证券代码：601088 证券简称：中国神华 公告编号：临 2025-002 中国神华能源股份有限公司 关于第六届董事会第六次会议决议的公告 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"或"中国神华"）第六届董事会第 六次会议于 2025 年 1 月 10 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，于 1 月 14 日发送了议程、议案等会议材料，并于 2025 年 1 月21日在北京市东城区安定门西滨河路22号神华大厦以现场结合通讯方式召开。 会议应出席董事 8 人，亲自出席董事 7 人，委托出席董事 1 人。独立非执行董事 袁国强、王虹以视频接入方式参会。非执行董事康凤伟因公请假，委托非执行董 事李新华代为出席会议并投票。董事长吕志韧召集并主持会议。董事会秘书宋静 刚参加会议，监事和高级管理人员列席会议。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》 （"《公司章程》"）的规定。 本次会 ...

Investment Rating - The report assigns a "Buy-A/Buy-H" rating for the company, with a current price of 39.32 CNY / 30.85 HKD and a fair value of 44.13 CNY / 36.23 HKD [3]. Core Views - The company is expected to maintain stable growth across its various business segments in 2024, with a projected coal production increase of 0.8% year-on-year and a 5.2% increase in electricity generation [6]. - The company has a robust cash dividend policy, planning to maintain a cash dividend payout ratio of no less than 60% from 2022 to 2024, with actual payout ratios of 72.8% and 75.2% for 2022 and 2023 respectively, resulting in a current dividend yield of over 5% [6]. - The company’s coal, electricity, and transportation business models are expected to continue growing through internal projects and acquisitions [6]. Financial Performance Summary Revenue and Profitability - Revenue for 2022 was 344,533 million CNY, with a slight decline projected to 343,074 million CNY in 2023 and further to 338,994 million CNY in 2024, reflecting a growth rate of -0.4% and -1.2% respectively [2]. - The net profit attributable to shareholders is expected to decrease from 69,648 million CNY in 2022 to 59,694 million CNY in 2023, with a projected net profit of 58,096 million CNY in 2024, indicating a decline of 14.3% and 2.7% respectively [2]. - The EPS is projected to be 3.00 CNY in 2023 and 2.92 CNY in 2024, with a P/E ratio increasing from 7.88 in 2022 to 10.43 in 2023 [2][9]. Operational Metrics - The company’s coal production is projected to reach 327 million tons in 2024, with sales expected to be 459 million tons, reflecting a year-on-year increase of 2.1% [6]. - Total electricity generation is expected to be 2,232 billion kWh in 2024, with a 5.2% increase from the previous year [6]. Cash Flow and Financial Ratios - Operating cash flow is projected to decrease from 109,734 million CNY in 2022 to 89,687 million CNY in 2023, with a slight recovery expected in subsequent years [8]. - The company maintains a strong liquidity position, with a current ratio of 2.17 in 2023, expected to improve to 2.42 in 2024 [9]. Investment Recommendations - The report maintains the fair value estimates for the company's A-shares at 44.13 CNY and H-shares at 36.23 HKD, reiterating the "Buy" rating for both share classes [6].

