陕西煤业股份有限公司 2025 年 9 月 9 日 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。 | 运营指标 | 单位 | 2025 | 年 | 2024 | 年 | | 同比变化（%） | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 8 月 | 累计 | 8 月 | 累计 | 8 月 | 累计 | | 一、煤炭 | | | | | | | | | 煤炭产量 | 万吨 | 1,430.48 | 11,582.48 | 1,358.84 | 11,395.23 | 5.27 | 1.64 | | 自产煤销量 | 万吨 | 1,289.95 | 10,675.95 | 1,233.98 | 10,470.99 | 4.54 | 1.96 | | 二、发电 | | | | | | | | | 总发电量 | 亿千瓦时 | 52.39 | 278.99 | 45.44 | 286.36 | 15.30 | -2.57 | | 总售电量 | 亿千瓦时 | 49.20 ...

Group 1 - The core viewpoint of the article highlights the operational performance of Shaanxi Coal and Chemical Industry Co., Ltd. for August 2025, showcasing growth in coal production and sales, while also noting a decline in cumulative power generation and sales [1] Group 2 - In terms of coal production, the company reported an output of 14.30 million tons in August, representing a year-on-year increase of 5.27%, with a cumulative total of 115.82 million tons, up 1.64% year-on-year [1] - The self-produced coal sales for August reached 12.90 million tons, marking a year-on-year increase of 4.54%, with a cumulative total of 106.76 million tons, which is a 1.96% increase year-on-year [1] - Regarding power generation, the total output for August was 5.24 billion kilowatt-hours, reflecting a year-on-year increase of 15.30%, while the cumulative total was 27.90 billion kilowatt-hours, showing a decline of 2.57% year-on-year [1] - The total electricity sales in August amounted to 4.92 billion kilowatt-hours, which is a year-on-year increase of 17.74%, with a cumulative total of 26.16 billion kilowatt-hours, down 1.44% year-on-year [1]

Summary of Shaanxi Coal Industry Conference Call Company Overview - **Company**: Shaanxi Coal Industry Co., Ltd. (陕煤股份) - **Industry**: Coal and Power Generation Key Financial Performance - **Net Profit**: In the first half of 2025, the net profit attributable to shareholders was 76.4 billion yuan, with a non-recurring net profit of 72.2 billion yuan, reflecting a positive contribution of 4.2 billion yuan from fair value fluctuations [3][12] - **Quarterly Breakdown**: - Q1: 48.12 billion yuan - Q2: 28.3 billion yuan, a decline attributed to falling coal prices and a one-time increase in deferred tax expenses of 5.7 billion yuan due to the liquidation of the Zhuque New Material Phase II asset management plan [2][3] Production and Cost Management - **Coal Production**: - July 2025 production was 14.11 million tons, with August expected to remain stable but slightly lower than May and June due to maintenance and safety incidents [4][5] - Full-year production is projected to be around 170 million tons, consistent with the previous year [4][24] - **Cost Control**: - The complete cost per ton of coal was 280 yuan in the first half of 2025, with a slight decrease expected in the second half [6][22] Coal Price Trends - **Price Fluctuations**: - Q1 average coal price was 449 yuan per ton, dropping to 389 yuan in Q2, with an overall average of 420 yuan for the first half [7][23] - Prices have shown signs of recovery in July and August, with expectations for the second half to outperform the first half [7][23] Power Generation Assets - **Performance**: - The net profit from power generation assets in the first half was 6.18 billion yuan, with a total generation of 177 billion kWh and sales of 166 billion kWh [8] - The average selling price was 0.41 yuan per kWh, with a cost of 0.34 yuan per kWh, yielding a profit of 6-7 cents per kWh [8] Strategic Adjustments - **Long-term Contract Adjustments**: - Starting April 2025, 20% of long-term contracts will be settled at market prices for clients meeting an 80% fulfillment rate, aimed at increasing flexibility and accuracy in pricing [9] - **Focus on Core Business**: - The company is gradually exiting non-core investments and focusing on coal and power generation, with plans to enhance its operational efficiency [14][11] Future Outlook - **Market Expectations**: - The overall coal market in the second half of 2025 is expected to improve compared to the first half, with regulatory checks on overproduction impacting supply [10][23] - **Long-term Plans**: - The company aims to leverage its high-quality production capacity and natural resources while continuing to invest in power generation projects [11][20] Environmental and Regulatory Challenges - **Resource Depletion**: - The company is transitioning from the Copper River mining area due to resource depletion and is focusing on developing new mines in the Shaanxi North region [19] - **Approval Delays**: - Delays in exploration rights approvals are attributed to national supply regulation rather than environmental issues, despite ongoing efforts to address environmental concerns [27] Conclusion Shaanxi Coal Industry is navigating a challenging market environment with strategic adjustments in production, cost management, and a focus on core operations. The company is positioned to improve its performance in the latter half of 2025 while addressing regulatory and environmental challenges.

