Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a decline in revenue and net profit for Q1 2025, with revenue at 69.585 billion yuan, down 21.1% year-on-year and 17.6% quarter-on-quarter, and net profit at 11.949 billion yuan, down 18.0% year-on-year and 5.14% quarter-on-quarter [1] - The acquisition of Hanjin Energy has led to a significant reduction in losses, with Hanjin Energy reporting a revenue of 1.025 billion yuan and a loss of 82 million yuan in Q1 2025, compared to a loss of 1.319 billion yuan in the same period last year [4] - The company is expected to benefit from asset injections and cost reduction initiatives, with a focus on enhancing core competitiveness and optimizing investor returns [4][9] Summary by Sections Financial Performance - In Q1 2025, the company produced 83 million tons of commodity coal, a decrease of 1.1% year-on-year, and sold 99 million tons, down 15% year-on-year [10] - The cost of self-produced coal increased to 196 yuan per ton, up 2.3% year-on-year, while the selling price decreased to 506 yuan per ton, down 11.5% year-on-year [10] - The company's total installed capacity reached 47,505 MW by the end of Q1 2025, an increase of 1,241 MW from the beginning of the year [10] Future Outlook - The company plans to produce 334.8 million tons of commodity coal and sell 465.9 million tons in 2025, with a capital expenditure of 41.793 billion yuan [9] - The forecasted net profit for 2025-2027 is 53.796 billion yuan, 56.146 billion yuan, and 59.110 billion yuan, respectively, with corresponding P/E ratios of 14.3, 13.7, and 13.0 [10]

Core Viewpoint - China Shenhua's Q1 2025 performance is under pressure, with significant declines in revenue and net profit due to decreased coal sales volume and average selling prices [1][5]. Financial Performance - Revenue for Q1 2025 was 69.585 billion RMB, a decrease of 21.1% compared to the same period last year [2][3]. - Net profit attributable to shareholders was 11.949 billion RMB, down 18% year-on-year [2][3]. - Net profit excluding non-recurring items was 11.705 billion RMB, reflecting a 28.9% decline [2][3]. - Basic earnings per share were 0.601 RMB, a decrease of 18.0% [2][3]. - Cash flow from operating activities was 20.538 billion RMB, down 25.9% [2]. Core Business Metrics - Coal sales volume was 99.3 million tons, a decline of 15.3% year-on-year [4][5]. - Total power generation was 50.42 billion kWh, down 10.7% [4][5]. - Self-owned railway transport turnover was 72.5 billion ton-km, a decrease of 11.6% [4][5]. Price Trends - Average coal selling price (excluding tax) was 506 RMB/ton, down 11.5% year-on-year [4][5]. - Average electricity selling price was 386 RMB/MWh, a decrease of 5.6% [4][5]. Business Segment Analysis - The coal segment generated 51.6 billion RMB in revenue, down 25.7%, with a profit of 10.1 billion RMB, down 16.6% [6][9]. - The power generation segment reported revenue of 20.854 billion RMB, a decline of 14.7%, with a profit of 2.625 billion RMB, down 17.2% [9]. - The transportation segment faced challenges, with profits declining across railway, port, and shipping divisions, particularly shipping, which saw a 69.6% drop in profit [11][12]. Strategic Adjustments - The company has adjusted its sales strategy, increasing the proportion of long-term contracts from 49.9% to 63.9%, while significantly reducing lower-margin spot sales, which fell by 71% [7][8].

证券代码：601088 证券简称：中国神华 公告编号：临 2025-024 一、拟聘任国内审计机构的基本情况 （一）机构信息 1. 基本信息 中国神华能源股份有限公司 关于续聘会计师事务所的公告 中国神华能源股份有限公司董事会及全体董事保证本公告内容不存在任何 虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： 中国神华能源股份有限公司（"本公司"）董事会建议续聘毕马威华振 会计师事务所（特殊普通合伙）（"毕马威华振"）及毕马威会计师事 务所分别为本公司 2025 年度国内审计机构和国际审计机构。 毕马威华振会计师事务所于 1992 年 8 月 18 日在北京成立，于 2012 年 7 月 5 日获财政部批准转制为特殊普通合伙的合伙制企业，更名为毕马威华振会计师 事务所（特殊普通合伙），2012 年 7 月 10 日取得工商营业执照，并于 2012 年 8 月 1 日正式运营。 毕马威华振总所位于北京，注册地址为北京市东城区东长安街 1 号东方广场 东 2 座办公楼 8 层。 毕马威华振的首席合伙人邹俊，中国国籍，具有中国注册会计师资格。 2. 人员信息 于 ...

