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。 2026年1月27日，北京昊华能源股份有限公司（以下简称"公司"）董事会收到公司董事郝红霞女士的书 面辞职报告，郝红霞女士因已达到法定退休年龄，并已办理退休手续，申请辞去公司第七届董事会董 事、薪酬与考核委员会委员等职务。 证券代码：601101 证券简称：昊华能源 公告编号：2026-001 北京昊华能源股份有限公司 关于董事离任的公告 一、董事离任的基本情况 ■ 特此公告。 北京昊华能源股份有限公司董事会 2026年1月27日 二、离任对公司的影响 根据《公司章程》的有关规定，郝红霞女士辞职自辞职报告送达公司董事会之日起生效，郝红霞女士辞 职后将不再担任公司任何职务。郝红霞女士辞任不会导致公司现有董事会成员人数低于法定最低人数， 能够保证董事会正常运作。公司将按照法定程序尽快完成董事等相应职务的补选工作。 郝红霞女士在任职期间恪尽职守、勤勉尽责，为公司规范治理和健康发展发挥了积极作用。公司及董事 会对郝红霞女士在其任职期间为公司发展所做的贡献表示衷心感谢！ ...

每经AI快讯，昊华能源1月27日晚间发布公告称，2026年1月27日，北京昊华能源股份有限公司董事会 收到公司董事郝红霞女士的书面辞职报告，郝红霞女士因已达到法定退休年龄，并已办理退休手续，申 请辞去公司第七届董事会董事、薪酬与考核委员会委员等职务。郝红霞女士辞职自辞职报告送达公司董 事会之日起生效，郝红霞女士辞职后将不再担任公司任何职务。 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 （记者 曾健辉） 每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 ...

二、离任对公司的影响 根据《公司章程》的有关规定，郝红霞女士辞职自辞职 报告送达公司董事会之日起生效，郝红霞女士辞职后将不再 担任公司任何职务。郝红霞女士辞任不会导致公司现有董事 会成员人数低于法定最低人数，能够保证董事会正常运作。 公司将按照法定程序尽快完成董事等相应职务的补选工作。 郝红霞女士在任职期间恪尽职守、勤勉尽责，为公司规 范治理和健康发展发挥了积极作用。公司及董事会对郝红霞 女士在其任职期间为公司发展所做的贡献表示衷心感谢！ 特此公告。 证券代码：601101 证券简称：昊华能源 公告编号：2026-001 北京昊华能源股份有限公司 关于董事离任的公告 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。 2026 年 1 月 27 日，北京昊华能源股份有限公司（以下 简称"公司"）董事会收到公司董事郝红霞女士的书面辞职 报告，郝红霞女士因已达到法定退休年龄，并已办理退休手 续，申请辞去公司第七届董事会董事、薪酬与考核委员会委 员等职务。 | | | | | | 是否继续在 司任职 | 是否存 在未履 承诺 | | - ...

Investment Rating - The industry investment rating is maintained at "Accumulate" [1] Core Insights - The port thermal coal spot price increased by 17 CNY/ton week-on-week, closing at 699 CNY/ton. The average daily inflow to the four ports in the Bohai Rim increased by 12.17% week-on-week, while the average daily outflow rose by 4.15% [1][30] - The inventory at the Bohai Rim ports decreased by 4.75% week-on-week, indicating a marginal decline in overall inventory levels, which, combined with the release of rigid demand, has driven coal prices upward. However, the report anticipates that coal prices will maintain a volatile trend due to high temperatures and competition from renewable energy sources [1][35] Summary by Sections 1. Weekly Market Review - The Shanghai Composite Index rose by 2.41% week-on-week, while the coal sector index increased by 5.70% [10] - The trading volume for the coal sector reached 742 million CNY, a significant increase of 222% week-on-week [10] 2. Domestic Coal Prices - Domestic thermal coal prices showed a stable increase, with the price for 5500 kcal thermal coal in Datong rising by 56 CNY/ton to 606 CNY/ton [17] - The port thermal coal price at Qinhuangdao increased by 17 CNY/ton, closing at 699 CNY/ton [17] 3. Inventory and Shipping - The average daily inflow to the Bohai Rim ports was 154.18 million tons, up 12.17% week-on-week, while the outflow was 161.95 million tons, up 4.15% [30] - The number of anchored vessels in the Bohai Rim ports increased by 22% week-on-week, indicating heightened shipping activity [35] 4. Recommendations - The report suggests focusing on resource stocks, particularly recommending thermal coal elastic stocks such as Haohua Energy and Guanghui Energy due to their low valuations [2][40]

