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。 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。 （在中華人民共和國註冊成立的股份有限公司） （股份代碼：01088） 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6頁。 本公司將於2024年6月21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號北京歌華開元大酒店二層國際新聞大廳（A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11頁至第20頁。 隨函附奉上述大會適用的回條及代表委任表格。欲出 ...

1 中国神华能源股份有限公司 关于召开 2023 年度股东周年大会、 2024 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 新闻大厅（A 厅） （五） 网络投票的系统、起止日期和投票时间 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 2024 年 6 月 21 日 至 2024 年 6 月 21 日 证券代码：601088 证券简称：中国神华 公告编号：2024-022 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资 者的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号——规 范运作》等有关规定执行。 二、 会议审议事项 (一)2023 年度股东周年大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 | H | 股股 ...

Investment Rating - The report upgrades the investment rating of China Shenhua to "Buy" [1][2][6] Core Views - The company's coal and power businesses are operating steadily, with high dividends highlighting long-term investment value [1] - The integrated advantages of the company are evident, with coal business achieving low-cost operations and power business continuing to expand [1] - The company maintains a high level of return to investors, with a proposed cash dividend of 22.6 yuan per 10 shares for 2023, totaling 44.903 billion yuan, which accounts for 75.2% of net profit attributable to shareholders [1] Summary by Sections Financial Performance - In Q1 2024, the company achieved operating revenue of 87.647 billion yuan, a year-on-year increase of 0.7% and a quarter-on-quarter decrease of 3.3% [1] - The net profit attributable to shareholders for Q1 2024 was 15.884 billion yuan, down 14.7% year-on-year but up 39.0% quarter-on-quarter [1] - For the full year 2023, the company reported operating revenue of 343.074 billion yuan, a decrease of 0.4% year-on-year, and a net profit of 59.694 billion yuan, down 14.3% year-on-year [1] Coal Business - In Q1 2024, coal production and sales reached 81.3 million tons and 117.1 million tons, respectively, representing year-on-year increases of 1.5% and 8.8% [1] - The average selling price of coal in Q1 2024 was 573 yuan per ton, a decrease of 7.7% year-on-year [1] - The coal business maintained a gross profit margin of 28.9%, down 4.8 percentage points year-on-year [1] Power Business - In Q1 2024, the company generated 55.35 billion kWh of electricity, with sales reaching 52.16 billion kWh, both up 7.0% year-on-year [1] - The average selling price of electricity was 409 yuan per MWh, down 2.6% year-on-year [1] - The power business achieved a gross profit margin of 16.9%, an increase of 0.8 percentage points year-on-year [1] Dividend Policy - The company has a strong track record of returning value to shareholders, with dividend payout ratios of 91.88%, 100.4%, and 72.77% from 2020 to 2022 [1] - The proposed cash dividend for 2023 reflects the company's commitment to high shareholder returns [1] Earnings Forecast - The report raises the net profit forecasts for 2024, 2025, and introduces a forecast for 2026, estimating net profits of 61.459 billion yuan, 64.073 billion yuan, and 66.630 billion yuan, respectively [1] - The corresponding earnings per share (EPS) are projected to be 3.09 yuan, 3.22 yuan, and 3.35 yuan for 2024, 2025, and 2026 [1]

证券代码：601088 证券简称：中国神华 公告编号：2024-021 | 合伙人 | 性质 | 认缴出资金额 （人民币亿元） | 出资比例 （%） | | --- | --- | --- | --- | | 国华能源投资有限公司 | 有限合伙人 | 0.7 | 35 | | 中国神华能源股份有限公司 | 有限合伙人 | 0.6 | 30 | | 陕西省政府投资引导基金合伙 | 有限合伙人 | 0.4 | 20 | | 企业（有限合伙） | | | | | 西安联瑞产业投资发展基金合 | 有限合伙人 | 0.2 | 10 | | 伙企业（有限合伙） | | | | | 国华投资开发资产管理（北京） | 普通合伙人 | 0.1 | 5 | | 有限公司 | | | | | 合计 | - | 2 | 100 | 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 ...

中国神华能源股份有限公司 2024 年 4 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 4 | 累计 | 月 4 | 累计 | 月 4 | 累计 | | （一）煤炭 | | | | | | | | | 1. 商品煤产量 | 百万吨 | 27.5 | 108.8 | 26.1 | 106.2 | 5.4 | 2.4 | | 2. 煤炭销售量 | 百万吨 | 37.0 | 154.1 | 36.6 | 144.2 | 1.1 | 6.9 | | （二）运输 | | | | | | | | | 1. 自有铁路运输周转量 | 十亿吨公里 | 26.3 | 108.3 | 27.3 | 101.8 | (3.7) | 6.4 | | 2. 黄骅港装船量 | 百万吨 | ...

