证券代码：601088 证券简称：中国神华 公告编号：临 2024-033 中国神华能源股份有限公司 关于子公司取得新街三井、新街四井探矿权的公告 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。 近日，本公司控股子公司神华新街能源有限责任公司取得内蒙古自治区东胜 煤田台格庙北区新街三井、新街四井探矿权，并获得相关煤炭资源勘探勘查许可 证。 新街三井勘查许可证所载勘查面积为 78.7718 平方公里，有效期限自 2024 年 7 月 19 日至 2027 年 5 月 12 日；新街四井勘查许可证所载勘查面积为 64.9616 平方公里，有效期限自 2024 年 7 月 19 日至 2027 年 5 月 12 日。 本公司将继续推进新街三井、新街四井的煤炭资源勘探和相关权证申办工 作，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 8 月 9 日 ...

证券代码：601088 证券简称：中国神华 公告编号：2024-032 基金名称：国能（北京）科创种子基金（有限合伙） 管理人名称：国能（北京）私募基金管理有限公司 托管人名称：中国建设银行股份有限公司 中国神华能源股份有限公司 关于子公司参与设立国能（北京）科创种子基金 暨关联交易进展的公告 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。 经中国神华能源股份有限公司（"本公司"）第五届董事会第三十次会议批准， 本公司所属国能神东煤炭集团有限责任公司等 6 家子公司，作为有限合伙人合计 出资 1.2 亿元，与国家能源投资集团有限责任公司所属国家能源集团资本控股有 限公司等 5 家子公司，共同出资设立国能（北京）科创种子基金（有限合伙）（"种 子基金"）。相关情况详见本公司于 2024 年 5 月 31 日在上海证券交易所网站 （www.sse.com.cn）披露的《中国神华关于子公司参与设立国能（北京）科创种 子基金暨关联交易的公告》。 近日，种子基金已在中国证券投资基金业协会完成备案手续，备案信息如下： ...

显现不准市场偷罪参会投资者视为同意以下承诺一、不打算公司未公开重大信息二、不泄露无意间获取的未公开重大信息不利用所获取的未公开重大信息买卖或者建议他人买卖公司股票及其亚军群众三、在投资价值分析报告等研究报告新闻稿等文件中不使用未公开重大信息除非公司同时披露该信息 4.在投资价值分析报告等研究报告中设置盈利预测和股价预测的著名资料来源不使用主观计算缺乏事实根据的资料5.在投资价值分析报告等研究报告新闻稿等文件对外发自获得使用前知会公司6.本次会议不允许录音不允许传播录音或文字企业报告完毕尊敬的各位投资者 孙医师下午好感谢大家对于中国城华长期以来的关注和支持我是中国城华中间事务代表和总办主任庄员出席今天交流会议的中国城华党委委员总会计师所谓秘书宋金刚先生公司财务部主任余燕玲女士公司销售集团财务部经理蔡永泓先生 市场信息研究所副首长朱峰先生营销管理部明文亮先生还有公司本部财务部核算处的八志鑫董办投关处陈力宏王明宇主席首先我想跟大家汇报一下公司2024年上半年的运营情况近期公司披露了上半年的月绩预告和上半年的 经营数据其实根据监管要求公司的运营数据的变动财务数据的变动没有达到50%没有强制披露的义务但是公司还是坚持以 ...

