（在中華人民共和國註冊成立的股份有限公司） （股份代碼：01088） 中國神華能源股份有限公司 董事會薪酬與考核委員會議事規則 本規則於二〇〇五年八月二十六日由公司第一屆董事會第五次會議通過，於 二〇〇七年八月十七日由公司第一屆董事會第十六次會議通過修正案，於二 〇二〇年八月二十八日由公司第五屆董事會第三次會議通過修正案，於二〇 二二年三月二十五日由公司第五屆董事會第十二次會議通過修正案，於二〇 二三年三月二十四日由公司第五屆董事會第二十次會議通過修正案，於 二〇二五年八月二十九日由公司第六屆董事會第十三次會議通過修正案。 1 第一章 總則 第一條 為保證公司規範經營，建立有效的監督機制和激勵機制，完善公司 治理結構，根據《中華人民共和國公司法》，以及《上市公司治理準則》《中國神華 能源股份有限公司章程》（以下簡稱公司章程）《中國神華能源股份有限公司董事會 議事規則》等有關規定，結合公司實際情況，制定本議事規則。 第二條 薪酬與考核委員會（以下簡稱委員會）為董事會下設的專門工作機 構，為董事會決策提供諮詢意見和建議，對董事會負責。未經董事會授權，委員 會不得以董事會名義做出任何決議。 第二章 委員會組成 第三 ...

根據需要，董事會可以對委員會組成進行調整。 （在中華人民共和國註冊成立的股份有限公司） （股份代碼：01088） 中國神華能源股份有限公司 董事會戰略與投資委員會議事規則 本規則於二○○五年八月二十六日由公司第一屆董事會第五次會議通過，於二○○七年八月十七日由公 司第一屆董事會第十六次會議通過修正案，於二○二○年八月二十八日由公司第五屆董事會第一次會議 通過修正案，於二○二二年三月二十五日由公司第五屆董事會第十二次會議通過修正案，於二○二五年 八月二十九日由公司第六屆董事會第十三次會議通過修正案。 1 第一章 總則 第一條 為提高中國神華能源股份有限公司（以下簡稱公司）的戰略規劃與投 資管理水平，規範董事會戰略與投資委員會（以下簡稱委員會）議事程序，根據 《中華人民共和國公司法》《上市公司治理準則》等有關法律法規，以及《中國神華 能源股份有限公司章程》《中國神華能源股份有限公司董事會議事規則》等有關規 定，結合公司實際情況，制定本議事規則。 第二條 委員會是董事會下設的專門工作機構，為董事會決策提供諮詢意見 和建議，對董事會負責。未經董事會授權，委員會不得以董事會名義做出任何決 議。 第二章 委員會組成 第三 ...

（在中華人民共和國註冊成立的股份有限公司） （股份代碼：01088） 中國神華能源股份有限公司 董事會提名委員會議事規則 本規則於2006年7月7日由公司第一屆董事會第九次會議通過，於2007年8月17日由公司第一屆董事會第 十六次會議通過修正案，於2014年8月22日由公司第三屆董事會第二次會議通過修正案，於2020年8月 28日由公司第五屆董事會第三次會議通過修正案，於2022年3月25日由公司第五屆董事會第十二次會議 通過修正案，於2025年8月29日由公司第六屆董事會第十三次會議通過修正案。 1 第一條 為完善公司治理結構，規範中國神華能源股份有限公司（以下簡稱 公司）董事、總經理以及其他高級管理人員提名程序，為公司選拔符合資格的董 事、總經理以及其他高級管理人員，設定具有多元化特點的董事會成員組合，提 升公司競爭力，根據《中華人民共和國公司法》《上市公司治理準則》等有關法律 法規及公司股票上市地監管規則，以及《中國神華能源股份有限公司章程》（以下 簡稱《公司章程》）、《中國神華能源股份有限公司董事會議事規則》等有關規定， 制定本規則。 第二條 委員會為董事會下設的專門工作機構，為董事會決策提供諮詢意 ...

| | 股東類型 | 稅率 | 有關代預扣所得稅之更多補充 | | --- | --- | --- | --- | | | | | （如適用） | | | 非居民企業 | | | | | （非中國內地登記地址） | 10% | 本公司向名列於H股股東名冊上的 | | | | | 非居民企業股東派發中期股息 | | | | | 時，有義務代扣代繳企業所得稅， | | | | | 稅率為10%。 | | | 非個人居民 | | | | | （非中國內地登記地址） | 10% | 如果H股個人股東為香港、澳門居 | | | | | 民以及其他與中國協定稅率為10% | | | | | 的國家居民，本公司將按10%稅率 | | | | | 代為扣繳個人所得稅。 | | | 非個人居民 | | | | | （非中國內地登記地址） | 20% | 如果H股個人股東為與中國並無達 | | | | | 成任何稅收協定的國家居民或與中 | | | | | 國協定稅率為20%的國家居民或屬 | | | | | 其他情況，本公司將按20%稅率扣 繳個人所得稅。 | | | 內地個人投資者及內地證券投 | | 對內地個人投資者及內地 ...

第一章 總則 第一條 為加強中國神華能源股份有限公司（以下簡稱公司）審計與風險管理 工作，規範董事會審計與風險委員會（以下簡稱委員會）議事程序，充分保護公司 和公司股東的合法權益，根據《中華人民共和國公司法》（以下簡稱《公司法》）、 《上市公司治理準則》《上市公司章程指引》《上市公司審計委員會工作指引》等有 關法律法規及公司股票上市地監管規則，以及《中國神華能源股份有限公司章程》 （以下簡稱《公司章程》）、《中國神華能源股份有限公司董事會議事規則》等有關規 定，結合公司實際情況，制定本規則。 第二條 委員會是董事會下設的專門工作機構，為董事會決策提供諮詢意見 和建議，對董事會負責，並行使《公司法》規定的監事會的職權。未經董事會授 權，委員會不得以董事會名義做出任何決議。 第二章 委員會組成 第三條 委員會成員由董事會從董事會成員中任命，委員會由3名委員組成， 為不在公司擔任高級管理人員的董事，且獨立董事應過半數並擔任召集人，委員 會的召集人應當為會計專業人士，職工董事可以成為委員會成員。 委員會全部成員均須具有能夠勝任工作職責的專業知識、工作經驗和良好的 職業操守，保證足夠的時間和精力履行委員會的工作職責。 ...

Section I Definitions [Company Entities and Group Definitions](index=4&type=section&id=%E5%85%AC%E5%8F%B8%E5%AF%A6%E9%AB%94%E5%8F%8A%E9%9B%86%E5%9C%98%E5%AE%9A%E7%BE%A9) This section defines the company entities and group relationships, clarifying 'China Shenhua' as China Shenhua Energy Company Limited, 'the Group' as the Company and its subsidiaries, and 'China Energy Group' as China Energy Investment Group Co., Ltd - China Shenhua/the Company refers to China Shenhua Energy Company Limited[9](index=9&type=chunk) - The Group refers to the Company and its subsidiaries[9](index=9&type=chunk) - China Energy Group refers to China Energy Investment Group Co., Ltd[9](index=9&type=chunk) [Financial and Industry Terminology](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E5%8F%8A%E8%A1%8C%E6%A5%AD%E8%A1%93%E8%AA%9E) This section explains key financial indicators and industry terms, including EBITDA, asset-liability ratio, and reporting period definition, to ensure a unified understanding of financial data and industry analysis - Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is calculated as: **profit for the period + net finance costs + income tax + depreciation and amortization – share of profits and losses of associates**[12](index=12&type=chunk) - The asset-liability ratio is defined as **total liabilities divided by total assets**[12](index=12&type=chunk) - The reporting period refers to **January to June 2025**[12](index=12&type=chunk) Section II Company Profile and Key Financial Indicators [Company Basic Information](index=7&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E4%BF%A1%E6%81%AF) This section provides the company's basic registration, contact, and disclosure information, stock overview, and updates on legal representative changes and auditor details - Mr. Lü Zhiren, the company's legal representative, resigned as Chairman and Executive Director on **March 24, 2025**, with the selection of a new chairman underway[14](index=14&type=chunk) - The company's A-shares are listed on the Shanghai Stock Exchange (stock code **601088**), and H-shares on The Stock Exchange of Hong Kong Limited (stock code **01088**)[17](index=17&type=chunk) - The company appointed **KPMG Huazhen LLP (A-shares)** and **KPMG (H-shares)** as its auditors[18](index=18&type=chunk) [Company Key Accounting Data and Financial Indicators](index=9&type=section&id=%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%95%B8%E6%93%9A%E5%92%8C%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) This section presents the company's key accounting data and financial indicators for H1 2025, showing declining revenue, profit, and EPS, and increasing total liabilities and asset-liability ratio compared to H1 2024 restated data Key Accounting Data and Financial Indicators for H1 2025 (vs. H1 2024 Restated) | Indicator | H1 2025 (million yuan) | H1 2024 (Restated, million yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 138,109 | 169,121 | (18.3) | | Profit for the period | 32,059 | 36,983 | (13.3) | | Profit attributable to owners of the Company for the period | 26,706 | 31,356 | (14.8) | | Basic earnings per share (yuan/share) | 1.344 | 1.578 | (14.8) | | Net cash inflow from operating activities | 45,794 | 51,890 | (11.7) | | Total assets (at period-end) | 686,068 | 671,639 | 2.1 | | Total liabilities (at period-end) | 212,433 | 171,377 | 24.0 | | Total equity (at period-end) | 473,635 | 500,262 | (5.3) | | Asset-liability ratio (%) | 31.0 | 25.5 | Increased by 5.5 percentage points | [Explanation of Differences in Domestic and International Accounting Standards](index=10&type=section&id=%E5%A2%83%E5%85%A7%E5%A4%96%E6%9C%83%E8%A8%88%E6%BA%96%E5%89%87%E5%B7%AE%E7%95%B0%E8%AA%AA%E6%98%8E) This section explains the retrospective adjustment of comparative consolidated financial statements due to the Hangjin Energy acquisition and details key differences between Chinese Enterprise Accounting Standards and IFRS regarding maintenance and safety production expenses - The company completed the acquisition of **100% equity in Hangjin Energy on February 11, 2025**, which is a business combination under common control, leading to retrospective adjustments to comparative consolidated financial statements[21](index=21&type=chunk) - Differences in domestic and international accounting standards primarily concern the recognition and treatment of maintenance, safety production, and similar expenses; Chinese Enterprise Accounting Standards record them as current expenses and special reserves, while IFRS recognizes them as expenses or capital expenditures with depreciation upon occurrence[23](index=23&type=chunk) Section III Chairman's Statement [H1 Operating Overview and Highlights](index=11&type=section&id=%E4%B8%8A%E5%8D%8A%E5%B9%B4%E7%B6%93%E7%87%9F%E6%A6%82%E6%B3%81%E8%88%87%E4%BA%AE%E9%BB%9E) In H1 2025, despite downward pressure on coal and power prices, the company maintained stable operations, achieving a market capitalization of **762.3 billion yuan**, accelerating key project construction, adding **215 MW** of renewable energy, completing the Hangjin Energy acquisition, increasing shareholder dividends, and retaining its top brand value ranking among energy and chemical listed companies - As of end-June 2025, the company's comprehensive market capitalization reached **762.3 billion yuan**, with A-share and H-share prices outperforming major industry indices[24](index=24&type=chunk) - The Xinjie No. 1 and No. 2 Mine projects completed pre-commencement procedures in **6 months**, setting a new record for the shortest time for local coal mine construction projects[26](index=26&type=chunk) - An additional **215 MW** of commercially operational renewable energy power generation projects were added, and the new energy industry investment fund and green low-carbon development investment fund initiated by the company are operating stably[26](index=26&type=chunk) - The acquisition of Hangjin Energy equity was successfully completed, and a new round of capital injection is actively being promoted to further enhance energy supply capacity and synergistic operational efficiency[28](index=28&type=chunk) - A final dividend of **2.26 yuan per share (tax inclusive)** for 2024 was distributed, and the minimum annual dividend payout ratio for 2025-2027 was increased to **65% of net profit attributable to shareholders of the Company**[28](index=28&type=chunk) - The company was again selected for the '2025 China Brand Value Evaluation Information' list, with a brand value of **232.156 billion yuan**, retaining its top position among energy and chemical listed companies[29](index=29&type=chunk) [H2 Outlook and Strategic Priorities](index=12&type=section&id=%E4%B8%8B%E5%8D%8A%E5%B9%B4%E5%B1%95%E6%9C%9B%E8%88%87%E6%88%B0%E7%95%A5%E9%87%8D%E9%BB%9E) For H2, the company will focus on 'stable operations, innovation, optimized investment, strengthened management, and safety assurance' to address external uncertainties, promote high-quality development, and achieve annual targets, emphasizing energy supply, green development, innovation, management improvement, and risk prevention - The H2 work priorities are 'stable operations, innovation, optimized investment, strengthened management, and safety assurance,' with full efforts to achieve all annual targets[31](index=31&type=chunk) - Ensure energy supply and deepen operational efficiency, guaranteeing stable coal production and supply, and reliable electricity and heat supply[31](index=31&type=chunk) - Focus on green development and optimize coal-based industries, strengthening clean and efficient coal utilization, and vigorously developing green mines, low-carbon coal power, high-end chemicals, and green logistics[31](index=31&type=chunk) - Prioritize planning and emphasize innovation leadership, promoting deep integration of technological and industrial innovation to cultivate and develop new quality productive forces in the energy sector[31](index=31&type=chunk) - Strengthen benchmarking analysis and enhance operational capabilities, comprehensively improving value creation and achieving continuous improvement in operational quality and efficiency[32](index=32&type=chunk) - Build a strong safety defense line and prevent and mitigate risks, continuously deepening the three-year action plan for fundamental improvements and strengthening risk compliance and safety awareness[32](index=32&type=chunk) [H1 2025 Operating Data Overview](index=14&type=section&id=2025%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E9%81%8B%E7%87%9F%E6%95%B8%E6%93%9A%E6%A6%82%E8%A7%88) This section provides key operating data for H1 2025, including commercial coal production, sales, power generation, transportation turnover, and coal chemical product sales, comparing them to annual targets and prior-year data, showing some declines but growth in coal chemical product sales H1 2025 Operating Targets and Completion Status | Indicator | Unit | 2025 Target | H1 2025 Completion | Completion Ratio (%) | | :--- | :--- | :--- | :--- | :--- | | Commercial coal production | hundred million tons | 3.348 | 1.654 | 49.4 | | Coal sales volume | hundred million tons | 4.659 | 2.049 | 44.0 | | Power generation | billion kWh | 2,271 | 987.8 | 43.5 | | Revenue | billion yuan | 3,200 | 1,381.09 | 43.2 | | Operating costs | billion yuan | 2,300 | 943.74 | 41.0 | | Change in self-produced coal unit production cost | ╱ | Approx. 6% YoY increase | 3.9% YoY decrease | ╱ | H1 2025 Operating Data (vs. H1 2024 Restated) | Indicator | H1 2025 | H1 2024 (Restated) | Change (%) | | :--- | :--- | :--- | :--- | | Commercial coal production (million tons) | 165.4 | 168.2 | (1.7) | | Coal sales volume (million tons) | 204.9 | 230.0 | (10.9) | | Self-owned railway transportation turnover (billion ton-kilometers) | 152.8 | 161.4 | (5.3) | | Huanghua Port loading volume (million tons) | 107.6 | 110.0 | (2.2) | | Total power generation (billion kWh) | 98.78 | 106.65 | (7.4) | | Polyethylene sales volume (thousand tons) | 184.0 | 148.2 | 24.2 | | Polypropylene sales volume (thousand tons) | 170.6 | 139.2 | 22.6 | Section IV Management Discussion and Analysis [Industry and Principal Business Overview During the Reporting Period](index=16&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%85%A7%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%AC%E8%A1%8C%E6%A5%AD%E5%8F%8A%E4%B8%BB%E7%87%9F%E6%A5%AD%E5%8B%99%E6%83%85%E6%B3%81%E8%AA%AA%E6%98%8E) This section outlines China's H1 2025 macroeconomic, coal, and power market environments with an H2 outlook, detailing the company's principal businesses in coal, power production and sales, related transportation, and coal chemical operations, leveraging its unique integrated business model, abundant coal resources, and advanced technology - In H1 2025, China's GDP grew by **5.3% year-on-year**, with the economy maintaining overall stable and positive momentum[48](index=48&type=chunk) - In H1, China's thermal coal price center declined, with the average transaction price of **5,500 kcal thermal coal at Qinhuangdao Port decreasing by approximately 22.2% year-on-year**[49](index=49&type=chunk) - In H1, national raw coal output from industrial enterprises above designated size was **2.40 billion tons**, a **5.4% year-on-year increase**; coal imports were **220 million tons**, a **11.1% year-on-year decrease**[50](index=50&type=chunk)[52](index=52&type=chunk) - In H1, total electricity consumption increased by **3.7% year-on-year**, thermal power generation decreased by **2.4%**, while wind, solar, and nuclear power generation increased by **10.6%, 20.0%, and 11.3% year-on-year**, respectively[55](index=55&type=chunk) - As of June 2025, national power generation installed capacity reached **3.65 billion kW**, a **18.7% year-on-year increase**, with wind and solar power accounting for **260 million kW** of new installed capacity, representing **89.9% of the total new capacity**[56](index=56&type=chunk) - The company's principal businesses include coal and power production and sales, railway, port, and shipping transportation, and coal-to-olefin operations, adopting an integrated business model encompassing coal, power generation, railway, port, shipping, and coal chemical industries[61](index=61&type=chunk) [Discussion and Analysis of Operating Performance](index=21&type=section&id=%E7%B6%93%E7%87%9F%E6%83%85%E6%B3%81%E7%9A%84%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) In H1 2025, despite downward pressure on coal and power prices, the company achieved **138,109 million yuan** in revenue, a **18.3% year-on-year decrease**, and **26,706 million yuan** in profit attributable to owners of the Company, a **14.8% year-on-year decrease**, with overall performance exceeding expectations and improving quality and efficiency H1 2025 Key Financial Performance (vs. H1 2024 Restated) | Indicator | H1 2025 (million yuan) | H1 2024 (Restated, million yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 138,109 | 169,121 | (18.3) | | Profit before tax | 40,013 | 44,971 | (11.0) | | Profit attributable to owners of the Company for the period | 26,706 | 31,356 | (14.8) | | Basic earnings per share (yuan/share) | 1.344 | 1.578 | (14.8) | - The company's commercial coal production, coal sales, power generation, revenue, operating costs, selling, general and administrative expenses, R&D expenses, and net finance costs all achieved **41.0% to 49.4% of their annual targets** in H1 2025[64](index=64&type=chunk) - The unit production cost of self-produced coal decreased by **3.9% year-on-year**, outperforming