承中国神华能源股份有限公司董事会命 总会计师、董事会秘书 宋静刚 2025 年 3 月 7 日 中国神华能源股份有限公司 关于子公司完成内蒙古新街台格庙矿区新街一井、 新街二井项目开工备案的公告 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。 近日，中国神华能源股份有限公司（"本公司"）持有 60%股权的控股子公 司神华新街能源有限责任公司（"新街能源公司"），收到内蒙古自治区伊金霍 洛旗能源局关于内蒙古新街台格庙矿区新街一井及选煤厂项目、新街二井及选煤 厂项目开工备案回执。根据回执，新街能源公司报送的项目审批文件及施工单位、 监理单位资料齐全，予以备案。 自此，新街能源公司将依法合规、积极有序推进新街一井、新街二井项目开 工建设工作。本公司将按照证券监管要求履行项目后续相关信息披露义务。 特此公告。 证券代码：601088 证券简称：中国神华 公告编号：临 2025-011 ...

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。 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 北京，2025年3月6日 於本公告日期，董事會成員包括執行董事呂志韌先生及張長岩先生，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。 （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3月21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2024年12月31日止年度之年度業績公告事宜及建議支付股息事宜。 ...

中国神华 20250228 摘要 • 中国神华 2024 年归母净利润预计为 570-600 亿元，同比下降 4.5%至略 有增长，主要受煤炭价格下跌影响，但公司主动披露业绩以减少股东焦虑， 并提升未来三年最低分红比例至不低于 65%。 • 为应对市场波动，中国神华以 8.5 亿元收购航锦能源 100%股权，增加可 采储量超 20 亿吨，显示公司在业绩上的韧性和高效治理能力，并依托 "煤电路港航一体化"商业模式增强抗风险能力。 • 尽管 1 月份销售产量和发电量因春节和暖冬因素同比下降，但与 2023 年 同期基本持平。中电联预计全年能源消费增长 6-7%，火电占比约 54%， 长期来看能源需求仍有温和增长态势。 • 中国神华预计 2025 年煤炭价格中枢将维持稳定，供应方面，国家能源局 要求稳产增产，主要产煤省份计划增加产量；需求方面，预计消费增长 6%-7%，供需总体平衡。 • 煤炭定价机制通过中长期协议减少市场波动，价格上涨反映了需求增长、 供应不足、通胀和开采成本上升等因素，中国煤炭供应中心西移和开采深 度增加也推动了成本上升。 Q&A 近期煤炭价格出现明显下跌，投资者对未来煤炭板块的投资机会和价格走 ...

经中国神华能源股份有限公司（"本公司"）第六届董事会第六次会议批准， 本公司与国家能源投资集团有限责任公司（"国家能源集团公司"）于 2025 年 1 月 24 日签署了《关于国家能源集团杭锦能源有限责任公司股权转让协议》， 约定本公司以经备案的国家能源集团杭锦能源有限责任公司（"杭锦能源"）截 至评估基准日（即 2024 年 8 月 31 日）的股东全部权益评估值为基础，收购国家 能源集团公司持有的杭锦能源 100%股权（"标的股权"）。交易详情及进展情 况请参见本公司分别于 2025 年 1 月 22 日、2025 年 1 月 25 日、2025 年 2 月 13 日在上海证券交易所网站（www.sse.com.cn）披露的相关公告。 2025 年 2 月 24 日，杭锦能源收到内蒙古自治区鄂尔多斯市杭锦旗市场监督 管理局发来的变更登记通知书，上述收购标的股权的工商变更登记已完成，本公 司已登记为持有杭锦能源 100%股权的股东。 特此公告。 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。 证券代码：6 ...

