证券代码：601088 证券简称：中国神华 公告编号：临 2025-023 中国神华能源股份有限公司 关于第六届董事会第八次会议决议的公告 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（"公司"或"中国神华"）第六届董事会第八 次会议于 2025 年 4 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 2025 年 4 月 15 日发送了议程、议案等会议材料，并于 2025 年 4 月 25 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 7 人，亲自出席董事 6 人，委托出席董事 1 人。独立非执 行董事袁国强、陈汉文、王虹以视频接入方式参会。非执行董事李新华因公请假， 委托非执行董事康凤伟代为出席会议并投票。经全体董事推举，会议由执行董事 张长岩召集并主持。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 ...

Financial Performance - The company's operating revenue for Q1 2025 was RMB 69,585 million, a decrease of 21.1% compared to RMB 88,162 million in the same period last year[4] - Net profit attributable to shareholders was RMB 11,949 million, down 18.0% from RMB 14,564 million year-on-year[4] - The total profit for Q1 2025 was RMB 10,096 million, a decrease of 16.6% compared to RMB 12,104 million in Q1 2024[27] - The company's basic earnings per share for Q1 2025 were RMB 0.601, down 18.0% from RMB 0.733 in the previous year[4] - Operating profit for Q1 2025 was 17,780 million RMB, a decline of 21.0% from 22,542 million RMB in Q1 2024[42] - Net profit for Q1 2025 was 14,662 million RMB, down 15.0% from 17,300 million RMB in Q1 2024[42] Cash Flow and Liquidity - The net cash flow from operating activities was RMB 20,538 million, reflecting a decline of 25.9% from RMB 27,708 million in the previous year[4] - As of March 31, 2025, cash and cash equivalents increased by 8.0% to RMB 155,401 million compared to RMB 143,845 million at the end of December 2024, primarily due to net cash inflow from operating activities[15] - The company reported a significant decrease of 94.9% in net cash flow from investing activities, from RMB (25,084) million in Q1 2024 to RMB (1,268) million in Q1 2025, due to a reduction in fixed-term deposits[16] - The company's financing activities resulted in a net cash outflow of RMB (6,922) million in Q1 2025, a significant increase from RMB (300) million in Q1 2024, due to the repayment of maturing dollar bonds[16] Assets and Liabilities - The total assets at the end of the reporting period were RMB 672,307 million, representing a slight increase of 0.6% from RMB 668,022 million at the end of the previous year[6] - The total liabilities decreased to 159,423 million RMB in Q1 2025 from 171,377 million RMB in Q1 2024, a reduction of 6.9%[40] - The company's short-term borrowings decreased by 39.2% to RMB 2,928 million from RMB 4,812 million, as some short-term loans were repaid during the period[15] - The total liabilities decreased by 20.8% in accounts payable, from RMB 38,815 million to RMB 30,730 million, reflecting a reduction in payable materials and project costs[15] - The company’s long-term payables decreased by 17.4% to RMB 16,857 million, primarily due to payments related to mining rights[15] Revenue and Sales - The company's operating revenue for Q1 2025 was RMB 51,599 million, a decline of 25.7% from RMB 69,423 million in Q1 2024, primarily due to decreased coal sales volume and average selling prices[27] - Coal sales volume in Q1 2025 was 99.3 million tons, down 15.3% from 117.3 million tons in Q1 2024[23] - The average selling price of coal in Q1 2025 was RMB 506 per ton, down 11.5% from RMB 572 per ton in Q1 2024[25] - The sales volume of self-produced coal in Q1 2025 was 78.5 million tons, a decrease of 4.7% from 82.4 million tons in Q1 2024[23] - The sales volume of imported coal in Q1 2025 was 1.5 million tons, an increase of 15.4% compared to 1.3 million tons in Q1 2024[25] Operational Metrics - The company's coal production volume was 82.5 million tons, a decrease of 1.1% compared to 83.4 million tons in Q1 2024[23] - In Q1 2025, the total power generation was 50.42 billion kWh, a decrease of 10.7% compared to 56.47 billion kWh in Q1 2024[31] - The total installed capacity of power generation units reached 47,505 MW, with a net increase of 1,241 MW during the reporting period[33] - The average selling price of electricity in Q1 2025 was 386 RMB/MWh, down 5.6% from 409 RMB/MWh in Q1 2024[31] - The average selling cost of electricity in Q1 2025 was 353.7 RMB/MWh, a decrease of 3.1% from 364.9 RMB/MWh in Q1 2024[35] Acquisitions and Investments - The acquisition of 100% equity in Hanjin Energy from China Energy Group was completed on February 11, 2025, which has been included in the consolidated financial statements[6] - Hanjin Energy achieved operating revenue of RMB 1,025 million in Q1 2025, with a net profit of RMB -82 million, showing improvement from a net loss of RMB -1,319 million in the same period last year[7] - The company completed the acquisition of 100% equity in Hangjin Energy, which had a net profit of 1,052,425 RMB prior to the merger[43] - The construction in progress increased by 7.8% to RMB 30,974 million, reflecting ongoing investments in power generation and coal projects[15] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 193,774, with the largest shareholder, State Energy Investment Group, holding 69.52% of the shares[19]