the target of approximately **6% year-on-year increase**[64](index=64&type=chunk) [Analysis of Core Competencies During the Reporting Period](index=22&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%85%A7%E6%A0%B8%E5%BF%83%E7%AB%B6%E7%88%AD%E5%8A%9B%E5%88%86%E6%9E%90) During the reporting period, the company's core competencies remained unchanged, primarily in its vertically integrated coal-power-rail-port-shipping-chemical business model, abundant coal resources, professional management team, and leading technological innovation in green coal mining, clean coal-fired power, heavy-haul rail, and smart port operations - The Group's core competitiveness is primarily reflected in its **vertically integrated coal-power-rail-port-shipping-chemical business model**[67](index=67&type=chunk) - The Group possesses **high-quality and abundant coal resources**[67](index=67&type=chunk) - The Group has a **management team focused on its core business and advanced operating philosophies**[67](index=67&type=chunk) - The Group possesses **domestically and internationally leading industrial technology and scientific innovation capabilities** in green coal mining, clean coal-fired power generation, heavy-haul railway transportation, and smart port operations[67](index=67&type=chunk) [Key Operating Performance During the Reporting Period](index=22&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%85%A7%E4%B8%BB%E8%A6%81%E7%B6%93%E7%87%9F%E6%83%85%E6%B3%81) This section details the reasons for changes in key items of the company's H1 2025 consolidated income statement and cash flow statement, with revenue decline primarily due to falling coal and power sales volume and price, operating costs decreased due to reduced purchased coal, raw material, fuel, and transportation expenses; net cash outflow from investing activities significantly decreased, while net cash outflow from financing activities substantially increased Changes in Key Items of Consolidated Income Statement and Other Comprehensive Income (H1 2025 vs. H1 2024) | Item | H1 2025 (million yuan) | H1 2024 (Restated, million yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 138,109 | 169,121 | (18.3) | | Operating costs | (94,374) | (118,908) | (20.6) | | Research and development expenses | (727) | (981) | (25.9) | | Other gains and losses | 408 | (147) | (377.6) | | Net cash inflow from operating activities | 45,794 | 51,890 | (11.7) | | Net cash outflow from investing activities | (19,557) | (44,051) | (55.6) | | Net cash outflow from financing activities | (12,833) | (2,403) | 434.0 | - Revenue decreased by **18.3% year-on-year**, primarily due to a **10.9% decrease in coal sales volume**, a **12.9% decrease in average coal sales price**, a **7.3% decrease in power sales volume**, and a **4.2% decrease in average power sales price**[70](index=70&type=chunk)[71](index=71&type=chunk) - Operating costs decreased by **20.6% year-on-year**, mainly due to lower sales volume and purchase prices of outsourced coal, decreased power sales volume and lower coal purchase prices, reduced repair and maintenance expenses, decreased transportation costs, lower taxes and surcharges, and other cost reductions[76](index=76&type=chunk) - Net cash outflow from investing activities decreased by **55.6% year-on-year**, primarily due to higher recovery of structured deposit products in the reporting period and a larger increase in term deposits by the Group in the prior year period[79](index=79&type=chunk) - Net cash outflow from financing activities increased by **434.0% year-on-year**, mainly due to a higher volume of debt repayments by the Group during the reporting period[79](index=79&type=chunk) - R&D investment in H1 2025 was **1,213 million yuan**, a **9.3% year-on-year decrease**, primarily allocated to smart mine construction, research on key technologies for efficient low-carbon thermal power and diversified integrated energy supply, and smart power plant construction[80](index=80&type=chunk) [Analysis of Assets and Liabilities](index=29&type=section&id=%E8%B3%87%E7%94%A2%E3%80%81%E8%B2%A0%E5%82%B5%E6%83%85%E6%B3%81%E5%88%86%E6%9E%90) As of June 30, 2025, the company's total assets were **686,068 million yuan**, and total liabilities were **212,433 million yuan**, with increases in construction in progress, inventories, accounts receivable, and cash equivalents, while financial assets at fair value and short-term borrowings significantly decreased; liabilities saw a substantial increase in accrued expenses and other payables, mainly due to dividends payable and employee wages Changes in Key Items of Consolidated Statement of Financial Position (June 30, 2025 vs. December 31, 2024) | Item | June 30, 2025 (million yuan) | December 31, 2024 (Restated, million yuan) | Change (%) | Main Reasons for Change | | :--- | :--- | :--- | :--- | :--- | | Construction in progress | 35,918 | 27,899 | 28.7 | Continuous investment in power generation and coal projects under construction | | Financial assets at fair value through profit or loss | 7,103 | 17,302 | (58.9) | Decrease in structured deposit products held | | Cash and cash equivalents | 79,785 | 66,413 | 20.1 | Net cash inflow from operating activities | | Short-term borrowings | 3,006 | 14,021 | (78.6) | Repayment of some short-term borrowings upon maturity | | Accrued expenses and other payables | 102,550 | 35,177 | 191.5 | Increase in dividends payable and employee wages payable | | Bonds due within one year | 0 | 3,020 | (100.0) | USD bonds payable matured and paid in January 2025 | - As of June 30, 2025, the Group's total overseas assets amounted to **29,707 million yuan**, representing **4.3% of total assets**, primarily consisting of power generation assets in Indonesia[89](index=89&type=chunk) - As of June 30, 2025, the Group's restricted assets amounted to **17,045 million yuan**, mainly comprising bank deposits with restricted uses such as mine geological environment restoration funds and loan guarantees for coal mining enterprises[90](index=90&type=chunk) [Operating Performance by Segment](index=31&type=section&id=%E5%88%86%E8%A1%8C%E6%A5%AD%E7%B6%93%E7%87%9F%E6%83%85%E6%B3%81) This section details the production, sales, and financial performance of the company's business segments (coal, power generation, railway, port, shipping, coal chemical) in H1 2025; despite downward pressure on coal and power prices, all segments improved gross margins through cost control and efficiency, with coal chemical business achieving significant growth due to a low base in the prior year [Coal Segment](index=31&type=section&id=%E7%85%A4%E7%82%AD%E5%88%86%E9%83%A8) The Coal Segment's H1 commercial coal production decreased by **1.7% year-on-year**, but maintained high production and stable safety and environmental performance through safe production, quality and efficiency improvements, and intelligent construction; coal sales volume and average sales price both declined, leading to reduced revenue and pre-tax profit, yet gross margin improved; the company continued to advance coal mine projects and increased coal resource reserves - H1 commercial coal production was **165.4 million tons**, a **1.7% year-on-year decrease**[91](index=91&type=chunk) - **Seven advanced intelligent coal mines**, **21 intelligent coal preparation plants**, **37 intelligent longwall mining faces**, and **65 intelligent tunneling faces** have been built in underground coal mines[94](index=94&type=chunk) - Coal sales volume was **204.9 million tons**, a **10.9% year-on-year decrease**; the average coal sales price was **493 yuan/ton**, a **12.9% year-on-year decrease**[95](index=95&type=chunk)[96](index=96&type=chunk) Coal Segment Operating Results (Before Consolidation Eliminations) | Indicator | H1 2025 (million yuan) | H1 2024 (Restated, million yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 103,903 | 134,556 | (22.8) | | Operating costs | (76,685) | (101,340) | (24.3) | | Gross margin (%) | 26.2 | 24.7 | Increased by 1.5 percentage points | | Profit before tax | 23,655 | 27,835 | (15.0) | - The unit production cost of self-produced coal was **166.3 yuan/ton**, a **3.9% year-on-year decrease**, mainly due to reduced coal mine stripping costs, material consumption, and repair and maintenance expenses[114](index=114&type=chunk) - As of June 30, 2025, under Chinese standards, coal retained resources amounted to **41.58 billion tons**, an increase of **21.0%** from end-2024; coal retained recoverable reserves were **17.45 billion tons**, an increase of **15.6%** from end-2024[38](index=38&type=chunk)[102](index=102&type=chunk) [Power Generation Segment](index=39&type=section&id=%E7%99%BC%E9%9B%BB%E5%88%86%E9%83%A8) The Power Generation Segment's H1 total power generation and sales volume both decreased, along with the average sales price; despite market challenges, the company ensured stable electricity and heat supply through enhanced unit reliability management and optimized marketing strategies, actively promoting low-carbon coal power transformation and renewable energy project development, adding **215 MW** of photovoltaic power generation capacity - H1 total power generation was **98.78 billion kWh**, a **7.4% year-on-year decrease**; total power sales volume was **92.91 billion kWh**, a **7.3% year-on-year decrease**[115](index=115&type=chunk) - The average power sales price was **386 yuan/MWh**, a **4.2% year-on-year decrease**[115](index=115&type=chunk) - An additional **215 MW** of commercially operational photovoltaic power generation capacity was added[116](index=116&type=chunk) - The average utilization hours for coal-fired units were **2,143 hours**, **87 hours higher** than the national average for coal-fired power generation equipment of **6,000 kW and above**[123](index=123&type=chunk) Power Generation Segment Operating Results (Before Consolidation Eliminations) | Indicator | H1 2025 (million yuan) | H1 2024 (Restated, million yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 40,539 | 45,169 | (10.3) | | Operating costs | (34,205) | (38,232) | (10.5) | | Gross margin (%) | 15.6 | 15.4 | Increased by 0.2 percentage points | | Profit before tax | 5,351 | 5,561 | (3.8) | - The unit power sales cost was **344.1 yuan/MWh**, a **4.0% year-on-year decrease**, primarily due to lower coal purchase prices[130](index=130&type=chunk) [Railway Segment](index=46&type=section&id=%E9%90%B5%E8%B7%AF%E5%88%86%E9%83%A8) The Railway Segment's H1 self-owned railway transportation turnover decreased by **5.3% year-on-year**, but non-coal cargo volume increased by **7.4% year-on-year**; the company enhanced transportation efficiency by expanding heavy-haul train scale and promoting intelligent construction, actively developing diversified, green, and digitalized transportation - Self-owned railway transportation turnover was **152.8 billion ton-kilometers**, a **5.3% year-on-year decrease**[135](index=135&type=chunk) - Approximately **13.1 million tons** of non-coal cargo, including metal ores and chemical products, were transported, a **7.4% year-on-year increase**[135](index=135&type=chunk) Railway Segment Operating Results (Before Consolidation Eliminations) | Indicator | H1 2025 (million yuan) | H1 2024 (million yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 21,433 | 22,442 | (4.5) | | Operating costs | (12,749) | (14,004) | (9.0) | | Gross margin (%) | 40.5 | 37.6 | Increased by 2.9 percentage points | | Profit before tax | 7,259 | 7,141 | 1.7 | - The unit transportation cost was **0.080 yuan/ton-kilometer**, a **3.6% year-on-year decrease**, mainly due to reduced repair and maintenance expenses[137](index=137&type=chunk) [Port Segment](index=48&type=section&id=%E6%B8%AF%E5%8F%A3%E5%88%86%E9%83%A8) The Port Segment's H1 Huanghua Port coal loading volume continued to rank first nationally, with non-coal cargo volume increasing by **5.9% year-on-year**; the company continuously optimized port functional layout, improved vessel navigation and terminal transshipment efficiency, and orderly advanced projects such as Huanghua Port Phase V and Zhuhai Gaolan Port bulk cargo terminal - Huanghua Port coal loading volume was **107.6 million tons**, maintaining its leading position among national coal ports[139](index=139&type=chunk) - Non-coal cargo volume, including oil products and ores, reached **7.2 million tons**, a **5.9% year-on-year increase**[139](index=139&type=chunk) Port Segment Operating Results (Before Consolidation Eliminations) | Indicator | H1 2025 (million yuan) | H1 2024 (million yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,464 | 3,443 | 0.6 | | Operating costs | (1,856) | (1,952) | (4.9) | | Gross margin (%) | 46.4 | 43.3 | Increased by 3.1 percentage points | | Profit before tax | 1,355 | 1,231 | 10.1 | [Shipping Segment](index=49&type=section&id=%E8%88%AA%E9%81%8B%E5%88%86%E9%83%A8) The Shipping Segment's H1 cargo volume decreased by **23.8% year-on-year**, but non-coal cargo volume significantly increased by **516.7% year-on-year**; the company maintained stable and efficient integrated transportation through refined management of its own vessels and market cargo source development - H1 shipping cargo volume was **49.9 million tons**, a **23.8% year-on-year decrease**[142](index=142&type=chunk) - Non-coal cargo volume, including ores, was **3.7 million tons**, a **516.7% year-on-year increase**[142](index=142&type=chunk) Shipping Segment Operating Results (Before Consolidation Eliminations) | Indicator | H1 2025 (million yuan) | H1 2024 (million yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,642 | 2,488 | (34.0) | | Operating costs | (1,466) | (2,244) | (34.7) | | Gross margin (%) | 10.7 | 9.8 | Increased by 0.9 percentage points | | Profit before tax | 116 | 224 | (48.2) | - The Shipping Segment's unit transportation cost was **0.028 yuan/ton-nautical mile**, a **6.7% year-on-year decrease**, mainly due to lower vessel chartering fees[143](index=143&type=chunk) [Coal Chemical Segment](index=50&type=section&id=%E7%85%A4%E5%8C%96%E5%B7%A5%E5%88%86%E9%83%A8) The Coal Chemical Segment's H1 polyolefin product sales volume increased by **23.4% year-on-year**, with significant growth in revenue and pre-tax profit, primarily due to a low base in the prior year caused by equipment maintenance; the company strengthened market operations, promoted green development, and orderly advanced the construction of coal-to-olefin upgrade demonstration projects - H1 total polyolefin product sales volume was **354.6 thousand tons**, a **23.4% year-on-year increase**[146](index=146&type=chunk) Coal Chemical Segment Polyolefin Product Sales Volume and Price | Product | H1 2025 Sales Volume (thousand tons) | H1 2024 Sales Volume (thousand tons) | Sales Volume Change (%) | | :--- | :--- | :--- | :--- | | Polyethylene | 184.0 | 148.2 | 24.2 | | Polypropylene | 170.6 | 139.2 | 22.6 | Coal Chemical Segment Operating Results (Before Consolidation Eliminations) | Indicator | H1 2025 (million yuan) | H1 2024 (million yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 2,919 | 2,538 | 15.0 | | Operating costs | (2,773) | (2,442) | 13.6 | | Gross margin (%) | 5.0 | 3.8 | Increased by 1.2 percentage points | | Profit before tax | 79 | 4 | 1,875.0 | - Profit before tax increased by **1,875.0% year-on-year**, primarily due to scheduled maintenance of coal-to-olefin production equipment in the prior year period, resulting in lower polyolefin product output and sales volume[147](index=147&type=chunk) [Operating Performance by Region](index=52&type=section&id=%E5%88%86%E5%9C%B0%E5%8D%80%E7%B6%93%E7%87%9F%E6%83%85%E6%B3%81) In H1 2025, the company's revenue primarily originated from the domestic market, accounting for **97.0%**, while overseas market revenue decreased by **27.4% year-on-year**, mainly due to declining coal prices; overseas projects operated well, with high reliability for Indonesia South Sumatra EMM units, leading market share for Indonesia Java units, and good production and operation for the US Pennsylvania shale gas project - External transaction revenue from the domestic market was **134,009 million yuan**, accounting for **97.0% of the