Financial Data and Key Indicators Changes - In the first half of 2024, the company achieved a coal production of 163.2 million tons, a year-on-year increase of 1.6% [5] - The sales volume reached 229.7 million tons, up 5.4% year-on-year [5] - Total power generation was 104 billion kWh, reflecting a year-on-year growth of 3.8% [6] - The net profit attributable to shareholders is estimated to be between 28.6 billion to 30.6 billion yuan, a year-on-year decrease of 8.1% to 14.1% [6] - Under international financial reporting standards, the expected net profit is between 31.8 billion to 33.8 billion yuan, a decline of 8.4% to 13.8% [6] Business Line Data and Key Indicators Changes - The coal production and sales have shown stable growth, with production increasing by 1.6% and sales by 5.4% [5] - The power generation segment saw a slight increase in output, with a year-on-year growth of approximately 1.9% [16] - The average selling price of electricity has decreased, with a preliminary estimate of a decline of about 0.01 yuan [19] Market Data and Key Indicators Changes - The national electricity consumption increased by approximately 8% in the first half of the year, but the growth in thermal power generation was lower, around 2% to 3% [17] - The average selling price of coal in the first half of the year showed a downward trend, with prices fluctuating around 70 yuan per ton [26] Company Strategy and Development Direction and Industry Competition - The company aims to maintain a high level of shareholder returns and has committed to a dividend payout ratio of no less than 60% of distributable profits [13] - The management emphasized the importance of integrated operations to enhance resilience against market fluctuations and to improve profitability [23] - The company is focusing on optimizing its coal and power generation operations to adapt to changing market conditions and regulatory environments [41] Management's Comments on Operating Environment and Future Outlook - The management acknowledged the challenges posed by fluctuating coal prices and the impact of renewable energy on thermal power generation [20] - There is an expectation of a continued decline in electricity prices due to increased competition and changes in supply-demand dynamics [20] - The management remains optimistic about the company's ability to navigate market changes and maintain stable performance [39] Other Important Information - The company has been recognized for its ESG performance, ranking 13th among the top 100 ESG companies in China [52] - The company is committed to sustainable development and aims to enhance its operational efficiency through technological advancements [23] Q&A Session All Questions and Answers Question: Regarding shareholder returns and dividend policy - The management confirmed that the company has consistently maintained a high level of dividends, with a recent payout exceeding 5.5% in A-shares [11] - Future dividend strategies will continue to align with the company's sustainable high return policy, taking into account operational performance and capital expenditures [12][14] Question: Inquiry about electricity prices in the second quarter - The management indicated that the average selling price of electricity has decreased, and they expect this trend to continue in the coming quarters [19][20] - The overall power generation and sales outlook for the second half of the year is cautiously optimistic, with expectations of some recovery compared to the first half [20] Question: Inquiry about coal prices and market trends - The management noted that coal prices have shown a downward trend in the first half of the year but expect a more stable outlook in the second half due to economic recovery and demand growth [27][28] - The company anticipates that coal prices will stabilize within a range of 700 to 900 yuan in the medium to long term, influenced by various market factors [46][47]

2024 年 6 月，本公司自有铁路运输周转量同比增长的主要原因，是自有铁 路沿线煤源充足以及煤炭销量增加带来铁路运量增长；天津煤码头装船量同比增 长的主要原因，是到港资源增加以及上年同期基数较低；航运货运量、航运周转 量同比下降的主要原因是业务结构调整、上年同期基数较高；总发电量、总售电 量同比下降的主要原因，是受南方地区水电出力影响，以及安排设备检修，部分 燃煤机组利用小时数同比下降；聚乙烯、聚丙烯销售量同比增长的主要原因，是 生产装置检修后生产效率较高，聚烯烃产品产量增加。 证券代码：601088 证券简称：中国神华 公告编号：临 2024-031 中国神华能源股份有限公司 2024 年 6 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 | 2024 | 年 | 2023 | 年 | 同比变化(%) | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 月 6 | 累计 | ...

Investment Rating - The investment rating for the company is "Buy - A / Buy - H" [2] Core Views - The company is expected to maintain a long-term advantage as a leading energy player, with performance stability better than peers [1][2] - The forecasted reasonable value is 43.87 CNY per share for A-shares and 35.44 HKD per share for H-shares [2] Financial Performance Summary - The company anticipates a net profit attributable to shareholders of 28.6-30.6 billion CNY for the first half of the year, representing a year-on-year decline of 14.1%-8.1% [3] - The average sales price of coal and the average utilization hours of coal-fired units have decreased, impacting performance [3] - In Q2, the expected net profit is 12.72-14.72 billion CNY, with a year-on-year decline of 13.4%-0.2% and a quarter-on-quarter decline of 19.9%-7.3% [3] - The company’s coal production for the first five months increased by 2.3% year-on-year, with sales up by 5.3% [3] - Power generation for the same period rose by 6.8%, outperforming the industry average growth of 3.6% [3] Earnings Forecast and Investment Recommendations - The company’s business model is robust, with expected growth in coal and electricity operations through internal projects and acquisitions [3] - The dividend payout ratio has significantly increased since 2017, with a planned cash dividend ratio of no less than 60% for 2022-2024 [3] - The estimated earnings per share (EPS) for 2024-2026 are projected to be 2.87, 2.91, and 3.01 CNY respectively [3] - The report maintains the "Buy" rating for both A and H shares, with a reasonable value unchanged [3]