Summary of Conference Call Company/Industry Involved - The conference call is related to the coal industry, specifically focusing on the company represented by Zhongtai Securities. Core Points and Arguments - The theme of the conference is "Quality Returns and Dual Improvement" in the coal sector, indicating a focus on enhancing both the quality of coal production and the returns on investment in this industry [1]. Other Important but Possibly Overlooked Content - The call emphasizes the importance of cautious investment in the market, highlighting the inherent risks associated with the coal industry [1]. - The company reserves the right to pursue legal responsibility for any actions contrary to the stated guidelines, indicating a serious approach to compliance and investor relations [1].

Investment Rating - The report maintains a "Buy" rating for China Shenhua (601088) with a target price of 46.20 CNY, up from the previous target of 43.12 CNY [3][4]. Core Insights - The company achieved a revenue of 87.647 billion CNY in Q1 2024, a slight increase of 0.7%, while net profit attributable to shareholders was 15.884 billion CNY, down 14.66%, aligning with market expectations [2][3]. - The coal sales continue to grow, with a total coal production of 81.3 million tons in Q1 2024, up 1.5%, and sales of 117 million tons, up 8.8%, increasing market share despite a national decline in coal production [2][3]. - The company maintains a high dividend payout, with dividend rates of 91.8%, 100%, 72.7%, and 75% from 2020 to 2023, indicating strong profitability and stability [2][3]. Financial Summary - Revenue for 2024 is projected at 328.163 billion CNY, a decrease of 4% from 2023, with net profit expected to be 61.158 billion CNY, a 2% increase [2]. - The earnings per share (EPS) forecast for 2024 is 3.08 CNY, with a slight increase to 3.09 CNY in 2025 and 3.19 CNY in 2026 [2][3]. - The company’s operating profit margin is expected to decline to 23.8% in 2024 from 26.5% in 2023, while the return on equity (ROE) is projected to be 14.5% [2][3]. Market Data - The stock price has fluctuated between 27.01 CNY and 41.90 CNY over the past year, with a total market capitalization of 774.872 billion CNY [4][5]. - The average daily trading volume is approximately 34.80 million shares, with an average daily trading value of 1.34594 billion CNY [4][5]. Valuation Metrics - The company is currently trading at a price-to-earnings (PE) ratio of 12.98, with a projected PE of 12.67 for 2024 [2][3]. - The dividend yield is estimated at 5.8% for 2023, expected to rise to 6.3% in 2024 [2][3].

Investment Rating - The investment rating for the company is "Buy - A / Buy - H" [1] Core Views - In Q1, the company's net profit attributable to shareholders decreased by 14.7% year-on-year, but its performance stability is better than peers. The company reported a net profit of 15.88 billion yuan, with a year-on-year decline of 14.7% and a quarter-on-quarter increase of 39.0%. The net profit excluding non-recurring items was 16.46 billion yuan, down 11.2% year-on-year but up 9.3% quarter-on-quarter [2] - The coal segment's profit declined, while the transportation and power generation segments saw profits increase by over 10% year-on-year. In Q1, the company produced 81.3 million tons of commodity coal, a year-on-year increase of 1.5%, and sold 80.3 million tons, up 1.1% year-on-year. The revenue per ton of self-produced coal was 533 yuan, down 6.8% year-on-year, while the cost per ton was 297 yuan, up 2.5% year-on-year [2] - The company's operational model is robust, with expected growth in coal and electricity businesses through internal projects and acquisitions. The dividend payout ratio has significantly increased since 2017, with a planned cash dividend ratio of no less than 60% for 2022-2024, and a proposed dividend ratio of 75.2% for 2023 [2] Financial Summary - The company’s revenue for 2024 is projected to be 332.99 billion yuan, a decrease of 2.9% from 2023. The net profit attributable to shareholders is expected to be 61.41 billion yuan, reflecting a growth of 2.9% from 2023. The EPS for 2024 is estimated at 3.09 yuan per share [3] - The company’s EBITDA for 2024 is forecasted to be 114.66 billion yuan, with a P/E ratio of 12.80. The ROE is expected to be 14.2% [3]