Core Viewpoint - China Shenhua (601088) reported a decline in both revenue and net profit for the first quarter of 2025, indicating potential challenges in its operational performance [1] Financial Performance - The company's operating revenue for Q1 2025 was 69.585 billion yuan, representing a year-on-year decrease of 21.1% [1] - The net profit for the same period was 11.949 billion yuan, showing a year-on-year decline of 18.0% [1]

Market Overview - The Shanghai Composite Index fell by 0.07% on April 25, with 21 out of the 28 sectors experiencing gains, led by utilities and telecommunications, which rose by 1.36% and 1.15% respectively [1] - The real estate and coal sectors had the largest declines, with decreases of 0.60% and 0.59% respectively [1] Capital Flow - The net inflow of capital in the two markets was 4.975 billion yuan, with 14 sectors seeing net inflows [1] - The computer sector had the highest net inflow, totaling 3.368 billion yuan, while the utilities sector followed with a net inflow of 1.581 billion yuan [1] Coal Industry Analysis - The coal sector experienced a decline of 0.59% with a net outflow of 19.4741 million yuan [2] - Among the 37 stocks in the coal sector, 16 stocks rose while 20 stocks fell [2] - The top five stocks with net inflows exceeding 10 million yuan included Yongtai Energy (1.23 billion yuan), Zhengzhou Coal Electricity (417.494 million yuan), and China Shenhua (338.088 million yuan) [2][3] - The stocks with the highest net outflows included Huaibei Mining (-43.6057 million yuan), Hengyuan Coal Electricity (-39.3828 million yuan), and Shaanxi Coal and Chemical Industry (-34.1931 million yuan) [2][3] Individual Stock Performance - The top three stocks with the largest net outflows were: - Huaibei Mining: -43.6057 million yuan - Hengyuan Coal Electricity: -39.3828 million yuan - Shaanxi Coal and Chemical Industry: -34.1931 million yuan [2][3] - The stock with the highest net inflow was Yongtai Energy, with a net inflow of 1.2254 billion yuan [3]

证券代码：601088 证券简称：中国神华 公告编号：临 2025-022 中国神华能源股份有限公司 关于举办 2025 年第一季度业绩说明会的公告 一、业绩说明会类型 本次业绩说明会以网络互动方式召开，本公司将针对 2025 年第一季度业绩与 经营情况与投资者进行交流，在信息披露允许的范围内就投资者普遍关注的问题 进行解答，听取投资者的意见和建议。 1 会议召开时间：2025 年 5 月 8 日（星期四）16:00-17:00 会议召开地点：上海证券交易所上证路演中心 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 4 月 28 日（星期一）至 5 月 7 日（星期三）16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目提问，或于 2025 年 5 月 7 日（星期三）17:00 以前将需要了解的情况和关注问题通过邮件发送给本公 司（邮箱：ir@shenhua.cc），本公司将在业绩说明会上就投资者普遍关注的 问题进行解答。 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。 二、业绩 ...

Core Viewpoint - The China Securities Quality Dividend 50 Index has shown mixed performance, with a slight decline over the past month and year-to-date, indicating potential challenges in the market for dividend-paying stocks [1][2] Group 1: Index Performance - The China Securities Quality Dividend 50 Index closed at 1718.08 points, down 1.02% over the past month, up 0.09% over the past three months, and down 5.01% year-to-date [1] - The index was established on December 30, 2016, with a base point of 1000.0 [1] Group 2: Index Composition - The index comprises 50 stocks known for consistent cash dividends and high dividend payout ratios, reflecting companies with strong dividend capabilities and stable earnings [1] - The top ten holdings in the index include: - Changjiang Electric Power (10.54%) - Midea Group (9.87%) - CITIC Securities (7.35%) - China Merchants Bank (7.07%) - Gree Electric Appliances (5.7%) - Yili Group (5.53%) - China Shenhua Energy (3.81%) - China Telecom (3.61%) - Industrial and Commercial Bank of China (3.39%) - Wanhua Chemical (3.11%) [1] Group 3: Market Sector Allocation - The index's market sector allocation is as follows: - Financials: 24.24% - Consumer Discretionary: 19.31% - Communication Services: 12.32% - Utilities: 12.29% - Energy: 11.43% - Industrials: 6.89% - Consumer Staples: 5.85% - Materials: 5.22% - Health Care: 1.91% - Information Technology: 0.42% - Real Estate: 0.14% [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

金十图示：2025年04月23日（周三）富时中国A50指数成分股今日收盘行情一览：银行、半导体行业午后延续跌势 保险 中国太保 中国人保 中国平安 电机 3175.28亿市值 2972.69亿市值 9232.59亿市值 6.46亿成交额 15.15亿成交额 3.17亿成交额 50.70 7.18 30.90 -0.07(-0.23%) +0.13(+0.26%) +0.03(+0.42%) 酸酒行业 贵州茅台 五粮液 山西汾酒 19496.19亿市值 2620.00亿市值 5044.93亿市值 28.95亿成交额 12.47亿成交额 9.73亿成交额 1552.00 129.97 214.76 -3.19(-1.46%) +3.20(+0.21%) -0.13(-0.10%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2433.47亿市值 2860.46亿市值 3463.26亿市值 21.92亿成交额 19.14亿成交额 37.76亿成交额 455.79 685.21 149.00 -3.10(-2.04%) -6.06(-1.31%) -9.77(-1.41%) 汽车整车 铁路公路 比亚迪 长城汽 ...

