Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company continues to implement cost reduction and efficiency enhancement measures, with expectations for the "East Introduction, West Advancement, and Going Overseas" strategy [3][4] - The company has successfully acquired mining rights and stakes in coal companies, indicating a strategic expansion in resource acquisition [3] - Revenue and net profit have significantly decreased in the first half of 2025 compared to the previous year, reflecting challenging market conditions [1][2] Financial Performance - For the first half of 2025, the company reported total revenue of 10.12 billion yuan, a year-on-year decrease of 37.95%, and a net profit attributable to shareholders of 258 million yuan, down 81.53% [1] - In the second quarter of 2025, total revenue was 4.72 billion yuan, a year-on-year decrease of 41.31%, and a net profit of 106 million yuan, down 83.82% [1] - The company’s coal production for the first half of 2025 was 14.53 million tons, a year-on-year increase of 2.3%, while sales volume decreased by 13% [7] Price and Cost Analysis - The average selling price of the company's coal in the second quarter of 2025 was 774 yuan per ton, a year-on-year decrease of 23.9%, while the comprehensive cost was 623 yuan per ton, down 11.7% year-on-year [7] - The gross profit margin for the second quarter was significantly impacted, with a gross profit of 151 yuan per ton, down 51.6% year-on-year [7] Future Projections - The company is projected to achieve net profits of 670 million yuan, 1.24 billion yuan, and 1.4 billion yuan for the years 2025, 2026, and 2027 respectively [3]

格隆汇8月27日丨平煤股份(601666.SH)发布2025年半年度报告，报告期实现营业收入101.2亿元，同比下 降37.95%；归属上市公司股东的净利润2.58亿元，同比下降81.53%；扣除非经常性损益后的归属于上市 公司股东的净利润2.83亿元，同比下降79.97%；基本每股收益0.0972元。 ...

平顶山天安煤业股份有限公司章程 平顶山天安煤业股份有限公司 章 程 二〇二五年八月 1 平顶山天安煤业股份有限公司章程 | . | 1 | B | | --- | --- | --- | | | . œ 1 | 1 | | 第一章 | 总则 . | | --- | --- | | 第二章 | 经营宗旨和范围 | | 第三章 | 服优 | | 第一节 | 股份发行 | | 第二节 | 股份增减和回购 . | | 第三节 | 股份转让 | | | 第 四章 股东和股东会 . | | 第一节 | 股东 . | | 第二节 | 控股股东和实际控制人 | | 第三节 | 股东会的一般规定 . | | 第四节 | 股东会的召集 | | 第五节 | 股东会的提案与通知 . | | 第六节 | 股东会的召开 | | 第七节 | 股东会的表决和决议 . | | 第五章 | 党建工作 . | | 第六章 | 董事和董事会 | | | 第一节 董事的一般规定 . 29 | | 第二节 | 董事会 | | 第三节 | 独立董事 | | 第四节 | 董事会专门委员会 . | | 第七章 | 高级管理人员 | | 第八章 | 财务会计制 ...

平顶山天安煤业股份有限公司 关于中国平煤神马集团财务有限责任公司 2025 年半年度风险持续评估报告 按照《上海证券交易所上市公司自律监管指引第 5 号——交易 与关联交易》的要求，平顶山天安煤业股份有限公司（以下简称"本 公司"）通过查验中国平煤神马集团财务有限责任公司（以下简称"财 务公司"）《金融许可证》《营业执照》等证件资料，审阅包括资产 负债表、利润表、现金流量表等在内的财务公司的 2025 年半年度财 务报告，对财务公司的经营资质、业务和风险状况进行了评估，现将 有关风险评估情况报告如下： 一、财务公司基本情况 中国平煤神马集团财务有限责任公司（以下简称"财务公司"） 是经中国银行业监督管理委员会核准，在国家市场监督管理局登记注 册，具有企业法人地位的非银行金融机构。 财务公司是在原中国平煤神马控股集团有限公司内部银行基础 上，于 2013 年 7 月经中国银监会批准成立。注册资本原为人民币 10 亿元，2019 年 8 月经平顶山银保监分局批准，财务公司各股东同比 例增加注册资本金 20 亿元，增加后注册资本金达到 30 亿元。其中， 中国平煤神马控股集团有限公司出资额为 15.30 亿元，出资 ...

