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]

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 ...

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]

Core Points - China Shenhua Energy Co., Ltd. reported a total coal production of 82.5 million tons and total power generation of 50.42 billion kWh in Q1 2025, with operating revenue of 69.585 billion yuan and net profit attributable to shareholders of 11.949 billion yuan [1] Group 1: Coal Sales and Market Conditions - In Q1 2025, coal sales volume decreased by 15.3% year-on-year to 99.3 million tons, with self-produced coal sales down by 4.7% and purchased coal sales down by 40.4% [2] - The decline in coal sales was attributed to faster recovery of production capacity compared to demand, higher temperatures, and elevated coal inventory levels, leading to weak market conditions [2] Group 2: Coal Chemical Business Performance - The coal chemical business achieved a profit of approximately 43 million yuan in Q1 2025, representing a year-on-year increase of 168.8%, primarily due to lower raw coal procurement prices and reduced repair costs compared to the previous year [3] Group 3: Intelligent Mining Development - By Q1 2025, the company had established 3 national-level intelligent demonstration coal mines and 7 advanced intelligent coal mines, with plans to build 7 more advanced intelligent coal mines by 2025 [4] Group 4: Power Generation Investment - The company plans to invest approximately 17.4 billion yuan in the power generation sector in 2025, with 6 coal-fired power projects under construction, totaling 12 units and approximately 9.34 million kW of installed capacity [5] Group 5: Power Generation Performance - In Q1 2025, the company's power generation decreased by 10.7% year-on-year to 50.42 billion kWh, influenced by a nationwide decline in thermal power generation and significant reductions in certain provinces [6][7] Group 6: Future Growth Drivers - The company aims to strengthen its integrated operational capabilities and focus on clean and efficient coal utilization, adapting to the evolving energy market [8] - The company is actively pursuing project investments, mergers, and acquisitions to enhance its operational capacity and resource base, including a recent acquisition that added significant resources and power generation capacity [8] - Continuous investment in R&D, maintaining over 4 billion yuan annually, is aimed at enhancing efficiency and exploring new technologies for future growth [8]

Group 1: Core Insights - Citigroup has set a target price of HKD 32.70 for China Shenhua (601088) based on the expected 2025 EV/EBITDA valuation, with a buy rating [1] - The company’s coal, power, railway, port, and coal-to-chemical businesses have been assigned valuation multiples of 3.7x, 9.9x, 5.6x, 10.8x, and 5.9x respectively, aligning with the average levels in the H-share market [1] - The target price corresponds to a projected P/E ratio of 10.5x and a P/B ratio of 1.3x for 2025 [1] Group 2: Coal Price Outlook - In April 2025, China's coal imports decreased by 16% year-on-year, with management expecting total imports for the year to fall below 500 million tons, down from approximately 540 million tons in 2024 [2] - With rising summer electricity demand and positive outcomes from US-China tariff negotiations, management anticipates a rebound in China's thermal coal consumption starting in early June, which will support coal prices [2] Group 3: Production Costs and Pricing - The company expects a year-on-year increase of about 6% in the unit cost of self-produced coal in 2025, primarily due to rising labor costs and increased mining depth [3] - In the first quarter of 2025, the electricity price for Shenhua decreased, mainly due to price reductions in Guangdong and Fujian provinces where most of its power plants are located [4] - Despite falling coal prices, management believes that China will not significantly reduce coal production, with some mines potentially increasing output to maintain profit levels [5] Group 4: Capital Expenditure - For the Xinjie coal mine project, the unit capital expenditure for the first and second mines is higher than CNY 2000 per ton, while the unit capital expenditure for the third to sixth mines will be lower due to preparatory capital expenditures [6]

证券代码：601088 证券简称：中国神华 公告编号：临 2025-025 注：2025 年 2 月，本公司收购国家能源集团杭锦能源有限责任公司（"杭锦能源"） 100%股权的交易已完成。上表中本公司主要运营指标包含杭锦能源相关业务量，并对上年 同期本公司主要运营指标进行了重述。 2025 年 4 月，本公司天津煤码头装船量同比增长的主要原因，是到港资源 量增加、上年同期港口设备更新改造导致基数较低；航运货运量、周转量同比下 降的主要原因，是业务结构调整；聚乙烯、聚丙烯销售量增长的主要原因，是上 年同期煤制烯烃生产设备按计划检修导致基数较低。 以上主要运营数据来自本公司内部统计。运营数据在月度之间可能存在较大 差异，其影响因素包括但不限于天气变化、设备检修、季节性因素和安全检查等。 运营数据可能与相关期间定期报告披露的数据有差异。投资者应注意不恰当信赖 或使用以上信息可能造成投资风险。 1 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 2025 年 5 月 16 日 2 中国神华能源股份有限公司 2025 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 ...