证券代码：601088 证券简称：中国神华 公告编号：临 2025-023 中国神华能源股份有限公司 关于第六届董事会第八次会议决议的公告 中国神华能源股份有限公司董事会及全体董事保证本公告内容不存在任何 虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 中国神华能源股份有限公司（"公司"或"中国神华"）第六届董事会第八 次会议于 2025 年 4 月 10 日以电子邮件或无纸化办公系统方式向全体董事和监事 发送了会议通知，于 2025 年 4 月 15 日发送了议程、议案等会议材料，并于 2025 年 4 月 25 日在北京市东城区安定门西滨河路 22 号神华大厦以现场结合通讯方式 召开。会议应出席董事 7 人，亲自出席董事 6 人，委托出席董事 1 人。独立非执 行董事袁国强、陈汉文、王虹以视频接入方式参会。非执行董事李新华因公请假， 委托非执行董事康凤伟代为出席会议并投票。经全体董事推举，会议由执行董事 张长岩召集并主持。董事会秘书宋静刚参加会议，监事和高级管理人员列席会议。 会议的召开符合《中华人民共和国公司法》及相关法律法规、上市地上市规则和 《中国神华能源股份有 ...

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

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

证券代码：601088 证券简称：中国神华 公告编号：临 2025-022 中国神华能源股份有限公司 关于举办 2025 年第一季度业绩说明会的公告 一、业绩说明会类型 本次业绩说明会以网络互动方式召开，本公司将针对 2025 年第一季度业绩与 经营情况与投资者进行交流，在信息披露允许的范围内就投资者普遍关注的问题 进行解答，听取投资者的意见和建议。 1 会议召开时间：2025 年 5 月 8 日（星期四）16:00-17:00 会议召开地点：上海证券交易所上证路演中心 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 4 月 28 日（星期一）至 5 月 7 日（星期三）16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目提问，或于 2025 年 5 月 7 日（星期三）17:00 以前将需要了解的情况和关注问题通过邮件发送给本公 司（邮箱：ir@shenhua.cc），本公司将在业绩说明会上就投资者普遍关注的 问题进行解答。 中国神华能源股份有限公司董事会及全体董事保证本公告内容不存在任何虚 假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担 法律责任。 二、业绩 ...