Group's revenue**[150](index=150&type=chunk) - External transaction revenue from overseas markets was **4,100 million yuan**, a **27.4% year-on-year decrease**, primarily due to reduced overseas coal sales revenue impacted by declining coal prices[150](index=150&type=chunk) - Indonesia South Sumatra EMM units achieved **13 consecutive years without forced outages**, with reliability ranking best in the regional grid; Indonesia Java units demonstrated good economic benefits and leading regional market share; the US Pennsylvania shale gas project operated well, producing **53 million cubic meters of gas (equity volume)** in H1[151](index=151&type=chunk) [Analysis of Investment Status](index=53&type=section&id=%E6%8A%95%E8%B3%87%E7%8B%80%E6%B3%81%E5%88%86%E6%9E%90) In H1 2025, the company's new equity investments totaled **15,136 million yuan**, primarily for the acquisition of Hangjin Energy and capital injections into coal, power generation, transportation, and coal chemical subsidiaries; total capital expenditure was **14.746 billion yuan**, mainly directed towards major project construction and technological upgrades in coal, power generation, and transportation businesses - In H1 2025, the company's new equity investment in Hangjin Energy amounted to **11,218 million yuan**[152](index=152&type=chunk) - Other new equity investments totaled **3,918 million yuan**, mainly for capital injections by the Company into relevant coal, power generation, transportation, and coal chemical subsidiaries to advance project construction[152](index=152&type=chunk) H1 2025 Capital Expenditure Plan Completion Status | Business | 2025 Plan (billion yuan) | H1 2025 Completion (billion yuan) | | :--- | :--- | :--- | | Coal business | 96.81 | 41.35 | | Power generation business | 174.11 | 86.96 | | Transportation business | 81.66 | 14.35 | | Coal chemical business | 54.46 | 4.76 | | Other | 10.89 | 0.04 | | Total | 417.93 | 147.46 | - Capital expenditures were primarily for the construction of Xinjie No. 1 and No. 2 Mines in the Xinjie Taigemiao mining area and Hangjin Energy's Tarangaole coalfield project, Phase II of Jiangxi Jiujiang Power Plant and Guangdong Qingyuan Power Plant, Dongyue Railway construction, Huanghua Port (Coal Port Area) Phase V project, Zhuhai Gaolan Port National Energy Bulk Cargo Terminal project, and coal-to-olefin upgrade demonstration projects[159](index=159&type=chunk) [Analysis of Major Controlled and Invested Companies](index=56&type=section&id=%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%83%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists the financial performance of the company's major subsidiaries and describes the acquisition and disposal of subsidiaries during the reporting period; the company completed the acquisition of **100% equity in Hangjin Energy** to reduce horizontal competition, increase coal resources, and enhance synergistic operations, while also transferring its equity in Guoneng (Mianzhu) Hydropower Co., Ltd Changes in Net Profit Attributable to Parent Company Shareholders of Major Subsidiaries in H1 2025 | No. | Company | Principal Business | H1 2025 (million yuan) | H1 2024 (million yuan) | Change (%) | Main Reasons for Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Shendong Coal | Coal mining, processing, and sales | 4,126 | 5,537 | (25.5) | Decrease in coal sales volume and average sales price | | 2 | Shuohuang Railway | Railway transportation | 3,419 | 3,416 | 0.1 | - | | 4 | Jinjie Energy | Coal mining, processing, and sales, power generation | 1,569 | 2,158 | (27.3) | Decrease in average coal sales price; decrease in power sales volume and average sales price | | 5 | Zhungeer Energy | Coal mining, processing, and sales | 1,479 | 1,367 | 8.2 | - | | 9 | Shendong Power | Power generation | 481 | 426 | 12.9 | Decrease in coal purchase prices | | 12 | Indonesia Java | Power generation | 520 | 456 | 14.0 | Increase in power sales volume | - The company completed the acquisition of **100% equity in Hangjin Energy**, aiming to reduce horizontal competition, increase coal resources, and enhance the Group's energy supply capacity and synergistic operational efficiency in the eastern Inner Mongolia region[167](index=167&type=chunk) - Sichuan Energy, a subsidiary of the company, completed the transfer of its equity in Guoneng (Mianzhu) Hydropower Co., Ltd., recognizing an equity transfer gain of **237 million yuan**, which had no significant impact on the Group's overall production, operations, and performance[167](index=167&type=chunk) [Post-Reporting Period Events](index=58&type=section&id=%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Subsequent to the reporting period, the company's board approved the 'China Shenhua Issuance of Shares and Cash Payment for Asset Acquisition and Fundraising for Related Transactions Pre-plan,' proposing to acquire equity in coal, pit-mouth coal power, and coal-to-oil/gas/chemical target companies held by China Energy Group through A-share issuance and cash payment, along with raising supporting funds - The company plans to acquire equity in coal, pit-mouth coal power, and coal-to-oil/gas/chemical target companies held by China Energy Group through A-share issuance and cash payment, and to raise supporting funds through A-share issuance[170](index=170&type=chunk) - Related audit and appraisal work for this transaction is not yet complete, and it requires internal decision-making procedures and approval, review, or registration consent from authorized regulatory bodies before formal implementation[170](index=170&type=chunk) [Execution of 2025 'Quality Improvement, Efficiency Enhancement, and High Returns' Action Plan](index=58&type=section&id=2025%E5%B9%B4%E5%BA%A6%E3%80%8C%E6%8F%90%E8%B3%AA%E5%A2%9E%E6%95%88%E9%87%8D%E5%9B%9E%E5%A0%B1%E3%80%8D%E8%A1%8C%E5%8B%95%E6%96%B9%E6%A1%88%E5%9F%B7%E8%A1%8C%E6%83%85%E6%B3%81) The company actively executed its 'Quality Improvement, Efficiency Enhancement, and High Returns' action plan, achieving stable H1 operations with year-on-year gross margin growth across all segments; it maintained a strong shareholder return policy, distributing 2024 final dividends, proposing 2025 interim dividends, and increasing the minimum dividend payout ratio for the next three years; capital operations included completing the Hangjin Energy acquisition and initiating a new round of asset injection, while continuously improving corporate governance, market value management, and investor relations - The Group strengthened its responsibility for energy supply, maintaining stable and orderly production and operations; it actively responded to market changes, deeply explored internal cost reduction potential, and achieved year-on-year gross margin growth across all segments[172](index=172&type=chunk) - The **2024 final cash dividend of 2.26 yuan/share (tax inclusive)** has been fully distributed, representing **76.5% of the net profit attributable to shareholders of the Company**[172](index=172&type=chunk) - The Board recommended an interim dividend of **RMB 0.98 per share (tax inclusive)** for 2025, representing **72.9% of the profit attributable to owners of the Company for H1 2025** under IFRS[172](index=172&type=chunk) - A shareholder return plan for 2025-2027 was formulated, ensuring that the annual cash dividend amount is no less than **65% of the net profit attributable to shareholders of the Company** for that year[172](index=172&type=chunk) - Completed the acquisition of **100% equity in Hangjin Energy** and initiated the acquisition of coal, pit-mouth coal power, and coal-to-oil/gas/chemical related assets held by China Energy Group to further improve company quality and reduce related-party transactions[173](index=173&type=chunk) - The company's Board of Directors approved the 'China Shenhua Energy Company Limited Market Value Management System,' clarifying the basic principles, organizational structure, main methods, monitoring and early warning mechanisms, and emergency measures for market value management[175](index=175&type=chunk) [Potential Risks and Countermeasures](index=60&type=section&id=%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%B0%8D%E7%9A%84%E9%A2%A8%E9%9A%AA%E5%8F%8A%E6%87%89%E5%B0%8D%E6%8E%AA%E6%96%BD) The company faces multi-faceted risks including safety and environmental, compliance, engineering project management, market competition, investment, integrated operations, policy, and international business; it has established a closed-loop risk management system and implemented specific countermeasures for each risk, such as strict safety production responsibility, optimized legal compliance risk prevention, strengthened project management, improved market analysis, refined investment strategies, enhanced integrated operational advantages, and reinforced policy research and international strategic planning - The Company's main risks include **safety and environmental, compliance, engineering project management, market competition, investment, integrated operations, policy, and international business risks**[178](index=178&type=chunk) - The Company has established a **closed-loop risk management system** encompassing annual risk identification, quarterly risk monitoring, dynamic risk assessment, daily inspection and early warning, and year-end supervision and evaluation[178](index=178&type=chunk) - Regarding safety and environmental protection, the company strictly implements safety production responsibilities, deepens the three-year action plan for fundamental improvements in safety production, and enhances ecological environment risk prevention capabilities[179](index=179&type=chunk) - In compliance management, the company continuously optimizes its legal compliance risk prevention system, promotes 'standardization of major business type contracts,' and ensures full-process legal support services for major capital operations and important development projects[180](index=180&type=chunk) - In market and sales, the company strengthens macroeconomic research, improves the accuracy of coal market forecasts, optimizes coal product structure, accelerates the construction of new power systems, and vigorously promotes integrated coal-power and new energy operations[180](index=180&type=chunk) - In integrated operations management, the company continuously strengthens its core advantages in integrated operations, enhances production scheduling, reinforces industrial synergy, optimizes coal-power industrial layout, and accelerates the implementation of new energy projects[183](index=183&type=chunk) Section V Corporate Governance, Environment, and Society [Corporate Governance Overview](index=63&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E6%A6%82%E6%B3%81) The company has established a comprehensive corporate governance structure and operating mechanism, fully complying with the 'Corporate Governance Code'; during the reporting period, Chairman Lü Zhiren resigned, and a new chairman is being selected; the Board implements a diversity policy, the Audit and Risk Committee effectively performs its duties, and the Independent Directors Committee convened meetings to deliberate important proposals - The Company has established a relatively comprehensive corporate governance structure and sound operating mechanisms, fully complying with the 'Corporate Governance Code'[184](index=184&type=chunk)[188](index=188&type=chunk) - Mr. Lü Zhiren resigned as Chairman and Executive Director of the Company on **March 24, 2025**, with the selection of a new chairman currently underway[185](index=185&type=chunk) - The company's Board of Directors has formulated a Board Diversity Policy, using a range of diversity criteria for candidate selection, including but not limited to gender, age, cultural and educational background, race, skills, knowledge, and professional experience[189](index=189&type=chunk) - The Audit and Risk Committee has reviewed the Group's interim financial report for the six months ended June 30, 2025, and the financial information in this report, agreeing to submit them to the Board for consideration[191](index=191&type=chunk) [Changes in Directors, Supervisors, and Senior Management](index=65&type=section&id=%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E4%BA%BA%E5%93%A1%E8%AE%8A%E5%8B%95%E6%83%85%E6%B3%81) During the reporting period, changes in the company's directors, supervisors, and senior management primarily involved Mr. Lü Zhiren's resignation as Chairman and Executive Director - Mr. Lü Zhiren resigned as Chairman and Executive Director[193](index=193&type=chunk) [Employee Information](index=66&type=section&id=%E5%93%A1%E5%B7%A5%E6%83%85%E6%B3%81) As of June 30, 2025, the Group had **89,929 employees**, with operations and maintenance personnel forming the largest proportion; most employees held bachelor's degrees; the number of retired employees increased due to the Hangjin Energy acquisition; the company implements competitive compensation policies and provides multi-level training - As of June 30, 2025, the Group had a total of **89,929 employees**[195](index=195&type=chunk) Professional Composition of the Group's Employees | Professional Category | Number of People | | :--- | :--- | | Operations and maintenance personnel | 55,141 | | Management and administrative personnel | 15,523 | | R&D personnel | 4,184 | | Technical support personnel | 8,238 | | Sales and marketing personnel | 638 | | Other personnel | 4,657 | | Total | 89,929 | Educational Background of the Group's Employees | Educational Level | Number of People | | :--- | :--- | | Postgraduate and above | 4,682 | | Bachelor's degree | 40,996 | | College diploma | 20,705 | | Secondary vocational school | 8,322 | | Technical school, high school and below | 15,224 | | Total | 89,929 | - The number of retired employees for whom the Group is responsible for expenses is **33,105**, an increase from end-2024 primarily due to the acquisition of **100% equity in Hangjin Energy**[195](index=195&type=chunk) [Profit Distribution Plan](index=67&type=section&id=%E5%88%A9%E6%BD%A4%E5%88%86%E9%85%8D%E6%96%B9%E6%A1%88) The Board recommended an interim dividend of **RMB 0.98 per share (tax inclusive)** for 2025, totaling **19,471 million yuan**, representing **72.9% of the profit attributable to owners of the Company for H1 2025**, pending shareholder approval; the 2024 final dividend of **RMB 2.26 per share (tax inclusive)** has been distributed - The Board recommended an interim dividend of **RMB 0.98 per share (tax inclusive)** for 2025, totaling **19,471 million yuan**, representing **72.9% of the profit attributable to owners of the Company for H1 2025**[197](index=197&type=chunk) - The **2024 final dividend of RMB 2.26 per share (tax inclusive)**, totaling **RMB 44,903 million (tax inclusive)**, has been fully distributed[202](index=202&type=chunk) - The 2025 interim dividend for H-share shareholders is expected to be distributed on or around **December 24, 2025**[199](index=199&type=chunk) [Environmental Information of Listed Companies and Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=70&type=section&id=%E7%B4%8D%E5%85%A5%E7%92%B0%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E6%A5%AD%E5%90%8D%E5%96%AE%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%92%B0%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E6%B3%81) As of June 30, 2025, **45 enterprises** within the Group were classified as key environmental supervision units, with **44 included in the list of enterprises required to disclose environmental information by law**; this section lists their names and query indexes for environmental information disclosure reports - As of June 30, 2025, the Group had **45 enterprises** classified as key environmental supervision units by environmental protection authorities, with **44 of them included in the list of enterprises required to disclose environmental information by law**[205](index=205&type=chunk) - The report lists query indexes for environmental information disclosure reports of **44 enterprises**, including Guoneng Baotou Coal Chemical Co., Ltd., Guoneng Shendong Coal Buertai Coal Mine, and