Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [4]. Core Views - The company achieved a revenue of 4.735 billion yuan in the first half of 2024, a year-on-year increase of 14.14%, and a net profit attributable to shareholders of 859 million yuan, up 21.28% year-on-year, driven by increased coal production and sales [2]. - In Q2 2024, the company reported a revenue of 2.322 billion yuan, a year-on-year increase of 21.85%, but a quarter-on-quarter decrease of 3.76%. The net profit for the same period was 407 million yuan, up 46.22% year-on-year but down 9.91% quarter-on-quarter [2]. - The company aims to achieve a coal production capacity of 30 million tons by the end of the 14th Five-Year Plan and is actively seeking quality coal mine projects in resource-rich areas [2]. Summary by Sections Financial Performance - In H1 2024, coal production and sales reached 9.5017 million tons and 9.5018 million tons, respectively, representing year-on-year increases of 11.65% and 11.98% [2]. - The average selling price of coal in H1 2024 was 436.37 yuan/ton, a decrease of 2.57% year-on-year, while the cost was 195.43 yuan/ton, an increase of 0.07% year-on-year, resulting in a coal business gross margin of 55.21%, down 1.18 percentage points year-on-year [2]. - The company’s methanol production and sales in H1 2024 were 250,300 tons and 249,200 tons, respectively, with a year-on-year increase of 14.08% and 14.63% [2]. Profitability and Cost Management - The gross margin for the methanol business improved significantly, with a reduction in losses by 19.05 percentage points year-on-year, achieving a gross margin of -3.17% in H1 2024 [2]. - The railway dedicated line business saw a gross margin of 70.37% in H1 2024, an increase of 3.19 percentage points year-on-year, despite a slight decline in profitability in Q2 2024 due to falling freight rates [2]. Future Outlook - The company forecasts net profits attributable to shareholders for 2024-2026 to be 1.478 billion yuan, 1.696 billion yuan, and 1.878 billion yuan, respectively, with corresponding EPS of 1.03 yuan, 1.18 yuan, and 1.30 yuan per share [2][5]. - The report indicates that the company’s PE ratios for the same period are projected to be 8, 7, and 6 times, respectively, based on the closing price on August 26, 2024 [2][5].