Investment Rating - The investment rating for the company is "Buy" with target prices of 54.20 RMB for A shares and 44.30 HKD for H shares [2][4]. Core Views - The report indicates that coal prices are expected to rise in the second half of 2024 due to demand support, despite a decline in coal prices impacting the company's performance in the first half of 2024 [1][5]. - The company is projected to achieve a net profit of 286-306 billion RMB in the first half of 2024, reflecting a year-on-year decline of 8.1%-14.1% [5][6]. - The integrated operation model of the company helps mitigate the impact of falling coal prices on its performance [5][6]. Financial Performance Summary - The company's revenue is forecasted to decline from 343,074 million RMB in 2023 to 333,082 million RMB in 2024E, representing a decrease of 2.91% [5][11]. - The net profit attributable to the parent company is expected to recover slightly from 59,694 million RMB in 2023 to 63,288 million RMB in 2024E, marking a growth of 6.02% [5][11]. - The earnings per share (EPS) is projected to be 3.19 RMB in 2024E, up from 3.00 RMB in 2023 [5][11]. Market and Operational Insights - The company reported a stable increase in coal production and sales, with a year-on-year growth of 2.3% and 5.3% respectively for the first five months of 2024 [6]. - The average selling price of coal has decreased, with the Qinhuangdao 5500 kcal thermal coal spot price down approximately 14.4% year-on-year [5][6]. - The electricity sales volume for the first five months of 2024 increased by 6.8% year-on-year, although there was a decline in monthly sales compared to the first quarter due to increased hydropower output [6].

Financial Performance Forecast - The company expects a net profit attributable to shareholders for the first half of 2024 to be between 28.6 billion and 30.6 billion yuan, a decrease of 2.7 billion to 4.7 billion yuan year-on-year, representing a decline of 8.1% to 14.1%[2] - The expected net profit attributable to shareholders after deducting non-recurring gains and losses is also projected to be between 28.6 billion and 30.6 billion yuan, down by 2.4 billion to 4.4 billion yuan year-on-year, a decrease of 7.3% to 13.3%[2] - The net profit for the same period last year was 33.279 billion yuan, and the net profit after deducting non-recurring gains and losses was 32.970 billion yuan[3] Factors Affecting Profit - The decline in net profit is primarily due to the decrease in average coal sales prices and the reduction in average utilization hours of coal-fired units[4] - The company has actively responded to coal price fluctuations and ensured safe production of self-produced coal while organizing coal procurement[4] - The company has maintained a stable operation of its power generation business despite increased output from hydropower and a decrease in utilization hours of coal-fired units[4] - The company has leveraged its transportation advantages to maintain high levels of key business segments, ensuring efficient integrated operations[4] Performance Forecast Reliability - There are currently no significant uncertainties that may impact the performance forecast[5] - The forecast data is preliminary and has not been audited or reviewed by an accounting firm, with final figures to be disclosed in the 2024 semi-annual report[5] - Investors are advised to be cautious of investment risks related to the preliminary nature of the performance forecast[5]

证券代码：601088 证券简称：中国神华 公告编号：2024-029 中国神华能源股份有限公司 关于参与设立国能科技成果转化投资基金 暨关联交易进展的公告 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。 经中国神华能源股份有限公司（"本公司"）第五届董事会第二十五次会议批 准，本公司作为有限合伙人，以自有资金出资 0.6 亿元参与设立国能（陕西）科 技成果转化投资基金合伙企业（有限合伙）（"科技成果转化基金"）。相关情况详 见本公司于 2023 年 12 月 29 日、2024 年 5 月 17 日在上海证券交易所网站 （www.sse.com.cn）披露的《中国神华关于参与设立国能科技成果转化投资基金 暨关联交易的公告》《中国神华关于参与设立国能科技成果转化投资基金暨关联 交易进展的公告》。 近日，科技成果转化基金已在中国证券投资基金业协会完成备案手续，备案 信息如下： 基金名称：国能（陕西）科技成果转化投资基金合伙企业（有限合伙） 管理人名称：国华投资开发资产管理（北京）有限公司 1 / 2 总会计师 ...

证券代码：601088 证券简称：中国神华 公告编号：临 2024-028 中国神华能源股份有限公司 2023 年度末期 A 股红利分派实施公告 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： 每股分配比例 A 股每股现金红利 2.26 元（含税）。其中，A 股自然人股东和证券投资基 金暂不扣缴所得税，派发现金红利每股人民币 2.26 元（含税）；合格境外机构 投资者（QFII）、人民币合格境外机构投资者（RQFII）、沪股通股东派发现金 红利每股人民币 2.034 元（税后）。 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/7/5 | － | 2024/7/8 | 2024/7/8 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案于 2024 年 6 月 21 日经中国神华能源股份有限公司（"本 公司"）2023 年度股东周年大会审议通过 ...