公司正式披露的 2025 年半年度报告为准。 上述数据与内容并不是对公司未来经营情况做出的预测或保证， 公司董事会提醒投资者审慎使用该数据，敬请广大投资者注意投资 风险。 根据上海证券交易所《上市公司自律监管指引第 3 号——行业 信息披露》的要求，现将北京昊华能源股份有限公司（以下简称"公 司"）2025 年上半年及第二季度经营情况公告如下： | | 2025 年二季度 | 同比增减（%） 2025 | 年上半年 | 同比增减（%） | | --- | --- | --- | --- | --- | | 自产煤炭产量（万吨） | 487.40 | 4.57% | 975.69 | 2.69% | | 自产煤炭销量（万吨） | 496.89 | 7.49% | 971.26 | 2.22% | | 自产煤炭销售收入（万元） | 166,422 | -20.89% | 351,641 | -18.40% | | 自产煤炭销售成本（万元） | 111,011 | 7.99% | 219,045 | 8.78% | | 自产煤炭销售毛利（万元） | 55,411 | -48.48% | 132,595 | -42. ...

Core Viewpoint - Beijing Haohua Energy Co., Ltd. reported a significant decline in coal sales revenue and gross profit due to a sharp drop in coal prices, while methanol gross profit increased due to lower raw material costs [1]. Group 1: Coal Production and Sales - Self-produced coal output reached 4.874 million tons, an increase of 4.57% year-on-year [1]. - Self-produced coal sales amounted to 4.969 million tons, up 7.49% year-on-year [1]. - Sales revenue from self-produced coal was 1.664 billion yuan, down 20.89% year-on-year [1]. - The cost of self-produced coal sales was 1.110 billion yuan, an increase of 7.99% year-on-year [1]. - Gross profit from self-produced coal sales was 554.11 million yuan, a decrease of 48.48% year-on-year [1]. Group 2: Methanol Production and Sales - Methanol production totaled 128,300 tons, a rise of 1.90% year-on-year [1]. - Methanol sales were 112,600 tons, down 7.39% year-on-year [1]. - Methanol revenue was 204.31 million yuan, a decrease of 12.51% year-on-year [1]. - The cost of methanol sales was 181.04 million yuan, down 17.19% year-on-year [1]. - Gross profit from methanol sales was 23.27 million yuan, an increase of 56.07% year-on-year [1]. Group 3: Railway Operations - Railway dedicated line volume reached 2.154 million tons, an increase of 41.63% year-on-year [1]. - Railway dedicated line revenue was 46.97 million yuan, up 35.56% year-on-year [1]. - The cost of railway dedicated line operations was 13.56 million yuan, an increase of 26.68% year-on-year [1]. - Gross profit from railway dedicated line operations was 33.41 million yuan, a rise of 39.53% year-on-year [1]. Group 4: Key Changes and Reasons - The main reason for the significant decline in coal gross profit was the sharp drop in coal prices during the reporting period [1]. - Methanol gross profit increased significantly due to the decrease in raw material coal prices [1].

Investment Rating - The industry rating is "Positive" [1] Core Views - Social inventory has decreased for the first time, and summer demand is expected to remain strong. Domestic power plants are increasing daily coal consumption, leading to rising coal prices. Policies to control production and improve quality are being emphasized, supporting the fundamentals of both coking coal and thermal coal [6][29] - The report highlights that the overall level of social inventory is stable, with a significant increase in daily consumption expected due to hot weather and ongoing replenishment needs at power plants. The coking coal sector may see marginal improvements in performance due to potential declines in capacity utilization driven by environmental factors [6][29] Summary by Sections Coal Sector Performance - The coal sector saw a weekly increase of 0.71%, underperforming the CSI 300 index, which rose by 0.82%. A total of 34 stocks in the sector increased in price, while 3 declined. Meijin Energy had the highest weekly increase at 10.8% [2] - Key monitored enterprises reported an average daily coal sales volume of 7.21 million tons from July 4 to July 10, 2025, a week-on-week increase of 3.7% and a year-on-year increase of 2.8% [2] Price Trends - As of July 11, 2025, the price of thermal coal (Q5500K) in the Bohai Rim was 662 CNY/ton, a week-on-week decrease of 0.3%. The price index for imported thermal coal rose by 1.21% to 750 CNY/ton [3] - The price of coking coal at Jingtang Port was 1310 CNY/ton, up 4.8% week-on-week, while the price of metallurgical coke remained stable at 1320 CNY/ton [4] Supply and Demand Dynamics - The cumulative coal sales volume for key monitored enterprises was 131.73 million tons as of July 10, 2025, a year-on-year decrease of 3.8%. The demand from the power and chemical industries showed a year-on-year decrease of 3% and an increase of 16.6%, respectively [2][28] - The report indicates that the daily coal consumption in the power sector is expected to rise significantly, with the total social inventory of coal at 32.86 million tons, a week-on-week decrease of 2.6% [2][28] Investment Recommendations - The report suggests focusing on high-dividend thermal coal companies and coking coal companies that may experience a turnaround. Key companies to watch include China Shenhua, Shaanxi Coal and Chemical Industry, and Meijin Energy among others [6][29]

