Investment Rating - The report maintains a "Recommended" rating for Pingmei Shenma Group Co., Ltd. (601666.SH) [1] Core Views - The company reported a net profit attributable to shareholders of 2.045 billion yuan for the first three quarters of 2024, a year-on-year decrease of 34.91%, with operating revenue of 23.319 billion yuan, a year-on-year increase of 0.78% [1] - The company has shown good cost control, with Q3 2024 performance remaining stable compared to the previous quarter [1] - The company’s coal production and sales have declined, with significant cost increases observed [1] - The major shareholder's plan to increase holdings and the employee stock ownership plan reflect confidence in the company's long-term value and stable development [1] - The company has a robust dividend policy, with a projected dividend yield of 5.5% based on the 2024 net profit forecast [1] Financial Performance Summary - For Q3 2024, the company achieved a net profit of 655 million yuan, a year-on-year decrease of 27.89%, with coal sales volume of 6.5943 million tons, a year-on-year decrease of 12.86% [1] - The average selling price of coal in Q3 2024 was 918.34 yuan per ton, a year-on-year increase of 5.56%, while the cost per ton was 608.42 yuan, a year-on-year increase of 5.53% [1] - The gross profit from coal business for Q3 2024 was 2.044 billion yuan, a year-on-year decrease of 7.98% [1] - The company’s projected net profits for 2024-2026 are 2.321 billion, 2.580 billion, and 2.816 billion yuan, respectively, with corresponding EPS of 0.94, 1.04, and 1.14 yuan per share [1][2] Strategic Initiatives - The company is implementing a premium coal strategy and maintaining a high dividend payout ratio, which is expected to enhance its investment appeal [1] - The major shareholder's plan to increase holdings by 300-600 million yuan demonstrates confidence in the company's future [1] - The employee stock ownership plan aims to boost employee motivation and enhance company competitiveness [1]

Investment Rating - The investment rating for Pingmei Shenma Coal and Chemical Company is "Buy" [1]. Core Views - The report highlights that the decline in volume and price has impacted short-term performance, but cost control measures have supported a high gross margin [1]. - The company has plans to participate in coal exploration rights bidding in Xinjiang, which is expected to enhance its core competitiveness and sustainable profitability [1]. - The controlling shareholder has increased their stake in the company, reflecting confidence in its long-term development [2]. Financial Performance Summary - For the third quarter of 2024, the company reported operating revenue of 23.319 billion yuan, a year-on-year decrease of 34.9% [1]. - The net profit attributable to shareholders for the first three quarters of 2024 was 2.045 billion yuan, down 32.4% year-on-year [1]. - The gross margin for the third quarter remained high at 31.37%, despite a decline in sales volume and price [1]. - The company’s coal production was 6.85 million tons, a year-on-year decrease of 10.78% [1]. - The average selling price of coal in the third quarter was 918 yuan per ton, down 11.8% quarter-on-quarter [1]. Earnings Forecast - The forecasted net profit attributable to shareholders for 2024-2026 is 2.954 billion, 4.581 billion, and 5.068 billion yuan respectively, with corresponding EPS of 1.19, 1.85, and 2.05 yuan per share [2]. - The report anticipates a P/E ratio of 8.52, 5.50, and 4.97 for the years 2024-2026 [2]. Strategic Initiatives - The company is focusing on "smart" new infrastructure, efficiency improvements, and optimizing its product structure to enhance profitability [2]. - The joint venture in Xinjiang is expected to strengthen the company's core business and improve its competitive edge [1].