Investment Rating - The coal industry is rated positively, with a focus on recovery in coal prices in the second half of 2025, which is expected to lead to performance recovery for coal companies [5][43]. Core Insights - In the first half of 2025, the coal sector underperformed the market, with the Shenwan coal mining index declining by 12.73%, while the Shanghai Composite Index rose by 2.76% [5][8]. - The average price of Q5500 thermal coal at ports was approximately 678 CNY/ton, down 22.57% year-on-year, and the average price for the second quarter was 633 CNY/ton, down 25.27% year-on-year [5][16]. - The overall revenue of 23 major listed coal companies was 513.1 billion CNY, a decrease of 18.9% year-on-year, with net profit falling by 31.1% to 55.5 billion CNY [5][22]. - The average dividend payout ratio for the coal industry increased to approximately 56.3% in 2024, reflecting a high dividend yield characteristic [5][35]. - The average return on equity (ROE) for the coal industry decreased to about 5.8% in the first half of 2025, down from previous years [5][41]. Summary by Sections 1. Industry Performance - The coal sector's performance was weaker than the market, with significant price declines impacting profitability [5][8]. - The first half of 2025 saw a high inventory level and a traditional off-peak season, leading to downward pressure on coal prices [5][16]. 2. Revenue and Profitability - Major coal companies reported a total revenue of 513.1 billion CNY, with a notable decline in both thermal and coking coal revenues [5][21]. - The net profit for the coal sector dropped significantly, with the thermal coal segment seeing a 24.1% decrease in net profit [5][22]. 3. Financial Metrics - The average expense ratio for the coal mining sector was 9.74%, showing a slight increase from the previous year [5][29]. - The industry maintained an average debt-to-asset ratio below 50%, indicating stable financial health [5][33]. 4. Dividend Trends - The coal industry's average dividend payout ratio has been on the rise, with several companies planning mid-year dividends in response to favorable policies [5][35]. 5. Investment Recommendations - Recommended stocks include China Shenhua, Shaanxi Coal, and China Coal for their stable operations and high dividends, while Shanxi Coal and Lu'an Environmental Energy are noted for their undervalued potential [5][43].

Investment Rating - The report maintains an "Overweight" rating for the coal mining industry [5] Core Viewpoints - The report emphasizes that the performance pressure on coal companies has ended, and a recovery is expected, not just a rebound [3][8] - It anticipates that coal prices may peak by the end of the year, with a potential for upward movement due to supply constraints [3][8] Summary by Sections Market Overview - The CITIC Coal Index was at 3,459.14 points, up 0.10%, outperforming the CSI 300 Index by 0.91 percentage points [2][76] - Recent coal price trends show a slight recovery, with the price of Q5500 coal in major production areas experiencing increases [14][39] Financial Analysis of Coal Companies - The report identifies top performers in terms of cash flow and low debt levels among coal companies, highlighting companies like China Shenhua and Jinko Coal [3] - The report notes that the profitability of coal companies is likely to improve following the price lows observed in June [3] Key Areas of Analysis - **Thermal Coal**: The report indicates a rebound in thermal coal prices due to downstream demand for replenishment, with prices expected to rise during peak seasons [14][39] - **Coking Coal**: The report notes that coking coal prices are under pressure due to weak downstream demand, but there is still support for prices as the peak season approaches [41][55] - **Coke**: The report highlights that coke prices have seen a decline due to reduced demand from steel mills, with the first round of price reductions initiated by steel manufacturers [57][76] Investment Strategy - The report recommends stocks with high earnings elasticity, such as Lu'an Mining and Jinko Coal, and emphasizes the importance of monitoring domestic supply and import conditions [11][41] - It also suggests focusing on companies with strong performance records, such as Shaanxi Coal and Electric Power, and Huai Bei Mining [11][41]

