证券代码：601088 证券简称：中国神华 公告编号：临 2025-021 中国神华能源股份有限公司 2025 年 3 月份主要运营数据公告 中国神华能源股份有限公司（"本公司"）董事会及全体董事保证本公告内 容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确 性和完整性承担法律责任。 | 运营指标 | 单位 | 2025 | 年 | 2024 | 年 | 同比变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （重述后） | | （%） | | | | | 月 3 | 累计 | 月 3 | 累计 | 月 3 | 累计 | | （一）煤炭 | | | | | | | | | 1. 商品煤产量 | 百万吨 | 29.4 | 82.5 | 28.9 | 83.4 | 1.7 | (1.1) | | 2. 煤炭销售量 | 百万吨 | 34.6 | 99.3 | 40.0 | 117.3 | (13.5) | (15.3) | | （二）运输 | | | | | | | | | 1. 自有铁路运输周转量 | 十亿吨公 ...

Market Overview - The Shanghai Composite Index rose by 0.76% on April 14, with 29 out of 31 sectors experiencing gains, led by textiles and apparel, and coal, which increased by 2.56% and 2.50% respectively [1] - The net inflow of capital in the two markets was 1.933 billion yuan, with 19 sectors seeing net inflows, particularly the non-ferrous metals sector, which had a net inflow of 2.311 billion yuan and a daily increase of 2.46% [1] Coal Industry Performance - The coal industry saw a daily increase of 2.50%, with a net inflow of 391 million yuan, and all 37 stocks in this sector rose, including 2 stocks hitting the daily limit [2] - Among the stocks in the coal sector, Shaanxi Coal and Chemical Industry led with a net inflow of 93.799 million yuan, followed by China Shenhua and Anyuan Coal with net inflows of 79.774 million yuan and 67.129 million yuan respectively [2] Capital Flow in Coal Stocks - The top coal stocks by net capital inflow included: - Shaanxi Coal: +4.46% with 93.799 million yuan inflow - China Shenhua: +1.53% with 79.774 million yuan inflow - Anyuan Coal: +9.91% with 67.129 million yuan inflow [2][3] - Conversely, the stocks with the highest net outflows included: - Xinjikang Energy: -2.71% with a net outflow of 7.026 million yuan - Yunwei Co.: -2.97% with a net outflow of 6.5537 million yuan - Panjiang Coal: -1.52% with a net outflow of 5.7516 million yuan [3]

Group 1 - The Shanghai Energy Dividend Index (H50021) opened lower but closed higher, down 0.71% at 4181.54 points with a trading volume of 3.415 billion yuan [1] - The Shanghai Energy Dividend Index has decreased by 2.87% over the past month, 7.36% over the past three months, and 14.54% year-to-date [2] - The index is composed entirely of the energy sector, with a 100% weight in the Shanghai Stock Exchange [3][4] Group 2 - The index is adjusted annually, with changes implemented on the next trading day after the second Friday of December [4] - A buffer zone is set for dividend conditions, allowing samples with a cash dividend yield greater than 0.5% to be exempt from certain requirements [4] - The adjustment ratio is generally limited to 20%, unless significant changes occur in the industry or if more than 20% of samples are removed due to low dividend yields [4]

Core Viewpoint - The China Securities Hong Kong Dividend Index has shown fluctuations, with a recent increase of 1.42% but a decline of 8.35% over the past month, indicating volatility in high dividend yield securities in the Hong Kong market [1][2] Group 1: Index Performance - The China Securities Hong Kong Dividend Index closed at 2946.02 points with a trading volume of 24.838 billion yuan [1] - The index has experienced a decline of 0.51% over the past three months and a year-to-date decrease of 4.42% [1] Group 2: Index Composition - The index comprises 30 securities listed on the Hong Kong Stock Exchange, selected based on high cash dividend yields, stable dividends, and liquidity [1] - The top ten weighted securities in the index include: - Bank of China (10.98%) - China Mobile (10.86%) - Industrial and Commercial Bank of China (10.55%) - China Construction Bank (9.91%) - CNOOC (8.97%) - Agricultural Bank of China (5.99%) - Bank of Communications (5.23%) - China Petroleum & Chemical Corporation (4.97%) - China Shenhua Energy (4.6%) - China Petroleum (4.17%) [1] Group 3: Sector Allocation - The sector allocation of the index shows that finance accounts for 49.43%, energy for 25.80%, communication services for 16.88%, and other sectors such as industrial, materials, utilities, and real estate make up the remaining percentages [2] - The index is adjusted annually, with changes implemented on the next trading day after the second Friday of December [2]