Core Insights - The coal industry has undergone a significant transformation from 2015 to 2024, moving from a historical low in profitability to a new phase characterized by elevated profit levels and improved development quality [2][29] - The industry's overall prosperity is giving way to pronounced differentiation among companies, driven by strategic choices in business models, cost control, and asset management [29] Industry Performance - The coal industry's total revenue reached a peak of 1,408.3 billion yuan in 2022, a 179% increase from 2015, with net profit soaring to 291.2 billion yuan, 34.5 times that of 2015 [2] - Despite a downturn in 2023-2024, key financial metrics remain significantly above the starting point of the cycle, indicating a fundamental reshaping of the industry's value center [2][4] Financial Characteristics - Revenue growth peaked, with a compound annual growth rate (CAGR) of 15.8% from 2015 to 2022, primarily driven by rising coal prices [3] - Profitability has shown significant elasticity, with net profit margins increasing from 2% in 2015 to a peak of 21% in 2022, demonstrating a qualitative change in profitability [3] - Operational efficiency has improved, with the overall expense ratio declining from 18% in 2015 to 7%-8% post-2021, indicating a shift from extensive to refined development models [3][4] Revenue Structure Analysis - In 2024, total revenue for sample companies is expected to remain above 1.2 trillion yuan, although growth momentum is slowing [6] - Major players like China Shenhua and China Coal Energy dominate the revenue rankings, benefiting from integrated business models that combine coal production with stable electricity and transportation operations [6][7] Profitability Insights - Profitability is highly concentrated among leading firms, with China Shenhua and Shaanxi Coal Industry together accounting for over 1 billion yuan in net profit, highlighting the significant head effect [9] - Integrated leaders demonstrate resilience during market downturns, with minor profit declines, showcasing the advantages of their business models [9][10] Cost and Efficiency Analysis - High gross margins are linked to resource endowments, with companies like Jinko Coal enjoying high margins due to the scarcity and high value of their products [15][16] - Cost control is critical, as evidenced by Shaanxi Coal's ability to maintain a gross margin of 32.7% despite being a standard coal producer [17] - Companies with high expense ratios, such as Anyuan Coal and Dayou Energy, face significant profitability challenges due to poor cost management [18][19] Strategic Choices and Future Outlook - The future of coal companies hinges on strategic decisions regarding business model evolution, cost control, and proactive asset management [29] - Companies must transition from reliance on price fluctuations to building robust operational defenses, leveraging digital and intelligent technologies for integrated operations [29]

Group 1 - The core point of the news is that Haohua Energy's stock price has decreased by 1.1%, currently trading at 7.18 yuan per share, with a total market capitalization of 10.339 billion yuan [1] - Haohua Energy, established on December 31, 2002, and listed on March 31, 2010, is primarily engaged in coal production and sales, methanol production and sales, and railway transportation [1] - The revenue composition of Haohua Energy is as follows: coal accounts for 87.33%, chemicals for 10.39%, and others for 2.29% [1] Group 2 - Among the top circulating shareholders of Haohua Energy, a fund under China Merchants Fund has increased its holdings by 673,700 shares, bringing its total to 7.4761 million shares, which represents 0.52% of the circulating shares [2] - The China Merchants CSI Dividend ETF (515080) has a current scale of 7.593 billion yuan, with a year-to-date return of 3.37% and a one-year return of 2.8% [2] - The fund manager Wang Ping has a tenure of 15 years and 197 days, with the best fund return during his tenure being 279% [3]

法律意见书 北京 上海 深圳 杭州 天津 昆明 广州 成都 宁波 福州 西安 南京 南宁 香港 巴黎 地址：北京市朝阳区东三环北路38号泰康金融大厦9层 邮编：100026 电话：010-65890699 传真：010-65176800 2025 年第三次临时股东会的 国浩律师（北京）事务所 关于 北京昊华能源股份有限公司 电子信箱：bjgrandall@grandall.com.cn 网址：http://www.grandall.com.cn 1 国浩律师（北京）事务所 关于北京昊华能源股份有限公司 2025 年第三次临时股东会的 法律意见书 国浩京证字[2025]第 717 号 致：北京昊华能源股份有限公司 国浩律师（北京）事务所（以下简称"本所"）在中华人民共和国具有执业 资格，可以从事与中国法律有关之业务。本所接受北京昊华能源股份有限公司（以 下简称"公司"）的委托，指派律师出席了公司 2025 年第三次临时股东会（以 下简称"本次股东会"）。现根据《中华人民共和国公司法》（以下简称"《公 司法》"）《上市公司股东会规则》（以下简称"《股东会规则》"）《律师事 务所从事证券法律业务管理办法》《律师事务 ...