一、分公司基本情况 证券代码：601666 股票简称：平煤股份 编号：2025-069 平顶山天安煤业股份有限公司 关于成立分公司的公告 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。 为优化管理架构，提升经营管理效率，平顶山天安煤业股份有限 公司（以下简称公司）拟成立分公司"平顶山天安煤业股份有限公司 天宏选煤厂"（最终以工商登记为准）。具体情况如下： 2、对公司影响：公司拟成立"平顶山天安煤业股份有限公司天 宏选煤厂"管理公司全资子公司平顶山天安煤业天宏选煤有限公司注 销后的相关资产及负债，对公司的生产经营、财务状况无影响。 3、存在的风险：上述成立分公司事宜经公司董事会审议通过后， 1 需按规定程序办理工商登记手续，不存在法律、法规限制或禁止的风 险。 1、名称：平顶山天安煤业股份有限公司天宏选煤厂 2、类型：分公司 3、负责人：万军 4、营业场所：平顶山市矿工路东段 1 号 5、经营范围：煤炭洗选；煤炭销售；煤炭洗选与煤化工的技术 开发、技术转让、技术咨询、技术服务。以工商登记机关核准为准。 二、设立分公司的目的 ...

证券代码：601666 股票简称：平煤股份 编号：2025-072 平顶山天安煤业股份有限公司 关于公司开展套期保值业务的公告 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： ●交易目的及交易品种：为有效规避市场风险，减少公司主营产 品焦煤价格波动对公司生产经营的影响，更好地维护公司生产经营业 绩，公司拟择机开展焦煤期货套期保值业务。 ●交易金额：公司拟开展期货套期保值业务预计动用的保证金和 权利金上限不超过人民币 15000 万元，任一交易日持有的最高合约价 值不超过人民币 10 亿元。有效期内上述额度可循环滚动使用。 ●审议程序：本次公司开展套期保值业务已经公司董事会2025 年第八次审计委员会、第九届董事会第四十六次会议审议通过，无需 提交公司股东大会审议。 ●风险提示：公司开展期货套期保值业务，不以投机为目的，主 要是为了防范并降低焦煤价格波动带来的经营风险对公司带来的不 利影响，但进行期货套期保值交易仍可能存在一定的市场风险、流动 性风险、操作风险、技术风险和政策风险，敬请投资者注意投资风险。 ...

证券代码：601666 证券简称：平煤股份 编号：2025-067 一、2025 年半年度报告 会议以 13 票同意，0 票反对，0 票弃权，审议通过该报告。（全 文详见上海证券交易所网站） 二、关于中国平煤神马集团财务有限责任公司 2025 年半年度风 险持续评估报告 会议以 9 票同意，0 票反对，0 票弃权，审议通过该报告。（全 文详见上海证券交易所网站） 平顶山天安煤业股份有限公司 董事会审议该关联交易报告时，关联董事李庆明先生、焦振营先 生、吴昕先生、陈金伟先生已回避表决，也未代理非关联董事行使表 决权。本报告已经公司独立董事专门会议 2025 年第四次会议及第九 届董事会 2025 年第八次审计委员会事前认可。 第九届董事会第四十六次会议决议公告 三、关于 2025 年半年度募集资金存放与实际使用情况专项报告 会议以 13 票同意，0 票反对，0 票弃权，审议通过该报告。（全 文详见上海证券交易所网站） 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。 平顶山天安煤业股份有限公司（以下简称"公司"）第九届董事 ...

平顶山天安煤业股份有限公司2025 年半年度报告 公司代码：601666 公司简称：平煤股份 平顶山天安煤业股份有限公司 2025 年半年度报告 1 / 241 平顶山天安煤业股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人焦振营 、主管会计工作负责人张后军 及会计机构负责人（会计主管人员） 向长军声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 本报告中涉及的未来发展规划等前瞻性陈述不构成公司对投资者的实质承诺，敬 请广大投资者理性投资，除此之外，本公司在"第三节管理层讨论与分析"中提示公 司可能面对的风险，请投资者予以关注。 十一、 其他 □适用 ...