Key Points Industry and Company * **Industry**: Media, Coal Industry, Power Generation * **Company**: Not specified, but mentioned as "we" and "us" in the context of discussions about operations, projects, and financials. Core Views and Arguments * **Media Industry**: The media industry has seen significant growth over the past six to seven years, with stable performance and strong contributions from the Chinese market. * **Coal Industry**: The coal industry has undergone significant changes over the past decade, with challenges and opportunities. The company discussed various aspects of the coal industry, including pricing, demand, and competition. * **Power Generation**: The power generation sector is facing challenges due to market competition and regulatory changes. The company discussed its strategies to adapt to these challenges and maintain profitability. Other Important Points * **New Management**: The company recently appointed new executives and directors, reflecting a commitment to change and improvement. * **Project Progress**: The company discussed progress on various projects, including the construction of new railway lines, ports, and power plants. * **Cost Management**: The company emphasized the importance of cost management and efficiency improvements to maintain profitability. * **Market Outlook**: The company expressed cautious optimism about the future, acknowledging the challenges and opportunities in the current economic environment. Detailed Breakdown Industry and Company * **Media Industry**: "From this year onwards, to six years ago, to six years, our entire media range, in terms of age, has already had six roots of black lines. Today should be the seventh year, and it may still be possible to see seven roots of black lines on the agents. Six years, six years, seven years, seven years. So you can know that in the process of meat eyes, the role played by our country's contribution to the suppression of monopoly is still significant." [1] * **Coal Industry**: "The coal industry has changed a lot in the past ten years. It's all right. Today's meeting is mainly about the coal industry. I would like to briefly introduce the company's P5G information information." [2] * **Power Generation**: "The power generation sector is facing challenges due to market competition and regulatory changes. The company discussed its strategies to adapt to these challenges and maintain profitability." [3] Core Views and Arguments * **Media Industry**: "The media industry has seen significant growth over the past six to seven years, with stable performance and strong contributions from the Chinese market." [1] * **Coal Industry**: "The coal industry has undergone significant changes over the past decade, with challenges and opportunities. The company discussed various aspects of the coal industry, including pricing, demand, and competition." [2] * **Power Generation**: "The power generation sector is facing challenges due to market competition and regulatory changes. The company discussed its strategies to adapt to these challenges and maintain profitability." [3] Other Important Points * **New Management**: "The company recently appointed new executives and directors, reflecting a commitment to change and improvement." [2] * **Project Progress**: "The company discussed progress on various projects, including the construction of new railway lines, ports, and power plants." [3] * **Cost Management**: "The company emphasized the importance of cost management and efficiency improvements to maintain profitability." [4] * **Market Outlook**: "The company expressed cautious optimism about the future, acknowledging the challenges and opportunities in the current economic environment." [5]

是非常的明显的所以说市场上对煤炭的红利逻辑也是在这一段时间被挖掘出来的但如果是站在更长的历史时间里边来看我们还是认为煤炭的双逻辑它是都会存在的只是在不同的时间里边它会侧重的逻辑不太一样有时候会侧重于红利有时候会侧重于周期 那我们现在展望2025年的一个状态呢我们是认为煤炭的红利逻辑和周期逻辑也会出现交替性的出现这里边呢我们也对煤炭的逻辑做一个时间上的分界线也就是三月份两会召开这个时间点 从当前开始到三月份两会召开我认为呢煤炭的红利逻辑会占优理由呢大概包括以下几点第一个呢我们认为就是高层的政策的刺激从现在开始到两会之前应该是没有更高层的会议再出来讲话给大家很强的一个政策的刺激了 特朗普上台的时间点 最近一次就是三周之前中央政治局的会议和中央经济工作会议当时都做了很强的表态当时我们说从措辞上来讲提到了问楼市问股市但是资本市场上可能因为对政策的预期影感度在逐渐的顿化所以说股市表现没有那么的突出第二我们认为从 20号他上台之后预计可能会对中国的打压程度或者说对抗的烈度会大幅的提升他这边也一直在说上台第一天就会签署20多个行政命令这里边肯定会包括对中国的一个打压的态度或者说是方法所以我认为在这样的一个状态之下可能A股的 ...

证券代码：601088 证券简称：中国神华 公告编号：临 2024-059 中国神华能源股份有限公司 关于子公司取得东胜东至台格庙铁路项目 核准批复的公告 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。 本公司将根据项目核准批复要求，积极推进项目建设，并按照证券监管要求 及时履行相关信息披露义务。敬请广大投资者注意投资风险。 特此公告。 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 2024 年 12 月 27 日 近日，本公司东胜东至台格庙铁路项目取得内蒙古自治区发展改革委核准批 复。 东胜东至台格庙铁路项目位于内蒙古自治区鄂尔多斯市伊金霍洛旗和康巴 什区，自海勒斯壕南站起至台格庙矿区月牙树湾装车站。正线全长 97.611 公里， 联络线长 8.915 公里，联络线分别连接巴准、包神等铁路，是新街台格庙矿区及 附近煤矿煤炭外运的主要运输通道。项目总投资约为人民币 113.47 亿元，资金 来源为项目建设单位自有资本金 30%、银行贷款 70%。项目建设工期为自开工 之日起 ...