（在中華人民共和國註冊成立的股份有限公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 北京，2025年4月8日 於本公告日期，董事會成員包括執行董事張長岩先生，非執行董事康鳳偉先生及 李新華先生，獨立非執行董事袁國強博士、陳漢文博士及王虹先生，職工董事焦 蕾女士。 （股份代碼：01088） 董事會召開通知 中國神華能源股份有限公司（「本公司」）董事會（「董事會」）謹此公佈，本公司將 於2025年4月25日於北京舉行董事會會議，藉以審議並（如認為適當）批准本公司 截至2025年3月31日止之三個月的業績公告等事宜。 承董事會命 中國神華能源股份有限公司 總會計師、董事會秘書 宋靜剛 ...

Core Viewpoint - The resignation of Chairman Lv Zhiyun marks a significant transition for China Shenhua, a leading player in the coal industry, raising questions about the company's future performance and strategy in a changing market environment [1][2][3] Group 1: Leadership Transition - Lv Zhiyun's departure signifies a new phase for China Shenhua, as he has been a pivotal figure in the company and the coal sector [1] - Under Lv's leadership, China Shenhua demonstrated resilience in performance, with its stock price increasing nearly 2.5 times in recent years despite industry challenges [2] - The new leadership will face the challenge of maintaining high dividend payouts to retain investor confidence while navigating the transition to renewable energy [3] Group 2: Financial Performance - China Shenhua has distributed approximately 90 billion yuan in dividends over the past two years, averaging over 1 billion yuan per day, which has attracted investor interest [2] - The company has managed to maintain stable operations despite significant fluctuations in coal prices during Lv's tenure [1][2] Group 3: Market Challenges - The coal market is experiencing oversupply pressures, and the renegotiation of long-term contracts may impact the company's performance [2] - The coal industry faces increasing competition from advancing renewable energy technologies and stricter regulatory policies, necessitating greater investment in clean production [2][3] - The future performance of China Shenhua in the post-Lv era remains uncertain, with the need for strategic adaptation to ensure sustainable development [3]

证券代码：601088 证券简称：中国神华 公告编号：临 2025-020 三、公司董事会已获得股东周年大会授予回购 H 股股份的一般性授权。公 司将结合资本市场情况和内部制度管理要求，在必要情况下适时开展授权事项。 1 四、公司控股股东国家能源投资集团有限责任公司（"国家能源集团"） 及其一致行动人没有减持本公司股份的意向和计划。2023 年至 2024 年期间，国 家能源集团通过其一致行动人增持本公司 A 股股份 1,159.35 万股，直接及间接 持股比例增至 69.5789%，显示其对本公司未来发展的信心和支持。 五、国家能源集团和中国神华将持续推进煤炭优质资产注入中国神华。为减 少潜在同业竞争，2025 年 1 月，中国神华以 85,264.95 万元对价收购国家能源集 团所持国家能源集团杭锦能源有限责任公司 100%股权。该交易已于 2025 年 2 月份完成交割。根据双方签订的避免同业竞争协议及其相关补充协议约定，目前 国家能源集团和中国神华正在协商启动新一批的注资交易，继续推进煤炭优质资 产注入中国神华，支持中国神华长远发展。 中国神华能源股份有限公司 关于公司近期运营情况的公告 中国神华能源 ...