Investment Rating - The report maintains a rating of "Buy" for key coal companies such as China Shenhua and China Coal Energy, and recommends attention to China Qinfa for potential turnaround opportunities [2][5]. Core Insights - The Indian government has adjusted the Goods and Services Tax (GST) on coal and related products from 5% to 18%, while removing a compensation cess of 400 INR per ton. This tax reform is expected to enhance tax transparency and management efficiency, potentially reducing the generation cost for Indian power companies by 0.12 INR per kWh [2]. - The report highlights a marginal adjustment in coal prices, with Newcastle coal at $108.25 per ton, down by $3.25 per ton (-2.91%) compared to the previous week [1][29]. - The report indicates a slight increase in natural gas prices, with the Northeast Asia LNG spot price at $11.292 per million British thermal units, up by $0.146 (+1.31%) [1][16]. Summary by Sections Coal Mining - The report notes a decrease in coal prices across various markets, with European ARA coal at $95.75 per ton (-0.52%), and IPE South African Richards Bay coal at $87.3 per ton (-2.20%) [1][29]. - The report emphasizes the importance of coal companies with strong performance metrics, recommending companies like Shaanxi Coal and Energy, and Huainan Mining for their robust earnings [2][5]. Energy Prices - Brent crude oil futures settled at $65.5 per barrel, down by $2.62 (-3.85%), while WTI crude oil futures were at $61.87 per barrel, down by $2.14 (-3.34%) [1][12]. - The report also highlights the marginal increase in natural gas prices, with the Dutch TTF gas futures at €32.412 per megawatt hour, up by €0.853 (+2.70%) [1][16]. Power Demand - There is a noted marginal increase in coal power demand, indicating a potential recovery in the coal electricity sector [31].

Investment Rating - The industry investment rating is "Positive" [1] Core Viewpoints - The coal sector has shown resilience, with a slight increase in prices and a positive outlook for the second half of the year, suggesting a potential balance between supply and demand [6][23] - The report highlights the importance of positioning in high-dividend coal companies and those undergoing turnaround in coking coal and coke sectors [6][23] Summary by Sections Market Performance - As of September 5, 2025, the CITIC coal industry index rose by 0.1%, outperforming the CSI 300 index, which fell by 0.81%, resulting in a 0.91 percentage point advantage [2] - The highest weekly stock price increase was seen in Yunmei Energy, with a rise of 4.03% [2] Supply and Demand Data - Average daily coal sales for monitored enterprises were 6.67 million tons, a week-on-week increase of 0.9% but a year-on-year decrease of 1.9% [2] - The average daily coal production was 6.64 million tons, showing a week-on-week decrease of 0.1% and a year-on-year decrease of 1.7% [2] - Total coal inventory (including port storage) was 25.85 million tons, down 0.7% week-on-week and down 9.1% year-on-year [2] Price Trends - The price index for thermal coal (Q5500K) was 676 CNY/ton, reflecting a week-on-week increase of 0.75% [3] - The average price for coking coal at Jing Tang Port was 1550 CNY/ton, down 4.9% week-on-week [4] - The report notes fluctuations in prices across various coal types, with some showing declines while others have remained stable [4][5] Investment Recommendations - The report suggests that coal prices are expected to rebound in September, with long-term contract prices for different grades of coal being 674, 613, and 551 CNY/ton respectively [6][23] - Recommended companies for investment include major thermal coal firms such as China Shenhua, Shaanxi Coal, and others, as well as coking coal companies like Huabei Mining and Shanxi Coking Coal [6][23]