Guoneng Guangdong Electric Taishan Power Generation Co., Ltd[206](index=206&type=chunk)[208](index=208&type=chunk) [Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=72&type=section&id=%E5%B7%A2%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%AB%E8%B2%BB%E6%94%BB%E5%A0%85%E6%88%90%E6%9E%9C%E3%80%81%E9%84%89%E6%9D%91%E6%8C%AF%E8%88%88%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E9%AB%94%E6%83%85%E6%B3%81) In H1 2025, the Group actively responded to the national rural revitalization strategy, investing **24.85 million yuan** in aid funds for **3 designated counties**, implementing **12 assistance projects** benefiting approximately **100,000 people**, and conducting skills training and agricultural product procurement and sales - In H1 2025, the Group invested **24.85 million yuan** in aid funds for **3 designated counties**, including Mizhi County and Wubu County in Shaanxi Province, and Butuo County in Sichuan Province[212](index=212&type=chunk) - **Twelve assistance projects** were implemented in key areas such as education, healthcare, industry, and infrastructure, benefiting approximately **100,000 people**[212](index=212&type=chunk) - **Sixty person-times** of skilled talents and grassroots cadres were trained, and **8.46 million yuan** worth of agricultural products were purchased and sold[212](index=212&type=chunk) Section VI Significant Matters [Fulfillment of Commitments](index=73&type=section&id=%E6%89%BF%E8%AB%BE%E4%BA%8B%E9%A0%85%E5%B1%A5%E8%A1%8C%E6%83%85%E6%B3%81) The company continues to fulfill its commitment to avoid horizontal competition with China Energy Group, having completed the acquisition of **100% equity in Hangjin Energy** and initiated a new round of asset injection in **August 2025**, aiming to further reduce horizontal competition and enhance the company's energy supply capacity and synergistic operational efficiency - The company signed the 'Agreement on Avoiding Horizontal Competition' and its supplementary agreements with China Energy Group, committing not to compete with the Company's principal businesses and granting the Company priority transaction and selection rights, priority transfer rights, and priority acquisition rights for business opportunities and assets that may constitute potential horizontal competition[214](index=214&type=chunk) - On **January 21, 2025**, the company's Sixth Board of Directors' Sixth Meeting approved the 'Proposal on Acquiring 100% Equity in Hangjin Energy'; this transaction has been completed, aiming to reduce horizontal competition and increase coal resources[219](index=219&type=chunk) - In **August 2025**, the company initiated the acquisition of coal, pit-mouth coal power, and coal-to-oil/gas/chemical related assets held by China Energy Group to further reduce horizontal competition and fulfill the aforementioned agreements[219](index=219&type=chunk) [Half-Year Report Audit Status](index=75&type=section&id=%E5%8D%8A%E5%B9%B4%E5%A0%B1%E5%AF%A9%E8%A8%88%E6%83%85%E6%B3%81) The company's 2025 Annual General Meeting of Shareholders on **June 20, 2025**, approved the appointment of KPMG Huazhen LLP (A-shares) and KPMG (H-shares) as its auditors for 2025; the interim financial statements in this report are unaudited but have been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements - On **June 20, 2025**, the Company's 2024 Annual General Meeting of Shareholders approved the appointment of **KPMG Huazhen LLP (Special General Partnership)** and **KPMG** as the Company's A-share and H-share auditors for 2025, respectively[220](index=220&type=chunk) - The interim financial statements in this report are unaudited; KPMG issued a review report on the Company's H1 2025 interim financial statements, prepared in accordance with IFRS, based on Hong Kong Standard on Review Engagements[7](index=7&type=chunk) [Major Litigation and Arbitration Matters](index=76&type=section&id=%E9%87%8D%E5%A4%A7%E8%A8%B4%E8%A8%9F%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A0%85) During the reporting period, the Group had no major litigation or arbitration matters; management assessed that potential legal liabilities from existing non-major litigation and arbitration cases would not have a material impact on the Group's financial position - During the reporting period, the Group had no major litigation or arbitration matters[222](index=222&type=chunk) - Management believes that the potential legal liabilities arising from these cases will not have a material impact on the Group's financial position[222](index=222&type=chunk) [Major Related Party Transactions](index=77&type=section&id=%E9%87%8D%E5%A4%A7%E9%97%9C%E8%81%AF%E2%88%95%E9%97%9C%E9%80%A3%E4%BA%A4%E6%98%93) This section details the company's daily related party transactions with China Energy Group and its affiliates in coal supply, product and service provision, financial services, and factoring services, as well as ongoing related party transactions with China Railway Group; during the reporting period, the total amount of related party transactions for selling products and providing services to China Energy Group was **45,409 million yuan**, accounting for **32.9% of revenue**; it also discloses the performance commitment fulfillment for the Hangjin Energy acquisition and related party debt and credit with the finance company and Yili Chemical - During the reporting period, the Group's total related party transactions for selling products and providing services to China Energy Group amounted to **45,409 million yuan**, representing **32.9% of the Group's revenue** for the period[231](index=231&type=chunk) H1 2025 Major Ongoing Related Party Transactions Execution Status | Agreement Name | Transaction Item | Currently Effective Transaction Cap (million yuan) | Transaction Amount During Reporting Period (million yuan) | | :--- | :--- | :--- | :--- | | Company and China Energy Group's "Coal Supply Agreement" | Group's sales of goods, provision of services, and other inflows to related parties | 110,000 | 36,966 | | Company and China Energy Group's "Product and Service Supply Agreement" | Group's sales of goods, provision of services, and other inflows (goods category) to related parties | 35,000 | 2,807 | | Company and China Energy Group's "Product and Service Supply Agreement" | Group's sales of goods, provision of services, and other inflows (services category) to related parties | 35,000 | 5,636 | | Company and China Railway Group's "Ongoing Related Party Transaction Framework Agreement" | Group's sales of goods, provision of services, and other inflows to related parties | 15,000 (adjusted) | 1,667 | | Company and Finance Company's "Financial Services Agreement" | Finance Company's maximum daily balance of comprehensive credit lines provided to Group members | 100,000 | 15,432 | | Company and Finance Company's "Financial Services Agreement" | Maximum daily deposit balance of Group members at the Finance Company | 75,000 | 74,885 | | Company and Guoneng Factoring Company's New "Factoring Services Agreement" | Guoneng Factoring Company's maximum daily balance of factoring services provided to Group members | 5,000 | 2,888 | - China Energy Group committed that Hangjin Energy's cumulative net profit attributable to parent company shareholders after deducting non-recurring gains and losses, audited under Chinese Enterprise Accounting Standards, for September-December 2024 and 2025-2029 would be no less than **383.1027 million yuan**; as of H1 2025, Hangjin Energy's cumulative net loss was **260.8727 million yuan**[240](index=240&type=chunk) Related Party Debt and Credit Transactions (June 30, 2025) | Related Party | Related Party Relationship | Ending Balance of Funds Provided to Related Parties (million yuan) | Ending Balance of Funds Provided by Related Parties to Listed Company (million yuan) | | :--- | :--- | :--- | :--- | | China Energy Group Co., Ltd. | Controlling Shareholder | - | 0 | | Finance Company | Subsidiary of Controlling Shareholder | 74,495 | 14,680 | | Other Related Parties | Other | 395 | 2,050 | | Total | | 74,890 | 16,730 | [Major Contracts and Their Fulfillment](index=87&type=section&id=%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E6%B3%81) This section discloses the company's fulfillment of major contracts during the reporting period, including external guarantees and entrusted cash asset management; as of the end of the reporting period, the total external guarantee balance was **40.32 million yuan**, primarily a joint and several liability guarantee by controlling subsidiary Baorixile Energy for Liangyi Railway Company; the company also engaged in structured deposits and entrusted loans, with the entrusted loan to Yili Chemical being overdue but with collateral measures in place - As of the end of the reporting period, the company's total external guarantee balance was **40.32 million yuan**, representing **0.01% of net assets attributable to owners of the Company**[259](index=259&type=chunk) - The main guarantee is a joint and several liability guarantee by controlling subsidiary Baorixile Energy for Hulunbuir Liangyi Railway Co., Ltd. (asset-liability ratio of **200%**); Baorixile Energy has fully provided for impairment on its equity in Liangyi Railway Co., Ltd. and the amount of repayment on its behalf[261](index=261&type=chunk)[262](index=262&type=chunk) Entrusted Wealth Management (H1 2025) | Product Type | Source of Funds | Amount Incurred During Reporting Period (million yuan) | Unmatured Balance at Period-End (million yuan) | Overdue Unrecovered Amount (million yuan) | | :--- | :--- | :--- | :--- | :--- | | Structured deposits | Own funds | 17,300 | 7,100 | 0 | Entrusted Loans (H1 2025) | Product Type | Source of Funds | Amount Incurred During Reporting Period (million yuan) | Unmatured Balance at Period-End (million yuan) | Overdue Unrecovered Amount (million yuan) | | :--- | :--- | :--- | :--- | :--- | | Entrusted loans | Own funds | 395.37 | 0 | 395.37 | - The **400.0 million yuan** entrusted loan from the company's wholly-owned subsidiary Shendong Power to Inner Mongolia Yili Chemical Industry Co., Ltd. matured on **December 23, 2023**; as of the end of the reporting period, **4.63 million yuan** of principal had been repaid, and the remaining entrusted loan has secured corresponding collateral measures through asset mortgages and other means[275](index=275&type=chunk) Section VII Share Changes and Shareholder Information [Share Capital Changes](index=93&type=section&id=%E8%82%A1%E6%9C%AC%E8%AE%8A%E5%8B%95%E6%83%85%E6%B3%81) During the reporting period, the company's total number of ordinary shares and share capital structure remained unchanged, with **100% of total share capital** consisting of unrestricted tradable shares; the company did not repurchase, sell, or redeem any listed securities and held no treasury shares - During the reporting period, the Company's total number of ordinary shares and share capital structure remained unchanged[276](index=276&type=chunk) - Unrestricted tradable shares totaled **19,868,519,955 shares**, accounting for **100.00% of the total share capital**[278](index=278&type=chunk) - For the six months ended June 30, 2025, the Group did not conduct any repurchases, sales, or redemptions of the Company's listed securities under the Hong Kong Listing Rules[278](index=278&type=chunk) [Shareholder Numbers and Shareholding Status](index=94&type=section&id=%E8%82%A1%E6%9D%B1%E6%95%B8%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E6%B3%81) As of the end of the reporting period, the company had **161,322 ordinary shareholders**; China Energy Investment Group Co., Ltd. is the controlling shareholder, directly and indirectly holding **69.5789% of the company's total issued shares**, with HKSCC NOMINEES LIMITED as the second largest shareholder - As of the end of the reporting period, the total number of ordinary shareholders was **161,322**[281](index=281&type=chunk) Top Ten Shareholders as of June 30, 2025 | Shareholder Name (Full Name) | Shares Held at Period-End | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | China Energy Investment Group Co., Ltd. | 13,812,709,196 | 69.52 | State-owned Legal Person | | HKSCC NOMINEES LIMITED | 3,370,467,428 | 16.96 | Overseas Legal Person | | China Securities Finance Corporation Limited | 594,718,004 | 2.99 | Other | | Hong Kong Securities Clearing Company Limited | 170,982,764 | 0.86 | Overseas Legal Person | | Central Huijin Asset Management Co., Ltd. | 106,077,400 | 0.53 | State-owned Legal Person | - China Energy Investment Group Co., Ltd. directly and indirectly holds **69.5789% of the Company's total issued shares**[291](index=291&type=chunk) - BlackRock, Inc. holds **174,018,151 H-shares (long position)**, representing **5.15% of the Company's issued H-shares**[293](index=293&type=chunk) Section VIII Review Report and Financial Report [Independent Auditor's Review Report](index=100&type=section&id=%E7%8D%A8%E7%AB%8B%E6%A0%B8%E6%95%B8%E5%B8%AB%E5%AF%A9%E9%96%B1%E5%A0%B1%E5%91%8A) KPMG reviewed the company's interim financial report for the six months ended June 30, 2025, in accordance with Hong Kong Standard on Review Engagements, concluding that they found no matters leading them to believe the interim financial report was not prepared in all material respects in accordance with International Accounting Standard 34 - KPMG has reviewed the consolidated financial statements of China Shenhua Energy Company Limited and its subsidiaries for the six months ended **June 30, 2025**[298](index=298&type=chunk) - The review conclusion states: We have not become aware of any matter that makes us believe that the above interim financial report as of June 30, 2025, is not prepared, in all material respects, in accordance with International Accounting Standard 34 'Interim Financial Reporting'[300](index=300&type=chunk) - The interim financial statements in this report are unaudited[7](index=7&type=chunk) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=101&type=section&id=%E5%90%88%E4%BD%B5%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) The company's H1 2025 consolidated statement of profit or loss and other comprehensive income shows revenue of **138,109 million yuan**, profit for the period of **32,059 million yuan**, profit attributable to owners of the Company of **26,706 million yuan**, and basic earnings per share of **1.344 yuan**, with all profitability indicators decreasing compared to restated data from the prior year H1 2025 Consolidated Profit or Loss and Other Comprehensive Income (vs. H1 2024 Restated) | Item | 2025 (RMB million) | 2024 (Restated, RMB million) | | :--- | :--- | :--- | | Revenue | 138,109 | 169,121 | | Operating costs | (94,374) | (118,908) | | Gross profit | 43,735 | 50,213 | | Profit before tax | 40,013 | 44,971 | | Profit for the period | 32,059 | 36,983 | | Profit attributable to owners of the Company for the period | 26,706 | 31,356 | | Basic earnings per share (RMB yuan) | 1.344 | 1.578 | [Consolidated Statement of Financial Position](index=103&type=section&id=%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the company's consolidated statement of financial position shows total assets of **686,068 million yuan**, total liabilities of **212,433 million yuan**, and net assets of **473,635 million yuan**; compared to restated data from December 31, 2024, total assets slightly increased, but total liabilities significantly rose, leading to a decrease in net assets Consolidated Financial Position as of June 30, 2025 (vs. December 31, 2024 Restated) | Item | June 30, 2025 (RMB million) | December 31, 2024 (Restated, RMB million) | | :--- | :--- | :--- | | Total non-current assets | 471,029 | 464,500 | | Total current assets | 215,039 | 207,139 | | Total current liabilities | 150,497 | 105,116 | | Total non-current liabilities | 61,936 | 66,261 | | Net assets | 473,635 | 500,262 | | Equity attributable to owners of the Company | 404,527 | 422,595 | | Total equity | 473,635 | 500,262 | [Consolidated Statement of Changes in Equity](index=105&type=

