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]

多家上市煤企近日公布的今年一季度业绩显示，全国煤炭产量创历史同期新高，其中山西煤炭产量大 增，煤炭供应总量充足。但同时，市场维持供强需弱局面，煤炭销售量和价格普遍下降，营收和行业效 益均出现一定程度下降，不过多数公司仍维持盈利，长协煤、新能源和煤化工等业务指标呈逆势上涨， 体现出企业的韧性和转型机遇。 产量再创同期新高 国家能源局发展规划司副司长邢翼腾日前介绍，一季度我国规上工业原煤产量12亿吨，同比增长 8.1%；3月规上工业原煤产量同比增长9.6%，日均产量超过1400万吨。 中国煤炭运销协会指出，尽管一季度煤炭供给整体充足，同时宏观经济运行总体平稳，全社会用电小幅 增长，但工业用电同比下降，叠加非化石能源出力较好等因素，煤炭消费出现回落。一季度煤炭供需相 对宽松，全社会煤炭库存继续升高，特别是上中游存煤明显累积，煤炭市场总体呈现供强需弱局面，市 场价格弱势下行，行业效益大幅下降。 作为全球规模最大的煤炭上市公司之一，中国神华（601088）的业务覆盖煤炭、电力、铁路、港口、航 运、煤化工等全产业链。该公司表示，煤炭销售量及平均销售价格下降导致煤炭销售收入减少、售电量 及平均售电价格下降导致售电收入减少， ...

Core Viewpoint - China Shenhua's 2024 revenue decreased by 1.4% to 338.375 billion yuan, with net profit down 1.7% to 58.671 billion yuan, indicating a challenging financial environment due to falling coal prices and rising production costs [1] Financial Performance - In Q1 2025, the company reported a revenue of 69.585 billion yuan, a significant decline of 21.1%, and a net profit of 11.949 billion yuan, down 18.0% year-on-year [1] - The weighted average return on equity for 2024 was 14.04%, a decrease of 0.84 percentage points compared to the previous year [1] Coal Division - Coal production in 2024 reached 327 million tons, an increase of 0.8%, while sales volume rose by 2.1% to 459 million tons [1] - The average selling price of coal (excluding tax) was 564 yuan/ton, down 3.4% year-on-year, with production costs rising by 1.45% to 180.439 billion yuan [1] - The coal division's revenue for 2024 was 268.618 billion yuan, a decrease of 1.7%, with total profit down 7.1% to 54.365 billion yuan [1] Power Generation Division - In 2024, the power generation segment showed resilience with a sales volume of 210.28 billion kWh, up 5.3%, although the average selling price fell by 2.7% to 403 yuan/MWh [2] - The total profit for the power generation division increased by 2.0% year-on-year [2] Transportation and Coal Chemical Divisions - The transportation segment saw a stable growth with a turnover of 312.1 billion ton-km, up 0.9%, while revenue reached 43.115 billion yuan, a slight increase of 0.4% [3] - The coal chemical division's revenue was 5.633 billion yuan, down 7.6%, with a gross margin of 5.8%, a decline of 5.4 percentage points [3] Future Outlook - The company plans to deepen coal-electricity integration and expand new projects, with significant investments in coal production and power generation projects [5] - The company is expected to maintain high cash dividends, with a proposed dividend of 2.26 yuan per share, totaling 44.903 billion yuan, representing 76.5% of net profit [6] - Profit forecasts for 2025-2027 project net profits of 54.117 billion, 55.637 billion, and 55.035 billion yuan, respectively, with corresponding EPS of 2.72, 2.80, and 2.77 yuan [6]

Core Viewpoint - The recent performance of the China Securities Dividend Low Volatility 100 Index and its associated ETF indicates a growing interest in stable dividend-paying stocks, particularly in the coal sector, amidst market volatility and changing economic policies [4][5]. Group 1: Index and ETF Performance - As of May 21, 2025, the China Securities Dividend Low Volatility 100 Index rose by 0.66%, with key stocks like Shaanxi Coal and China Shenhua showing significant gains of 4.90% and 2.86% respectively [3]. - The Dividend Low Volatility 100 ETF (159307) has seen a price increase of 0.57%, marking its third consecutive rise, with a latest price of 1.06 yuan [3]. - The ETF's trading volume reached 504.55 million yuan, with a turnover rate of 0.54% during the session [3]. Group 2: Market Sentiment and Investment Trends - Recent U.S. tariff policies have impacted market sentiment, leading investors to seek stable assets, particularly in the coal sector where inventory levels are decreasing and coal prices are stabilizing [4]. - Several state-owned coal enterprises have initiated share buybacks and asset injection plans, reflecting confidence in the coal industry's growth and stability [4]. Group 3: Fund Flows and Performance Metrics - The Dividend Low Volatility 100 ETF recorded a net inflow of 1,050.77 million yuan, with nine out of the last ten trading days showing positive net inflows totaling 2,189.61 million yuan [5]. - The ETF has achieved a 6.54% increase in net value over the past year, ranking first among comparable funds [6]. - The ETF's management fee is 0.15%, and its tracking error over the past two months is 0.032%, indicating strong performance relative to its benchmark [6]. Group 4: Top Holdings - As of April 30, 2025, the top ten weighted stocks in the index include Jizhong Energy, Daqin Railway, and Xiamen International Trade, collectively accounting for 19.66% of the index [7].