Investment Rating - The report maintains a "Buy" rating for key coal companies including China Qinfa, China Coal Energy, and AnYuan Coal Industry [3][6]. Core Insights - The global coal production is expected to reach a historical high of 924.2 million tons in 2024, with a year-on-year growth of 0.9%. The Asia-Pacific region continues to expand production, with India and Indonesia increasing output by 7% and 8% respectively [7]. - Global coal demand is projected to grow to 165.06 exajoules (EJ) in 2024, reflecting a year-on-year increase of 1%. However, demand in Europe is declining rapidly, with a decrease of 7% [7]. - The report highlights the stability of coal prices, with Newcastle port coal prices at $110.85 per ton, up 4.35 dollars per ton (+4.08%) from the previous week [34]. Summary by Sections Coal Mining - The report indicates that coal prices at European ARA ports have risen to $107.25 per ton, an increase of 3.90 dollars per ton (+3.77%) [34]. - The report emphasizes the importance of monitoring coal production and demand trends, particularly in the Asia-Pacific region, which is driving growth [7]. Investment Recommendations - Key recommended stocks include China Coal Energy, China Shenhua, and the turnaround story of China Qinfa. Other notable mentions are Shaanxi Coal and Energy, and Yancoal Energy, which show potential for growth [3][6]. - The report also suggests keeping an eye on AnYuan Coal Industry, which is undergoing significant changes in its shareholder structure and asset swaps [3]. Market Trends - The report notes that global coal trade volume is expected to reach 35.99 EJ in 2024, marking a year-on-year increase of 1.3%. Indonesia remains the largest coal exporter, accounting for 29.8% of total exports [7]. - The report provides a detailed analysis of coal price movements, indicating a stable trend in shipping coal prices [30].

Investment Rating - The industry investment rating is maintained as "Accumulate" [1] Core Viewpoints - The report indicates that port coal inventories are continuously decreasing, and the coal prices are expected to rise as the peak season approaches, despite current weak industrial electricity demand limiting upward momentum [1][2] - The average daily coal inflow to the four ports in the Bohai Rim increased by 4.87% week-on-week, while the average daily outflow decreased by 2.68%, indicating a mixed demand-supply scenario [1][30] - The report highlights that the current coal prices are influenced by high inventory levels and weak industrial electricity demand, but with the onset of high temperatures, there is potential for further price increases [1] Summary by Sections 1. Weekly Market Review - The Shanghai Composite Index rose by 0.81% to 3472.32 points, while the coal sector index increased by 1.26% to 2580.17 points [10] - The trading volume for the coal sector reached 37.196 billion yuan, reflecting an increase of 8.96% [10] 2. Coal Prices - Port coal prices increased by 3 yuan/ton week-on-week, reaching 623 yuan/ton [17] - The average price of coal at production sites remained stable, with specific prices reported for different grades of coal [17] 3. Inventory and Shipping - The inventory at the Bohai Rim ports decreased by 3.21% to 27.33 million tons, indicating a downward trend towards historical normal levels [1][33] - The average daily number of anchored vessels in the Bohai Rim ports decreased by 1.01% [33] 4. Recommendations - The report suggests focusing on resource stocks, particularly recommending companies like Haohua Energy and Guanghui Energy as elastic targets in the coal sector [2][38]

证券代码：601101 证券简称：昊华能源 公告编号：2025-023 A 股每股现金红利0.458元（含税）。 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/7/10 | － | 2025/7/11 | 2025/7/11 | 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 北京昊华能源股份有限公司 2024年年度权益分派实施公告 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： 每股分配比例 截至股权登记日下午上海证券交易所收市后，在中国证券 登记结算有限责任公司上海分公司（以下简称"中国结算上海 分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,439,997,926 股为基数，每股派发现金红利0.458元（含税），共计派发现 金红利659,519,050.11元。 三、相关日期 | 股份类别 | 股权登记日 | ...