[Section I. Definitions](index=3&type=section&id=Section%20I.%20Definitions) This section defines key terms, corporate entities, accounting standards, and financial indicators used in the report to ensure consistent understanding of its content - The report defines key entities such as “China Shenhua/the Company,” “the Group,” and “China Energy Investment Corporation,” along with accounting standards like “China Accounting Standards for Business Enterprises” and “International Financial Reporting Standards”[8](index=8&type=chunk)[11](index=11&type=chunk) - Key financial indicators such as “EBITDA,” “asset-liability ratio,” and “total debt to capital ratio” are provided with clear calculation methods[11](index=11&type=chunk) - The reporting period is defined as January to June 2025[11](index=11&type=chunk) [Section II. Company Profile and Key Financial Indicators](index=6&type=section&id=Section%20II.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's basic information, contact details, stock overview, and detailed key accounting data and financial indicators for the first half of 2025, including year-on-year changes and restatements due to the acquisition of Hangjin Energy - Mr. Lv Zhiren, the company's legal representative, resigned as Chairman and Executive Director on March 24, 2025, with the selection of a new chairman underway[13](index=13&type=chunk) Key Accounting Data and Financial Indicators for H1 2025 (vs. H1 2024) | Indicator | Unit | H1 2025 | H1 2024 (Restated) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | RMB million | 138,109 | 169,121 | (18.3) | | Profit for the period | RMB million | 32,059 | 36,983 | (13.3) | | Profit attributable to owners of the Company | RMB million | 26,706 | 31,356 | (14.8) | | Basic EPS | yuan/share | 1.344 | 1.578 | (14.8) | | Net cash inflow from operating activities | RMB million | 45,794 | 51,890 | (11.7) | | Return on total assets at period-end | % | 4.7 | 5.4 | decreased by 0.7 percentage points | | Return on net assets at period-end | % | 6.6 | 8.0 | decreased by 1.4 percentage points | | EBITDA | RMB million | 50,629 | 54,764 | (7.6) | Key Balance Sheet Indicators as of June 30, 2025 (vs. December 31, 2024) | Indicator | Unit | June 30, 2025 | December 31, 2024 (Restated) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total assets | RMB million | 686,068 | 671,639 | 2.1 | | Total liabilities | RMB million | 212,433 | 171,377 | 24.0 | | Total equity | RMB million | 473,635 | 500,262 | (5.3) | | Equity attributable to owners of the Company | RMB million | 404,527 | 422,595 | (4.3) | | Asset-liability ratio | % | 31.0 | 25.5 | increased by 5.5 percentage points | | Total debt to capital ratio | % | 7.1 | 8.9 | decreased by 1.8 percentage points | - The company completed the acquisition of **100% equity in Hangjin Energy** on February 11, 2025, which was a business combination under common control, leading to retrospective adjustments to the comparative consolidated financial statements[20](index=20&type=chunk) Differences in Net Profit and Net Assets Attributable to Owners of the Company under Domestic and International Accounting Standards (RMB million) | Indicator | H1 2025 | H1 2024 (Restated) | June 30, 2025 | December 31, 2024 (Restated) | | :--- | :--- | :--- | :--- | :--- | | Under China Accounting Standards (Net Profit/Net Assets) | 24,641 | 28,012 | 401,523 | 419,559 | | Adjustments: Maintenance, safety production, and other similar expenses | 2,065 | 3,344 | 3,004 | 3,036 | | Under International Financial Reporting Standards (Net Profit/Net Assets) | 26,706 | 31,356 | 404,527 | 422,595 | [Section III. Chairman's Statement](index=10&type=section&id=Section%20III.%20Chairman's%20Statement) The Board reviews the company's stable operations, project construction, technological innovation, capital operations, and corporate governance in H1 2025 amidst declining coal and power prices, and outlines H2 market outlook and strategic priorities including energy supply, green development, innovation, management, and risk prevention - In H1 2025, the company's total market capitalization was **RMB 762.3 billion**, with A-share and H-share prices outperforming major industry indices[23](index=23&type=chunk) - The company maintained high self-produced coal output, ensured smooth and efficient energy transportation channels, achieved higher coal-fired power unit utilization hours than the national average, and successfully met energy supply targets during critical periods and in key regions[24](index=24&type=chunk) - Key projects, including Xinjie No. 1 and No. 2 mines, Jiujiang Phase II, Beihai Phase II coal-fired power projects, and the Indonesia South Sumatra No. 1 project, are progressing rapidly, with an additional **215 MW** of renewable energy generation projects commencing commercial operation[25](index=25&type=chunk) - Technological innovation is empowering industrial upgrading, with Xinjie Energy successfully deploying the first “BIM+Beidou” smart infrastructure management system in China's coal infrastructure sector, and Shuohuang Railway's smart heavy-haul new model recognized as an outstanding case by SASAC[27](index=27&type=chunk) - The company completed the acquisition of Hangjin Energy equity and is actively promoting a new round of capital injection, distributed a **final dividend of RMB 2.26 per share (tax inclusive)** for 2024, increased the minimum annual dividend payout ratio to **65% of net profit attributable to owners of the Company** for 2025-2027, and proposed an interim dividend of **RMB 0.98 per share (tax inclusive)** for 2025[27](index=27&type=chunk) - The focus for the second half of the year is “stable operations, innovation, optimized investment, strengthened management, and ensured safety,” concentrating on energy supply, green development, innovation leadership, management improvement, and risk prevention[30](index=30&type=chunk)[31](index=31&type=chunk) [Section IV. Management Discussion and Analysis](index=15&type=section&id=Section%20IV.%20Management%20Discussion%20and%20Analysis) Management discusses the macroeconomic, coal, and power market environments in H1 2025, outlines the H2 outlook, analyzes consolidated profit and loss, cash flow, and balance sheet, and provides segment-specific operational results and capital expenditure analysis, concluding with major risks and mitigation measures [I. Industry and Principal Business Overview for the Reporting Period](index=15&type=section&id=I.%20Industry%20and%20Principal%20Business%20Overview%20for%20the%20Reporting%20Period) In H1 2025, China's economy grew by 5.3%, the coal market weakened with a 22.2% drop in thermal coal prices, while electricity supply and demand were balanced, with total electricity consumption up 3.7% and non-fossil energy capacity reaching 45.8% - In H1 2025, China's Gross Domestic Product (GDP) increased by **5.3% year-on-year**[45](index=45&type=chunk) - In H1, China's thermal coal market saw a decline in price, with the average transaction price for 5,500 kcal thermal coal at Qinhuangdao Port approximately **RMB 685/tonne**, a **year-on-year decrease of approximately 22.2%**[46](index=46&type=chunk) Key Data for China's Coal Market in H1 2025 | Indicator | Unit | H1 2025 | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Raw coal output of industrial enterprises above designated size | billion tonnes | 2.40 | 5.4 | | Coal imports | billion tonnes | 0.22 | (11.1) | | National railway coal transportation volume | billion tonnes | 1.34 | (4.8) | - In H1 2025, total electricity consumption was **4,841.8 billion kWh**, a **year-on-year increase of 3.7%**, with thermal power generation decreasing by **2.4% year-on-year**, while wind, solar, and nuclear power generation increased by **10.6%, 20.0%, and 11.3% year-on-year**, respectively[52](index=52&type=chunk) - As of June 2025, national power generation installed capacity reached **3.65 billion kW**, a **year-on-year increase of 18.7%**, with wind and solar power accounting for **45.8%** of total installed capacity[53](index=53&type=chunk) - Electricity consumption growth in H2 is expected to exceed H1, with national total electricity consumption increasing by **5%-6% year-on-year**, and the coal market is anticipated to stabilize with narrower price fluctuations[55](index=55&type=chunk)[57](index=57&type=chunk) - The Group's principal businesses include coal and power production and sales, railway, port, and shipping transportation, and coal chemical products, operating under an integrated model encompassing coal, power generation, railway, port, shipping, and coal chemical industries[58](index=58&type=chunk) - As of June 30, 2025, the company's coal resources in place amounted to **41.58 billion tonnes**, recoverable reserves **17.45 billion tonnes**; it controls and operates power generating units with an installed capacity of **47,632 MW**; railway operating mileage is **2,408 km**; total port loading capacity is approximately **270 million tonnes/year**; its own shipping fleet is approximately **2.24 million DWT**; and coal-to-olefin project production capacity is approximately **600 thousand tonnes/year**[59](index=59&type=chunk) [II. Discussion and Analysis of Operating Performance](index=20&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Performance) In H1 2025, the company's revenue decreased by 18.3%, profit before tax by 11.0%, and net profit attributable to owners by 14.8%, with operating performance better than expected and quality improving, despite not meeting half of the annual targets for key operational metrics Key Financial Performance in H1 2025 (vs. H1 2024) | Indicator | H1 2025 (RMB million) | H1 2024 (Restated, RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 138,109 | 169,121 | (18.3) | | Profit before tax | 40,013 | 44,971 | (11.0) | | Profit attributable to owners of the Company | 26,706 | 31,356 | (14.8) | | Basic EPS (yuan/share) | 1.344 | 1.578 | (14.8) | H1 2025 Operating Target Achievement | Item | 2025 Target | H1 Achievement | Achievement Ratio (%) | | :--- | :--- | :--- | :--- | | Commercial Coal Production (billion tonnes) | 3.348 | 1.654 | 49.4 | | Coal Sales Volume (billion tonnes) | 4.659 | 2.049 | 44.0 | | Power Generation (billion kWh) | 2,271 | 987.8 | 43.5 | | Revenue (RMB billion) | 3,200 | 1,381.09 | 43.2 | | Operating Costs (RMB billion) | 2,300 | 943.74 | 41.0 | | Selling, General & Administrative, R&D Expenses, and Net Finance Costs (RMB billion) | 145 | 63.14 | 43.5 | | Change in Unit Production Cost of Self-Produced Coal | approx. 6% year-on-year increase | 3.9% year-on-year decrease | ╱ | [III. Analysis of Core Competitiveness during the Reporting Period](index=21&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20during%20the%20Reporting%20Period) The company's core competitiveness remains unchanged, characterized by its integrated coal-rail-port-shipping-power-chemical operations, abundant coal resources, professional management, and leading technological innovation in green mining, clean power generation, heavy-haul rail, and smart port operations - The Group's core competitiveness is primarily reflected in its integrated coal-rail-port-shipping-power-chemical vertical operation model, high-quality and abundant coal resources, dedicated management team and advanced operating philosophy, as well as its domestically and internationally leading industrial technology and scientific innovation capabilities in green coal mining, clean coal-fired power generation, heavy-haul railway transportation, and smart port operations[64](index=64&type=chunk) [IV. Key Operating Performance during the Reporting Period](index=21&type=section&id=IV.%20Key%20Operating%20Performance%20during%20the%20Reporting%20Period) This section analyzes the company's H1 2025 consolidated profit and loss, cash flow, and balance sheet, along with segment-specific operational results, capital expenditures, and resource status for coal, power, railway, port, shipping, and coal chemical businesses [1. Analysis of Major Changes in Consolidated Statement of Profit or Loss and Other Comprehensive Income and Condensed Consolidated Statement of Cash Flows](index=21&type=section&id=1.%20Analysis%20of%20Major%20Changes%20in%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income%20and%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) In H1 2025, revenue decreased by 18.3% due to lower coal and power sales, while operating costs fell by 20.6% from reduced external coal and fuel expenses, and cash flows from operating activities decreased by 11.7% Major Changes in Consolidated Statement of Profit or Loss and Cash Flows (H1 2025 vs. H1 2024) | Item | H1 2025 (RMB million) | H1 2024 (Restated, RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 138,109 | 169,121 | (18.3) | | Operating Costs | (94,374) | (118,908) | (20.6) | | R&D Expenses | (727) | (981) | (25.9) | | Other Gains and Losses | 408 | (147) | (377.6) | | Net cash inflow from operating activities | 45,794 | 51,890 | (11.7) | | Net cash outflow from investing activities | (19,557) | (44,051) | (55.6) | | Net cash outflow from financing activities | (12,833) | (2,403) | 434.0 | - The decrease in revenue was primarily due to a **10.9% decrease in coal sales volume** and a **12.9% decrease in average coal sales price**, as well as a **7.3% decrease in electricity sales volume** and a **4.2% decrease in average electricity sales price**[67](index=67&type=chunk)[68](index=68&type=chunk) Changes in Operating Cost Composition (H1 2025 vs. H1 2024) | Cost Item | H1 2025 (RMB million) | % of Total Costs | H1 2024 (Restated, RMB million) | % of Total Costs | Change in Amount (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Purchased Coal Costs | 16,641 | 17.6 | 32,105 | 27.0 | (48.2) | | Raw Materials, Fuel, and Power | 15,695 | 16.6 | 17,679 | 14.9 | (11.2) | | Staff Costs | 16,754 | 17.8 | 17,652 | 14.8 | (5.1) | | Repair and Maintenance | 4,876 | 5.2 | 5,899 | 5.0 | (17.3) | | Depreciation and Amortization | 10,203 | 10.8 | 9,926 | 8.3 | 2.8 | | Transportation Expenses | 7,543 | 8.0 | 9,385 | 7.9 | (19.6) | | Taxes and Surcharges | 7,979 | 8.5 | 9,078 | 7.6 | (12.1) | | Others | 14,683 | 15.5 | 17,184 | 14.5 | (14.6) | | **Total Operating Costs** | **94,374** | **100.0** | **118,908** | **100.0** | **(20.6)** | - Total other gains and losses amounted to a **gain of RMB 408 million** (compared to a loss of RMB 147 million in the same period last year), primarily from gains on disposal of subsidiary equity and structured deposit income[66](index=66&type=chunk)[74](index=74&type=chunk) - Net cash outflow from investing activities decreased by **55.6% year-on-year**, mainly due to a higher recovery of structured deposit products during the reporting period[76](index=76&type=chunk) - Net cash outflow from financing activities significantly increased by **434.0% year-on-year**, primarily due to the Group's higher debt repayments during the reporting period[76](index=76&type=chunk) - R&D investment in H1 2025 was **RMB 1,213 million**, a **year-on-year decrease of 9.3%**, primarily for smart mine construction, research on key technologies for efficient low-carbon thermal power, and diversified integrated energy supply[77](index=77&type=chunk) [2. Explanation of Significant Changes in Company Business Type, Profit Composition, or Profit Sources](index=27&type=section&id=2.%20Explanation%20of%20Significant%20Changes%20in%20Company%20Business%20Type,%20Profit%20Composition,%20or%20Profit%20Sources) During the reporting period, there were no significant changes in the company's business type, profit composition, or sources of profit, with the pre-tax profit contribution from coal, power, transportation, and coal chemical segments remaining stable - The Group's primary operating model is an integrated industrial chain encompassing coal production → coal transportation (railway, port, shipping) → coal conversion (power generation and coal chemicals)[79](index=79&type=chunk) Segment Profit Before Tax Contribution (Before Consolidation Eliminations, H1 2025 vs. H1 2024) | Segment | H1 2025 (%) | H1 2024 (Restated, %) | | :--- | :--- | :--- | | Coal | 63 | 66 | | Power Generation | 14 | 13 | | Transportation | 23 | 21 | | Coal Chemical | 0 | 0 | [3. Coal Segment](index=30&type=section&id=3.