中国神华能源股份有限公司 2024 年度涉及财务公司关联交易的存款、贷款等金融业务汇总表的专项说明 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 关于中国神华能源股份有限公司 2024 年度涉及财务公司关联交易的存款、贷款等金融业务汇总表的专项说明 第 1 页，共 2 页 关于中国神华能源股份有限公司 2024 年度涉及财务公司关联交易的存款、贷款等金融业务汇总表的专项说明 毕马威华振专字第 2501127 号 除对中国神华 2024 年度财务报表执行审计以及将本专项说明后附的汇总表所载项目金额 与我们审计中国神华 2024 年度财务报表时中国神华提供的会计资料和经审计的财务报表的相 关内容进行核对外，我们没有对本专项说明后附的汇总表执行任何附加程序。 毕马威华振专字第 2501127 号 中国神华能源股份有限公司董事会： 我们接受委托，按照中国注册会计师审计准则审计了中国神华能源股份有限公司（以下简 称"中国神华"） ...

中国神华能源股份有限公司 截至 2024 年 12 月 31 日止年度财务报表 KPMG Huazhen LLP 8th Floor, KPMG Tower Oriental Plaza 1 East Chang An Avenue Beijing 100738 China Telephone +86 (10) 8508 5000 Fax +86 (10) 8518 5111 Internet kpmg.com/cn 毕马威华振会计师事务所 (特殊普通合伙) 中国北京 东长安街 1 号 东方广场毕马威大楼 8 层 邮政编码:100738 电话 +86 (10) 8508 5000 传真 +86 (10) 8518 5111 网址 kpmg.com/cn 审计报告 毕马威华振审字第 2501088 号 中国神华能源股份有限公司全体股东： 一、审计意见 我们审计了后附的中国神华能源股份有限公司 (以下简称"中国神华") 财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、合并及母公司 现金流量表、合并及母公司股东权益变动表以及相关财务报表附注。 我们认为， ...

Investment Rating - The report maintains an "Add" rating for the company [2][8] Core Views - The company benefits from a high proportion of long-term coal contracts, which stabilizes profitability. The average sales price for long-term contracts is expected to remain stable, with a projected price range of 696-710 RMB/ton for 2024 [7][8] - The company has a strong cash flow and a high dividend payout ratio, with an average payout rate of 72% from 2012 to 2023. The company has sufficient cash reserves of 183.5 billion RMB and undistributed profits of 289.7 billion RMB, supporting continued high dividends [7][8] - The company aims to be a leader in the energy revolution and has a strong ESG (Environmental, Social, and Governance) profile, which may provide a premium in market valuation [7][8] Summary by Sections Company Overview - The company primarily engages in coal and electricity production and sales, with a total coal reserve of 336.9 billion tons and a controllable power generation capacity of 44.8 GW as of mid-2024 [18][19] - The company was established in November 2004 and listed on the Hong Kong Stock Exchange in June 2005 and the Shanghai Stock Exchange in October 2007 [18][32] Coal Business - The company has a rich coal resource base, with a recoverable reserve of 153.6 billion tons, allowing for nearly 50 years of production at the current annual output level of 324 million tons [33][34] - The company’s coal production cost is below 200 RMB/ton, and it benefits from a high proportion of long-term contracts, which account for approximately 80% of its coal sales [33][34] Power Business - The company has added 13.4 GW of coal-fired power generation capacity during the "14th Five-Year Plan" period, representing a 43% increase from the end of 2020 [7][8] - The company’s electricity generation has seen rapid growth, with a year-on-year increase of 11% in 2023 and 8% in the first three quarters of 2024 [7][8] Transportation Business - The company operates a comprehensive transportation network that includes railways, ports, and shipping, with a total railway network of 2,408 kilometers and a shipping capacity of approximately 270 million tons per year [19][20] Financial Forecast - The company’s projected net profit for 2024-2026 is expected to reach 58.45 billion, 54.64 billion, and 54.41 billion RMB, respectively, with corresponding EPS of 2.94, 2.75, and 2.74 RMB [8][9]