Core Viewpoint - China Shenhua (601088) reported a decline in coal sales and electricity generation in April 2025, while showing significant growth in polyethylene and polypropylene sales [1] Group 1: Coal Sales and Production - The coal sales volume for April 2025 was 35.6 million tons, representing a year-on-year decrease of 4% [1] - The cumulative coal sales volume reached 135 million tons, reflecting a year-on-year decline of 12.6% [1] Group 2: Electricity Generation and Sales - The total electricity generation in April was 14.95 billion kilowatt-hours, which is a year-on-year decrease of 9.9% [1] - The total electricity sales volume was 14.1 billion kilowatt-hours, showing a year-on-year decline of 9.5% [1] Group 3: Chemical Products - Polyethylene sales volume reached 32,800 tons, marking a year-on-year increase of 97.6% [1] - Polypropylene sales volume was 32,200 tons, indicating a year-on-year growth of 64.3% [1]

Summary of China Shenhua's Conference Call Company Overview - **Company**: China Shenhua Energy Company Limited - **Date**: May 9, 2025 Key Points Industry Insights - The coal price center is expected to decline due to supply-demand easing and economic policy uncertainties. Short-term coal prices may resist decline, but long-term impacts from renewable energy and changes in electricity demand will lead to a downward shift in coal prices [2][3] - The coal market showed weak performance in Q1, with market prices down approximately 20% year-on-year. The average sales price decreased by 19.5% [3][4] Financial Performance - In Q1, China Shenhua reported a net profit attributable to shareholders of 11.949 billion yuan, a decrease of 18% year-on-year. The average sales price fell by 19.5%, but the revenue decline was less than the cost decline due to cost optimization [2][4][5] - The company maintains a high proportion of long-term contracts, which helps mitigate market volatility. The long-term contract signing rate is at 75%, with a fulfillment rate of 90% [5][6] Strategic Initiatives - China Shenhua is actively promoting asset injections to resolve industry competition issues, including the announced asset injection from Hangjing Energy and negotiations with the State Energy Group for a new round of capital injection [2][8] - The company has adjusted its sales strategy, increasing the proportion of annual contracts and optimizing sales tactics, which has contributed to a higher long-term contract ratio [2][10] Cost Management - The company has set a 6% annual cost guidance and is implementing measures such as budget control and benchmarking analysis to reduce costs and improve efficiency. The operating cost decreased by 21.8%, which is greater than the revenue decline [11][12] - Safety production reserves are robust, amounting to over 23 billion yuan, providing a solid foundation for operational and cost control [11] Market Outlook - The long-term coal price benchmark is currently at 675 yuan/ton, with no conditions for adjustment. The market is closely monitored for impacts from key industries like real estate and steel, as well as electricity market reforms and renewable energy impacts [4][12][17] - The coal industry faces ongoing supply-demand changes, with the potential for continued pressure on coal prices and profitability for leading companies [13][14] Challenges and Responses - The development of renewable energy is significantly impacting the thermal power industry, necessitating China Shenhua to enhance its adjustment capabilities and ensure coal supply to adapt to industry changes [4][19][20] - The company is aware of the challenges posed by global economic uncertainties and trade tensions, and it plans to maintain stability in production and strategic development while ensuring energy security [26] Additional Considerations - The impact of the US-China tariff conflict on the thermal power industry is limited, but it may affect overall economic and electricity demand [22] - The company is focused on enhancing its competitive edge through various measures, including increasing flexibility and securing auxiliary income [20][21] This summary encapsulates the key insights and strategic directions of China Shenhua as discussed in the conference call, highlighting the company's performance, market conditions, and future outlook.