2025年，集团生产经营态势保持平稳，一体化运营核心优势持续巩固，能源安全稳定供应得到有力保 障。但受行业供需形势变化影响，集团煤炭销售量及平均销售价格下降，导致经营业绩同比下降。 格隆汇1月30日丨中国神华(01088.HK)发布2025年度业绩预告。经初步测算，预计集团2025年度的归属 于公司所有者的本年利润为人民币508亿元至人民币558亿元，与上年披露数据(2024年：人民币624.21 亿元)相比，下降18.6%至10.6%；与经重述的上年数据(2024年：人民币595.44亿元)相比，下降14.7%至 6.3%。 ...

Core Viewpoint - China Shenhua (601088) expects a decline in net profit attributable to shareholders for the fiscal year 2025, projecting between RMB 50.8 billion and RMB 55.8 billion, which represents a decrease of 10.6% to 18.6% compared to the previously disclosed figure for 2024 of RMB 62.421 billion [1] Financial Performance - The projected profit for 2025 shows a decline of 14.7% to 6.3% when compared to the restated figure for 2024 of RMB 59.544 billion [1] - The company's operational performance remains stable, with core advantages in integrated operations continuing to strengthen [1] Market Conditions - The decline in operating performance is attributed to changes in industry supply and demand dynamics, leading to a decrease in coal sales volume and average selling prices [1] - Energy security and stable supply are effectively ensured despite the challenges faced [1]

2025年，集团生产经营态势保持平稳，一体化运营核心优势持续巩固，能源安全稳定供应得到有力保 障。但受行业供需形势变化影响，集团煤炭销售量及平均销售价格下降，导致经营业绩同比下降。 智通财经APP讯，中国神华(01088)发布公告，预计集团2025年度的归属于公司所有者的本年利润为人民 币508亿元至人民币558亿元，与上年披露数据(2024年：人民币624.21亿元)相比，下降18.6%至10.6%;与 经重述的上年数据(2024年：人民币595.44亿元)相比，下降14.7%至6.3%。 ...

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之內容概不負責，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份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 本公告所載本公司財務數據為根據國際財務報告準則編製的初步核算數據，未經 會計師事務所審計或審閱，可能與經審計的本公司截至2025年12月31日止年度 （「2025年度」）的財務報表數據存在差異。請投資者注意投資風險。 一、 2025年度業績預告情況 經初步測算，預計本集團2025年度的歸屬於本公司所有者的本年利潤為人民 幣508億元至人民幣558億元，與上年披露數據（2024年：人民幣624.21億元） 相比，下降18.6%至10.6%；與經重述的上年數據（2024年：人民幣595.44億 元）相比，下降14.7%至6.3%。 二、情況說明 （一）本年業績變動原因 2025年，本集團生產經營態勢保持平穩，一體化運營核心優勢持續鞏 固，能源安全穩定供應得到有力保障。但受行業供需形勢變化影響，本 集團煤炭銷售量及平均銷售價格下降，導致經營業績同比下降。 1 （在中華人民共和國註冊成立的股份有限公司） （股份代 ...

Group 1 - The coal mining sector increased by 0.46% on January 30, with Panjiang Coal and Electricity leading the gains [1] - The Shanghai Composite Index closed at 4117.95, down 0.96%, while the Shenzhen Component Index closed at 14205.89, down 0.66% [1] - Panjiang Coal and Electricity's stock price rose by 10.06% to 5.47, with a trading volume of 309,500 shares [1] Group 2 - Major coal mining stocks showed varied performance, with Dayou Energy up by 5.59% and Xin Dazhou A up by 3.63% [1] - The coal mining sector experienced a net outflow of 275 million yuan from main funds, while retail investors saw a net outflow of 56.08 million yuan [2] - Dayou Energy had a net inflow of 1.42 billion yuan from main funds, but retail investors had a net outflow of 75.69 million yuan [3]

Investment Rating - The report assigns an "Overweight" rating to the coal industry [5][27]. Core Insights - The coal sector's fund holdings have rebounded from historical lows, confirming the cyclical bottom in Q2 2025, with a reversal in the supply-demand dynamics now evident [3][5]. - The report recommends core stocks such as China Shenhua, Shaanxi Coal, and China Coal Energy, while also suggesting continued investment in Yanzhou Coal and Jinneng Holding [5][6]. Summary by Sections Fund Holdings - As of Q4 2025, the coal sector's fund holdings increased by 0.03% to 0.61%, with the top ten coal stocks' market value ratio rising from 0.49% in Q3 to 0.53% [5][9]. - The number of coal stocks in the top ten holdings decreased from 26 in Q3 2025 to 22 in Q4 2025, indicating a higher allocation to industry leaders with strong profit certainty [5][9]. Major Holdings - The top five coal stocks held by funds are China Shenhua (0.58%), Shaanxi Coal (1.70%), Yanzhou Coal (2.93%), Lu'an Environmental Energy (5.86%), and China Coal Energy (1.60%) [9][12]. - Notable increases in holdings were observed in Shanxi Coal International (5.00%), Pingmei Shenma (4.82%), and Hengyuan Coal Power (2.44%) [13]. Market Performance - The coal industry index outperformed the CSI 300 index in Q4 2025, indicating a positive market trend for coal stocks [6][18]. - The report highlights significant changes in holdings by the Shanghai-Hong Kong Stock Connect, with increased stakes in Jiangxi Tungsten, Zhengzhou Coal, and Kailuan Energy [13][14]. Valuation Metrics - The report provides valuation metrics for key coal companies, with China Shenhua's estimated PE ratio for 2025 at 15.50 and for 2026 at 14.62, indicating a favorable investment outlook [21][22].

