Group 1 - The company announced the approval of the proposal to appoint Tianyuan Certified Public Accountants (Special General Partnership) as the auditing firm for the fiscal year 2025 [2] - The appointment includes both the financial report audit and internal control audit for the year 2025 [2]

证券代码：601101 证券简称：昊华能源 公告编号：2025-036 北京昊华能源股份有限公司 关于续聘会计师事务所的公告 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。 重要内容提示： ●北京昊华能源股份有限公司（以下简称"公司"）拟继续聘任 天圆全会计师事务所（特殊普通合伙）（以下简称"天圆全"）为公 司 2025 年度财务报告审计机构和内部控制审计机构。 ●本次继续聘任会计师事务所事项尚需提交公司股东会审议。 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 首席合伙人：魏强 截至 2024 年 12 月 31 日合伙人数量：34 人 截至 2024 年 12 月 31 日注册会计师人数：154 人，其中：签署过 证券服务业务审计报告的注册会计师人数：67 人 2024 年度经审计的收入总额：11,289.95 万元 1 2024 年度审计业务收入：8,506.82 万元 2024 年度证券业务收入：796 万元 2024 年度上市公司年报审计情况：审计客户 5 家，承接上市公司 审计业务覆盖的行 ...

证券代码：601101 证券简称：昊华能源 公告编号：2025-037 北京昊华能源股份有限公司 关于更换董事的公告 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。 北京昊华能源股份有限公司（以下简称"公司"）第七届董事会 第十八次会议审议通过《关于更换董事的议案》，具体内容公告如 下： 公司董事孙力先生已达法定退休年龄，为保证董事会工作的正 常开展，根据控股股东的推荐意见，经公司董事会提名委员会和董 事会审议通过，拟提名刘国立先生为公司第七届董事会董事候选人， 任期自公司股东会审议通过之日起至第七届董事会届满时止。 | 姓名 | 拟离任 | 拟离任 | 原定任期 | 离任 | 是否继续在上 市公司及其控 | 是否存在 未履行完 | | --- | --- | --- | --- | --- | --- | --- | | | 职务 | 时间 | 到期日 | 原因 | | 毕的公开 | | | | | | | 股子公司任职 | 承诺 | | 孙力 | 董事 | 股东会审议 通过之日 | 2026-2-23 | 退休 | ...

证券代码：601101 证券简称：昊华能源 公告编号：2025-038 北京昊华能源股份有限公司 关于召开2025年第三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： 股东会召开日期：2025年12月25日 本次股东会采用的网络投票系统：上海证券交易所股 东会网络投票系统 一、召开会议的基本情况 (一)股东会类型和届次 2025年第三次临时股东会 (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 12 月 25 日 14 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会网络投票系统 网络投票起止时间：自2025 年 12 月 25 日 至2025 年 12 月 25 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的交易时间段，即 ...

北京昊华能源股份有限公司 2025 年第三次临时股东会 会 议 材 料 601101 昊华能源 | | | 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、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入会场。 三、股东（或代理人）参加股东会，依法享有发言权、表决 权等各项权利，并履行法定义务和遵守相关规则。如股东（或股 东代表）欲在本次股 ...

证券代码：601101 证券简称：昊华能源 公告编号：2025-035 北京昊华能源股份有限公司 第七届董事会第十八次会议决议公告 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的方式召开。公司董事柴有国先生、李长 立先生，独立董事宋刚先生视频出席本次会议；董事孙力先生授 权董事张明川先生代为行使表决权。 本次董事会全部议案均获通过，无反对票、弃权票。 一、董事会会议召开情况 1.关于更换公司董事的议案 经表决，同意 10 票，反对 0 票，弃权 0 票，通过此议案。 同意孙力先生不再担任公司第七届董事会董事职务，提名刘 国立先生为公司第七届董事会董事候选人，任期自股东会审议通 过之日起至第七届董事会届满时止。 公司董事孙力先生在任职期间，勤勉尽责，公司董事会对孙 力先生任职期间做出的贡献表示衷心的感谢。 此议案已经公司提名委员会审议通过，提名委员会成员一致 认为公司董事人选的任职资格、教育背景、工作经历均符合该岗 位任职要求， ...

Investment Rating - The industry rating is "Positive" [1] Core Viewpoints - The coal sector has seen a rise, but it underperformed compared to the CSI 300 index, with a weekly increase of 0.77% against the CSI 300's 1.28% [2] - Inventory levels are increasing due to supply policies, while coal prices are declining rapidly. Despite increased production, supply constraints are expected to persist, leading to potential coal shortages in certain regions [6][32] - The report anticipates a rise in the coal price center in the fourth quarter, with current coal asset dividends being reasonable [6][32] Summary by Sections Coal Market Performance - As of December 5, 2025, the coal sector's performance was 0.77% up, lagging behind the CSI 300 index by 0.51 percentage points. A total of 21 stocks rose, while 14 fell, with New Dazhou A showing the highest increase of 14.98% [2] Key Data on Coal Sales and Inventory - The average daily coal sales for monitored enterprises from November 28 to December 4, 2025, were 6.98 million tons, down 5% week-on-week and down 9.5% year-on-year. Total coal inventory was 24.67 million tons, a decrease of 0.3% week-on-week and 20.5% year-on-year [2][30] Price Trends in Coal Types - As of December 5, 2025, the price of thermal coal (Q5500K) was 706 CNY/ton, up 1.15% week-on-week, while the price of imported thermal coal fell by 4.69% to 874 CNY/ton. Prices for coking coal and anthracite also showed declines [3][4] Investment Recommendations - The report suggests prioritizing investments in high-dividend thermal coal companies such as China Shenhua, Shaanxi Coal, and others. For coking coal, companies like Huaibei Mining and Shanxi Coking Coal are recommended. Additionally, companies with improved profits in the coking sector are highlighted [6][32]