Summary of the Conference Call for China Shenhua Energy Co., Ltd. Company Overview - The conference call involved **China Shenhua Energy Co., Ltd.**, a leading company in the coal industry, discussing its performance and market outlook for 2024 [2][3]. Key Points and Arguments 1. **Market Valuation and Growth**: - The analyst expressed confidence in China Shenhua's long-term market value, initially estimating it at over **500 billion** in 2020, which was quickly achieved. The target was later raised to **1 trillion**, with the current market value around **800 billion**, reflecting a **60% increase** [3][4]. - There is an expectation of at least **40%** more growth potential in the company's market value [4]. 2. **First Quarter Performance**: - In Q1 2024, China Shenhua reported a **1.5%** increase in coal production to **81.3 million tons** and an **8.8%** increase in coal sales to **117 million tons**. Total power generation rose by **7%** to **55.35 billion kWh** [7][8]. - The company achieved a net profit of **15.884 billion** yuan, a **14.7%** decrease year-on-year, primarily due to falling coal prices [8]. 3. **Profitability Challenges**: - The decline in coal prices impacted average sales prices and distribution profits. The average price for coal dropped by approximately **18 yuan** per ton compared to the previous year [8][9]. - Increased production costs and additional expenditures related to ecological contributions in Inner Mongolia also affected profitability [9]. 4. **Integrated Business Model**: - China Shenhua operates an integrated business model encompassing coal, electricity, transportation, and coal chemical industries, which helps mitigate cyclical risks and stabilize earnings [9]. 5. **Government Relations and Market Management**: - The company is closely monitoring government policies regarding state-owned enterprise management and market value assessments, with ongoing discussions about specific performance indicators [13][14]. - The management emphasized the importance of maintaining a competitive edge against industry and composite indices [15]. 6. **Future Outlook**: - The company anticipates continued demand for coal as a primary energy source in China, despite potential shifts towards renewable energy [20]. - There is a focus on enhancing operational efficiency and maintaining high dividend payouts, with a commitment to return at least **60%** of profits to shareholders [26][30]. 7. **Investment and Capital Expenditure**: - Future capital expenditures are expected to remain between **30 billion** to **50 billion** yuan, with significant investments in power generation and infrastructure [25][32]. - The company is exploring opportunities for asset acquisitions and new mining projects to sustain growth [29]. 8. **Environmental and Social Responsibility**: - China Shenhua is actively involved in ecological initiatives, contributing to environmental governance in Inner Mongolia, which is seen as a long-term investment in community relations [39][43]. Additional Important Content - The management highlighted the importance of balancing short-term financial performance with long-term sustainability and community engagement [41][46]. - The company is committed to transparency in its financial practices and aims to foster investor confidence through consistent communication and performance [36][37]. This summary encapsulates the key insights and discussions from the conference call, providing a comprehensive overview of China Shenhua's current status and future direction in the coal industry.

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6]. Core Views - The report highlights that the coal business remains stable while the power sector shows significant profit growth. The company achieved a revenue of 87.65 billion yuan in Q1 2024, with a year-on-year increase of 0.7%. The net profit attributable to the parent company was 15.88 billion yuan, reflecting a year-on-year decrease of 14.7% but a quarter-on-quarter increase of 39% [6][7]. Summary by Sections Financial Performance - In Q1 2024, the company reported a net profit of 15.88 billion yuan, down 14.7% year-on-year but up 39% quarter-on-quarter. The non-recurring net profit was 16.46 billion yuan, down 11.2% year-on-year but up 9.3% quarter-on-quarter [6][7]. - The coal segment's self-produced coal sales volume was 8.03 million tons, with a year-on-year increase of 1.1% and a quarter-on-quarter decrease of 2.9%. The average selling price for coal was 573 yuan per ton, down 7.7% year-on-year [6][7]. - The power segment achieved a sales volume of 55.35 billion kWh, up 7% year-on-year, with a gross profit margin of 16.9%, reflecting an increase from the previous quarter [6][7]. Revenue and Profit Forecast - The company is expected to achieve net profits of 60.13 billion yuan, 60.28 billion yuan, and 61.27 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 3.03, 3.03, and 3.08 yuan [6][7][9]. - The report anticipates stable profitability in the coal business due to a high proportion of long-term contracts, while the new power generation capacity is expected to contribute to revenue growth [6][7]. Valuation - The company is projected to have a reasonable valuation range of 42.37 to 45.40 yuan based on a PE ratio of 14 to 15 times for 2024 [6][7].