operations, increasing compliance costs and potentially supporting higher production costs [3]. Profit Forecast and Valuation - The company is projected to maintain a stable profit trajectory with net profits forecasted at RMB 50,086 million for 2025, reflecting a decline from previous years but supported by a consistent dividend policy [5][7]. - The report utilizes a Dividend Discount Model (DDM) for valuation, maintaining target prices of RMB 45.50 for A shares and HKD 40.00 for H shares, emphasizing the importance of stable dividends in the current market environment [5][14].

Investment Rating - The investment rating for the company is "Buy" (maintained) for both A-shares and H-shares, with target prices set at RMB 45.50 and HKD 40.00 respectively [9][10]. Core Views - The report emphasizes the company's strong resource base, business synergy, and stable downstream consumption, which enhance its ability to withstand cyclical fluctuations. The low volatility and high yield logic continue to highlight the company's value, thereby restoring investor confidence in long-term allocations [1]. - Short-term industry factors present a mixed outlook, with positive signals such as decreased coal imports and potential recovery in domestic energy consumption, while negative signals include early inventory build-up and increased supply from Xinjiang due to reduced transportation costs [2]. - Long-term industry factors indicate that the cost structure is becoming more rigid due to inflation and regulatory changes, which are expected to support coal prices despite a downward trend [3]. - The company is positioned as a leading integrated player in the coal, electricity, and transportation sectors, leveraging its high-quality resources and strategic partnerships to navigate market cycles effectively [4]. Summary by Sections Industry Short-term Factors - Positive factors include a decrease in coal imports by 742.70 million tons year-on-year, leading to a potential easing of supply-demand imbalances [2]. - Negative factors include early inventory increases due to early resumption of coal mining and reduced transportation costs that may increase overall supply [2]. Industry Long-term Factors - The coal industry is experiencing a loss rate exceeding 60% due to rising production costs driven by inflation and regulatory compliance, which is expected to support higher coal prices in the long run [3]. Profit Forecast and Valuation - The company is projected to achieve net profits of RMB 50.1 billion, RMB 50.0 billion, and RMB 50.2 billion for 2025, 2026, and 2027 respectively. The report maintains a DDM valuation approach, resulting in target prices of RMB 45.50 for A-shares and HKD 40.00 for H-shares [5][10].

Investment Rating - The report maintains a "Buy" rating for China Shenhua [1] Core Views - China Shenhua is a high-quality representative of dividend stocks with stable operations and high dividends, benefiting from its state-owned enterprise background and integrated coal production, transportation, and sales operations [7][9] - The company has a robust asset base with significant coal reserves and a high proportion of long-term contracts, which provide price resilience and cost advantages [7][27] Summary by Sections Company Overview - China Shenhua is a leading integrated energy company under the State Energy Group, with a state-owned background and a diversified business model covering coal, electricity, railways, ports, shipping, and coal chemical industries [9][10] - As of December 2024, the company had a gross profit distribution of 69.93% from coal, 13.36% from electricity, and other segments contributing smaller percentages [7][9] Coal Business - The company has abundant coal resources, with a total resource volume of 34.36 billion tons and a recoverable reserve of 15.09 billion tons, ranking it among the top in the industry [27] - The coal production cost for 2024 was 179 yuan per ton, which is lower than most peers, and the company achieved a coal business gross profit of 80.6 billion yuan [7][37] Electricity Business - China Shenhua has a total installed capacity of 46,264 MW as of 2024, with plans for further capacity increases through acquisitions [7] - The electricity segment's gross profit is projected to be 16.5 billion yuan in 2025, benefiting from improved coal self-sufficiency [7] Transportation Business - The company operates an extensive railway network that efficiently supports coal transportation, with a total railway operating mileage of 2,408 kilometers [7][11] - The transportation segment's gross profit is expected to be 1.64 billion yuan in 2025 [7] Coal Chemical Business - The company is advancing its coal-to-olefins project in Baotou, with a production capacity of 600,000 tons per year [7] - The coal chemical segment's gross profit is anticipated to be 400 million yuan in 2025 [7] Profit Forecast and Investment Recommendations - The company is expected to generate revenues of 302.84 billion yuan, 315.26 billion yuan, and 327.99 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 51.40 billion yuan, 53.70 billion yuan, and 56.13 billion yuan [7] - The report emphasizes the company's integrated advantages across the coal, electricity, and transportation sectors, reinforcing its investment value and maintaining a "Buy" rating [7]