重要内容提示： （网址：http://roadshow.sseinfo.com） 中国神华能源股份有限公司 关于举办 2024 年度业绩说明会的公告 中国神华能源股份有限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。 中国神华能源股份有限公司（"本公司"）2024 年度报告将于 2025 年 3 月 22 日披露。为便于广大投资者更全面深入地了解公司经营成果与财务状况，本公 司将于 2025 年 3 月 28 日召开"中国神华 2024 年度业绩说明会"（"本次业绩说 明会"），就投资者普遍关心的问题进行交流。具体安排如下： 一、业绩说明会类型 本次业绩说明会以网络互动方式召开，本公司将针对 2024 年度业绩与经营情 况与投资者进行交流，在信息披露允许的范围内就投资者普遍关注的问题进行解 答，听取投资者的意见和建议。 1 会议召开时间：2025 年 3 月 28 日（星期五）16:00-17:00 会议召开地点：上海证券交易所上证路演中心 证券代码：601088 证券简称：中国神华 公告编号：临 2025-013 本公司董事 ...

中国神华（601088） 证券研究报告·公司点评报告·煤炭开采 黄骅港扩建点评：中国最大煤炭运输港再扩 建，中国神华煤炭行业龙头效应持续增强 | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 344533 | 343074 | 351421 | 374189 | 389709 | | 同比（%） | 2.65 | (0.42) | 2.43 | 6.48 | 4.15 | | 归母净利润（百万元） | 69648 | 59694 | 59662 | 60297 | 61228 | | 同比（%） | 39.06 | (14.29) | (0.05) | 1.06 | 1.54 | | EPS-最新摊薄（元/股） | 3.51 | 3.00 | 3.00 | 3.03 | 3.08 | | P/E（现价&最新摊薄） | 10.82 | 12.63 | 12.63 | 12.50 | 12.31 | [Table_Tag] [Tab ...

Investment Rating - The report maintains a "Buy" rating for China Shenhua [1] Core Views - The expansion of Huanghua Port, China's largest coal transportation port, enhances China Shenhua's leading position in the coal industry [8] - The expansion project aims to increase annual coal transportation capacity from 210 million tons to 260 million tons, with a total investment of approximately 5 billion RMB [8] - China Shenhua's business model is unique and rare, characterized by stable growth and high dividend yields, making it an attractive investment option [8] Financial Summary - Total revenue forecast for 2023 is 343,074 million RMB, with a slight decrease of 0.42% compared to 2022, and expected to grow to 389,709 million RMB by 2026 [1][9] - The net profit attributable to shareholders is projected to be 59,662 million RMB in 2024, with a slight decrease of 0.05%, and expected to reach 61,228 million RMB by 2026 [1][9] - The earnings per share (EPS) is forecasted to remain stable at 3.00 RMB in 2024, increasing to 3.08 RMB by 2026 [1][9] - The price-to-earnings (P/E) ratio is projected to be 12.63 for 2024, decreasing slightly to 12.31 by 2026 [1][9]

证券代码：601088 证券简称：中国神华 公告编号：临 2025-012 中国神华能源股份有限公司 2025 年 2 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） | | (%) | | | | | 2 月 | 累计 | 2 月 | 累计 | 2 月 | 累计 | | （一）煤炭 | | | | | | | | | 1. 商品煤产量 | 百万吨 | 27.0 | 53.1 | 26.5 | 54.5 | 1.9 | (2.6) | | 2. 煤炭销售量 | 百万吨 | 34.3 | 64.7 | 38.7 | 77.3 | (11.4) | (16.3) | | （二）运输 | | | | | | | | | 1. 自有铁路运输周转量 | 十亿吨公里 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 承董事會命 中國神華能源股份有限公司 總會計師、董事會秘書 宋靜剛 北京，2025年3月6日 於本公告日期，董事會成員包括執行董事呂志韌先生及張長岩先生，非執行董事 康鳳偉先生及李新華先生，獨立非執行董事袁國強博士、陳漢文博士及王虹先 生，職工董事焦蕾女士。 （在中華人民共和國註冊成立的股份有限公司） （股份代碼：01088） 董事會召開通知 中國神華能源股份有限公司（「本公司」）董事會（「董事會」）謹此公佈，本公司將 於2025年3月21日於北京舉行董事會會議，藉以審議並（如認為適當）批准本公司 截至2024年12月31日止年度之年度業績公告事宜及建議支付股息事宜。 ...