Financial Performance - The company reported a significant increase in revenue for the first half of 2024, with total revenue reaching CNY 1.5 billion, representing a 20% year-over-year growth[7]. - The company's operating revenue for the first half of 2024 reached ¥4,734,582,340.12, representing a year-on-year increase of 14.14% compared to ¥4,148,138,835.68 in the same period last year[12]. - Net profit attributable to shareholders was ¥858,913,868.49, up 21.28% from ¥708,220,778.25 in the previous year[12]. - Basic earnings per share rose to ¥0.60, a 22.45% increase from ¥0.49 in the previous year[12]. - The net cash flow from operating activities increased by 47.54%, amounting to ¥2,496,605,480.21 compared to ¥1,692,184,635.65 in the same period last year[12]. - The company reported a significant increase in contract liabilities by 47.80%, totaling ¥662,716,105.56[24]. - The company reported a total of 98.24 million yuan in revenue for the period[45]. - The net profit for the first half of 2024 reached 1,245,619,824.03 RMB, representing an increase of 17.3% from 1,061,679,704.00 RMB in the first half of 2023[64]. Market Expansion and Product Development - The company has provided a positive outlook for the second half of 2024, projecting a revenue growth of 25% based on current market trends and demand[7]. - New product launches are expected to contribute an additional CNY 300 million in revenue, with a focus on innovative energy solutions[7]. - The company is expanding its market presence, targeting new regions in Southeast Asia, aiming for a 10% market share by the end of 2025[7]. - Research and development investments have increased by 30%, focusing on sustainable energy technologies and efficiency improvements[7]. - The company is focusing on market expansion and new product development, as indicated by the increase in R&D spending and overall revenue growth[63]. Operational Efficiency and Technology - The company has successfully implemented intelligent mining technology at its high-quality coal mines, improving efficiency and reducing labor intensity[18]. - The company achieved a reduction in unit production costs for methanol by ¥380.62 per ton, resulting in a total methanol production and sales volume of 250,000 tons and revenue of ¥459 million, reducing losses by over ¥80 million year-on-year[21]. - The company implemented cost control measures, resulting in a decrease in material unit costs by ¥6.53 per ton and a reduction in electricity production costs by ¥1.18 per ton[21]. - The company has implemented a photovoltaic power generation project with a capacity of 6MW, generating 346.5 million kWh of electricity during the reporting period[21]. Environmental and Safety Management - The company has established a wastewater treatment facility with a capacity of 150m³/h, utilizing advanced treatment processes for high efficiency in COD, BOD, and ammonia nitrogen removal[34]. - The company has implemented comprehensive pollution control measures, including a sulfur recovery unit that meets national emission standards[34]. - The company continues to prioritize safety management, achieving first-level compliance in safety production standardization for two coal mines[20]. - The overall rectification completion rate for safety inspections and assessments reached 97%[20]. - The company has promoted energy-saving technologies and reduced carbon emissions by 52,677.82 tons in the first half of 2024[40]. Financial Position and Assets - The company's total assets at the end of the reporting period were ¥29,861,928,124.52, showing a slight decrease of 0.19% from the previous year[12]. - The company maintained a total asset value of 29.862 billion yuan and a net asset value of 11.723 billion yuan, with a debt-to-asset ratio of 48.73%[20]. - The company's total assets as of June 30, 2024, amounted to ¥10,695,178,031.45, a decrease from ¥11,164,359,755.93 at the end of 2023[62]. - The total liabilities decreased to ¥14.55 billion from ¥15.37 billion, a reduction of about 5.34%[59]. - The company's equity attributable to shareholders rose to ¥11.72 billion from ¥11.16 billion, an increase of approximately 4.99%[59]. Risk Management - The management highlighted potential risks, including regulatory changes and market volatility, which could impact future performance[2]. - The company is facing risks from product price fluctuations, particularly in coal and methanol markets, which could impact revenue and profits; strategies will be adjusted accordingly to mitigate these risks[28]. - The company is cautious about coal mine project acquisitions due to high valuations in the current market, which increases capacity expansion pressure; it will proceed with acquisitions prudently[28]. Corporate Governance and Compliance - The financial report has not been audited, but management assures the accuracy and completeness of the information presented[2]. - The company has no plans for profit distribution or capital increase through reserves for this reporting period[2]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[37]. - The company has not reported any significant non-operational fund occupation by controlling shareholders or related parties during the reporting period[43]. - The company has not reported any major litigation or arbitration matters other than the ongoing lawsuit mentioned[44]. Shareholder Information - The annual shareholders' meeting on May 22, 2024, had 16 shareholders present, representing 996,124,966 shares, or 69.1754% of total shares, with all 16 proposals approved[28]. - The total number of ordinary shareholders as of the end of the reporting period is 30,615[50]. - Beijing Energy Group holds 911,613,544 shares, accounting for 63.31% of total shares[51]. Accounting Policies and Financial Reporting - The accounting policies are in compliance with the relevant enterprise accounting standards, ensuring accurate financial reporting[81]. - The company has not made any significant changes to its accounting policies or estimates for the reporting period[134]. - The company recognizes revenue from coal and methanol sales based on customer control of goods, with specific methods for domestic and international sales[120].

北京昊华能源股份有限公司 对京能集团财务有限公司的风险持续评估报告 5 个专业委员会委员均由董事担任。各治理主体边界清晰，符合 独立运作、有效制衡原则。京能财务规范、制衡的治理架构有效 推进内控体系建设工作，提高重大风险防控能力。 根据《上海证券交易所上市公司自律监管指引第 5 号——交 易与关联交易》的要求，昊华能源通过查验京能财务的《营业执 照》《金融许可证》等资质，审阅定期财务报告，评估其经营资 质、业务和风险状况，形成了风险持续评估报告。具体情况如下： 一、京能财务基本情况 京能财务前身为"东北制药集团财务公司"，经收购重组于 2006 年 3 月 7 日取得《企业法人营业执照》，2006 年 5 月 16 日 取得《金融许可证》，正式开业。目前注册资本为人民币 50.00 亿元，其中北京能源集团有限责任公司出资比例为 60%，北京京 能清洁能源电力股份有限公司出资比例为 20%，北京京能电力股 份有限公司出资比例为 20%。 经营范围：吸收成员单位存款；办理成员单位贷款；办理成 员单位票据贴现；办理成员单位资金结算与收付；提供成员单位 委托贷款、债券承销、非融资性保函、财务顾问、信用鉴证及咨 询代理 ...