金十图示：2025年04月22日（周二）富时中国A50指数成分股今日收盘行情一览：银行股全天走势分化，保险行业午后转涨 长江电力 中国核电 东方财富 8 1939.56亿市值 3243.93亿市值 7176.53亿市值 22.70亿成交额 8.57亿成交额 34.61亿成交额 29.33 9.43 20.55 +0.02(+0.07%) +0.05(+0.53%) -0.08(-0.39%) 证券 食品饮料 中信证券 国泰海通 海天味业 胸更 3716.99亿市值 3007.63亿市值 2346.02亿市值 11.58亿成交额 6.80亿成交额 2.80亿成交额 17.06 42.19 25.08 -0.15(-0.59%) +0.07(+0.41%) +0.03(+0.07%) 消费电子 化学制药 恒瑞医药 工业富联 立讯精密 3251.38亿市值 3530.91亿市值 2195.96亿市值 31.40亿成交额 8.19亿成交额 31.17亿成交额 17.78 30.30 50.97 -0.03(-0.17%) -0.57(-1.85%) +1.80(+3.66%) 家电行业 农牧饲渔 牧原股份 格力电器 ...

近日，沪市公司密集披露2025年一季度经营数据与重大合同签订、项目中标公告，从多维度勾勒出开 年经济运行的积极图景。截至4月14日17时，101家沪市上市公司"透底"2025年一季度业绩（含预告、 快报），94家报喜，报喜比例超九成。 分行业看，电子、医药生物、机械设备、化工、有色金属等行业相关上市公司表现出较为强劲的业绩增 长态势。能源行业煤炭供应及发电量保持稳定增长；基建领域重大工程签约与项目推进彰显行业韧性； 科技创新相关企业持续推进研发投入，新质生产力动能逐步释放。 从实体生产到服务保障，各行业沪市上市公司以稳健的经营表现为资本市场注入发展信心。 能源行业稳产保供促发展 2025年一季度，沪市能源行业上市公司通过强化生产调度与技术创新，为经济平稳运行注入强劲动 能。 中国神华表示，公司加强生产组织协调，全力保障一体化核心业务维持高位运行，生产运营整体保持正 常。2025年公司计划商品煤产量3.348亿吨，煤炭销售量4.659亿吨，发电量2271亿千瓦时，均高于 2024年实际水平。 沪市上市公司通过加大研发投入、突破核心技术，在人工智能、半导体等领域形成新增长极。 兆易创新表示，近期公司所处半导体行业 ...

Investment Rating - The report maintains a "Recommended" rating for the coal mining industry [1] Core Views - The coal mining industry is supported by import constraints and shipping inversions, with a focus on high dividend value [2][7] - Despite weak demand in the off-season, coal prices are expected to remain stable due to supply constraints and market dynamics [16][76] - The report highlights the investment value of coal companies, particularly those with strong cash flows and high dividend yields [7][78] Summary by Sections 1. Thermal Coal - Port inventories have increased, leading to a slight decrease in port prices by 2 CNY/ton [16] - As of April 16, the capacity utilization rate in the main production areas has increased by 0.31 percentage points [16] - Daily coal consumption at coastal and inland power plants has decreased significantly, with coastal plants down by 18.4 thousand tons and inland plants down by 33.7 thousand tons [16][26] 2. Coking Coal - Production has slightly rebounded, with capacity utilization decreasing by 0.37 percentage points to 87.4% [41] - The average customs clearance volume at Ganqimaodu port has decreased by 51 vehicles week-on-week [46] - Overall, coking coal inventories have continued to decline, with a reduction of 30.57 thousand tons this week [49] 3. Coke - The supply-demand situation for coke continues to improve, with production rates increasing due to better profitability [53] - The average daily iron output has slightly decreased after seven weeks of growth, but demand for coke remains strong [53][65] - Domestic coke prices have increased, with the price at Rizhao port rising by 50 CNY/ton [53] 4. Anthracite - The anthracite market remains stable, with prices holding steady despite fluctuations in demand [73] 5. Key Companies and Investment Logic - The report emphasizes the investment value of leading coal companies, highlighting their strong asset quality and cash flow [7][78] - Recommended stocks include China Shenhua, Shaanxi Coal, and Yanzhou Coal, among others [9][10]