Investment Rating - The report maintains a "Positive" investment rating for the coal industry [9]. Core Viewpoints - The recent coal mine accident in Fujian has raised concerns about the vulnerability of coal supply in China. The accident is expected to amplify local safety regulation efforts, potentially impacting coal supply. Despite this, stable demand and rigid supply constraints suggest that coal prices may continue to rise in the short term [2][7]. - The coal index (Yangtze) increased by 0.99% this week, underperforming the CSI 300 index by 3.19 percentage points, ranking last among all industries [6][14]. - The market anticipates that the upcoming "Golden September and Silver October" period will support coal demand, particularly as non-electric demand begins to pick up [6][7]. Summary by Sections Supply and Demand Overview - As of August 21, the daily coal consumption in 25 provinces was 6.427 million tons, up 8.0% week-on-week. The supply of coal was 6.324 million tons, an increase of 3.8% [31]. - The total coal inventory in these provinces was 119.798 million tons, a decrease of 0.4% from the previous week, with an available days supply of 18.6 days, down 1.6 days [31]. Price Trends - As of August 22, the market price for Qinhuangdao 5500 kcal thermal coal was 704 RMB/ton, reflecting a week-on-week increase of 6 RMB/ton (+0.86%) [38]. - The price for coking coal at Jingtang Port remained stable at 1610 RMB/ton [6]. Market Performance - The report highlights that the coal sector's performance has been mixed, with the thermal coal index rising by 1.09% and the coking coal index increasing by 0.76%, both underperforming compared to the CSI 300 index [14][18]. - The report identifies several companies with strong investment potential, including Yanzhou Coal Mining Company, Shanxi Coking Coal Group, and China Shenhua Energy [8]. Company Announcements - China Shenhua announced the approval of its Chongqing Wanzhou Power Plant expansion project, which will add 2×1000 MW capacity [52]. - Yanzhou Coal's Australian subsidiary reported a revenue of 2.675 billion AUD for the first half of 2025 [53]. Future Outlook - The report suggests that while daily consumption may gradually decline, the overall demand for coal remains robust, supported by seasonal factors and ongoing supply constraints [6][15]. - The focus will be on monitoring safety regulations and their impact on supply, as well as the performance of coal prices in the context of broader market conditions [7][8].

Investment Rating - The report maintains a "Positive" outlook on the coal industry, indicating an expectation for the sector to outperform the overall market performance [3]. Core Insights - The report highlights that the coal market is experiencing short-term price fluctuations due to supply constraints caused by heavy rainfall and production checks in key mining areas. It anticipates that coal prices will stabilize as temperatures drop across most regions [3]. - The report provides specific price data for thermal coal and coking coal, noting that while some thermal coal prices have decreased, others have seen slight increases. The overall trend suggests a mixed but stable pricing environment [3][10][12]. - The report emphasizes the importance of supply and demand dynamics, with increased daily coal inflow and outflow at the ports, leading to a decrease in coal inventory levels [21]. Summary by Sections Recent Industry Policies and Developments - The report discusses recent developments in coal mining projects and safety initiatives, including approvals for increased production capacities in certain regions [9]. Price Trends - Thermal coal prices have shown mixed results, with some prices remaining stable while others have increased slightly. Coking coal prices are expected to experience minor fluctuations before potentially rising again due to seasonal demand [10][12]. International Oil Prices - The report notes an increase in Brent crude oil prices, which may influence coal pricing dynamics. The relationship between international oil prices and coal prices is highlighted, with a noted increase in the ratio of oil to coal prices [17]. Port Inventory and Shipping Costs - The report indicates a decrease in coal inventory at the ports, with increased daily inflow and outflow rates. Shipping costs for domestic routes have also risen slightly, reflecting broader market trends [21][27]. Company Valuation - The report includes a valuation table for key companies in the coal sector, providing insights into their market performance and earnings projections. Companies such as China Shenhua and Shaanxi Coal are highlighted for their stable operations and high dividend yields [33].