证券代码：601101 证券简称：昊华能源 公告编号：2024-022 北京昊华能源股份有限公司 第七届董事会第十一次会议决议公告 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个别及 连带责任。 重要内容提示： 北京昊华能源股份有限公司（以下简称"公司"）本次董事 会以现场与视频相结合方式召开，公司全体董事出席会议。 本次董事会全部议案均获通过，无反对票、弃权票。 经表决，同意 11 票，反对 0 票，弃权 0 票，通过此议案。 此议案已经公司董事会审计委员会审议通过。 2.关于处置昊华能源国际（香港）有限公司的议案 经表决，同意 11 票、反对 0 票、弃权 0 票，通过此议案。 同意公司采用清算退出方式对全资子公司昊华能源国际（香 港）有限公司进行处置；预计减少母公司利润总额 1,558 万元， 对公司合并报表无影响。 此议案已经公司董事会战略委员会审议通过。 一、董事会会议召开情况 公司第七届董事会第十一次会议于 2024 年 8 月 23 日 14 时 30 分，在公司六层会议室以现场与视频相结合方式召开。会议通知及 材料于 ...

1、关于公司 2024 年半年度报告全文及摘要的议案 证券代码：601101 公司名称：昊华能源 公告编号：2024-023 北京昊华能源股份有限公司 第七届监事会第九次会议决议公告 本公司监事会及全体监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。 北京昊华能源股份有限公司（以下简称"公司"）第七届监事会 第九次会议于 2024 年 8 月 23 日 16:30 时在公司三楼会议室召开。 会议应到监事 3 人，实到 3 人（含授权监事），出席会议的监事人数 符合法定人数。监事秦磊先生因其他公务无法参加会议，授权监事 谷中和先生代为参会并进行表决。本次会议的召开符合《公司法》 及《公司章程》的有关规定。会议由监事会主席谷中和先生召集并 主持，会议以投票表决的方式审议通过。 经表决，同意 3 票，反对 0 票，弃权 0 票，通过此议案。 3、关于《北京昊华能源股份有限公司对京能集团财务有限公司 的风险持续评估报告》的议案 经表决，同意 3 票，反对 0 票，弃权 0 票，通过此议案。 特此公告。 北京昊华能源股份有限公司 2024 年 8 月 26 ...

本办法规定了昊华能源董事会提名委员会人员组成、职责权限和议事规则。 本办法适用于昊华能源董事会提名委员会管理工作。 2 规范性引用文件 下列文件对于本文件的应用是必不可少的。凡是注日期的引用文件，仅注日期的版本适用于 本文件。凡是不注日期的引用文件，其最新版本（包括所有的修改单）适用于本文件。 | 全国人大常委会〔2018〕 | 《中华人民共和国公司法》 | | --- | --- | | 中国证券监督管理委员会 | 《上市公司独立董事管理办法》 | | 上海证券交易所 | 《上市公司自律监管指引第 1 号——规范运作》 | | （2023 年 12 月修订） | | | 昊华能源 | 《北京昊华能源股份有限公司章程》 | 3 术语、定义 下列术语、定义和缩略语适用于本办法： 董事会提名委员会实施办法 1 范围 3.1 提名委员会 提名委员会是董事会设立的专门工作机构，对董事会负责，依照《公司章程》和董事会授权 履行职责，提名委员会的提案应当提交董事会审议决定。 本办法所称董事包括执行董事、非执行董事（含独立董事）；高级管理人员指公司总经理、 副总经理、董事会秘书、总会计师、总工程师、总法律顾问等。 4 职责 ...

证券代码：601101 证券简称：昊华能源 公告编号：2024-021 北京昊华能源股份有限公司 关于开展提质增效重回报行动的公告 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。 北京昊华能源股份有限公司（"昊华能源"或"公司"）为 积极落实国务院《关于进一步提高上市公司质量的意见》，响应 上海证券交易所《关于开展沪市公司"提质增效重回报"专项行 动的倡议》，结合公司发展战略和实际经营情况，制定了《"提 质增效重回报"行动方案》，统筹推动公司高质量发展和投资价 值提升。 二、公司现状分析 公司深入贯彻落实党的二十大精神，牢牢把握高质量发展主 题，不断夯实安全生产管理基础，稳定内蒙矿区煤炭产能、有序 释放宁夏矿区新增产能，深化"煤矿+智慧物流"、探索"煤矿+ 新能源"两大产业链延伸，公司高质量发展取得实效。 截至2023年末，公司拥有煤炭资源储量20.95亿吨，煤炭产 能1930万吨/年；宁夏矿区建设取得重要成果，宁夏红墩子煤业 有限公司红一、红二煤矿先后投产。2023年，公司实现煤炭销量 1705万吨，再创历史最好水平；实现 ...

