Investment Rating - The investment rating for Shaanxi Coal and Chemical Industry Co., Ltd. is "Buy" [1] Core Views - The company's coal and electricity integration strategy is driving stable performance and expanding growth opportunities [1][3] - The coal production volume is steadily increasing, and cost reductions are enhancing profitability [3] - The company is making progress in capacity expansion, with significant projects underway that will release high-quality production capacity [3][4] - The integration of coal and electricity operations is expected to enhance earnings and mitigate risks associated with coal price fluctuations [3][4][7] Financial Performance Summary - In 2024, the company achieved operating revenue of 184.145 billion yuan, a year-on-year increase of 1.47%, and a net profit attributable to shareholders of 22.36 billion yuan, a decrease of 3.21% [1] - For Q1 2025, the company reported operating revenue of 40.162 billion yuan, a year-on-year decline of 7.3%, and a net profit of 4.805 billion yuan, a decrease of 1.23% [2] - The coal production volume for 2024 was 170.48 million tons, an increase of 4.13%, while coal sales volume reached 258.43 million tons, up 9.13% [3] - The average coal selling price in 2024 was 561 yuan/ton, down 8.5% year-on-year [3] - The company plans to distribute a total cash dividend of 13.07 billion yuan for 2024, representing 65% of the distributable profit, with a dividend yield of 6.74% based on the closing price on April 25, 2025 [7] Future Earnings Forecast - The company is expected to achieve net profits of 20.6 billion yuan, 21.9 billion yuan, and 22.2 billion yuan for 2025, 2026, and 2027 respectively, with EPS projected at 2.12 yuan, 2.26 yuan, and 2.29 yuan [5][7]

煤炭周报 关税扰动下日耗同比降幅扩大，煤价筑底逻辑未变 2025 年 04 月 26 日 ➢ 关税扰动下日耗同比降幅扩大，煤价筑底逻辑未变。2025 年 4 月关税冲突 加码以来，受下游需求萎缩影响，沿海八省电厂日耗同比出现下降，3 月底周均 日耗 187.1 万吨，同比增加 3.5 万吨(+1.9%)，而截至 4 月 24 日当周，周均日 耗降至 176.0 万吨，同比减少 2.9 万吨(-1.6%)，在此影响下，煤价持续窄幅震 荡，本周环比延续小幅下滑。但同时，持续低煤价下新疆、内蒙古以露天矿为主 的边际产能产量或出现缩减，发运倒挂叠加大秦线检修，港口库存略有去化。展 望后市，非电需求仍维持缓慢提升，煤价向上动力不足，大秦线检修结束后铁路 发运提升，港口或有累库风险，边际产能成本、进口煤价倒挂以及长协基准价对 港口煤价有支撑，下行压力亦有限，预计短期现货价仍以窄幅震荡为主，长协价 仍表现出低波韧性。 ➢ 焦煤短期窄幅震荡为主，旺季或有阶段性反弹但空间有限。当前煤价下部分 配焦原煤转为动力煤销售更具性价比，焦煤价格已基本见底，叠加近期高炉持续 复产，铁水产量已提升至 2024 年以来最高水平 244.35 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the coal industry, including China Shenhua, Shaanxi Coal, and China Coal Energy, among others [2][3][11]. Core Insights - The report highlights that coal consumption has decreased due to tariff disruptions, with daily consumption in coastal provinces dropping from 1.871 million tons in late March to 1.760 million tons by April 24, reflecting a year-on-year decrease of 1.6% [1][7]. - Despite low coal prices, there is a lack of upward momentum for coal prices, with expectations of narrow fluctuations in the short term [1][8]. - The report suggests that while there may be a temporary rebound in coking coal prices due to seasonal demand, the overall price increase potential remains limited [2][10]. Summary by Sections Industry Overview - The report notes that the coal price has been experiencing narrow fluctuations, with recent prices reported at 657 CNY/ton for Qinhuangdao port, down 8 CNY from the previous week [8]. - The report indicates that the overall coal market is influenced by both weak demand and tariff disruptions, leading to cautious market sentiment [2][8]. Company Performance - Key companies such as China Shenhua and Shaanxi Coal are recommended for their stable performance and strong cash flow [2][11]. - The report provides earnings forecasts for major companies, with China Shenhua expected to have an EPS of 2.95 CNY in 2024, and a PE ratio of 13 [3]. Market Dynamics - The report highlights that the coal sector has underperformed compared to the broader market, with a weekly decline of 0.8% in the coal sector compared to gains in major indices [12][14]. - It also notes that the coking coal market is expected to stabilize in the short term due to increased demand for steelmaking [10][11]. Investment Recommendations - The report recommends focusing on industry leaders with stable earnings, such as China Shenhua, Shaanxi Coal, and China Coal Energy, as well as companies with strong cash flow like Jinkong Coal [2][11]. - It emphasizes the defensive value of companies with low debt and high cash flow amidst ongoing tariff disruptions [8].