Summary of Conference Call Company and Industry - The conference call pertains to China Shenhua Energy Company, a major player in the coal and energy sector in China. Key Points and Arguments Financial Performance - The company disclosed a profit forecast for 2024, estimating net profit between 57 to 60 billion yuan, indicating a year-on-year decline of 4.5% to an increase of 0.5% [1] - A provision of 3 billion yuan has been reserved for accounting and audit adjustments due to the complexity of consolidating financials from numerous subsidiaries [1] - The decline in profit is primarily attributed to a decrease in average coal sales prices and reduced asset impairment losses compared to previous years [2] Shareholder Returns - The board approved a shareholder return plan for 2025 to 2027, increasing the minimum cash dividend payout ratio from 60% to 65% of net profit [3] - The company aims to signal its commitment to long-term shareholders and those focused on dividend income, amidst a backdrop of increasing market demands for higher returns [3] Operational Updates - January operational data showed an 8.5% year-on-year decline in coal production and a double-digit decrease in sales, attributed to the timing of the Spring Festival and warmer winter temperatures [4] - The company anticipates stable production and sales plans for 2024, with no significant changes expected compared to previous years [5] Market Dynamics - The coal market has experienced fluctuations, with prices stabilizing around 850 to 860 yuan per ton, but a significant drop was noted in December due to supply-demand shifts [6][7] - The company expects coal imports to remain high, with a potential increase in supply from Mongolia and Russia [8] Cost Management - The company has seen a trend of increasing production costs due to deeper mining operations and labor outsourcing, but recent cost control measures have shown positive results [16] - Future cost growth is expected to be in the single digits, influenced by declining raw material costs and improved operational efficiencies [17] Regulatory Environment - The National Development and Reform Commission has adjusted long-term coal supply agreements, allowing companies to sell a higher proportion of spot coal, which may improve sales structure [18][19] Future Outlook - The company is preparing for potential challenges in 2025, particularly regarding electricity pricing and its impact on profitability [20][21] - The construction of new projects, such as the Xinjie coal mine, is progressing, with production expected to commence in 2028 [30] Strategic Initiatives - The company is exploring opportunities in the Mongolian coal market and is involved in negotiations to secure long-term resource agreements [31] - Investments in infrastructure and operational improvements are ongoing to enhance competitiveness in the energy market [32] Additional Important Information - The company plans to disclose its annual performance report on March 21, which will provide more detailed financial data and operational insights [1][12] - The management emphasized the importance of maintaining communication with long-term investors and adapting to market changes to ensure sustainable growth [11][26]

以上主要运营数据来自本公司内部统计。运营数据在月度之间可能存在较大 1 证券代码：601088 证券简称：中国神华 公告编号：临 2025-009 中国神华能源股份有限公司 2025 年 1 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 | 1 月 | 2024 | 年 1 月 | 同比变化 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | (%) | | （一）煤炭 | | | | | | | | 1. 商品煤产量 | 百万吨 | | 24.9 | | 27.2 | (8.5) | | 2. 煤炭销售量 | 百万吨 | | 30.2 | | 38.5 | (21.6) | | （二）运输 | | | | | | | | 1. 自有铁路运输周转量 | 十亿吨公里 | | 23.4 | | 29.1 | (19.6) | | 2. 黄骅港装船量 | 百万吨 | ...

Core Viewpoint - China Shenhua has completed the acquisition of 100% equity of Hangjin Energy from China Energy Group for a consideration of 853 million yuan, aiming to reduce industry competition and enhance resource reserves [1][2]. Group 1: Transaction Details - The acquisition price for Hangjin Energy is based on the assessed value of the company's total equity as of August 31, 2024, amounting to 853 million yuan, which will be paid using the company's own funds [1]. - Following the payment, China Shenhua will own all shareholder rights and obligations related to Hangjin Energy, while China Energy Group will no longer hold any rights to the equity [1]. Group 2: Strategic Rationale - A significant reason for this transaction is to reduce competition within the same industry, as Hangjin Energy is included in the competitive assets outlined in the agreement between China Shenhua and China Energy Group [2]. - The acquisition is expected to enhance the company's resource reserves, consolidating its competitive advantage in the market [2]. Group 3: Resource and Capacity Enhancement - Hangjin Energy and its subsidiaries include one under-construction coal mine (Taran Gaole Mine) and three operational coal mines (Yannan Mine, Zhanir River Open-pit Mine, and Mindong No. 1 Mine), along with a coal-fired power plant with two 600MW units [2][3]. - The Taran Gaole Mine has a total area of 227.25 square kilometers, with an assessed recoverable resource of 2.054 billion tons and a recoverable reserve of 1.050 billion tons, with a certified capacity of 10 million tons per year [3]. - Following the acquisition, China Shenhua anticipates an increase of 3.841 billion tons in coal resources and 2.087 billion tons in recoverable reserves, representing 11.40% and 13.59% of the company's total resources and reserves as of June 2024, respectively [4]. Group 4: Future Outlook - The Taran Gaole Mine is expected to be completed by 2028 and reach full production by 2029, while the coal-fired power plant has a power generation license valid until December 25, 2033 [4]. - The transaction is projected to enhance China Shenhua's supply capabilities in the Inner Mongolia region, reinforcing its competitive position and supporting its role as a coal business integration platform for China Energy Group [5].