更换，并可在任期届满前由股东会解除其职务。股东可根据 自身实际采用组织遴选或市场化选聘等方式确定外部董事 候选人名单，并以提案的方式提请股东会表决，选举两名以 上的董事时应当实行累积投票制度。 平顶山天安煤业股份有限公司 外部董事管理办法 第一章 总则 第一条 为加快完善中国特色现代企业制度，促进平顶 山天安煤业股份有限公司（以下简称"公司"）董事会规范 管理和有效运行，进一步优化完善外部董事任职条件，明确 外部董事的职责和义务，提升外部董事服务保障工作水平， 根据《中华人民共和国公司法》（以下简称《公司法》）、 《平顶山天安煤业股份有限公司章程》（以下简称《公司章 程》）等有关法律和文件规定，结合公司实际，制定本办法。 第二条 本办法所称外部董事是指公司以外的人员担任 的董事，不在公司担任除董事和董事会专门委员会委员以外 的其他职务。独立董事属于外部董事。 第三条 本办法仅适用于公司董事会成员中的非独立外 部董事。独立董事相关管理按照公司《独立董事制度》等相 关规章制度执行。 第二章 选聘管理 第四条 外部董事由股东或董事会提名，股东会选举或 第五条 外部董事应当具备下列基本条件： （一）具有较高的政治素质 ...