承中国神华能源股份有限公司董事会命 总会计师、董事会秘书 宋静刚 2025 年 3 月 7 日 中国神华能源股份有限公司 关于子公司完成内蒙古新街台格庙矿区新街一井、 新街二井项目开工备案的公告 中国神华能源股份有限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。 近日，中国神华能源股份有限公司（"本公司"）持有 60%股权的控股子公 司神华新街能源有限责任公司（"新街能源公司"），收到内蒙古自治区伊金霍 洛旗能源局关于内蒙古新街台格庙矿区新街一井及选煤厂项目、新街二井及选煤 厂项目开工备案回执。根据回执，新街能源公司报送的项目审批文件及施工单位、 监理单位资料齐全，予以备案。 自此，新街能源公司将依法合规、积极有序推进新街一井、新街二井项目开 工建设工作。本公司将按照证券监管要求履行项目后续相关信息披露义务。 特此公告。 证券代码：601088 证券简称：中国神华 公告编号：临 2025-011 ...

Summary of China Shenhua's Conference Call Company Overview - **Company**: China Shenhua Energy Company Limited - **Industry**: Coal and Power Generation Key Points and Arguments Financial Performance - **2024 Net Profit Forecast**: Expected to be between 57-60 billion yuan, reflecting a year-on-year decline of 4.5% to slight growth, primarily due to falling coal prices [2][3] - **Dividend Policy**: The company has increased its minimum dividend payout ratio for the next three years to no less than 65% to alleviate shareholder anxiety [2][5] Market Dynamics - **Coal Price Trends**: The company anticipates that the central price of coal will remain stable in 2025, with demand growth projected at 6-7% [2][9] - **Sales and Production**: January sales volume decreased by 8.5% year-on-year, but overall performance is expected to remain stable due to long-term energy demand growth [6][11] Strategic Initiatives - **Acquisition**: China Shenhua acquired 100% of Hanjin Energy for 850 million yuan, increasing its recoverable reserves by over 2 billion tons, showcasing resilience and effective governance [2][5] - **Operational Adjustments**: The company is enhancing its business model through "coal-electricity-transportation-port-integration" to strengthen risk resistance [8] Industry Outlook - **Coal Pricing Mechanism**: The pricing mechanism is influenced by long-term agreements, which help mitigate market volatility. The price has risen from 535 yuan/ton in 2017 to 675 yuan/ton in 2021 due to demand growth and supply constraints [10][22] - **Future Challenges**: The coal and power industry faces challenges from economic slowdown and increasing renewable energy share, but coal will still play a significant role in energy consumption through 2030 [12][13] Investment Considerations - **Investor Sentiment**: There are concerns regarding the impact of falling coal prices on long-term contracts, but the company believes that stable pricing will support innovation and healthy industry development [22] - **Stock Performance**: Recent stock price fluctuations have drawn attention from H-share investors, who are closely monitoring the company's operational status [23] Project Developments - **Taran Highler Mine**: Construction is set to resume in 2023, with an expected completion date in 2028, reflecting a cautious yet strategic approach to project management [4][20] - **Taiqian Blast Furnace**: This critical infrastructure project is being approached with a focus on quality and stability, with a projected completion date of 2028 [21] Risk Management - **Inventory Management**: High inventory levels are maintained to mitigate risks from demand fluctuations, although excess inventory can lead to financial strain [18][19] - **Coal Supply Stability**: The company emphasizes the importance of long-term contracts to ensure stable coal supply, even amidst price fluctuations [22] Additional Important Insights - **Electricity Pricing**: The company is adapting to regional electricity price changes, particularly in coastal provinces, to maintain profitability [11] - **Regulatory Environment**: The government is enhancing overseas resource supply capabilities, which may impact import strategies for coal [17] This summary encapsulates the key insights from the conference call, highlighting China Shenhua's financial outlook, strategic initiatives, market dynamics, and industry challenges.