閣下如已出售或轉讓名下所有中國神華能源股份有限公司股份，應立即將本通函送交買主、承讓人、經手 買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 本通函僅供參考，並不構成收購、購買或認購中國神華能源股份有限公司證券的邀請或要約。 此乃要件 請即處理 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通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通函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。 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券交易商、 銀行經理、律師、專業會計師或其他專業顧問。 （股份代碼：01088） 2025-2027年度股東回報規劃 及 建議回購H股的一般授權 董事會函件載於本通函第3頁至第9頁。 本公司將於2025年6月20日（星期五）上午九時正及十時四十五分，假座中華人民共和國北京市朝陽區鼓樓 外大街19號歌華開元大酒店二層和廳召開股東周年大會及H股類別股東會，該等大會通告載於本通函第14 頁至第24頁。 隨函附奉上述大會適用的回條及代表委任表格。欲出席相關大會的股東，務請按 ...

证券代码：601088 证券简称：中国神华 公告编号：临2025-026 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 20 日至2025 年 6 月 20 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为 股东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 1 中国神华能源股份有限公司 关于召开2024年度股东周年大会、 2025 年第一次 A 股类别股东会的通知 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： 一、 召开会议的基本情况 （二）2025 年第一次 A 股类别股东会审议议案及投票股东类型 | 序号 | | 议案名称 | 投票股东类型 | | --- | --- | --- | --- | | | | | A 股股东 | | | | 非累积投票议案 | | | 1 | 《关于授予董事会回购 H | 股股份的一般 ...

Core Viewpoint - The report from Guosheng Securities indicates a significant decline in coal imports and a downward trend in reliance on thermal coal, with a projected annual decrease in thermal coal imports by 4.9% for 2025 [1][3]. Group 1: Coal Production and Import Trends - In April 2025, the raw coal production decreased by 5 million tons month-on-month, with a total output of 390 million tons, reflecting a year-on-year growth of 3.8% [2]. - The total coal imports in April 2025 were 37.83 million tons, a decrease of 16.41% compared to the same month last year [3]. - For the first four months of 2025, coal imports totaled 152.67 million tons, down 5.3% year-on-year [3]. Group 2: Power Generation Insights - In April 2025, the industrial power generation was 711.1 billion kWh, showing a year-on-year increase of 0.9% [4]. - The thermal power generation in April 2025 saw a year-on-year decline of 2.3%, maintaining the same decline rate as in March [4]. - Renewable energy sources such as wind and solar power showed accelerated growth rates of 12.7% and 16.7% respectively in April 2025 [4]. Group 3: Steel Production and Market Dynamics - The crude steel production in April 2025 was 86.02 million tons, remaining flat year-on-year [5]. - The average daily iron water production from 247 sample steel mills was 2.448 million tons, reflecting a year-on-year increase of 3.3% [5]. - The market anticipates a seasonal peak in steel demand, with potential downward pressure on iron water production due to slowing inventory depletion [5]. Group 4: Investment Recommendations - The report recommends key coal enterprises such as China Shenhua (601088) and China Coal Energy (601898) for investment [6]. - It highlights the potential of companies like Xinji Energy (601918) and Shaanxi Coal (601225) based on performance metrics [6][7]. - The report also notes the importance of monitoring the impact of coal imports and domestic policy changes on market dynamics [5][6].

Investment Rating - The report maintains a "Strong Buy" rating for China Shenhua [5][13] Core Views - China Shenhua demonstrates resilience in its coal-electricity integrated operations, with a commitment to high cash dividends reflecting strong returns [12][13] - The company is expected to see stable performance from its coal business due to asset injections and the gradual production from new mines [13] Financial Performance Summary - In 2024, the company achieved operating revenue of CNY 338.375 billion, a decrease of 1.4% year-on-year, and a net profit attributable to shareholders of CNY 58.671 billion, down 1.7% year-on-year [1] - For Q1 2025, operating revenue was CNY 69.585 billion, a decline of 21.1% year-on-year, with a net profit of CNY 11.949 billion, down 18.0% year-on-year [1] Coal Division Summary - In 2024, the coal production reached 327 million tons, an increase of 0.8% year-on-year, while coal sales volume was 459 million tons, up 2.1% year-on-year [2] - The average selling price of coal (excluding tax) was CNY 564 per ton, a decrease of 3.4% year-on-year [2] - The coal division's revenue was CNY 268.618 billion, down 1.7% year-on-year, with a total profit of CNY 54.365 billion, down 7.1% year-on-year [2] Power Generation Division Summary - In 2024, the power generation business showed resilience with a sales volume of 2,102.8 billion kWh, an increase of 5.3% year-on-year, although the average selling price decreased by 2.7% [3] - For Q1 2025, total power generation and sales volume decreased by 10.7% year-on-year, with total profit down 17.2% [4] Transportation and Coal Chemical Divisions Summary - The transportation division saw a stable growth with a railway turnover of 3,121 billion ton-km, up 0.9% year-on-year, while revenue was CNY 43.115 billion, an increase of 0.4% [4] - The coal chemical division reported revenue of CNY 5.633 billion, down 7.6% year-on-year, with a gross margin of 5.8%, a decrease of 5.4 percentage points [11] Future Outlook - The company plans to invest CNY 11 billion in new coal mining projects, expected to yield a production capacity of 16 million tons per year [12] - A total cash dividend of CNY 2.26 per share is proposed for 2024, amounting to CNY 44.903 billion, representing 76.5% of the net profit attributable to shareholders [12]