证券代码：601101 证券简称：昊华能源 公告编号：2025-039 北京昊华能源股份有限公司 2025年第三次临时股东会决议公告 本次股东会采用现场投票和网络投票相结合的方式进行表 决；本次会议由公司董事会召集，董事长薛令光先生主持。会议 的召开和表决方式符合《公司法》及《公司章程》的规定。 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： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2025 年 12 月 25 日 (二)股东会召开的地点：北京市门头沟区新桥南大街 2 号公 司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其 持有股份情况： | 1、出席会议的股东和代理人人数 | 162 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 967,681,917 | | 3、出席会议的股东所持有表决权股份数占公司有 | 67.2002 | | 表决权股份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的 ...

Group 1 - The core viewpoint of the news is that Haohua Energy has experienced a decline in both revenue and net profit for the first nine months of 2025, alongside low financing and margin trading activity, indicating potential challenges in its financial performance [2][3]. Group 2 - As of December 19, Haohua Energy's stock price remained unchanged, with a trading volume of 43.09 million yuan. The financing buy-in amount was 3.42 million yuan, while the financing repayment was 5.38 million yuan, resulting in a net financing outflow of 1.97 million yuan [1]. - The total margin trading balance for Haohua Energy as of December 19 was 186 million yuan, with the financing balance at 185 million yuan, accounting for 1.74% of the circulating market value, which is below the 50th percentile level over the past year [1]. - On the same day, Haohua Energy had no shares repaid in margin trading, with 11,300 shares sold short, amounting to 83,300 yuan at the closing price. The short selling balance was 93,600 shares, with a total value of 689,800 yuan, also below the 50th percentile level over the past year [1]. - For the period from January to September 2025, Haohua Energy reported operating revenue of 6.31 billion yuan, a year-on-year decrease of 7.85%, and a net profit attributable to shareholders of 554 million yuan, down 50.50% year-on-year [2]. - The company has cumulatively distributed dividends of 4.35 billion yuan since its A-share listing, with 1.65 billion yuan distributed over the past three years [2]. Group 3 - As of September 30, 2025, Haohua Energy had 36,800 shareholders, a slight increase of 0.01% from the previous period, with an average of 39,117 circulating shares per shareholder, a decrease of 0.01% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 28.34 million shares, a decrease of 3.00 million shares compared to the previous period. Meanwhile, Guotai CSI Coal ETF increased its holdings by 14.27 million shares to 23.22 million shares [3].

Group 1 - The core viewpoint of the news is that the State-owned Enterprise Dividend Index has shown positive performance, with significant increases in specific constituent stocks, indicating a favorable environment for dividend-paying stocks [1][2]. - As of December 15, 2025, the State-owned Enterprise Dividend Index rose by 0.56%, with notable stock performances including COFCO Sugar rising by 9.99% and Shanxi Coal International by 4.00% [1]. - The State-owned Enterprise Dividend ETF (159515) also experienced an increase of 0.53%, reflecting strong investor interest in dividend-paying assets [1][2]. Group 2 - The liquidity of the State-owned Enterprise Dividend ETF has improved, with an average daily transaction volume of 2.7164 million yuan over the past month and a weekly scale growth of 2.3717 million yuan [1]. - The ETF's share count increased by 3 million shares in the past week, indicating a significant uptick in investor participation [1]. - The State-owned Enterprise Dividend Index is designed to reflect the performance of 100 listed companies with high cash dividend yields and stable dividend policies, which are selected from state-owned enterprises [2]. Group 3 - The report highlights that dividend assets are attractive in a low-interest-rate environment, appealing to risk-averse investors seeking stable returns [2]. - The manufacturing PMI showed a slight recovery to 49.2% in November, indicating improvements in both production and demand, which supports the overall economic stability [2]. - The top ten weighted stocks in the State-owned Enterprise Dividend Index account for 16.99% of the index, with companies like COSCO Shipping and Jizhong Energy among the leaders [2][4].