Core Viewpoint - China Shenhua plans to increase its stake in the National Energy Group Financial Company by acquiring a total of 7.43% equity from its subsidiaries for a total price of 2.929 billion yuan, which is expected to enhance the net profit attributable to shareholders [1][2][5]. Group 1: Acquisition Details - The acquisition will raise China Shenhua's stake in the financial company to 40%, while the National Energy Investment Group will maintain a 60% stake [2][4]. - The financial company reported a net profit of 3.5 billion yuan last year, with total assets amounting to 291.035 billion yuan [2][4]. Group 2: Financial Performance - In 2023, China Shenhua's revenue was 343.074 billion yuan, a decrease of 0.42% year-on-year, with a net profit of 59.694 billion yuan, down 14.29% [6][7]. - For 2024, the company expects a slight decline in revenue to 338.375 billion yuan, with a net profit of 58.671 billion yuan, a decrease of 1.71% [7]. Group 3: Strategic Moves - The company is accelerating the acquisition of quality coal assets to support long-term development, including a recent acquisition of 100% equity in Hangjin Energy for 850 million yuan [8]. - This acquisition is part of a strategy to position China Shenhua as the coal business integration platform for the National Energy Group, enhancing resource control and energy supply capabilities [8].

Core Viewpoint - China Shenhua Energy Co., Ltd. has approved the acquisition of a 7.43% stake in a financial company held by its subsidiaries, which is expected to enhance the net profit attributable to shareholders [1][2]. Group 1: Meeting Details - The sixth board of directors' ninth meeting was held on May 23, 2025, via written review, with all seven directors participating and voting [1]. - The meeting complied with the Company Law of the People's Republic of China and relevant regulations [1]. Group 2: Acquisition Details - The acquisition involves a total transaction price of approximately 2.93 billion yuan, with specific prices for each subsidiary: 1.13 billion yuan for Shuo Huang Railway and the remaining for the other subsidiaries [1][2]. - Post-acquisition, the shareholding structure of the financial company will be 60% held by China Energy Investment Group and 40% by China Shenhua [1]. Group 3: Financial Impact - The financial company is projected to have a net profit of 3.5 billion yuan in 2024, leading to an estimated increase of 0.97 billion yuan in the net profit attributable to shareholders in China Shenhua's consolidated financial statements [2].

证券代码：601088 证券简称：中国神华 公告编号：临 2025-027 中国神华能源股份有限公司（"公司"或"中国神华"）第六届董事会第九 次会议于 2025 年 5 月 16 日以电子邮件或无纸化办公系统方式向全体董事和监事 发送了会议通知、议案等会议材料，于 2025 年 5 月 23 日以书面审议方式召开。 公司全体 7 名董事审议了本次董事会议案，并以书面形式发表了表决意见。会议 的召开符合《中华人民共和国公司法》及相关法律法规、上市地上市规则和《中 国神华能源股份有限公司章程》的规定。 本次会议审议并通过以下议案： （一）《关于收购朔黄铁路、准能公司及包神铁路所持财务公司股权项目的 议案》 1.批准本次交易方案，中国神华以自有资金通过非公开协议转让方式收购控 股子公司国能朔黄铁路发展有限责任公司（"朔黄铁路"）、神华准格尔能源有 限责任公司（"准能公司"）及国能包神铁路有限责任公司（"包神铁路"）合 计持有的国家能源集团财务有限公司（"财务公司"）7.43%股权（对应注册资 本合计 1,300,071,428.57 元），交易价格合计为 2,929,491,237.35 元（其中，对朔 黄 铁 ...

Core Viewpoint - China Shenhua plans to acquire a 7.43% stake in the National Energy Group Financial Company for a total of 2.929 billion yuan, which will alter the ownership structure of the financial company [1] Group 1: Acquisition Details - The acquisition will be conducted through a non-public agreement using the company's own funds [1] - After the acquisition, the ownership structure will be 60% held by the National Energy Investment Group and 40% by China Shenhua [1] Group 2: Financial Impact - The financial company is projected to have a net profit of 3.5 billion yuan in 2024 [1] - Following the acquisition, China Shenhua's share of the net profit is expected to increase by 97 million yuan in its annual consolidated financial statements [1]