Core Viewpoint - The company has announced its 2024 annual profit distribution plan, proposing a cash dividend of 11.36 yuan per 10 shares, totaling 11.014 billion yuan, which represents 65% of the distributable profit for the year [72][75]. Financial Data - The company reported a net profit attributable to shareholders of 22.36 billion yuan for the 2024 fiscal year, with a distributable profit of 20.11 billion yuan after deducting reserves [75]. - The company plans to distribute a total of 13.07 billion yuan in cash dividends when combined with previous interim distributions [75]. Board and Supervisory Meetings - The fourth board meeting was held on April 24, 2025, where several resolutions were passed, including the approval of the 2024 annual report and the profit distribution plan [9][10][11]. - The supervisory board also convened on the same day, approving the annual report and the profit distribution plan, which will be submitted for shareholder approval [56][60]. Related Party Transactions - The company has disclosed its daily related party transactions, which are expected to be submitted for shareholder approval. These transactions are conducted under fair pricing policies and do not adversely affect the company's financial status [79][81]. - The company has a history of successful related party transactions with its controlling shareholder, Shaanxi Coal Group, which is expected to continue [84][86]. Audit and Compliance - The financial reports for the first quarter of 2025 and the annual reports for 2024 have been prepared in compliance with relevant regulations and have been audited by the appointed auditing firm [3][47][60].

证券代码：601225 证券简称：陕西煤业 公告编号： 2025-016 陕西煤业股份有限公司 第四届监事会第二次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 陕西煤业股份有限公司（以下简称"公司"）第四届监事会第二次会议通知于 2025 年 4 月 18 日以书面方式送达，会议于 2025 年 4 月 24 日以通讯方式召开。会议应参 加表决的监事 3 人，实际参加表决的监事 3 人。本次会议的召开程序及出席监事人数 符合《中华人民共和国公司法》等法律、法规和公司《章程》的规定。 二、监事会会议审议情况 经与会监事一致同意，会议形成决议如下： 1、通过《关于<陕西煤业股份有限公司 2024 年度监事会工作报告>的议案》 同意《陕西煤业股份有限公司 2024 年度监事会工作报告》。 本议案尚需提交股东大会审议。 赞成票：3 票，反对票：0 票，弃权票：0 票 2、通过《关于<陕西煤业股份有限公司 2024 年度财务决算报告>的议案》 同意《陕西煤业股份有限公司 2024 年度财务决算报告 ...

证券代码：601225 证券简称：陕西煤业 公告编号： 2025-015 陕西煤业股份有限公司 第四届董事会第二次会议决议公告 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法律责任。 一、董事会会议召开情况 陕西煤业股份有限公司（以下简称"公司"）第四届董事会第二次会议通知于 2025 年 4 月 18 日以书面方式送达，会议于 2025 年 4 月 24 日以通讯表决的方式召开。会 议应参加表决的董事 7 名，实际表决的董事 7 名。本次会议的召开程序及出席董事人 数符合《中华人民共和国公司法》等法律、法规和《公司章程》的规定。 二、董事会会议审议情况 经与会董事一致同意，会议形成决议如下： 1、通过《关于<陕西煤业股份有限公司 2024 年度总经理工作报告>的议案》。 同意《陕西煤业股份有限公司 2024 年度总经理工作报告》。 赞成票：7 票，反对票：0 票，弃权票：0 票。 2、通过《关于<陕西煤业股份有限公司 2024 年度董事会工作报告>的议案》。 同意《陕西煤业股份有限公司 2024 年度董事会工作报告》。 本议案尚需提 ...