Revenue and Profit Performance - Revenue for the third quarter was RMB 7.008 billion, a decrease of 1.90% compared to the same period last year[2] - Net profit attributable to shareholders of the listed company was RMB 652.33 million, a decrease of 27.89% year-on-year[3] - Net profit attributable to shareholders decreased by 27.89% YoY due to a decline in coal sales volume and price[6] - Total revenue for the first three quarters of 2024 reached 23.32 billion RMB, a slight increase from 23.14 billion RMB in the same period of 2023[15] - Total revenue for the first three quarters of 2024 reached RMB 28,441,597,708.40, compared to RMB 26,442,606,221.42 in the same period of 2023[20] - Revenue for the first three quarters of 2024 was RMB 20,440,711,565.87, a slight decrease of 0.96% compared to RMB 20,639,546,024.28 in the same period of 2023[25] - Net profit for the first three quarters of 2024 was RMB 2,162,910,170.63, down 23.97% from RMB 2,844,594,745.10 in the same period of 2023[25] - Net profit attributable to the parent company's shareholders for Q3 2024 was RMB 2,044,953,019.40, down from RMB 3,141,821,967.41 in Q3 2023[19] - The company's comprehensive income for the first three quarters of 2024 was RMB 2,162,910,170.63, down 23.97% from RMB 2,844,594,745.10 in the same period of 2023[26] Cash Flow and Financial Activities - Net cash flow from operating activities for the first three quarters was RMB 5.998 billion, a decrease of 13.12% compared to the same period last year[3] - Cash flow from financing activities decreased by 787.94% YoY, primarily due to reduced borrowing[8] - Net cash flow from operating activities for the first three quarters of 2024 was RMB 5,998,411,667.15, a decrease from RMB 6,904,756,310.04 in the same period of 2023[20] - Operating cash flow for the first three quarters of 2024 was RMB 5,783,353,069.95, a decrease of 23.77% compared to RMB 7,586,826,919.06 in the same period of 2023[27] - Investment cash flow for the first three quarters of 2024 was negative RMB 3,719,783,333.65, a 5.75% increase in outflow compared to negative RMB 3,517,637,780.92 in the same period of 2023[28] - Financing cash flow for the first three quarters of 2024 was negative RMB 5,188,346,820.87, a significant decrease from positive RMB 7,484,411.76 in the same period of 2023[28] - Cash received from selling goods and providing services in the first three quarters of 2024 was RMB 28,441,597,708.40, up from RMB 26,442,606,221.42 in the same period of 2023[20] - Cash paid for the purchase of goods and services in the first three quarters of 2024 was RMB 11,879,445,403.19, up from RMB 8,458,897,190.44 in the same period of 2023[20] - Investment activities cash outflow totaled 10.27 billion yuan, a decrease of 2.39 billion yuan compared to the previous period[21] - Financing activities cash inflow was 14.76 billion yuan, a decrease of 2.79 billion yuan compared to the previous period[21] - Net cash flow from financing activities was -5.50 billion yuan, a significant decrease from the previous period's 799.34 million yuan[21] Assets and Liabilities - Total assets at the end of the reporting period were RMB 73.829 billion, a decrease of 5.38% compared to the end of the previous year[3] - The company's total assets as of Q3 2024 stood at 73.83 billion RMB, compared to 78.03 billion RMB at the end of 2023[14] - Total liabilities decreased to 43.26 billion RMB in Q3 2024 from 48.78 billion RMB at the end of 2023[14] - Shareholders' equity increased to 30.57 billion RMB in Q3 2024 from 29.25 billion RMB at the end of 2023[14] - Total assets decreased to 70.36 billion yuan from 73.68 billion yuan at the beginning of the year[22] - Total liabilities decreased to 43.17 billion yuan from 47.73 billion yuan at the beginning of the year[23] - Owner's equity increased to 27.19 billion yuan from 25.95 billion yuan at the beginning of the year[23] - Fixed assets decreased to 37.63 billion RMB in Q3 2024 from 39.52 billion RMB at the end of 2023[12] - Fixed assets decreased to 30.36 billion yuan from 31.78 billion yuan at the beginning of the year[22] - Long-term equity investments increased to 7.02 billion yuan from 6.83 billion yuan at the beginning of the year[22] - Short-term borrowings decreased to 5.19 billion yuan from 5.52 billion yuan at the beginning of the year[23] - Short-term borrowings decreased to 5.19 billion RMB in Q3 2024 from 5.53 billion RMB at the end of 2023[13] Earnings and Shareholder Information - Basic earnings per share for the third quarter were RMB 0.2682, a decrease of 31.37% year-on-year[3] - Basic earnings per share (EPS) dropped by 31.37% YoY, also impacted by lower coal sales[6] - Basic earnings per share (EPS) for Q3 2024 was RMB 0.8406, compared to RMB 1.3571 in Q3 2023[19] - The weighted average return on equity (ROE) for the third quarter was 2.32%, a decrease of 1.59 percentage points year-on-year[3] - The number of ordinary shareholders at the end of the reporting period was 68,500[9] - China Pingmei Shenma Holding Group Co., Ltd. holds 44.21% of the company's shares[9] - Rui Zhong Life Insurance Co., Ltd. holds 3.34% of the company's shares[9] Expenses and Costs - Total operating costs for the first three quarters of 2024 were 20.41 billion RMB, up from 18.92 billion RMB in the same period of 2023[15] - R&D expenses increased to RMB 592,117,932.14 in Q3 2024, up from RMB 394,307,921.42 in Q3 2023[17] - Sales expenses decreased to RMB 156,586,838.35 in Q3 2024, down from RMB 167,929,403.04 in Q3 2023[17] - R&D expenses for the first three quarters of 2024 increased by 48.38% to RMB 503,639,111.60 compared to RMB 339,406,618.68 in the same period of 2023[25] - Management expenses for the first three quarters of 2024 rose by 62.48% to RMB 671,042,290.64 compared to RMB 413,005,081.30 in the same period of 2023[25] - Interest expenses for the first three quarters of 2024 decreased by 7.93% to RMB 938,242,584.04 compared to RMB 1,019,079,848.06 in the same period of 2023[25] - Income tax expenses for Q3 2024 were RMB 832,922,166.83, compared to RMB 1,095,131,597.94 in Q3 2023[17] Non-Recurring Items and Other Financial Data - Non-recurring gains and losses for the period amounted to RMB 13.012 million, primarily due to government subsidies and asset disposal gains[4] - The company completed the absorption and merger of subsidiaries, including Pingmei Shenma Shou'an Clean Energy Co., Ltd., which impacted financial data[3] - Accounts receivable decreased by 11.75% YoY as some coal sales payments were collected[6] - Inventory increased by 38.00% YoY due to higher coal stockpiles[6] - Long-term loans increased by 34.40% YoY as banks provided more medium- and long-term loans[6] - Capital reserve surged by 142.12% YoY due to special reserve provisions[6] - Cash and cash equivalents decreased to 11.37 billion RMB in Q3 2024 from 14.35 billion RMB at the end of 2023[12] - Accounts receivable decreased to 2.90 billion RMB in Q3 2024 from 3.29 billion RMB at the end of 2023[12] - Inventory increased to 634.92 million RMB in Q3 2024 from 460.09 million RMB at the end of 2023[12] - Cash and cash equivalents at the end of the period were 5.82 billion yuan, a decrease of 3.44 billion yuan from the beginning of the period[21] - Total cash and cash equivalents at the end of Q3 2024 were RMB 5,714,654,368.91, a decrease of 46.55% compared to RMB 10,691,654,156.77 at the end of Q3 2023[28] Profit and Loss - Total profit for Q3 2024 was RMB 3,040,866,534.31, a decrease from RMB 4,444,782,102.52 in Q3 2023[17]