Investment Rating - The report maintains a "Strong Buy" rating for China Shenhua [5][13] Core Views - China Shenhua demonstrates resilience in its coal-electricity integrated operations, with a commitment to high cash dividends reflecting strong returns [12][13] - The company is expected to see stable performance from its electricity sales and ongoing growth in coal production capacity due to new projects [13] Financial Performance Summary - In 2024, the company achieved operating revenue of CNY 338.375 billion, a decrease of 1.4% year-on-year, and a net profit attributable to shareholders of CNY 58.671 billion, down 1.7% year-on-year [1] - For Q1 2025, operating revenue was CNY 69.585 billion, a decline of 21.1% year-on-year, with a net profit of CNY 11.949 billion, down 18.0% year-on-year [1] Coal Division Summary - In 2024, the coal production volume reached 327 million tons, an increase of 0.8% year-on-year, while coal sales volume was 459 million tons, up 2.1% year-on-year [2] - The average selling price of coal (excluding tax) was CNY 564 per ton, a decrease of 3.4% year-on-year [2] - The coal division's revenue was CNY 268.618 billion, down 1.7% year-on-year, with total profit of CNY 54.365 billion, a decrease of 7.1% year-on-year [2] Power Generation Division Summary - In 2024, the power generation business showed resilience with a sales volume of 2,102.8 billion kWh, an increase of 5.3% year-on-year, although the average selling price decreased by 2.7% [3] - For Q1 2025, total power generation and sales volume decreased by 10.7% year-on-year, with total profit of CNY 2.625 billion, down 17.2% year-on-year [4] Transportation and Coal Chemical Divisions Summary - The transportation division achieved a turnover of 3,121 billion ton-km in 2024, a growth of 0.9% year-on-year, with revenue of CNY 43.115 billion, up 0.4% year-on-year [4] - The coal chemical division reported revenue of CNY 5.633 billion in 2024, down 7.6% year-on-year, with a gross margin of 5.8%, a decrease of 5.4 percentage points [11] Future Outlook - The company plans to invest CNY 1.1 billion in new coal mining projects, expected to yield a production capacity of 16 million tons per year [12] - High cash dividends are expected to continue, with a proposed dividend of CNY 2.26 per share, totaling CNY 44.903 billion, representing 76.5% of net profit attributable to shareholders [12]

Investment Rating - The industry investment rating is maintained as "Increase" [6] Core Viewpoints - The coal mining industry is expected to see improved demand as effective supply decreases, presenting a good investment opportunity since the beginning of the year [1] - In April 2025, the raw coal production decreased by 50 million tons month-on-month, with an annual growth rate of 3.8% [1][12] - The forecast for 2025 indicates a net increase in production of only 55-60 million tons, with a year-on-year growth rate of approximately 1.2-1.3%, continuing to slow down compared to 2024 [1][12] Summary by Sections Production - In April 2025, the raw coal production was 390 million tons, with a year-on-year increase of 3.8% [1][12] - The average daily production in April was 12.98 million tons [1][12] Import - In April 2025, coal imports were 37.83 million tons, a decrease of 16.41% year-on-year [2][16] - For the first four months of 2025, total coal imports were 152.67 million tons, down 5.3% year-on-year [2][16] - The forecast for 2025 suggests that thermal coal imports may stabilize or decline slightly, with an expected total of around 385 million tons, a year-on-year decrease of 4.9% [2][16] Demand - In April 2025, the industrial power generation was 711.1 billion kWh, with a year-on-year growth of 0.9% [3][19] - The industrial thermal power generation decreased by 2.3% year-on-year, remaining stable compared to March [3][19] - The growth rates for wind and solar power generation increased to 12.7% and 16.7% respectively in April [3][19] Investment Recommendations - Key recommendations include major coal enterprises such as China Shenhua (H+A), China Coal Energy (H+A), and turnaround opportunities like China Qinfa [5][37] - Other recommended stocks include new energy companies with strong performance such as Xinjie Energy, Shaanxi Coal, and Electric Power Energy [5][37] - Companies with potential for future growth include Huayang Co. and Gansu Energy [5][37]