陕西煤业股份有限公司 证券代码：601225 证券简称：陕西煤业 公告编号：2025-017 关于 2024 年年度利润分配方案的公告 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： 每股分配比例：每 10 股派发现金红利 11.36 元（含税），不进行送股和 公积金转增股本。本年度公司累计现金分红占合并报表中归属于上市公司股东当 年实现可供分配利润的 65%。 本次利润分配股本以实施权益分派股权登记日登记的总股本为基数，具 体日期将在权益分派实施公告中明确。在实施权益分派的股权登记日前公司总股 本发生变动的，拟维持分配总额不变，相应调整每股分配比例。 一、公司 2024 年年度利润分配方案 （一）利润分配方案的具体内容 2024 年 8 月 28 日，公司召开第三届董事会第四十次会议，审议通过了《关 于陕西煤业股份有限公司 2024 年中期利润分配方案的议案》，同意公司 2024 年半年度向股东分派现金股利 10.56 亿元，以公司总股本 96.95 亿股为基准，每 十股分配现金股利 1.09 元（含税）。具 ...

Core Viewpoint - Shaanxi Coal announced a cash distribution plan for 2024, proposing a dividend of 11.36 yuan per 10 shares, totaling 11.014 billion yuan, which represents 49.26% of its net profit and a dividend yield of 4.59% based on the average trading price for the year [2]. Company Summary - The company reported a total operating revenue of 184.145 billion yuan for the year, reflecting a year-on-year increase of 1.47%. However, net profit decreased by 3.21% to 22.36 billion yuan, with basic earnings per share at 2.31 yuan and a weighted average return on equity of 21.32% [2]. - The company has distributed dividends 13 times since its listing, with the latest distribution being the highest in terms of cash amount since 2022 [2]. Industry Summary - In the coal industry, 16 companies have announced their 2024 distribution plans, with China Shenhua leading with a total cash distribution of 44.903 billion yuan, followed by Shaanxi Coal and Yanzhou Coal with distributions of 11.014 billion yuan and 5.422 billion yuan, respectively [4]. - The cash distribution of Shaanxi Coal represents 49.26% of its net profit, placing it among the top dividend payers in the coal sector [4].

立信会计师事务所(特殊普通合伙) 0 CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LLP 内部控制审计报告 信会师报字[2025]第 ZB10187 号 陕西煤业股份有限公司 内部控制审计报告 二〇二四年度 信会师报字[2025]第 ZB10187 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://zcc.mof.gov.cn）"进行查验 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://zcc.mof.gov.cn）"进行查验 陕西煤业股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求,我们审计了陕西煤业股份有限公司(以下简称陕西煤业)2024 年 12 月 31 日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定,建立健全和有效实施内部控制,并评 价其有效性是陕西煤业董事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的 有效性发表审 ...

陕西煤业股份有限公司 审计报告及财务报表 二〇二四年度 信会师报字[2025]第 ZB10188 号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.com.cn） 我在查 陕西煤业股份有限公司 审计报告及财务报表 陕西煤业股份有限公司全体股东: 审计意见 í 我们审计了陕西煤业股份有限公司(以下简称陕西煤业)财务报 表,包括 2024年 12月 31 日的合并及母公司资产负债表,2024 年度 的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所 有者权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的 规定编制,公允反映了陕西煤业 2024年 12 月 31 日的合并及母公司 财务状况以及 2024年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 (2024 年 01 月 01 日至 2024 年 12 月 31 日止) | | 目录 | 页次 | | --- | --- | --- | | 1 | 审计报告 | 1-6 | | | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | ...