Group 1 - The company, Haohua Energy, announced that it will hold its second extraordinary general meeting of shareholders on September 18, 2025 [1] - The agenda for the meeting includes the review of a proposal to amend the company's articles of association [1]

北京昊华能源股份有限公司 2025 年第二次临时股东会 会 议 材 料 601101 昊华能源 | 会议须知 … | | --- | | 会议议程 - | | 议案一:关于修改《公司章程》的议案 | | 附件:《公司章程》修改对照表 … | 会议须知 为确保广大投资者合法权益，维护股东会的正常秩序、提高 议事效率，根据《中华人民共和国公司法》《公司章程》和《股 东会规则》的有关规定，特制定如下参会须知，望出席股东会的 全体人员严格遵守： 一、为能够及时统计出席会议的股东（或代理人）所代表的 持股总数，请登记出席股东会的股东或股东代表于会议开始前半 小时到达会议地点，并携带身份证明、股东账户卡、授权委托书 等原件，以便签到入场；参会资格未得到确认的人员，不得进入 会场。为确认出席会议的股东（或代理人）或其他出席者的出席 资格，会议工作人员将对出席会议者的身份进行必要的核对工作， 请被核对者给予配合。 二、为保证股东会的严肃性和正常秩序，切实维护与会股东 （或代理人）的合法权益，除出席会议的股东（或代理人）、公 司董事、监事、高级管理人员、公司聘请的律师、会计师和董事 会邀请的人员以外，公司有权依法拒绝其他人员进 ...

证券代码：601101 证券简称：昊华能源 公告编号：2025-029 北京昊华能源股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2025 年 9 月 18 日（星期四）9:00-10:00 网址：https://roadshow.sseinfo.com/ 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 9 月 11 日（星期四）至 9 月 17 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 目或通过公司邮箱 bjhhnyzqb@163.com 进行提问。公司将在说明 会上对投资者普遍关注的问题进行回答。 北京昊华能源股份有限公司（以下简称"公司"）已于 2025 年 8 月 26 日发布了 2025 年半年度报告，为便于广大投资者更全 面深入地了解公司经营成果、财务状况，公司计划于 2025 年 9 月 18 日（星期四）9:00-10:00 举行 2025 年半年度业绩说明会，就 投资者关心 ...

股东会召开日期：2025年9月18日 本次股东会采用的网络投票系统：上海证券交易所股东大 会网络投票系统 一、召开会议的基本情况 (一)股东会类型和届次 证券代码：601101 证券简称：昊华能源 公告编号：2025-028 北京昊华能源股份有限公司 关于召开2025年第二次临时股东会的通知 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。 重要内容提示： 2025年第二次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和 网络投票相结合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 9 月 18 日 10 点 30 分 召开地点：北京市门头沟区新桥南大街 2 号公司三层会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 9 月 18 日 至2025 年 9 月 18 日 采用上海证券交易所网络投票系统，通过交易系统投票平台 的 投 票 时 间 为 股 东 会 召 开 当 日 ...

Core Insights - The spot price of thermal coal at ports decreased by 14 CNY/ton this week, closing at 690 CNY/ton [2] - The average daily inflow of coal to the four ports in the Bohai Rim region increased by 10.25 million tons, a rise of 5.93% compared to last week [2] - The average daily outflow of coal from the same ports rose by 10.76 million tons, marking a 6.01% increase from the previous week [2] - The total inventory at the Bohai Rim ports decreased by 18.40 million tons, reflecting a decline of 0.79% [2] Supply Side - The average daily inflow of coal to the Bohai Rim ports was 182.99 million tons, indicating stable supply from production areas [2] - Port supply volume showed a slight increase this week [2] Demand Side - The average daily outflow of coal from the Bohai Rim ports reached 189.67 million tons, with a notable increase in the number of anchored vessels to 106, up by 12.71 vessels or 13.63% [2] - The demand appears to be weakening as the peak season approaches its end, leading to a potential pressure on inventory depletion [2] Inventory Status - The total inventory at the Bohai Rim ports stands at 2308 million tons, which is slightly down from last week [2] - The overall inventory value at the ports has decreased, but the drop in coal prices is attributed to the weakening downstream demand as the peak season concludes [2] Market Outlook - The coal industry is entering the end of the peak season, with residential electricity demand gradually weakening [2] - Short-term coal prices are expected to remain volatile due to the strong supply and weak demand dynamics [2]

机构持仓方面，截止2025年6月30日，昊华能源十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股3134.63万股，相比上期增加45.20万股。国泰中证煤炭ETF（515220）位居第五大流通股 东，持股895.11万股，为新进股东。易方达中证红利ETF（515180）位居第六大流通股东，持股825.99 万股，相比上期减少114.50万股。鹏华匠心精选混合A类（009570）位居第七大流通股东，持股803.82 万股，持股数量较上期不变。万家宏观择时多策略A（519212）位居第八大流通股东，持股788.02万 股，为新进股东。招商中证红利ETF（515080）位居第九大流通股东，持股680.24万股，为新进股东。 鹏华中国50混合（160605）位居第十大流通股东，持股663.07万股，相比上期减少98.37万股。 融券方面，昊华能源8月29日融券偿还4800.00股，融券卖出600.00股，按当日收盘价计算，卖出金额 4368.00元；融券余量11.98万股，融券余额87.21万元，超过近一年80%分位水平，处于高位。 资料显示，北京昊华能源股份有限公司位于北京市门头沟区新桥南大街2号，成 ...