证券代码：601088 证券简称：中国神华 公告编号：临 2025-008 中国神华能源股份有限公司 关于收购国家能源集团杭锦能源有限责任公司 100%股权的关联交易进展公告 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。 经中国神华能源股份有限公司（"本公司"）第六届董事会第六次会议批准， 本公司与国家能源投资集团有限责任公司（"国家能源集团公司"）于 2025 年 1 月 24 日签署了《关于国家能源集团杭锦能源有限责任公司股权转让协议》（"《股 权转让协议》"），约定本公司以经备案的国家能源集团杭锦能源有限责任公司 （"杭锦能源"）截至评估基准日（即 2024 年 8 月 31 日）的股东全部权益评估 值为基础，收购国家能源集团公司持有的杭锦能源 100%股权（"标的股权"）。 详见本公司分别于 2025 年 1 月 22 日、2025 年 1 月 25 日在上海证券交易所网站 （www.sse.com.cn）披露的《中国神华关于收购国家能源集团杭锦能源有限责任 公司 100%股权的关联交易公告》《中 ...

Summary of China Shenhua's Conference Call Company Overview - **Company**: China Shenhua Energy Company - **Industry**: Coal and Power Generation Key Points and Arguments Operational Performance - In 2024, China Shenhua achieved a coal production of 327 million tons, a year-on-year increase of 0.8% [3] - Coal sales reached 459 million tons, up 2.1% year-on-year [3] - Power generation was 223.2 billion kWh, reflecting a 5.2% increase [3] - Electricity sales amounted to 210.28 billion kWh, with a year-on-year growth of 5.3% [3] - The company expects net profit attributable to shareholders for 2024 to be between 57 billion to 60 billion yuan, indicating a year-on-year decline of 4.5% to a growth of 0.5% [3] Acquisitions and Resource Expansion - China Shenhua acquired 100% of Hanjin Energy for 850 million yuan, adding over 3.8 billion tons of coal reserves and increasing recoverable reserves by 2 billion tons [3] - The acquisition will also add 10 million tons of under-construction coal mines and 15.7 million tons of operational coal mines [3] Cost Management - The company anticipates a moderate single-digit growth in unit production costs in the coming years due to factors such as deflation, reduced safety costs, and transitioning from outsourcing to in-house operations [3][5] - Cost growth in recent years was primarily driven by inflation, increased mining depth, and rising labor costs [5] Production Capacity and Future Outlook - Current normal production capacity is approximately 340 million tons, with actual production around 316 million tons [3][6] - An additional capacity of about 15 million tons is expected in 2025, with long-term projects like the Hangjinta Lan coal mine projected to start production in 2028 [6] - The company aims to maintain a production scale of 320 to 330 million tons despite potential declines in individual mines [7][8] Market Challenges and Strategies - The short-term coal market may face price declines due to high inventory levels at power plants and seasonal demand drops, but long-term support is expected from the spot market [3][23] - China Shenhua is focusing on cost reduction and efficiency improvements to counteract competitive pressures and market fluctuations [11][13] Electricity Sector Insights - The company has made significant investments in thermal power technology, with over half of its capital expenditure in recent years directed towards this area [11] - Despite a slowdown in economic growth affecting energy demand, the company remains optimistic about future energy needs driven by GDP growth [24] Coal Market Dynamics - The proportion of thermal power in energy supply has decreased from 60%-70% to an expected 55%-56% by 2025, but it will still play a crucial role in coal demand [25] - Coal prices have seen significant fluctuations, with current prices around 700 yuan per ton, down from historical highs, but still attractive for low-cost producers [26] Future Projects and Developments - The Ganjimao cross-border railway project is expected to contribute to coal supply, although specific figures are yet to be disclosed [28] - The company plans to incorporate the 4 million tons of resources from Hushitai Jingtian into its development plans once evaluation conditions are met [18] Additional Important Information - The company is actively exploring mergers and acquisitions to bolster its production capabilities and maintain stability in supply [6][7] - The integration of coal mining and power generation operations is a strategic focus to enhance overall business resilience [13]