%20Coal%20Segment) In H1 2025, the coal segment's commercial coal output decreased by 1.7% to 165.4 million tonnes, sales volume by 10.9% to 204.9 million tonnes, and average sales price by 12.9% to RMB 493/tonne, while gross margin increased by 1.5 percentage points to 26.2% Commercial Coal Production, Sales Volume, and Price (H1 2025 vs. H1 2024) | Indicator | H1 2025 | H1 2024 (Restated) | Change (%) | | :--- | :--- | :--- | :--- | | Commercial Coal Production (million tonnes) | 165.4 | 168.2 | (1.7) | | Coal Sales Volume (million tonnes) | 204.9 | 230.0 | (10.9) | | Of which: Self-produced Coal Sales Volume (million tonnes) | 161.9 | 167.6 | (3.4) | | Purchased Coal Sales Volume (million tonnes) | 43.0 | 62.4 | (31.1) | | Average Sales Price (RMB/tonne, excl. tax) | 493 | 566 | (12.9) | - As of the end of the reporting period, the Group had completed **7 advanced smart coal mines**, **21 smart coal preparation plants**, **37 smart longwall faces** and **65 smart tunneling faces** in underground mines; **404 sets of production equipment** in open-pit mines achieved unmanned operation[91](index=91&type=chunk) Coal Segment Operating Results (Before Consolidation Eliminations, H1 2025 vs. H1 2024) | Indicator | H1 2025 (RMB million) | H1 2024 (Restated, RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 103,903 | 134,556 | (22.8) | | Operating Costs | (76,685) | (101,340) | (24.3) | | Gross Margin (%) | 26.2 | 24.7 | increased by 1.5 percentage points | | Profit before tax | 23,655 | 27,835 | (15.0) | Coal Resources and Reserves (China Standards, June 30, 2025 vs. December 31, 2024) | Indicator | June 30, 2025 (billion tonnes) | December 31, 2024 (billion tonnes) | Change (%) | | :--- | :--- | :--- | :--- | | Resources in Place | 41.58 | 34.36 | 21.0 | | Recoverable Reserves | 17.45 | 15.09 | 15.6 | | Marketable Reserves under JORC Standards | 11.13 | 10.51 | 5.9 | - The increase in coal resources in place was primarily due to the acquisition of Hangjin Energy (an increase of **3.82 billion tonnes**) and the verification of resources in Xinjie Taigemiao South Area (an increase of **3.49 billion tonnes**)[99](index=99&type=chunk) Unit Production Cost of Self-Produced Coal (RMB/tonne, H1 2025 vs. H1 2024) | Cost Item | H1 2025 | H1 2024 (Restated) | Change (%) | | :--- | :--- | :--- | :--- | | Unit Production Cost of Self-Produced Coal | 166.3 | 173.0 | (3.9) | | Raw Materials, Fuel, and Power | 27.7 | 30.6 | (9.5) | | Repair and Maintenance | 9.3 | 10.5 | (11.4) | [4. Power Generation Segment](index=38&type=section&id=4.%20Power%20Generation%20Segment) In H1 2025, total power generation decreased by 7.4% to 98.78 billion kWh, total electricity sales by 7.3% to 92.91 billion kWh, and average sales price by 4.2% to RMB 386/MWh, with market-based transactions accounting for 97.3% Power Generation and Sales Volume (H1 2025 vs. H1 2024) | Indicator | H1 2025 (billion kWh) | H1 2024 (Restated, billion kWh) | Change (%) | | :--- | :--- | :--- | :--- | | Total Power Generation | 98.78 | 106.65 | (7.4) | | Total Electricity Sales Volume | 92.91 | 100.25 | (7.3) | | Average Electricity Sales Price (RMB/MWh) | 386 | 403 | (4.2) | - Market-based electricity transactions amounted to **90.40 billion kWh**, accounting for approximately **97.3%** of total electricity sales volume[112](index=112&type=chunk) - Capacity charges totaling **RMB 2.53 billion (tax inclusive)** were obtained in H1, with an average capacity charge recovery rate of **99.0%**; auxiliary service income totaled **RMB 320 million (tax inclusive)**[113](index=113&type=chunk) - In H1 2025, the Group added **215 MW** of commercially operational photovoltaic power generation capacity[113](index=113&type=chunk) Total Installed Capacity of Generating Units (MW, June 30, 2025 vs. December 31, 2024) | Power Source | December 31, 2024 (Restated) | Added/(Reduced) during Reporting Period | June 30, 2025 | | :--- | :--- | :--- | :--- | | Coal-fired Power | 44,384 | ╱ | 44,384 | | Gas-fired Power | 2,194 | ╱ | 2,194 | | Hydropower | 125 | (47) | 78 | | Photovoltaic Power | 761 | 215 | 976 | | **Total** | **47,464** | **168** | **47,632** | - In H1 2025, the Group's coal-fired units had an average utilization of **2,143 hours**, a decrease of **207 hours** year-on-year, but **87 hours higher** than the national average[120](index=120&type=chunk) Power Generation Segment Operating Results (Before Consolidation Eliminations, H1 2025 vs. H1 2024) | Indicator | H1 2025 (RMB million) | H1 2024 (Restated, RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 40,539 | 45,169 | (10.3) | | Operating Costs | (34,205) | (38,232) | (10.5) | | Gross Margin (%) | 15.6 | 15.4 | increased by 0.2 percentage points | | Profit before tax | 5,351 | 5,561 | (3.8) | - In H1 2025, the Group's unit electricity sales cost was **RMB 344.1/MWh**, a **year-on-year decrease of 4.0%**, primarily due to lower coal procurement prices[127](index=127&type=chunk) [5. Railway Segment](index=45&type=section&id=5.%20Railway%20Segment) In H1 2025, the railway segment's own railway transportation turnover decreased by 5.3% to 152.8 billion tonne-kilometers, while non-coal freight volume increased by 7.4%, and gross margin rose by 2.9 percentage points to 40.5% - In H1 2025, the Group's own railway transportation turnover was **152.8 billion tonne-kilometers**, a **year-on-year decrease of 5.3%**[132](index=132&type=chunk) - Approximately **13.1 million tonnes** of non-coal cargo, including metallic ores and chemical products, were transported, a **year-on-year increase of 7.4%**[132](index=132&type=chunk) Railway Segment Operating Results (Before Consolidation Eliminations, H1 2025 vs. H1 2024) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 21,433 | 22,442 | (4.5) | | Operating Costs | (12,749) | (14,004) | (9.0) | | Gross Margin (%) | 40.5 | 37.6 | increased by 2.9 percentage points | | Profit before tax | 7,259 | 7,141 | 1.7 | - In H1 2025, the railway segment's unit transportation cost was **RMB 0.080/tonne-kilometer**, a **year-on-year decrease of 3.6%**[134](index=134&type=chunk) [6. Port Segment](index=47&type=section&id=6.%20Port%20Segment) In H1 2025, Huanghua Port's coal loading volume decreased by 2.2% to 107.6 million tonnes, while non-coal freight volume increased by 5.9%, and gross margin rose by 3.1 percentage points to 46.4% - In H1 2025, Huanghua Port's coal loading volume was **107.6 million tonnes**, a **year-on-year decrease of 2.2%**, maintaining its position as the top coal port nationwide[136](index=136&type=chunk) - Tianjin Coal Terminal's coal loading volume was **21.8 million tonnes**, a **year-on-year decrease of 0.5%**[136](index=136&type=chunk) - The port segment handled **7.2 million tonnes** of non-coal cargo, including oil products and ores, a **year-on-year increase of 5.9%**[136](index=136&type=chunk) Port Segment Operating Results (Before Consolidation Eliminations, H1 2025 vs. H1 2024) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,464 | 3,443 | 0.6 | | Operating Costs | (1,856) | (1,952) | (4.9) | | Gross Margin (%) | 46.4 | 43.3 | increased by 3.1 percentage points | | Profit before tax | 1,355 | 1,231 | 10.1 | [7. Shipping Segment](index=48&type=section&id=7.%20Shipping%20Segment) In H1 2025, the shipping segment's freight volume decreased by 23.8% to 49.9 million tonnes, while non-coal freight volume surged by 516.7%, and gross margin increased by 0.9 percentage points to 10.7% - In H1 2025, the Group's shipping freight volume was **49.9 million tonnes**, a **year-on-year decrease of 23.8%**[139](index=139&type=chunk) - Non-coal freight volume, including ores, was **3.7 million tonnes**, a significant **year-on-year increase of 516.7%**[139](index=139&type=chunk) Shipping Segment Operating Results (Before Consolidation Eliminations, H1 2025 vs. H1 2024) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,642 | 2,488 | (34.0) | | Operating Costs | (1,466) | (2,244) | (34.7) | | Gross Margin (%) | 10.7 | 9.8 | increased by 0.9 percentage points | | Profit before tax | 116 | 224 | (48.2) | - In H1 2025, the shipping segment's unit transportation cost was **RMB 0.028/tonne-nautical mile**, a **year-on-year decrease of 6.7%**[140](index=140&type=chunk) [8. Coal Chemical Segment](index=49&type=section&id=8.%20Coal%20Chemical%20Segment) In H1 2025, the coal chemical segment's polyolefin product sales volume increased by 23.4% to 354.6 thousand tonnes, gross margin rose by 1.2 percentage points to 5.0%, and profit before tax surged by 1875.0% Polyolefin Product Sales Volume (H1 2025 vs. H1 2024) | Product | H1 2025 (thousand tonnes) | H1 2024 (thousand tonnes) | Change in Sales Volume (%) | | :--- | :--- | :--- | :--- | | Polyethylene | 184.0 | 148.2 | 24.2 | | Polypropylene | 170.6 | 139.2 | 22.6 | | **Total** | **354.6** | **287.4** | **23.4** | Coal Chemical Segment Operating Results (Before Consolidation Eliminations, H1 2025 vs. H1 2024) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 2,919 | 2,538 | 15.0 | | Operating Costs | (2,773) | (2,442) | 13.6 | | Gross Margin (%) | 5.0 | 3.8 | increased by 1.2 percentage points | | Profit before tax | 79 | 4 | 1,875.0 | - In H1 2025, the coal chemical segment consumed a total of **2.5 million tonnes of coal**, a **year-on-year increase of 19.0%**[145](index=145&type=chunk) [V. Segmental Operating Performance by Region](index=51&type=section&id=V.%20Segmental%20Operating%20Performance%20by%20Region) In H1 2025, domestic market revenue accounted for 97.0% of total revenue, while overseas market revenue decreased by 27.4% due to lower coal prices, with overseas projects operating well External Transaction Revenue by Region (H1 2025 vs. H1 2024) | Region | H1 2025 (RMB million) | H1 2024 (Restated, RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | External transaction revenue from domestic markets | 134,009 | 163,473 | (18.0) | | External transaction revenue from overseas markets | 4,100 | 5,648 | (27.4) | | **Total** | **138,109** | **169,121** | **(18.3)** | - Overseas projects are operating well, with Indonesia South Sumatra EMM units achieving **13 consecutive years without unplanned outages**, Indonesia Java units demonstrating good economic efficiency, Indonesia South Sumatra No. 1 project progressing normally, and the US Pennsylvania shale gas project producing **53 million cubic meters of gas** in H1[148](index=148&type=chunk) [VI. Analysis of Investment Status](index=52&type=section&id=VI.%20Analysis%20of%20Investment%20Status) In H1 2025, the company invested RMB 11,218 million in Hangjin Energy and RMB 3,918 million in other equity investments, with fair value financial assets totaling RMB 10,379 million, and capital expenditures of RMB 14.746 billion primarily for project construction and technological upgrades - In H1 2025, the company made new equity investments of **RMB 11,218 million** in Hangjin Energy and **RMB 3,918 million** in other equity investments, primarily to increase capital for its coal, power generation, transportation, and coal chemical subsidiaries[149](index=149&type=chunk) Changes in Financial Assets Measured at Fair Value (RMB million) | Asset Category | Opening Balance (RMB million) | Closing Balance (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Financial assets at fair value through profit or loss (current assets) | 17,302 | 7,103 | (58.9) | | Equity investments at fair value through other comprehensive income | 2,787 | 2,813 | 0.9 | | Financial assets at fair value through other comprehensive income | 1,174 | 403 | (65.7) | | Financial assets at fair value through profit or loss (non-current assets) | 60 | 60 | 0.0 | | **Total** | **21,323** | **10,379** | **(51.3)** | H1 2025 Capital Expenditure Completion (RMB billion) | Business | 2025 Plan | H1 Achievement | | :--- | :--- | :--- | | Coal Business | 96.81 | 41.35 | | Power Generation Business | 174.11 | 86.96 | | Transportation Business | 81.66 | 14.35 | | Coal Chemical Business | 54.46 | 4.76 | | Others | 10.89 | 0.04 | | **Total** | **417.93** | **147.46** | - Capital expenditures were primarily for the construction of Xinjie Taigemiao mining area and Hangjin Energy Tarangaole minefield projects, coal mine equipment procurement and technological upgrades; construction of Jiujiang Power Plant Phase II in Jiangxi, Qingyuan Power Plant Phase II in Guangdong, and other thermal power projects; Dongyue Railway construction and railway line expansion and renovation; Huanghua Port Phase V project, Zhuhai Gaolan Port National Energy Bulk Cargo Terminal project construction; and coal-to-olefin upgrade demonstration project construction[156](index=156&type=chunk) [VII. Significant Asset and Equity Disposals](index=54&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) During the reporting period, the company had no significant asset or equity disposal matters [VIII. Analysis of Major Controlled and Invested Companies](index=55&type=section&id=VIII.%20Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) Net profit attributable to owners of major subsidiaries like Shendong Coal and Jinjie Energy decreased due to lower coal sales and transportation, while Zhungeer Energy and Huanghua Port increased due to reduced coal procurement costs and equity transfer gains Changes in Net Profit Attributable to Owners of Major Subsidiaries (H1 2025 vs. H1 2024) | No. | Company | Principal Business | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | Primary Reasons for Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Shendong Coal | Coal mining, processing, and sales | 4,126 | 5,537 | (25.5) | Decrease in coal sales volume and average sales price | | 2 | Shuohuang Railway | Railway transportation | 3,419 | 3,416 | 0.1 | - | | 4 | Jinjie Energy | Coal mining, processing, and sales, power generation business | 1,569 | 2,158 | (27.3) | Decrease in average coal sales price; decrease in electricity sales volume and average sales price | | 5 | Zhungeer Energy | Coal mining, processing, and sales | 1,479 | 1,367 | 8.2 | - | | 6 | Huanghua Port | Port operations | 851 | 846 | 0.6 | - | | 9 | Shendong Power | Power generation business | 481 | 426 | 12.9 | Decrease in coal procurement prices | | 10 | Sichuan Energy | Power generation business | 603 | 545 | 10.6 | Affected by the disposal of equity in Guoneng (Mianzhu) Hydropower Co., Ltd. | | 12 | Indonesia Java | Power generation business | 520 | 456 | 14.0 | Increase in electricity sales volume | | 14 | Sales Group | Coal wholesale operations, transportation agency | 401 | 859 | (53.3) | Decrease in coal sales volume and average sales price | | 15 | Xinshuo Railway | Railway transportation | 338 | 576 | (41.3) | Decrease in railway transportation turnover | - The company completed the acquisition of **100% equity in Hangjin Energy**, which was included in the consolidation scope, resulting in a **net loss of RMB 54 million attributable to owners of the parent company** in H1[164](index=164&type=chunk) - Sichuan Energy, a subsidiary of the company, completed the disposal of its equity in Guoneng (Mianzhu) Hydropower Co., Ltd., recognizing a **gain on equity transfer of RMB 237 million**[164](index=164&type=chunk) [IX. Structured Entities Controlled by the Company](index=57&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company had no structured entities under its control [X. Contingent Liabilities](index=57&type=section&id=X.%20Contingent%20Liabilities) The Group's contingent liabilities are detailed in the notes to the financial statements under "Commitments and Contingent Liabilities" [XI. Events After the Reporting Period](index=57&type=section&id=XI.%20Events%20After%20the%20Reporting%20Period) After the reporting period, the Board proposed an interim dividend and initiated the acquisition of coal, pit-mouth coal-fired power, and coal-to-oil/gas/chemical assets from China Energy Investment Corporation to further reduce competition - The Board proposed a cash dividend of **RMB 19,471 million (tax inclusive)** for the six months ended June 30, 2025, equivalent to **RMB 0.98 per share (tax inclusive)**, subject to shareholder approval[5](index=5&type=chunk) - On August 15, 2025, the company initiated the acquisition of equity assets in coal, pit-mouth coal-fired power, and coal-to-oil/gas/chemical related target companies held by China Energy Investment Corporation, along with raising supporting funds, to further reduce horizontal competition[167](index=167&type=chunk) [V. Implementation of the "Quality Improvement, Efficiency Enhancement, and High Returns" Action Plan for 2025](index=57&type=section&id=V.