Investment Rating - The report maintains an "Increase" rating for the coal mining industry [4] Core Viewpoints - Indonesia plans to impose a coal export tax starting in 2026 to increase national revenue, which has faced strong opposition from the coal mining association [2][8] - The report recommends companies with strong earnings elasticity such as Yancoal Energy, Jinkong Coal Industry, and focuses on Keda Automation in the smart mining sector [2] - Key companies to watch include major state-owned enterprises like China Coal Energy and China Shenhua, as well as turnaround candidates like China Qinfa [2] Summary by Sections Industry Overview - Global energy prices have shown mixed trends, with Brent crude oil futures at $63.75 per barrel (+0.87%) and WTI at $60.08 per barrel (+2.61%) as of December 5, 2025 [1] - Coal prices have seen slight adjustments, with Newcastle coal at $109.5 per ton (-1.44%) and South African Richards Bay coal at $90.8 per ton (+5.13%) [1][36] Key Companies and Recommendations - Recommended stocks include: - China Coal Energy: Buy with EPS estimates of 1.46, 1.21, 1.29, and 1.39 for 2024A to 2027E [7] - China Shenhua: Buy with EPS estimates of 2.95, 2.56, 2.71, and 2.86 for 2024A to 2027E [7] - Jinkong Coal Industry: Buy with EPS estimates of 1.68, 1.23, 1.47, and 1.62 for 2024A to 2027E [7] - Yancoal Energy: Buy with EPS estimates of 1.44, 0.99, 1.18, and 1.37 for 2024A to 2027E [7] - China Qinfa: Buy with EPS estimates of 0.20, 0.06, 0.27, and 0.47 for 2024A to 2027E [7] Market Trends - The coal industry is facing challenges due to the proposed export tax, which may impact its competitiveness in the global market [2][8] - The report highlights the importance of monitoring coal demand and pricing trends as the industry navigates these changes [2][36]

Investment Rating - The industry investment rating is maintained at "Accumulate" [1] Core Views - The coal mining industry is experiencing weak supply and demand, leading to a downward trend in coal prices. The current port coal price is at 785 RMB/ton, down 31 RMB/ton from the previous week. The average daily coal inflow to the four ports in the Bohai Rim is 1.95 million tons, a decrease of 105,100 tons or 5.11% week-on-week. The average daily coal outflow is 1.73 million tons, down 260,000 tons or 13.05% week-on-week. The inventory at the ports has increased by 1 million tons to 27.614 million tons, an increase of 3.77% [1][2][31] Summary by Sections 1. Market Review - The Shanghai Composite Index closed at 3,902.81 points, down 0.29% week-on-week. The coal sector index closed at 2,887.25 points, up 0.37% week-on-week, with a trading volume of 55.814 billion RMB, an increase of 25.76% [10] 2. Coal Prices - The price of thermal coal at the production site has shown a slight decline. As of December 5, the price of 5500 kcal thermal coal in Datong is 635 RMB/ton, down 19 RMB/ton. The price of 6000 kcal thermal coal in Yanzhou is 1,010 RMB/ton, down 140 RMB/ton. The port price of thermal coal is 785 RMB/ton, down 31 RMB/ton [16][19] 3. Inventory and Shipping - The average daily coal inflow and outflow at the Bohai Rim ports have both decreased. The average daily inflow is 1.95 million tons, and the outflow is 1.73 million tons. The number of anchored vessels has decreased to 75, down 24 vessels or 24% week-on-week. The coal inventory at the ports has increased to 27.614 million tons [26][31] 4. Recommendations - The report suggests focusing on insurance capital inflows and recommends resource stocks, particularly thermal coal stocks like Haohua Energy and Guanghui Energy, which are considered undervalued [2][36]

Investment Rating - The report maintains a "Buy" rating for the coal mining industry, indicating a positive outlook for the sector [4][6]. Core Insights - The report emphasizes the critical role of coal in ensuring power supply stability during the winter months, particularly in the context of increasing electricity demand driven by data centers [2][5]. - It highlights that the peak electricity demand in the U.S. is expected to increase by 166 GW over the next five years, with data centers being a significant contributor to this growth [2]. - The report suggests that coal-fired power generation will be essential in filling the supply gap during winter electricity shortages, reinforcing its importance as a reliable energy source [5]. Summary by Sections Coal Mining Prices - European ARA coal price is at $97.3 per ton, down by $1.44 per ton (-1.46%) from the previous week [1]. - Newcastle coal price is at $111.1 per ton, up by $0.2 per ton (+0.18%) [1]. - IPE South African Richards Bay coal price is at $85.1 per ton, up by $0.2 per ton (+0.18%) [1]. Electricity Demand - The report notes that coal power will play a crucial role in meeting electricity demand, especially during winter when renewable energy sources may be less reliable [5][6]. - The report recommends focusing on companies with strong performance potential, such as Yancoal Energy and Jinneng Holding, which are expected to benefit from the increased demand for coal [5][6]. Key Stocks - The report lists several key stocks with "Buy" ratings, including: - China Coal Energy (601898.SH) with an EPS forecast of 1.46 for 2024 and a PE ratio of 9.40 [6]. - China Shenhua Energy (601088.SH) with an EPS forecast of 2.95 for 2024 and a PE ratio of 14.40 [6]. - Jinneng Holding (601001.SH) with an EPS forecast of 1.68 for 2024 and a PE ratio of 9.00 [6]. Market Trends - The report indicates a significant increase in electricity demand, with data centers being a primary driver, and suggests that coal will remain a vital component of the energy mix in the coming years [2][5].