Core Insights - The coal industry is undergoing a significant restructuring on the supply side, with policies aimed at controlling coal consumption in power generation and coal-to-gas projects, leading to a tighter supply environment. The emphasis on high-quality and compliant production capacity is expected to increase [4][6][10] - Demand for coal remains stable, driven by resilient electricity consumption and growth in the coal chemical sector, particularly in coal-to-oil and coal-to-olefins projects. Overall coal demand is projected to see slight growth in 2026 [4][6][10] - Investment recommendations include focusing on growth-oriented companies such as TBEA, Jinkong Coal, Huayang Co., Xinjie Energy, Huaihe Energy, and Yancoal Energy, as well as stable dividend-paying companies like China Shenhua, Shaanxi Coal, and China Coal Energy [4][10] - Contrary to common perceptions, the report argues that coal will maintain its strategic importance in energy supply, with a robust demand foundation supporting the industry's fundamentals. The cash-generating nature of the coal sector is expected to strengthen, with coal prices likely to remain at reasonable high levels, enhancing profitability and dividend capacity [4][10] Supply Side Analysis - The domestic coal production growth rate is slowing, with December 2025 coal production at 4.37 million tons, a year-on-year decrease of 1.0%. The overall production for 2025 is projected at 48.32 billion tons, a 1.2% increase year-on-year [22][24] - The report highlights that the supply-demand balance is tightening, with significant policy changes and production adjustments in key coal-producing regions [4][6][10] Demand Side Analysis - Industrial coal demand is showing a steady increase, while thermal power demand is experiencing temporary pressure. The chemical sector is emerging as a new growth driver, with coal consumption in chemical industries growing by 7% year-on-year in December [4][10] - The report indicates that the overall coal consumption is expected to stabilize and achieve slight growth in 2026, supported by ongoing electricity demand [4][10] Key Events and Policy Changes - Recent policy changes include the implementation of stricter safety regulations and the introduction of export tariffs by Indonesia, which are expected to impact global coal supply dynamics [6][10] - The report notes the establishment of a new coal transportation base in Guazhou, which is expected to enhance coal distribution efficiency and support national energy security [6][10] Price Dynamics - The seasonal adjustment of national railway freight rates is expected to influence coal price volatility, with price movements likely to accelerate during periods of freight rate adjustments [10] - The report anticipates that coal prices will rebound, particularly in the peak demand season, driven by improved demand and operational conditions [10]

登录新浪财经APP 搜索【信披】查看更多考评等级 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。 一、本次交易的基本情况 中国神华能源股份有限公司（"公司"或"中国神华"）拟发行A股股份及支付现金购买控股股东国家能源 投资集团有限责任公司（"国家能源集团"）持有的国家能源集团国源电力有限公司100%股权、国家能 源集团新疆能源化工有限公司100%股权、中国神华煤制油化工有限公司100%股权、国家能源集团乌海 能源有限责任公司100%股权、内蒙古平庄煤业（集团）有限责任公司（"平庄煤业"）100%股权、国家 能源集团陕西神延煤炭有限责任公司41%股权、山西省晋神能源有限公司49%股权、国家能源集团包头 矿业有限责任公司100%股权、国家能源集团航运有限公司100%股权、神华煤炭运销有限公司100%股 权、国家能源集团港口有限公司100%股权，以支付现金的方式购买国家能源集团西部能源投资有限公 司持有国电建投内蒙古能源有限公司100%股权，并于A股募集配套资金（"本次交易"）。 二、本次交易的进展 （一）本次交易 ...

证券代码：601088 证券简称：中国神华 公告编号：临 2026-005 中国神华能源股份有限公司 关于发行股份及支付现金购买资产并募集配套资金 暨关联交易事项的进展公告 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。 及其摘要的议案》等与本次交易相关的各项议案，具体内容详见公司于上海证券 交易所网站（www.sse.com.cn）及公司指定信息披露媒体发布的相关公告。 2026年1月23日，公司2026年第一次临时股东会审议通过了《关于<中国神华 发行股份及支付现金购买资产并募集配套资金暨关联交易报告书（草案）>及其 摘要的议案》等与本次交易相关的各项议案，具体内容详见公司于上海证券交易 所网站（www.sse.com.cn）及公司指定信息披露媒体发布的相关公告。 （二）关于若干探矿权减值补偿安排的情况 为充分保障上市公司利益，2026年1月28日，国家能源集团就平庄煤业的间 接全资子公司尼勒克县瑞安煤炭有限责任公司持有的探矿权"尼勒克县吉仁台 有烟煤矿西部勘探"（"西部勘探探矿权"或"标的测试资产"） ...

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之內 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份內容而產生或因倚賴該等內容而引致之任 何 損 失 承 擔 任 何 責 任。 茲提述本公司日期為2025年8月1日、2025年8月15日、2025年12月19日 及 2026年1月22日的公告，以及本公司日期為2025年12月24日的通函（「通函」）， 內容有關本公司建議通過發行A股股份及支付現金方式收購資產並於A 股 市 場 募 集 配 套 資 金。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與 通 函 所 界 定 者 具 有 相 同 涵 義。 一. 有關若干探礦權的承諾 亦茲提述本公司日期為2026年1月22日 之 公 告，據 此，本公司表明 就 本 次 交 易 而 言，平 莊 煤 業 目 前 持 有 的 若 干 探 礦 權，可 能 於 適 當 時 候 由 國 家 能 源 集 團 公 司 出 具 進 一 步 的 減 值 補 償 承 諾，以 進 一 步 保 障 本 公 司 及 其 股 東 的 利 ...