%20Implementation%20of%20the%20%22Quality%20Improvement,%20Efficiency%20Enhancement,%20and%20High%20Returns%22%20Action%20Plan%20for%202025) The company actively implemented its "Quality Improvement, Efficiency Enhancement, and High Returns" action plan, achieving year-on-year gross margin growth across segments, increasing dividend payout ratios, completing the Hangjin Energy acquisition, and strengthening corporate governance and investor relations - The Group strengthened its responsibility for energy supply, maintaining stable and orderly production and operations; actively responded to market changes, tapped internal cost reduction potential, and achieved **year-on-year growth in gross margin** across all segments[169](index=169&type=chunk) - The **2024 final cash dividend of RMB 2.26 per share (tax inclusive)**, representing **76.5% of net profit attributable to owners of the Company**, has been fully distributed[169](index=169&type=chunk) - A dividend policy for 2025-2027 has been formulated, stipulating that annual cash dividends shall be no less than **65% of the net profit attributable to owners of the Company** for the respective year, with interim dividends considered when appropriate[169](index=169&type=chunk) - The Board proposed an interim dividend of **RMB 0.98 per share (tax inclusive)** for 2025, totaling **RMB 19,471 million**, representing **72.9% of the profit attributable to owners of the Company** under IFRS for H1 2025[169](index=169&type=chunk) - Completed the acquisition of **100% equity in Hangjin Energy** and initiated the acquisition of coal, pit-mouth coal-fired power, and coal-to-oil/gas/chemical related assets held by China Energy Investment Corporation[170](index=170&type=chunk) - Improved the corporate governance system, promoted the reform of the supervisory board, and revised and improved the Articles of Association, Rules of Procedure for Shareholder Meetings, and Rules of Procedure for Board Meetings[171](index=171&type=chunk) - Approved the “China Shenhua Energy Company Limited Market Value Management System,” formulated the “China Shenhua 2025 Annual Market Value Management Work Implementation Plan,” and organized quarterly market value management work meetings[172](index=172&type=chunk) - A total of **126 investor communication meetings** were held in H1, engaging approximately **1,800 investors**[174](index=174&type=chunk) [VI. Potential Risks and Countermeasures](index=59&type=section&id=VI.%20Potential%20Risks%20and%20Countermeasures) The company faces risks in safety, environmental protection, compliance, project management, market competition, investment, integrated operations, policy, and international business, and has established a closed-loop risk management system with specific mitigation measures for each risk - The company faces primary risks in safety and environmental protection, compliance, engineering project management, market competition, investment, integrated operations, policy, and international business, with no new risk factors identified during the reporting period[175](index=175&type=chunk) - The company has established a closed-loop risk management system encompassing annual risk identification, quarterly risk monitoring, dynamic risk assessment, daily inspection warnings, and year-end supervision and evaluation[175](index=175&type=chunk) - To address safety and environmental risks, the company strictly implements safety production responsibilities, deepens the three-year action plan for fundamental safety production improvements, and intensifies efforts in pollution prevention and control[176](index=176&type=chunk) - To address compliance management risks, the company continuously optimizes its legal and compliance risk prevention system, promotes “standardized contracts for major business types,” and dynamically identifies, assesses, and warns of legal and compliance risks[177](index=177&type=chunk) - To address engineering management risks, the company improves its infrastructure management system, strengthens technical and economic feasibility studies, scientifically optimizes investment decisions, and controls project engineering costs at the source[177](index=177&type=chunk) - To address market and sales risks, the company strengthens macroeconomic research, improves its market analysis system, optimizes its coal product structure, actively develops supportive and guaranteed coal-fired power projects, and promotes joint ventures between coal-fired power and new energy[177](index=177&type=chunk) - To address integrated operation management risks, the company strengthens its core advantages in integrated operations, enhances production scheduling, reinforces industrial synergy, and improves integrated operation risk control capabilities[180](index=180&type=chunk) - To address international business risks, the company strengthens international situation analysis, improves international strategic planning, actively responds to the “Belt and Road” initiative, and promotes international energy cooperation[180](index=180&type=chunk) [Section V. Corporate Governance, Environment, and Society](index=62&type=section&id=Section%20V.%20Corporate%20Governance,%20Environment,%20and%20Society) This section details the company's corporate governance structure, Board operations, director diversity, audit and risk committee functions, changes in directors/supervisors/senior management, and securities trading compliance [I. Overview of Corporate Governance](index=62&type=section&id=I.%20Overview%20of%20Corporate%20Governance) The company has established a sound corporate governance framework, complying with the Corporate Governance Code, with a well-functioning Board, separation of Chairman and General Manager roles, diverse board members, and effective audit and risk committees - The company has established a relatively comprehensive corporate governance structure and sound operating mechanisms, fully complying with Appendix C1 “Corporate Governance Code” of the Hong Kong Listing Rules[181](index=181&type=chunk)[185](index=185&type=chunk) - Following Mr. Lv Zhiren's resignation as Chairman and Executive Director, Mr. Zhang Changyan, Executive Director and General Manager, convened the Board until a new Chairman is elected[182](index=182&type=chunk) - The company's Board has formulated a Board Diversity Policy, selecting candidates based on categories such as gender, age, cultural and educational background, race, skills, knowledge, and professional experience[186](index=186&type=chunk) - The Audit and Risk Committee, composed of three independent non-executive directors, is responsible for overseeing external audit, internal audit, reviewing financial information, and supervising internal controls[187](index=187&type=chunk) - The Independent Directors Committee held three meetings, reviewing proposals such as the acquisition of Hangjin Energy, the implementation of continuing connected transaction agreements, and the risk assessment report of the finance company[188](index=188&type=chunk) [II. Changes in Directors, Supervisors, and Senior Management](index=64&type=section&id=II.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) During the reporting period, Mr. Lv Zhiren resigned from his positions as Chairman and Executive Director of the company - Mr. Lv Zhiren resigned from his positions as Chairman and Executive Director of the company[190](index=190&type=chunk) [III. Employee Information](index=65&type=section&id=III.%20Employee%20Information) As of June 30, 2025, the Group had 89,929 employees, primarily in operations and maintenance, with a majority holding bachelor's degrees, and the increase in headcount was mainly due to the acquisition of Hangjin Energy Total Number and Professional Composition of Employees in the Group (June 30, 2025) | Category | Number (persons) | | :--- | :--- | | Employees at Company Headquarters | 180 | | Employees at Company Subsidiaries and Branches | 89,749 | | **Total Employees in the Group** | **89,929** | | **Professional Composition** | | | Operations and Maintenance Personnel | 55,141 | | Management and Administrative Personnel | 15,523 | | Financial Personnel | 1,548 | | R&D Personnel | 4,184 | | Technical Support Personnel | 8,238 | | Sales and Marketing Personnel | 638 | | Other Personnel | 4,657 | | **Total** | **89,929** | Educational Background of Group Employees (June 30, 2025) | Educational Level | Number (persons) | | :--- | :--- | | Postgraduate and above | 4,682 | | Bachelor's Degree | 40,996 | | Associate Degree | 20,705 | | Technical Secondary School | 8,322 | | Technical School, High School, and below | 15,224 | | **Total** | **89,929** | - The total number of employees in the Group increased compared to the end of 2024, primarily due to the completion of the acquisition of **100% equity in Hangjin Energy** in February 2025, which expanded the scope of employee statistics to include Hangjin Energy[192](index=192&type=chunk) [IV. Profit Distribution Plan](index=66&type=section&id=IV.%20Profit%20Distribution%20Plan) The company approved a 2025-2027 dividend policy to distribute at least 65% of annual net profit attributable to owners as cash dividends, and proposed an interim dividend of RMB 0.98 per share for 2025, representing 72.9% of H1 net profit attributable to owners under IFRS - For 2025-2027, the company's annual cash dividends will be no less than **65% of the net profit attributable to owners of the Company** for the respective year[194](index=194&type=chunk) - The Board proposed an interim dividend of **RMB 0.98 per share (tax inclusive)** for 2025, totaling **RMB 19,471 million (tax inclusive)** based on the total share capital as of June 30, 2025[194](index=194&type=chunk) - This interim dividend represents **72.9% of the profit attributable to owners of the Company** under IFRS for H1 2025, and **79.0% of the net profit attributable to owners of the Company** under China Accounting Standards[194](index=194&type=chunk) - The **2024 final dividend of RMB 2.26 per share (tax inclusive)**, totaling **RMB 44,903 million (tax inclusive)**, was fully distributed during the reporting period[199](index=199&type=chunk) [V. Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures and Their Impact](index=68&type=section&id=V.%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures%20and%20Their%20Impact) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures [VI. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=69&type=section&id=VI.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) As of June 30, 2025, 44 out of 45 of the Group's key environmental supervision enterprises were included in the list of enterprises required to disclose environmental information by law, with their respective inquiry indexes provided - As of June 30, 2025, there were **45 enterprises** within the Group classified as key environmental supervision units, of which **44 were included** in the list of enterprises required to disclose environmental information by law[202](index=202&type=chunk) - Although Shendong Coal Branch Company Equipment Maintenance Center No. 2 Plant is a key unit, it is not included in the “Ordos City 2025 List of Enterprises Required to Disclose Environmental Information by Law” and therefore is not required to disclose an environmental information disclosure report[202](index=202&type=chunk) [VII. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=71&type=section&id=VII.%20Specific%20Progress%20in%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) In H1 2025, the Group invested RMB 24.85 million in poverty alleviation funds across three designated counties, benefiting approximately 100,000 people, training 60 skilled personnel, and purchasing/selling RMB 8.46 million in agricultural products - In H1 2025, the Group invested **RMB 24.85 million** in poverty alleviation funds for three designated counties, including Mizhi County and Wubu County in Shaanxi Province, and Butuo County in Sichuan Province[209](index=209&type=chunk) - Implemented **12 key assistance projects** in education, healthcare, industry, and infrastructure, benefiting approximately **100,000 people**; trained **60 skilled personnel and grassroots cadres**, and purchased/sold **RMB 8.46 million** in agricultural products[209](index=209&type=chunk) - In addition to the designated counties, the Group also carried out **6 other assistance projects**, including local enterprise co-construction, rural revitalization, and local aid, with a total investment of **RMB 5.02 million**[210](index=210&type=chunk) [Section VI. Significant Matters](index=72&type=section&id=Section%20VI.%20Significant%20Matters) This section covers the company's commitments, particularly regarding avoiding horizontal competition and asset injection, significant related party transactions including daily operations and asset acquisitions, related party balances, and the performance of major contracts [I. Fulfillment of Commitments](index=72&type=section&id=I.%20Fulfillment%20of%20Commitments) The company continues to fulfill its commitment to avoid horizontal competition, extending the asset acquisition deadline to 2028, completing the Hangjin Energy acquisition, and initiating a new round of asset injections from China Energy Investment Corporation - As China Energy Investment Corporation's coal business integration platform, the company's commitment to avoid horizontal competition has been extended to **August 27, 2028**[215](index=215&type=chunk) - In February 2025, the acquisition of **100% equity in Hangjin Energy** from China Energy Investment Corporation was completed[216](index=216&type=chunk) - In August 2025, the company initiated the acquisition of coal, pit-mouth coal-fired power, and coal-to-oil/gas/chemical related assets held by China Energy Investment Corporation to further reduce horizontal competition[216](index=216&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties during the Reporting Period](index=74&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20during%20the%20Reporting%20Period) During the reporting period, there was no non-operating fund occupation by the controlling shareholder or its related parties [III. Irregular Guarantees](index=74&type=section&id=III.%20Irregular%20Guarantees) During the reporting period, the company did not provide any guarantees in violation of decision-making procedures [IV. Half-Year Report Audit Status](index=74&type=section&id=IV.%20Half-Year%20Report%20Audit%20Status) On June 20, 2025, shareholders approved KPMG Huazhen and KPMG as auditors for the 2025 A-share and H-share reports, respectively, with no change in auditors or non-standard audit reports received during the period - On June 20, 2025, the company's general meeting of shareholders approved the appointment of KPMG Huazhen LLP and KPMG as the auditors for the company's 2025 A-share and H-share reports, respectively[217](index=217&type=chunk) [V. Changes and Handling of Matters Related to Non-Standard Audit Opinions in the Previous Annual Report](index=75&type=section&id=V.%20Changes%20and%20Handling%20of%20Matters%20Related%20to%20Non-Standard%20Audit%20Opinions%20in%20the%20Previous%20Annual%20Report) During the reporting period, there were no changes or handling of matters related to non-standard audit opinions in the previous annual report [VI. Matters Related to Bankruptcy Reorganization](index=75&type=section&id=VI.