Investment Rating - The coal industry is rated as "Outperform" [1] Core Viewpoints - The coal industry is experiencing a performance bottoming out, with improvements expected in the future. In Q2 2025, national raw coal production remained high, but commodity coal consumption decreased by 11.8% month-on-month during the off-season, leading to a significant supply-demand imbalance and high social inventory, which pressured coal prices downwards. Except for the coking coal sector, which benefited from the price dual-track system, the performance of coal companies generally faced pressure [2][11] - The supply side is tightening due to rainfall and production checks, with July's production decreasing by 40 million tons month-on-month and 9 million tons year-on-year. The four major producing regions all saw a reduction in output, with Xinjiang experiencing the largest month-on-month decrease [3][30] - Demand improved significantly in July, entering the peak season, with national commodity coal consumption reaching 450 million tons, a year-on-year increase of 1.9% and a month-on-month increase of 12.5%. The upcoming non-electric consumption peak season in September and October is expected to support coal demand [4][67] - Inventory levels across various segments have decreased, with port inventories lower than the same period last year, which may provide support for coal prices [5] - Coal prices are expected to rebound due to supply contraction expectations and the upcoming non-electric demand peak season. The price of thermal coal has rebounded close to 100 yuan/ton, and the downside potential is limited [5] Summary by Sections Q2 2025 Performance Summary - The coal industry is at a performance bottom, with improvements anticipated. Q2 2025 saw a high national raw coal output but a significant drop in commodity coal consumption during the off-season, leading to a supply-demand imbalance and falling prices [2][11] Supply - July's coal production decreased significantly due to rainfall and production checks, with a month-on-month reduction of 40 million tons and a year-on-year decrease of 9 million tons. The supply tightening expectations remain [3][30] Demand - July marked the peak demand season, with a notable improvement in coal consumption. National commodity coal consumption reached 450 million tons, a year-on-year increase of 1.9% and a month-on-month increase of 12.5%. The upcoming non-electric consumption peak season is expected to sustain coal demand [4][67] Inventory - Inventory levels across various segments have decreased, with port inventories lower than the same period last year, potentially supporting coal prices [5] Price - Coal prices are expected to rebound due to supply contraction expectations and the upcoming non-electric demand peak season. The price of thermal coal has rebounded close to 100 yuan/ton, with limited downside potential [5]

Group 1 - The coal mining sector increased by 0.66% on September 5, with Shanxi Coking Coal leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] - Key stocks in the coal mining sector showed significant price increases, with Shanxi Coking Coal rising by 4.44% to a closing price of 7.05 [1] Group 2 - The coal mining sector saw a net inflow of 347 million yuan from main funds, while retail investors experienced a net outflow of 456 million yuan [2] - Major stocks like Shanxi Coking Coal and China Shenhua experienced varying levels of fund inflow and outflow, indicating mixed investor sentiment [3] - The trading volume and turnover for key stocks in the coal sector reflected active market participation, with Shanxi Coking Coal achieving a turnover of 494 million yuan [1][2]

Investment Rating - The report maintains a "Buy" rating for the coal mining sector, indicating a positive outlook for the industry moving forward [5]. Core Insights - The report emphasizes that the coal industry is experiencing a reversal rather than a rebound, with expectations for profitability to improve as coal prices have likely reached their lowest point [12][10]. - The report highlights that coal prices have begun to stabilize and recover, particularly in the context of both thermal and coking coal [15][19]. Summary by Sections Market Overview - As of September 1, 2025, the spot price for Q5500 thermal coal is reported at 695 CNY/ton, down 73 CNY/ton from the beginning of the year but up 77 CNY/ton from the lowest price in June [19]. - The average spot price for Q5500 thermal coal in Q2 2025 was 642 CNY/ton, reflecting a year-on-year decline of 211 CNY/ton (24.7%) and a quarter-on-quarter decline of 91 CNY/ton (12.5%) [19]. - Coking coal prices have also shown resilience, with the price for low-sulfur coking coal reported at 1480 CNY/ton, up 100 CNY/ton from the start of the year [23]. Performance Overview - The report notes that the coal sector has underperformed compared to the broader market, with the CSI 300 index rising by 16.37% from April 1 to September 1, 2025, while the coal index only increased by 8.99% [2][29]. - Among 26 sampled coal companies, 19 saw their stock prices rise, while 7 experienced declines during the same period [2]. Fund Holdings - As of Q2 2025, active funds held 0.43% of their portfolios in the coal sector, a slight decrease from Q1, while passive funds held 0.71%, also down from the previous quarter [3][34]. - The combined holding of both active and passive funds in the coal sector is 0.55%, reflecting a decline of 0.06 percentage points from Q1 2025 [3]. Financial Performance - The report indicates that coal companies' profits have been under pressure due to declining coal prices, with a total profit decline of 5.4% to 113.7% among the sampled companies [3][12]. - Notably, companies like Electric Power Energy and Kailuan achieved profit growth despite the overall downward trend in the sector [3]. Operational Insights - Coal companies are focusing on increasing production, improving quality, and reducing costs to mitigate the impact of falling prices [4][12]. - The total coal production for the sampled companies in H1 2025 was 586 million tons, a year-on-year increase of 4.5% [12]. Investment Recommendations - The report recommends stocks with strong earnings elasticity such as Lu'an Energy, Yanzhou Coal, and Jinkong Coal, while also highlighting key state-owned enterprises like China Shenhua and China Coal Energy for potential investment [10][11].