Core Viewpoint - The company faces pressure on performance due to a significant drop in coal prices, leading to a focus on the growth potential of coal mines and high dividend payouts. The "Buy" rating is maintained. Financial Performance - In H1 2025, the company reported revenue of 4.4 billion yuan, a decrease of 7.17% year-on-year, and a net profit attributable to shareholders of 450 million yuan, down 47.82% year-on-year. The adjusted net profit after excluding non-recurring items was also 450 million yuan, reflecting a decline of 48.37% year-on-year [1]. - In Q2 2025, the company achieved revenue of 1.86 billion yuan, a quarter-on-quarter decrease of 26.72%, and a net profit of 170 million yuan, down 37.94% quarter-on-quarter. The adjusted net profit after excluding non-recurring items was 180 million yuan, a decrease of 35.54% quarter-on-quarter [1]. Coal Industry Performance - In H1 2025, coal production and sales reached 9.757 million tons and 9.713 million tons, respectively, with year-on-year increases of 2.69% and 2.22%. In Q2 2025, coal production and sales were 4.874 million tons and 4.969 million tons, showing a quarter-on-quarter decrease of 0.18% and an increase of 4.75% [2]. - The average selling price of coal in H1 2025 was 362 yuan per ton, down 17.03% year-on-year. In Q2 2025, the selling price was 334.9 yuan per ton, a quarter-on-quarter decrease of 14.22% [2]. - The gross profit per ton of coal in H1 2025 was 136.5 yuan, a decline of 43.34% year-on-year, with a gross profit margin of 37.71%, down 17.5 percentage points year-on-year. In Q2 2025, the gross profit per ton was 111.5 yuan, a quarter-on-quarter decrease of 31.46%, with a gross profit margin of 33.3%, down 8.4 percentage points quarter-on-quarter [2]. Methanol and Railway Transport - In H1 2025, methanol production and sales were 260,000 tons and 248,000 tons, respectively, with year-on-year changes of +4.03% and -0.32%. In Q2 2025, production and sales were 128,000 tons and 113,000 tons, showing a quarter-on-quarter increase of 1.9% and a decrease of 7.4% [3]. - The average selling price of methanol in H1 2025 was 1,838 yuan per ton, a slight decrease of 0.2% year-on-year. In Q2 2025, the price was 1,814 yuan per ton, down 2.27% quarter-on-quarter [3]. - The gross profit per ton of methanol in H1 2025 was 169 yuan, with a gross profit margin of 9.2%, an increase of 227 yuan per ton compared to H1 2024. In Q2 2025, the gross profit per ton was 207 yuan, a quarter-on-quarter increase of 50.18%, with a gross profit margin of 11.4% [3]. - In H1 2025, railway transport volume reached 4.05 million tons, a year-on-year increase of 23.7%. In Q2 2025, the transport volume was 2.1541 million tons, a quarter-on-quarter increase of 13.49% [3]. - The average transport price in H1 2025 was 22 yuan per ton, down 7.17% year-on-year. In Q2 2025, the price remained at 22 yuan per ton, a quarter-on-quarter decrease of 2.1% [3]. - The gross profit per ton of railway transport in H1 2025 was 15.7 yuan, with a gross profit margin of 71.1%, a year-on-year increase of 0.78 percentage points. In Q2 2025, the gross profit per ton was 15.5 yuan, a quarter-on-quarter decrease of 2.11%, with a gross profit margin of 71.1% [3]. Capacity Release and Dividend Outlook - The company is steadily advancing key engineering projects, with the Hongdun Coal Mine and Hongyi Coal Mine completed and operational under smart mining requirements. The company primarily sells thermal coal, with a high proportion of long-term contracts, and expects to benefit from price elasticity during coal price upcycles [4]. - The company plans to distribute a cash dividend of 0.458 yuan per share (before tax) in 2024, which corresponds to a dividend yield of 5.9% based on the closing price on August 25, 2025. Future performance is expected to improve with capacity release and coal price adjustments, leading to higher dividend levels [4].