%20Matters%20Related%20to%20Bankruptcy%20Reorganization) During the reporting period, the company had no matters related to bankruptcy reorganization [VII. Significant Litigation and Arbitration Matters](index=75&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the Group had no significant litigation or arbitration matters, and management believes non-material cases will not significantly impact the Group's financial position - During the reporting period, the Group had no significant litigation or arbitration matters[219](index=219&type=chunk) [VIII. Alleged Violations, Penalties, and Rectification of the Listed Company, Its Directors, Supervisors, Senior Management, Controlling Shareholder, and Actual Controller](index=75&type=section&id=VIII.%20Alleged%20Violations,%20Penalties,%20and%20Rectification%20of%20the%20Listed%20Company,%20Its%20Directors,%20Supervisors,%20Senior%20Management,%20Controlling%20Shareholder,%20and%20Actual%20Controller) During the reporting period, there were no alleged violations, penalties, or rectification situations involving the company, its directors, supervisors, senior management, controlling shareholder, or actual controller [IX. Explanation of the Integrity Status of the Company, Its Controlling Shareholder, and Actual Controller during the Reporting Period](index=75&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company,%20Its%20Controlling%20Shareholder,%20and%20Actual%20Controller%20during%20the%20Reporting%20Period) During the reporting period, neither the company nor its controlling shareholder, China Energy Investment Corporation, was listed as a severely dishonest enterprise or had unfulfilled large outstanding debts - During the reporting period, neither the company nor its controlling shareholder, China Energy Investment Corporation, was listed as a severely illegal and dishonest enterprise[220](index=220&type=chunk) - As of the end of the reporting period, the company had no unfulfilled obligations defined by effective legal documents from courts, nor did it have large outstanding debts that were due and unpaid[220](index=220&type=chunk) [X. Significant Related Party Transactions](index=76&type=section&id=X.%20Significant%20Related%20Party%20Transactions) This section details the company's daily related party transactions with China Energy Investment Corporation and China Railway Group, including product sales, service provision, financial services, and factoring, as well as the acquisition of Hangjin Energy and related party balances [1. Related Party Transactions Related to Daily Operations](index=76&type=section&id=1.%20Related%20Party%20Transactions%20Related%20to%20Daily%20Operations) The company engaged in daily related party transactions with China Energy Investment Corporation and China Railway Group, with total sales to China Energy Investment Corporation amounting to RMB 45,409 million, representing 32.9% of total revenue - The Group's total sales of products and provision of services to China Energy Investment Corporation amounted to **RMB 45,409 million**, accounting for **32.9% of the Group's revenue** during the reporting period[228](index=228&type=chunk) - The annual cap for the Group's provision of transportation services, coal supply, and other products and services to China Railway Group and its subsidiaries under the “Continuing Connected Transaction Framework Agreement” for 2025 was adjusted from **RMB 7,400 million to RMB 15,000 million**[229](index=229&type=chunk) Execution of Major Daily Related Party Transaction Agreements (H1 2025) | Agreement Name | Transaction Cap (RMB million) | Transaction Amount during Reporting Period (RMB million) | | :--- | :--- | :--- | | The Company's "Coal Mutual Supply Agreement" with China Energy Investment Corporation (Sales) | 110,000 | 36,966 | | The Company's "Coal Mutual Supply Agreement" with China Energy Investment Corporation (Purchases) | 27,000 | 3,983 | | The Company's "Product and Service Mutual Supply Agreement" with China Energy Investment Corporation (Sales) | 35,000 | 8,443 | | The Company's "Product and Service Mutual Supply Agreement" with China Energy Investment Corporation (Purchases) | 17,000 | 2,750 | | The Company's "Continuing Connected Transaction Framework Agreement" with China Railway Group (Sales) | 15,000 | 1,667 | | The Company's "Continuing Connected Transaction Framework Agreement" with China Railway Group (Purchases) | 20,000 | 4,710 | | The Company's "Financial Services Agreement" with Finance Company (Maximum Daily Balance of Comprehensive Credit Line) | 100,000 | 15,432 | | The Company's "Financial Services Agreement" with Finance Company (Maximum Daily Deposit Balance) | 75,000 | 74,885 | | The Company's New "Factoring Services Agreement" with Guoneng Factoring Company (Maximum Daily Balance of Factoring Services) | 5,000 | 2,888 | [2. Related Party Transactions Involving Asset or Equity Acquisitions and Disposals](index=80&type=section&id=2.%20Related%20Party%20Transactions%20Involving%20Asset%20or%20Equity%20Acquisitions%20and%20Disposals) In February 2025, the company completed the acquisition of 100% equity in Hangjin Energy, with China Energy Investment Corporation committing to a cumulative net profit attributable to owners of no less than RMB 383.1027 million for Hangjin Energy from September 2024 to 2029 - On January 21, 2025, the company's Board approved the acquisition of **100% equity in Hangjin Energy** held by China Energy Investment Corporation, with the transaction completed in February 2025[234](index=234&type=chunk) - China Energy Investment Corporation committed that Hangjin Energy's cumulative net profit attributable to owners of the parent company, after deducting non-recurring gains and losses and audited under China Accounting Standards, would be no less than **RMB 383.1027 million** for the period from September to December 2024 and the years 2025-2029[237](index=237&type=chunk) - For September-December 2024 and H1 2025, Hangjin Energy's net loss attributable to owners of the parent company, after deducting non-recurring gains and losses under China Accounting Standards, was **RMB 260.8727 million**[237](index=237&type=chunk) [3. Significant Related Party Transactions Involving Joint External Investments](index=81&type=section&id=3.%20Significant%20Related%20Party%20Transactions%20Involving%20Joint%20External%20Investments) During the reporting period, the company had no significant related party transactions involving joint external investments [4. Related Party Receivables and Payables](index=82&type=section&id=4.%20Related%20Party%20Receivables%20and%20Payables) As of the end of the reporting period, the company's outstanding funds provided to related parties totaled RMB 74,890 million, primarily deposits with the finance company, while funds received from related parties totaled RMB 16,730 million, mainly loans from the finance company Related Party Receivables and Payables (RMB million) | Related Party | Relationship | Closing Balance of Funds Provided to Related Parties | Closing Balance of Funds Provided by Related Parties to Listed Company | | :--- | :--- | :--- | :--- | | China Energy Investment Corporation | Controlling Shareholder | - | 0 | | Finance Company | Subsidiary of Controlling Shareholder | 74,495 | 14,680 | | Other Related Parties | Other | 395 | 2,050 | | **Total** | | **74,890** | **16,730** | - Related party receivables and payables primarily arose from the Group's long-term and short-term borrowings from China Energy Investment Corporation, the Group's deposits/loans with the finance company, and entrusted loans provided by the Group through banks to its subsidiaries and associates[240](index=240&type=chunk) [5. Related Party Transactions with the Finance Company](index=83&type=section&id=5.%20Related%20Party%20Transactions%20with%20the%20Finance%20Company) The finance company, a subsidiary of the controlling shareholder, provides financial services to the Group, with H1 2025 revenue of RMB 2,236 million and net profit of RMB 1,799 million, meeting all regulatory risk indicators Key Financial Indicators of Finance Company (H1 2025, Unaudited) | Indicator | Unit | H1 2025 | | :--- | :--- | :--- | | Operating Revenue | RMB million | 2,236 | | Total Profit | RMB million | 2,311 | | Net Profit | RMB million | 1,799 | | Total Assets (June 30, 2025) | RMB million | 307,723 | | Total Liabilities (June 30, 2025) | RMB million | 268,848 | | Owners' Equity (June 30, 2025) | RMB million | 38,875 | Key Risk Indicators of Finance Company (June 30, 2025) | No. | Monitoring Indicator | Indicator Requirement | June 30, 2025 | | :--- | :--- | :--- | :--- | | 1 | Capital adequacy ratio not lower than minimum regulatory requirement | ≥10.5% | 14.18% | | 2 | Liquidity ratio not lower than 25% | ≥25% | 46.08% | | 3 | Loan balance not higher than 80% of the sum of deposit balance and paid-in capital | ≤80% | 71.29% | | 4 | Total external liabilities not exceeding net capital | ≤100% | 0.00% | | 5 | Bill acceptance balance not exceeding 15% of total assets | ≤15% | 1.20% | | 6 | Bill acceptance balance not higher than 3 times interbank deposits | ≤300% | 20.32% | | 7 | Total bill acceptance and rediscounting not higher than net capital | ≤100% | 8.70% | | 8 | Acceptance bill margin balance not exceeding 10% of total deposits | ≤10% | 0.00% | | 9 | Total investment not higher than 70% of net capital | ≤70% | 47.35% | | 10 | Net fixed assets not higher than 20% of net capital | ≤20% | 0.02% | The Group's Deposit Business with Finance Company (H1 2025) | Related Party | Relationship | Maximum Daily Deposit Limit (RMB million) | Closing Balance (RMB million) | | :--- | :--- | :--- | :--- | | Finance Company | Subsidiary of Controlling Shareholder | 75,000 | 74,495 | The Group's Loan Business from Finance Company (H1 2025) | Related Party | Relationship | Loan Limit (RMB million) | Closing Balance (RMB million) | | :--- | :--- | :--- | :--- | | Finance Company | Subsidiary of Controlling Shareholder | 100,000 | 14,680 | [6. Other Significant Related Party Transactions](index=85&type=section&id=6.%20Other%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no other significant related party transactions [XI. Major Contracts and Their Performance](index=86&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Performance) This section discloses the company's significant guarantees, entrusted wealth management, and entrusted loan situations, including a total guarantee balance of RMB 40.32 million, primarily for Hulunbeier Liangyi Railway, and overdue entrusted loans of RMB 395.37 million to Yili Chemical [1. Custody, Contracting, and Leasing Matters](index=86&type=section&id=1.%20Custody,%20Contracting,%20and%20Leasing%20Matters) During the reporting period, the company had no custody, contracting, or leasing matters [2. Significant Guarantees Performed and Outstanding during the Reporting Period](index=86&type=section&id=2.%20Significant%20Guarantees%20Performed%20and%20Outstanding%20during%20the%20Reporting%20Period) As of the end of the reporting period, the Group's total guarantee balance was RMB 40.32 million, primarily a joint liability guarantee by Baorixile Energy for Hulunbeier Liangyi Railway, which is experiencing deteriorating operations Total Guarantee Amount (June 30, 2025) | Indicator | Amount (RMB million) | | :--- | :--- | | Total guarantee balance at end of reporting period (A) | 40.32 | | Total guarantee balance for subsidiaries at end of reporting period (B) | 0 | | **Total guarantee amount (A+B)** | **40.32** | | Percentage of total guarantee amount to net assets attributable to owners of the Company under China Accounting Standards at end of reporting period (%) | 0.01 | | Debt guarantee amount provided directly or indirectly for guaranteed parties with asset-liability ratio exceeding 70% (D) | 40.32 | | Total of the above three guarantee amounts (C+D+E) | 40.32 | - Baorixile Energy, a 56.61% owned subsidiary of the company, provided a joint and several liability guarantee for the syndicated loan of Hulunbeier Liangyi Railway Co., Ltd. (in which Baorixile Energy holds a 14.22% equity interest), with a maximum guarantee amount of **RMB 67 million**[258](index=258&type=chunk)[381](index=381&type=chunk) - Liangyi Railway Co., Ltd.'s operating performance deteriorated, and Baorixile Energy has cumulatively injected **RMB 11.82 million** in capital and cumulatively repaid **RMB 125.85 million** in loan principal on a pro-rata basis; Baorixile Energy has fully provided for impairment on its equity interest in Liangyi Railway Co., Ltd. and the repaid amount[258](index=258&type=chunk)[259](index=259&type=chunk) [3. Entrusted Cash Asset Management](index=88&type=section&id=3.%20Entrusted%20Cash%20Asset%20Management) In H1 2025, the Group's entrusted wealth management amounted to RMB 17,300 million, with an outstanding balance of RMB 7,100 million in structured deposits, and overdue entrusted loans of RMB 395.37 million to associate Yili Chemical, which is secured Overall Entrusted Wealth Management (RMB million) | Product Type | Source of Funds | Amount Incurred during Reporting Period | Outstanding Balance at End of Reporting Period | Overdue Unrecovered Amount | | :--- | :--- | :--- | :--- | :--- | | Structured Deposits | Own Funds | 17,300 | 7,100 | 0 | - All wealth management products purchased by the company in 2024 and maturing in H1 2025 had their principal fully recovered on maturity, realizing total income of **RMB 59.3 million**; wealth management products purchased in H1 2025 and maturing within the reporting period also had their principal fully recovered on maturity, realizing total income of **RMB 37.78 million**[266](index=266&type=chunk) Overall Entrusted Loans (RMB million) | Product Type | Source of Funds | Amount Incurred during Reporting Period | Outstanding Balance at End of Reporting Period | Overdue Unrecovered Amount | | :--- | :--- | :--- | :--- | :--- | | Entrusted Loans | Own Funds | 395.37 | 0 | 395.37 | - The **RMB 400.0 million** entrusted loan from Shendong Power, a wholly-owned subsidiary of the company, to its associate Inner Mongolia Yili Chemical Industry Co., Ltd. matured on December 23, 2023; as of the end of the reporting period, Yili Chemical had repaid **RMB 4.63 million** of the principal, and the remaining entrusted loan has been secured through asset mortgages and other guarantee measures[272](index=272&type=chunk) [Section VII. Share Changes and Shareholder Information](index=92&type=section&id=Section%20VII.%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's unchanged share capital structure in H1 2025, including total ordinary shares, shareholder count, top ten shareholders, and major shareholders' equity and short positions [I. Changes in Share Capital](index=92&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period

（在中華人民共和國註冊成立的股份有限公司） （股份代碼：01088) 董事會議事規則 本規則於二○○四年十二月二十八日由公司二○○四年第一次臨時股東大會通 過，於二○○六年五月十二日舉行的二○○五年股東週年大會授權董事會修訂， 於二○○七年八月二十四日舉行的二○○七年第一次臨時股東大會、於二○一二 年五月二十五日舉行的二○一一年度股東週年大會修訂，於二○一九年六月二十 一日舉行的二○一八年度股東週年大會修訂，於二○二○年五月二十九日舉行的 二○一九年度股東週年大會修訂，於二○二五年八月二十九日舉行的二○二五年 第一次臨時股東大會修訂。 1 第一章 總則 第一條 為了確保中國神華能源股份有限公司（以下簡稱「公司」）的規範化運作，提高 董事會的工作效率和依法科學決策水平，規範董事會的組成、職責、權限和運作 程序，維護公司利益和股東合法權益，根據《中華人民共和國公司法》、《上市公 司章程指引》、《上市公司治理準則》等中國現行法律、行政法規、部門規章、其 他規範性文件（以下簡稱「法律法規」）及公司股票上市地監管規則和《中國神華能 源股份有限公司章程》（以下簡稱「《公司章程》」），制定本規則。 第二條 董事會是公司的常 ...

（在中華人民共和國註冊成立的股份有限公司） （股份代碼：01088） 章 程 本章程於二〇〇五年五月十四日由公司二〇〇五年第一次臨時股東大會以特別決 議通過，於二〇〇六年五月十二日舉行的二〇〇五年度股東週年大會、二〇〇七 年八月二十四日舉行的二〇〇七年第一次臨時股東大會、二〇〇九年六月五日舉 行的二〇〇八年度股東週年大會、二〇一一年二月二十五日舉行的二〇一一年第 一次臨時股東大會、二〇一二年五月二十五日舉行的二〇一一年度股東週年大 會、二〇一三年六月二十一日舉行的二〇一二年度股東週年大會、二〇一八年四 月二十七日舉行的二〇一八年第一次臨時股東大會、二〇一八年六月二十二日舉 行的二〇一七年度股東週年大會、二〇一九年六月二十一日舉行的二〇一八年度 股東週年大會、二〇二〇年五月二十九日舉行的二〇一九年度股東週年大會、二 〇二一年六月二十五日舉行的二〇二〇年度股東週年大會、二〇二五年八月二十 九日舉行的二〇二五年第一次臨時股東大會以特別決議批准修訂。 1 | 第一章 | 總則 | | 3 | | --- | --- | --- | --- | | 第二章 | | 經營宗旨和範圍 | 5 | | 第三章 | 股份 | ...

（在中華人民共和國註冊成立的股份有限公司） （股份代碼：01088） 股東會議事規則 本規則於二○○四年十二月二十八日由公司二○○四年度第一次臨時股東大會通過，於二○○六年五月 十二日舉行的二○○五年股東週年大會授權董事會修訂，於二○○七年八月二十四日舉行的二○○七年 第一次臨時股東大會修訂，於二○一一年二月二十五日舉行的二○一一年第一次臨時股東大會修訂，於 二○一九年六月二十一日舉行的二○一八年度股東週年大會修訂，於二○二○年五月二十九日舉行的二 ○一九年度股東週年大會修訂，於二○二五年八月二十九日舉行的二○二五年第一次臨時股東大會修 訂。 1 第一章 總則 第一條 臨時股東會不定期召開，有下列情形之一的，公司應當在事實發生之日起兩 個月以內召開臨時股東會： （一）董事人數不足《公司法》規定人數或者《公司章程》所定人數的三分之二 時； （二）公司未彌補的虧損達股本總額的三分之一時； 為維護中國神華能源股份有限公司（以下簡稱「公司」）和股東的合法權益，明 確股東會的職責和權限，保證股東會規範、高效、平穩運作及依法行使職權，根 據《中華人民共和國公司法》（以下簡稱「《公司法》」）、《中華人民共和國證券法》 （以 ...