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。 证券代码：601088 证券简称：中国神华 公告编号：临 2024-058 中国神华能源股份有限公司 关于第六届董事会第五次会议决议的公告 中国神华能源股份有限公司（"本公司"）第六届董事会第五次会议于 2024 年 12 月 6 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，于 12 月 10 日发送了议程、议案等会议材料，并于 2024 年 12 月 20 日在北 京市朝阳区鼓楼外大街 19 号北京歌华开元大酒店以现场结合通讯方式召开。会 议应出席董事 8 人，亲自出席董事 7 人，委托出席董事 1 人。袁国强董事以视频 接入方式参会。非执行董事康凤伟因公请假，委托非执行董事李新华代为出席会 议并投票。董事长吕志韧召集并主持会议。董事会秘书宋静刚参加会议，监事和 高级管理人员列席会议。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 ...

北京市金杜律师事务所 关于中国神华能源股份有限公司 2024 年第二次临时股东大会的 法律意见书 致：中国神华能源股份有限公司 北京市金杜律师事务所（以下简称本所）接受中国神华能源股份有限公司 （以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会（以 下简称中国证监会）《上市公司股东大会规则（2022 年修订）》（以下简称《股 东大会规则》）等中华人民共和国境内（以下简称中国境内，为本法律意见书之 目的，不包括中国香港特别行政区、中国澳门特别行政区和中国台湾地区）现 行有效的法律、行政法规、规章（以下统称法律法规）和现行有效的《中国神 华能源股份有限公司章程》（以下简称《公司章程》）有关规定，指派律师出席 了公司于 2024 年 12 月 20 日召开的 2024 年第二次临时股东大会（以下简称本 次股东大会），并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师查阅了公司提供的以下文件： 1. 公司于 2021 年 6 月 25 日召开 2020 年度股东周年大会审议通过的《公 司章程》； 2. ...

证券代码：601088 证券简称：中国神华 公告编号：2024-057 中国神华能源股份有限公司 2024 年第二次临时股东大会决议公告 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： 中国神华能源股份有限公司（"本公司"）2024 年第二次临时股东大会（"本 次股东大会"）是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 1,773 | | --- | --- | | 其中：A 股股东人数 | 1,772 | | 股） 境外上市外资股股东人数（H | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 15,132,682,303 | | 其中：A 股股东持有股份总数 | 14,165,818,942 | | 境外上市外资股股东持有股份总数（H 股） | 966,863,361 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 76.164115 | | 份总数的比例（%） | | | 其中：A 股股东持股占股份总数的比例（%） | 71.297 ...

Summary of China Shenhua's Conference Call Company Overview - **Company**: China Shenhua Energy Company Limited - **Industry**: Coal and Energy Key Points and Arguments Financial Performance - For the period from January to November, the company's performance showed a year-on-year decline, but month-on-month stability was observed, with confidence in achieving slightly above the annual guidance target [2][3] - The decline in coal prices was primarily due to demand issues and high inventory levels, but a recovery in energy demand is expected to support coal prices [2][4] Sales and Pricing Structure - Approximately 75-80% of sales are derived from long-term contracts, resulting in minimal price fluctuations [2][4] - The current coal price environment is characterized by a lack of seasonal demand, but colder weather and economic stimulus policies are anticipated to support coal prices moving forward [2][4] Inventory Levels - The company's inventory is below the industry average, with a stable supply due to coal-electricity integration and a high proportion of long-term contracts [2][5] - Current supply and demand conditions are not particularly tight, although uncertainties regarding demand persist [5] Market Dynamics - The coal supply-demand situation is slightly loose, with increased supply expected from Shanxi's production recovery and the impact of hydropower and economic recovery on coal prices [2][9] - The long-term price fluctuation range is expected to be small, with potential pressure in the first half of the year but support anticipated in the second half if economic conditions improve [9] Cost Management - The company anticipates a slight increase in costs in the fourth quarter due to higher labor and depreciation costs associated with increased self-operated business [2][13] - Overall, the company aims to maintain a low-cost advantage while achieving moderate growth through effective cost control measures [13] Long-term Contracts and Pricing Mechanism - The signing ratio for long-term contracts is expected to be slightly relaxed in 2025, with stable production levels anticipated [2][7] - The introduction of the CPI index is intended to balance the coal-electricity relationship and provide coal companies with greater pricing power [2][8] Future Outlook - The economic outlook for China presents significant uncertainties, particularly regarding demand, but a moderate increase in energy demand is expected [2][15] - The company is committed to maintaining a dividend policy of at least 60% of annual profits while ensuring sufficient cash flow for market opportunities [2][28] Strategic Initiatives - The company is actively pursuing the construction of new coal mines, with the New Street Mine expected to start production by 2028 [2][14] - Ongoing asset acquisition projects, such as those involving Hangjin and Dayan mining, are in progress, with updates to be provided as developments occur [2][17] Challenges and Responses - The company is focused on controlling costs and optimizing management to navigate market challenges and safeguard shareholder interests [2][29] - The coal industry is expected to face price competition pressures, particularly in coastal regions, due to rapid growth in power generation capacity [2][22] Conclusion - China Shenhua is positioned to maintain profitability through strategic management of costs, long-term contracts, and market adaptability, while also preparing for potential economic fluctuations and industry challenges [2][30]