Summary of China Shenhua's Conference Call Company Overview - **Company**: China Shenhua Energy Company Limited - **Industry**: Coal and Power Generation Key Points Operational Performance - In 2024, China Shenhua achieved a coal production of 327 million tons, a year-on-year increase of 0.8% [3] - Sales volume reached 459 million tons, up 2.1% year-on-year [3] - Power generation amounted to 223.2 billion kWh, reflecting a 5.2% increase [3] - Electricity sales were 210.28 billion kWh, with a growth of 5.3% [3] Profit Forecast - The company expects net profit attributable to shareholders for 2024 to range between 57 billion to 60 billion yuan, reflecting a year-on-year decline of 4.5% to an increase of 0.5% [3][4] - The decline is primarily due to falling coal sales prices, although reduced asset impairment and non-operating expenses partially offset this impact [4] Dividend Policy - China Shenhua plans to increase the minimum dividend payout ratio to no less than 65% over the next three years (2025-2027), indicating a commitment to shareholder returns [3][4] Cost Management - Future unit production cost growth is expected to be moderate, in single digits, due to deflation, reduced safety costs, and controlled labor costs [3][5] Coal Production Capacity - Current coal production capacity is approximately 340 million tons, with actual arrangements at 316 million tons [3][6] - The acquisition of the Dayan Mine is expected to add 15 million tons of coal production by 2025 [3][6] - New projects and potential mergers and acquisitions are planned to offset declines in individual mine capacities [3][7] Market Challenges - The electricity sector faces intensified competition due to slowing energy demand growth and increased supply capacity, leading to pressure on electricity prices [3][12] - China Shenhua aims to respond to these challenges through cost reduction and efficiency improvements [3][12] Integrated Business Model - The company's integrated model enhances its competitive advantage by providing stable and low-cost fuel supply, favorable loans, and incentive mechanisms [3][17] - This model has helped maintain profitability in the power sector despite market fluctuations [3][17] Future Projects and Investments - The Hans Energy project is expected to start production in 2028, reaching full capacity of 10 million tons by 2029, although it will incur losses during the construction phase in 2025 [3][10] - The Mengdong Mine is gradually recovering production capacity, expected to reach 5 million tons by 2026-2027 [3][11] Energy Demand Outlook - Despite current challenges, overall energy demand is projected to grow by 6% to 7% in 2025, driven by GDP growth [3][23] - Coal demand is expected to peak around 2027-2028 before entering a plateau period [3][24] Coal Pricing and Market Dynamics - Current coal prices are under pressure due to high inventory levels and seasonal demand fluctuations [3][22][25] - The benchmark price for coal is set at 675 yuan per ton, with fluctuations determined by market supply and demand [3][25] Strategic Initiatives - China Shenhua is focusing on technological investments in economically developed regions to enhance its competitive position [3][14] - The company is also exploring new business growth points to adapt to market changes [3][12] Cross-Border Projects - The Ganjimao cross-border railway project is under negotiation, which may provide incremental coal supply, although specific details are pending [3][28] This summary encapsulates the key insights from the conference call, highlighting the operational performance, financial outlook, strategic initiatives, and market dynamics affecting China Shenhua.