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the coal industry in China, focusing on the performance and strategies of China Shenhua Energy Company Limited in 2024 and beyond [1][9]. Key Points and Arguments 1. **Macroeconomic Environment**: - The Chinese government maintains a stable economic approach, with GDP growth of 5.0% in 2024. The energy security strategy is being advanced, optimizing the energy structure [1][9]. - National raw coal production reached 4.76 billion tons, a year-on-year increase of 1.3%, while coal imports rose to 540 million tons, up 14.4% [1]. 2. **Operational Performance**: - The company achieved a total coal production of 327 million tons, a 0.8% increase year-on-year, and coal sales of 459 million tons, up 2.1% [2]. - Total power generation was 223.2 billion kWh, reflecting a 5.2% increase [2]. 3. **Financial Results**: - The net profit for 2024 was 58.7 billion RMB, a decrease of 1.7% year-on-year. The profit margin in the coal mining sector dropped by 22.2% [2]. - The average selling price of coal was 527 RMB per ton, down 21 RMB from the previous year [4]. 4. **Dividends and Shareholder Returns**: - The board proposed a final dividend of 2.26 RMB per share for 2024, with a payout ratio of 76.5%, an increase of 1.3 percentage points year-on-year [3]. - A plan for shareholder returns from 2025 to 2027 was introduced, setting a minimum dividend payout of 65% of net profit [3]. 5. **Resource Management and Development**: - The company increased its coal reserves by 1.78 billion tons by the end of 2024, with significant growth in key mining areas [6]. - New projects, including the New Street and Temple Mine areas, are underway to enhance resource availability [6]. 6. **Technological Innovation**: - The company invested approximately 4.15 billion RMB in R&D, resulting in 637 authorized patents, focusing on smart mining and automation [7]. - The green mining initiatives accounted for 84% of operations by the end of 2024, aligning with carbon reduction strategies [7]. 7. **Future Outlook**: - The company anticipates challenges in coal demand and price volatility in 2025 but remains confident in the coal industry's role in energy supply and transition to low-carbon solutions [9]. - Production targets for 2025 include coal output of 334.8 million tons and power generation of 227.1 billion kWh [10]. 8. **Strategic Focus Areas for 2025**: - Emphasis on energy security, project construction, technological innovation, and low-carbon transition [11]. - Plans to enhance integrated operations and expand capital expenditures, with a total planned investment of approximately 41.8 billion RMB [10]. Additional Important Content - The company has received multiple awards for investor relations and information disclosure, reflecting its commitment to transparency and shareholder engagement [8]. - The average utilization hours for coal-fired units were reported at 5,030 hours, exceeding the national average by 402 hours [5]. This summary encapsulates the key insights from the conference call, highlighting the company's performance, strategic initiatives, and outlook for the coal industry in China.

Core Viewpoint - CICC maintains a "outperform" rating for China Shenhua, expecting the company to reduce profit volatility through improved sales structure [1] Cost Management - In 2024, China Shenhua's self-produced coal cost is projected to be 179 RMB/ton, remaining flat year-on-year [1] - The company aims to keep the cost increase for 2025 within 6%, down from the previous guidance of 10% [1] - The actual cost guidance for 2024 is also set at a year-on-year increase of 10%, but it is expected to remain flat [1] Financial Reserves - As of the end of 2024, the company has a special reserve of 23.319 billion RMB, indicating a strong financial buffer [1] Sales Structure - The company has a high long-term contract ratio of approximately 80% and a high internal supply ratio, which also stands around 80% when considering the group [1] - In Q1 2025, the long-term contract fulfillment rate is close to 100%, which is expected to help reduce profit volatility [1] Profit Forecast - The profit forecast and "outperform" rating remain unchanged, with a target price of 36 HKD for H-shares [1]

Group 1: Core Views - The coal price is expected to find a reasonable bottom support at 640-650 RMB/ton, with the industry unlikely to return to 2015 levels [1] - The coal sector is anticipated to see an upward turning point in April 2025, with prices expected to rebound in June due to summer peak demand [2] - The focus on dividend assets is expected to increase due to intensified market volatility from trade frictions [1] Group 2: Thermal Coal Insights - The coal industry has released sufficient risk, and upward potential is expected after April 2025, with the northern Huanghua Port Q5500 price stable at 675 RMB/ton [2] - Domestic production in Xinjiang has decreased, and coal transportation has shown a decline, while overseas imports are expected to decrease starting March [2] - Non-electric coal demand is projected to accelerate in April, potentially driving coal prices back up [2] Group 3: Coking Coal Analysis - The bottom for coking coal prices is expected to be established alongside thermal coal prices, with the main coking coal price at 1380 RMB/ton remaining stable [3] - The introduction of a market-oriented index by the Mongolian Exchange aims to boost exports, although supply and demand for coking coal remain under pressure [3] - The first round of price increases for coke has begun, but the rebound potential is limited [3] Group 4: Industry Review - As of April 12, 2025, the main coking coal price at Jing Tang Port is 1380 RMB/ton, with a total inventory of 339.9 million tons across three ports [4] - The Australian Newcastle Port Q5500 offshore price increased by 1 USD/ton, while the northern port's price is 650 RMB/ton higher than Australian imports [4] - The cost of Australian coking coal has risen by 5 USD/ton, with domestic coking coal being cheaper than imported hard coking coal by 213 RMB/ton [4]