Investment Rating - The report maintains an "Accumulate" rating for the coal mining industry, indicating a positive outlook for the sector in the next 6 months [1]. Core Insights - The current coal prices are influenced by high inventory levels and weak demand, limiting upward momentum. However, with the onset of high temperatures and the approaching peak season, there is potential for further price recovery [1]. - The average daily coal inflow to the four ports in the Bohai Rim increased by 2.07 million tons week-on-week, while the average daily outflow rose by 13.60 million tons, indicating a growing demand [1][25]. - The report highlights that the average coal inventory at the Bohai Rim ports decreased to 28.24 million tons, down by 0.598 million tons, approaching historical normal levels [1][29]. Summary by Sections 1. Market Review - The Shanghai Composite Index rose by 1.26% during the week, while the coal sector index fell by 1.00% [10]. - The average daily trading volume for coal stocks increased by 7.68% compared to the previous week [10]. 2. Coal Prices - Port coal prices increased by 11 CNY/ton, reaching 620 CNY/ton, while the price for various coal grades at production sites showed mixed trends [17]. - The price index for Bohai Rim coal remained stable at 663 CNY/ton [19]. 3. Supply and Demand Dynamics - Daily average coal inflow and outflow at the Bohai Rim ports both increased, reflecting a positive shift in demand [25][29]. - The number of anchored vessels in the Bohai Rim area rose by 15.83%, indicating increased shipping activity [29]. 4. Recommendations - The report suggests focusing on resource stocks, particularly recommending companies like Haohua Energy and Guanghui Energy due to their low valuations and potential for price elasticity [34].

昊华国际已取得北京市商务局《企业境外投资注销确认 函》，及香港特别行政区公司注册处《解散公告通知》,并 已按照相关程序完成了境内外注销登记手续。 本次注销完成后，昊华国际将不再纳入公司合并财务报 表范围，不会对公司整体业务发展和盈利水平产生重大影 响，不存在损害公司及股东利益的情形。 特此公告。 北京昊华能源股份有限公司 关于全资子公司完成注销的公告 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。 2024 年 8 月 23 日，北京昊华能源股份有限公司（以下 简称"公司"）第七届董事会第十一次会议审议通过了《关 于处置昊华能源国际（香港）有限公司的议案》，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（以下简称"昊华国际"）进行处置。 证券代码：601101 证券简称：昊华能源 公告编号：2025-021 2025 年 6 月 18 日 北京昊华能源股份有限公司 ...

证券代码：601101 证券简称：昊华能源 公告编号：2025-022 北京昊华能源股份有限公司 第七届董事会第十五次会议决议公告 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"昊华能源"或"公 司"）本次董事会以通讯表决方式召开，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。 一、董事会会议召开情况 二、董事会会议审议情况 1.关于更换公司董事长的议案 经表决，同意 10 票，反对 0 票，弃权 0 票，通过此议案。 公司原董事长董永站先生已退休，并辞去董事长、董事等职 务。同意选举薛令光先生为公司董事长，任期自公司董事会审议 通过之日起至第七届董事会届满时止。 根据《公司章程》第八条规定"董事长为公司的法定代表人"， 公司的法定代表人将由董永站先生变更为薛令光先生，同意授权 公司经理层办理工商变更登记事宜。 此议案已经公司董事会提名委员会审议通过。 2.关于补选公司董事会提名委员会成员的议案 经表决，同意 10 票，反对 0 票，弃权 0 票 ...

证券代码：601101 证券简称：昊华能源 公告编号：2025-022 北京昊华能源股份有限公司 第七届董事会第十五次会议决议公告 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"昊华能源"或"公 司"）本次董事会以通讯表决方式召开，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。 一、董事会会议召开情况 公司第七届董事会第十五次会议以通讯表决形式召开，通知 及材料于 2025 年 6 月 10 日以通讯方式向全体董事发出，本次会 议表决截止时间为 2025 年 6 月 18 日 15 时。 本次会议应参加表决的董事 10 人，实际参加表决的董事 10 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 经表决，同意 10 票，反对 0 票，弃权 0 票，通过此议案。 公司原董事长董永站先生已退休，并辞去董事长、董事等职 务。同意选举薛令光先生为公司董事长，任期自公司董事会审议 通过之日起至第七届董事会届满时止。 ...