证券代码：601666 证券简称：平煤股份 编号：2024-101 平顶山天安煤业股份有限公司 第九届董事会第三十四次会议决议公告 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。 平顶山天安煤业股份有限公司（以下简称"公司"）第九届董事 会第三十四次会议于 2024 年 10 月 20 日以书面、短信或电子邮件的 方式发出通知，于 2024 年 10 月 25 日采用通讯表决的方式召开，会 议由公司董事长焦振营先生主持。本次会议应表决董事 15 人，实际 表决董事 15 人。会议召开及程序符合《公司法》等法律、法规及《公 司章程》的有关规定。经与会董事审议，本次董事会会议通过如下事 项： 一、2024 年三季度报告 会议以 15 票同意，0 票反对，0 票弃权，审议通过了该议案。（全 文详见上海证券交易所网站） 本议案已经公司第九届董事会2024年第六次审计委员会事前认可。 二、关于增资新疆平煤天安电投能源有限公司的议案 会议以 15 票同意，0 票反对，0 票弃权，审议通过了该议案。（内 容详见 2024-103 号公 ...

平顶山天安煤业股份有限公司 董事会报告工作制度 第一章 总则 第一条 为进一步提高平顶山天安煤业股份有限公司 （以下简称公司）管理效率和水平，完善企业董事会报告工 作制度，常态化开展董事会评价、董事长年度述职评议及问 询，根据《中华人民共和国公司法》等有关法律法规的规定， 特制定本制度。 第二章 董事会报告的基本要求 第二条 董事会报告要坚持实事求是原则，客观、全面、 具体地反映实际工作，内容不得存在虚假记载、误导性陈述 或者重大遗漏。 第三条 除本制度有明确要求外，仅报告属于董事会职 权范围内的上一年度董事会的工作。 第十条 董事会认为需要报告的其他事项。 第三章 董事会报告的主要内容 1 第四条 董事会制度建设及运转情况。董事会应当报告 董事会制度建设和运转的基本情况包括董事会、董事会专门 委员会召开会议次数和董事会决议涉及范围；董事出席董事 会、董事会专门委员会会议次数，董事履行职务时间与尽职 情况；董事会决议执行情况；董事会对公司重大事项的关注 与应对措施等。 第五条 公司发展情况。主要包括公司发展战略与规划 的制订、实施情况；公司核心竞争力（其中包括技术创新投 入、产出、能力建设等）培育与提升情况； ...