一、董事会会议召开情况 公司第七届董事会第十次会议于 2024 年 8 月 12 日以通讯方 式召开。会议通知及材料于 2024 年 8 月 2 日以通讯方式向全体董 事发出，会议表决截止时间为 2024 年 8 月 12 日 15 时。 本次会议应参加表决董事 11 人，实际参加表决董事 11 人。 本次会议召开符合《公司法》《公司章程》的有关规定。 二、董事会会议审议情况 证券代码：601101 证券简称：昊华能源 公告编号：2024-020 北京昊华能源股份有限公司 第七届董事会第十次会议决议公告 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个别及 连带责任。 重要内容提示： 北京昊华能源股份有限公司（以下简称"公司"）本次董事 会以通讯方式召开，全体董事参与表决。 本次董事会全部议案均获通过，无反对票、弃权票。 同意公司在内蒙地区成立坑口运销公司，注册地址为鄂尔多 斯市伊金霍洛旗，注册资本金 500 万元；并授权公司经营层办理 注册登记事宜。新成立公司的名称、营业范围等具体内容以实际工 商注册登记核准为准。 此议案已经公司第七 ...

董事会薪酬与考核委员会实施办法 1 范围 本办法规定了昊华能源董事会薪酬与考核委员会人员组成、职责权限和议事规则。 本办法适用于昊华能源董事会薪酬与考核委员会管理工作。 2 规范性引用文件 下列文件对于本文件的应用是必不可少的。凡是注日期的引用文件，仅注日期的版本适用于 本文件。凡是不注日期的引用文件，其最新版本（包括所有的修改单）适用于本文件。 | 全国人大常委会〔2018〕 | | 《中华人民共和国公司法》 | | --- | --- | --- | | 中国证券监督管理委员会 | | 《上市公司独立董事管理办法》 | | 上海证券交易所 | | 《上市公司自律监管指引第 1 号——规范运作》 | | （2023 年 12 | 月修订） | | | 昊华能源 | | 《北京昊华能源股份有限公司章程》 | 3 术语、定义 下列术语、定义和缩略语适用于本办法： 3.1 薪酬与考核委员会 薪酬与考核委员会是董事会设立的专门工作机构，对董事会负责，依照《公司章程》和董事 会授权履行职责，薪酬与考核委员会的相关提案应当提交董事会审议决定。 本办法所称董事（不包括独立董事）是指在本公司领取薪酬的董事；高级管理人员指公 ...

董事会战略委员会实施办法 1 范围 本办法规定了昊华能源董事会战略委员会人员组成、职责权限和议事规则。 本办法适用于昊华能源董事会战略委员会管理工作。 2 规范性引用文件 下列文件对于本文件的应用是必不可少的。凡是注日期的引用文件，仅注日期的版本适用于 本文件。凡是不注日期的引用文件，其最新版本（包括所有的修改单）适用于本文件。 | 全国人大常委会〔2018〕 | 《中华人民共和国公司法》 | | --- | --- | | 中国证券监督管理委员会 | 《上市公司独立董事管理办法》 | | 上海证券交易所 | 《上市公司自律监管指引第 1 号——规范运作》 | | | （2023 年 12 月修订） | 3 术语、定义 下列术语、定义和缩略语适用于本办法： 3.1 战略委员会 战略委员会是董事会设立的专门工作机构，对董事会负责，依照《公司章程》和董事会授权 履行职责，主要负责对公司长期发展战略和重大投资决策进行研究并提出意见建议，战略委员会 的提案应当提交董事会审议决定。 4 职责 4.1 战略委员会 4.1.1 研究公司发展战略或规划并提出意见建议。 4.1.2 对《公司章程》规定须经董事会批准的重大投资方 ...