Summary of China Shenhua's Conference Call Company Overview - **Company**: China Shenhua Energy Company Limited - **Industry**: Coal and Energy Key Points and Arguments Financial Performance - **Performance Decline**: For the period from January to November, the company's performance showed a year-on-year decline, but month-on-month performance remained stable, with confidence in achieving slightly above the annual guidance target [2][3] - **Coal Price Trends**: The decline in coal prices is primarily due to demand issues and high inventory levels, but a recovery in energy demand is expected to support coal prices [2][4] Sales and Contracts - **Sales Structure**: 75-80% of sales are derived from long-term contracts, resulting in minimal price fluctuations. The company expects that cold weather and economic stimulus policies will support coal prices in the near future [2][4] - **Inventory Levels**: The company's inventory is below the industry average, and the integration of coal and power operations, along with long-term contracts, mitigates market volatility [2][5] Market Conditions - **Supply and Demand**: The coal supply-demand situation is slightly loose, with increased supply expected from Shanxi's production recovery. The impact of hydropower and economic recovery on coal prices is also noted [2][9] - **Future Price Expectations**: The introduction of the CPI index is expected to balance the coal-electricity relationship and provide coal companies with more pricing power. The short-term fluctuations in the spot market are anticipated to have limited impact on the long-term coal sales market [2][8] Operational Insights - **Production and Sales**: November saw a slight decline in production and sales, attributed to changes in downstream thermal power demand and increased wind power generation [2][11] - **Cost Management**: The company anticipates a slight increase in costs in Q4 due to higher labor and depreciation costs from increased self-operated business activities. However, efforts are being made to control costs and maintain a low-cost advantage [2][13] Strategic Outlook - **Long-term Contracts**: The signing of long-term contracts for 2025 is expected to be slightly relaxed, with stable production levels anticipated. A downward trend in coal prices may favor external coal purchases [2][7] - **Economic Impact**: The company acknowledges uncertainties in the economic landscape but expects moderate growth in energy demand, particularly for thermal coal, as China aims for a GDP growth rate of 4-5% [2][15] Future Projects - **New Mining Projects**: The Xin Street mine is expected to start construction in early 2024, with production anticipated by the end of 2028 [2][14] - **Acquisition Progress**: The acquisition of Hanjin and Dayan mining assets is ongoing, with updates to be provided as progress is made [2][17] Challenges and Responses - **Market Challenges**: The company plans to control costs and leverage sales policies to navigate market challenges while ensuring shareholder returns [2][29] - **Dividend Policy**: The company maintains a commitment to a minimum annual dividend of 60%, ensuring shareholder returns while managing cash flow for market opportunities [2][28] Conclusion - **Overall Outlook**: China Shenhua aims to optimize management and enhance efficiency in response to market changes, while also focusing on maintaining stable performance and high dividend yields [2][30]