平顶山天安煤业股份有限公司 对外担保决策制度 为规范平顶山天安煤业股份有限公司的对外担保行为， 有效控制公司对外担保风险，保护公司和全体股东合法权益 和公司财务安全，根据《中华人民共和国民法典》《中华人 民共和国公司法》《中华人民共和国证券法》《上市公司监管 指引第 8 号——上市公司资金往来、对外担保的监管要求》 《上海证券交易所股票上市规则》《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》以及《平顶山天安煤 业股份有限公司章程》，特制订本决策制度。 第一条 公司为他人提供担保应当遵循平等、自愿、公 平、诚信、互利的原则。任何单位和个人（包括控股股东及 其他关联方）不得强令或强制公司为他人提供担保，公司对 强令或强制其为他人提供担保的行为有权拒绝。 （三）按照担保金额连续十二个月内累计计算原则，超 过公司最近一期经审计总资产 30%的担保； （四）为资产负债率超过 70%的担保对象提供的担保； （五）单笔担保额超过公司最近一期经审计净资产 10% 的担保； （六）对股东、实际控制人及其关联方提供的担保； （七）上海证券交易所或《公司章程》规定的其他担保。 第二条 公司为他人提供担保应当遵守《中 ...

证券代码：601666 股票简称：平煤股份 编号：2024-103 平顶山天安煤业股份有限公司 关于增资新疆平煤天安电投能源有限公司的公告 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。 3.注册资本：5000 万元（其中：平煤股份出资 2550 万元，持股 51%； 中电投新疆和丰公司出资 2450 万元，持股 49%。股东双方都以货币形式 出资）； 4.公司性质：有限责任公司； 5.经营范围：煤炭开采；供电业务；发电业务、输电业务、供（配） 电业务；道路货物运输（不含危险货物）。（依法须经批准的项目，经相 关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或 许可证件为准）。 1 一般项目：煤炭洗选；煤制活性炭及其他煤炭加工；矿物洗选加工； 煤炭及制品销售；碳减排、碳转化、碳捕捉、碳封存技术研发；矿山机 械制造；专用设备修理；专用化学产品制造（不含危险化学品）；金属材 料销售；建筑材料销售；矿山机械销售；橡胶制品销售；机械设备租赁； 技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；特 种作业人员 ...

证券代码：601666 证券简称：平煤股份 编号：2024-102 公司监事会对 2024 年三季度报告发表如下审核意见： （一）公司 2024 年三季度报告的编制和审议程序符合法律、法规、 《公司章程》和公司内部管理制度的各项规定； （二）三季报的内容和格式符合中国证监会和上海证券交易所的各 项规定，所包含的信息能够从各个方面真实地反映出公司 2024 年前三 季度的经营管理成果和财务状况； （三）在提出本意见前，未发现参与三季报编制和审议的人员有违 反保密规定的行为；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 和完整性承担个别及连带责任。 （四）与会监事一致认为，公司编制的财务报告是客观、公正的； （五）监事会认为，截至报告期末，公司法人治理结构健全，内部 控制制度完善；董事会及其专门委员会运作规范，决策程序合法有效， 公司董事及高级管理人员在执行公司职务时，无违法、违规及损害公司 和股东利益的行为。 平顶山天安煤业股份有限公司 第九届监事会第十九次会议决议公告 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 ...

证券代码：601666 股票简称：平煤股份 编号：2024-104 平顶山天安煤业股份有限公司 2024 年三季度经营数据公告 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。 根据上海证券交易所《上市公司行业信息披露指引第二号-煤炭》要 求，现将平顶山天安煤业股份有限公司（以下简称"公司"）2024 年三 季度经营数据公告如下： | 项 目 | 2024 年 1-9 月 | 2023 年 | 1-9 | 月 | 变动比例（%） | | | --- | --- | --- | --- | --- | --- | --- | | 原煤产量（万吨） | 2,106.01 | 2,305.35 | | | | -8.65 | | 商品煤销量（万吨） | 2,008.18 | 2,310.63 | | | | -13.09 | | 其中：自有商品煤销量（万吨） | 1,712.71 | 2,049.03 | | | -16.41 | | | 商品煤销售收入（万元） | 2,073,593.47 | 2,205,594.46 | ...