Financial Performance - The company reported a net profit of 448 million yuan for the first half of 2025, a decrease of 47.82% year-on-year [1] - Total operating revenue was 4.395 billion yuan, down 7.17% compared to the previous year [1] - In Q2 2025, operating revenue was 1.859 billion yuan, reflecting a decline of 19.95% year-on-year, while net profit for the same period was 172 million yuan, down 57.84% [1] Profitability Metrics - The gross margin decreased to 33.26%, a drop of 34.43% year-on-year [1] - The net profit margin fell to 12.25%, down 53.43% compared to the previous year [1] - Earnings per share (EPS) decreased to 0.31 yuan, a decline of 48.33% year-on-year [1] Cost and Expenses - Total selling, administrative, and financial expenses amounted to 483 million yuan, accounting for 10.98% of revenue, a slight decrease of 1.52% year-on-year [1] - Operating cash flow per share was 0.73 yuan, down 57.86% year-on-year [1] Balance Sheet Highlights - The company’s cash and cash equivalents decreased to 4.872 billion yuan, a decline of 3.95% year-on-year [1] - Accounts receivable increased significantly to 30.4925 million yuan, up 83.66% year-on-year [1] - Interest-bearing liabilities decreased to 9.651 billion yuan, down 9.34% year-on-year [1] Investment Returns - The company's return on invested capital (ROIC) was 7.44%, indicating average capital returns [3] - The historical median ROIC over the past decade was 6.47%, suggesting weak investment returns [3] - The estimated dividend yield for the company is 4.14% [3] Fund Holdings - The largest fund holding in the company is Wanji Macro Timing Multi-Strategy Mixed A, with 7.65 billion yuan in assets and a recent net value of 2.3498 [4] - Other funds have shown varied changes in their holdings, with some increasing and others decreasing their positions in the company [4]

Investment Rating - The report maintains a "Cautious Recommendation" rating for the company [6] Core Views - The company's performance in the first half of 2025 met expectations, with a revenue of 4.395 billion yuan, a year-on-year decrease of 7.2%, and a net profit attributable to shareholders of 448 million yuan, down 47.8% year-on-year [1] - In Q2 2025, the company experienced a significant decline in both revenue and net profit compared to the previous quarter, with revenue of 1.859 billion yuan, down 20.0% quarter-on-quarter, and a net profit of 172 million yuan, down 57.8% quarter-on-quarter [1][2] - The coal sales volume increased both year-on-year and quarter-on-quarter, but the significant drop in price led to a decline in gross profit margin [2] - The methanol sales volume decreased in Q2 2025, but the gross profit margin improved compared to the previous quarter [3] - The railway dedicated line transportation volume saw a substantial increase in Q2 2025, with stable gross profit margins [4] - The forecast for net profit attributable to shareholders for 2025-2027 is 780 million, 910 million, and 1.051 billion yuan, respectively, with corresponding EPS of 0.54, 0.63, and 0.73 yuan per share [5][4] Summary by Sections Financial Performance - In H1 2025, coal production and sales reached 9.757 million and 9.713 million tons, respectively, with year-on-year increases of 2.7% and 2.2% [2] - The average selling price of coal was 362.0 yuan per ton, down 17.0% year-on-year, while the cost was 225.5 yuan per ton, up 15.4% year-on-year, resulting in a coal business gross profit margin of 37.7%, down 17.5 percentage points year-on-year [2] - For Q2 2025, coal production was 4.874 million tons, with a sales volume of 4.969 million tons, showing quarter-on-quarter increases of 4.6% and 7.5%, respectively [2] - The average selling price of coal in Q2 2025 was 334.9 yuan per ton, down 22.5% quarter-on-quarter, while the cost was 223.4 yuan per ton, up 11.6% quarter-on-quarter, leading to a gross profit margin of 33.3%, down 20.4 percentage points quarter-on-quarter [2] Business Segments - The methanol segment reported a production volume of 128,000 tons in Q2 2025, with a sales volume of 113,000 tons, reflecting a quarter-on-quarter decrease of 7.4% [3] - The average selling price of methanol was 1,814.5 yuan per ton in Q2 2025, down 5.5% quarter-on-quarter, while the cost was 1,607.8 yuan per ton, down 10.6% quarter-on-quarter, resulting in a gross profit margin of 11.4%, up 5.0 percentage points quarter-on-quarter [3] - The railway dedicated line transportation volume in H1 2025 was 4.052 million tons, up 23.7% year-on-year, with a gross profit margin of 71.1%, up 0.8 percentage points year-on-year [4] - In Q2 2025, the railway dedicated line transportation volume was 2.154 million tons, up 41.6% quarter-on-quarter, with a stable gross profit margin of 71.1% [4]

证券代码：601101 证券简称：昊华能源 公告编号：2025-027 北京昊华能源股份有限公司 关于修改《公司章程》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个 别及连带责任。 根据《公司法》和中国证券监督管理委员会《上市公司章程 指引》（以下简称"《章程指引》"）的相关规定，为促进北京 昊华能源股份有限公司（以下简称"公司"）规范治理水平的提 高，结合公司实际情况，于 2025 年 8 月 23 日召开了公司第七届 董事会第十六次会议，审议通过了《关于修改〈公司章程〉的议 案》。主要修改内容如下： 和监事相关表述及条款，由审计委员会行使监事会的法定职权， 调整相应表述。 权进行调整。 确规定控股股东及实际控制人的职责和义务；在章程中载明中小 股东权益的保护措施；修改股东会召集与主持，代为诉讼等相关 条款，降低临时提案权股东的持股比例，优化股东会召开方式及 表决程序。 -1- 独立性及任职条件、基本职责及特别职权等事项。 对《公司章程》条款序号进行相应调整。除以上修改外， 《公 司章程》其他条款内容不变，具体修改内容详见附 ...