Group 1 - The company experienced significant stock price fluctuations on April 7, 2025, with A-shares down 4.16% and H-shares down 8.28% [1] - The company plans to produce 334.8 million tons of commodity coal and sell 465.9 million tons in 2025, with power generation expected to reach 227.1 billion kWh, all exceeding 2024 levels [1] - The company is actively responding to industry challenges, maintaining normal production operations despite weak coal demand and falling prices [1] Group 2 - The company announced a cash dividend of 2.26 CNY per share for the 2024 fiscal year, representing 76.5% of net profit, an increase from 75.2% in 2023 [2] - The company plans to increase the minimum cash dividend payout ratio by 5 percentage points to 65% for the years 2025 to 2027 and is considering increasing the frequency of dividends [2] - The company's board has received authorization to repurchase H-shares as needed based on market conditions [2] Group 3 - The controlling shareholder, State Energy Investment Group, has no plans to reduce its stake in the company, having increased its A-share holdings by 11.5935 million shares from 2023 to 2024 [2] - The stake held by State Energy Group and its concerted parties has risen to 69.5789%, indicating confidence in the company's future [2] - The company is in discussions to initiate a new round of asset injection from State Energy Group to support long-term development [3] Group 4 - The company completed the acquisition of 100% equity in Hanjin Energy from State Energy Group for 852.6495 million CNY in January 2025 [3] - This acquisition is part of a strategy to reduce potential competition and enhance the company's asset base [3] - Ongoing negotiations aim to facilitate further high-quality coal asset injections into the company [3]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [7] Core Views - The company's performance remains stable in the coal and power sectors, with a high dividend payout enhancing long-term value [1] - The company plans to increase capital expenditure significantly in 2025, focusing on power generation and renewable energy projects [12] - The integrated operation of coal, power, and transportation provides resilience in performance, leading to a maintained "Accumulate" rating despite adjustments in profit forecasts for 2025 and 2026 [13] Summary by Sections Coal Business - In 2024, the company achieved a coal production of 327 million tons, a year-on-year increase of 0.8%, and coal sales of 459 million tons, up 2.1% [2] - The average selling price of coal was 564 RMB/ton, a decrease of 3.4% year-on-year, influenced by market supply and demand [2] - The gross profit from coal operations was 80.55 billion RMB, down 8% year-on-year, with a gross margin of 30.0%, a decline of 2 percentage points [2] Power Business - The total power generation reached 2,232.1 billion kWh, an increase of 5.2% year-on-year, while sales volume was 2,102.8 billion kWh, up 5.3% [3] - The average selling price for electricity was 0.403 RMB/kWh, down 2.7% year-on-year, with a gross profit of 15.385 billion RMB, a slight decrease of 1.52% [3] Transportation Sector - The transportation segment maintained a high gross margin, with revenue of 54.953 billion RMB, a year-on-year increase of 0.75% [4] - The gross profit from transportation was 19.619 billion RMB, up 2.51% year-on-year, supported by efficient railway operations [4] Coal Chemical Sector - The coal chemical segment saw a decline in sales and gross margin, with polyethylene and polypropylene sales down 8.8% and 8.2% respectively [5] - The gross profit was 328 million RMB, with a gross margin of 5.8%, and revenue decreased by 7.6% year-on-year [5] Financial Quality and Shareholder Returns - The company reported a strong cash flow, with net cash inflow from operating activities at 93.348 billion RMB, an increase of 4.08% year-on-year [6] - The proposed final dividend is 2.26 RMB/share, totaling 44.903 billion RMB, with a dividend payout ratio of 76.5% [11] Profit Forecast and Valuation - The profit forecasts for 2025-2027 are adjusted, with expected net profits of 54.335 billion RMB, 55.976 billion RMB, and 56.059 billion RMB respectively [13] - The company maintains a strong performance outlook due to its integrated operations, leading to a sustained "Accumulate" rating despite the profit forecast adjustments [13]

Investment Highlights - The company's net profit attributable to shareholders for 2024 is projected to be 586.7 billion yuan, a year-on-year decrease of 1.7%, demonstrating resilience in performance [1] - The proposed cash dividend is 2.26 yuan per share, totaling 449 billion yuan, which represents a payout ratio of 76.5%, exceeding previous years' ratios [1] Coal Sector - In 2024, the company's self-produced coal output and sales are expected to reach 327 million tons, reflecting a slight increase of 0.8% and 0.5% year-on-year, respectively [2] - The average selling price of coal is projected to be 564 yuan per ton, a decrease of 3.4% year-on-year [2] - The coal segment is anticipated to generate revenue of 2686.2 billion yuan and a total profit of 543.7 billion yuan in 2024, with a gross margin of 30% [2] Power Generation Sector - The company's electricity sales volume is expected to increase by 5.2% in 2024, reaching 210.28 billion kWh [3] - The average selling price of electricity is projected to be 0.403 yuan per kWh, a decrease of 2.7% year-on-year [3] - The power segment is expected to achieve revenue of 942.2 billion yuan and a total profit of 111.5 billion yuan in 2024, with a gross margin of 16.3% [3] Transportation Sector - The railway segment is projected to generate a total profit of 125.6 billion yuan in 2024, reflecting a year-on-year increase of 13.8% [4] - The port segment is expected to achieve a total profit of 21.2 billion yuan, a decrease of 7.8% year-on-year [4] - The company is advancing several capacity expansion projects, which are expected to enhance overall transportation capacity [4] Capital Expenditure - The actual capital expenditure for 2024 is planned at 330 billion yuan, with 90% of the budget allocated to coal, power, and transportation sectors [5] - For 2025, the planned capital expenditure is 418 billion yuan, focusing on new coal and power projects [6] Investment Recommendation - The company has a high proportion of long-term coal contracts, indicating stable profitability in coal operations [7] - The new power generation capacity is expected to support revenue growth, and the company's commitment to dividends reflects its long-term investment value [7]